Tata Sons is set to divest a 0.65 per cent stake in its flagship Tata Consultancy Services (TCS) on Tuesday in the open market, according to a term sheet. It will offload 23.4 million shares at a floor price of Rs 4,001.

The base price, which is 3.7 per cent lower than the TCS stock’s last close, will enable Tata Sons to raise Rs 9,362 crore ($1.13 billion). JP Morgan and Citi are the investment banks handling the share sale.

British American Tobacco Plc. started a £1.6 billion ($2 billion) buyback program after selling part of its stake in India’s ITC Ltd.

The maker of Lucky Strike cigarettes, Vuse vapes and Velo nicotine pouches said Monday that net proceeds of the ITC stake sale totaled £1.57 billion and that it will buy back as much as £1.6 billion of its own shares this year and next.

In a third tongue-lashing to the State Bank of India, the Supreme Court on Monday told it to stop being "selective" and make "complete disclosure" of all details related to the electoral bonds scheme by March 21.

The apex court said the details to be disclosed include the unique bond numbers that would reveal the link between the buyers and the recipient political parties.

The Supreme Court (SC) has dismissed the bail plea of Aam Aadmi Party (AAP) leader Satyendar Jain, directing him to surrender immediately.

The decision came after a bench comprising Justices Bela M Trivedi and Pankaj Mithal reserved its judgment on January 17, following arguments presented by senior advocate Abhishek Singhvi, representing Jain, and Additional Solicitor General S V Raju, representing the Enforcement Directorate (ED).

Shares of Anup Engineering surged 15 per cent on BSE to Rs 3,115 in Monday’s intra-day trade after the company announced its board will meet on Wednesday, March 20, 2024, to consider a maiden bonus issue. The stock of the industrial products company had hit a 52-week high of Rs 3,168 on February 9.

Since April 2023, so far in the financial year 2023-24, the stock price of Anup Engineering more than doubled or zoomed 110 per cent.

Prime Minister Narendra Modi will hold a roadshow here on Monday, days after Madras High Court green-flagged the event, asking the police to allow it with reasonable conditions.

The PM will take out the roadshow in the city's Mettupalayam Road and is likely to end it at RS Puram later today. This will be his first political engagement in the state after the announcement of the seven-phase schedule of the Lok Sabha polls.

The government's earnings from dividends paid by non-financial central public sector enterprises (CPSEs) and entities in which it holds minority stakes have reached an all-time high of Rs 61,149 crore, according to a report by the Economic Times (ET), based on finance ministry data. This figure represents a remarkable 22 per cent increase over the revised estimate for the financial year 2023-24, with almost two weeks remaining in the current financial year.

The Department of Investment and Public Asset Management (Dipam) has recorded total receipts of Rs 75,886 crore, comprising both disinvestment proceeds and dividend collections.

National Cooperative Export Ltd (NCEL), the government's export agency, has announced plans to purchase 1,650 tonnes of onions from private traders at Rs 29/kg for export to Bangladesh, according to a report by The Economic Times (ET). This move marks the first official export of onions from India in over three months, following the government's ban on exports from December 8 to March 31.

In the first week of March, the Centre permitted the export of 64,400 tonnes of onions to countries that had made formal requests through diplomatic channels.

Adani group plans to invest more than Rs 1.2 trllion (about $14 billion) across its portfolio companies that range from ports to energy, airports, commodities, cement and media in fiscal year starting April 1, as it doubles down on its $100 billion investment guidance over the next 7-10 years to grow businesses, sources said.

The projected capital expenditure or capex for 2024-25 (April 2024 to March 2025) fiscal is 40 per cent higher than what the portfolio is estimated to have incurred in FY24.

The Reserve Bank of India (RBI) on Thursday conducted an overnight variable rate reverse repo (VRRR) auction as banking system liquidity improved owing to government spending.

The weighted average money market rate fell to 6.32 per cent, dealers said.

Banks parked Rs 39,670 crore against a notified amount of Rs 50,000 crore at a weighted average rate of 6.48 per cent.

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