DLF bets on luxury projects

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⭐ DLF bets on luxury projects

Real estate developer DLF plans to develop a 8.5 lakh sq ft low-rise independent floor project in Gurugram. The company has shifted its focus towards the luxury segment comprising low-rise developments and sold independent floors worth ₹ 3,000 crore in the last 20 months. As per the management, the company has plans to develop 35 million sq ft in the medium term, out of which 7.6 million sq ft will be launched in FY23.

⭐ HAL to launch new cryogenic engine facility

Hindustan Aeronautics is all set to launch an integrated cryogenic engine manufacturing facility (ICMF) on 27 September. The new facility is spread across 4,500 sq m and has been set up with an investment of ₹208 crore. The facility will manufacture rocket engines under one roof for ISRO.

⭐ Challenges ahead for the metal industry

Rating agency ICRA has forecast challenging times ahead for the domestic metal industry. Weak global sentiments along with a correction in metal prices in international markets will have a negative impact in the current fiscal, especially in the non-ferrous metal category. However, the rating agency also expects domestic demand to grow by 5-6% owing to the government's focus on infrastructure development and demand from the real estate sector.

Global markets (at 7:30 AM today)

Fact of the day

Attrition rate in India surged to 20.3% in the first half of 2022 from 6% in 2020 as per latest survey by  professional services firm Aon Plc

Source: Mint