Business Tantra

Yes Bank: Private equity group Carlyle is considering a ₹3,750–4,500 crore investment in Yes Bank along with peer Advent International. The lender is in talks with the PE investors to raise ₹7,500-11,250 crore of growth capital to bolster its balance sheet two years after the regulator put it under stewardship of State Bank of India to stave off a possible run on its deposits.

Vodafone Idea: Vodafone Group Plc and Aditya Birla Group, parents of debt-laden Vodafone Idea Ltd, threw a ₹4,500 crore lifeline to the troubled telecom operator, in a show of confidence in the revival of the company. The fund infusion will not only help the cash-strapped Vodafone Idea compete with larger rivals Bharti Airtel Ltd and Reliance Jio Infocomm Ltd, but will also make it easier for the company to raise additional funds from external investors.

Future Retail: Amazon.com Inc. and its estranged partner Future Retail Ltd have accepted the Supreme Court’s nudge to settle their bitter legal battle over sales of the latter’s assets to Reliance Industries through negotiations. They now have time till 15 March to explore a settlement.

Vedanta: France-based financial services company Societe Generale sold 2,24,50,200 equity shares in the Anil Agarwal-owned company in open market transactions. Shares were sold at an average price of ₹391.74 apiece.

UPL Ltd: Agrochemical producer UPL Ltd. is attracting takeover interest from global competitors. UPL has been speaking with advisers as it evaluates interest from rivals in the crop protection industry. Potential suitors could include companies like CF Industries Holdings Inc. or FMC Corp.

Adani Enterprises: Subsidiary Adani Properties is a frontrunner among eight resolution applicants for bankrupt real estate developer Housing Development Infrastructure Ltd (HDIL). Other applicants include Sharda Constructions & Corporation Ltd, B-Right Real Estate Ltd, Urban Affordable Housing LLP, Toscano Infrastructure Pvt Ltd and Dev Land and Housing Ltd.

Airline stocks: Indian airlines may find it difficult to pass on rising jet fuel costs to passengers, even as crude oil prices test new highs everyday. The cost pressure comes at a time when the industry has been making a gradual recovery in passenger traffic after the pandemic’s third wave though still below the pre-covid levels. Indian air passengers are price sensitive and airlines often find it difficult to raise fares steeply.

Eveready Industries: The company’s chairman and managing director quit on Thursday amid an intensifying takeover bid by the Burmans of Dabur. The resignations of Aditya Khaitan and Amritanshu Khaitan came two days after the Burmans made an open offer for the Kolkata-based dry cell battery major.

SJVN: State-owned power producer SJVN on Thursday said State Bank of India and Punjab National Bank will provide financial assistance of ₹1,537 crore and ₹319 crore for two of its projects. The company has also received financial closure from the two banks for 210 MW Luhri-1 hydro electric project in Himachal Pradesh and 75 MW Parasan solar power project in Uttar Pradesh.

Mahindra & Mahindra Financial Services: Has disbursed approximately ₹2,733 crore of loans in February, up 44% on year. The year-to-date total disbursement was ₹23,632 crore, a growth of 41% over same period last year. Collection efficiency remained stable at 98% in February. Asset quality improved due to positive trend in collections. The company is confident of meeting its commitment to bring the net Stage 3 below 4% by year-end.