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| Reuters reports that Foxconn is working to remove the Foxconn name from what is a fully-owned entity of Vedanta for the semiconductor joint venture. Vedanta has responded by saying that it remains fully committed to its semiconductor fab project and has lined up other partners to set up India's first foundry. It also said that it will shortly acquire a license for production-grade 28 nm.

LIC | Total premium collected in June up 21 percent at Rs 24,971 crore, compared to 13 percent collected by private life insurers. Individual premium collections flat at Rs 4,295 crore, while June quarter individual premium collection down 4.4 percent at Rs 10,439.2 crore.

Mazagon Dock Shipbuilders | Sources tell CNBC-TV18 that the Defence Procurement Board has given initial approval to the proposal to acquire three scorpene submaries. The three additional submarines will be built at Mazagon Docks Ltd., where other submarines of the class have been built.

Tata Communications | The company on Monday said its Singapore-based subsidiary Tata Communications International Pte Ltd (TCIPL) has acquired the remaining 41.9 percent equity in Oasis Smart SIM Europe SAS (Oasis). The transaction allows TCIPL to gain complete 100 percent equity shareholding in Oasis Smart SIM Europe.

APL Apollo Tubes | Structural steel tube maker on Monday said its wholly-owned subsidiary APL Apollo Building Products Private Ltd. was granted incentives worth Rs 500 crore by the State Investment Promotion Board (SIPB) of the government of Chhattisgarh. The incentives provided by Chhattisgarh include relaxation of stamp duty, 75 percent net SGST for 15 years, electricity duty exemption for a period of 15 years limited, and transport subsidy towards exports for 15 years.

CarTrade Tech | Automotive platform on Monday said it will acquire a 100 percent stake in Sobek Auto India Private Ltd from OLX India B.V. for Rs 537.43 crore. Incorporated on October 30, 2018, Sobek is a company registered under the Companies Act, of 2013. It is engaged in the business of running an automotive digital platform and a classified internet business.

SBI Cards and Payment Services | Rama Mohan Rao Amara will step down as the Managing Director and CEO of the company on August 11, 2023. Also, SBI Cards has appointed Abhijit Chakravorty as Rao's successor, effective August 12, 2023, for a period of two years — subject to necessary approvals.

Nazara Technologies | Gaming and sports media firm on Monday said its board of directors has approved the raising of funds of up to Rs 750 crore via the issuance of equity shares. Also, Nazara Technologies has increased authorised share capital from Rs 30 crore to Rs 50 crore subject to the approval of shareholders.

Satin Creditcare Network | Micro lender on Monday said its board of directors has approved fundraising of up to Rs 5,000 crore via non-convertible debentures (NCDs). Also, Satin Creditcare Network has appointed Vikas Gupta as chief compliance officer with effect from July 11. Post-appointment, he will be designated as company secretary and chief compliance officer, it said.

Sanghvi Movers | Crane leasing firm on Monday said it has received work orders worth Rs 150 crore from eminent independent power producers (IPPs) in the renewable energy sector. It will provide crane rental services along with allied services comprising WTG surface logistics, inter-carting, installation and pre-commissioning of WTGs, and development of wind farm and storage yard, the company said in an exchange filing.

McLeod Russel | Board approves agreement with Carbon Resources to monetise identified assets. The proposed asset sale will be a one-time settlement of the company's debt to identified lenders.

(Edited by : Hormaz Fatakia)