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Vedanta Ltd on Friday said the Mumbai bench of the NCLT has asked the company to call for a meeting of its secured and unsecured creditors and shareholders in the next 90 days to discuss the proposed demerger. The proposed demerger will create independent companies housing aluminium, oil and gas, power, steel and ferrous materials, and base metals businesses. The existing zinc and new incubated businesses will remain under Vedanta Ltd. «A meeting of the equity shareholders… be convened and held within 90 days from the date of receipt of the order,» said a two-member bench of the National Company Law Tribunal (NCLT) comprising Technical Member Madhu Sinha and Judicial Member Reeta Kohli in its order dated November 21. Vedanta Chairman Anil Agarwal had earlier said the proposed demerger of the company's diverse verticals that represent more than 15 commodities will see it progress from being asset managers to asset owners.

At $17.8 billion, the reserves fell the most in the week ended November 15, eclipsing the $15 billion retreat in the week of October 24, 2008, when the subprime sinkhole had swallowed global financial assets — and emerging market currencies — in the immediate aftermath of the Lehman Brothers mothballing. This time, too, the rupee declined 79 paise per dollar, or 1%, since the reserves hit a record of $704.9 billion on September 27. «Our exchange rate policy is well articulated and has remained consistent over the years,» Reserve Bank of India (RBI) Governor Shaktikanta Das said at a recent media event. «Our exchange rate regime is market-determined and RBI does not target any level or band of the exchange rate.»

Adani Group's ambitious plan to invest more than $100 billion (~₹85,000 crore) in the energy transition business and scale up its renewable energy operations over the next decade could face delays following the indictment of the conglomerate and its founder-chairman Gautam Adani by the US Department of Justice and the Securities and Exchange Commission, according to analysts. The majority of the investment is geared towards building facilities to manufacture electrolysers for producing green hydrogen, wind power turbines, and solar panels, besides establishing solar parks. Adani Group's renewable energy arm Adani Green Energy (AGEL), also India's largest renewable energy company, follows a debt-fuelled growth model with a 70:30 debt-equity structure like most peers.

RBI) injected funds into the banking system as the weighted average call rate, a barometer for short-term borrowing costs, rose 23 basis points above the policy repo rate at 6.73% on Friday. Surplus liquidity in the banking system shrank to ₹84,154.75 crore due to monthly GST outflows. This is akin to a fine-tuning exercise to manage call rates near the repo rate, as monthly tax outflows drew surplus liquidity out of the banking system, money market experts said. The RBI injected funds worth ₹25,000 crore via a variable rate repo auction (VRR) to ensure that recent overseas outflows from local debt and equity do not drive up banks' cost of funds, analysts said. This is the second such auction that the RBI has conducted post its change in stance to neutral from withdrawal of accommodation.

In addition to text message content, the government can seek any other traffic data for ensuring telecom cybersecurity, according to the rules framed under the new Telecom Act, notified Thursday. The rules define traffic data as any info generated, transmitted, received or stored in telecom networks, including type, routing, duration or time of a communication.

Reliance Jio's heavy 4G and 5G user losses following recent tariff hikes triggered a sharp fall in India's mobile broadband user base in September — the first decline after two years of steady growth since the launch of 5G services in October 2022. India's 4G-cum-5G user base plunged by a record 5.6 million in September, shrinking the nation's mobile broadband user base to 901 million, latest subscriber data collated by Trai showed. This user base had earlier risen from 790 million in October 2022 to around 906 million in August 2024. According to Trai data, Jio lost 8 million 4G/5G users in September while Airtel and Vodafone Idea added 0.4 million mobile broadband users each. State-run Bharat Sanchar Nigam Ltd (BSNL), which did not raise prices, added 1.5 million such users.

Subscribe to enjoy similar stories. The government is likely to consider including medium enterprises for the protection granted under the MSME Development (MSMED) Act, 2006, to resolve payment disputes. MSME stands for micro, small, and medium enterprises.

