InterGlobe Aviation: Petrus Elbers has joined IndiGo as the Chief Executive Officer (CEO) with effect from Tuesday, the company said in a regulatory filing. Elbers replaced Ronojoy Dutta, 71, who is set to retire on 30 September 2022. Elbers assumed charge three weeks before he was originally envisaged to join. He has replaced 71-year-old Ronojoy Dutta. As per a statement released by IndiGo on 18th May, Dutta was scheduled to retire on 30th September 2022.
Syngene International: Pharma giant, Biocon divested a 5.4% stake in its research subsidiary, Syngene International in a bulk deal on Tuesday. The stake sale in Syngene aggregated a little over ₹1,220 crore. While the promoter offloaded a portion of its shares in Syngene, ICICI Prudential Mutual Fund, on the other hand, bought shares worth over ₹158 crore in the company.
Mahindra and Mahindra: The government is trying to make it mandatory for carmakers to provide at least six airbags in eight-seater vehicles for enhanced safety of occupants from October, road transport minister Nitin Gadkari said on Tuesday. M&M with its lineup of SUV cars is one of the largest players in the Indian market in the 8-seater vehicle category.
Biocon: Drugmaker Biocon on Tuesday divested a 5.4 per cent stake in its research arm Syngene International for a little over ₹1,220 crore through an open market transaction. According to bulk deal data available with the BSE, Biocon, the promoter of Syngene International, sold a total of 21,789,164 shares, amounting to a 5.4 per cent stake, in the company.
Gail India: Gail India has fixed Wednesday, 7th September 2022 as the Record Date for the purpose of ascertaining the eligibility of shareholders for the issuance of bonus shares. Bonus shares are fully paid additional shares issued by a company to its existing shareholders. Shares of the company rose nearly a per cent on the BSE in Tuesday's opening deals as the stock started trading ex-bonus.
Adani Enterprise: Richest Indian Gautam Adani's conglomerate has cited an improved net debt to operating profit ratio and more than halving of loans from public sector banks to allay concerns about it being overleveraged. In a 15-page note in response to CreditSights report calling the group overleveraged, it said companies in the group have consistently de-levered, with the net debt to Ebitda ratio declining to 3.2 times from 7.6 times in the last nine years.
IDBI Bank: The government is likely to invite preliminary bids for selling a stake in IDBI Bank in October, according to reports. The Cabinet Committee on Economic Affairs had given in-principle approval for strategic disinvestment and transfer of management control in IDBI Bank in May 2021. Currently, the government holds 45.48% in the bank, and Life Insurance Corp of India, which is currently the promoter of the bank, owns a 49.24% stake.
Wipro: Wipro has entered a collaboration with Palo Alto Networks. The expanded collaboration is to deliver managed security and network transformation solutions like SASE (secure access service edge), cloud security and next-generation SOC (security operations centre) solutions, according to reports.
Zuari Industries: Zuari Industries has reached a Memorandum of Understanding (MOU) with Envien International, Malta and Zuari Envien Bioenergy to build and operate a biofuel distillery. The company has said that it will explore the organic and inorganic business opportunities in the Indian biofuel space, according to reports.
Paras Defence and Space Technologies: Paras Defence and Space Technologies has reached an exclusive teaming agreement with 'ELDIS Pardubice' s.r.o. of the Czech Republic, according to reports. The collaboration aims to provide turnkey anti-drone systems for civilian airports in India.
