TVS Motor exports over 10 lakh two-wheelers for the first time in a year in FY22
TVS Motor Company Ltd has sold over 10 lakh two-wheelers in overseas markets this year. This is the first time ever that the company crossed the 7-figure sales mark in a financial year. It has a presence across 80 countries in Africa, Southeast Asia, the Indian sub-continent, and Central and Latin America. The company is also looking to enter more markets in Europe and North America. The key exports include the TVS Apache, HLX, Raider, and Neo two-wheelers.
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Dabur India partners with IndianOil for direct-to-home sales
Dabur India Ltd has announced an exclusive partnership with IndianOil to offer its range of products to nearly 14 crore Indane LPG consumers across India. Indane LPG distributors will become retail business partners for the FMCG company. They will help sell Dabur products directly to LPG consumer households through their network of delivery personnel. Both companies are working on technological system integration for seamless supplies across the value chain.
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Adani Enterprises divests stake in DC Development Hyderabad, NDCL
Adani Enterprises Ltd (AEL) has divested its entire stake in DC Development Hyderabad Pvt Ltd and Naida Data Center Ltd (NDCL) to AdaniConnex Pvt Ltd. The two firms have ceased to be wholly-owned subsidiaries of AEL. AdaniConnex is a 50:50 joint venture company of AEL with EdgeConneX Europe B.V.
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Spandana Sphoorty expects to disburse Rs 1,000 cr in Q4 of FY22
Spandana Sphoorty Ltd has resumed disbursements and expects to lend Rs 1,000 crore in the fourth quarter (Q4FY22). The microfinance institution had put disbursements on hold in the previous quarter (Q3) after its managing director Padmaja Reddy resigned abruptly in November 2021. The company has disbursed new loans worth Rs 30 crore so far in February.
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Cadila Healthcare gets USFDA approval for type-2 diabetes drug
Cadila Healthcare Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Dapagliflozin Tablets. The drug is used with a proper diet and exercise program to control high blood sugar in people with type-2 diabetes. It will be manufactured at the Cadila’s formulation manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.
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M&M Finance launches special deposit schemes
Mahindra & Mahindra Financial Services Ltd announced the launch of a special deposit scheme for digitally affluent customers. Depositors will have the opportunity to interact directly with the deposit-taking companies for the placement of deposits. To leverage the opportunity, Mahindra Finance will launch an innovative scheme that will offer 20 basis points (bps) higher interest rates per annum on direct deposits.
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Vodafone Group looks to sell 5% stake in Indus Towers to Bharti Airtel: Report
According to a PTI report, Vodafone Group is in talks to sell its ~5% stake in Indus Towers (valued at over Rs 3,300 crore) to Bharti Airtel. The proceeds from the sale will be pumped into the loss-making Vodafone Idea Ltd (VIL). During an analyst call earlier this year, VIL’s management had reiterated March 2022 as the deadline for raising capital to finance its operations. This move comes after the telco opted to convert its AGR and spectrum dues into equity, making the Indian government the largest shareholder of the company.
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D-Mart all set to enter GIFT City
Avenue Supermarts Ltd (ASL), which owns and operates D-Mart stores, is all set to open a store in GIFT City, Gujarat. GIFT City is India’s first operational smart city and International Financial Services Centre (IFSC). ASL was recently allotted 70,000 sq. ft. development rights in the smart city. The new store seeks to provide customers with a distinctive shopping experience, comprising a wide range of everyday consumer products.
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India could export $500 billion in green energy over 20 years: Mukesh Ambani
India could become a global green energy superpower with exports of clean energy rising to $500 billion over the next 20 years, said RIL chairman Mukesh Ambani. He added that India should have a strategy to end dependence on fossil fuels in the next 2-3 decades. India would have to follow “low-carbon and no-carbon strategies” in the near and medium-term.
Companies such as Reliance Industries and the Adani Group have announced plans worth billions of dollars to boost India’s renewable energy capacity. You can read all about it here.
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ZEEL asks NCLT to dismiss IndusInd Bank’s insolvency plea
Zee Entertainment Enterprises Ltd (ZEEL) has filed an application in the Mumbai bench of the National Company Law Tribunal (NCLT), seeking dismissal of IndusInd Bank’s insolvency petition against the company. Earlier this month, IndusInd Bank had moved NCLT against ZEEL under the Corporate Insolvency Resolution Process, claiming a default of over Rs 83.08 crore.