ALEMBIC PHARMA: CO GETS APPROVAL FOR ERLOTINIB TABLETS, HAVE AN ESTIMATED MARKET SIZE OF US$ 37M
MAX FINANCIAL SERVICES: GOVERNMENT OF SINGAPORE BOUGHT 1.74% STAKE IN CO DURING Q.
BHEL WINS ORDER WORTH 1400 CR: AWAAZ SOURCES TV.
BHEL WINS ORDER WORTH 1400 CR: AWAAZ SOURCES TV.
*JSW ISPAT SPECIAL STEEL- HUGE SCOPE TO INCREASE UTILIZATION - STRONG RERATING (50% UPSIDE)POTENTIAL FROM CURRENT LEVELS- TRADES AT 40% DISCOUNT TO JSW STEEL FY23E EV/EBITDA VALUATIONS*
(CMP INR 40/Share, TGT INR 60/Share, Mcap INR 4,000 crore, Net Debt INR 2,500 crore)
KEY TRIGGERS
1.) *Solid Management (Led by JSW Steel) Track Record*- A consortium of AION Investments Private II Ltd., (AION) and JSW Steel acquired a majority stake in MIEL (Currently known as JSW ISPAT SPECIAL STEEL), and along with lenders, provided the funds for capital expenditure and working capital
2.) *Good Potential Capacity- Replacement Cost of INR 12,000-15,000 crore*- JISPL owns a 1 million ton steel plant with potential to increase it to 1.5 million ton. Also it has 0.8 million ton of Sponge Iron, 2.2 million ton of pellet, 0.96 million ton sinter plant and a 230 MW captive power plant.
3.) *Currently in Ramp up stage*- JISPL is operating its pellet plant at 80-85% utilization in FY21 and its steel plant at 40% utilization. With better demand and improving RM availability utilization is expected to increase significantly. JSW guides for 0.6 MT production of steel in FY22E and possibly 1 MT in FY23E.
4.) *JSW Groups Iron ore mines to help increase utilization*- JSWSL was declared as the “Preferred Bidder” for four operational mines recently auctioned in Odisha in Jan-Feb 2020. The estimated iron ore reserves of the above mines are around 1,131 million tonnes. Post-execution of the Mine Development and Production Agreement and all statutory clearances, JSWSL is expected to start the mining operations by 3QFY22. The proximity of these mines to JSW Ispat steel plant in Chhattisgarh is expected to increase the raw material availability for JSW Ispat. Post ramp up of iron ore mines JSW Ispat utilization is expected to hit 90-100%
5.) *Marketing synergies with JSW Steel Limited* - JSW Steel extend to using its Neosteel brand. Additionally JSWSL’s manufacturing facilities are located in the Southern and Western parts of the country. JSW ISpat strategic presence in the Eastern part of the country will enable the JSW Steel Group to tap the markets in Central, Northern and Eastern parts of India.
6.) *Earnings tailwinds from better pellet spreads*- JSW Ispat reported INR 200 crore EBITDA in 4QFY21, strong earnings will continue as pellet demand remains extremely strong and as spreads are also much higher.
7.) *FY23E to see full utilization & peak earnings*- With full utilization of capacities JSW Ispat can report INR 1,200 crore EBITDA in FY23E i.e INR 1,000 crore from its 1 MT Steel Capacity at (Steel margin assumption - INR 10,000 EBITDA/Ton) and INR 200 crore EBITDA from its 1 MT Pellet which will be sold externally (Pellet Margin Assumption- INR 2,000/Ton)
8.) *Quotes at a significant (40-45%) discount to JSW Steel* JSW Ispat is expected to do INR 1,200 crore EBITDA & INR 600 crore PAT in FY23E i.e. it quotes at 5x FY23E EV/EBITDA & 8x FY23E P/E, JSW Steel is currently quoting at 8x FY23E EV/EBITDA which is almost a 40% premium.
9.) *Potential Merger with JSW Steel*- JSW group is the most efficient converter of steel globally, and may eventually merge JSW Ispat with itself.
