JSW Steel USA Ohio, a subsidiary of JSW Steel, plans to invest USD 145 million in new industrial projects in Mingo Junction, Ohio. JSW Steel USA meets the demand for "melted and manufactured in the US" quality steel products. This is consistent with the Buy America policies of the administration of President Biden. The announcement of the new investments was made.

On Friday, World Gold Council India CEO Somasundaram PR said the market will struggle to match last year's 774 tonnes due to record-high gold prices and volatility. Gold recycling jumped 25% year-on-year to 34.8 tonnes in January-March due to high pricing. Somasundram said gold recycling might reach 100 tonnes in 2023 as prices rise, lowering imports.

Non-life insurance industry grew 16.4% in FY23 compared to 11.1% in FY22, driven by health and auto insurance. Except for a blip in September 2022, CareEdge's report indicates that the segment is on a run, with double-digit growth reported for the month of March 2023, continuing the trend for the fiscal year. The rating agency announced a March 2023 premium of 24,271.4 Cr, up 11.5% YoY.

On Saturday, Chairman and Managing Director Nand Lal Sharma of state-owned SJVN Ltd. announced a 100 MW grid-connected wind power project in Gujarat. SJVN Green Energy Limited, a wholly owned subsidiary of SJVN, won the project after a competitive bidding process and an e-reverse auction by Gujarat Urja Vikas Nigam Limited. SGEL will build the $108 million EPC project anyplace in India.

Muthoot Microfin reported that its fourth-quarter net profit nearly doubled to Rs 102 crore due to robust business growth. The total income was 448 crore rupees, up from 249 crore rupees. The full-year profit was Rs 203 crore, compared to Rs 80 crore in the previous year. At the end of March, the asset under management for the lender increased by 37% year-over-year to Rs 9200 crore.

Bank of India recorded a 123% increase in standalone net profit for the quarter ended March to Rs 1,350 crore from Rs 606 crore last year. Bank of India reported that NII rose 37.77% to Rs 5,493 crore from Rs 3,987 crore in the year-ago quarter. Global NIM rose from 2.56% in Mar'22 to 3.15% in Mar'23. The state-run lender said NIM (Domestic) rose from 2.90% in Mar'22 to 3.59% in Mar'23.

Two sources with firsthand information told Reuters that Singapore state investor Temasek Holdings is considering investing $100 Mn in Indian jewellers BlueStone for a 20% stake. The investment would value Bengaluru-based BlueStone, funded by Accel and Ratan Tata, at close to $500 Mn. After the pandemic, BlueStone may expand aggressively in India, the second-largest jewellery consumer after China.

In FY23, the Union Bank of India exhibited robust double-digit expansion. PAT increased by a staggering 61.18% year-over-year and 23.95% quarter-over-quarter to 2,782 crore. The Bank's net interest income increased by 17.92% year-over-year in FY23. The bank's total business increased by 10.23% year-over-year, with Gross Advances increasing by 13.05% and Total Deposits increasing by 8.26%.

Coal India, the government-backed coal producer, is scheduled to release its fourth-quarter earnings for FY23 on Sunday. Coal India's stock price increased by slightly more than 1% in advance of the earnings report. Analysts have differing opinions on Coal India's performance in Q4FY23. However, sales are forecast to climb by double digits, but wage hikes will hurt operational profit and margins.

Vedanta Resources Ltd., owned by billionaire Anil Agarwal, repaid $800 million in loans to ease liquidity worries after rising interest rates put pressure on low-rated borrowers with high debt loads. The London-based corporation returned three Standard Chartered Bank London and Hong Kong facilities in an exchange filing. It said the repayments removed Vedanta Ltd.'s share encumbrances.

After a disappointing month of fundraising in April, the month of May began on a marginally upbeat note. Between May 1 and May 5, 2023, Indian businesses raised a total of $174 million across 19 transactions. BP Ventures led a $42 million equity and debt funding round for the electric mobility startup BluSmart. Mindtickle has acquired Enable Us to provide customised content experiences.

This week, the market cap of seven Adani Group companies decreased by 3,782 Cr. Adani Enterprises, Adani Transmission, Adani Green Energy, Adani Total Gas, and Adani Wilmar lost between 507 Cr and 2,856 Cr in m-cap, while Adani Power gained 5,775 Cr and Adani Ports & SEZ gained 692 Cr. Five group companies ended Friday unchanged, while Adani Transmission and Adani Total Gas lost more than 1%.

The Suryoday Small Finance Bank has reduced the interest rates on fixed deposits below 2 Cr by 49 to 160 bps for terms between 1 and 5 years. Now, the general public will earn between 4% and 9.10% on their FDs, while senior citizens will earn between 4.50% and 9.60%. In addition, this SFB offers an astounding 7% interest rate on savings accounts with balances between 5 lakh and 2 Cr.

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As global prices fall, edible oil giants like Adani Wilmar and Emami are slashing the prices of their top brands. The food ministry told industry groups last week to lower pricing. Adani Wilmar's one-litre Fortune soyabean oil has dropped nearly 18% since January. Mother Dairy's Dhara brand of edible oil's MRP was reduced by Rs 15-20 a litre across variants on Wednesday.