Shares of CG Power and Industrial Solutions (CG) surged 11 per cent to Rs 494.40 in Friday's intraday trade amid heavy volumes, after the company said that it will build an outsourced semiconductor assembly and test facility in India in association with Industrial Solutions Limited, Renesas, and Stars Microelectronics.

The joint venture (JV) will be 92.3 per cent owned by CG, with Renesas, and Stars Microelectronics holding equity capital of approximately 6.8 per cent and 0.9 per cent, respectively.

The Union Cabinet on Thursday approved a rooftop solar scheme as 'PM Surya Ghar: Muft Bijli Yojana' to install rooftop solar panels across 10 million households with a total outlay of Rs 75,021 crore.

The decision was made at the Cabinet meeting presided over by Prime Minister Narendra Modi.

The prices of 19 kg commercial LPG cylinders in India were hiked by Rs 25 on Friday. In Delhi, these cylinders would cost Rs 1,795 apiece to the customers.

In Mumbai, the price of this cylinder would be Rs 1,749 apiece. In Kolkata and Chennai, these cylinders would cost Rs 1,911 and Rs 1,960.5 respectively.

India's Gross Domestic Product (GDP) growth rate in the quarter ending December 31, 2023 (Q3FY24) was 8.4 per cent, according to the data released by the Centre on Thursday. This is higher than the Reserve Bank of India's (RBI's) estimate of 6.5 per cent, according to National Statistical Office (NSO) of Ministry of Statistics and Programme Implementation (MoSPI).

Indian economy remained resilient with robust 7.6 per cent growth rate of GDP in FY 2023-24 over and above 7 per cent growth rate in FY2022-23.

Walt Disney anticipates non-cash pre-tax impairment charges ranging from $1.8 billion to $2.4 billion for the quarter ending March 31 due to the write-down of net assets and goodwill at Star India following its removal from the company, according to a company filing to the United States Securities and Exchange Commission, submitted on Wednesday.

The impairment charges stem from the merger agreement between Walt Disney and Reliance Industries Ltd (RIL) aimed at creating an $8.5-billion media entity by combining Star India and Viacom18.

The Union Cabinet on Thursday approved Rs 1.26 trillion worth of investments in three semiconductor plants, including a Tata group proposal to build the country’s first major chip fabrication facility at Dholera in Gujarat.

It also cleared a separate Tata proposal for a chip assembly plant in Morigaon, Assam, and another by CG Power in Sanand, Gujarat. The work on all three projects is expected to begin in the next 100 days.

Amid tension in Sandeshkhali, Trinamool Congress (TMC) leader Sheikh Shahjahan was arrested by West Bengal police on Thursday morning in connection with allegations of 'sexual assault and land grab,' officials said.

"Shahjahan was arrested from Minakhan in the North 24 Parganas district," Minakhan SDPO Aminul Islam Khan told ANI.

The proposal of Israeli semiconductor company Tower is likely to get approval from the Centre today, according to a report by The Economic Times (ET). This is likely to be India's first pure-play chip foundry.

Along with Tower, the Cabinet is also likely to approve the proposals of the Tata Group and the joint venture between HCL Group and Foxconn Group. Tata is likely to set up an assembly, testing, marking and packaging (ATMP) unit in Assam. Earlier, it had also announced its plans to set up a fab in Gujarat.

The Reserve Bank of India (RBI) on Wednesday conducted two overnight variable rate reverse repo (VRRR) auctions of Rs 50,000 crore and Rs 25,000 crore as money market rates fell below the repo rate, said market participants.

The overnight weighted average call rate settled at 6.43 per cent on Wednesday. Repo rate currently stands at 6.50 per cent.

Gensol Electric Vehicles Pvt. Ltd. (GEVPL) said on Wednesday it has received certification and approval for its electric two-seater car from the Automotive Research Association of India (ARAI).

GEVPL is a subsidiary of BSE-listed Gensol Engineering Ltd, one of India’s largest green energy engineering, procurement and construction (EPC) and advisory companies. GEVPL is entering EV manufacturing for the first time.

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