RBI bars Paytm Payments Bank from onboarding new customers
Reserve Bank of India (RBI) has directed Paytm Payments Bank (PPB) to stop onboarding new customers with immediate effect. The central bank has cited serious supervisory concerns observed in the bank. RBI has also directed PPB to appoint an audit firm to conduct a comprehensive audit of its IT system.
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Titan Company’s arm to acquire 17.5% stake in Great Heights Inc for $20 million
TCL North America Inc (TCLNA), a subsidiary of Titan Company Ltd, has signed a pact to acquire 17.5% voting rights in US-based Great Heights Inc for $20 million (~Rs 152 crore). This strategic investment will provide Titan a close view of the fast-growing Lab Grown Diamond (LGD) and Direct-to-Consumer (D2C) sectors. Great Heights retails LGD jewellery through its brand Clean Origin.
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Automobile dispatches fall 23% YoY in Feb: SIAM
Automobile dispatches from factories to dealerships across India declined 23% YoY in February as various supply-side challenges continued to impact demand. This includes the global semiconductor shortage and rise in vehicle prices due to the implementation of new regulations. Wholesales of domestic passenger vehicles, two-wheelers, and three-wheelers fell to 13,28,027 units in Feb 2022. The figure stood at 17,35,909 units in Feb 2021.
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Punjab & Sind Bank to acquire 2% stake in NARCL for Rs 55 crore
Punjab & Sind Bank Ltd has entered into an agreement to acquire a 2% stake in National Asset Reconstruction Company Ltd (NARCL or bad bank) for Rs 55 crore. The equity investment will be done in tranches. The first investment of Rs 28.18 crore is expected to be completed by March 31, 2022. NARCL was incorporated in July 2021 to act as a bad bank for the quick resolution of bad assets (NPAs) of banks.
In other news, ICICI Bank has announced plans to acquire a 5% stake in NARCL for Rs 137.5 crore.
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Strides Pharma gets USFDA approval for Colchicine tablets
Strides Pharma Global Singapore (SPGS) has received approval from the US Food & Drug Administration (USFDA) to market Colchicine tablets. The drug is used to treat and prevent gout (a common form of arthritis). According to IQVIA MAT January 2022 data, Colchicine tablets had annual sales of $85 million. SPGS is a step-down wholly-owned subsidiary of Strides Pharma Science Ltd.
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DB Realty-led company gets LoA for Mumbai project
DBS Realty, a partnership firm of DB Realty Ltd, has received a Letter of Acceptance (LoA) from the Municipal Corporation of Greater Mumbai (MCGM) to construct 4,000 tenements. The project includes the construction, completion, and handing over of tenements of carpet area 27.88 metres to MCGM. DBS Realty will receive land Transferable Development Rights (TDR) and construction TDR of 1.56 million square feet. It will also get premium per tenement at Rs 39.60 lakh, aggregating to Rs 1,584 crore.
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G R Infra emergest lowest bidder for project in Madhya Pradesh
G R Infraprojects Ltd has emerged as the lowest (L-1) bidder for a project in Rajgarh Special Economic Zone (SEZ), Madhya Pradesh. The order includes the establishment of a transmission system for evacuation of power from RE Projects in Rajgarh SEZ (2500 MW). The project is on a build, own, operate, and maintain (BOOM) basis.
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Vedanta, Welspun, 29 others in race to acquire Mittal Corp
Vedanta Ltd, Welspun Corp, and Jindal Stainless Ltd are among 29 applicants that have shown interest in acquiring distressed steel company Mittal Corp. Mittal Corp is currently undergoing insolvency proceedings and is among 15 shortlisted companies to be transferred to a bad bank. To increase participation, the resolution professional may either invite Expression of Interests (EoIs) again or extend the deadline.
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IIP growth recovers to 1.3% in January
India’s Index of Industrial Production (IIP) grew 1.3% year-on-year (YoY) in January 2022. It had fallen to a 10-month low of 0.4% in December 2021. Industrial output clocked a growth of 13.7% for April 2021-January 2022, compared to a contraction of 12% in April 2020-Jan 2021. Manufacturing growth grew 1.1% in January 2022, compared to a 0.9% contraction in Jan 2021.
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