Shriram Group to merge its two listed lending units

The Shriram Group has announced that Shriram Capital Ltd (SCL) and Shriram City Union Finance (SCUF) will merge with Shriram Transport Finance Company (STFC) as part of its corporate restructuring. The merged entity, Shriram Finance Ltd, would be the largest retail non-banking finance company (NBFC) in India. Following the merger, Shriram Transport will issue 1.55 shares for every share of SCUF and 0.09783305 shares for each share of SCL.

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Paytm’s loan disbursements up 414% to 2.7 million in Oct-Nov

Paytm reported that the number of loans disbursed through its platform increased 414% YoY to 2.7 million in the first two months of Q3 FY22. The value of loans disbursed through its platform jumped 375% YoY to Rs 1,320 crore during Oct-Nov. The company processed close to $22.4 billion (~Rs 1.66 lakh crore) worth of gross merchandise value (GMV) on its platform during the same period. 

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Gravita India starts battery recycling unit in Gujarat; to invest Rs 62 crore

Gravita India Ltd has operationalised its new battery recycling unit near Mundra Port in Gujarat. The company plans to invest a total of Rs 62 crore to enhance its overall capacity to 48,000 million tonnes per annum (MTPA). Gravita also expects an increase in the share of higher-margin business from the key overseas market across lead, aluminium, and plastic recycling segments.

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Phoenix Mills, CPPIB infuse additional Rs 700 crore in mall development alliance

Global investment firm Canada Pension Plan Investment Board and Phoenix Mills Ltd have invested Rs 700 crore as equity capital in their joint subsidiary Island Star Mall Developers. Both entities have invested the funds through a rights issue for deployment towards construction and development of the ongoing projects of its subsidiaries at Wakad in Pune, Hebbal in Bangalore, and Madhya Pradesh’s Indore.

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Vodafone Idea partners with Hungama for music streaming service

Vodafone Idea (Vi) has rolled out its music streaming service in partnership with Hungama Music. The telecom company aims to strengthen its OTT (Over the Top) content offerings and gain subscribers. Vi will offer six months premium subscription at no extra cost to all its postpaid and prepaid customers.

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Zydus Cadila gets approval to conduct Phase II clinical trials in patients with CAPS in Australia

Zydus Cadila has received approval to commence Phase II clinical study of its upcoming product in patients suffering from Cryopyrin-Associated Periodic Syndrome (CAPS) in Australia. The clinical trial in Australia will study the safety, tolerability, and pharmacodynamics of patients with CAPS. CAPS is a rare life-long auto-inflammatory condition and is classified under orphan diseases.

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Venky’s to set up new project for veterinary medicine products

Venky’s (India) Ltd is setting up a new project for manufacturing veterinary medicine products under its animal health product segment. The company has acquired land measuring 15,030 square meters at Satara, Maharashtra for this project. The project is expected to be completed by March 2022, and commercial production will commence from June 2022. The total cost of the project is estimated at Rs 30 crore.

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BLS International signs contract with Indian embassy in Kuwait

BLS International Ltd has announced a deal with the Embassy of India in Kuwait for consular, passport, and visa services. The company is expected to process approximately 2 lakh applications every year. It will start operations at three centres in Sharq, Fahaheel, and Jleeb Al Shuwaikh in Kuwait.

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BPCL, Bhabha Atomic Research Centre collaborate for green hydrogen production

Bharat Petroleum Corporation Ltd (BPCL) has partnered with Bhabha Atomic Research Centre (BARC) to scale-up alkaline electrolyzer technology for green hydrogen production. This is a first-of-its-kind initiative to support India’s commitment to achieve renewable energy targets and reduce greenhouse gas emissions.

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Nazara Tech’s subsidiary acquires 10% stake in Rusk Media

NODWIG Gaming, a subsidiary of Nazara Technologies Ltd, has acquired a 10% stake in the digital content IP media network Rusk Media. Rusk Media is an India-based Gen-Z digital content IP network. The content is tailor-made for audiences in the 15-25 age group with a focus on equal viewership across genders. NODWIG Gaming has been expanding to augment its hold in the Indian esports ecosystem since March 2021. 

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Greenlam Industries board approves stock split in 5:1 ratio

The Board of Directors of Greenlam Industries Ltd (GIL) has approved a proposal of splitting each equity share of the face value of Rs 5 into five equity shares of Re 1 each. Separately, the board of GIL’s wholly-owned subsidiary Greenlam South Ltd (GSL) has approved the setting up a greenfield project for manufacturing of Particle Board and allied products at Nellore, Andhra Pradesh. The investment required for this project is Rs 600 crore. The plant would be operational by the fourth quarter of the financial year 2023-24. 

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