Saudi Electricity secures $568m funding for interconnection project with Egypt

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India In-Focus — Shares hit 4-month high; HDFC to issue nearly 1-year CP; India to produce ethanol from farm waste

RIYADH: Indian shares scaled four-month highs on Thursday, with technology and banking stocks leading the pack after softer-than-expected US inflation data eased fears of aggressive rate hikes from the Federal Reserve.

The NSE Nifty 50 index, with most of its major sub-indexes in the positive territory, climbed 0.83 percent to 17,681.05, as of 0449 GMT, and the S&P BSE Sensex was up 0.94 percent at 59,371.43.

India’s HDFC to issue nearly 1-year CP: traders

India’s Housing Development Finance Corp. Ltd. plans to raise funds through commercial papers maturing in nearly one year, three merchant bankers said on Thursday.

The housing finance company will offer a yield of 6.90 percent on this issue, and has received commitments worth around five billion rupees ($63.06 million), the bankers said.

The notes are rated A1+ by CRISIL and will mature in July 2023. The terms of the deal were set on Wednesday.

SIDBI to issue 3-year-plus bonds

Small Industries Development Bank of India plans to raise at least 15 billion rupees through issuance of bonds maturing in three years, six months and 10 days, three merchant bankers said on Thursday.

The state-run company has invited coupon and commitment bids from bankers and investors for the same on Friday, they said.

The notes are rated AAA by CARE Ratings and the issue will close for subscription on Aug. 17.

The issue has a greenshoe option to retain an additional 25 billion rupees and will mature on Feb. 27, 2026.

Oil costs spur India to produce ethanol from farm waste

India opened its first factory to produce ethanol from rice straw or stubble on Wednesday as part of measures to reduce its reliance on oil imports and meet its net zero carbon goal.

Prime Minister Narendra Modi said the project will help cut pollution in India’s capital New Delhi, which has been blanketed by smog from stubble burning in recent winters, as well as in the northern states of Haryana and Punjab.

India, one of the world’s biggest emitters of greenhouse gasses, has set a 2070 goal for net zero carbon emissions and has expedited steps to switch to cleaner energy to cut projected emissions by a billion tons by 2030.

Modi said India, the world’s third-biggest oil importer, could not remain insulated from disruption in global markets, adding that the Panipat project would boost farmers’ incomes.

A combination of oil prices rising well above $100 per barrel and a strong US dollar have piled pressure on countries which are dependent on crude imports to drive their economies.

Indian state-run oil firms have announced plans for 12 plants in several states to produce ethanol using farm waste.

Apart from financial savings, the new plant will also help in disposing of rice crop-waste, which is a major source of air pollution when farmers burn stubble.

The new plant will use 200,000 tons of rice straw.

India’s Adani Enterprises plans to invest $5.2 billion in alumina refinery

India’s Adani Enterprises is planning to invest $5.2 billion in an alumina refinery in the eastern Indian state of Odisha, as the country’s richest man Gautam Adani rapidly expands his business portfolio, Bloomberg reported citing a tweet by the state’s Chief Minister, Naveen Patnaik.

According to the report, the refinery will have an annual capacity of 4 million tons.

In December, Adani had set up a wholly owned subsidiary named Mundra Aluminium Ltd. indicating his aspirations in a sector dominated by heavyweights like Aditya Birla Group.

(With input from Reuters)

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