10.) *Good Interest in Recent OFS*- AOIN Group recently came up with an OFS to sell INR 10 crore shares at a floor price of INR 27/Share, which got executed at INR 35/Share.
11.) *Tax Exemption to help save Cash flows*- Given that JSW Ispat is an NCLT case, it won’t have to pay tax for few years which will result in INR 150-200 crore savings which could be utilized to expand capacity
(CMP INR 40/Share, TGT INR 60/Share, Mcap INR 4,000 crore, Net Debt INR 2,500 crore)
KEY TRIGGERS
1.) *Solid Management (Led by JSW Steel) Track Record*- A consortium of AION Investments Private II Ltd., (AION) and JSW Steel acquired a majority stake in MIEL (Currently known as JSW ISPAT SPECIAL STEEL), and along with lenders, provided the funds for capital expenditure and working capital
2.) *Good Potential Capacity- Replacement Cost of INR 12,000-15,000 crore*- JISPL owns a 1 million ton steel plant with potential to increase it to 1.5 million ton. Also it has 0.8 million ton of Sponge Iron, 2.2 million ton of pellet, 0.96 million ton sinter plant and a 230 MW captive power plant.
3.) *Currently in Ramp up stage*- JISPL is operating its pellet plant at 80-85% utilization in FY21 and its steel plant at 40% utilization. With better demand and improving RM availability utilization is expected to increase significantly. JSW guides for 0.6 MT production of steel in FY22E and possibly 1 MT in FY23E.
4.) *JSW Groups Iron ore mines to help increase utilization*- JSWSL was declared as the “Preferred Bidder” for four operational mines recently auctioned in Odisha in Jan-Feb 2020. The estimated iron ore reserves of the above mines are around 1,131 million tonnes. Post-execution of the Mine Development and Production Agreement and all statutory clearances, JSWSL is expected to start the mining operations by 3QFY22. The proximity of these mines to JSW Ispat steel plant in Chhattisgarh is expected to increase the raw material availability for JSW Ispat. Post ramp up of iron ore mines JSW Ispat utilization is expected to hit 90-100%
5.) *Marketing synergies with JSW Steel Limited* - JSW Steel extend to using its Neosteel brand. Additionally JSWSL’s manufacturing facilities are located in the Southern and Western parts of the country. JSW ISpat strategic presence in the Eastern part of the country will enable the JSW Steel Group to tap the markets in Central, Northern and Eastern parts of India.
6.) *Earnings tailwinds from better pellet spreads*- JSW Ispat reported INR 200 crore EBITDA in 4QFY21, strong earnings will continue as pellet demand remains extremely strong and as spreads are also much higher.
7.) *FY23E to see full utilization & peak earnings*- With full utilization of capacities JSW Ispat can report INR 1,200 crore EBITDA in FY23E i.e INR 1,000 crore from its 1 MT Steel Capacity at (Steel margin assumption - INR 10,000 EBITDA/Ton) and INR 200 crore EBITDA from its 1 MT Pellet which will be sold externally (Pellet Margin Assumption- INR 2,000/Ton)
8.) *Quotes at a significant (40-45%) discount to JSW Steel* JSW Ispat is expected to do INR 1,200 crore EBITDA & INR 600 crore PAT in FY23E i.e. it quotes at 5x FY23E EV/EBITDA & 8x FY23E P/E, JSW Steel is currently quoting at 8x FY23E EV/EBITDA which is almost a 40% premium.
9.) *Potential Merger with JSW Steel*- JSW group is the most efficient converter of steel globally, and may eventually merge JSW Ispat with itself.
10.) *Good Interest in Recent OFS*- AOIN Group recently came up with an OFS to sell INR 10 crore shares at a floor price of INR 27/Share, which got executed at INR 35/Share.
