PM Modi reveals plans to boost India’s renewable energy sector

During his speech at RE-Invest 2020, Prime Minister Narendra Modi stated that India has huge renewable energy deployment plans for the next decade. These plans will likely generate business opportunities worth $20 billion (~Rs 1.47 lakh crore) per year. He further said that India’s renewable energy capacity is currently the 4th largest in the world. PM Modi has also invited investors and developers to join India’s renewable energy journey.

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India restricts international flights till December 31

The Government of India has extended the ban on scheduled international flights till December 31, amidst the ongoing Covid-19 pandemic. The Directorate General of Civil Aviation (DGCA) has stated that only selected flights will be allowed on a case-to-case basis. The restriction will not apply to international cargo flights. Special international flights under the Vande Bharat Mission will be allowed to operate under ‘air bubble’ agreements with selected countries.

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Bombay High Court refuses to stay merger of Lakshmi Vilas Bank and DBS

A group of promoters of Lakshmi Vilas Bank (LVB) had filed a petition in the Bombay High Court, challenging the merger of LVB with DBS Bank India Ltd. The promoters have initiated legal action against the RBI, the Indian Government, and DBS Bank. The High Court, on Thursday, refused to provide interim relief sought by the promoters to stay the merger. The merger will be effective from November 27. The petition has been placed for hearing on December 14. 

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TVS Automobile Solutions acquires service business of Mahindra First Choice

TVS Automobile Solutions Pvt Ltd (TVS ASPL) has acquired the service business of Mahindra First Choice Services Ltd (MFCSL). MFCSL is a chain of multi-brand car and two-wheeler service workshops and is owned by the Mahindra Group. As part of the transaction, Mahindra & Mahindra Ltd. will secure a minority stake in TVS ASPL.

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Ajanta Pharma announces details of proposed buyback

Ajanta Pharma Ltd. has announced details of activities regarding its share buyback plan. The company will buyback 7.35 lakh equity shares at Rs 1,850 per share. The date of opening of the buyback offer is on December 3. The buyback offer will be closed on December 16. The last date of settlement of bids on the stock exchange will be December 24. 

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Glenmark Pharma gets listed in Dow Jones Sustainability Index for 3rd straight year

Glenmark Pharmaceuticals Ltd. has been listed in the Dow Jones Sustainability Index (DJSI), under the category of emerging markets, for the third consecutive year in a row. DJSI is one of the world’s most widely accepted sustainability benchmarks. It consists of the top-ranked companies in terms of Corporate Sustainability. Glenmark is ranked 13th among global pharmaceutical companies in the DJSI Emerging Markets 2020.

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Tube Investments to raise Rs 350 crore from Azim Premji Trust, SBI Mutual Fund

The Board of Directors of Tube Investment of India Ltd (TIIL) has approved raising Rs 350 crore from the Azim Premji Trust and SBI Mutual Fund. The company will allot shares to both entities on a preferential allotment or private placement basis. Azim Premji Trust will get 27.33 lakh shares worth Rs 200 crore. SBI Mutual Fund’s two schemes- SBI Focused Equity Fund and SBI Magnum Midcap Fund will get 15.03 lakhs share and 5.46 lakh shares worth Rs 110 crore and Rs 40 crore, respectively.

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Laurus Labs acquires 72.55% stake in Richcore Lifesciences

Laurus Labs Ltd. has acquired a 72.55% stake in biotech company Richcore Lifesciences from Eight Roads Ventures and VenturEast. The cost of the acquisition has been estimated at Rs 246.67 crore. Laurus Labs has stated that Richcore Lifesciences will be renamed Laurus Bio Private Ltd, after the successful closure of the transaction.

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IL&FS receives binding offer for its energy advisory business

IL&FS, on Thursday, said that it has received a binding offer for the acquisition of its energy advisory subsidiary- IL&FS Energy Development Company Ltd (IEDCL). The company currently holds a 95.54% stake in IEDCL. The winning bidder would acquire both the assets and liabilities of IEDCL. The bids are open till December 7.

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Meghmani Organics to set up multipurpose plant in Dahej

Meghmani Organics Ltd. has announced that it is planning to set up a multipurpose plant in Dahej at a cost of Rs 310 crore. The plant is expected to be commissioned by the fourth quarter of the financial year 2021-2022. The company also stated that it has commenced commercial production at two of its plants situated in Bharuch, Gujarat.

Angel Broking enables API integration for algo trading

Angel Broking has announced that it has enabled API integration for algorithmic trading, through the launch of SmartAPI. This feature allows its users to execute real-time trades via Angel Broking, while also empowering algorithmic traders to deploy their programs in 5 programming languages. Algorithmic trading (also called automated trading) uses a computer program that follows a defined set of instructions to place a trade.

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