Somany Max (SMPL) has allotted additional Rs 2 crore 80 lakh cumulative redeemable preference shares of Rs 10 each aggregating to Rs 28 crore to Somany Ceramics by way of right, maintaining the percentage of shareholding of the company in SMPL at 80 per cent.

The government approved the continuation of the central sector plan ‘Exploration of Coal and Lignite scheme’ with an estimated expenditure of Rs 2,980 crore. The time period for the extension is from 2021-22 to 2025-26 co-terminus with the Cabinet Committee on Economic Affairs (CCEA).

The Osmanaia University to get face lifted very soon in order to construct a new reading complex, one each for both men and women, six hostel buildings to setting up a new 4 MW solar power plant. With an outlay of Rs 500 crore, the university administration is coming up with student learning facilities.

Germany and India are closing in on a $5.2 billion deal to build diesel submarines in India. German Chancellor Olaf Scholz asked German and European defence majors to supply New Delhi with modern military gear making a way for India to gradually remove its dependence on Russia in the defence sector

The government’s plans to reduce subsidies on electric two-wheelers is a retrograde step that will hurt the market and hinder adoption of electric mobility, according to industry players. The Heavy Industries Ministry is looking at reducing the subsidy per vehicle to 15 per cent of the ex-factory price from 40 per cent at present.

Siemens signed an agreement to acquire the electric vehicle (EV) division of Mumbai-based Mass-Tech Controls for Rs 38 crore. The division is engaged in design, engineering and manufacturing of a wide range of AC chargers, and 30 to 300kW capacity DC chargers for various end applications for EVs.

Ola Electric has secured $300 million in its latest funding round, which will push up its valuation to $6 billion. The company had raised $200 million at a valuation of $5 billion in January 2022.

Automakers in India will be pumping in close to $10 billion to build infrastructure for manufacturing electric vehicles by the end of this decade. The move comes amid the electrification trend sweeping the automotive industry globally.

French consumer electronic brand Thomson has invested Rs 200 crore in a manufacturing plant for washing machines in Noida. The company will introduce a range of washing machines at disruptive prices starting with semi-automatic washing machines of 9 kg at Rs 9,499.