The consolidation in the cement sector has picked up pace with JSW Cement closing in on India Cements' Madhya Pradesh unit and the Adani group all set to buy Jaypee's cement units.

Banking sources said JSW group is also close to acquiring India Cements' Rajasthan unit and had pipped Ultratech by making a better offer.

Uttar Pradesh Chief Minister Yogi Adityanath announced a three-day state mourning as a mark of respect to Samajwadi Party founder Mulayam Singh Yadav who died on Monday.

Uttar Pradesh government announces three-day state mourning on the death of Mulayam Singh Yadav.

The 82-year-old Yadav passed away in Medanta hospital in Gurugram.

Reliance Industries Ltd (RIL) and Reliance Jio are in discussions with lenders to raise up to $1.5 billion (about Rs 12,400 crore) and $2.5 billion (around Rs 20,600 crore), respectively, through foreign loans, reported The Economic Times.

To support its capital investment strategy, RIL is attempting to raise the necessary money through external commercial borrowing (ECB). According to those with knowledge of the situation, it is in discussions with a number of lenders, including Barclays, HSBC, and MUFG (Mitsubishi UFJ Financial Group) Bank.

Billionaire Gautam Adani-controlled Adani Group is in advanced talks with debt-laden Jaiprakash Power Ventures Ltd. to buy its cement unit, people familiar with the matter said.

The ports-to-power conglomerate could pay about Rs 5,000 crore ($606 million) for a cement grinding unit and other smaller assets, one of the people said, asking not to be identified as the information is private.

The rupee depreciated 39 paise to an all-time low of 82.69 against the US dollar in early trade on Monday as elevated crude oil prices and risk-averse sentiment among investors weighed on the local unit.

Moreover, a negative trend in domestic equities and firm American currency sapped investor appetite, forex traders said.

Samajwadi Party (SP) founder and former Chief Minister of Uttar Pradesh Mulayam Singh Yadav passed away in Gurgaon on Monday. He was 82 years old.

Yadav was in poor health for some time and was admitted to a hospital in the city on August 22. He was shifted to the ICU on Sunday afternoon. The party confirmed his passing in a tweet.

HCLTech on Saturday announced plans to scale up its operations in Mexico by opening a new technology centre in Guadalajara city and hiring 1300 employees over the next two years amid concerns over high attrition levels.

The new centre in Guadalaraja will enable the company to serve its local and international client base across industries. It will be the sixth technology centre in Mexico and will focus on creating next-generation digital solutions. In line with the company’s hybrid operating model, the new unit will embrace an agile workplace, the IT major said in a press release.

The Aam Aadmi Party on Saturday alleged that the ruling BJP in Gujarat was putting up anti-AAP posters in the city and playing the Hindutva card to digress the people's attention from its failures.

AAP leader Indranil Rajguru charged the ruling party with failing to give qualitative education, health facilities and generate employment.

In connection with the Delhi Excise Policy scam, the Enforcement Directorate (ED) has seized Rs 1 crore from the house of a businessman in the national capital, sources said on Saturday.

Following the seizure of the cash, the ED will now call him to join the investigation, the sources said without providing any further details.

The Indian government has a moral duty to provide energy to its citizens and it will continue to buy oil from wherever it has to, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri said on Friday, asserting that no country has told India to stop buying oil from Russia.

The Russia-Ukraine war has had a far-reaching impact on the global energy system, disrupting supply and demand patterns and fracturing long-standing trading relationships.

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