Business News Live: Gift Nifty is giving strong signals, Indian market may start with a rise.
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Grasim Industries enters paint business under brand name ‘Birla Opus’
Grasim Industries on Thursday unveiled its brand ‘Birla Opus’ for the paint business. The parent company of Aditya Birla Group is planning to invest Rs 10,000 crore in this area. Aditya Birla Group company Grasim Industries said in a statement that Birla Opus will be launched in the market in the fourth quarter of the current financial year. It will trade in the decorative paint segment. Last year, Grasim had doubled its planned investment to set up the paint business to Rs 10,000 crore. The company will compete here with existing companies including Asian Paints, Berger Paints, Kansai Nerolac Paints and Akzo Noble India. According to the statement, the company has set up manufacturing plants in six locations – Haryana, Punjab, Tamil Nadu, Karnataka, Maharashtra and West Bengal. Their total capacity will be 133.2 crore liters per annum (MLPA) and will serve demand centers across the country.
Indian companies are exploring options to buy Russian crude oil with $600 million ‘stuck’ in Russia.
Indian petroleum companies are exploring the possibility of purchasing crude oil from that country (Russia) with their dividends worth $600 million stuck in Russia. Officials gave this information on Thursday. India’s top four petroleum companies – Indian Oil Corporation, a unit of Bharat Petroleum Corporation Limited, Oil India Limited and ONGC Videsh Limited (OVL) have not been able to bring in dividend income from their investments in Russian oil and gas fields. That money is lying in their bank accounts in Russia, but due to the strict sanctions imposed on Russia by western countries after the Ukraine war, this amount could not be brought to India. Russia has currently emerged as a major supplier of crude oil to India. Russia’s share in India’s total crude oil purchases is more than 33 percent. Officials said that one option is that the money lying in the accounts of Russian banks can be given as loans to companies buying crude oil. These units can repay loans in India.
Maruti joins hands with Indian Bank to provide financing solutions to distributors
Maruti Suzuki India Limited (MSIL) has partnered with Indian Bank to provide financing solutions to its distributors. The country’s leading automobile company gave this information on Thursday. The company said in the statement that a Memorandum of Understanding (MoU) has been signed between the two parties in this regard. This will empower the company’s 4,000 distributors across the country and provide financing options to meet their working capital needs. Shashank Srivastava, Senior Executive Officer (Marketing and Sales), MSIL, said that this alliance with Indian Bank will strengthen the relationship with distributors and ensure a seamless car buying experience for customers.
Gift Nifty is giving strong signals, Indian market may start strong
On the last trading day of the week, the Indian market may trade with gains for the eleventh consecutive day. Good signals are coming from the global market. GIFT Nifty and Dow futures are also trading in the green. Whereas, due to the decline in core inflation, the American market also witnessed a rise. The Dow Jones rose more than 300 points. At the same time, due to the expectation of increase in demand in the international market, the price of crude has once again increased.
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