M&M, Varroc Engineering and SBI to see some action today

Mahindra and Mahindra (M&M) has increased stake in its Finland-based arm Sampo Rosenlew Oy to 79.13 percent with the acquisition of additional 1,050 shares for Rs 31.15 crore. The company’s scale in tractors and Sampo’s expertise in combine harvesters allows both companies to offer a broader product portfolio to address the needs of farmers in various countries.

Varroc Engineering’s wholly-owned subsidiary-- VarrocCorp Holding B.V., the Netherlands (VCHBV) has acquired balance 30% stake i.e. 60,000 equity shares of Varroc-Elba Electronics S.R.L (Varroc Elba) held by the other JV Partner, ELBA SA, Romania for an aggregate consideration of Euro 1.05M. Pursuant to the aforesaid acquisition, Varroc Elba has become a wholly owned subsidiary of VCHBV and in turn a step-down subsidiary of the company.

State Bank of India’s (SBI) subsidiary -- SBI General Insurance has partnered with Mahindra Insurance Brokers (MIBL) to raise its penetration in tier-II and III cities. This association will enable the company to provide health insurance cover to a significant number of people in tier-II and III cities and generate employment.

Transformers and Rectifiers (India) is excepting Rs 68 crore relief on account of relaxed performance security norms from Power Grid Corporation (PGCIL) under the Atmanirbhar Bharat Package-3. PGCIL has issued guidelines for reduction of Performance Security from existing 10 per cent to three per cent under the existing contracts as well upcoming Contracts to be commenced by December 31, 2021, in line with the government of India guidelines under the Atmanirbhar Bharat Package-3.

RBL Bank and ICICI Prudential Life Insurance have entered into a bancassurance partnership to offer an array of life insurance products to the Bank’s customers. This alliance will enable over 8.7 million customers of the bank to access and seamlessly purchase customer-centric protection and long-term savings products of the Company and provide financial security to themselves and their families.

Coal India is likely to see reforms in marketing and sales in 2021. The exercise, among other improvements, will aim at doing away with multiple types of auctions of the dry fuel. The company produces 80 percent of coal and still there exists all kinds of the auction, like spot, exclusive, forward.

Maruti Suzuki India is planning to increase prices of its vehicles from January 2021 to offset the adverse impact of rising input costs. Over the past year, cost of the company's vehicles have been impacted adversely due to increase in various input costs. This price increase shall vary for different models.