2021-12-16 05:46:06
Morning Alert.*
Chip manufacturing gets Rs 76,000-crore PLI boost*In line with making the country a hub of electronics manufacturing, the Union cabinet approved a Rs 76,000-Cr incentive scheme for development of semiconductors and display manufacturing eco-system. The scheme has been designed with the aim to set up around 20 companies which are engaged in the entire production and value chain of semiconductors like silicon semiconductor fabs, display fabs etc.
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SBI plans to list its mutual fund arm in 2022*India`s largest public sector lender State bank if India SBI is planning to list its mutual fund arm SBI Fund Management Private (SBI FMPL), which is a joint venture between SBI and Paris-based Amundi Asset Management.
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Irrigation scheme to cost Rs 93,000 Cr through 2026*The Union cabinet approved continuation of the umbrella irrigation scheme – Pradhan Mantri Krishi Sinchayee Yojana – through 2026, with a total funding requirement of Rs 93,068Cr. The plan includes Rs 37,454Cr central assistance to states and Rs 20,435Cr of debt servicing for past loans.
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Commodity play*Gold – Rs 47917/10gm, Silver – Rs 60260/kg, Brcrude – Rs 5504/Barrel, Degumsyoil – Rs 1138/10kg, Copper – Rs 730/kg.
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Corporate News*PNB & ICICI Bank – RBI imposed penalty of Rs 1.8Cr on PNB and Rs 30 lakhs on ICICI Banks for violating norms.
Wipro – Co says it has expanded drug safety capabilities.
TVS Motors – Co says its tie up with BMW on EV is speculative and Co is not aware of any such developments.
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