News Wrap: Asian Markets; Hero MotoCorp’s Brand ‘Vida’; Indian Investors Investing In US Stocks Via NSE IFSC; Jet Airways New CEO & More…
March 4, 2022:
Indian benchmark indices Sensex and Nifty50 closed lower in the red terrain.
The 30-Scrip BSE Sensex ended 768.87 points or 1.40% lower at 54,333.81.
The NSE Nifty plunged 252.70 points or 1.53% to close at 16,245.35.
Except for IT, all the Nifty sectoral indices ended in the red.
Nifty Auto plunged 3.55%, while metal and consumer durable indices fell 3.22% and 3.11%, respectively.
BSE smallcap index shed 1.64%, while BSE midcap plummeted 2.36%.
Japan’s Nikkei 225 closed 2.23% lower.
Australia’s ASX 200 plunged 0.57%.
KOSPI, the major stock market index of South Korea, shed 1.22%.
Hong Kong’s Hang Seng index slid 2.50%.
China’s SZSE Component Index fell 1.37%, while Shanghai Composite tumbled 0.96%.
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Hero MotoCorp Names Its EV Brand “Vida”; Sets Aside $100 Mn Sustainability Fund
Hero MotoCorp has set aside USD 100-million (around Rs 760 crore) global fund to support more than 10,000 entrepreneurs on ESG (environmental, social and governance) solutions.
The auto company unveiled the funds at the same time when it introduced its new brand 'Vida' dedicated to emerging mobility solutions, including upcoming electric vehicles (EVs).
The funds will be used to form global collaborations, led by BML Munjal University (BMU) and Hero MotoCorp, aiming to develop more than 10,000 entrepreneurs in ESG solutions that have a good influence on the environment.
"I will lead this initiative from the front," Munjal noted. The company will introduce emerging mobility solutions under the Vida brand including its electric vehicle that will be officially unveiled on July 1, 2022, to coincide with the birth anniversary of Hero MotoCorp Chairman Emeritus Brijmohan Lall.
The manufacturing of the new Vida model will take place at the company's production site in Chittoor, Andhra Pradesh. Customer deliveries will commence later this year. Customer deliveries will commence later this year.
NSE IFSC To Allow Indian Investors To Trade In US Stocks
A wholly-owned subsidiary of NSE-- NSE International Exchange (NSE IFSC) that is based in Gujarat International Finance Tec-City (GIFT City) in Gandhinagar, began an initiative to make it easy and affordable for an Indian investor to invest in US stocks such as Alphabet, Tesla, Apple, Amazon, Meta, Microsoft, Netflix, Walmart.
NSE IFSC, in association with HDFC Bank, instituted India’s first unsponsored depositary receipts (NSE IFSC Receipts) under the regulatory sandbox framework prescribed by International Financial Services Centres Authority (IFSCA).
It allows Indian retailers to trade on the NSE IFSC platform under the Liberalised remittance scheme (LRS) prescribed by the RBI.
Investors will have the option to trade in fractional quantities (like 1/50th or 1/200th of a share) compared to the underlying shares traded in global markets.
Notably, an Indian investor will be entitled to dividends and bonuses but not voting rights.
Around 40-45 broking firms, including Anand Rathi, Edelweiss,cHDFC Securities, Motilal Oswal and SMC Global, are already registered with NSE IFSC.
Investors will be able to keep their depository receipts in their GIFT City Demat account.
NSE IFSC plans to expand US stocks available on its platform to 50 in the coming time.
More To Know:
Mortgage lender, PNB Housing Finance’s board would decide on raising capital, including through rights issue, on March 9 after a failed attempt to bring in Rs 4,000 crore by offloading stake to Carlyle Group in 2021.
Reliance Industries (RIL) unveiled India's largest multi-faceted destination, the Jio World Centre in Mumbai’s Bandra Kurla Complex.
The IPO of Life Insurance Corporation (LIC) may get deferred to the next financial year i.e. FY23 amid volatility set off by Russia’s invasion of Ukraine, according to reports.
Jet Airways appointed veteran Sanjiv Kapoor as the Chief Executive Officer (CEO). His tenure will start from April 4, as the company is all set to resume its operations this summer.
The board of Vodafone Idea Ltd has approved raising Rs 4,500 crore via issuing shares to its promoters Vodafone Inc and Aditya Birla group entities on a preferential basis.
Reliance Industries (RIL) invested Rs 1,670 crore in US-based Sanmina Corporation to take up a 50.1% stake.
Axis Bank will acquire Citibank's retail business in India, and the deal is expected to close next week.
Japan's manufacturing giants Honda Motor Co Ltd and Sony Group Corp have entered into a strategic partnership to develop and sell battery electric vehicles. The companies aim to roll out the first model in 2025.
MG Motor India announced a new venture MG Charge to establish charging infrastructure for EVs. It aims to install 1,000 chargers in residential areas across India in 1,000 days.