MG India to invest another Rs 500 crore, hire 1,000
- MG Motors India is planning to invest an additional Rs.500 crore into its operations to increase localization of critical components. This comes close on the heels of its announcement 4 week ago of an additional Rs.1000 crore investment to ramp up capacity at its Halol Plant.
- The fresh investment will be followed by some aggressive hiring too as MG plans to employ another 1000 people this calendar year at Halol and its head office in Gurgaon. MG currently employee around 2500 people directly and indirectly in Halol & Gurgaon. The ramp-up comes ahead of some new product benign developed including a compact SUV due for launch this year.
- MG is also starting exports in 2021 with a focus on neighbouring countries with Nepal, Bhutan, Sri Lanka & Bangladesh.
FII and DII data
- Foreign institutional investors (FIIs) net bought shares worth Rs 382.3 crore, whereas domestic institutional investors (DIIs) net sold shares worth Rs 989.5 crore in the Indian equity market on January 7, as per provisional data available on the NSE.
Blackstone-backed auto parts firm Sona Comstar targets Rs 4,000-crore IPO
- American private equity giant Blackstone is preparing to launch an initial public offering (IPO) for an auto parts firm it controls, the second potential big-ticket listing of an enterprise from its India portfolio in 2021.
- Gurugram-based global auto component maker Sona Comstar, which is backed by Blackstone and Sunjay Kapur-led Sona Group, has launched preliminary talks with bankers and is looking to raise Rs 3,500 crore to Rs 4,000 crore by listing on the exchanges, people familiar with the matter told Moneycontrol.
Japan On Emergency Lockdown
- Osaka and neighboring Kyoto and Hyogo prefectures are preparing to jointly ask the Japanese government to declare a state of emergency for their region as they all reported record-high daily infections on Thursday. Prime Minister Yoshihide Suga has already declared a month-long state of emergency for Tokyo and surrounding Saitama, Kanagawa, and Chiba prefectures effective Friday.
Telcos Needs to pay 50k Crore for Renewing
- Reliance Jio, Bharti Airtel, and Vodafone Idea would need to shell out nearly Rs.50000 crore combined to renew their expiring spectrum permits in the upcoming spectrum auction beginning March 1. However, Bharti Airtel & Vodafone Idea is unlikely to renew most of their airwaves, given their surplus holdings. The upcoming auctions between three telcos is expected to be tepid as analyst says its buyer market & Jio is exected to the largest contender
LIC made a killing with its equity strategy
- Life Insurance Corporation (LIC), India’s biggest institutional investor, is on course to register its best-ever annual equity returns. It raised stock purchases by 60 percent in the first nine months of the fiscal as its enormous cash flows helped the insurer bet on a bright future when the rest of the investing community panicked. The insurance behemoth purchased equities worth Rs 64,801 crore in the first nine months of the fiscal.
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