Here are some of the major updates that could move the markets tomorrow:
Adani Group’s ₹493 crore open offer for NDTV to start tomorrow
Adani Group’s open offer to acquire an additional 26% shareholding in the media company New Delhi Television (NDTV) from the market will start tomorrow. The offer will close on December 5. If fully subscribed, the open offer will amount to ₹492.81 crore at ₹294 per share. To learn more about Adani’s takeover of NDTV, click here.
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RBI allows HDFC Bank, Canara Bank to open Vostro account for INR trade with Russia
The Reserve Bank of India (RBI) has allowed HDFC Bank and Canara Bank to open a special “vostro account” for trade in Indian Rupees with Russia. Vostro accounts are accounts held by a bank on behalf of another (often a foreign bank), and this forms a key part of correspondent banking. Payments can be settled in Rupee for India-Russia trade, enabling cross-border transactions in the Indian currency.
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Jindal Steel wins bid to build 300 MW coal power plant in Botswana
Botswana has selected Jindal Steel & Power Ltd (JSPL) to build a coal-fired power plant. The contract is for the design, construction, operation, and maintenance of a 300 megawatts (MW) net greenfield coal-fired power plant. JSPL will finance the construction of the plant and recoup its investments from selling electricity to the Botswana Power Corporation (BPC) under terms to be negotiated between the two parties.
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Aurobindo Pharma aims to complete ₹2,000 crore plant in AP by March 2024
Aurobindo Pharma Ltd aims to complete its ₹2,000 crore Penicillin G (Pen G) plant in Andhra Pradesh by March 2024, even as the trial of the initial batches will take place starting October 2023 onwards. The production capacity of the plant will be around 15,000 tonnes annually. The plant has been approved under the government’s PLI scheme for Key Starting Materials/Drug Intermediates and Active Pharmaceutical Ingredients (APIs).
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NCLT clears Jio’s acquisition of Reliance Infratel
The Mumbai bench of the National Company Law Tribunal (NCLT) has approved Reliance Property & Projects Management Services Ltd’s (RPPMSL) acquisition of Reliance Infratel Ltd (RITL). RPPMSL is a subsidiary of Reliance Jio that looks into the telco’s tower business. Jio has to deposit ₹3,500 crore in an SBI escrow account to complete the acquisition of RITL.
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Lighthouse India to sell Nykaa shares worth ₹335 crore
Investment firm Lighthouse India will sell shares worth ₹335 crore of Nykaa via a block deal tomorrow at a price band of ₹180-183.50 per share. After the lock-in period expired earlier this month, several pre-IPO investors have been liquidating shares held by them. Last week, investor Mala Gopal Gaonkar sold 5.75 crore shares of Nykaa at an average price of ₹175.48 in a deal worth ₹1,009 crore.
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Arvind forms joint venture with PurFi Global to reduce textile waste
Textiles manufacturer Arvind Ltd and US-based PurFi Global LLC will set up a joint venture (JV) to reduce the amount of textile waste going to landfills. The JV plans to set up its first fibre rejuvenation facility near one of Arvind’s manufacturing facilities in India. PurFi’s technology creates a solution that transforms textile waste into virgin-quality fibres.
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Ashok Leyland eyeing to launch Dost in Middle East, African markets
Ashok Leyland Ltd is testing its highly popular light commercial vehicle (LCV) ‘Dost’ with left-hand drive (LHD) option as it plans to serve the Middle East and African markets. The company currently sells a range of LCVs under the ‘Dost’ brand with right-hand drive option both in domestic and overseas. In October 2022, sales from the LCVs business grew by 18% YoY to 5,671 units.
Read more here.