11.) *Tax Exemption to help save Cash flows*- Given that JSW Ispat is an NCLT case, it won’t have to pay tax for few years which will result in INR 150-200 crore savings which could be utilized to expand capacity
Oversubscription figures:
GR Infraprojects 102x
Clean Science 93x
The total funds locked in these 2 IPOs together is 2.42 lakh crores💰 (or) equivalent to India’s annual budget for healthcare 🙈⚡⚡
#cleanscience #GRINFRAPROJECTS
GR Infraprojects 102x
Clean Science 93x
The total funds locked in these 2 IPOs together is 2.42 lakh crores💰 (or) equivalent to India’s annual budget for healthcare 🙈⚡⚡
#cleanscience #GRINFRAPROJECTS
Clean Science & Technology
Applications – 26,94,299 applications
Allotment ratio - 3:20
GR Infraprojects
Applications – 23,80,229
Allotment Ratio – 2:19
Applications – 26,94,299 applications
Allotment ratio - 3:20
GR Infraprojects
Applications – 23,80,229
Allotment Ratio – 2:19
Another Pune success story.
💐 *Clean Science IPOs*
- Largest Chemical IPO in the history of IPOs
- Total Money mobilised is INR 1,00,000 Crores 😳😳+++, making it the 7th highest in the history
💐 *Clean Science IPOs*
- Largest Chemical IPO in the history of IPOs
- Total Money mobilised is INR 1,00,000 Crores 😳😳+++, making it the 7th highest in the history
DELTA CORP:
Q1 CONS NET LOSS 289.3M RUPEES VS LOSS 282M (YOY) | PROFIT 578M (QOQ)
Q1 REVENUE 758.7M RUPEES VS 483M (YOY)
Q1 CONS NET LOSS 289.3M RUPEES VS LOSS 282M (YOY) | PROFIT 578M (QOQ)
Q1 REVENUE 758.7M RUPEES VS 483M (YOY)
Moneycontrol.com: Here's why Tata Steel can rise further by 23% after surging 260% in 1 year.
https://www.moneycontrol.com/news/business/stocks/heres-why-tata-steel-can-rise-further-by-23-after-surging-260-in-1-year-7149581.html
https://www.moneycontrol.com/news/business/stocks/heres-why-tata-steel-can-rise-further-by-23-after-surging-260-in-1-year-7149581.html
Moneycontrol
Here's Why Tata Steel Can Rise Further By 23% After Surging 260% In 1 Year
CARE has upgraded long term credit rating on the company to AA+ from AA and the outlook to stable from negative. Brokerage firm ICICI Direct has a buy call on the stock with target of Rs 1,500 per share.
VLS FINANCE: BEST YET TO COME
ADD/BUY TP ₹ 500+
➡️VLS has gradually sold decent chunk of Relaxo in Q1FY22. We estimate that NP of Q1FY22 of VLS should be more than 350 Cr ( ₹ 90 EPS). All this money should be used for starting NBFC ( gold finance or HFC)
➡️➡️ Court case pertaining to ownership of 5 star hotel should also come in VLS favour
*VLS finance: DoW times update:*
*Key takeaways from Q4 performance*📑
💡Highlight: 2,800cr worth investments. Market cap just 630 cr
✅VLS *Q4 profit ₹107 Cr* (it’s *whole market cap just ₹630 Cr*)😱😱
✅Value of investments as on 31st March 2021: *₹2,800 Cr ++* ♠️♠️
✅ Value will be much higher now as on 30th june as its investments in Relaxo itself are >25% up in this June quarter
✅ *Book value: ₹629*(At cmp of ₹163, tdg at just 0.26 BV!!)😵
✅ *Q4 EPS: ₹27*🚀. FY21 EPS: ₹57🔥. PERatio 3
🎯VLS also has stake in 5 Star hotel in Connaught Place Delhi
ADD/BUY TP ₹ 500+
➡️VLS has gradually sold decent chunk of Relaxo in Q1FY22. We estimate that NP of Q1FY22 of VLS should be more than 350 Cr ( ₹ 90 EPS). All this money should be used for starting NBFC ( gold finance or HFC)
➡️➡️ Court case pertaining to ownership of 5 star hotel should also come in VLS favour
*VLS finance: DoW times update:*
*Key takeaways from Q4 performance*📑
💡Highlight: 2,800cr worth investments. Market cap just 630 cr
✅VLS *Q4 profit ₹107 Cr* (it’s *whole market cap just ₹630 Cr*)😱😱
✅Value of investments as on 31st March 2021: *₹2,800 Cr ++* ♠️♠️
✅ Value will be much higher now as on 30th june as its investments in Relaxo itself are >25% up in this June quarter
✅ *Book value: ₹629*(At cmp of ₹163, tdg at just 0.26 BV!!)😵
✅ *Q4 EPS: ₹27*🚀. FY21 EPS: ₹57🔥. PERatio 3
🎯VLS also has stake in 5 Star hotel in Connaught Place Delhi
23 years after it was founded, Pine Labs has reached a $3 billion valuation. What is next for the firm? https://www.bloombergquint.com/business/with-600-million-fundraise-pine-labs-steps-up-focus-on-merchant-payments
BloombergQuint
With $600-Million Fundraise, Pine Labs Steps Up Focus On Merchant Payments
23 years after it was founded, Pine Labs has reached a $3 billion valuation. What is next for the firm?
