🇮🇳 India Daybook: Titan Reports 25% Q2 Growth, Ola Electric Eyes ₹1,000-Cr Rights Issue

📍 BUSINESS UPDATES

• Titan Company: Clocked 25% YoY growth in its consumer business for Q2 FY25. Domestic operations grew 22% YoY, while international business surged 97% YoY. The core jewellery segment grew 21% YoY, supported by the addition of 78 new stores during the quarter, taking total store count to 3,758.
• Utkarsh Small Finance Bank: Registered a 54.9% YoY jump in total disbursements to ₹3,525 crore for Q2. Total deposits grew 6.6% YoY to ₹23,869 crore, while CASA deposits expanded 14.3% YoY to ₹5,121 crore.

📍 CAPITAL RAISING & BONUS ISSUES

• Ola Electric Mobility: The board is scheduled to meet on October 7 to evaluate and consider raising up to ₹1,000 crore via a rights issue of equity shares.
• Shakti Pumps: The board has recommended a bonus share issue in the ratio of 5:1 (5 bonus equity shares for every 1 fully paid-up share held).
• Shukra Pharmaceuticals: Approved the allotment of 17.35 lakh equity shares to promoters on a preferential basis.
• Spectrum Electrical Industries: Secured trading approvals from both BSE and NSE for 13.7 lakh shares issued on a preferential basis at an issue price of ₹2,002 per share.

📍 MERGERS, ACQUISITIONS & DIVESTMENTS

• HDFC Bank: Approved the sale of a 100% stake in subsidiary HDFC Education and Development Services to Vama Sundari Investments for an all-cash consideration of ₹192 crore.
• Arvind: Acquired an additional 46% equity stake in its joint venture entity Arvind GCC.

📍 STRATEGIC PARTNERSHIPS & MOUS

• Blue Dart Express: Signed a Memorandum of Understanding (MoU) with the National Capital Region Transport Corporation (NCRTC) to evaluate express cargo and parcel carriage along the Delhi-Meerut Namo Bharat RRTS corridor.

📍 TAX & REGULATORY DEVELOPMENTS

• United Breweries: Received an income tax refund order amounting to ₹101 crore from the Income Tax Department.
• Balmer Lawrie: Approached the Karnataka High Court to contest an adverse Goods and Services Tax (GST) demand order concerning FY21.

📍 MANAGEMENT CHANGES

• Apollo Tyres: Chief Financial Officer (CFO) Gaurav Kumar has resigned from his post to explore professional opportunities outside the company.

📍 EXPANSION PLANS

• Pace Digitek: Announced planned battery storage manufacturing capacity expansion reaching up to 10 GWh by the close of FY2027.

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