Thursday, August 27
The Competition Commission of India (CCI) greenlit on Tuesday ITC Limited’s acquisition of the paper and pulp manufacturing business of Aditya Birla Real Estate Limited (ABREL), clearing a key regulatory hurdle for the Rs 3,498-crore transaction.The approval covers the proposed transfer of ABREL’s pulp and paper undertaking at Lalkuan in Uttarakhand to ITC through a business transfer agreement. The divestment plan had been cleared by ABREL’s board in March this year and is now set to move into the execution phase following the antitrust watchdog’s clearance.Aditya Birla Real Estate had said earlier that the sale will allow the company to channel resources towards expanding its core real estate business. Managing Director R.K. Dalmia described the divestment as a strategic portfol
ICICI Prudential Asset Management Company’s initial public offering (IPO) has garnered tremendous investor interest, reflecting strong market confidence in the firm. On the third and final day of bidding, the IPO was subscribed 39.17 times, with investors placing bids for 137.14 crore shares against an offer of 3.50 crore shares, indicating robust demand across all investor categories.The Qualified Institutional Buyers (QIBs) led the frenzy, oversubscribing their allocation by 123.87 times. Meanwhile, the grey market premium (GMP) has held steady at around Rs 14 per share, signaling continued optimism among investors ahead of the stock’s listing.ICICI Prudential AMC IPO GMP today:The ICICI Prudential AMC IPO is currently commanding a grey market premium (GMP) of about Rs 302, implying
Ford Motor said on Monday it will take a $19.5 billion writedown and is killing several electric-vehicle models, in the most dramatic example yet of the auto industry's retreat from battery-powered models in response to the Trump administration's policies and weakening EV demand. The Dearborn, Michigan-based company said it will replace the fully electric F-150 Lightning with a new extended-range electric model that uses a gas-powered engine to recharge the battery. The company is also scrapping a next-generation electric truck, codenamed the T3, as well as planned electric commercial vans. "When the market really changed over the last couple of months, that was really the impetus for us to make the call," Ford CEO Jim Farley told Reuters in an interview. Ford said it will pivot hard into