HCL Technologies bags IT modernisation deal from The Mosaic Company
https://www.moneycontrol.com/news/business/hcl-technologies-bags-it-modernisation-deal-from-the-mosaic-company-7152761.html
Download moneycontrol app: http://m.moneycontrol.com/mom
https://www.moneycontrol.com/news/business/hcl-technologies-bags-it-modernisation-deal-from-the-mosaic-company-7152761.html
Download moneycontrol app: http://m.moneycontrol.com/mom
Moneycontrol
HCL Technologies Bags IT Modernisation Deal From The Mosaic Company
HCL will deploy a scaled agile delivery model across North America and South America to deliver process-led services across applications, infrastructure, and business analytics environments.
Is the sugar industry finally coming of age? - Business Line - https://www.thehindubusinessline.com/opinion/is-the-sugar-industry-finally-coming-of-age/article35218956.ece
BusinessLine
Is the sugar industry finally coming of age?
The government is just one step away from making the industry independent and self-reliant
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🌄 *S̴h̴u̴b̴o̴u̴d̴h̴a̴y̴a : 10 Jul/आषाढ मास(Saturday) ग्रीष्म ऋतू {कृष्ण पक्ष}*🙏🏻
╰───────────────────╯
*Today's top News* ➣➣➣➣➣➣➣➣➣➣➣➣➣
1. Gujarat to Reopen Schools for Class 12, Colleges from July 15. Students can attend physical classes on a voluntary basis. Attendance will not be mandatory.
2. Haryana to reopen schools for Classes 9 to 12 from July 16. No decision has been taken yet to open school for students of Classes 1 to 5.
3. Marriages and funerals will be permitted in Delhi with a limited number of attendees across all the four grades under the colour-coded action plan approved by authorities. The four colour codes in the increasing severity order - 'Yellow', 'Amber', 'Orange' and 'Red', based on positivity rate (on two consecutive days), cumulative number of new cases (over a week) and average oxygenated-bed occupancy (for a week) will designate four levels of alerts.
4. Kerala was put on alert on Friday following the outbreak of Zika virus in the state, while the Centre rushed a team of experts to monitor the situation and aid the state government in management of the cases after 13 new ones were confirmed.
5. West Bengal Senior politician Mukul Roy, who recently switched over to the ruling Trinamool Congress camp in Bengal after winning the state polls on a Bharatiya Janata Party ticket, was on Friday appointed as the chairperson of the important Public Accounts Committee in the assembly by Speaker Biman Banerjee
6. Shiromani Akali Dal (SAD) chief Sukhbir Singh Badal promised govt jobs to family members of farmers who died during the agitation against the Centre's farm laws if the coalition led by his party comes to power in the state. Punjab Chief Minister Amarinder Singh who slammed the SAD leader for "shameless" attempts to "befool" farmers by announcing poll promises that the current state government had already started executing long ago.
7. Today Defence Minister Rajnath Singh birthday (born 10 July 1951). He is the former President of BJP and previously served as the Chief Minister of Uttar Pradesh and as a Cabinet Minister in the Vajpayee Govt.
8. A four-day brain-storming meeting of Rashtriya Swayamsevak Sangh ‘pracharaks' (full-time workers) began in the presence of the organization's head Mohan Bhagwat at Chitrakoot in Madhya Pradesh's Satna district.
