Reliance Capital: Torrent emerges highest bidder

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⭐ Reliance Capital: Torrent emerges highest bidder 

As per reports, the Torrent Group has emerged as the highest bidder to acquire debt-ridden Reliance Capital in the phase 1 of auction. The group reportedly submitted a bid of ₹8,640 crore for acquiring the NBFC firm. Hinduja Group was among the other biggies in the fray. Oaktree did not take part in the first phase.

⭐ Bharat Forge goes green 

Bharat Forge, a flagship company of the Kalyani Group, has commenced the supply of forgings utilising green steel. Green steel is a variety of steel manufactured without the use of fossil fuels. The company aims to manufacture 2.5 lakh tonnes of green steel using its electric arc furnace plant in Pune. 

⭐ Auto component industry in fast lane

Indian automotive industry continues to stay resilient. According to a new report by the Automotive Component Manufacturers Association of India (ACMA), the auto components industry registered a growth of 34% to 2.65 lakh crore in the first half of FY23. Higher industry growth can be attributed to moderation in supply-side issues and record sales, particularly in the passenger vehicles segment.

Global markets (at 8:00 AM today)

Fact of the day

The value of the Indian Premier League (IPL) has touched $10.9 billion in 2022, making the league a decacorn.

Source: Economic Times