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Datamatics Global Services Ltd's subsidiary, Lumina Datamatics Ltd, will acquire a 100% stake in Chennai-based TNQ Tech Private Ltd for Rs 336 crore. The deal will occur in two phases, with an 80% stake acquired by December 31, 2024, and the remaining 20% by July 31, 2026, contingent on performance metrics. This acquisition enhances Datamatics' position in the digital publishing sector and expands its global workforce to over 6,500 employees.
The Life Insurance Corporation (LIC) aims to generate five times the Rs 840 crore stipend cost from the Bima Sakhi scheme, launched in Panipat. Chairperson Siddhartha Mohanty announced plans to enroll 1 lakh women in the first year, with each receiving a monthly stipend of Rs 7,000. Despite regulatory changes, LIC expects to maintain its 60 percent market share.
India has appointed Revenue Secretary Sanjay Malhotra as the new governor of the Reserve Bank of India, succeeding Shaktikanta Das. Malhotra takes charge during a critical period as the country grapples with rising inflation and aims to maintain economic growth, with the central bank recently holding interest rates steady at 6.5%. He faces challenges including a governmental push to relax guidelines affecting state-controlled banks amid concerns over economic performance.
Experts are calling for stricter regulations in the SME IPO sector, highlighting the need for lock-in clauses and higher entry barriers to protect small retail investors. With 225 SMEs raising ₹8,212 crore through IPOs, there are concerns about the risks involved, prompting suggestions to limit participation to accredited investors only.
India has appointed Sanjay Malhotra, a seasoned bureaucrat and current revenue secretary at the Ministry of Finance, as the new governor of the Reserve Bank of India. He will assume his role for a three-year term starting December 11, concluding weeks of speculation regarding the leadership of the central bank in the rapidly growing economy.
Vodafone Idea's board has approved a preferential issue to raise up to Rs 1,980 crore by issuing 176 crore shares at Rs 11.28 each. The funds will be allocated to Omega Telecom for Rs 1,280 crore and Usha Martin Telematics for Rs 700 crore, both Vodafone Group entities. This issue price reflects a nearly 40% premium over the company's recent share price of Rs 8.11.
Tata Motors will increase passenger vehicle prices by up to 3% starting January 2025, citing rising input costs and inflation. This price hike will vary by model and variant. Other automakers, including Maruti Suzuki, Hyundai, and luxury brands like Mercedes-Benz and Audi, are also raising prices next month.
The Reserve Bank of India (RBI) has introduced the secured overnight rupee rate (SORR) to establish a benchmark for secured money markets. This new benchmark will be derived from transactions in the market repo and tri-party repo (TREP) segments, following recommendations and feedback regarding the Mumbai Interbank Offer Rate (MIBOR).
Emerald Tyre Manufacturers' IPO has seen an extraordinary subscription rate of over 458 times on its final day, with investors applying for 170.61 crore equity shares against an offer size of 37.21 lakh shares. The company aims to raise Rs 49.26 crore through a fresh issue and an offer-for-sale. Non-institutional and retail investors led the surge, subscribing 882.7 times and 510.2 times their quotas, respectively, while qualified institutional buyers subscribed 191.14 times.
India's copper demand surged by 13% to 1,700 kilo tonnes in FY24, driven by robust infrastructure development and building construction, according to the International Copper Association India. This growth, which follows a 21% annual increase post-Covid, is expected to continue as investments in these sectors rise, contributing significantly to GDP.
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