Mauritius-based IndusInd International Holdings and other Hinduja group entities are expected to make payments worth Rs 9,661 crore for the acquisition of bankrupt Reliance Capital (RCap) only after getting all the legal and regulatory clearances, including from the Supreme Court, thus delaying the closure of the transaction. A source close to the development said that according to the National Company...
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Elon Musk ordered to testify again in US SEC probe of Twitter takeover
A federal court ordered on Tuesday that Elon Musk must testify again in the U.S. Securities and Exchange Commission’s investigation into his $44 billion takeover of Twitter. The SEC sued Musk in October to compel the CEO of electric carmaker Tesla (TSLA.O), opens new tab and rocket company SpaceX to testify after he refused to attend a September interview for the investigation....
Tata Motors shares slump up to 7% despite Q4 PAT climbing 222% YoY
Shares of auto major Tata Motors in early trade on Monday fell close to 7 per cent to day’s low price of Rs 975.45 after posting a mixed set of earnings for the March quarter on Friday. For the reporting quarter, the company’s consolidated profit after tax (PAT) climbed 222 per cent year-on-year (YoY) to Rs 17407 crore. Tata Motor’s...
LS polls phase 4 today, 177 mn eligible to cast vote
Lok Sabha elections: On Monday, 96 Lok Sabha constituencies across nine states and one Union territory went to the polls, marking the fourth phase of the ongoing general elections. Voting for all Assembly seats of Andhra Pradesh and 28 Assembly seats of Odisha also began simultaneously. A total of 175 seats of the State Legislative Assembly of Andhra Pradesh are up for...
TBO Tek IPO Day 3: Issue subscribed over 86x, QIB booked 125x
TBO Tek’s Rs 1,551-crore initial public offering (IPO) continued to receive strong investor response entering the third and final day on May 10 as the issue was subscribed over nearly 86.70 times. Investors have bid for 80.50 crore equity shares as against 80.50 lakh shares on offer. NIIs showed interest in the offer, buying nearly 50.60 times their allotted quota. QIBs...
Tesla board vows not to move Musk’s $56 bn pay package court fight to Texas
Tesla Inc.’s directors say they don’t want a do-over in Texas of the Delaware court battle that killed co-founder Elon Musk’s $56 billion pay package — regardless of whether shareholders approve reincorporating the electric-car maker in the Lone Star state. Lawyers for Tesla’s board say an investor who persuaded a Delaware judge to void Musk’s record-setting pay package is raising...
IIHL targets $50 billion in valuation post Reliance Capital Accusation
Mauritius-based IndusInd International Holdings (IIHL) is eyeing a valuation of $50 billion by 2030 with the acquisitions of the debt-ridden Reliance Capital (RCAP) and Invesco Mutual Fund, up from the $30 billion it expected a year-ago before the RCAP buy. IIHL is yet to get a nod from insurance watchdog Irdai for its Rs 9,650-crore acquisition of Reliance Capital, chairman...
Musk invites billionaire Warren Buffett to invest in Tesla amidst global EV sales slowdown
In a bold move on Monday, Elon Musk extended an invitation to renowned billionaire investor Warren Buffett, urging him to consider investing in Tesla. The call comes as Tesla grapples with challenging times amidst a worldwide slump in electric vehicle (EV) sales. Responding to a user on X, who suggested that Berkshire Hathaway owner Buffett should divest his shares in...
6 Adani group firms get SEBI notice over related party transactions
Six Adani Group firms have received show cause notices from the Securities and Exchange Board of India (SEBI) for alleged breaches in related party transactions and non-compliance with listing regulations, the companies disclosed in their regulatory filings to the stock exchanges. Adani Enterprises, the flagship firm of the group, disclosed the receipt of two show-cause notices during the quarter ending...
Sensex Drops Over 1,000 Points, Nifty Loses 200 Points
Sensex crashed over 1,000 points on Friday afternoon due to profit-booking and a decline in the share prices of blue-chip Reliance Industries, wiping out gains made in initial trading. Nifty too fell 275 points or 1.22% since yesterday’s closing.
Troubles mount for Byju’s: NCLT issues notice on Oppo’s insolvency plea
The National Company Law Tribunal (NCLT) in Bengaluru issued notice in an insolvency plea filed by mobile phone manufacturer Oppo against embattled ed-tech company Byju’s. The plea is now likely to come up for hearing again in the last week of May, as the tribunal will go on a summer break from May 3. OPPO Mobiles filed a petition on May 1 in...
127-year-old Godrej empire splits Into Two
The founding family of 127-year-old Godrej Group, which spans from soaps, home appliances to real estate, has decided to split the conglomerate, with Adi Godrej and his brother Nadir keeping Godrej Industries that has five listed firms, while cousins Jamshyd and Smita getting unlisted Godrej & Boyce and its affiliates as well as a land bank, including prime property in...