HDFC Asset Management: HDFC Asset Management Company (AMC) on Tuesday said one of the company promoters, abrdn Investment Management, will sell its entire 10.2% stake in the mutual fund. Consequent to the stake sale, the investment firm and promoter abrdn Investment Management will cease to be a co-sponsor of HDFC Mutual Fund, the company said in a BSE filing. Of the total, the UK-headquartered company is aiming to sell 2,11,18,578 shares, representing 9.9% to a single buyer. The rest will be sold separately, the asset management firm said.
Vedanta: It further said the government and the central bank would also consider relaxing the five-year lock-in period for shares if a non-banking financial company is merged into IDBI Bank. The oil-to-metals conglomerate will offer "rated, unsecured, redeemable, non?cumulative, non?convertible debentures" in one or more tranches, the company informed the stock exchanges.
PTC India: The board of directors of PTC India has again been rocked by a series of resignations with BSE chairman S. S. Mundra being the latest to step down from the board of the state-run power trading company, said two people with knowledge of the developments. Former secretary of the finance ministry Sushma Nath was the first to resign in the last week of November. Former principal chief commissioner of income tax, Mumbai, Devendra Swaroop Saksena and Jayant Purushottam Gokhale, founder of Gokhale & Sathe, resigned from the board this month.
Bikaji Foods International: The ethnic snacks company has reported a 43.5% YoY growth in consolidated profit after tax of Rs 40.92 crore. The increase in profit is led by operating performance. Revenue for the quarter grew by 32% to Rs 577 crore compared to the year-ago period as it has witnessed a good double-digit growth in all categories YoY. EBITDA margin increased from 10.4% to 11.1% in the same period.
IDBI Bank: According to a government clarification on Tuesday, the Central Government will be allowing a consortium of foreign funds and investment companies to own over 51% in state-owned IDBI Bank Ltd. The current Reserve Bank of India (RBI) rules restrict foreign ownership in new private banks. It further said the government and the central bank would also consider relaxing the five-year lock-in period for shares if a non-banking financial company is merged into IDBI Bank.
Siemens India: Engineering firm Siemens has emerged as the lowest bidder for a project for manufacturing 1,200 electric locomotives of 9000 HP (horsepower) worth over Rs 20,000 crore at Dahod in Gujarat. Indian Railways had floated the tender for manufacturing and maintenance of 9,000 HP electric locomotives at Dahod in April this year. The cost of the project was estimated at around Rs 20,000 crore.
HPCL: India's state-run Hindustan Petroleum Corp. issued a prompt tender for the import of 40,000 tonnes of non-oxygenated 91 RON gasoline for delivery on Dec. 11-25. The tender closes on Tuesday said market sources according to the news agency Reuters. The refiner had earlier sought 40,000-55,000 tonnes of non-oxygenated gasoline for delivery during Dec. 20-30 via another tender that closed on Dec. 1.
Vodafone Idea: Vodafone Idea has initiated discussions with American Tower Corp to extend the preferential issue of optionally convertible debentures to the tower provider after Vodafone Idea's shareholder approval for the issuance lapsed. The issuance was contingent on the conversion by the government of interest from deferment of adjusted gross revenue and spectrum dues of Rs 16,000 crore owed by the company into equity shares, which has not taken place, the No 2 carrier told exchanges on Tuesday.
Dish TV: Direct-to-Home operator Dish TV on Tuesday announced the appointment of three new independent directors to the board of the company, which is the first major appointment after the departure of its former promoter-backed chairman Jawahar Lal Goel. Besides, the company also announced the resignation of Rajeev Kumar Dalmia, its executive director, from the board with effect from the close of business hours on Tuesday, Dish TV said in a regulatory filing.
Hinduja: Hinduja Tech, part of the diversified business conglomerate Hinduja Group has acquired Drive System Design for an 'undisclosed sum' to expand its eMobility services from development to production, the company said on Tuesday. Drive System Design is an engineering consultancy firm known for developing innovative solutions for electrified propulsion systems. Currently, Drive System Design provides advanced engineering to automotive, commercial vehicle, off-highway, and aviation industries in the United Kingdom, the United States and Asia.