The board of Maruti Suzuki India (MSIL) on Tuesday approved a proposal to issue shares worth Rs 12,841 crore to parent company Suzuki Motor Corporation (SMC) for acquiring Suzuki Motor Gujarat (SMG).

A Gujarat manufacturing plant – with an annual capacity of 750,000 units – is owned by SMG, a wholly-owned subsidiary of SMC. The shares issued to SMC will raise its ownership in MSIL from 56.48 per cent to 58.19 per cent, India's largest carmaker stated in a notice to BSE.

Leading political parties collected Rs 2,077.81 crore as funds during the Himachal Pradesh and Gujarat Assembly elections held in November-December 2022 and spent Rs 288.35 crore on election-related activities, according to an analysis by the Association of Democratic Reforms (ADR).

The ADR analysis is based on the election expenditure statements that political parties are required to submit to the Election Commission within 75 days of the completion of Assembly elections.

The top US general overseeing American forces in the Middle East made an unannounced trip to Israel on Tuesday, saying he hoped to ensure its military has what it needs as it fights a deepening war against Palestinian militant group Hamas.

The trip by Army General Michael "Erik" Kurilla, head of US Central Command, is the latest by a senior US official to Israel ahead of an expected ground assault by Israel's military in Gaza. It comes a day before a planned visit by US President Joe Biden to the country.

India's Aditya Birla Group-owned Grasim Industries said, on Monday, it will raise up to Rs 4,000 crore through a rights issue of shares at face value of Rs 2 each.

The fund raise comes a month after of the textile-to-chemicals maker announced plans to enter the paint business under the brand name 'Birla Opus' in the fourth-quarter of fiscal 2024.

The price of 24-carat gold declined Rs 340 in early trade on Tuesday, with ten grams of the precious metal selling for Rs 60,110, according the GoodReturns website. The price of silver remained unchanged, with one kilogram of the precious metal selling at Rs 74,100.

The price of 22-carat gold fell Rs 310, with the yellow metal selling at Rs 55,100.

Bajaj Hindusthan Sugar, one of the largest sugar producers in the country, on Sunday informed the BSE the National Company Law Tribunal (NCLT) had considered submissions by State Bank of India (SBI), the biggest lender in the country, for withdrawing its insolvency petition.

It said the next date for hearing was October 25.

The petition was moved because the outstanding has been paid by the company.

As Telangana approaches elections, the Congress' state unit is planning to add the plan offering 10 grams of gold to eligible women at the time of their marriage, according to party leaders, an ANI report said.

To this end, senior party officials are conducting discussions to work on the specifics of the scheme. "In addition to the existing commitment of providing Rs 1 lakh to the bride's family through the "Mahalakshmi" guarantee, the party is contemplating adding the provision of gold," Sridhar Babu, the Telangana Congress manifesto committee chairman said.

The consolidated net profit of Jio Financial Services (JFS) for the second quarter of the ongoing financial year (Q2FY24) doubled by 101.3 per cent to Rs 668.18 crore from Rs 331.92 crore last quarter, the company stated in BSE filing on Monday.

Total income rose by 46.8 per cent to Rs 608 crore from Rs 414 crore in Q1FY24. Expenses went up by 32.7 per cent at Rs 71.43 crore from Rs 53.81 crore quarter on quarter.

Merger-bound North East Small Finance Bank (NESFB) is looking to sell its over Rs 600 crore of stressed loans, about one-third of its loan portfolio, to Asset Reconstruction Companies (ARCs) as a step to clean up its books.

Rating agency CRISIL placed ratings for NESFB's Tier-II bonds “under watch with developing implications”. The sale of the distressed legacy portfolio, along with highly calibrated growth in the loan book until the merger, is expected to result in some stability in asset quality over the near term, CRISIL added.

A record 1.4 billion customers visited Flipkart’s platform during its flagship festival sales event “The Big Billion Days' (TBBD) 2023”.

The event, which started on October 8 (with early access for VIP and Plus customers from October 7) and ended on October 15, “received a great response from both customers and extensive network of sellers across the country”, said Kalyan Krishnamurthy, chief executive officer of Flipkart Group.

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