Finvezto Daily Market Bytes, 26 Dec 2024
Praj Industries’ Green Roads; Rupee's Record Slide; Key Stock Updates
In today’s edition, we cover:
Praj Industries’ Green Roads
Rupee's Record Slide
Key Stock Updates
Here’s a quick market snapshot before we start. GIFT Nifty indicates a flat start for the Indian Markets.
Praj Industries’ Green Roads
Praj Industries opens India's first biobitumen highway in Nagpur, revolutionizing road construction with agricultural waste-based technology.
2.5 years back, a small stretch of road that was built in Halol, Gujarat with Praj's biobitumen has stood firm through multiple monsoons.
Now, that same technology is powering the Nagpur Highway.
India burns through 88 lakh tons of bitumen yearly, with half of it imported. That is almost ₹30,000 crore.
Praj's innovation could cut those imports by 15%.
The secret behind biobitumen?
Agricultural waste.
Mix it with regular bitumen, and you get better roads that also cut greenhouse gases.
Rupee's Record Slide
Indian rupee hits new low at 85.20 against US dollar, driven by strengthening dollar.
India’s Forex reserves have dropped from ~$700 billion to $652 billion as RBI is trying hard to keep the rupee stable.
How will Indian companies be impacted?
Companies that borrowed in dollars might already be looking to hedge their currency risks.
Sectors like aviation, paints, and automobiles might face cost pressures due to imports.
IT companies might benefit in this sliding rupee scenario.
Key Stock Updates
New Orders
Ceigall India's arm secured fresh ₹981 Cr concession agreement from NHAI for road project
Ramky Infrastructure bagged ₹215.1 Cr order from Hyderabad Water Board for STP operations over 5 years
Walchandnagar Industries won ₹45 Cr contract from Fluorine Korea for specialized HF Reactor
Panacea Biotec secured major ₹127 Cr UNICEF contract for 115 million polio vaccine doses for 2025
BPCL emerged victorious as lowest bidder for 150 MW NTPC tender worth ₹756.5 Cr
Partnerships, Investments & Acquisitions
UltraTech Cement makes 26% stake acquisition in Clean Max Sapphire for ₹45.8 Cr
Bharat Forge strengthens global presence, investing €39 million in German arm BFGH
International Gemmological Institute expands footprint, acquiring IGI Netherlands for $8.8 million
Apollo Hospitals' subsidiary acquires operating software from Searchlight Health for ₹67.5 Cr
Core Business Updates
BPCL charts expansion with ₹6,100 Cr refinery project approval in Andhra Pradesh
IFGL Refractories embarks on ₹300 Cr greenfield facility through new joint venture
Seamec secures BIMCO agreement with Asian Energy Services for vessel operations
Economy
Rupee touches new milestone, closing at record low of 85.20 against dollar
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Disclaimer: Anand Ganapathy K is a SEBI-registered Research Analyst with SEBI registration number INH000016630. This daily update highlights market trends for your awareness. It does not recommend buying or selling stocks mentioned in this newsletter. Securities market investments carry market risks. Kindly review all related documents before investing.