Progressive Financial News

MUMBAI : Billionaire Anil Agarwal-led Vedanta Ltd’s shares plunged 9% in intraday trade to ₹247.60 apiece on exchanges after S&P Global Ratings downgraded the parent firm Vedanta Resources Ltd’s credit outlook from stable to negative on Thursday when Twin Star Holdings Ltd, promoter of Vedanta, sold 15.4 crore shares worth ₹3,983.1 crore in the company to raise funds for repaying dues. While marquee investors including Societe Generale and Copthall Mauritius Investment Ltd bought 2.94 crore and 8.48 crore Vedanta shares from Twin Star at ₹258.5 apiece respectively, in a statement put out in Singapore, S&P Global Ratings downgraded Vedanta Resources citing increased funding risks. The rating agency has affirmed ‘B-’ long-term issuer credit rating for the London-based parent firm.

₹247.60 apiece on exchanges on Thursday after S&P Global Ratings downgraded the parent firm Vedanta Resources Ltd’s credit outlook from stable to negative on Thursday when Twin Star Holdings Ltd., promoter of Vedanta, sold 15.4 crore shares in the company worth ₹3,983.1 crore to raise funds for repaying dues. Marquee investors including Societe Generale and Copthall Mauritius Investment Ltd bought 2.94 crore and 8.48 crore Vedanta shares from Twin Star at ₹258.5 apiece respectively. Shares of Vedanta Ltd ended 6.65% down at ₹254.05 apiece on NSE, which is 1.72% lower than the floor price at which Societe Generale and Copthall Mauritius Investment purchased the shares from Twin Star.

finance ministry said on Thursday. «Indian economy’s domestic dynamics continue to be strong. Real GDP growth data for the last quarter of FY23 reaffirmed the ability of the Indian economy to grow on the strength of its domestic demand and investment despite a rise in global uncertainties and moderation in global output,» it said in its monthly economic report for June.

By Edward McAllister

Cabinet secretary Rajiv Gauba on Thursday reviewed the progress of the production-linked incentive scheme (PLI) for sectors that are «generally doing very well» like pharma and electronics, a senior official said. Another such review is expected for the remaining sectors, the official said. The scheme was announced in 2021 for 14 sectors such as telecommunication, white goods, textiles, manufacturing of medical devices, automobiles, speciality steel, food products, high-efficiency solar PV modules, advanced chemistry cell battery, drones and pharma with an outlay of Rs 1.97 lakh crore.

Wilko, a discount retail chain which sells homeware and household goods, is at risk of collapse after it filed a notice of intention to appoint administrators on Thursday, putting 12,000 jobs on the line if no buyer can be found. Wilko said it had received indicative offers to help recapitalise but none of them were able to provide sufficient liquidity in the time needed, meaning it was set to call in administrators.

Expedia Group (NASDAQ:EXPE) shares fell as much as 10% on Thursday after the online travel company reported second quarter results.

For Aviv Regev, the head of research at Genentech, a leading US biotech company, this story serves as an illustration of what a good map should not be.

NCR-based real estate company Adore has ventured into luxury real estate. The group has purchased 5.5 acres of land in Sector 76 in Faridabad from the Haryana government for Rs 124 crore. It will develop a luxury housing project with an aggregate saleable value of Rs 600 crore.

Inflation comes in many forms, and pretty much all of them are affecting insurers right now. Auto and home insurer Progressive this week reported a big jump in its combined ratio, which measures underwriting losses and expenses as a percentage of premiums, to 100.4% in the second quarter. That is up from 95.6% a year earlier.

Mahindra & Mahindra and Temasek, the Singapore-headquartered global investment firm, have executed a binding agreement for the latter to invest Rs1200 crores into MEAL (Mahindra Electric Automobile Limited), the four-wheeler (4W) passenger electric vehicles company, Mahindra and Mahindra said in a filing to the stock exchanges. Temasek will invest Rs1200 crores in the form of Compulsorily Convertible Preference Shares (CCPS) at a valuation of up to Rs 80,580 ($9.74 billion) crores resulting in Temasek’s ownership of a 1.49% to 2.97% stake in MEAL. ET had reported on the company’s fund-raising plans in its July 10 edition.

World Bank has praised the Yogi Adityanath-led Uttar Pradesh government for the its development efforts in the last six years. As per a ToI report, the 20-member World Bank team, led by its Executive Director Parameswara Iyer, recently held discussion with Chief Minister Yogi Adityanath on Wednesday, lauding the significant strides achieved by the state government in developmental initiatives over the past six years.

Temasek signed an agreement with automotive major Mahindra & Mahindra to invest Rs 1,200 crore in its passenger electric vehicles (EV) company MEAL at a valuation of $9.8 billion, the company said in a stock exchange notification on Thursday. Temasek will join British International Investments (BII) as an investor in MEAL, the company said in a statement. BII had earlier signed an agreement with Mahindra Electric to invest Rs 1,925 crore ($250 million) in July 2022 through compulsory convertible preference shares, which would result in a stake of 2.75-4.76%, depending upon milestones achieved.

₹4,400 crore, and a 4% sequential growth. Robust disbursements contributed to a substantial 28% YoY surge in business assets, totalling ₹88,100 crore. Furthermore, the company showcased stable asset quality metrics, as both Stage-3 and Stage-2 assets remained steady compared to June.

Democrats and Republicans on Wednesday traded blame for the downgrade, with a group of hard-right conservatives promising to dig in during a looming spending fight that could shut down the federal government as soon as Oct. 1.

Calix Limited is starting to look like the Swiss army knife of Australian industry: the company’s patented kiln seems to have an unlimited number of applications, particularly in the realm of decarbonisation.

The Rs 25,938-crore scheme, which looks to boost local manufacturing of advanced automotive technology (AAT) products, comes with a rider of stipulated fresh local investments for companies to receive incentives. However, many companies skipped on making these investments owing to some uncertainties around the scheme, sources said. One of the key reasons was a delay in the release of a standard operating procedure (SOP) to calculate domestic value addition (DVA). The scheme requires a minimum 50% domestic value addition (DVA) by manufacturers. However, the SOP for calculating the DVA was released only on April 27, 2023. The scheme became operational from April 2022.

BTech student of IIT Bombay committed suicide, allegedly after being harassed by a fellow student over his caste. The institute had denied this charge. Earlier this week, IIT-B asked students to refrain from asking about each other's JEE (Advanced) ranks, GATE scores or any information that may reveal their caste, etc.

₹206.3 crore over a year earlier to ₹225.8 crore. Its volumes rose 4% from a year ago and 5% sequentially to 58 million litres in the quarter. However, despite the recent rise in its stock price, the company’s performance over the broader five-year horizon has been relatively stagnant.

New Delhi: The central government is set to auction around 90 mines containing critical minerals, such as lithium, which had not been put under the hammer by states for almost four years, a senior government official said on Wednesday. The change in the auction process was initiated soon after the Rajya Sabha passed the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, earlier in the day.

Cabinet secretary Rajiv Gauba is expected to review the progress of the production linked incentive scheme (PLI) for all the 14 sectors on Thursday, sources said. The meeting assumed significance as the government disbursed only Rs 2,900 crore till March 2023 out of Rs 3,400 crore claims received under the scheme.