The country’s antitrust agency on Wednesday raided offices of tyre companies, including Germany's Continental AG and India's Apollo Tyres, and Ceat, in a case of suspected competition law violations, four sources told Reuters.

Shares of Apollo, one of India’s biggest tyre makers, fell as much as 3 per cent after Reuters first reported the raids, while CEAT dropped 2.2 per cent in the Mumbai market, which was trading higher.

India has cut coal supplies to the non-power sector and put on hold plans to increase the number of fuel auctions for utilities due to a slump in inventories at state government-owned utilities even as demand for electricity surges.

The supply cuts come months after India's most crippling coal shortage in the recent years led to power cuts lasting upto 14 hours in some states. The onset of summer has added to worries about power supply shortages in the country.

In a bizarre incident, thousands of mobile users in the US received spam texts from their own phone numbers, and leading telecom carrier Verizon Wireless now say there are "bad actors" behind the spam.

In some users' case, the spam link forwarded them to Channel One Russia, a Russian state media network, reports The Verge.

India has logged 1,233 new COVID cases in the last 24 hours, Union Health Ministry informed on Wednesday.

With this, the active infections have dropped below 15,000.

The active caseload of COVID in India now stands at 14,704, contributing to 0.03 per cent of cumulative positive cases.

The stock of cigarette to hotels conglomerate ITC has gained around 19 per cent thus far in March, far outperforming its peers like Hindustan Unilever, which has lost 10 per cent during this period.

Peers such as Godrej Consumer Products, Britannia, Nestle India, Dabur India and Marico, too, have lost 7 per cent to 11 per cent in March.

Shares of Adani Enterprises hit a new high of Rs 1,937, up 1 per cent on the BSE in Wednesday's trade, after Adani Group achieved financial closure of Navi Mumbai International Airport project (NMIAL), a subsidiary of the company. The shares of Adani Enterprises quoted higher for fifth day in a row, gaining 7 per cent during the period, as compared to 1 per cent rise in the S&P BSE Sensex.

NMIAL has achieved financial closure of the greenfield international airport project at Navi Mumbai, Maharashtra after execution of financial documents with the State Bank of India (SBI).

Private sector lender Axis Bank is close to acquiring Citigroup's retail banking business in India and a deal is likely to be announced soon, sources said on Wednesday.

According to the sources, the deal, to be valued at USD 2.5 billion (about Rs 18,000 crore), will be subject to regulatory approvals.

Leading merchant commerce platform Pine Labs on Wednesday said it has raised $50 million from Vitruvian Partners, a London-headquartered international investment firm.

Pine Labs serves large, mid-sized and small merchants across India and Southeast Asia, and is expanding its Buy Now Pay Later (BNPL) offering in Southeast Asia.

In a bid to simplify, align, and synergise its business, Tata Consumer Products (TCPL) Tuesday announced reorganisation of its India and overseas businesses. The company also proposed to purchase of a 10.15 per cent minority interest in its UK subsidiary, TCP UK, from Tata Enterprise (Overseas), Switzerland, (TEO).

Also, TCPL board approved the demerger of the plantation business of Tata Coffee (TCL) into TCPL Beverages & Foods (TBFL), a wholly owned subsidiary of TCPL.

The resolution from the IL&FS group is expected at Rs 61,000 crore of the total debt of Rs 99,355 crore, which is almost 62 per cent, said Uday Kotak, who was appointed the non-executive chairman of the company in October 2018 by the government after superseding the board at that time. The resolution process of IL&FS started three and half years ago after a new management was appointed by the government. Kotak’s term as non-executive chairman in IL&FS will end on April 2, after which managing director CS Rajan will take charge as chaiman and managing director. The ministry of corporate affairs has appointed Rajan as CMD for six months, with effect from April 3.

Inviting Real Estate Agents, Job Placements Agents, Educational Institutes, Software Service Providers, Real Estate Builders, Marriage Bureaus, Travel Agents, Restaurant Owners, Health & Fitness Centers and other Local Businesses to Post a FREE Classified Advertisement on Cootera.com Classifieds Website.