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Over 500 workers at Indian-owned Mozambique coal mine go on strike

Over 500 workers at a coal mine in Mozambique owned by a subsidiary of an Indian company have been on strike for a week, the company said in a statement on Tuesday, hurting coal production at a time of peak coal prices. The striking workers, who make up around 10% of the 5,300-strong workforce at the Moatize mine in central province of Tete, are demanding compensation from Vulcan following its purchase of the mine from Brazilian miner Vale, Vulcan said.

Twitter board says planning to enforce Elon Musk's merger agreement

Twitter Inc.'s board said it plans to enforce its $44 billion agreement to be bought by Elon Musk, saying the transaction is in the best interest of all shareholders. “We intend to close the transaction and enforce the merger agreement,” the board said Tuesday in a statement to Bloomberg News. Directors voted earlier to unanimously recommended that shareholders approve Musk's $54.20-a-share offer

Tata Consumer in acquisition talks with at least five consumer brands

Tata Consumer Products Ltd., the food and beverage arm of the $103 billion Indian conglomerate, wants to go on an acquisition spree to bolster its position in the country's competitive consumer goods sector, and is in discussions to buy up to five brands. A “significant amount” of the Mumbai-based firm's future growth will come from inorganic expansion, Tata Consumer Products' Chief Executive Officer Sunil D'Souza said in an interview. The firm, which sells Tetley tea and Eight O'Clock coffee, is “engaging seriously” with a number of companies where it sees decent valuations, he said, declining to identify potential targets.

After tepid market debut, antsy LIC investors seek Aramco-style dividend

Disappointed by a 7.8% plunge that made for the world’s second-worst trading debut among large IPOs this year, shareholders of state-run Life Insurance Corp. of India will be counting on a bumper dividend if Prime Minister Narendra Modi’s government wants them to stay put. The 65-year-old insurer, a household name in the country known as LIC, raised $2.7 billion last week in the country’s biggest initial public offering. After pricing at Rs 949 ($12.25) apiece, the top end of a marketed range, the stock plunged as much as 9.4% to Rs 860 in opening minutes on Tuesday, before paring losses.

Motilal Oswal Financial Services announces buyback of shares for Rs 160 cr

Motilal Oswal Financial Services on Tuesday announced buyback of its 14.55 lakh equity shares at a price of Rs 1,100 per unit for an aggregate amount not exceeding Rs 160 crore. The buyback represents 0.98 per cent of the total paid-up equity share capital of the company as on March 31, 2022, Motilal Oswal Financial Services said in a statement. The company has decided to use tender offer route for acquisition of shares, it said after the board approval.

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