Business:
Hero Motors, an auto-components company under the Hero Motors Company (HMC) Group, is gearing up to go public. Backed by South Asia Growth Invest, the company has filed a Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise ₹900 crore through an Initial Public Offering (IPO). The IPO will involve a fresh equity issuance of ₹500 crore and an offer-for-sale (OFS) of ₹400 crore by promoters.
Meanwhile, Cognizant has filed a lawsuit against Infosys in a U.S. federal court, accusing the Bengaluru-based company of stealing trade secrets related to healthcare insurance software. Infosys has denied the allegations.
Sports:
Indian cricketer Shikhar Dhawan has announced his retirement from all formats of international cricket. The opening batsman, fondly known as ‘Gabbar’, took to social media to share the news, expressing gratitude to his fans, the Board of Control for Cricket in India (BCCI), and the Delhi and District Cricket Association (DDCA).
Politics:
In Jammu & Kashmir, the People’s Democratic Party (PDP) chief Mehbooba Mufti has released the party’s manifesto for the upcoming Assembly elections. The manifesto calls for the restoration of Article 370 and diplomatic initiatives between India and Pakistan. The PDP has also stated its willingness to extend support to the Congress-National Conference (NC) alliance if they agree to the PDP’s agenda.
The BJP unit in Haryana has urged the Election Commission of India to postpone the Assembly elections scheduled for October 1, citing potential low voter turnout due to holidays before and after the election date.
Other:
The government has reduced the gold duty drawback rate by more than half, just a month after revising the import duty in Budget 2024. The new notification brings down the duty drawback rate for gold jewellery from ₹704.1 per gram to ₹335.50 per gram.
In Hyderabad, Telugu superstar Nagarjuna’s N-Convention centre was demolished by the Hyderabad Disaster Response and Assets Monitoring and Protection (HYDRA) for allegedly being built on encroached land. Nagarjuna, who co-owns the centre, expressed his disappointment over the incident.
The Central Bureau of Investigation (CBI) has filed an FIR against the former principal of RG Kar Medical College and hospital, Sandip Ghosh, following a Calcutta High Court order. The case relates to the alleged rape and murder of a trainee doctor on the campus.
