SBI to sell 3.9% stake in SBI Life

Mumbai

SBI will divest 3.9% of its stake in SBI Life Insurance Company to global investment firms KKR and Temasek for Rs 1,794 crore. It said the Executive Committee of the Central Board in its meeting on Friday approved the plan at a price of Rs 460 per share. PTI

New Delhi
Paytm founder sells 1% stake for Rs 325 cr

Paytm founder Vijay Shekhar Sharma has sold 1% of his shares in One97 Communications to its shareholders for about Rs 325 crore. The amount raised will be utilised for Paytm’s proposed payments bank operations. PTI

New Delhi
Sheela Foam zooms 41% on debut

Sheela Foam on Friday made a stellar debut on the bourses and surged by as much as 41% over its issue price on BSE and NSE. It finally ended the day at Rs 1,032, up 41% over its issue price. PTI

New Delhi
Gold slumps to 10-month low

Gold prices fell by Rs 130 to hit a 10-month low of Rs 28,580 per 10 grams on Friday amid a weakening global trend and considerable fall in demand from jewellers at the domestic spot market. Silver, however, firmed up further by Rs 250 to Rs 41,850 per kg due to increased offtake by industrial units and coin makers. PTI

New Delhi
M&M to cut output to adjust inventory

Mahindra & Mahindra said on Friday it will stop production on certain days this month besides its planned annual maintenance shutdown at some of its automotive and tractor plants to adjust inventories. The company said it will also “observe on need basis a few days as ‘No production days’ at some of its automotive and tractor plants”, including the Chakan plant. PTI

New Delhi
Maruti, Ola tie up to train aspiring drivers

Maruti Suzuki India on Friday joined hands with taxi aggregator Ola to train aspiring drivers-partners. Under an MoU signed between the two, the exercise aims to benefit 40,000 individuals/Ola drivers-partners in safe driving over a period of three years, Maruti Suzuki India said. PTI