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
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