In this episode, find out about the Hero MotoCorp’s hike in prices of motorcycles, scooters, also find out about Future Enterprises’ payment default
Business Term of the Day: Fiscal Policy The government will this week sell up to 1.5 per cent of its stake in the country’s top oil and gas producer ONGC to raise about ₹3,000 crore. The Offer For Sale (OFS) by the government will be open on March 30 and 31, Oil and Natural Gas Corporation (ONGC) said in a stock exchange filing on Tuesday. Adani Group has achieved financial closure of Navi Mumbai International Airport project through execution of financial documents with State Bank of India. The lender has underwritten the entire debt requirement of Rs 12,770 crore for the project. Tata Consumer Products: Tata Consumer Products Ltd (TCPL) on Tuesday announced the merger of all businesses of Tata Coffee Ltd with itself as part of a reorganisation plan in line with its strategic priority of unlocking synergies and efficiencies. Hero MotoCorp: Hero MotoCorp on Tuesday said it will increase prices of its motorcycles and scooters by up to ₹2,000 from April 5. Shares of Hero MotoCorp on Tuesday tumbled over 7 per cent amid reports that the I-T Department has found certain false expenses claims by the company. Future Enterprises: Future Enterprises Ltd (FEL) on Tuesday said it has defaulted on payment of ₹19.16 crore to Punjab National Bank, Canara Bank and Union Bank of India under the one-time restructuring plan. This is the second default by FEL this month. SBI: SBI will buyout the entire stake of over 13 per cent held by three other banking partners in SBI Global Factors Ltd (SBIGFL), the bank said on Tuesday. The other three banking partners are SIDBI, Bank of Maharashtra and Union Bank of India. Moving on to markets Indian indices may witness a positive start on Wednesday. The peace talks between Russia and Ukraine increased hopes of de-escalation of war as Kremlin offered to “cut back” its operations in northern Ukraine.
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