Indian central bank, in a rare move, instructed some banks to cut their long positions on the dollar-rupee pair on Friday, seeking to reduce speculative bets on the local currency, which is at a record low, four bankers directly familiar with the development told Reuters. The rupee weakened to a record low of 84.5075 per U.S. dollar earlier in the day, pressured by portfolio outflows and a stronger greenback. Foreign investors have sold a net of $3.1 billion in Indian equities so far in November, after selling a record $11.2 billion in October, putting pressure on the rupee. On Thursday, after U.S. prosecutors indicted Adani Group's billionaire founder, Gautam Adani, over alleged bribery and fraud, foreign investors sold $600 million. Provisional data suggests selling continued on Friday, with net sales of $150 million.

NTPC Green Energy Ltd (NGEL) has formed a joint venture with Andhra Pradesh to develop renewable energy projects in the state comprising 25 GW of solar, wind and hybrid projects, 10 GW of pumped storage projects and 0.5 million tonnes/year of green hydrogen and derivatives, which will attract an investment of Rs 2,00,000 crore. The venture of NTPC’s subsidiary and the New & Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) is expected to generate employment for around 1.1 lakh people while contributing Rs 20,620 crore in financial benefits to the state over 25 years, a statement from the company and the government said. Chief Minister N Chandrababu Naidu outlined the broader vision under the state’s Integrated Clean Energy Policy, aiming for 78.5 GW of solar energy, 35 GW of wind energy, 22 GW of pumped hydro storage, and 1.50 million tonnes per year of green hydrogen production in the next five years.

Bharti Airtel to “positive” from stable, as it expects the Sunil Mittal-led telco’s earnings and cash flows to rise over the next 24 months, gaining from the industry-wide headline rate hikes of July. The positive outlook, it added, reflects the possibility of an improvement in Airtel’s stand-alone credit profile (SACP) owing to its healthy earnings and easing leverage. In an official statement Friday, the global ratings agency, though, said Airtel’s upgrade could “remain contingent” on a similar action on the sovereign rating on India.

Mahindra Lifespace Developers Ltd. (MLDL), the real estate and infrastructure development arm of the Mahindra Group, has extended its partnership with Japan’s Sumitomo Corporation for the second phase of their joint industrial parks project in Tamil Nadu. The company, through its subsidiary Mahindra World City Developers (MWCDL), has entered into a supplemental agreement that involves an investment of around Rs 225 crores by MWCDL and Sumitomo Corporation in Mahindra Industrial Park Chennai Ltd (MIPCL), in proportion to their existing shareholding. The joint venture agreement was originally signed in 2015. “The partnership with Sumitomo Corporation, reflects our commitment to fostering progress and enabling industries to thrive sustainably,” said Amit Kumar Sinha, Managing Director & CEO, Mahindra Lifespace Developers.

premium products, said market researcher NielsenIQ. “This growth is fuelled by the shift toward connected, feature-rich appliances and smartphones, with a clear preference for products that offer both convenience and long-term value," said Anant Jain, head of customer success in tech and durables at NielsenIQ. He said the festive period also contributed to the growth, with more consumers timing their purchases to benefit from promotions and special offers. There was a recovery in sales volume in October due to festive demand. As per NielsenIQ, the four weeks of the festive period till Diwali drove 13% value sales growth and 8% volume growth.

luxury apartment in a super-premium residential tower in Mumbai’s plush Worli locality for over Rs 105 crore. The apartment spread over a total of over 7,139 sq ft area in one of the wings of the tower Oberoi Three Sixty West on Dr Annie Besant Road is on the 59th floor and 43rd habitable floor. The transaction values the apartment at nearly Rs 1.50 lakh per sq ft ranking it among the most expensive deals for a residence anywhere in the country. The buyer has paid over Rs 2.89 crore in stamp duty charges alone for the registration of the deal.

The winners were announced at a special ceremony in London on 21 November hosted by presenter Declan Curry, which brought together key players from across the investment company sector. Now in their 26th year, Investment Week's Investment Company of the Year Awards have a proud history of rewarding excellence in closed-ended fund management. The awards highlight managers in this important part of the market who have delivered consistently strong performance for investors across a variety of sectors and the judges believe can continue to perform well in the future. Shortlists for th...

