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Jindal Renewables, INOXGFL in race for GIP's Vena India
The potential bidders are currently undertaking due diligence of the asset, and binding bids are expected by next month, the people said. Global investors, including Actis, Sembcorp, KKR, and Macquarie, had also evaluated the company but decided against holding advanced negotiations with GIP, said people aware of the development.
A panicked race for barrels grips the global oil market
A desperate scramble for immediately available oil supplies is occurring globally, with traders paying unprecedented prices for prompt cargoes. This physical market frenzy contrasts with futures, highlighting a significant crude shortfall as Middle East supplies are disrupted. Refiners may cut production, deepening shortages of vital products like diesel and jet fuel.
Cement capacity race with Birla group may ease as Adani shifts focus to margins
The rivalry between the Adani Group and the Aditya Birla Group’s UltraTech Cement Ltd has resulted in rapid manufacturing capacity expansion. In the last three-and-a-half years, the two conglomerates have added nearly 120 mtpa of cement manufacturing capacity between them.
Pieter Elbers fails the India test
Pieter Elbers was a much sought-after global executive who played a key role in developing Dutch carrier KLM and Schiphol as an international connector, and was popular among employees. Former CEO Ronojoy Dutta's tenure ended early because IndiGo risked losing the race to hire Elbers to a Middle Eastern carrier.
Markets Erase Gains as Metals Drag; IDBI Bank Bid Race Heats Up | Closing Bell
Markets surrendered early gains as metal stocks dragged benchmarks lower, with the Nifty hovering near 24,100 despite strength in auto counters. ONGC, Hindalco and Power Grid led the losers, while InterGlobe Aviation, M&M and Maruti Suzuki outperformed. In corporate news, Amazon CEO Andy Jassy met PM Narendra Modi and announced an additional $13 billion investment in India, taking Amazon's planned investment to $48 billion through 2030. Fairfax is reportedly back with a fresh bid for IDBI Bank, valuing the lender at ₹77 per share and potentially unlocking a ₹50,000 crore divestment for the government and LIC. Meanwhile, uncertainty continues around Tata Sons as RBI is yet to decide on its NBFC deregistration request, keeping the possibility of a future listing alive. Catch all the key market moves, corporate developments and top business headlines in this edition of Closing Bell.