JSW Group has entered into an exclusive agreement to buy green energy producer Mytrah Energy India Pvt. Ltd in a deal worth about $2 billion in enterprise value, two people aware of the development said. Barclays Bank is managing the sale of Mytrah, which has one of the largest wind databases in the country and an operational portfolio of 2.3 gigawatts (GW). This includes 1.7GW of wind and around 535MW of solar power. It also has 700MW of projects under development.
Axis Mutual Fund on 18 May terminated the services of fund manager and chief dealer, Viresh Joshi with immediate effect, the fund house said in a statement. The statement did not go into the details of the reason behind its sacking but Mint reported on 18 May that Joshi allegedly shared confidential information about the asset manager’s trades with brokers in Gujarat in return for kickbacks.
Investors may have to brace for a steeper and quicker interest rate increase by the Reserve Bank of India with a member of the rate setting committee suggesting a percentage point increase ‘soon’ to tame inflation after a shock out-of-cycle hike earlier this month. Jayanth R. Varma was the lone MPC member who said the committee needs to front-load the rate action by more than 100 basis points, with a 50 basis points hike in May itself. This is also the first instance where an MPC member revealed his expectation of rate trajectory, giving the market a peek into the MPC’s thinking.
Adani Group has announced its entry into the healthcare sector, stating that it has incorporated a wholly owned subsidiary for healthcare-related services.
The subsidiary, Adani Health Ventures Limited (AHVL), will carry out the business of healthcare-related activities including the setting up of medical and diagnostic facilities, an exchange filing said.
Online tutoring platform Vedantu Innovation Pvt. Ltd has laid off 424 employees, or 7% of its total workforce of 5,600, underscoring the stress in the edtech sector as offline classes resume with the pandemic receding and competition rises.
Explaining the reasons for the step, Vedantu’s co-founder and chief executive Vamsi Krishna said in an email to the employees on Wednesday that the current external environment is tough due to the Russia-Ukraine crisis, impending fears of recession, and interest rate hikes by US Federal Reserve that have led to inflationary pressures.
InterGlobe Aviation Ltd said Pieter Elbers, chief executive of KLM Royal Dutch Airlines, will succeed Ronojoy Dutta as chief executive of India’s largest airline, which plans to expand its service to lucrative international routes. Elbers, 52, will join IndiGo by 1 October after clearing regulatory approvals, the airline said in a statement on Wednesday.
Moving on to markets
Sensex tumbled 1000 points and Nifty fell below 16,000 weighed down by a broader market selloff, as investors dumped risky assets on worries over stubborn inflation and economic slowdown.
The rupee extended its losses and slipped 12 paise to 77.74 against the US dollar in early trade on Thursday, weighed down by a muted trend in domestic equities and unabated foreign fund outflows.
Business Term of the day
A tariff is a tax imposed by one country on the goods and services imported from another country. Governments impose tariffs to raise revenue, protect domestic industries, or exert political leverage over another country. Tariffs often result in unwanted side effects, such as higher consumer prices. Tariffs are used to restrict imports.s
In this episode, find out about Adani's plans to divest stake in Adani Wilmer, also about Zee Learn's decision to sign a settlement pact with JC Flowers ARC. Business Term of the D ... Read more
In this episode, find out about Adani's plans to divest stake in Adani Wilmer, also about Zee Learn's decision to sign a settlement pact with JC Flowers ARC. Business Term of the Day: Bonus shares Read more
In this episode, find out about Paytm's new auditors, also about promoter' stake sale in Inox Wind Business Term of the Day: Churn rate Read more
In this episode, find out about Paytm's new auditors, also about promoter' stake sale in Inox Wind Business Term of the Day: Churn rate Read more
In this episode, find out about RBI's approval to ICICI bank to increase stake in ICICI Lombard General Insurance Co Ltd, also about the big news announcements that market is watch ... Read more
In this episode, find out about RBI's approval to ICICI bank to increase stake in ICICI Lombard General Insurance Co Ltd, also about the big news announcements that market is watching this week. Business Term of the Day: Burn rate. Read more
In this episode, find out about Blackstone looking to submit non-binding bid for 33% promoter stake in Cipla, also about Zomato turning profitable. Business Term of the Day: Curren ... Read more
In this episode, find out about Blackstone looking to submit non-binding bid for 33% promoter stake in Cipla, also about Zomato turning profitable. Business Term of the Day: Currency in circulation Read more
In this episode, find out about Bain Capital selling stake in L&T Finance, also about Rites eying international contracts. Business Term of the Day: Treasury Bills Read more
In this episode, find out about Bain Capital selling stake in L&T Finance, also about Rites eying international contracts. Business Term of the Day: Treasury Bills Read more
In this episode, find out about Maruti Suzuki's Q1 sales figure, also about ED raid on Hero Motocorp chairperson Pawan Munjal. Business Term of the Day: Remittance Read more
In this episode, find out about Maruti Suzuki's Q1 sales figure, also about ED raid on Hero Motocorp chairperson Pawan Munjal. Business Term of the Day: Remittance Read more
In this episode, find out about SBI's fund raising via infrastructure bonds, also about promoter Padmaja Reddy selling stake in Spandana Sphoorty. Business Term of the Day: Alterna ... Read more
In this episode, find out about SBI's fund raising via infrastructure bonds, also about promoter Padmaja Reddy selling stake in Spandana Sphoorty. Business Term of the Day: Alternate Investment Fund (AIF) Read more
In this episode, find out why TCS announces change in senior management, also about Power Grid fund raising plan of upto Rs 5700 Cr via private placement of bonds. Business Term of ... Read more
In this episode, find out why TCS announces change in senior management, also about Power Grid fund raising plan of upto Rs 5700 Cr via private placement of bonds. Business Term of the Day: Angel investor Read more
In this episode, find out why ITC Ltd chose to retain 40% in de-merged ITC hotels, also about US court denying Go First emergency arbitration. Business Term of the Day: Arbitration Read more
In this episode, find out why ITC Ltd chose to retain 40% in de-merged ITC hotels, also about US court denying Go First emergency arbitration. Business Term of the Day: Arbitration Read more
In this episode, find out why Tata Motors is looking to convert its DVR shares into ordinary shares, also about Marico's deal with Satiya Nutraceuticals. Business Term of the Day: ... Read more
In this episode, find out why Tata Motors is looking to convert its DVR shares into ordinary shares, also about Marico's deal with Satiya Nutraceuticals. Business Term of the Day: Differential Voting Rights Read more