Tata Motors buys out Marcopolo’s stake in JV

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⭐ Tata Motors buys out Marcopolo’s stake in JV

Tata Motors has completed the acquisition of its partner Marcopolo's stake in Tata Marcopolo Motors Limited (TMML). In December 2020, Tata Motors and Marcopolo signed an agreement, under which Tata Motors agreed to purchase the 49% shareholding of its Brazilian partner for ₹99.9 crore. TMML has now become a wholly-owned subsidiary of Tata Motors from 29 August 2022.

⭐ ZEEL, Disney tie up for broadcasting rights

Zee Entertainment Enterprises has entered into an agreement with Disney Star for licensing of the TV broadcasting rights of the ICC men's and U-19 global events for four years. As part of the agreement, Zee will gain exclusive TV rights of key ICC men's events such as the ICC T20 World Cup (2024, 2026), ICC Champions Trophy (2025), and the ICC Cricket World Cup (2027). Disney Star is paying around $3 billion for the rights reportedly.

⭐ India’s GDP grows in double digits

India's GDP jumped by 13.5% in the April-June quarter as compared to 4.1% in the previous quarter. This is the second-highest India has ever recorded for the first quarter. The uptick in growth was supported by a favourable base effect and a strong economic revival. However, the growth rate is lower than the Reserve Bank of India's forecast of 16.2%.

Global markets (at 7:30 AM today)

Fact of the day

Super typhoon Hinnamnor, the strongest global storm of 2022, is moving across the East China Sea at about 257 kmph towards Japan’s southern islands.

Source: NDTV