Good morning!
Here are the top stories to start your day.
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⭐ Reliance: new day, new acquisition
Reliance Industries’ wholly owned subsidiary Reliance Strategic Business Ventures bought a 23.3% stake in Exyn Technologies. The total consideration is of $25 million. The US-based company provides autonomy technology which enables drones and robots to navigate difficult terrains without GPS.
⭐ JK Cement diversifies into paint segment
JK Paints and Coatings, a wholly owned subsidiary of JK Cement, has announced its foray into the paints business. It acquired 60% stake in Rajasthan-based Acro Paints, a manufacturer of architectural and high-performance paints and coatings, in a ₹153 crore deal. As per JK Cement management, the acquisition will help fast-track its entry into the paints business, expand its product offerings and potential foray into newer markets.
⭐ Schneider Electric to build smart factory
Schneider Electric plans to invest ₹425 crore to create a new smart factory in Bengaluru. The new facility will integrate 6 out of 10 existing factories of the company under one roof. As per management, the proposed facility will be a union of three different kinds of manufacturing capabilities - electronics products, electronics systems and electronics PCBA. The expansion projects sales of over ₹5,200 crore by 2026.
Global markets (at 7:30 AM today)
| Indices | Today's movement |
| SGX Nifty | ▼ 0.46% |
| Nikkei 225 (Japan) | ▼ 1.15% |
| Hang Seng (Hong Kong) | ▼ 0.03% |
| SSE Composite (China) | ▲ 0.12% |
| Dow Jones (US) (December 22) | ▼ 1.05% |
| NYSE (US) (December 22) | ▼ 0.79% |
| Nasdaq (US) (December 22) | ▼ 2.18% |
| S&P 500 (US) (December 22) | ▼ 1.45% |
Fact of the day
The Japanese government revised upward its economic growth forecast from 1.1% to 1.5% for FY23.
Source: Business Standard