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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)

Indices Today's movement
SGX Nifty 0.57%
Nikkei 225 (Japan) 0.40%
Hang Seng (Hong Kong) 2.79%
SSE Composite (China) 0.55%
Dow Jones (US) (December 21) 1.60%
NYSE (US) (December 21) 1.49%
Nasdaq (US) (December 21) 1.54%
S&P 500 (US) (December 21) 1.49%

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

Categories: Morning Update