GMR Infrastructure will give Rs 35.6 billion by way of cash and 5.86 per cent stake in its airport holding company to three private equity (PE) investors, ending two years of litigation.

The immediate cash payout works out to around Rs 15 billion, as the three investors are to give new loans of Rs 20.05 billion as part of the transaction. In 2010-11 and 2011-12, GMR Group had raised Rs 14.78 billion via compulsorily convertible preference shares from SBI Macquarie, Standard Chartered Private Equity, JM Financial Old Lane and others.

Shares of Tata Motors hit a six-year low of Rs 185 per share, down 13% on the BSE in intra-day trade on Tuesday, after the company-owned Jaguar Land Rover (JLR) on Monday, reported a 12.3% year on year (YoY) decline in global sales at 57,114 units in September, hit by lower demand in China. The stock was trading at its lowest level since July 26, 2012, on the BSE.

For those surprised by India’s decision to hold interest rates last week, the central bank’s forward-looking surveys hold some explanation: demand in the world’s fastest-growing major economy may be cooling.

The capacity utilization rate, consumer confidence, and the outlook for demand in the manufacturing sector in the third quarter were less optimistic, the results of separate surveys released by the Reserve Bank of India show.

Despite claims by a company executive that Microsoft tech support has the tools to help users recover the files deleted by the “Windows 10 October 2018” update, users have not yet been able to avail the facilities, a media report said. Microsoft on Saturday paused the roll-out of the software update after several users complained that installing the update was wiping off their data.

Tata Motors Monday launched a new premium variant of its lifestyle sports utility vehicle (SUV) Hexa with 16 new features, priced at Rs 1.527 million (ex-showroom New Delhi).

The Hexa XM+ also been made available with an electric sunroof to enhance, which comes with a two years warranty, it said.

Larsen & Toubro (L&T) Monday said the power transmission and distribution business of its arm L&T Construction has bagged orders worth Rs 18.81 billion in the domestic and international markets.

"The business has secured major orders for constructing 22 132/11kV substations in Kuwait," the engineering and construction major said in a BSE filing.

Eicher Motors, which has a 50:50 joint venture with Volvo for trucks and buses (VECV), Monday announced that the JV plans to set up a new greenfield truck manufacturing plant at an investment of Rs 4 billion in Bhopal.

"The Madhya Pradesh government has allotted land for the new plant and work to set up this plant is expected to start soon," Eicher Motors said in a BSE filing.

Infrastructure major GMR Infra on Monday announced it had received the consent award from the arbitral tribunal based on the settlement agreement signed by it with private equity investors.

This was with respect to certain arbitration proceedings administered by the Singapore International Arbitration Centre.

New Delhi: As the government is planning to hold spectrum auction in the second half of 2020 fiscal, telecom regulator Trai believes the reserve price of Rs 492 crore per Mhz of 5G radiowave is competitive enough.

“We are hopeful that auction will take place on 5G front, there is no reason for us to think it will not happen with respect to people saying that the auction prices are higher.

Mumbai: Leading credit rating agencies are likely to face regulatory action over the IL&FC fiasco. According to sources, the market regulator may soon issue show-cause notices to three top rating agencies — Icra, India Ratings & Research (IndRa) and CARE Ratings — over their failure to proactively warn off troubles at one of the country’s biggest non-banking financial companies, IL&FS, till a subsidiary defaulted on some of its debt.

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