Equity benchmarks opened weaker on Wednesday after US markets fell sharply overnight. As indicated by the SGX Nifty, quoted at 17,778, the Nifty could open around 60-70 points lower.

On Wall Street, the Dow Jones slid 2.06%, the S&P 500 shed 2%, while the tech-heavy Nasdaq shed 2.5% as investors were wary of strong economic data that makes a case for more rate hikes.

Mahindra & Mahindra: The company has entered into an asset transfer agreement with Mahindra Electric Automobile (MEAL), which will become a subsidiary, for certain identified assets related to four-wheel electric passenger vehicles. M&M and British International Investment Plc have agreed to invest Rs 1,925 crore each in MEAL in two tranches, which will be completed upon fulfilment of agreed conditions and certain milestones.

Reliance Industries: Reliance New Energy, a subsidiary of the company, has completed the acquisition of 7,433 ordinary shares, 1,518 series B1 preferred shares, and 660 series B2 preferred shares of Nexwafe GmbH for a total consideration of euro 7,55,684.

Pharma stocks: The Department of Pharmaceuticals has issued the first batch of incentives totalling Rs 166 crore to four selected applicants under the Pharmaceutical Product Linked Incentive (PLI) scheme, Dr Reddy’s Labs, Biocon, Strides Pharma Science and Premier Medical Corp.

Wockhardt: The company reportedly said at its investor conference that the business restructuring would save $12 million annually. The restructuring will include closing its manufacturing plant in Morton Grove. The company has also signed an agreement with Serum Institute of India to manufacture the vaccine at its UK facility. It has received a £10 million donation as reserve capacity.

Mirza International: NCLT has approved the merger of RTS Fashions Pvt Ltd (the transferor company) with Mirza International and the spin-off of the latter’s branding business as Redtape Ltd on a going concern basis.

Hindustan Zinc: The company’s shareholders are scheduled to meet on March 29, 2023, to consider the recapitalisation of the matter under the NCLT order.

Lemon Tree Hotels: The company has signed a franchise agreement for a 34-room property in Manali, Himachal Pradesh, under its brand ‘Lemon Tree Hotel’. The hotel is expected to be operational by June 2023.

Bharat Electronics: The company has signed an MoU with the ADA and DRDO on the Advanced Medium Fighter Programme.

ITI: Rajesh Rai has been appointed Chairman and MD of the company, effective February 21, 2023.

Sapphire Foods: Gamma Pizzakraft (Overseas), a wholly-owned subsidiary of Sapphire Foods, has considered and approved the subscription of up to 81,914 shares of its subsidiary Gamma Island Food. Under the proposed acquisition, Gamma Pizzakraft’s stake in Gamma Island Food will increase to 75% from its existing 51%.

CE Info Systems: The company has invested another Rs 13.53 lakh in E-Chargeup Solutions Private Limited.

Toyam Sports: An existing shareholder of Bhakti World Radio Broadcasting Private Limited has proposed the transfer of a 12.6% stake in Bhakti World to the company.

Arihant Tournesol: Its board of directors will meet on February 27 to consider raising up to $50 million in foreign investment tranches or multiple tranches to provide capital and working capital for business expansion through preferential placement.

Advik Capital: The company is in the advanced stages of financing another large-scale infrastructure project on the Gohana Sonepat Expressway, backed by NHAI and other agencies, and in partnership with other NBFCs, private and PSU banks.