Listed Indian companies could be allowed to launch qualified institutional placement (QIP) of shares through exchanges at International Financial Service Centres (IFSCs) using an abridged prospectus, according to a working group report.

The working group, comprising representatives from the market regulator, the IFSC Authority (Ifsca), ministry officials, bankers, and exchange officials, submitted its report on direct listing in IFSC exchanges last week.

India, the world's third-largest energy consumer, made its first-ever payment in rupees for crude oil purchased from the United Arab Emirates (UAE), signalling what could be a strategic push to promote the local currency globally. The move is part of India's broader efforts to diversify oil suppliers, cut transaction costs, and establish the rupee as a viable trade settlement currency. This initiative aligns with the Reserve Bank of India's move on July 11, 2022, allowing importers to pay in rupees and exporters to receive payments in the local currency.

Officials have stressed that internationalisation is an ongoing process, and currently, there are no specific targets.

Adani Green Energy on Monday said it had executed a power purchase agreement (PPA) to supply 1,799 megawatts (Mw) of solar power with the Solar Energy Corporation of India (SECI).

The company said: “With the signing of this balance PPA, Adani Green Energy has completed the power offtake tie-up for the entire 8,000 Mw manufacturing-linked solar tender awarded to it by SECI in June 2020, which set a record for being the world’s largest solar tender.”

Walt Disney and Reliance Industries Ltd (RIL) inked a non-binding term sheet in London last week to advance with plans to merge their India-based media operations, according to a report by The Economic Times (ET).

The two sides had discussions recently about a possible joint venture in which RIL would get a majority stake. Consolidation between the two would lead to the creation of one of the country's largest media empires, putting it in contention with players such as Zee Entertainment and Sony and streaming services like Netflix and Amazon Prime.

Paytm's parent company, One 97 Communications, has terminated over 1,000 employees from various departments as part of a strategic move to streamline its businesses and reduce costs, according to a report by The Economic Times (ET). The layoffs, extending across the last few months, mark one of the most significant workforce reductions in an Indian tech firm this year.

The layoffs, impacting more than 10 per cent of Paytm's entire workforce, follow recent developments such as the withdrawal of small-ticket consumer lending and the cessation of its "buy now pay later" lending segment on the UPI platform.

India records a spike of JN.1, a sub-variant of Covid-19 cases. So far, India has recorded more than 3,420 cases, as per data released by the Union Health Ministry data on Saturday (December 23), while four deaths were reported.

India reported 640 new cases of Covid-19 and one fatality on Friday. The ministry's statistics, which were updated at 8 a.m. today, indicate that the number of current Covid-19 cases increased in 17 states.

The BJP has strongly reacted to Chief Minister Siddaramaiah's decision to lift the ban on wearing hijabs in classrooms, saying it raises concerns about the "secular nature" of educational spaces.

Siddaramaiah on Friday said he has ordered the withdrawal of the ban, observing that choice of dress and food is personal.

A protest march by the opposition Congress towards the Kerala DGP office here on Saturday turned violent with agitators hurling stones and sticks at the police following which water cannons were used to disperse the crowd.

The march was organised by the Kerala Pradesh Congress Committee (KPCC) to protest against the alleged police atrocities against its workers during their agitation against the ongoing 'Nava Kerala Sadas' outreach programme of the Left government.

The National Company Law Appellate Tribu­nal (NCLAT) on Friday dismissed an appeal of Jet Airways bidder Jalan Kalrock Consortium (JKC) challenging the sale of aircraft belonging to the grounded airline.

The tribunal had reserved its order on an appeal filed by JKC against the National Company Law Tribunal (NCLT) order asking the airline’s monitoring committee to conclude the sale of the Jet aircraft.

The Indian entrepreneurship success story will soon see one more company debuting on the public markets. Ola Electric, the electric vehicle (EV) company, has become the first such firm that has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India for its initial public offering (IPO).

This is a fresh issue of equity shares of up to Rs 5,500 crore and an offer for sale (OFS) of more than 95 million equity shares at a face value of Rs 10.

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