UltraTech to ramp up capacity

Good morning, people!

Investors were treated to an upbeat market on the first expiry this month. That’s rare, and what’s more, oil prices have dropped $5 this week already. Plus, OPEC has agreed to ramp up oil production. Could this impact Indian markets? We’ll find out soon enough. So, without further ado, here are the top stories to begin your day.

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⭐ Ultratech speaks volumes 👷
UltraTech Cement has announced an investment of ₹12,886 crore to increase its total production capacity by 22.6 million tonnes per annum (MTPA). The company’s current production capacity stands at 119.95 MTPA. The new capacity will be introduced in a phased manner by FY25. It will be carried out in a mix of brownfield and greenfield expansion. 

⭐ Religare skyrockets 🚀 

Shares of Religare Enterprises shot up 12% on Thursday, after it said the lenders to its subsidiary, Religare Finvest, have agreed to a one-time settlement. Religare has been able to resolve many issues left over by its erstwhile promoters, including a settlement with SEBI, and becoming debt-free.

⭐ OPEC+ agrees to boost oil output 🛢
The Organization of the Petroleum Exporting Countries (OPEC), and allies like Russia (together called OPEC+), have agreed to an oil output hike of 648,000 barrels per day (bpd) in July and August. This is larger than the planned increase of 400,000 bpd. The move comes just days after Europe agreed to impose a ban on Russian oil. Earlier on Thursday, prices of oil tanked by around $3 a barrel in Asian trade as investors cashed in on a recent rally.

Global markets (at 7:30 AM today)

Fact of the day

As per a report, India could gain about $11 trillion by 2070, by leading decarbonisation efforts and transitioning to a green economy. 

Source: Mint

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