According to a regulatory filing, Navratna Defence PSU Bharat Electronics has signed a frame supply agreement with Thales Reliance Defence Systems (TRDS), Nagpur, for the manufacture and supply of TR modules, radar LRUs (Line Replaceable Units) and micro modules. The deal aims at leveraging the complementary strengths and capabilities of BEL and TRDS.

As part of the Offset commitment under the Rafale-India Contract and in line with the ‘Make in India’ policy, BEL and TRDS have entered into an agreement for the manufacture and supply of TR Modules and Micro modules of Radar used in Rafale fighter aircraft. In continuation to the agreement signed between BEL and TRDS, BEL has received an order to manufacture and supply Micro Modules.

Stocks of nine out of ten listed firms of the Adani Group closed in the red on Monday, with the flagship Adani Enterprises tumbling over 9 per cent as investors continued to desert the counters.

The conglomerate, whose business interests span from sea-ports to airports, edible oil and commodities, energy, and cement to data centres, has taken a drubbing on the bourses following a report by US short-seller Hindenburg Research labelling charges of stock manipulation and accounting fraud.

The Adani group has vehemently dismissed the charges as lies, saying it complies with all laws and disclosure requirements.

The Adani-Hindenburg issue has not only affected the company but it has also led to loss of investors’ confidence in the Adani Group. In order to reassure investors, the Gautam Adani-led conglomerate is planning to conduct a fixed-income roadshow next week, reported Reuters. The move is aimed at bringing back investors and restoring their confidence in the aftermath of a US short-seller report. 

A roadshow is said to happen in Singapore on February 27 and it will see participation from Adani Group Chief Financial Officer Jugeshinder Singh. Post the roadshow, similar confidence-building meetings will be held in Hong Kong on February 28 and March 1. 

Barclays, BNP Paribas, DBS Bank, Deutsche Bank, Emirates NBD Capital, ING, IMI-Intesa Sanpaolo, MUFG, Mizuho, SMBC Nikko and Standard Chartered Bank are reportedly organising the bank’s next week's roadshow. 

Customers of Shankarrao Mohite Patil Sahakari Bank, Akluj in Maharashtra cannot withdraw more than Rs 5,000 from their accounts as the Reserve Bank of India (RBI) has put several restrictions on the bank. The decision comes in wake of the bank's deteriorating financial position.

The restrictions will remain in force for six months from the close of business on February 24, 2023, and are subject to review. The bank now, without prior approval of RBI, cannot grant loans, make any investment, incur any liability, and transfer or otherwise dispose of any of its properties. 

The restrictions or Direction under Section 35 A of the Banking Regulation Act, 1949 effective close of the banking business hour on Friday.

In a surprise move, US President Joe Biden on Thursday nominated Indian-American business executive Ajay Banga to become president of the World Bank, lauding his experience forging public-private partnerships to address financial inclusion and climate change.

Banga graduated with a Bachelor of Arts (Honours) degree in Economics from St. Stephen's College, Delhi University followed by PGP in Management from the Indian Institute of Management, Ahmedabad. Banga was born on November 10, 1959 in Khadki cantonment of Pune. The Government of India awarded Banga the civilian honour of the Padma Shri in 2016.

The World Bank on Wednesday said it expects to select a new president by early May to replace David Malpass, who announced his resignation last week. Banga's nomination by the United States all but assures he will assume a job that oversees billions of dollars of funding as the institution embarks on a major series of reforms to better respond to climate change and other pressing challenges facing developing countries.