Reliance Industries: Lenders have entered the final stage of negotiation with Reliance Industries after declaring it the highest bidder for Sintex Industries. At a committee of creditors' meeting, lenders asked RIL and Assets Care & Reconstruction Enterprise team to submit an improved offer by Wednesday. Separately, subsidiary Reliance Retail Ventures Ltd. has picked up a majority stake in homegrown designer brand Abraham & Thakore Exports Pvt Ltd.Vodafone Idea: Has sought the release of bank guarantees worth around 15,000 crore, held by the Department of Telecommunications (DoT) against the telco's adjusted gross revenue (AGR) dues. The cash-strapped company has also sought freezing of AGR dues on the day of the Supreme Court judgement of 24 October 2019.Maruti Suzuki: The country's largest car maker reported a marginal drop in its February total wholesales at 1,64,056 unit.
Maruti Suzuki had sold 1,64,469 units in February 2021. Last month, the company's domestic sales slipped 8.46% year-on-year to 1,40,035 units.Tata Motors: The company's domestic sales rose 27% year-on-year to 73,875 units in February.
The auto major said its passenger vehicle sales in the domestic market last month rose by 47% on year to 39,981 units.Mahindra & Mahindra: Reported an 89% jump in its total sales to 54,455 units in February. The companys total sales stood at 28,777 units in February 2021. The auto majors passenger vehicle sales in the domestic market rose 80% on year to 27,663 units last month.
Panacea Biotec: The company will sell the pharmaceutical formulations brands of its subsidiary to Mankind Pharma. The total value of the transaction is 1,872 crore. The company and its material subsidiary Panacea Biotec Pharma have entered into definitive agreements for the transaction. This stake sale is in line with the company's strategic plan to become debt-free and focus on exports of pharmaceutical formulations in the US and other international markets besides the vaccine business in global markets.Coal India: The state-owned miner produced 64.
3 million tonne in February, up 3.8% year-on-year. It aims to end FY22 with an output of up to 630 million tonne.Spandana Sphoorty: Padmaja Reddy, former managing director and founder of the microfinance company, has accused private equity firm Kedaara Capital of violating the companys Articles of Association (AoA) and undermining the rights of minority shareholders with its recent fundraise through preferential allotment with warrants.Quint Digital Media: Adani Media Ventures, part of Adani Enterprises, has signed a binding term sheet to acquire an undisclosed minority stake in Quintillion Business Media (QBM), an indirect subsidiary of publicly listed new-age digital media group Quint Digital Media.
Vedant Fashions: Owner of ethnic wear brand Manyavar reported a 24.1% year-on-year rise in consolidated profit to 127.8 crore for the December quarter, backed by strong sales and operating income. Revenue grew 28% year-on-year to 384.8 crore.Never miss a story! Stay connected and informed with Mint.
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