MG Motor India posts 18% growth in retail sales at 56,902 units in 2023

In December 2023, the company#39;s retail sales were 4,400 units, up 13 per cent from the year-ago month, MG Motor India said in a statement.

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Power Grid board approves raising Rs 2,200 crore via bonds

The company#39;s committee of directors for bonds, in their meeting on July 29, 2023, approved the raising of up to Rs 5,700 crore in FY 23-24 in multiple tranches to part finance its capex requirement, for providing inter corporate loan(s) to wholly owned subsidiaries/JVs and for general corporate purposes, according to a regulatory filing.

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Gujarat govt #39;very hopeful#39; of Tesla setting up plant in state, says minister

Rushikesh Patel was responding to queries based on news reports suggesting that the US-based electric vehicle maker was planning to set up a manufacturing plant in Gujarat.

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India aims to attract investors from Germany, UK and Korea under new EV policy: Official

"Talks are underway and we aim to bring all countries on board," the official said, without giving a timeline on the launch of the new policy.

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How 80% jump in Vodafone Idea’s share price may delay its fundraising plan

India telecom news: Given the sustained rally in the share price of the company in the past six months potential investors feel that there may not be much upside left for a convertible structure transaction.

from Moneycontrol Business News https://www.moneycontrol.com/news/business/how-80-jumpvodafone-idea’s-share-price-may-delay-its-fundraising-plan_17381861.html

Foxconn invests Rs 461 crore in Bengaluru unit

The company has made the investment through its Singapore-based subsidiary Foxconn Singapore Pte Limited.

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Adani Energy Solutions arm to form joint venture with Esyasoft Holdings

ATSFL and EHL would hold a 49 per cent and 51 per cent shareholding, respectively, in the proposed joint venture with equal participation in the board of directors of the company, according to a regulatory filing.

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TotalEnergies invests $300 million in Adani Energy project

In a statement, AGEL said it completed "1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50% stake in the projects."

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TotalEnergies invests $300 million in Adani Energy project

In a statement, AGEL said it completed "1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50% stake in the projects."

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Property wins big, Adani lags in stellar year for Indian stocks

Robust economic growth, an infrastructure push and a pause in interest-rate increases have helped propel its equity market to successive highs.

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Hikal shareholders vote against continuation of Baba Kalyani as director

The development comes at a time when Kalyani, the Chairman and Managing Director of Bharat Forge, is locked in a legal battle with his sister Sugandha Hiremath for the ownership of Hikal.

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Adani secures power purchase pacts for 8GW of solar projects

The green energy arm of billionaire Gautam Adani’s coal-to-airports conglomerate signed a 25-year contract with Solar Energy Corp. of India, or Seci, for the remaining 1.8 gigawatts, it said Monday.

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Inox Wind bags 279 MW project

The scope comprises a mix of equipment supply with limited scope EPC (engineering procurement construction) for 180 MW and end-to-end turnkey execution for 99 MW, a company statement said.

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AIK Pipes and Polymers sets IPO price at Rs 89 per share; issue opens Dec 26-28

AIK Pipes and Polymers sets IPO price at Rs 89 per share; public subscription to open from December 26-28.

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KSRTC inducts 20 trucks into cargo arm, aims Rs 100 cr annual revenue by 2025

Karnataka State Road Transport Corporation plans to convert unused Peenya bus terminus into a cargo terminal

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Does Fedbank Financial deserve a place in the long-term portfolio?

Credit growth is expected to be strong and there is stability in margin and credit cost

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Why MSMEs face a cash crunch

The real problem turns out to be receivables—the money owed to them for goods or services rendered, which had yet to be settled by their buyers. Also, GST refunds getting stuck. And big business – the principal buyer for products and services of MSMEs – was often the key culprit

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Drug regulator issues warning against cold medication for children under 4 yrs

The the Subject Expert Committee of the Central Drugs Standard Control Organisation recommended a precautionary measure, suggesting that the FDC should not be administered to children below 4 years

from Moneycontrol Business News https://www.moneycontrol.com/news/business/drug-regulator-issues-warning-against-cold-medication-for-children-under-4-yrs_17376221.html

Aurobindo subsidiary in Tirupati classified as VAI by US FDA

Aurobindo Pharma shares hit their record high of Rs 1,081.95 a piece around 1 pm today, December 20.

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Have Indian IT stocks rallied way ahead of fundamentals?

Accenture earnings report flags the pockets of concern, going forward

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JB Pharma inks Rs 964-cr licence deal with Novartis for ophthalmology brands

As per IQVIA, MAT September, 2023 data, sales for these brands was at Rs 207.8 Crores.

