SBI: State Bank of IndiaBSE 0.70 % (SBIBSE 0.70 %) on Monday said its central board approved dilution of its stake in its life insurance arm through an initial public offer for which it has already secured the sectoral regulatory approval.
SpiceJet: SpiceJet’s former promoter, Kalanithi Maran of Sun Group, has sought over Rs 2,000 crore compensation from current promoter Ajay Singh and the airline for allegedly causing losses by failing to honour contractual obligations.
Lupin: Global financial firm CLSA has maintained ‘Outperform’ on LupinBSE 0.30 % with a target price of Rs 1,310.
Maruti Suzuki: At a time when carmakers are re-evaluating plans to introduce hybrid vehicles in the Indian market after high levies under the GST regime, the country’s largest carmaker Maruti Suzuki IndiaBSE -0.45 % said it will put its might behind hybridisation and go ahead with planned launches as these vehicles are environment-friendly and good for the consumer and the country .
IOC: Indian Oil Corporation Limited (IOCBSE -0.08 %) and LanzaTech, carbon recycling company, have signed a Statement of Intent to construct the world’s first refinery off gas-to-bioethanol production facility in India.
Bharti Airtel: Bharti AirtelBSE -1.02 % announced the launch of Project Next – its digital innovation program aimed at transforming customer experience across all of its services and touch points. Airtel said it plans to invest up to Rs 2000 crore over the next 3 years under Project Next to launch several exciting digital innovations to step change the simplicity and interactivity of the Airtel customer experience. Project Next complements Airtel’s massive investments towards building a future ready network under Project Leap.
Reliance Power: The company said it has redeemed and paid interest in respect of its 2500 –10.20% unsecured redeemable non-convertible debentures series I (2016) of Rs 10 lakh each aggregating to Rs 250 crore on the due date 10 July 2017.
Sugar stocks: The government increased import duty on sugar to 50 per cent to curb dumping of the commodity in India as international prices fell. The industry expects the move to prevent a build-up of arrears in payments to sugar cane farmers in the next season starting October 2017.