Ambuja Cements/ACC

Billionaire industrialist Gautam Adani-led Adani Group
pledged shares valued at nearly $13 billion in two Indian cement companies just
days after it completed the acquisition from Holcim Ltd. Stakes in two firms,
about 57% of ACC Ltd. and 63% in Ambuja Cements Ltd, have been encumbered “for
the benefit of certain lenders and other finance parties,” according to
separate filings made to Indian stock exchanges by Deutsche Bank AG’s Hong Kong
branch.

Also Read | How Gautam Adani scaled the billionaire list in just 6 months

Mahindra and Mahindra

Mahindra and Mahindra said it will acquire an additional
17.41% stake in Swaraj Engines Ltd from Kirloskar Industries Ltd for Rs 296
crore. The acquisition will result in raising the company’s stake in Swaraj
Engines Ltd to 52.13% from 34.72%, the company said in a regulatory filing. The
company offers to acquire 21,14,349 equity shares constituting 17.41% of the
paid-up equity share capital of SEL from KIL at Rs 1,400 per share.
Consequently, Swaraj Engines which is currently an associate of the company would
become a subsidiary of M&M, the company said.

Also Read | Week ahead: US Fed interest rate decision to weigh on Sensex, Nifty

Yes Bank

The private lender’s board has approved the transfer of stressed assets worth Rs 48,000 crore to private equity firm JC Flowers. Yes Bank will also acquire a 19.99% stake in the ARC, subject to regulatory approvals, the bank said in a BSE filing. The decision comes after a Swiss Challenge auction where the bank didn’t receive any competing bids against base bidder JC Flowers ARC. Separately, the RBI has approved the appointment of former RBI Deputy Governor Rama Subramaniam Gandhi as non-executive (part-time) chairman of the bank for a period of three years effective from September 20.

Also Read | Oyo submits fresh documents to Sebi for IPO as losses narrow

Hero MotoCorp

Hero MotoCorp said it has tied up with Hindustan Petroleum
Corporation Ltd (HPCL) to set up charging infrastructure for electric
two-wheelers in the country. The two companies will first set up charging
infrastructure at Hindustan Petroleum Corporation’s (HPCL) existing network of
stations. In the first phase, the charging stations will be set up in select
cities, which will then be expanded to other key markets to establish a
high-density of EV charging station network across the country, Hero MotoCorp
said in a statement. The entire user charging experience will be controlled by
a Hero MotoCorp Mobile App, based on a cashless transaction model.

Also Read | Russia’s PSCB opens account with Yes Bank to facilitate rupee-rouble trade

GAIL India

GAIL India, the largest gas distributor in the country,
purchased some of the most expensive liquefied natural gas (LNG) shipments ever
after vital Russian deliveries were canceled, according to a report in
Bloomberg. The company bought several LNG cargoes for delivery between October
and November at more than double the price it paid around this time last year.
The New Delhi-based company is struggling to replace supply from the former
trading arm of Gazprom PJSC, which was nationalized by Germany earlier this
year and is paying contractual fines rather than delivering fuel.

Also Read | US Fed meeting, September 2022: When and where to watch press conference live

SpiceJet

SpiceJet has sent 80 pilots on leave without pay for three
months to rationalise its costs, the loss-making airline said. The company said
it is a temporary measure to rationalize expenses and optimise the fleet. the
airline has sent around 40 B737 aircraft pilots and another 40 Q400 aircraft
pilots on leave without pay for three months.