Tata Motors Limited (TML) is selling 9.9 percent stake in its IPO-bound subsidiary Tata Technologies (TTL) for Rs 1613.7 crore as part of its plan to de-leverage. TTL has been valued at Rs 16300 or approximately $2 bn.

This transaction furthers TML’s de-leveraging agenda and is expected to close in the next two weeks on completion of customary closing procedures, the company said. As of June 2023 Tata Motors net automotive debt stood at Rs 41,700 crore. Analysts expect TML net debt to reduce to Rs 23000 crore by end of fiscal 2025.

Shares of Eimco Elecon (India) continued their northward movement, hitting a new high of Rs 1,325, up 6 per cent on the BSE in Friday’s intra-day trade in an otherwise weak market after winning an order worth of Rs 38.96 crore for supply of coal mining equipment. The stock of industrial products company was quoting higher for the eight straight day, zooming 51 per cent during the period. In comparison, the S&P BSE Sensex was down 0.56 per cent at 66,034 at 11:33 AM.

Oil major Indian Oil Corporation will invest Rs 1,660.15 crore for its 50 per cent stake in a joint venture with NTPC Green Energy Pvt Ltd announced earlier this year, it said in a regulatory filing on Friday. The two companies had in March announced a JV IndianOil NTPC Green Energy to develop renewable energy power plants.

"The board at its meeting held today on 13 October 2023 has accorded approval to the investment plan of the JVC for setting up Renewable Energy Power Plants and approved the equity contribution of up to Rs 1,660.15 crore towards IndianOil's share of 50 per cent in the equity share capital of the JVC," the filing read.

The Supreme Court on Friday dismissed a plea challenging the Delhi High Court's decision refusing to direct the lieutenant governor to give assent to or return a 2015 bill which proposed a ban on screening children for nursery admissions.

A bench of Justice SK Kaul and Justice Sudhanshu Dhulia said it cannot pass a direction to enact a law.

A proposed mosque coming up in Ayodhya district of Uttar Pradesh will be named after Prophet Muhammad, an umbrella body of mosques announced on Thursday. The umbrella body of mosques made the decision after a meeting of clerics in Mumbai.

The mosque will built by the Indo-Islamic Cultural Foundation Trust on land allotted in Dhannipur village in compliance with the Supreme Court directives in the 2019 Ram Janmabhoomi-Babri Masjid title verdict, which paved the way for the construction of a Ram Temple in Ayodhya.

As the Election Commission of India (ECI) decided to transfer district collectors and senior police officials in the state, the Telangana Congress has demanded the imposition of the Governor's rule in the state, a Deccan Chronicle (DC) report said.

Not only this, Congress went on to demand the resignation of Chief Minister K Chandrashekhar Rao (KCR) to ensure proper conduct of the Assembly elections in the state, the report said.

The Delhi High Court (HC) on Thursday stayed the criminal proceedings against automobile giant Hero MotoCorp, its chairman Pawan Munjal and officials in an alleged forgery case. Justice Swarana Kanta Sharma said the stay on the operation of the FIR as well as the trial court order will remain in force till December 6, the next date of hearing.

The trial court had directed the registration of an FIR against them on a complaint alleging that Hero MotoCorp manufactured fake bills worth Rs 5.9 crore and obtained tax credit of over Rs 55 lakh.

At least 27 American citizens have died and 14 remain unaccounted for as a result of unfolding violence in Israel and the US will arrange charter flights to evacuate its citizens from the strife-torn Jewish state, the White House has announced.

Palestinian militant group Hamas carried out a barrage of air strikes in Southern Israel on Saturday. The Israel Defense Forces (IDF) in response launched multiple attacks targeting Hamas' key infrastructure.

Nextbillion Technology (Groww), the venture capital-backed broking outfit, has dislodged Zerodha Broking as India’s largest brokerage in terms of number of active clients. At the end of September, Groww had 6.63 million active clients, nearly 150,000, or 2.3 per cent more than Zerodha, ending the latter’s long run at the top.

AngelOne and RKSV Securities (Upstox) were ranked third and fourth with 4.86 million and 2.19 million active clients, according to data provided by NSE, the country’s top bourse.

KredX, a supply chain finance platform, said on Thursday it will work with banks and financial institutions to create a corpus of Rs 4,000 crore by the end of Financial Year 2023-24.

The company said its initiative will provide working capital to businesses during the festive season.
KredX recently entered strategic partnerships with Mastercard and ICICI Bank for business to business payments.

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