NTPC Green Energy Ltd has signed an agreement with NREDCAP to set up renewable energy projects worth Rs 2 lakh crore, Andhra Pradesh Chief Minister N Chandrababu Naidu said. NTPC Green Energy Ltd (NGEL), the renewable energy arm of power giant NTPC, has recently launched its Rs 10,000 crore Initial Public Offering (IPO) with a price band of Rs 102-108 per share. NGEL has signed a joint venture with NREDCAP (New & Renewable Energy Development Corporation of Andhra Pradesh) to set up renewable energy (RE) projects worth Rs 2,00,000 crore in Andhra Pradesh, Naidu said in a post on X on Thursday. The collaboration will focus on developing 25 GW solar/wind, 10 GW pumped storage projects (PSPs), and 0.5 MMTPA green hydrogen, the chief minister added.

15th Finance Commission grants for FY 2024-25 to the rural local bodies (RLBs) in Karnataka, the Union Panchayati Raj Ministry said in a statement. The funds are meant for all the 5,949 eligible gram panchayats in the state, it added. «The Government of India through the Ministry of Panchayati Raj and Ministry of Jal Shakti recommends the release of XV-FC grants to the Rural Local Bodies which are then released by the Ministry of Finance. The allocated grants are recommended and released in two installments in a financial year,» the statement said. The grants will be utilised by the RLBs for location-specific requirements under the 29 subjects enshrined in the 11th Schedule of the Constitution, except for salaries and other establishment costs, it added.

India's electronic production has more than doubled in the last six years to $115 billion in 2024, led by growth in mobile manufacturing by global firms such as Apple and Samsung. It is now the world's fourth-largest smart phone supplier. But the sector faces criticism for its heavy reliance on imported components from countries such as China.

Available 24/7 on WhatsApp, MJ will allow customers to book movies with support in Hindi, English, Kannada, Tamil, and Telugu, streamlining the entire process and making it more engaging and convenient for cinema lovers. MJ’s robust AI capabilities offer users a personalized journey based on their movie preferences. The chatbot’s advanced discovery features tailor movie suggestions to users' choices, including genre, language, location, cinema format, and showtime. It even allows users to select from diverse cinema formats such as IMAX, MX4D, ONYX, ScreenX, Playhouse, and more. Through intuitive, natural conversations, MJ streamlines bookings by helping users easily navigate options and filter based on cinema preferences, while clearly distinguishing between 2D and 3D options to ensure users select their ideal format.

Infrastructure company PNC Infratech on Friday said it has received approval from NHAI to transfer a 100 per cent stake held by it in its three subsidiaries (SPVs) for Uttar Pradesh road projects to Highways Infrastructure Trust. The company, in a regulatory filing, said the three highway projects are a part of the statutory process pursuant to the Rs 9,005 crore deal between PNC Infratech, PNC Infra Holdings (a subsidiary of PNC Infratech), and Highways Infrastructure Trust (HIT), an InvIT controlled by KKR & Co Inc, for 12 road assets. The three subsidiaries/SPVs, which got approval from the National Highways Authority of India (NHAI), are PNC Bithur Kanpur Highways Private Ltd, PNC Gomti Highways Private Ltd and PNC Aligarh Highways Private Ltd. The deal, signed in January 2024, involves the divestment of twelve road assets owned by PNC Infratech and PNC Infra Holdings for an enterprise value of Rs 9,005 crore.

TDI Group, which has joint ventures with prominent real estate developers, has been served show cause notices by Haryana’s town planning authorities for violations of land use at the realty company’s township project in Panipat. Among the allegations levelled are that undetermined lands (UD Lands) in the township and green areas such as parks have been illegally sold in violation of town planning guidelines. “We have served show cause notices to them as the enforcement wing was intimated of these violations through complaints”, said Sunil Antil, district town planner, Panipat when contacted.

Real estate brokerage firm Moneytree realty is expecting a 30% growth in sale value with residential and commercial real estate continues to do well. The company, which has set a target of Rs 500 crore in the first year of operation, is expected to close the year at Rs 750 crore and then touch Rs 1,000 crore in 2025. The company has tied up with leading developers in Delhi-NCR, Goa and Mumbai and banking on the boom in the residential segment to drive the growth.