9. Suspended IGP Paramraj Singh Umaranangal on Friday agreed to undergo Polygraph, Brain Electrical Activation Profile and Narco Analysis Test a month after the newly formed Special Investigation Team (SIT) probing the Kotkapura police firing case.
10. Delimitation Commission says, delimitation exercise to redraw boundaries of Assembly constituencies of J&K will be completed in transparent manner. Population will be the main criteria for delimitation but priority will be also the area, geography, topography and also the communication facilities of the areas.
11. The Hindustan Aeronautics Limited (HAL) will soon get the approval to develop a futuristic High Altitude Pseudo Satellite (HAPS). The programme is spearheaded by the HAL in partnership with a Bengaluru based start-up.
12. The Army is in the process of procuring an unspecified number of anti-drone systems that will detect and jam the communication and navigation signals of a hostile unmanned aerial vehicle (UAV) .
13. Indian Navy on Friday announced prohibition on flying of non-conventional aerial objects like drones and UAVs (Unmanned Aerial Vehicles) within the 3 kms ambit of Naval Base, Naval Units and Naval assets.
14. Indian Navy has invited applications for the recruitment to the post of sailors MR for 350 vacancies (approx) in the October 2021 batch. Interested and eligible, unmarried male candidates can apply online for the post through the official website of the Indian Navy on or before July 23.
🌄 *S̴h̴u̴b̴o̴u̴d̴h̴a̴y̴a : 10 Jul/आषाढ मास(Saturday) ग्रीष्म ऋतू {कृष्ण पक्ष}*🙏🏻
╰───────────────────╯
*Today's top News* ➣➣➣➣➣➣➣➣➣➣➣➣➣
1. Gujarat to Reopen Schools for Class 12, Colleges from July 15. Students can attend physical classes on a voluntary basis. Attendance will not be mandatory.
2. Haryana to reopen schools for Classes 9 to 12 from July 16. No decision has been taken yet to open school for students of Classes 1 to 5.
3. Marriages and funerals will be permitted in Delhi with a limited number of attendees across all the four grades under the colour-coded action plan approved by authorities. The four colour codes in the increasing severity order - 'Yellow', 'Amber', 'Orange' and 'Red', based on positivity rate (on two consecutive days), cumulative number of new cases (over a week) and average oxygenated-bed occupancy (for a week) will designate four levels of alerts.
4. Kerala was put on alert on Friday following the outbreak of Zika virus in the state, while the Centre rushed a team of experts to monitor the situation and aid the state government in management of the cases after 13 new ones were confirmed.
5. West Bengal Senior politician Mukul Roy, who recently switched over to the ruling Trinamool Congress camp in Bengal after winning the state polls on a Bharatiya Janata Party ticket, was on Friday appointed as the chairperson of the important Public Accounts Committee in the assembly by Speaker Biman Banerjee
6. Shiromani Akali Dal (SAD) chief Sukhbir Singh Badal promised govt jobs to family members of farmers who died during the agitation against the Centre's farm laws if the coalition led by his party comes to power in the state. Punjab Chief Minister Amarinder Singh who slammed the SAD leader for "shameless" attempts to "befool" farmers by announcing poll promises that the current state government had already started executing long ago.
7. Today Defence Minister Rajnath Singh birthday (born 10 July 1951). He is the former President of BJP and previously served as the Chief Minister of Uttar Pradesh and as a Cabinet Minister in the Vajpayee Govt.
8. A four-day brain-storming meeting of Rashtriya Swayamsevak Sangh ‘pracharaks' (full-time workers) began in the presence of the organization's head Mohan Bhagwat at Chitrakoot in Madhya Pradesh's Satna district.
9. Suspended IGP Paramraj Singh Umaranangal on Friday agreed to undergo Polygraph, Brain Electrical Activation Profile and Narco Analysis Test a month after the newly formed Special Investigation Team (SIT) probing the Kotkapura police firing case.
10. Delimitation Commission says, delimitation exercise to redraw boundaries of Assembly constituencies of J&K will be completed in transparent manner. Population will be the main criteria for delimitation but priority will be also the area, geography, topography and also the communication facilities of the areas.
