SBI Life Insurance Company

SBI Life Insurance Company: Insurance Regulatory and Development Authority of India has identified SBI Life as the acquirer insurer of the life insurance business of Sahara India Life Insurance Company (SlLIC) to protect the interest of the policyholders. SBI Life will take over the policy liabilities of around 2 lakh policies of SILIC, backed by the policyholders’ assets, with immediate effect.

Wipro:

Wipro: The IT services company has fixed June 16, 2023 as the record date for determining the entitlement and the names of equity shareholders who are eligible for the buyback offer. On April 27, the company received approval from the board for the share buy back worth up to Rs 12,000 crore, at a price of Rs 445 per share.

Tech Mahindra

The IT company said subsidiary Comviva Technologies along with the company’s step-down subsidiary Comviva Technologies BV agreed to sell 0.04 percent and 99.96 percent shareholding in Comviva Technologies do Brasil Indústria, Comércio, Importação e Exportação Ltda. The buyer is Druid Internet Systems Comércio E Serviços Ltda. The transaction is expected to be completed by August 2023. The company will exit the product line without impacting its customers being served, it said.

Investors Meetings on June 5

✍️Bajaj Electricals: Officials of the company will participate in Nuvama India Conference 2023. ✍️Dr Reddy's Laboratories: Company officials will participate in non-deal roadshow organised by Nomura. ✍️Nazara Technologies: Officials of the company will interact with SBI MF. ✍️KPIT Technologies, Adani Ports and Special Economic Zone: Companies' officials will attend Nomura Conference. ✍️Asahi Songwon Colors: The company will hold the earnings conference call on the performance in Q4FY23 with investors and analysts. ✍️SJVN: The company's officials will participate in non-deal road shows and meet prospective investors. ✍️Can Fin Homes: Officials of the company will interact with Tata AIA Life Insurance.

SUMMARY OF OPEC PRODUCTION CUTS

1. Saudi Arabia to extend 500K barrel per day cuts until 2024 2. Saudi Arabia to cut an additional 1 million barrels per day voluntarily 3. Iraq to extend 211K barrels per day cuts until 2024 4. Russia to extend voluntary production cuts until 2024 5. OPEC agrees to new production target of 40.5 million barrels per day 📍This comes after Saudi Arabia told oil short sellers to “watch out.” 📍OPEC is not messing around.

Zydus Lifesciences

The U.S. FDA inspection of the company’s animal health drug manufacturing facility at SEZ, Ahmedabad was closed with nil observations.

Tata Chemicals

The company signed an MoU with the Government of Gujarat to set up a 20 GW capacity lithium-ion cell manufacturing giga factory with an investment of Rs 13,000 crore, the state government said in a statement. The company will reorganise its U.S. operations to rationalise the number of intermediate entities.