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| The company on Tuesday said its arm Mundra Aluminium Ltd. has been declared as the preferred bidder for the Kutrumali bauxite block by the Odisha government. Also, a letter of intent dated February 27, 2023, has been issued to Mundra Aluminium Ltd. by the Odisha government in respect of the following mineral block. The Kutrumali bauxite block has geological reserves of 128 million tonnes (MT).

Reliance Industries | The company on Tuesday said it has set up a subsidiary, Reliance SOU, which will be in the business developing properties for commercial use. RIL has invested a sum of Rs 1 lakh in the equity shares of Reliance SOU.

Delhivery | Sources tell CNBC-TV18 that SoftBank is likely to sell 3.4 percent stake in Delhivery through a block deal. The deal is likely to take place at a 3 percent discount to the current market price. Floor price for the deal has been set at Rs 335.10. The deal size is worth $100 million with an option to upsize as well. Citi is the broker to the deal.

Bharat Electronics | The navratna defence public sector unit on Tuesday said it has signed a frame supply agreement with Thales Reliance Defence Systems (TRDS) for the manufacture and supply of TR modules, radar LRUs (line replaceable units) and micro modules. The frame supply agreement, which was signed at Aero India 2023, aims at leveraging the complementary strengths and capabilities of BEL and TRDS.

Zydus Lifesciences | The company on Tuesday said it received final approval from the USFDA to market generic drugs apixaban (2.5 mg and 5 mg), and olmesartan medoxomil & hydrochlorothiazide tablets (20 mg/12.5 mg, 40 mg/12.5 mg, and 40 mg/25 mg). Apixaban blocks the activity of certain clotting substances in the blood. It is used to lower the risk of stroke or a blood clot in people with a heart rhythm disorder called atrial fibrillation. Olmesartan Medoxomil & Hydrochlorothiazide tablets are used in the treatment of high blood pressure.

HDFC | The country's largest housing finance company on Tuesday said it has increased its Retail Prime Lending Rate on housing loans, on which its Adjustable Rate Home Loans are benchmarked, by 25 basis points, with effect from March 1, 2023. Additionally, HDFC's counsel told CNBC-TV18 that the National Company Law Tribunal has reserved its order in the merger case with HDFC Bank. The hearing concluded on Tuesday with no objection being filed in the matter. Written order from the court is awaited.

Power Grid | Gets Letter of Intent for establishment of Khavda Pooling Station-3 (KPS3) in Khavda RE Park. The company was declared as the successful bidder to establish the Inter-state Transmission System for KPS3.

Max Ventures | The New Delhi bench of the National Company Law Tribunal (NCLT) has approved the resolution plan of its arm Max Estates. The NCLT has approved Max Estates' resolution plan for the development of commercial plot of 34,697 square meters in Noida. Plot will be developed under the project name "Delhi One."

Bombay Burmah | Board approves the sale of plantation land / properties and assets forming part of the eight coffee estates known as Elkhill Estates, admeasuring 2,491 acres in aggregate to Orange County Resorts & Hotels Ltd. The sale will be done for a total consideration of Rs 291 crore.

Divgi TorqTransfer Systems | The Nandan Nilekani-backed automotive components manufacturer on Tuesday said it has raised more than Rs 185 crore from anchor investors ahead of its initial public offering that opens on Wednesday. The company has decided to allot 31.43 lakh equity shares to 12 funds at Rs 590 apiece, aggregating the transaction size to Rs 185.45 crore, according to a circular uploaded on the BSE website.

Also Read: February auto sales preview: Car demand to remain skewed towards SUVs

(Edited by : Hormaz Fatakia)