The Finance Minister Nirmala Sitharaman is scheduled to meet the chiefs of public sector banks (PSBs) on Thursday in what will be their first review meeting after the 2022-23 financial results.

From posting a total net loss of Rs 85,390 crore in 2017-18, the PSBs have come a long way, to post a profit of Rs 1,04,649 crore in 2022-23. State Bank of India (SBI) accounted for nearly half the total earnings.

The sixth largest IT company LTI Mindtree will replace HDFC in the Nifty-50 index on July 13. A decision to this effect was taken at the board meeting of Index Maintenance sub-committee (Equity) of NSE Indices on Tuesday, following the proposed merger of HDFC with HDFC Bank.

BHEL has extended its gas turbines tech agreement with General Electric Tech GmbH Switzerland.

Aurobindo Pharma Ltd (along with its subsidiaries, together referred to as “Aurobindo”) has announced that the breast cancer biosimilar product, BP02 (Trastuzumab or biosimilar to Herceptin), developed by its wholly-owned subsidiary, Curateq Biologics Pvt Ltd, has met its primary endpoint in a Phase-3 clinical trial. BP02 has shown equivalent efficacy to Herceptin in regard to its clinical response (overall response rate, ORR), in addition to demonstrating a comparable safety profile.

Also read: Market report. Sensex, Nifty to open with positive bias but on flat note

Singapore’s sovereign wealth fund GIC will acquire a 74 per cent stake in Genus Power & Infrastructure’s new smart metering solutions venture for $2 billion (over ₹16,000 crore). Jaipur-based Genus Power, a leading manufacturer of smart electricity meters, is part of the $400-million Kailash Group. It has two business divisions -- metering solutions and an EPC segment -- providing a complete range of services to the power sector.

Stelis Biopharma Ltd (Stelis or Company), an emerging biopharmaceutical Contract Development and Manufacturing Organisation (CDMO) and the biologics arm of Strides Pharma Science Ltd has announced that it has entered into a binding term sheet with Syngene International Ltd to divest its multi-modal manufacturing facility at Bommasandra Industrial Area, Bengaluru, India (Unit 3 facility). Syngene will acquire Unit 3 on a slump sale basis for a gross value of ₹702 crore.

Samvardhana Motherson International Ltd on Tuesday said it will acquire an 81 per cent stake in the four-wheeler business of Yachiyo Industry, a Honda Motor subsidiary. The company has entered into a partnership with Honda Motor under which it will form an 81:19 strategic partnership with the latter, where both partners will drive the company towards a strong and sustainable future and be fully prepared for next-generation products and technologies, Samvardhana Motherson International Ltd (SMIL) said in a statement.

The Indian Oil Corporation board will meet on July 7 to consider a rights issue. The fund raising is to meet its capital expenditure plan, the PSU oil major said in a disclosure to the exchanges.

Suzlon Energy on Tuesday said the board would consider a proposal to raise capital on July 7.

Bandhan Bank’s Chief Financial Officer (CFO) and Key Managerial Personnel (KMP), Sunil Samdani, has submitted his resignation to “explore professional opportunities outside the bank”. His last working day would be September 30, 2023, the bank said in a notification to stock exchanges on Tuesday.

Precision Camshafts has said the 15 MWp Captive Solar Power Plant installed at Mangalwedha, Solapur is now in operation. The plant will not only reduce the cost of electricity required for production, but also help the in generation of Green Energy and reducing the carbon footprint.

The board of Pro Fin Capital Services has approved a proposal to raise funds of up to ₹50 crore by way of a preference / rights issue. The terms of the issue as well as mode of the issue will be decided by the board later.

Macrotech Developers Ltd (Lodha) achieved its best ever Q1 pre-sales performance of Rs 3,350 crore in Q1 FY2023-24, showing a growth of about 17 per cent on a YoY basis, in line with our guidance of 20 per cent full-year sales growth.

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