Top headlines: Voda-Idea to raise funds, Sun Pharma Q4 loss, and more
Flipkart promotes several leaders as it gears up for blockbuster IPO
Flipkart has promoted several of its leaders into newer roles at a time when the Walmart-owned e-commerce giant has internally raised its IPO (initial public offering) valuation target to about $60 billion and aims for a US listing in 2023, according to the sources. Read More
Vodafone Idea in talks with Amazon, PEs for Rs 20,000 cr investment
American retail major Amazon and a clutch of investors are in talks with Aditya Birla Group to invest up to Rs 20,000 crore in the latter’s struggling wireless telephone company, Vodafone Idea. Read More
India’s domestic crude oil production slips to 28-year low in FY22
Domestic crude oil production has been in decline since the financial year 2014-15 (FY15), dropping to just 28.4 million tonnes (MT) in FY22, the lowest since FY94. The production in 2021-22 represented a decline of 11.8 per cent from 32.2 MT in FY95, increasing the economy’s vulnerability due to skyrocketing global oil prices. Read More
M&M to invest Rs 15,300 cr to fortify position in auto, farm eqpt and EVs
Mahindra and Mahindra (M&M) will incur a capital expenditure of Rs 15,300 crore in the auto, farm equipment, and electric vehicle (EV) businesses over 2022-24, the firm said. Of this, it has already pumped in Rs 3,200 crore in FY22, while the remaining Rs 12,100 crore will be done during FY23 and FY24. This is significantly higher than the capex done by the company in the recent past. Read More
Sun Pharma posts Rs 2,277 cr Q4 loss over settlement of pending US lawsuits
India’s largest drug major Sun Pharmaceutical Industries posted a net loss of Rs 2,277 crore for the fourth quarter of the financial year 2021-22 on account of settlement charges of pending litigations in the US, restructuring operations in some countries. Read More
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