News Overview

The corporation must reduce the promoter ownership from the present 86.47% to 75% by September 2024 in order to comply with the public float regulations.

In terms of sectoral performance, only the IT sector ended in the green, while all other indices closed in negative territory. The realty index took the most significant hit, dropping nearly 3.5%, followed by the PSU Bank and Media indices, both down 2%. Additionally, capital goods, FMCG, healthcare, metal, and power indices each fell by 1%.

In order to enhance the 4G user experience, the telecom company is also placing tiny cells in hotspot areas throughout major cities and metropolitan areas.

One97 Communications Limited (OCL) operates the mobile payments company Paytm, which is used by almost 3 crore merchants. It's unclear which of these four banks—if any—will acquire the retailers.

Power Grid transmits approximately 50% of India's total generated power through its transmission network.

According to the statement, Deloitte provided help for Finance & Tax diligence, Indus Law provided legal counsel, and Avendus acted as the transaction adviser. The deal is anticipated to be completed on March 31, 2024.

Tailwinds for domestic manufacturers is being provided government support for local production through productivity-linked incentive (PLI) schemes

Cipla, Adani Enterprises, ITC, Bajaj Auto, and Tata Motors were the top losers on the Nifty 50

The RBI added in a separate statement that it has revoked the CoRs of four non-bank financial companies (NBFCs): Kamdhar Leasing and Finance Ltd., R.M.B. Finance Company, Nimisha Finance India, and Suyash Finovest.

Investors can apply for shares in lots, with one lot comprising 50 shares of the automobile retailer company. The IPO comprises a combination of fresh shares and OFS (Offer for Sale). The company aims to raise ₹601.55 crore from its IPO, with ₹250 crore from the issuance of fresh shares and the remaining ₹351.55 crore reserved for the OFS.