HDFC Bank has been included in the Global Standard Indexes by MSCI, following the merger of HDFC. Consequently, HDFC (Housing Development Finance Corporation) has been removed from the indices. These changes will come into effect on July 13. The bank plans to sell off a 2% equity stake, the second tranche, through an offer for sale in the National Securities Depository (NSDL) IPO. Currently holding an 8.95% stake in NSDL, the bank had previously sold a 1% stake (the first tranche) in December 2022 for Rs 110 crore at Rs 2,750 per share.
Tata Motors has announced its group global wholesales, including Jaguar Land Rover, for the April-June quarter of FY24. The company sold a total of 3,22,159 vehicles during this period, marking a 5% growth compared to Q1FY23. While global wholesales of commercial vehicles and Tata Daewoo decreased by 15% YoY to 88,456 vehicles, global wholesales of passenger vehicles increased by 8% to 1.4 lakh units. Jaguar Land Rover’s global wholesales stood at 93,253 vehicles, with Jaguar accounting for 10,324 vehicles and Land Rover for 82,929 vehicles.
Zydus Life Sciences has received a favourable outcome from the US Food and Drug Administration (USFDA) following the pre-approval inspection (PAI) of its manufacturing facility in SEZ-2, Ahmedabad. The inspection took place from July 2 to 7, and no observations were reported by the USFDA.
Indian Oil Corporation (IOC), a state-owned oil marketing company, has obtained board approval to raise up to Rs 22,000 crore through a rights issue. The board has also given the green light for the establishment of a joint venture company, which will operate as a private limited company, for battery swapping business in India. IOC will form a 50:50 collaboration with Sun Mobility Pvt Ltd Singapore (SMS), with IOC’s equity investment in the battery swapping business amounting to Rs 1,800 crore by FY27. Additionally, the board has approved an investment of $78.31 million in IOC subsidiary 10CL Singapore Pte Ltd, Singapore, for the acquisition of preference shares and warrants of SMS.
Vedanta, a natural resources and technology conglomerate, has expanded its diversified portfolio to include semiconductors and display glass manufacturing ventures. The company’s board of directors has granted approval for the acquisition of 100% stakes in Vedanta Foxconn Semiconductors (VFSPL) and Vedanta Displays (VDL) through share transfers at face value. VFSPL and VDL are wholly owned subsidiaries of Twin Star Technologies (TSTL), and TSTL is a wholly owned subsidiary of Volcan Investments, the ultimate holding company of Vedanta.
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