The government will sell up to 20% stake in Indian Railway Catering and Tourism Corporation (IRCTC) through an offer for sale (OFS) on Thursday to raise Rs 4,374 crore. The OFS price was set at Rs 1,367 per share, a 15.5% discount to Wednesday’s closing price of Rs 1,618. Through the OFS, the government has proposed to sell 2.4 crore shares, constituting 15% paid-up share capital of the company.

Reliance Jio is working with Realme and other organisations to further lower the price of 4G handsets and other connected devices, a senior company official said on Wednesday. Sunil Dutt, Reliance Jio’s president for devices and mobility, said there is a need to provide affordable devices so that people still using 2G handsets can upgrade to 4G and 5G.

Social networking website Facebook’s India business has reported a 29% increase in net profit and 43% jump in revenues for the financial year (FY) ended March 31, 2020, from the preceding FY. FY20 profit stood at Rs136cr up from Rs 105cr in FY19, the revenues increased to Rs1,277 cr. The expenses for the social media giant, which has India as its biggest market, also shot up from Rs736cr in FY19.

The plastics processing industry on Wednesday alleged that prices of raw materials have increased exponentially in the last three months, disrupting operations of several units. President of Indian Plastics Federation (IPF) Ramesh Rateria said the prices have increased between 30% and 120% in various grades of polymers, which is having an adverse impact on the processing industry.

Mahindra and Mahindra (M&M) on Wednesday said it has increased stake in its Finland-based arm Sampo Rosenlew Oy to 79.13% with the acquisition of additional 1,050 shares for Rs 31.15 crore. Sampo Rosenlew is a leading player in combine harvesters’ market, well-known for mid-sized combine harvesters in the markets of Europe, Eurasian countries and North Africa.

Carl Pei, the co-founder of OnePlus who left the company two months ago, has raised $7 million from a roster of high-profile investors for his new hardware venture. Pei remains tight lipped on what this new venture would be about, or what it is even called, but said he would talk more about it next year. A source familiar with the matter told that the venture will focus on audio-related hardware.

There were few opportunities that 2020, ravaged as it has been by COVID-19, threw up for the Indian aviation sector. But every time it did, SpiceJet was probably the first off the blocks to latch on to it. The Ajay Singh-owned airline was probably the busiest this year, flying cargo and charters, making ventilators and starting a cold storage transportation service.

Applications of the Serum Institute of India (SII) and Bharat Biotech seeking emergency use authorisation for their COVID-19 vaccine candidates were not considered due to "lack of safety" and inadequate data on efficacy, CNBCTV18 sources said on December 9. According to the sources, both proposals are not approved due to inadequate safety and efficiency data available currently.

Titagarh Wagons Limited informed that the company received in-principle listing approval from the Stock Exchanges on November 27, regarding amalgamation of Cimmco Limited and Titagarh Capital Private Limited (TCPL) with the company. They have promptly submitted the corporate action applications to the Depositories- ‘NSDL’ and ‘CDSL’, for the credit of the subject shares into shareholders account.

The legal wrangle between Tata Sons and Mistry-family is continuing in the Supreme Court over the latter's stake in the Tata group. Senior counsel Harish Salve, representing the Tata Group, on December 9 disputed the mismanagement allegations, stating that the valuation of SP Group's stake in Tata Sons rose from Rs 1 lakh crore in 2017 to Rs 1.75 lakh crore in 2020.

The Reserve Bank of India (RBI) on December 9 proposed draft rules for non-banking financial companies (NBFCs) to declare dividend. According to the circular, deposit taking NBFCs and systemically important non-deposit taking NBFCs should have Capital to Risk (Weighted) Assets Ratio (CRAR) of at least 15% for last 3 years, including the accounting year for which it proposes to declare dividend.

The European Central Bank is expected to unleash another blast of stimulus on Thursday to help businesses bridge the gap until the economy recovers from the pandemic – and to support governments that are ramping up spending to cushion the blow as the winter wave of the virus worsens. The bank could add a half-trillion euros or more to its existing bond purchases.

Max Financial Services Ltd (MFSL) on Wednesday said it has concluded the swap of Mitsui Sumitomo Insurance Company's (MSI) 20.57 per cent stake in Max Life Insurance Company Ltd (Max Life) with 21.87 per cent stake in MFSL. MFSL has allotted 7.54 crore equity shares of Rs 2 each constituting 21.87 per cent of the paid-up share capital to MSI, on a preferential allotment basis, a release said.

Maruti Suzuki India Limited today launched the Smart Finance service for NEXA customers across 30 cities. With the launch of ‘Smart Finance’, Maruti Suzuki has become India’s first OEM to offer an online, end-to-end, real-time car finance service facility. It aims to simplify and digitalise the customer’s car-buying journey with a bouquet of financing options.

RBL Bank has partnered ICICI Prudential Life Insurance to offer an array of life insurance products to its customers, the companies said in a joint statement on December 9. The alliance will enable over 8.7 million customers of RBL Bank to access and seamlessly purchase customer-centric protection and long-term savings products of ICICI Prudential Life Insurance.