Friday, November 22
Ratan Tata, former chairman of the Tata Group, passed away at 86 in Mumbai. Renowned for his visionary leadership and philanthropy, Tata significantly expanded the conglomerate over his tenure. Industry leaders, including Mukesh Ambani, paid heartfelt tributes to his legacy.
In 1991, Ratan Tata took over as the chairman of the Tata Group from his uncle, JRD, who had been in charge for more than half a century. Ratan Naval Tata, a titan of industry, passed away at the age of 86.
India produces one out of every three tablets globally, ranks third in pharmaceutical volume. Minister Jitendra Singh highlights the importance of biotech and bio-manufacturing in future industrial revolutions, emphasizing government initiatives and investments for growth, including the ANRF's role in advancing industry-academia collaborations.
Mercedes-Benz India warns that potential GST rate hikes on EVs above Rs 40 lakh could deter investment and employment, slow EV adoption, and negatively impact sales. Increased GST on fully-built imports, already heavily taxed, may reduce demand and be revenue-neutral or negative for the government.
Garuda Construction's IPO saw strong demand with a subscription of 4.10 times by the second day, raising Rs 75 crore from anchor investors. Retail investors' portion was subscribed 6.73 times. The IPO, with a price band of Rs 92-95 per share, aims to raise Rs 264 crore for working capital and corporate purposes.
HDFC Life Insurance plans to raise Rs 1,000 crore through non-convertible debentures to fund business growth. The debentures, with a 10-year tenure and an 8.05% coupon rate, are unsecured and non-cumulative, and will be listed on the NSE’s Wholesale Debt Market.
RBI governor Shaktikanta Das announced enhancements to UPI transaction limits, boosting the per transaction limit for UPI 123Pay and increasing the UPI Lite wallet limit.
Hyundai Motor India’s IPO will be open from October 15-17, marking the largest public issue in India's history. Set at Rs 1,865-1,960 per share, the IPO aims to raise up to Rs 27,856 crore.
Realtors' body Credai urges the Reserve Bank of India (RBI) to cut key interest rates to boost housing demand during the festive season. Credai National President Boman Irani and Naredco President G Hari Babu suggest a rate cut in the next MPC meeting to stimulate economic growth and increase real estate investments.
