Supreme Court upholds Tata Sons’ decision to sack Cyrus Mistry as chairman

The Supreme Court (SC) on Friday upheld the Tata Group’s decision to sack Cyrus Mistry as chairman of the group.  A three-judge bench of SC, led by CJI Justice S A Bobde, set aside the National Company Law Appellate Tribunal (NCLAT) order that had reinstated Mistry on Tata Sons’ board and had termed current Chairman N Chandrasekaran’s appointment as ”illegal”. The SC also refused to entertain Shapoorji Pallonji Group’s plea for fair compensation of their equity shares in Tata Sons. 

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JSW Steel pays Rs 19,350 to complete acquisition of Bhushan Power & Steel

JSW Steel, on Friday, paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel Ltd (BPSL) towards implementation of the resolution plan for acquiring the insolvent company. With this move, Sajjan Jindal-led JSW Steel has closed the acquisition of BPSL. This marks JSW Steel’s entry into mineral-rich eastern India, which has so far been dominated by Steel Authority of India Ltd (SAIL) and Tata Steel.

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Bajaj Auto, Pierer Mobility to strengthen e-mobility cooperation

Bajaj Auto Limited said it is strengthening its strategic cooperation with Pierer Mobility AG for developing electric products in the two-wheeler sector. Both companies have decided to jointly explore zero tailpipe emissions, low maintenance, and long-lasting benefits of light electric vehicles (EVs) in urban settings and dense metropolitan areas. The first of these electric two-wheelers are set to hit the market in 2022.

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Barbeque Nation IPO subscribed 5.98 times on final day of bidding

The Rs 452-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 5.98 times on the final day of bidding. The IPO has received bids for 2.99 crore equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 13.13 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 3.1 times and that of qualified institutional buyers (QIBs) 5.11 times.

Godrej Properties sells over 275 flats worth Rs 475 crore at housing project in Noida

Godrej Properties Ltd said it has sold around 275 residences worth Rs 475 crore within one day at the launch of its housing project, Godrej Woods, in Noida. Located in Sector 43, Godrej Woods offers homes set amidst a lush green development with over 600 trees. The realty firm claims to have added 17 projects across five cities in the National Capital Region (NCR). Out of this, six projects have already been delivered.

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M&M board approves consolidation of Mahindra Electric Mobility

The Board of Directors of Mahindra & Mahindra Ltd has granted in-principle approval for the consolidation of Mahindra Electric Mobility Ltd (MEML) into the company. The consolidation will categorize electric vehicle (EV) operations into two focused verticals— Last-Mile Mobility and Electric Vehicle Tech Centre. M&M said simplifying the structure will drive improvements through innovation, execution excellence, efficiencies, and economies of scale.

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Tata Motors signs MoU with SBI for financing light commercial vehicles

Tata Motors has signed a three-year Memorandum of Understanding (MoU) with State Bank of India (SBI) to offer financial assistance for the purchase of the company’s range of small and light commercial vehicles. The collaboration with SBI will allow Tata Motors’ commercial vehicle (CV) customers to avail of loans in a hassle-free manner as well as access SBI’s unique technology-laden offerings.

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Power Grid acquires Bikaner-II Bhiwadi Transco from PFC

Power Grid Corporation of India said it has acquired Bikaner-II Bhiwadi Transco Ltd (BBTL), from Power Finance Corporation (PFC). BBTL is the special purpose vehicle (SPV) to establish a transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan. The transmission company was acquired for an aggregate value of about Rs 20.50 crore, including 10,000 equity shares at Rs 10 per share, along with its assets and liabilities.

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Confidence Petroleum signs agreement with GAIL Gas to set up CNG stations in Bengaluru

Confidence Petroleum India Ltd has signed an agreement with GAIL Gas for setting up 100 compressed natural gas (CNG) stations in Bengaluru. The CNG stations will be set up on a Build-Operate (BO) basis over the next three years. This will significantly improve the accessibility of CNG auto fuel for cars, autorickshaws, buses, and heavy vehicles of Bengaluru.

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Prestige Estates acquires 50% stake in JV partnership with DB Realty

Prestige Estate Projects, through its subsidiary- Prestige Falcon Realty Ventures, has invested through capital account contribution in Turf Estate Joint Venture LLP as a new partner with an equal share of profit/losses with DB Realty. The joint venture (JV) firm aims to develop a 2.6 million sq. ft. commercial project in Worli, Mumbai. The project would consist of two office towers.

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