Business

Mumbai: Mahindra & Mahindra (M&M), led by Anand Mahindra, has sold its entire 3.53% stake in RBL Bank, realizing a total deal value of ₹678 crore. The sale comes nearly two years after M&M had initially invested in the bank, yielding a remarkable 62.5% return on their investment. Strategic InvestmentM&M had purchased its stake in RBL Bank on 26 July 2023, investing ₹417 crore. In a regulatory filing, the company stated:"We wish to inform you that the company has sold its entire stake in RBL Bank today for ₹678 crore, resulting in a 62.5% gain on our investment." Market ReactionFollowing the announcement, M&M shares rose 1.84% to ₹3,647.50 on the BSE at noon on Thursday. RBL Bank shares also responded positively, climbing 1.06% to ₹327.45 during the same period. ...

New Delhi: Adani Power Limited, a flagship company of the Adani Group, is expected to witness a significant uptick in its share price in the coming months. Global brokerage firm Morgan Stanley has projected a potential 17% rise, with the stock possibly reaching ₹185 per share. The firm has maintained its “Overweight” recommendation on Adani Power, citing multiple growth catalysts for the company in upcoming quarters. 1. Coal Remains CrucialCoal continues to play a vital role in India’s energy security, especially in meeting peak evening electricity demand. Adani Power, India’s largest independent power producer (IPP) and the second-largest thermal power developer after NTPC, currently holds an 8% market share in coal-based power generation capacity and output. 2. Rising Market ShareM...

New Delhi: Anil Ambani, younger brother of Mukesh Ambani and chairman of the Reliance ADAG Group, faces renewed challenges as the Enforcement Directorate (ED) has summoned him for questioning in a money laundering case. The summon has been issued for November 14. This development comes shortly after the ED provisionally seized over 132 acres of land at Dhirubhai Ambani Knowledge City in Navi Mumbai, valued at ₹4,462.81 crore, under the Prevention of Money Laundering Act (PMLA). Earlier Asset SeizuresEarlier, the ED had seized 42 properties linked to Reliance Communications Limited (RCOM), Reliance Commercial Finance Limited, and Reliance Home Finance Limited in connection with bank fraud cases. The total valuation of these properties exceeded ₹3,083 crore, bringing the cumulative sei...

** New Delhi: Amid the ongoing U.S. government shutdown, Indian tech leaders have raised serious concerns over the country’s growing dependence on American technology. Sridhar Vembu, founder of Zoho, warned that a sudden disruption in access to platforms like Google, Facebook, Instagram, X, and ChatGPT could severely impact India’s digital infrastructure. He has appealed for a 10-year “National Mission for Tech Resilience” to reduce dependency and strengthen domestic capabilities. Vembu’s warning comes at a time when nations are increasingly leveraging their technological strengths as strategic tools. Just as China has used control over rare earth materials to assert global influence, reliance on U.S. tech giants poses similar vulnerabilities for India. Industry Voices Raise Alarm...