L&T signs pact with Tamil Nadu govt to build data centre
Larsen & Toubro (L&T) has entered into a pact with the Tamil Nadu government to establish a data centre in the state and employ 1100 people in the project.
The company will establish 90 MW capacity data centres and associated units in a phased manner in Kanchipuram over the next five years.
The Government of Tamil Nadu will provide uninterrupted power supply and other infrastructure support to bring tangible economic and social benefits to the people of state.
Park+ raises $25 million from Sequoia Capital India, others
Park+, a super app for car users has raised around $25 million (about ₹186 crore) in funding, co-led by Sequoia Capital India, Matrix Partners India and Epiq Capital.
The company said it plans to utilise the funds to strengthen its core technology and build innovative solutions for cars and car owners that can solve all their pain points on a single platform.
Park+ had previously raised $11 million in series A funding co-led by Sequoia Capital India and Matrix Partners India. The funding round saw participation from Angel investors like Ashish Hemrajani (BookMyShow), Deep Kalra (MakeMyTrip), Kunal Shah (Cred), Ashneer Grover (BharatPe) and Kunal Bahl (Snapdeal).
Japan PM confirms oil reserve release
Japan’s Prime Minister Fumio Kishida said his government would release some oil reserves after a U.S. request in a way that does not breach a Japanese law that only allows stock releases if there is a risk of supply disruption.
“We have been working with the United States to stabilise the international oil market and we have decided to join the United States in selling part of our national oil reserves in a way that does not contravene existing (Japanese) oil reserve law,” Kishida told reporters.
Kishida said Industry Minister will announce details such as the amount to be sold later on Wednesday.
Rupee slips to 74.54 against US dollar
The Indian rupee fell by 12 paise to 74.54 against the US dollar in opening trade on stronger American currency in the overseas market.
The rupee opened on a weak note at 74.53, and fell further to 74.54 against the American dollar in early trading. On Tuesday, the rupee had closed at 74.42 against the US dollar.
The dollar index, which gauges the greenback’s strength against a basket of six currencies, rose by 0.06% to 96.55.
Star Health IPO to open on November 30
Star Health and Allied Insurance Company has fixed a price band of ₹870-900 a share for its ₹7,249-crore initial public offering, set to open on November 30.
The IPO comprises fresh issue of equity shares worth ₹2,000 crore and an offer-for-sale of up to 58,324,225 equity shares by promoters and existing shareholders. The public offer includes a reservation of shares worth ₹100 crore for employees.
About 75% of the issue size has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional investors and the remaining 10% for retail investors.
Markets update| Sensex, Nifty rise in early trade
The Indian benchmark equity indices Sensex and Nifty opened on a positive note. AT 9:23 IST, the Sensex was up 82.75 points or 0.14% at 58,747.08 and the Nifty was up 24.80 points or 0.14% at 17,528.15.
Share markets were jittery in Asia as trading was hit by a step-up in U.S. Treasury yields and volatile oil prices after a coordinated move by the United States and other nations to cool down prices.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.24%, and Japan’s benchmark Nikkei stock price index fell 1.13%. Chinese blue chips were last flat 0.1% and are up about 0.5% so far this week. Hong Kong shares also lost 0.1%.
Oil falls after coordinated reserve release
Oil prices fell after the U.S.-led coordinated release of stocks from strategic reserves eased concerns over tightness in global supply.
U.S. West Texas Intermediate (WTI) crude futures fell 0.2% to $78.38 a barrel and Brent crude futures slid 0.4% to $81.99 a barrel.
The United States had announced it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain, in a bid to cool prices after OPEC+ producers repeatedly ignored calls for more crude.
The government of India said it is looking to bar most private cryptocurrencies when it introduces a new bill to regulate virtual currencies in the winter session of Parliament. India will release 5 million barrels of oil from its strategic reserves in coordination with other buyers including the United States, China, Japan and South Korea to cool down prices after OPEC+ decided against increasing crude oil supply. Shares of Latent View Analytics more than doubled in their market debut on Tuesday, signalling strong investor demand for the profit-making Indian startup days after the Paytm fiasco.
—- Edited by John Xavier
(With inputs from Reuters, PTI and other news agencies.)