Japan’s Sumitomo Mitsui Banking Corporation (SMBC) is lending $120 million to Tata group’s Air India to purchase an A350-900 aircraft from Airbus.

The transaction was done at Gujarat International Finance Tec-City (GIFT City) with the assistance of Air India’s wholly owned subsidiary AI Fleet Services Ltd. It is part of Air India’s order of 470 aircraft placed earlier this year, said SMBC in a statement.

Ford Motor will not sell its Tamil Nadu plant, the automaker's sole remaining factory in India, after finalising a deal with the Sajjan Jindal-led JSW Group.

Commenting on the recent developments, a Ford India spokesperson said, “We continue to explore alternatives for our manufacturing facility in Chennai and have nothing further to share.”

The Delhi government is on the verge of formalising a policy for the release of overage vehicles impounded by the Transport Department, in line with Delhi High Court's directives, an official told PTI late Tuesday. The proposed policy closely aligns with the court's guidelines, intended to impose fines of Rs 5,000 for two-wheelers and Rs 10,000 for four-wheelers to facilitate the release of impounded vehicles.

Vehicles parked in public spaces or on roads may be impounded by enforcement teams.

DOMS Industries, a leading Indian stationery player, made a blockbuster stock market debut with its shares listing at Rs 1,400, a whopping 77 per cent premium to the issue price of Rs 790 per share on the National Stock Exchange (NSE) and BSE.

Post listing, the stock hit a high of Rs 1,415 and a low of Rs 1,370.05 on the NSE. At 10:01 AM; DOMS Industries was trading at Rs 1,384.80, up 75 per cent against its issue price. Around 6 million equity shares had changed hands on the NSE and BSE.

Parliament on Tuesday gave its approval for a net additional spending of Rs 58,378 crore in the current fiscal ending March 2024, with a large chunk allocated to MGNREGA and fertiliser subsidies.

The gross additional spending would be more than Rs 1.29 lakh crore, out of which Rs 70,968 crore would be matched by savings and receipts.

Digital payment companies Razorpay and Cashfree Payments have received final approval from the Reserve Bank of India (RBI) to operate as payment aggregators, enabling the fintechs to onboard new merchants after a nearly one-year-old regulatory ban.

The companies said they secured a Payment Aggregator (PA) license from the regulator on Tuesday.

The Department of Expenditure, under the Ministry of Finance, on Tuesday approved an extra borrowing ceiling of over Rs 60,876.8 crore to 22 States in 2023-24 for National Pension Scheme (NPS) contribution. According to the announcement, this will be over and above the net borrowing ceiling for 2023-24.

The normal net borrowing ceiling for states has been fixed at 3 per cent of their gross state domestic product (GSDP).

As the number of active Covid-19 cases in Kerala continued to rise on Monday, Health Minister Veena George emphasised that the state high-level committee is rigorously monitoring the occupancy rate of intensive care units (ICU) beds, oxygen beds, and ventilators across government and private hospitals.

Shares of India Glycols (IGL) surged 11 per cent to Rs 780.70 on the BSE in Tuesday’s intra-day trade on the back of heavy volumes after the company won an ethanol supply order of Rs 1,164 crore from state-owned OMCs and oil companies.

The average trading volumes on the counter jumped over 10-fold today. A combined 1.3 million equity shares had changed hands on the NSE and BSE. The stock of the commodity chemicals firm had hit a 52-week high of Rs 802.65 on September 11, 2023.

In a move that may bring relief to Vodafone Idea (Vi), a telecom tribunal has told the Department of Telecommunications (DoT) to adjust Rs 755.52 crore collected from the ailing telco against its statutory dues, The Economic Times (ET) reported on Tuesday. The sum was collected from Vi as a part of its merger-related liabilities. It has been asked to return within 15 days from December 15.

In 2018, the DoT had asked Vi to pay Rs 3,926.34 crore for its spectrum liabilities linked to the merger between Vodafone and Idea Cellular.

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