India offering a favourable market to Tesla
Tesla aims to source $1.9bn worth of components from India in 2021, as the country's EV market anticipates a 94.4% CAGR growth by 2030. India offers a favorable business environment, skilled workforce, and significant demand from its large population. Tesla is also planning to make India an export hub for the Indo-Pacific region, building on its existing manufacturing bases in five countries, including China as its only Asian location.
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22 Acres of Land for ₹5,200 Crores
The Bombay Dyeing and Manufacturing Company (BDMC) board has approved the sale of a 22-acre land parcel in Mumbai's Worli area for ₹5,200 crore, surpassing the company's market capitalization of ₹2,900 crore. This is considered one of Mumbai's largest land deals. The funds generated from this sale will be used to repay debts and advance future plans. BDMC's strategic shift towards the realty business for future growth was outlined by its directors in March 2022. This land sale has significantly boosted the company's share prices, which rose 20% to a 52-week high of ₹168.50 in early trade. Upon completion, this deal is set to bring BDMC pre-tax profits exceeding ₹4,300 crore through the transaction.
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Tata Motors to export EVs
Tata Motors is testing the waters, exporting its EVs in some global markets where it eyes a potential launch if the experiment succeeds, according to a Reuters report. The auto giant on Wednesday also announced that it plans to set up EV dealerships across India. These franchises will exclusively sell EVs to customers.
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Cipla's Negotiation
The Hamied family, founders of Cipla Ltd., are facing challenges in selling their stake in the company due to prospective buyers hesitating at the ₹1.09 trillion ($13.1 billion) valuation they are seeking. Negotiations with potential buyers, including companies and private equity firms, are faltering as the family is aiming for around ₹1,350 per share, a premium of over 10% above the previous day's closing price. The Hamied family controls approximately 33% of Cipla's shares, valued at nearly $4 billion. Earlier, Blackstone had shown interest in acquiring a majority stake in the company. Cipla, known for providing essential treatments during the Covid-19 pandemic, operates in over 80 countries and offers a wide range of pharmaceutical products. Samina Hamied, a member of the founding family, currently serves as Cipla's executive vice chairperson, with Y K Hamied, her uncle, having previously been the Managing Director until his retirement in 2013.
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Over 1.4 Million Sellers increased for The Big Billion Days Sale
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