Biocon Biologics completes acquisition of Viatris Inc
The acquisition provides Biocon Biologics with direct commercial capabilities and supporting infrastructure in the advanced markets and several emerging markets, bringing it closer to patients, customers and payors, the company said. With this acquisition, Biocon Biologics emerges as a world-leading biosimilars player with eight commercialised products.
Alibaba to sell shares worth $200 mn in Zomato: Report
According to CNBC Awaaz, citing sources, Ant Financial and Alipay would bring down their stake in the Deepinder Goyal-run food delivery unicorn to about 10 per cent from the current 13 per cent. "The block deal is said to happen at a discount of about 5-6 per cent," said the report.
PM Modi expresses happiness on rising mobile phone exports
Mobile phone exports raced past the $5 billion-mark within seven months. This is more than double of $2.2 billion that India clocked in the same period last year. On a tweet by Minister of State for Information Technology and Electronics, Rajeev Chandrasekhar, the Prime Minister replied, "India continues to make strides in the world of manufacturing."
SIA gets 25.1% stake in an enlarged Air India group
SIA and Tata aim to complete the merger by March 2024, subject to regulatory approvals. Following the transaction that was announced on Tuesday, Singapore Airlines Limited (SIA) will immediately acquire a strategic stake in an entity that is four to five times larger in scale compared to Vistara.
RBI's pilot project on digital rupee to be launched on Dec 1
The pilot would cover select locations in closed user group (CUG) comprising participating customers and merchants, a statement issued by RBI said. The ea,-R would be in the form of a digital token that represents legal tender. It would be issued in the same denominations that paper currency and coins are currently issued.
Indian stock markets touch new heights for 2nd day
The Sensex of BSE on Tuesday touched a record high of 62,877.73 points after opening at 62,362.08 points and touched a low of 62,362.08 points during the day. The Sensex closed at 62,681.84 points, up by 177.04 points. On Monday, the Sensex had closed at 62,504.80 points after hitting an all time high of 62,701.40 points.
Tata Group to consolidate Air India and Vistara
Vistara shall be merged with Air India post receipt of requisite approvals. As part of the merger transaction, SIA shall also invest Rs 2,059 crore in Air India. Post the consolidation, SIA shall hold 25.1 per cent shareholding in Air India. The transaction is estimated to be completed by March 2024.
Myntra to host its 1st-ever Creator Fest on Dec 2 in presence of fashion, beauty influencers
The much-anticipated event will celebrate and recognise India's popular and much-loved content creators in the space of fashion and beauty, ahead of Myntra's 17th edition of 'End of Reason Sale' (EORS).
Credit card bill payment platform Cred acquires CreditVidya
"Expanding access to credit is a key driver for financial progress. CreditVidya's patented tech stack uncovers signals of trust among under-served cohorts. We look forward to supporting them in powering an inclusive credit ecosystem," said Kunal Shah, Founder, Cred. Cred and CreditVidya will continue to operate independently.
Most rated Cos have buffer to manage rupee depreciation: Moody's
According to Moody's 11 of the 22 rated India-based companies either have natural or a combination of financial and natural hedges that mitigate their exposure to rupee weakness. For these companies, a large proportion of their revenues and costs are denominated in US dollars, which protects them from any adverse currency movements.