Corporates

Adani Green Energy (AGEL) and TotalEnergies have entered into a binding agreement to create a new JV, equally owned by TotalEnergies and AGEL. TotalEnergies, which is a strategic partner of Adani Green Energy, will invest $300 million into the joint venture which will hold a portfolio of 1,050 megawatts. This portfolio will comprise a mix of already operational capacity to the tune of 300 megawatts. It will also include 500 megawatts under construction and 250 megawatts which is under development — with a blend of solar and wind power.

The CBI has registered an FIR against Mumbai-based Unity Infraprojects Ltd, its chairman managing director (CMD) Kishore Avarsekar, three directors and unknown public servants for allegedly defrauding State Bank of India and a consortium of 15 banks. Prima facie, the complaint discloses the commission of offences of criminal conspiracy, cheating and criminal misconduct.

Tata Motors plans to set up separate sales network for its electric passenger vehicles in current fiscal year as it looks to give differentiated experience to the buyers opting for the environment-friendly models, according to a top company official. The Mumbai-based auto major, which on Thursday introduced all-new versions of its Nexon EV and Nexon (internal combustion engine), said it will start experimenting with new outlets in some of the cities where EV volumes have gone up.

Grasim Industries, a flagship company of the Aditya Birla Group, is all set to launch its paint business in the last quarter of the current fiscal year, under the brand name – Birla Opus. Grasim said that the company will offer a full suite of high-quality products in the decorative paints segment. It had previously committed an investment of ₹10,000 crore towards setting up the paints business.

Elon Musk-run satellite internet service Starlink, which is searching for various routes to somehow enter the growing Indian internet market, generated $1.4 billion revenue last year. During his meeting with Prime Minister Narendra Modi in June in the US, Musk said he hopes to bring Starlink internet to the country as soon as possible.

The Supreme Court has issued a stern warning to SpiceJet Chairman and Managing Director (CMD), Ajay Singh, for default in making the due payments to global investment bank and financial services firm Credit Suisse AG. A bench comprising of Justice Vikram Nath and Justice Ahsanuddin Amanullah ordered the low-cost airline to deposit the monthly installment of $500,000 by September 15 along with an additional $1 million out of the defaulted amount.

In one of the biggest land deals in the financial capital, Wadias-run Bombay Dyeing on Wednesday announced the sale of a 22-acre land parcel to Japan's Sumitomo for Rs 5,200 crore. The plot in central Mumbai's Worli houses the Wadia International Centre, the nearly three-centuries old group's headquarters and other establishments.

Amidst the ongoing debate about using Bharat instead of India, courier service giant Blue Dart has rebranded its Dart Plus service and it will now be known as Bharat Dart. Blue Dart says that the rebranding has been done after extensive research. The Blue Dart stock is up close to 8% in the last five trading sessions.

A dividend is a reward companies often provide to their shareholders, though not mandatorily, from a portion of their earnings.

Hindalco Industries, the world's largest aluminium rolling and recycling company, on Tuesday said it has signed a technology partnership agreement with Italy-based Metra to manufacture high-speed aluminium rail coaches. The Aditya Birla group company in a statement said the partnership is aimed at sharing extrusion and fabrication technology for building high-speed aluminium rail coaches. For the last six decades, Metra has been known for its cutting-edge knowhow in aluminium extrusion, machining and welding.

The SpiceJet stock slipped 6% in trade by Tuesday noon. The Delhi High Court on Monday gave low-cost airline SpiceJet and its Chairman and Managing Director (CMD) Ajay Singh time till Tuesday to pay the remaining amount toward a Rs 100 crore arbitral award to Kal Airways' promoter Kalanithi Maran.

​​​Global investment major KKR is investing yet another ₹2,069.50 crore in Reliance Retail Ventures Limited (RRVL). With this KKR has hiked its stake to 1.42% with this follow up investment in the retail business of RIL. RRVL was valued at ₹8.36 lakh crore prior to the investment by KKR and had already raised ₹47,285 crore from a clutch of global investors in 2020.

Market regulator SEBI suppressed important facts from the Supreme Court and "slept over" Directorate of Revenue Intelligence's letter on alleged stock manipulation by the Adani firms, one of the PIL petitioners in the Adani-Hindenburg row has alleged in the top court in an affidavit. The apex court is seized of four PILs on the Adani-Hindenburg controversy.

The promoters of one of India’s oldest pharma companies Cipla want to exit the business, and it’s not short of suitors. As per media, Torrent Pharma, Dr Reddy’s and PE major Blackstone — all in race to seal what would be India’s largest pharma deal with a possible cheque size of $7.3 billion. While Cipla is expected to bring value to anyone who acquires it, analysts believe that a marriage with Torrent would be more successful as both the pieces click better.

Reliance Retail Ventures Limited (RRVL) said on Wednesday that it had signed a joint venture with actor Alia Bhatt’s conscious clothing brand of kids and maternity-wear, Ed-a-Mamma. Reliance Retail Ventures will now have a 51% majority stake in the brand. Ed-a-Mamma founded by Alia Bhatt in 2020 as an apparel brand for 2–12 year-olds, resonated deeply with both young parents and children through its emphasis on natural fabrics and nature themes all designed to inspire a love of nature among children.

Reliance Consumer Products, the fast-moving consumer goods arm and a fully-owned subsidiary of Reliance Retail Ventures, on Friday announced the expansion of its beverage portfolio with the launch of a cricket-themed drink, Campa Cricket.

Mining and oil giant Vedanta ran a covert lobbying campaign to weaken key environmental regulations during the pandemic, OCCRP alleged in a new report. The not-for-profit organisation said the Indian government approved the changes without public consultation and implemented them using "illegal methods". Vedanta spokesperson did not immediately offer any comments.

All the nine Adani group stocks opened in the red in the early morning trade on Thursday after Geroge Soros funded Organised Crime and Corruption Reporting Project (OCCRP) made a fresh set of allegations on the group. The project which calls itself a ‘global network of investigative journalists’ said that hundreds of millions of dollars were invested in publicly traded group stocks through Mauritius-based ‘opaque’ investment funds by partners of promoter family.

Hundreds of millions of dollars were invested in publicly traded Adani group stocks through Mauritius-based "opaque" investment funds by partners of promoter family, the Organised Crime and Corruption Reporting Project (OCCRP) alleged on Thursday. The fresh allegations by an organisation funded by likes of George Soros and Rockefeller Brothers Fund come months after a US short seller wiped away close to USD 150 billion in value of Adani group stocks with allegations of accounting fraud, stock price manipulation and improper use of tax havens by the ports-to-energy conglomerate run by billionaire Gautam Adani. Adani group has denied all allegations.

Microsoft founder and philanthropist, Bill Gates, expressed his enthusiasm for the significant strides India has taken in addressing vital health and development issues. Gates shared these sentiments while delivering a speech at the 46th Annual General Meeting (AGM) of Reliance Industries (RIL).During his address, Gates highlighted the collaboration between the conglomerate and The Gates Foundation, shedding light on their partnership.

While Mukesh Ambani did not give guidance, he said at the 46th AGM of Reliance Industries that “The value that your company will create for all its stakeholders over the next decade will be multiple times greater than what it has generated over the past 45 years.” ​​RIL’s commitment to its key business principles will kick off a virtuous multi-decade value creation cycle defined by faster growth, higher revenues, better margins and increased EBITDA.

Public sector undertakings (PSUs) that have been fined by stock exchanges have told them that the appointment of directors lies beyond their control and is vested with the government.