11. The Hindustan Aeronautics Limited (HAL) will soon get the approval to develop a futuristic High Altitude Pseudo Satellite (HAPS). The programme is spearheaded by the HAL in partnership with a Bengaluru based start-up.
12. The Army is in the process of procuring an unspecified number of anti-drone systems that will detect and jam the communication and navigation signals of a hostile unmanned aerial vehicle (UAV) .
13. Indian Navy on Friday announced prohibition on flying of non-conventional aerial objects like drones and UAVs (Unmanned Aerial Vehicles) within the 3 kms ambit of Naval Base, Naval Units and Naval assets.
14. Indian Navy has invited applications for the recruitment to the post of sailors MR for 350 vacancies (approx) in the October 2021 batch. Interested and eligible, unmarried male candidates can apply online for the post through the official website of the Indian Navy on or before July 23.
15. Indian Army will conduct a recruitment rally at Mahatma Phule Krishi Vidyapeeth, Rahuri, Ahmednagar from September 7 to 23 for selection of Soldier General Duty, Soldier Tradesman (10th pass), Soldier Tradesman (8th pass), Soldier Technical, Soldier Technical (Aviation/ Ammunition examiner), Soldier Nursing Assistant or Nursing Assistant Veterinary. The rally will be held for candidates from Ahmednagar, Beed, Latur, Osmanabad, Pune and Solapur districts.
✈ *INTERNATIONAL NEWS*
1. Finance Minister Nirmala Sitharaman participated virtually in the G20 High-Level Tax Symposium on tax policy and Climate Change on 09 Jul. The Symposium was organised by G20 Italy, ahead of the 3rd G20 Finance Ministers and Central Bank Governors Meeting.
2. Defence Minister Rajnath Singh on 09 Jul (Friday) spoke to his Israeli counterpart Benjamin Gantz to congratulate him on taking office. India looks forward to working closely with Israel to deepen Defence Cooperation and Strategic Partnership.
3. Chief of Army Staff Gen MM Naravane on 08 Jul inaugurated a memorial in the Italian town of Cassino as a mark of respect to the Indian soldiers who made the supreme sacrifice in World War II.
4. India on Friday made it clear to the Organisation of Islamic Cooperation (OIC) that its “interference” in the country’s internal matters is “unnecessary”. It also warned OIC to not get used by “vested interests”, in a veiled attack on Pakistan.
5. External Affairs Minister Dr. S Jaishankar will pay a two-day official visit to Georgia starting from Fiday at the invitation of the Vice Prime Minister and Foreign Minister of Georgia David Zalkaliani
6. External Affairs Minister Dr S Jaishankar on 09 Jul held talks with his Russian counterpart Sergei Lavrov in Moscow. In his statement at the Joint Press conference following the meeting, Dr Jaishankar said the time-tested and trust-based India Russia relationship remains very strong and continues to grow. He expressed appreciation for the support India got from Russia during the second wave of the COVID pandemic this year.
6. India Rail Cargo movement between India and Nepal gets a big boost. The Railways Ministry said, Cargoes in all categories of wagons that can carry freight on Indian Railways network within India can also now carry freight to and from Nepal. India and Nepal had signed a Letter of Exchange, LoE to the India-Nepal Rail Services Agreement 2004 on 28th June.
7. PM Modi has condoled the assassination of President of Haiti Jovenel Moïse and the attack on First Lady Martine Moïse.
🌎 *WORLD NEWS* 🌍
1. Several parts of China have been hit by floods & mudslides after a round of torrential rains hit the country. The downpour that started in early July 2021 triggered floods and mudslides in eastern and southern China.
2. A group of 28 foreign mercenaries, including retired Colombian soldiers, assassinated Haiti's President Jovenel Moïse earlier this week on 7 Jul 2021. In the early morning of 7 July 2021, Moïse was assassinated and his wife Martine was injured during an attack on their private residence in Pétion-Ville. Claude Joseph, the interim prime minister, took control of the country following Moïse's assassination.
