The S&P BSE Midcap index hit a 52-week high of 26,567.21 in Tuesday's intra-day trade, on the back of strong earnings and renewed buying by foreign portfolio investors (FPIs). The index surpassed its previous high of 26,440.81, touched on December 12, 2022. It had hit an all-time high of 27,246.34 on October 19, 2021.

Thus far in the calendar year 2023, the midcap index has rallied 4.3 per cent, as against 2.6 per cent surge in Smallcap and 1.8 per cent rise in the Sensex.

The centre is ready to approve the plans of the Vedanta-Foxconn joint venture to make semiconductor chips, a report in The Economic Times (ET) said. Senior government officials told the newspaper that this would be done under the aegis of the $10-billion India Semiconductor Mission (ISM).

With this plan, the government plans to establish India as a global hub for semiconductor manufacturing.

MG Motor started accepting bookings for its small electric vehicle (EV), Comet at 12 noon on Monday. Customers can book their Comet by making a payment of Rs 11,000 on the MG Motor India website and MG Motor dealerships. Deliveries are expected to begin this month but in a phased manner.

In its press release, MG said that more than 80 customisation options of extended vehicle warranty and service packages are available for customers.

Combined with its nutritional values and a push from the government, millets have emerged as the superfood of the future. Consequently, FMCG companies are planning to come up with a variety of edible items for their retail shelves.

Managing director of Tata Soulfull, Prashant Parameswaran was quoted in a Times of India (TOI) report as saying that they were lining up a two-year portfolio of products based on millets. Notably, Tata Soulfull is engaged in making products like ragi bites and millet muesli.

In a bid to expand its footprint to foreign countries, the crypto asset management platform Mudrex has launched its platform in the European Union (EU). Mainly due to clearer regulations and investors being more aware of the crypto assets there, the company has decided to roll out its platform in Italy and then expand to other EU countries, its chief executive officer (CEO) and co-founder Edul Patel told Business Standard.

The platform, which helps users make systematic investment products (SIPs) with crypto, is a registered virtual asset provider with the European Central Bank (ECB).

Shadowfax, a last-mile logistics company backed by Flipkart, will hire 10,000 riders and delivery partners to use opportunities presented by the state-backed Open Network for Digital Commerce (ONDC).

Shadowfax's nationwide network serves major e-commerce, food, grocery and retail companies. It is present in more than 1,100 cities and works with over 50,000 delivery partners every day.

Shares of DLF hit a multi-year high of Rs 456.50, as it rallied 5 per cent on the BSE in Monday’s intra-day trade after the firm reported a healthy 40 per cent year-on-year (YoY) growth in consolidated net profit at Rs 581 crore for the January-March quarter (Q4FY23), driven by strong margins and revenue mix. Revenue, however, was down 6 per cent YoY at Rs 1,576 crore.

The stock was trading at its highest level since October 2009. Thus far in the calendar year 2023, it has outperformed the market by surging 21 per cent, as against 1.9 per cent rise in the S&P BSE Sensex.

The government is planning to come up with a tracking system that will allow mobile phone users to block and track their lost devices. The rollout is likely to happen this week.

The technology development body Centre for the Department of Telematics (CDoT) is responsible for this task. It has been running the pilot of the Central Equipment Identity Register (CEIR) system in various telecom circles which include Delhi, Maharashtra, Karnataka, and the Northeast.

Karnataka election results 2023 live: The results of the Karnataka elections 2023 are set to be declared today with the vote counting for the same currently underway. However, trends are showing that the Congress party will be winning the polls after dethroning the Bhartiya Janta Party.

While the Congress party has already taken a strong lead on 129 seats, the BJP is lagging behind with a lead of just 66 seats.

Kotak Mahindra Bank will see the largest inflows due to the quarterly rebalancing announced by MSCI. The index provider has increased the weighting of the private sector lender in its indices on account of increased investment legroom for foreign portfolio investors (FPIs).

In a note, Nuvama Research. said that Kotak Mahindra Bank’s weighting in the index has gone up by 135 basis points to 2.8 per cent. This will result in inflows of $810 million (Rs 6,600 crore) by passive trackers.

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