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Sony wants to hear Zee’s proposal before deciding to extend merger deadline

“ZEE’s notice to the Bombay Stock Exchange and the National Stock Exchange of India dated December 17 is an acknowledgement that they will not be able to meet the December 21, 2023 deadline to close the SPNI/ZEE merger,” Sony India said.

from Moneycontrol Business News https://www.moneycontrol.com/news/business/sony-wants-to-hear-zee’s-proposal-before-deciding-to-extend-merger-deadline_17374391.html

Hindenburg’s Adani, Icahn calls mark year of prominent bets

The US firm kicked off 2023 with allegations of accounting fraud and stock manipulation against Indian billionaire Gautam Adani’s conglomerate that led to a market value erosion of more than $150 billion at one point.

from Moneycontrol Business News https://www.moneycontrol.com/news/business/hindenburg’s-adani-icahn-calls-mark-yearprominent-bets_17374321.html

Hindenburg’s Adani, Icahn calls mark year of prominent bets

The US firm kicked off 2023 with allegations of accounting fraud and stock manipulation against Indian billionaire Gautam Adani’s conglomerate that led to a market value erosion of more than $150 billion at one point.

from Moneycontrol Business News https://www.moneycontrol.com/news/business/hindenburg’s-adani-icahn-calls-mark-yearprominent-bets_17374331.html

IndiaMART is working with Novo Nordisk to halt illegal Wegovy sales

The drugmaker#39;s India legal team held discussions with IndiaMART#39;s top executives to develop a "framework" for regularly alerting the online marketplace about listings by counterfeiters in an effort to curtail illegal sales, the source said on condition of anonymity.

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India#39;s love of homegrown single malts shakes up Pernod, Diageo

Sugarcane and mustard fields, not peat bogs, ring the distillery, where the two-year-old Indian brand#39;s owner Piccadily is ramping up production and building a three-hole golf course to lure connoisseurs and tipplers in the whisky-loving nation.

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India#39;s love of homegrown single malts shakes up Pernod, Diageo

Sugarcane and mustard fields, not peat bogs, ring the distillery, where the two-year-old Indian brand#39;s owner Piccadily is ramping up production and building a three-hole golf course to lure connoisseurs and tipplers in the whisky-loving nation.

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Bank of Baroda to raise up to Rs 2,500 crore via Basel III compliant bonds

The #39;Capital Raising Committee#39; has approved a proposal to raise tranche I of Basel III compliant Tier II bonds with a base issue size of Rs 1,000 crore with a green-shoe option to retain oversubscription of up to Rs 1,500 crore, it said in a BSE filing.

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Adani Ports to sell Ennore terminal stake to MSC unit for $30 million

This is India#39;s largest private port operator#39;s second partnership with container terminal businesses company Terminal Investment, a unit of Swiss-based MSC.

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NCLT Mumbai approves sale of RCom real estate assets, shares

The filing attached an order of the National Company Law Tribunal#39;s Mumbai bench in the matter of application filed by the resolution professional of Reliance Communications (RCom), seeking approval from the NCLT for undertaking the sale of certain unencumbered assets of the company.

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IEA sees Indian oil product demand growth slowing in 2024

In a monthly report, the IEA projected that India#39;s oil product demand growth would slow to 2.5% next year from 4.1% in 2023.

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TiE Silicon Valley to help Indian startups grow their markets in the US

."We see ourselves; TiE Silicon Valley is the gateway for the global entrepreneur. A bulk of those global entrepreneurs are coming from India," Anita Manwani, president of TiE (The Indus Entrepreneurs) Silicon Valley told PTI in a recent interview.

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Words Matter, Actions Too: Leadership lessons from the Ivy League

It is perhaps poetic justice that a basic lesson of leadership should come from the hallowed portals of one of the most revered academic institutions and business schools in the world.

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BPCL looking at buying Venezuela oil, official says

"Our refineries are capable of processing Venezuelan oil and we have given our international trade (department) okay to buy it," Khanna said in an industry event.

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Titagarh Rail Systems raises Rs 700 crore via issue of shares to qualified institutional buyers

The issue of Titagarh Rail Systems Ltd (TRSL), formerly known as Titagarh Wagons Ltd, opened on December 7 and closed on Tuesday.

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beatXP sales rise 11 times to Rs 250 crore during festive season sale

beatXP, which sells fitness technology products, claims to have registered sales of only Rs 22 crore during the September-November festive season a year ago.

