The government approved a Mutual Credit Guarantee Scheme to enhance credit availability for micro, small, and medium manufacturing sectors, under the Make in India initiative. The scheme provides 60% guarantee coverage for loans up to Rs 100 crore, aiding MSMEs in financing equipment and machinery purchases.
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India's copper demand is set to grow by 7% due to renewable energy and infrastructure projects. With a gap between domestic production and consumption, the country imports 500,000 tonnes annually. Major companies are investing in copper production. The closure of Vedanta's Sterlite plant significantly impacted supply, turning India into a net importer.
India's gems and jewellery sector is highly dependent on exports, with the US being a major market. In FY 2023-2024, India's total exports of gems and jewellery stood at $32.85 billion, with $9.95 billion directed to the US, accounting for 30.29% of the sector's exports.
The combined market value of nine out of India's top ten most-valued firms grew by Rs 3,06,243.74 crore last week, with ICICI Bank and Bharti Airtel achieving the most significant gains. This surge was driven by a strong rally in equities, as the BSE Sensex and NSE Nifty rose significantly.
The Centre has appointed Vikas Kaushal as the chairman of Hindustan Petroleum Corporation Ltd (HPCL). Kaushal, a former India head of Kearney, is the first private sector individual to head a state-run oil company. His appointment, following a government decision, comes after PESB rejected eight candidates for the post last year.
Big discounts on electric vehicles hit the market due to stockpile and CAFE norm pressures. Popular models like Nexon EV and Hero Motocorp Vida V1 are offering substantial reductions. Dealer contributions and leftover festival deals add to the savings. Though EV growth is slowing, sales are still expected to break records this year.
Union minister Ashwini Vaishnaw says the world views India as a global production hub and technology co-creation destination, with substantial investor interest across various sectors. He highlights strong US-India ties and the unified investment-friendly stance of NDA and Opposition ruled states presented at Davos.
Dhaka has been behind on payments to Adani Power since supply started in July 2023. It owes several hundred million dollars for energy that has already been supplied, though the two sides dispute the exact size of the bill.
Sebi has cautioned J&K Bank for delayed disclosure of the appointment of its MD & CEO, Amitava Chatterjee. The disclosure, crucial due to the stock price surge, was made 1 hour and 40 minutes late. Sebi urged the bank to improve compliance to prevent future infractions.
Apple has unveiled a $500 billion investment plan for the US over the next four years, which includes a significant AI server factory in Texas and 20,000 new R&D jobs. This initiative aligns with Apple's ongoing commitment to American innovation and manufacturing. CEO Tim Cook's announcement follows a recent meeting with President Trump, amid ongoing US tariffs on Chinese goods.
JSW Group is in advanced negotiations to buy Everstone Capital's 8% stake in MG India, potentially increasing JSW's stake to 43%. Currently, Everstone Capital holds 8%, while JSW Group owns 35%. MG India's Chinese parent SAIC owns 49% of the company. The valuation of the 8% stake could be Rs 1,000-1,200 crore.