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Tata Motors-owned Jaguar Land Rover on Thursday reported a 37 per cent decline in retail sales at 78,825 units in the quarter ended June, impacted by semiconductor shortage, Covid-19 lockdowns in China and new model transition of Range Rover Sport. Sales of Jaguar brand were down 48 per cent at 15,207 units in the April-June period of 2022, while that of Land Rover were also lower by 33 per cent at 63,618 units.
British International Investment (BII), the UK's Development Finance Institution and impact investor and Mahindra & Mahindra has executed a binding agreement to invest up to ₹1,925 crore each into a wholly-owned subsidiary of M&M that will be newly incorporated (EV Co.). BII will invest up to ₹1,925 crore in the form of compulsory convertible instruments at a valuation of up to ₹70,070 crore, resulting in 2.75 per cent to 4.76 per cent ownership for BII in the EV Co. The EV Co. will focus on four-wheel (4W) passenger electric vehicles. The total capital infusion for the EV Co. is envisaged to be approximately Rs 8,000 crorebetween FY24 and FY27 for the planned product portfolio.
Newgen Software, a global provider of a low code digital transformation platform, has announced its partnership with Coforge, a global digital services and solutions provider to empower leading insurance firms, public sector organizations, and others in the US, Europe, and rest of the world.
NFTICALLY, a global Web3 E-Commerce platform, has partnered with Mafatlal Industries Limited (part of the Arvind Mafatlal Group) a leading manufacturer and supplier of textiles, garments and uniforms, for their first virtual gallery and NFT store on the metaverse platform, Comearth. The design collection features six distinct NFTs for school, hospital and corporate uniforms using 3D models for an enhanced immersive experience, making Mafatlal Industries the forerunner in the textile space.
Vedanta would be undertaking acquisition of 'Athena Chhattisgarh Power Limited, which is a 1200MW coal-based power plant located at Jhanjgir Champa district, Chhattisgarh. The Plant has 2 units of 600MW each.The Purchase Price is INR 564.67 Crore.
Dr Reddy's Laboratories Ltd has said the US health regulator has issued Form 483 with two observations after inspecting its manufacturing facility located at Srikakulam in Andhra Pradesh. "We have been issued a Form 483 with two observations, which we will address within the stipulated timeline," the company added.
Kalpataru Power Transmission has completed the acquisition of the remaining 15 per cent stake in Sweden-based engineering procurement and construction company Linjemontage i Grastrop AB for ₹11.5 million (around ₹91 crore). With this, Kalpataru Power Transmission completed the acquisition of the Swedish firm which has been engaged in power transmission and distribution, substation and O&M (Operation & Maintenance) of electricity network service.
Atomotive technology firm Pricol has entered into an exclusive partnership with France's BMS PowerSafe to manufacture Battery Management System (BMS) for electric vehicles across all segments in the Indian market.
Realty firm Unitech Ltd on Thursday said Renu Sud Karnad and Balasubramanyam Sriram, who are non-executive nominee directors, have resigned from the company's board citing professional constraints.
Alkem Laboratories Ltd on Thursday said the US health regulator has issued Form 483 with one observation after inspecting its facility at Indore in Madhya Pradesh. At the end of the inspection, the company has received Form 483 with one observation with respect to ANDA filed for the products to be manufactured at the said plant. However, there is no data integrity observation, it added. "This GMP and pre-approval inspection is part of the routine business operations and the company shall submit to USFDA within the stipulated timeline, a detailed response to close out the said observation," the company said.
Results (June quarter) Calendar: TCS, Kohinoor Foods, Morarka Finance and Spectrum Foods. MMTC and Brahmaputra Infrastructure will meet for March quarter results
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