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Smoke and mirrors in October industrial production numbers

While the year-on-year IIP growth figures for October 2023 are very strong for all sectors, the same can’t be said for month-on-month growth

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USFDA issues Form 483 with 5 procedural observations to Torrent Pharma#39;s Gujarat unit

As per the US Food and Drug Administration (USFDA), Form 483 is issued to a firm#39;s management at the conclusion of an inspection when the investigator has observed any conditions that may constitute violations of the Food Drug and Cosmetic (FDC) Act and related Acts.

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Hindalco plans Rs 800 crore investment to set up battery foil manufacturing unit in Odisha

The facility, to be commissioned by July 2025, will initially produce 25,000 tonnes of the aluminium foil which forms the backbone of lithium-ion and sodium-ion cells, Hindalco Industries said.

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Adani contractor probed by India resurfaces under a new name

In April 2016, PMC’s engineering business was folded into Howe, according to court filings. Howe has remained an Adani contractor for some of the largest ports and railway lines presently under construction in India, recent filings analyzed by Bloomberg show.

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Rajiv Jain-led GQG’s $10 billion India bet has winning picks beyond Adani

The value of India investments across six of GQG’s funds jumped to $9.9 billion compared with $4.4 billion a year earlier, according to data compiled by Bloomberg from latest regulatory filings and information on the Florida-based investor’s website.

from Moneycontrol Business News https://www.moneycontrol.com/news/business/rajiv-jain-led-gqg’s-3610-billion-india-bet-has-winning-picks-beyond-adani_17366001.html

Zydus Lifesciences inks licensing pact with Daewoong Pharmaceutical

Zydus Worldwide DMCC, a wholly-owned subsidiary, and Daewoong Pharmaceutical Co Ltd have entered into an exclusive licensing agreement to co-develop and commercialise Leuprolide Acetate for depot suspension in six dosage strengths for the US market, Zydus Lifesciences said in a regulatory filing.

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Nifty at 21k – time to buy more or book the gains?

We expect calendar 2024 to be an eventful but volatile year, that should give investors ample opportunity to buy the lows

from Moneycontrol Business News https://www.moneycontrol.com/news/business/nifty-at-21k-–-time-to-buy-more-or-bookgains_17365401.html

Adani Green lays out initial plan for repaying $750 million bond

Adani Green Energy Ltd., part of billionaire Gautam Adani’s empire, will redeem the notes in full by the due date, it said in a filing to the Singapore stock exchange. It said the bond’s underwriters will provide a funding letter for $675 million. The filing also lists $75.47 million in restricted reserves.

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Tata plans new iPhone factory to hasten Apple’s India expansion

Tata wants to construct the factory in Hosur in the southern Tamil Nadu state, according to people with knowledge of the matter.

from Moneycontrol Business News https://www.moneycontrol.com/news/business/tata-plans-new-iphone-factory-to-hasten-apple’s-india-expansion_17363271.html

Constitutional or not, wealth taxes are bad economics

Subjecting companies to an annual tax on their value would create an incentive to keep companies private, because the firm#39;s value will be easier to manipulate. A tax on unrealised gains would probably lead to wealthy people keeping most of their wealth in privately owned assets. This reduces transparency and deprives others the chance to invest in growing companies

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Adani group’s $79 billion rally makes a winner of GQG’s Rajiv Jain

The sharp rebound in listed stocks of Indian billionaire Gautam Adani has proved to be a windfall for the emerging-market investor, just nine months after his firm GQG Partners Inc. bought into the Indian conglomerate.

from Moneycontrol Business News https://www.moneycontrol.com/news/business/adani-group’s-3679-billion-rally-makeswinnergqg’s-rajiv-jain_17362311.html

Apple asks component suppliers to source iPhone 16 batteries from India

Apple has informed component suppliers of its preference to source batteries for the forthcoming iPhone 16 from Indian factories.

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The murky uses of India’s private credit funds

Alternative funds will continue to be the fastest-growing segment of India’s investment landscape. This growth was made possible by light-touch regulation: As conduits of foreign capital into the country, the industry has enjoyed a lot of latitude. But now that the local saver is getting entangled, expect an end to private funds’ freewheeling ways

from Moneycontrol Business News https://www.moneycontrol.com/news/business/the-murky-usesindia’s-private-credit-funds_17361191.html

US examined Hindenburg allegations before giving loan to Adani

Allegations in a scathing report by US-based Hindenburg Research, which erased around $100 billion from the Adani Group’s market value earlier this year, were front and center as the International Development Finance Corp., or DFC, conducted a due diligence investigation of the conglomerate, an official from the US agency told Bloomberg.

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