Shares of Nelco were locked in the 5 per cent upper circuit band at Rs 678.60 on the BSE on Thursday after the Tata Group company and Omnispace announced a strategic cooperation agreement to enable and distribute 5G non-terrestrial network (NTN), direct-to-device satellite services.

"The collaborative effort will expand the reach of 5G using satellite communication throughout India and South Asia. This agreement with Omnispace allows Nelco to expand its services by including 5G satellite direct-to-device connectivity solutions to its portfolio of satcom services for serving existing and new customers across South Asia, using the world’s first global 5G NTN network," the company said in press release.

Invesco Developing Markets Fund, which owns 18 per cent stake in Zee Entertainment, has backed the Zee merger with Sony and has decided not to pursue litigation against Zee.

In a statement, the company said it is pleased with the Bombay High Court’s ruling, which is an important reaffirmation of shareholder rights in India and the mechanisms under Indian law to hold Boards accountable to their shareholders. "The ruling is a boon for corporate governance in India and a win for shareholder democracy," it said.

RP Sanjiv Goenka Group is looking to acquire companies in local retail, technology, and power distribution sectors as the diversified the conglomerate looks to rapidly scale up.
“We are poised for a very aggressive expansion,” Group Chairman Sanjiv Goenka (pictured) told Bloomberg TV on Wednesday, saying the Kolkata-based conglomerate was looking to acquire more retail chains and related infrastructure after buying niche sector player Nature’s Basket in 2019.

Internet commerce firm Meesho on Wednesday announced the launch of an integrated e-commerce mobile app for buyers and sellers as part of efforts to drive the digitisation of small businesses in the country.

With the latest Android version of the app, Meesho users can now toggle between the buyer and seller interfaces with a single click.

Prime Minister Narendra Modi on Wednesday said he is pained by the loss of lives due to a tragic fire in Hyderabad and announced an ex-gratia of Rs 2 lakh each for the next of kin of the deceased.

Eleven migrant workers were charred to death in a major fire accident at a scrap godown in Hyderabad in the early hours of Wednesday.

Rashtriya Janata Dal (RJD) leader Lalu Prasad, who was discharged from AIIMS here around 3 am after being kept under observation overnight, was brought to the emergency department again around 12.30 pm Wednesday, sources said.

The former Bihar chief minister, 73, was brought to AIIMS here at around 9 pm on Tuesday after being referred by a medical board of the Rajendra Institute of Medical Sciences (RIMS), Ranchi, as his health condition deteriorated there.

Shares of steel companies were in focus in an otherwise weak market after reports emerged that India's top steelmakers have hiked prices of rebar and HRC (Hot Rolled Coil) by Rs 1,500-Rs 2,000 a tonne due to inflated raw material cost.

Shares of Steel Authority of India (SAIL) gained 4 per cent to Rs 103.80, while Jindal Steel and Power (JSPL) hit a 52-week high of Rs 504.95, up 2 per cent on the BSE in Wednesday’s intra-day trade. JSW Steel and Tata Steel were up 1 per cent and 2 per cent, respectively. In comparison, the S&P BSE Sensex was down 0.5 per cent at 57,704 points at 01:45 PM.

Shares of Indian Hotels Company were up 3 per cent to Rs 215 on the BSE in Wednesday's intra-day trade after the Tata Group company announced that its qualified institutional placement (QIP) committee has approved the QIP issue on March 22, 2022. The company has proposed to mobilize around Rs 2,000 crore through QIP and has fixed floor price at Rs 203.48 per share.

At 09:33 am, Indian Hotels traded 1 per cent higher at Rs 210.60, as compared to 0.34 per cent gain in the S&P BSE Sensex. The stock had hit a 52-week high of Rs 230.14 on October 14, 2021.

The price of 10 gram of 24-carat gold on Wednesday increased by Rs 400 to Rs 52,100, while 1 kg of silver became dearer by Rs 600 to Rs 68,900.

Ten gram of 22-carat gold is trading at Rs 47,750 after an increase of Rs 350.

The price of 10 gram of 24-carat gold in Delhi and Mumbai stood at Rs 52,100 while the 10 gram of 22-carat gold in Mumbai and Delhi is trading at Rs 47,750.

Eleven people were charred to death in a major fire accident at a scrap godown here in the early hours of Wednesday.

The deceased, all migrant workers from Bihar, were found on the first floor of the building at Bhoiguda in the city, police and fire officials said.

The eleven people were charred beyond recognition, a police official told PTI, adding the cause of the fire was being ascertained.

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