Top headlines: LIC IPO, India Inc capex push, PLI round 2, and more

Here are the top headlines on Wednesday morning

India Inc plans greater capex push in FY23, says CEO survey by BS

Companies in India are planning to accelerate investment in adding capacities in 2022-23 as consumer demand is showing signs of a pickup after two years of slowdown due to the pandemic and lockdowns, a dipstick survey of chief executive officers (CEOs) this month shows. Read more

LIC policyholders likely to get Rs 60 discount on shares, IPO opens May 2

The Centre is learnt to have set the price band for the initial public offering (IPO) of Life Insurance Corporation of India (LIC) at Rs 902-949 a share, and may offer a discount of Rs 60 to the policyholders. Retail investors and the employees of LIC, on the other hand, may get a discount of Rs 45 on subscribing to the shares of India’s largest insurer, a senior government official said. Read More

New reporting requirements for companies put onus on auditors

Auditors should seek direct confirmation on ‘borrowed funds’ from all entities involved in transactions, including the ultimate beneficiary, to ensure compliance with anti-money laundering laws and foreign exchange rules under new reporting requirements for firms. Read More

Small Indian towns overtaking big cities on EV ride, shows CEEW report

Of all the news about electric two-wheelers catching fire over the last month, only one has come from Chennai. All the other incidents occurred in smaller towns. It is places such as Warangal, Coimbatore, Trichy and Nizamabad that have seen multiple incidents of electric two-wheelers going up in flames and stoking concerns about the safety of their lithium-ion batteries. Read More

Wipro announces acquisition of global SAP firm Rizing for $540 mn

Continuing on its inorganic play, Bengaluru-headquartered Wipro on Tuesday announced the acquisition of Rizing Intermediate Holdings, a global SAP consulting firm, for a consideration of $540 million (around Rs 4,060 crore). Read More

White goods PLI round 2: 19 global, domestic companies file applications

As many 19 global and domestic companies have filed applications and committed investment worth Rs 1,548 crore towards the production-linked incentive (PLI) scheme for white goods – air conditioners (ACs) and LED lights – the commerce and industry ministry said on Tuesday. Read more
 

Arvind Uppal new Eureka Forbes chairman; Shapoorji Mistry leaves board

Shapoorji Pallonji Mistry and six other directors have resigned from the board of Eureka Forbes, with the new owner Lunolux Ltd taking control of the vacuum cleaner and water purifier maker. Read More