KKR & Co. is in advanced talks to invest at least $1 billion in the retail business of Reliance Industries, reports Bloomberg, in what could be another big investment in the unit following Silver Lake Partners’ deal. KKR is in discussions for a stake in Reliance Retail and the private equity firm could invest as much as $1.5 billion & an announcement could come as soon as this month.

Reliance Industries today announced that Silver Lake will invest ₹ 7,500 crore in Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries. This investment values RRVL at a pre-money equity value of ₹ 4.21 lakh crore. Silver Lake’s investment will translate into a 1.75% equity stake in RRVL on a fully diluted basis.

The Drug Controller General of India V G Somani has issued a show cause notice to Hindustan Unilever Limited (HUL) over advertisement of Lifebuoy Immunity Boosting Hand Sanitizer, that claims to boost immunity, thereby protecting people from covid contagion. The advertising campaign claiming an immunity boosting effect, are misleasing and false as a topical application product, the notice said.

The Cabinet Committee on Economic Affairs (CCEA) on September 8 approved asset monetisation of subsidiaries of Power Grid Corporation of India Ltd (PGCIL) through infrastructure investment trust which would help the firm garner Rs 7,000 crore in the first lot. The Cabinet Committee on Economic Affairs is chaired by Prime Minister Narendra Modi.

France-headquartered Societe Generale acquired 0.7 percent equity stake in Strides Pharma Science via open market transaction on September 8. Societe Generale bought 6,26,279 shares in the pharma company at Rs 612 per share, the bulk deals data available on the National Stock Exchange (NSE) showed.

Tesla tumbled as much as 20% on September 8 after its surprise exclusion from the S&P 500 index added to the broader sell-off in technology stocks, which have dominated Wall Street's recovery from the coronavirus-driven crash earlier this year. Wall Street analysts and investors widely expected Tesla to join the S&P 500 after the company posted its fourth consecutive profitable quarter in July.

Route Mobile, the omnichannel cloud communication service provider (CPaaS), has garnered Rs 180 crore from 15 anchor investors on September 8, a day ahead of IPO opening. SBI Mutual Fund, SBI Life Insurance, Goldman Sachs, ICIC Prudential, Franklin Templeton, Kuwait Investment Authority, Vantage Equity, and Axis Mutual Fund among 15 investors participated for the anchor book.

Showing clear signs of normalcy in business amidst the coronavirus pandemic, life insurance companies posted a 15 percent year-on-year (YoY) rise in new premium collection at Rs 27,039.79 crore in August. Here, Life Insurance Corporation of India (LIC) saw a 15.2 percent YoY growth to Rs 19,714.21 crore, while private life insurers saw 13.7 percent YoY growth to Rs 7,325.6 crore.

IT services major HCL Technologies on Tuesday said it has opened a global development centre in Colombo, Sri Lanka, and expects to hire over 3,000 people in the next few years for the facility. The new centre was inaugurated by Sri Lanka Prime Minister Mahinda Rajapaksa and Indian High Commissioner to Sri Lanka Gopal Baglay via a virtual ceremony, a statement said.

OFS (Offer for Sale) is a transparent process through which promoters of listed companies can sell their shares at the exchange. On the other hand companies release IPOs (Initial Public Offerings) when they want to get listed on the exchange and raise additional capital for their growth and expansion needs. Keep reading ....

The Indian economy is expected to climb from a deeper trough in the calendar year 2020 (CY20) and see a stronger rebound in the year 2021, according to global financial firm Goldman Sachs. "While the economy must now climb out of a deeper trough in 2020, we have upgraded our expectations of a rebound next year," Goldman Sachs said in a report.

Retail investors can subscribe to the OFS of Bharat Dynamics (BDL) on Wednesday for a return of 20% in 1 year as the government is offering a Rs 20 per share discount over the cut-off price. So, retail investors are expected to get the allotment at around Rs 310 as against the Monday’s closing price of Rs 390, which is 14.5 times its FY21 estimated earnings compared to industry PE of 18.5.

Wipro Limited today announced plans to set up a Digital Innovation Hub in Dusseldorf, Germany. The proposed Digital Innovation Hub will serve as Wipro’s flagship centre in Europe and will offer digital transformation expertise to companies in Germany, enable organisations to cross skill and upskill besides supporting talent development in local communities.

Mahindra Insurance Brokers (MIBL) has launched a digital insurance portal called PayBima that will help customers directly buy insurance policies online. In an interaction with Moneycontrol, Jaideep Devare, ‎Managing Director, ‎Mahindra Insurance Brokers said PayBima will provide end-to-end services from product sales to servicing and claims.

The British government has brought in investment bankers to salvage Tata Steel’s UK business to preserve thousands of jobs, after parent company Tata Steel said it would be unable to fund the European unit’s losses. The country’s biggest steelmaker employs 8,000 people in the UK, including 3,500 at Port Talbot in south Wales.