Taiwan's Foxconn said on Monday it is pulling out of a joint venture (JV) with metals-to-oil conglomerate Vedanta Ltd that was set up to produce semiconductors from India, according to news agency Reuters.

"Foxconn is working to remove the Foxconn name from what now is a fully-owned entity of Vedanta," the electronics manufacturer said in a statement.

Shares of Olectra Greentech hit a new high of Rs 1,408.85, as they rallied 14 per cent on the BSE in Monday’s intra-day trade amid heavy volumes. The stock of electric-bus manufacturer was quoting higher for the third straight day, zooming 43 per cent during the period after the company bagged contract worth Rs 10,000 crore from Maharashtra State Road Transport Corporation (MSRTC).

Shares of Reliance Industries (RIL) surged nearly 4 per cent to Rs 2,728.35 on the BSE in Monday’s intra-day trade after the company fixed July 20, 2023 as the record date to determine shareholders entitled to receive shares in its new financial services entity.

Under the arrangement, shareholders of RIL will get one share each of Reliance Strategic Investment (RSIL) for every one share held in RIL as of the record date. Reliance Strategic Investment will be demerged and later renamed and listed as Jio Financial Services.

The Calcutta High Court on Monday allowed senior Congress leader Adhir Ranjan Chowdhury to file a petition seeking compensation to victims of panchayat poll violence in West Bengal and an investigation into it by an independent agency.

Submitting personally before the bench presided by Chief Justice TS Sivagnanam, Chowdhury, the state Congress president, alleged that entire West Bengal was ravaged by unprecedented violence during the elections held on July 8.

Mahindra & Mahindra is in talks with British International Investment (BII) and some other investors to raise Rs 5,000 crore for its electric vehicles (EV) unit, The Economic Times (ET) reported on Monday.

If the deal goes through, it will be BII's second round of investment in India's biggest sports utility vehicle maker by revenue. Its earlier fund infusion was done at a valuation of Rs 70,070 crore. The new deal is expected to value the company at 10-15 per cent more than that.

Billionaire Gautam Adani has raised USD 1.38 billion (Rs 11,330 crore) through stake sale in three group companies, taking the total capital raised over four years to USD 9 billion as the conglomerate draws interest from a cross-section of investors.

In a statement, the ports-to-energy conglomerate said it "is committed to raising capital to fulfill its 10-year roadmap of the transformative capital management program, which was formulated in 2016 to execute the plans for various portfolio companies."

Indian Oil Corp (IOC) would raise up to Rs 22,000 crore ($2.66 billion) through a rights issue of shares, the state-owned refiner said on Friday.

Last month, Reuters reported that the Indian government had kicked off its plan to fund energy transition projects of three big state refiners “IOC, Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL)” in exchange for equity.

Andhra Pradesh Governor S Abdul Nazeer and Chief Minister Y S Jagan Mohan Reddy paid rich tributes to former CM Y S Rajasekhar Reddy on his 74th birth anniversary, which is observed as Rythu Dinotsavam' (Farmer's Day), on Saturday.

The Governor said Rajasekhar Reddy had endeared himself to the masses by introducing several pro-poor welfare schemes and made notable reforms in the agricultural sector.

The Central Bureau of Investigation (CBI) on Friday arrested three railway officials in connection with the triple train collision in Odisha last month that resulted in the death of nearly 300 people.

The central probe agency arrested Arun Kumar Mahanta, senior section engineer, Mohammad Amir Khan, section engineer, and technician Pappu Kumar, all posted in Balasore district, officials said.

Vedanta Ltd on Friday said it will acquire the semiconductor and display businesses from sister concern Twin Star Technologies Ltd.

The new structure will make Vedanta India's first company in Integrated Semiconductor and Display Fab Business.

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