Burger King India IPO subscribed more than 3 times on Day 1
The initial public offering (IPO) of Burger King India was subscribed more than three times on the opening day of the issue. The Rs 810-crore issue has received bids for 23.32 crore equity shares, which was 3.13 times the total issue size. The IPO consists of a fresh issue of Rs 450 crore and an offer for sale (OFS) of up to 6 crore shares, aggregating Rs 360 crore. The price band of the issue has been fixed at Rs 59-60 per share.
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BPCL receives three preliminary bids, says Oil Minister Dharmendra Pradhan
India’s Oil Minister Dharmendra Pradhan announced that state-owned Bharat Petroleum Corporation Ltd (BPCL) has received three preliminary bids, as part of its stake sale. Earlier, Vedanta had confirmed putting in an expression of interest (EoI) for buying the government’s 52.98% stake in BPCL. The other two bidders are said to be global funds, one of them being Apollo Global Management.
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Infosys, Rolls-Royce enters into strategic partnership for aerospace engineering in India
IT major Infosys Ltd and Rolls-Royce have entered into a strategic partnership for sourcing engineering and R&D services for Rolls-Royce’s civil aerospace business. As part of the partnership, Rolls-Royce will transition a significant part of its engineering centre capabilities for civil aerospace in Bengaluru to Infosys. The engineering centre will strengthen Infosys’ existing capabilities in Turbomachinery and Propulsion.
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NCC secures four orders worth Rs 3,905 crore
NCC Limited announced that it has received four external orders totaling Rs 3,905 crore. One order of Rs 848 crore is for NCC’s water division and the remaining four orders pertain to its building division. It has received these orders from central and state government agencies. These orders will be executed over the next 24 to 42 months.
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Wipro wins multi-year contract from Verifone
Wipro Ltd announced that it has won a multi-year contract from Verifone, a global leader in payments and commerce solutions. The IT major will develop new features, capabilities, and interfaces for Verifone’s Cloud Services offerings. By leveraging its global engineering support team, Wipro will assist Verifone to transform its customer partnerships.
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L&T to sell UK marine automation platform to Rolls-Royce
Larsen & Toubro (L&T) has signed a pact with Rolls-Royce for the divestment of its UK-based integrated marine automation solutions provider, Servowatch Systems. L&T stated that this move is aimed at unlocking value within the existing business portfolio by divesting non-core units. Servowatch Systems has grown into an internationally recognized provider of marine automation platforms over the past eight years of L&T’s ownership.
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SpiceJet to provide logistical support for Covid-19 vaccine delivery
SpiceJet announced that it will provide logistical support for the delivery of Covid-19 vaccines. The airline’s cargo arm, SpiceXpress, will be transporting the vaccine through a specialised service called Spice Pharma Pro. The company stated that it has the ability to transport extremely sensitive drugs and vaccines in controlled temperatures ranging from -40°C to +25°C.
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IndiGo achieves 70% of its pre-Covid capacity, operating 1,000 flights daily
Interglobe Aviation Ltd (IndiGo) stated that it has reached 70% of its pre-Covid capacity and is operating 1,000 daily flights to and from 65 destinations. This includes 59 domestic and 6 international destinations. The company expects the growth to continue into 2021. IndiGo, which is India’s largest airline, operated around 1,500 daily flights before the pandemic hit.
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Dabur and other top brands sell adulterated honey: CSE
An investigation by the Centre for Science and Environment (CSE) claims that several brands of honey, including those sold by Dabur India Ltd, Patanjali, and Zandu, are adulterated. CSE had sent samples from 13 brands to a German lab for testing the purity of their honey. The tests reveal that most brands sell honey that is laced with sugar syrup.
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Phoenix Mills and GIC to set up mixed-use retail platform
Phoenix Mills Ltd (PML) and its subsidiaries have entered into a non-binding term sheet with GIC Private Equity, for the formation and development of a retail-led mixed-used platform. PML will contribute retail assets such as Phoenix Marketcity Mumbai and Phoenix Marketcity Pune as a part of the platform. GIC is Singapore’s sovereign wealth fund. It will invest in 3 PML subsidiaries- Offbeat Developers Pvt Ltd, Graceworks Realty & Leisure Pvt Ltd, and Vamona Developers Pvt Ltd. GIC will use a combination of primary infusion and secondary purchase of equity shares.
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