Honda India Power Products (NSE:HONDAPOWER, BOM:522064) appointed Sameer Jain as its chief corporate officer, effective July 1, according to an Indian bourse filing on Tuesday.
Shares of the company jumped nearly 4% in Wednesday's trade.
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Virat Industries Cancels Plan to Set Up UAE Subsidiary
Virat Industries (BOM:530521) said its board has withdrawn plan to incorporate a wholly owned subsidiary in the United Arab Emirates, according to an Indian bourse filing on Tuesday.Shares of the company rose nearly 1% in Wednesday's trade.The company said it will no longer proceed with the proposed entity, BRHAM Holding FZ-LLC, citing evolving strategic considerations.
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Asia
Biwin Storage Unit to Own Stake in Xingyun Integrated Circuit Through 10 Million Yuan Capital Raise; Shares Up 3%
Biwin Storage Technology's (SHA:688525) subsidiary, Hainan Nanbaisuan Technology, plans to own 1.1% in Beijing Xingyun Integrated Circuit for 10 million yuan, according to a Shanghai bourse filing on Wednesday.The acquisition will be made through capital increase.Two other investors also participated in Xingyun Integrated Circuit's fundraising round.The chip manufacturer's shares jumped 3% during the afternoon trade.
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Market Chatter: China Drops Medium-Term Loan Rate to Record Low to Aid Economy
The People's Bank of China (PBOC) allowed its one-year Medium-Term Lending Facility (MLF) rate to drop to a record low of 1.45% in May from 1.5% in April, according to details from recent banking auctions, Bloomberg reported Tuesday.A number of commercial banks tapped the central bank at this historically low rate, signaling that Beijing is stepping up efforts to keep a less buoyant economy afloat, the report said.The 5-basis-point drop follows an identical reduction to the MLF rate earlier in January, Bloomberg said.It remains unclear how much of the 600 billion yuan in MLF loans issued in May was priced at the new 1.45% low, the news outlet said.China's central bank halted the publication of uniform MLF data since March 2025 following a revision of its pricing rules. Under the restructured framework, individual lenders are instead required to bid for and pay varying rates based on institutional market demand.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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