Alvotech Merger With SPAC Oaktree Acquisition at $2.25 Billion
Special-purpose acquisition company- SPAC Oaktree Acquisition Corp. II announced a merger agreement with Alovotech, an Iceland-based biopharmaceutical company valued at $2.25 billion. The decision took place after considering the continued inactiveness of Oaktree stock in premarket trading. The deal is expected to provide Alvotech with gross proceeds of $450 million. Once the deal is closed,…
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Jio-BP To Partner With Mahindra For Low-Carbon EV, Signs MoU
Jio-BP and Mahindra Group have teamed together to investigate battery swapping technologies for electric three-wheelers, as well as Mobility as a Service (MaaS) and Battery as a Service (BaaS). Reliance BP Mobility Limited (RBML), which operates under the Jio-BP brand, signed a non-binding Memorandum of Understanding (MoU) with the Mahindra Group today. With this MoU,…
RIL Partners With Abu Dhabi Chemical Firm For A $2 B Venture
The state-owned chemicals derivatives firm (TA’ZIZ) of Abu Dhabi and Reliance Industries, headed by billionaire Mukesh Ambani, have agreed to create a $2 billion chemical manufacturing cooperation in Ruwais, Abu Dhabi. According to a regulatory filing made today to the stock markets by Reliance Industries, the joint venture, known as ‘TA’ZIZ EDC & PVC,’ would…
BitMart To Compensate For $196 Million Hack From Personal Funds
BitMart, a cryptocurrency trading platform, has announced that it will use its own funds to compensate victims of a large-scale security breach in which hackers stole up to $196 million. According to BitMart, hackers took around $150 million in assets. Peckshield, a blockchain security and data analytics firm that originally reported the theft, believes the…
IPO Buzz: 4 IPOs And Factors To Hit The Market This Week
The domestic share market completed a tumultuous week with small gains, but market players were kept on their toes. Despite the positive GDP figures, the new Covid-19 variant ruined the equity numbers. This week during December 6th and 14th, four companies—RateGain Travel Technologies, Shriram Properties, CE Info Systems (MapmyIndia), and Metro Brands, which is supported…
Tata Power Received LOA For A 945 Crore Solar Energy Project
December 2, 2021 Solar Energy Corporation of India (SECI) has awarded an LOA (Letter Of Award) to Tata Power to develop a 100 MW EPC solar plant with a 120 MWh utility-scale Battery Energy Storage System. According to a statement released by Tata Sons on Wednesday, the project’s entire contract value is around 945 crore,…
India Reports 8.4% Quarterly GDP Growth- But How Long?
The Indian economy grew by 8.4% in the third quarter, surpassing its pre-pandemic level, as vaccination increased and services activity returned to normal following the devastating second wave of the pandemic in the second quarter. Gross domestic product (GDP) growth averaged 13.7 percent in the first half of the fiscal year, helped by a good…
IIT-Bombay Alumnus Parag Agrawal Appointed As New Twitter CEO
Parag Agrawal, a 37-year-old IIT-Bombay graduate, has taken over as Twitter’s new CEO, making him the Fortune 500’s youngest CEO. The Board of Directors unanimously chose him as the next CEO. Parag joins the list of global CEOs of Indian origin which includes Sundar Pichai – CEO of Google LLC & Alphabet INC, Arvind Krishna…
Dalal Street Week Ahead: Factors That Will Impact Stock Market
The stock market is likely under a lot of pressure next week until the severity of the new COVID-19 variant emerges. Check more details in the following section. People generally get excited when there is a sale around. But, it was a Black Friday sale, traders and investors looked nervous as the Indian equity market…
GoDaddy Hacked, 1.2 Million WordPress Users Data At Risk!
GoDaddy, probably one of the biggest names in the domain registrars, revealed the breach of the serious cybersecurity and data of more than 12 million WordPress users at risk. In its disclosure to the US Securities and Exchange Commission, the company informed that it had discovered unauthorized third-party access to our managed WordPress hosting environment. …