India’s ONGC (Oil and Natural Gas Corporation) has increased windfall tax on oil, crude oil and jet turbine fuel, according to a government order passed on January 2. According to orders, it raised the windfall tax on crude oil to Rs 2,100 ($25.38) a tonne, up from Rs 1,700 ($20.55) today.

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On January 2, Zomato co-founder and chief technology officer Gunjan Patidar resigned from his position in the fourth senior-level exit at the food delivery platform since November 2022.

State-owned National Thermal Power Corporation Private (NTPC) Ltd’s power generation grew 11.6% on yearly basis to 295.4 billion units (BU) in April-December in FY22-23. The PSU supplies one-fourth of the electricity in India. The company generated 254.6 BU during April-December 2022, a 16.1% year-on-year rise on a standalone basis.

Today, Dabur India’s share purchase and shareholder agreement state that it has acquired a 51% majority stake in Badshah Masala. Dabur has acquired a 51% stake in Badshah from its shareholders, subject to the terms and conditions of the SPA and SNA, and the transaction was completed yesterday. Badshah Masala Private Limited has become a subsidiary of Dabur India Limited. January 2, 2023.

On January 2, 2023, Zee Entertainment announced that its operating creditors had initiated bankruptcy proceedings against the company for allegedly defaulting in an amount exceeding Rs 211 crore. The company said in its regulatory filing that its operating creditor, the Indian Performing Rights Society Ltd (IPRS), had referred the approached Mumbai judge to the National Company Law Tribunal (NCLT).

JS Auto Cast Foundry, a subsidiary of Bharat Forge, is to acquire the SEZ arm of Indo Shell Mold Ltd, Erode SIPCOT, Tamil Nadu. With a unit capacity of 42,000 MTPA, SEZ supplies fully machined critical castings to key customers in the automotive industry. It will operate as the third manufacturing unit of JS Auto, bringing its total capacity to 1,42,000 MTPA.

Coal India’s coal supply to the power sector rose 11% to 432.7 million tonnes during the April-December period of FY22-23. During the same period last year, the supply was 390.2 metric tons.

Ashok Leyland reported a 45% increase in total sales in December 2022 to 18,138 units. The company’s total sales in December 2021 were 12,518 units. Domestic sales rose 49% to 17,112 units last month, compared with 11,493 units in December 2021. Exports were flat at 1,026 units in December 2022 against 1,025 units in December 2021.