Tata wins bid to buy Air India for Rs 18,000 crore
The Centre has declared Tata Group as the winning bidder for debt-laden national carrier Air India. Tata will pay Rs 18,000 crore to acquire Air India from the government, of which 15% would go to the Centre and the rest will go towards clearing debt. The transaction is expected to close by the end of December 2021. The group will also retain all Air India employees for one year and offer voluntary retirement scheme (VRS) in the second year.
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TCS Q2 Results: Net profit rises 29% YoY to Rs 9,624 crore
Tata Consultancy Services (TCS) reported a 29% YoY increase in consolidated net profit to Rs 9,624 crore for the quarter ended September (Q2 FY22). Net profit rose 6.84% when compared to the previous quarter. The IT company’s revenue from operations increased by 16.8% YoY to Rs 46,867 crore during the same period. TCS’ board has approved an interim dividend of Rs 7 per share.
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RBI keeps repo rate unchanged at 4%
The Reserve Bank of India’s Monetary Policy Committee (MPC) has left the Repo Rate unchanged at 4%. The Reverse Repo Rate also remains unchanged at 3.35%. It is the eighth time in a row that the policy rates have been kept on hold. RBI’s projection for real GDP growth is retained at 9.5% for the current financial year (FY22). The central bank has proposed to increase the per transaction limit of Immediate Payment Service (IMPS) from Rs 2 lakh to Rs 5 lakh.
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Motherson Sumi’s board approves acquisition of 55% stake in CIM Tools
The Board of Directors of Motherson Sumi Systems Ltd (MSSL) has approved the acquisition of a 55% stake in CIM Tools Pvt Ltd. This acquisition marks MSSL’s entry into the aerospace industry. It aligns with the company’s growth strategy to venture into the non-automotive sectors as outlined in its five-year plan, Vision 2025. CIM is engaged in machining and sub-assembly of components for the aerospace industry.
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Power Ministry’s new framework to lower electricity rates
The Ministry of Power released a framework for the implementation of market-based economic despatch (MBED) to enhance competition in the power sector and lower the cost of electricity in India. With this move, state power distribution companies (DISCOMs) will be able to plan power purchases from the day-ahead market at the power exchange (IEX). DISCOMs will also be able to meet their electricity demand from the cheapest generating sources in India. With the implementation of MBED, the ministry expects a ~5% reduction in the cost of power to consumers.
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Zydus Cadila gets tentative approval to market generic acne drug
Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market generic Adapalene and Benzoyl Peroxide gel in the American market. The drug is used for the treatment of acne. It works by killing the bacteria that cause acne and by keeping the skin pores clean. The product will be manufactured at Zydus Cadila’s topical plant in Ahmedabad.
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Trident launches e-commerce portal “myTrident.com”
Trident Limited has launched its direct-to-consumer website, myTrident.com. The website features products from the house of Trident Group ranging from towels, bedsheets, paper, notebooks, bathrobes, rugs, cushions, and more. Customers can avail of up to 55% discount on myTrident.com. The company further plans to announce more exciting discount offers during Diwali.
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Equity mutual funds see inflows for seventh month in a row: AMFI
Inflows into equity mutual funds stabilised in September and were almost similar to August figures. Investors poured in a net Rs 8,677.41 crore into equity mutual fund schemes, compared to Rs 8,666.68 crore in August. Multi-cap funds saw the biggest inflow of Rs 3,569.45 crore, while sectoral and flexi-cap funds saw net inflows of Rs 2,000 crore each. The data was released by the Association of Mutual Funds in India (AMFI).
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Maharashtra Seamless secures Rs 237 crore order from ONGC
Maharashtra Seamless Ltd (MSL) has secured an order worth Rs 237 crore from Oil and Natural Gas Corporation Ltd (ONGC) for the supply of seamless casings pipes. The product is widely used in high-pressure applications, including refineries, hydraulic cylinders, and oil and gas infrastructure. New Delhi-based MSL is the flagship company of the well-diversified DP Jindal Group.
Mobikwik gets SEBI approval for Rs 1,900 crore IPO
Digital payments platform Mobikwik has received approval from the Securities and Exchange Board of India (SEBI) for its Rs 1,900 crore initial public offering (IPO). The company is expected to launch its IPO before Diwali (November 4) and is likely to fetch a valuation of $1 billion. The Gurugram-based company is among a growing list of consumer internet firms, including Paytm, Nykaa, and PolicyBazaar, that are eyeing stock market debuts this year.
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Reliance to bring 7-Eleven stores to India
Reliance Retail Ventures Limited (RRVL) has entered into a master franchise agreement with 7-Eleven Inc for the launch of 7-Eleven convenience stores in India. The first 7-Eleven store is set to open on Saturday (October 9) in Andheri East, Mumbai. This will be followed by a rapid rollout in key neighborhoods and commercial areas, across the Greater Mumbai cluster to start with.
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