Salzer Electronics incorporated a joint venture Salzer Emarch Electromobility to make electric conversion kits for auto-rickshaws, cars and buses and also manufacture novel electric driven utility vehicles. The new JV was incorporated with the objective of manufacturing electric conversion kits for auto-rickshaws, cars and buses and also manufacture novel electric driven utility vehicles.

Vakrangee Limited renewed its deal with the Indian Bank to offer BC banking and end to end Financial Inclusion (FI) services for “Pan India” at Vakrangee Kendra outlets. Vakrangee turned out as one of the leading Financial Inclusion players with more than 13,000 Banking BC points and the 4th Largest ATM operator in Rural India with more than 5,400+ ATMs.

Due to a record-breaking run in heavyweight companies including Reliance Industries, benchmark indices hit new record highs on Friday. Sensex ended at 58129.95, while the Nifty 50 closed at 17323.60 on September 03. Rally in Reliance Industries comes on the heels of its acquisition of Just Dial. The company also became the first firm to be valued at more than Rs 15 lakh crore.

Indiabulls Housing Finance will introduce a public issue of bonds next week to raise up to Rs 1,000 crore. The public issue is of secured/and or unsecured, redeemable, non-convertible debentures of the face value of Rs 1,000 each, Indiabulls Housing said in a release. The tranche I issue will open on September 6 and close on September 20, 2021.

Koo, on September 3, appointed former redBus executive Phaneesh Gururaj as President of Technology, to lead the engineering and innovation team at the company. Prior to joining Koo, Gururaj led Engineering and Product teams at redBus and was part of the company since April 2014. Along with Phaneesh, the technology team will consist of Badri Narayan who will serve as VP of Engineering.

Udaan filed an antitrust complaint against biscuit manufacturer Parle for alleged abuse of the latter’s dominant position in the market. In its complaint, Udaan claimed that it is facing a competitive setback due to Parle refusing to directly supply its highly demanded products “without any objective justification”. Parle is the dominant brand in the glucose biscuits market in India.

Snapdeal is exploring garnering around $400 million through an initial public offering (IPO). The SoftBank-backed e-tailer is in discussions with advisers about a potential listing that could value the company at $2.5 billion. However, the talks are still in the preliminary stage, and the Gurugram-based company may choose not to go ahead with the plan.

Jindal Steel and Power Limited (JSPL) shareholders, on Friday, nodded to the agreement to offload a 96.42% stake in its arm Jindal Power for Rs 7,401 crore to its promoters owned firm Worldone. Out of total consideration, Rs 3,015 crore will be payable by cash, and the balance Rs 4,386 crore will be paid by way of assumption and takeover of liabilities and obligations of JSPL.

Bank of Maharashtra (BoM) is looking forward to crossing Rs 3 lakh crore in total business soon on the back of the improved economic sentiment. The state-owned lender has been a performer in various key parameters, including deposit mobilisation, credit growth, recovery, risk management etc, BoM managing director and CEO A S Rajeev announced.

Rossari Biotech has completed acquisition of the first tranche of 76% of Tristar Intermediates Pvt Ltd ("Tristar"). Rossari announced that "....Tristar Intermediates Pvt Ltd ("Tristar"), and the existing shareholders of Tristar, the Company has completed the acquisition of the First Tranche of 76% of the total equity share capital (on a fully diluted basis) o fTristar on Wednesday, Sept 01, 2021."

Norway's $1.4 trillion wealth fund has removed India's top oil producer Oil and Natural Gas Corp from its portfolio due to concerns over the company's business in South Sudan, the fund announced. The world's largest sovereign fund also excluded three Israeli firms, Elco, its subsidiary Electra and Ashtrom because of their links to Israeli settlements in the West Bank.

Jammu & Kashmir Bank's Board nodded to the raising of equity shares capital to the tune of Rs2,000cr via multiple mediums and in tranches. The board approved fundraising up to Rs1000cr in one or more tranches via Rights Issue/ Preferential Allotment/Private Placement/Qualified Institutional Placement (QIP). Further, the board approved fundraising of Rs1000cr by NCDs.

Reliance Industries plans to produce or enable capacity to generate at least 100 gigawatts of electricity from renewable sources by 2030, which can be converted into carbon-free green hydrogen, its chairman Mukesh Ambani announced on Friday. The Reliance chief also outlined a 1-1-1 vision to bring down the cost of hydrogen to under USD 1 per 1 kg in 1 decade.

CRISIL Ratings modified its rating outlook on the long-term debt instrument of UCO Bank to 'Positive' from 'Stable' while reaffirming the 'CRISIL A+’ rating and has reconfirmed its ‘CRISIL A1+' rating on the short-term debt instrument. The rationale behind the revision factors in the better-than-expected performance of the bank in the past few quarters. 

Tata Steel-led Tata Steel Foundation secured the BRICS Solutions for SDGs Award in 2021. The Foundation’s one of the most coveted initiatives, Maternal and Newborn Survival Initiative (MANSI), is declared as the winner in SDG 3: Good Health and Well Being category. The BRICS Solutions for SDGs Awards 2021 recognises initiatives aimed at achieving SDGs, especially through innovative solutions.