Education group Narayana is looking to buy the stakes of Morgan Stanley Private Equity Asia and BanyanTree Finance in its group firm Nspira Management Services for around Rs 1,400 crore, The Economic Times (ET) reported on Tuesday.

Morgan Stanley PE and BanyanTree currently hold a 20 per cent stake in Nspira. Over 18 per cent of this is held by Morgan Stanley, and the rest by BanyanTree. In 2018, Morgan Stanley and BanyanTree invested $75 million in Nspira.

Abhijit Chakravorty will be the new managing director and chief executive of SBI Cards and Payment Services Ltd (SBI Card) from August 12, 2023. He will succeed present MD&CEO Rama Mohan Rao Amara, who will move back to promoter company State Bank of India.

The appointment of Abhijit Chakravorty as MD&CEO, nominated by State Bank of India, is for two years subject to necessary approvals including from the shareholders at the ensuing Annual General Meeting, SBI Card informed BSE.

Shares of PCBL (erstwhile Phillips Carbon Black) hit a 52-week high of Rs 174.55, as they rallied 7 per cent on the BSE in Tuesday’s intra-day trade after the company announced commissioning phase 1 i.e. 20,000 metric tons per annum (MTPA) of it brownfield speciality carbon black (CB) expansion at its Mundra Plant in Gujarat.

Upon completion, PCBL will have a specialty chemicals production capacity of 40,000 MTPA at its Mundra plant.

At least six people were killed in a collision between a car and a school bus on Delhi-Meerut Expressway near Ghaziabad on Tuesday. According to reports, the accident took place on NH-9 near the Crossings Republik Police Station.

According to the police, the school bus was empty and was reportedly coming from the wrong direction.

Wadia Group is in talks with financial investors to jointly bid for cash-strapped Go First airline, The Economic Times (ET) reported on Tuesday. The decision will, however, depend on whether the grounded airline will be considered airworthy again or not.

On Monday, the resolution professional (RP) invited Expressions of Interest (EOI) from investors. The last date for EOI has been fixed at August 9.

Taiwan's Foxconn said on Monday it is pulling out of a joint venture (JV) with metals-to-oil conglomerate Vedanta Ltd that was set up to produce semiconductors from India, according to news agency Reuters.

"Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta," the electronics manufacturer said in a statement.

Shares of Olectra Greentech hit a new high of Rs 1,408.85, as they rallied 14 per cent on the BSE in Monday’s intra-day trade amid heavy volumes. The stock of electric-bus manufacturer was quoting higher for the third straight day, zooming 43 per cent during the period after the company bagged contract worth Rs 10,000 crore from Maharashtra State Road Transport Corporation (MSRTC).

Shares of Reliance Industries (RIL) surged nearly 4 per cent to Rs 2,728.35 on the BSE in Monday’s intra-day trade after the company fixed July 20, 2023 as the record date to determine shareholders entitled to receive shares in its new financial services entity.

Under the arrangement, shareholders of RIL will get one share each of Reliance Strategic Investment (RSIL) for every one share held in RIL as of the record date. Reliance Strategic Investment will be demerged and later renamed and listed as Jio Financial Services.

The Calcutta High Court on Monday allowed senior Congress leader Adhir Ranjan Chowdhury to file a petition seeking compensation to victims of panchayat poll violence in West Bengal and an investigation into it by an independent agency.

Submitting personally before the bench presided by Chief Justice TS Sivagnanam, Chowdhury, the state Congress president, alleged that entire West Bengal was ravaged by unprecedented violence during the elections held on July 8.

Mahindra & Mahindra is in talks with British International Investment (BII) and some other investors to raise Rs 5,000 crore for its electric vehicles (EV) unit, The Economic Times (ET) reported on Monday.

If the deal goes through, it will be BII's second round of investment in India's biggest sports utility vehicle maker by revenue. Its earlier fund infusion was done at a valuation of Rs 70,070 crore. The new deal is expected to value the company at 10-15 per cent more than that.

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