Bain Capital is the front-runner to take a majority stake in Adani Capital in a deal valued at around Rs 1,500 crore, Financial Express (FE) has reported. The deal is likely to be announced soon.

Private equity firms like Carlyle Group and Cerberus Capital Management are also in the race. The development is a result of Adani group's head Gautam Adani's decision to exit from non-core businesses and use this capital for his core ventures, people in the know told the newspaper.

Union Bank of India’s net profit more than doubled year-on-year (YoY) to Rs 3,236 crore in the quarter ended June 30, 2023 (Q1FY24) over rise in net interest income (NII), non-interest income, and a fall in provisions for bad loans.

Sequentially, the public sector lender’s profit went up 16 per cent from Rs 2,782 crore in Q4 FY23. Its stock closed 2.3 per cent higher at Rs 86.95 a share on the BSE.

Dr Reddy's Laboratories surged 2.6 per cent to hit a fresh 52-week high at Rs 5,360 in intra-day deals on Thursday after the company received 'clean chit' post the United States Food & Drug Administration (USFDA) routine inspection at the Andhra Pradesh (AP) facility.

At 10:40 AM, the stock quoted at Rs 5,346, up 2.4 per cent on the BSE as against a 0.1 per cent decline on the BSE benchmark index.

As Adani Group looks to raise funds from Indian banks after a major blow from the allegations made in the Hindenburg Research report, a consortium of banks led by the State Bank of India (SBI) has agreed to finance a substantial part of the Adani Group's Rs 34,000-crore polyvinyl chloride (PVC) project in Mundra, The Hindu Businessline (BL) has reported.

With credit support from SBI, the PVC project is set to achieve financial closure by the middle of August. The funding for the first phase of the project will be taken by the public sector banks which will pick up the bulk of the tab of around Rs 14,500 crore.

Shares of Reliance Industries (RIL) gained nearly 2 per cent to Rs 2,622 on the National Stock Exchange (NSE) in Thursday’s intra-day trade after stock starting trading ex-Jio Financial Services (JFS) business. At 10:07 am; RIL traded nearly 1 per cent higher at Rs 2,604.80 on the NSE and Rs 2,606.65 on the BSE.

Meanwhile, JFS was valued at Rs 251 on the BSE and Rs 262 on the NSE. The price of RIL (ex-JFS) settled at Rs 2,589 and Rs 2,580, respectively, on both the exchanges.

Elon Musk's big bet that Tesla price cuts could boost sales and profits amid increasing competition and poor economic sentiment appears to be yielding mixed results. Sales jumped and the company beat analyst expectations for net income in the April-June quarter, although the company's profit margins declined. Tesla shares followed suit in after-hours trading.

The Austin, Texas, maker of electric vehicles, solar panels and batteries reported net income of $ 2.7 billion in the quarter, a 20 per cent increase from a year ago.

Shares of Premier Explosives (PEL) were locked in the 10 per cent upper circuit, ahitting a new record high of Rs 889.15, at 02:59 PM on the BSE on Wednesday after the company reported over six-fold rise in its consolidated profit at Rs 8.26 crore for the June quarter (Q1FY24).

The company had posted profit of Rs 1.3 crore in the year ago quarter, and Rs 2.43 crore in the previous quarter (Q4FY23). It surpassed the entire previous fiscal year's (FY23) profit of Rs 6.97 crore in the first quarter of the current fiscal.

India's Tata Group will build an electric vehicle battery plant in Britain to supply its Jaguar Land Rover factories, delivering a major boost for a car industry in need of domestic battery production to help secure its future.

Under the plan, announced by the government and Tata on Wednesday, the company will build its first gigafactory outside of India in Britain with an investment of 4 billion pounds ($5.2 billion), creating up to 4,000 jobs and producing an initial output of 40 gigawatt hours.

Adani Group will build the world's largest hybrid power bank in the Khavda desert which is in Gujarat's Kutch district, Financial Express (FE) has reported. Making this announcement, the company has reiterated its plan to create 45 GW of renewable energy capacity by 2030. When operational, the park will produce 20 GW of green energy.

Elaborating on the plans to build the hybrid power bank, Adani Group's Chairman said, "We are now building the largest hybrid renewables park in the world — right in the middle of the desert — in Khavda. It will be the most complex and ambitious project that we have ever executed."

Shares of IndusInd Bank rallied 4 per cent to hit the highest level in over three-and-a half years at Rs 1,443 on the BSE in Wednesday’s intra-day trade after the lender reported healthy performance for the April-June quarter (Q1FY24).

The bank reported a 32.5 per cent year-on-year (YoY) growth in its net profit at Rs 2,124 crore, backed by a 22 per cent YoY growth in advances and steady margins. The bank’s provisions for the quarter ending Q1FY24 stood at Rs 992 crore compared to Rs 1,251 crore during the same period last year.

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