India's largest private health insurer Star Health has cut the size of its initial public offering (IPO) to 64 billion rupees ($848.02 million) from 72.49 billion rupees earlier after a subdued response to the IPO last week, its prospectus showed.

Star Health's IPO failed to get fully subscribed last week, signalling weak investor demand for India's third-biggest listing this year.

Shares of Devyani International hit a new high of Rs 181.80, having rallied 13 per cent on the BSE in Wednesday’s intra-day trade on the back of huge volumes. The stock of the quick service restaurant (QSR) firm surpassed its previous high of Rs 171 touched on November 18, 2021.

Brokerage firm Motilal Oswal Institutional Equities has initiated coverage on Devyani with a Buy rating and target price of Rs 190, driven by KFC’s strong brand equity and operating metrics, increasing focus on delivery by Pizza Hut driving its turnaround, and robust growth in both these brands led by rapid network expansion.

Spice Jet has announced that it would file an appeal in the Madras High Court against an order of the single bench of the high court directing the airline to wind up its operation.

Justice Subramaniam of the Madras High Court had on Monday ordered the airline company to wind up its operation over its failure to make payments to a Swiss Maintenance, Repair, and Overhaul (MRO) service provider.

India’s Simple Energy plans to invest as much as 25 billion rupees ($330 million) in new capacity to make electric scooters, with support from the government in the southern state of Tamil Nadu.

The Bangalore-based company is constructing an initial facility an hour outside the city with the goal of starting operations in 2022 and the capacity to produce a million electric two-wheelers a year. It aims to open a second, larger plant in Dharmapuri in 2023, with capacity to make 12.5 million of such scooters annually.

Shares of Whirlpool of India hit a 52-week low of Rs 1,820, down 10 per cent on the BSE in Wednesday's intra-day amid growth concerns.

The stock of the consumer electronics company has seen huge trading activities with trading volumes on the counter jumping multiple-fold today. At 10:27 am, it was trading 6 per cent lower at Rs 1,901, as compared to a 1.3 per cent rise in the S&P BSE Sensex. A combined 1.65 million equity shares, representing 1.27 per cent of total equity of the company, had changed hands on the counter on the NSE and BSE till the time of writing of this report.

Shares of interest rate sensitive sectors such as financials including banks, housing finance companies (HFCs), real estate and automobiles were trading higher by up to 4 per cent on the National Stock Exchange (NSE) after the Reserve Bank of India (RBI) kept interest rates unchanged for the ninth consecutive time on Wednesday.

The policy repo rate remains unchanged at 4 per cent and the stance remains accommodative. The reverse repo rate also remains unchanged at 3.35 per cent.

Shares of FSN E-Commerce Ventures (Nykaa) continued to reel under the selling pressure, falling another 5 per cent in to Rs 2,040.60 on the BSE in Wednesday’s early morning trades amid fears of selling by anchor investors, owing to the end of the lock-in period. The stock of fashion and cosmetics online retailer was trading lower for fifth straight day, falling 18 per cent in one week. In comparison, the S&P BSE Sensex was up 2 per cent during the same period.

A sharp decline in stock price of the company, has resulted in the market capitalisation of Nykaa fall below Rs 1-trillion mark.

The government has so far disbursed Rs 2,071 crore for 4,003 projects under the Agriculture Infrastructure Fund, Agriculture Minister Narendra Singh Tomar said on Tuesday.

Tomar, in a written reply to the Lok Sabha, said a total of 8,488 projects have been sanctioned under the scheme so far with a loan amount of Rs 6,098 crore.

The world’s biggest vaccine maker Serum Institute of India (SII) on Tuesday said it will reduce the production of the Oxford-Astra­Ze­neca vaccine — marketed as Covishield in India — by at least 50 per cent from next week as government orders have dried up.

Adar Poonawalla, chief executive officer of SII, told CNBC-TV18: “The company is in a dilemma as supply is more than demand for Covishield and it has to dial down the production. We will complete our existing orders to the government by next week. The company has written to the government for guidance on volumes needed.”

Convalescent plasma shows no improvement in survival and other important measures and is not recommended for patients with Covid-19, according to a study released on Tuesday by the World Health Organization (WHO).

Covid-19 convalescent plasma, also known as survivor's plasma, is transfusion of blood plasma from patients who have recovered from Covid-19. Last year, the US Food and Drug Administration (FDA) issued an emergency use authorisation to allow use of convalescent plasma in hospitalised patients with Covid-19.

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