3. Moise, a 53-year-old former businessman who took office in 2017, was shot dead and his wife, Martine Moise, was seriously wounded when heavily armed assassins stormed the couple's home in the hills above Port-au-Prince.
4. Death toll in Bangladesh factory fire goes up to 52 and 25 others injured as a juice factory caught fire at Rupganj in Narayanganj near Dhaka. The fire broke out in the six-storey building late on 08 Jul (Thursday) evening. The cause of the fire is not known yet.
🚣🚴🏇🏁🏊 *Sports:*
1. PM Modi reviewed preparations for facilitation of India’s contingent at Tokyo Olympics. He discussed the logistical details, their vaccination status and the multi-disciplinary support being given. On the 13th of this month, the Prime Minister will interact with Tokyo-bound athletes virtually.
✈ *INTERNATIONAL NEWS*
1. Finance Minister Nirmala Sitharaman participated virtually in the G20 High-Level Tax Symposium on tax policy and Climate Change on 09 Jul. The Symposium was organised by G20 Italy, ahead of the 3rd G20 Finance Ministers and Central Bank Governors Meeting.
2. Defence Minister Rajnath Singh on 09 Jul (Friday) spoke to his Israeli counterpart Benjamin Gantz to congratulate him on taking office. India looks forward to working closely with Israel to deepen Defence Cooperation and Strategic Partnership.
3. Chief of Army Staff Gen MM Naravane on 08 Jul inaugurated a memorial in the Italian town of Cassino as a mark of respect to the Indian soldiers who made the supreme sacrifice in World War II.
4. India on Friday made it clear to the Organisation of Islamic Cooperation (OIC) that its “interference” in the country’s internal matters is “unnecessary”. It also warned OIC to not get used by “vested interests”, in a veiled attack on Pakistan.
5. External Affairs Minister Dr. S Jaishankar will pay a two-day official visit to Georgia starting from Fiday at the invitation of the Vice Prime Minister and Foreign Minister of Georgia David Zalkaliani
6. External Affairs Minister Dr S Jaishankar on 09 Jul held talks with his Russian counterpart Sergei Lavrov in Moscow. In his statement at the Joint Press conference following the meeting, Dr Jaishankar said the time-tested and trust-based India Russia relationship remains very strong and continues to grow. He expressed appreciation for the support India got from Russia during the second wave of the COVID pandemic this year.
6. India Rail Cargo movement between India and Nepal gets a big boost. The Railways Ministry said, Cargoes in all categories of wagons that can carry freight on Indian Railways network within India can also now carry freight to and from Nepal. India and Nepal had signed a Letter of Exchange, LoE to the India-Nepal Rail Services Agreement 2004 on 28th June.
7. PM Modi has condoled the assassination of President of Haiti Jovenel Moïse and the attack on First Lady Martine Moïse.
🌎 *WORLD NEWS* 🌍
1. Several parts of China have been hit by floods & mudslides after a round of torrential rains hit the country. The downpour that started in early July 2021 triggered floods and mudslides in eastern and southern China.
2. A group of 28 foreign mercenaries, including retired Colombian soldiers, assassinated Haiti's President Jovenel Moïse earlier this week on 7 Jul 2021. In the early morning of 7 July 2021, Moïse was assassinated and his wife Martine was injured during an attack on their private residence in Pétion-Ville. Claude Joseph, the interim prime minister, took control of the country following Moïse's assassination.
3. Moise, a 53-year-old former businessman who took office in 2017, was shot dead and his wife, Martine Moise, was seriously wounded when heavily armed assassins stormed the couple's home in the hills above Port-au-Prince.
4. Death toll in Bangladesh factory fire goes up to 52 and 25 others injured as a juice factory caught fire at Rupganj in Narayanganj near Dhaka. The fire broke out in the six-storey building late on 08 Jul (Thursday) evening. The cause of the fire is not known yet.
🚣🚴🏇🏁🏊 *Sports:*
1. PM Modi reviewed preparations for facilitation of India’s contingent at Tokyo Olympics. He discussed the logistical details, their vaccination status and the multi-disciplinary support being given. On the 13th of this month, the Prime Minister will interact with Tokyo-bound athletes virtually.