Author: Staff Writer

Vedanta Limited has been named the Preferred Bidder for the Punnam Manganese Block in Andhra Pradesh, following a successful e-auction conducted by the state government. The block, located in the Vizianagaram district, covers an area of approximately 152 hectares and is currently at the G4 exploration stage, indicating early-stage geological investigation.

The Department of Mines & Geology, Government of Andhra Pradesh, had initiated the auction process with a Notice Inviting Tender on July 10, 2025, offering a Composite License that includes rights for both exploration and eventual mining. Vedanta qualified through the technical evaluation phase and subsequently participated in the online bidding process. On September 18, 2025, the company was officially informed of its selection as the Preferred Bidder.

As part of the next steps, Vedanta will need to fulfil several key requirements before being awarded the Composite License. These include submitting a Performance Bank Guarantee, complying with all conditions set out in the tender documents, and obtaining the necessary approvals, clearances, and permits from various government departments and regulatory bodies.

This move aligns with Vedanta’s broader strategy to strengthen its mineral resource base and expand its presence in the mining sector, particularly in key non-ferrous minerals such as manganese. The announcement also brought Vedanta’s shares into focus, with market analysts closely watching how the development could impact the company’s resource portfolio and long-term growth plans.

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Roche has entered into a definitive merger agreement to acquire clinical-stage biopharmaceutical company 89bio, Inc. in a deal valued at up to $3.5 billion.

Under the terms of the agreement, an affiliate of Roche will commence a tender offer to purchase all outstanding shares of 89bio at $14.50 per share in cash at closing, representing an aggregate equity value of about $2.4 billion.

In addition, 89bio stockholders will receive a non-tradeable contingent value right (CVR) that could deliver up to an additional $6.00 per share upon achievement of specified regulatory or commercial milestones, bringing the total potential transaction value to roughly $3.5 billion.

The acquisition gives Roche ownership of pegozafermin, an investigational FGF21 analogue that 89bio is developing as a treatment for moderate to severe metabolic dysfunction-associated steatohepatitis (MASH).

Pegozafermin is currently in late-stage clinical development and is viewed by both companies as a potential therapy for a disease with substantial unmet medical need. Roche said the asset complements its cardiovascular, renal and metabolic disease portfolio and offers optionality for future combination development.

Financial markets reacted strongly to the announcement. Shares of 89bio surged sharply on the news, rising more than 80 percent in early trading as the market priced in Roche’s offer and the potential milestone payments.

Roche’s own shares showed mixed moves as investors assessed the strategic implications. Reports noted the cash portion of the deal values 89bio at about $2.4 billion on closing, with the CVR accounting for the upside to $3.5 billion.

Roche said the acquisition will be integrated into its pharmaceuticals division and that it expects the deal to strengthen its presence in therapies for liver and cardiometabolic diseases.

The companies indicated that Roche will work to advance pegozafermin through the remaining clinical programme and to prepare for potential regulatory submissions, while exploring how the candidate might fit alongside Roche’s broader development and commercial capabilities.

The press release noted that specific development and regulatory plans will be outlined as the integration proceeds.

The transaction remains subject to customary closing conditions, including expiration or termination of the tender offer, regulatory clearances, and other conditions specified in the merger agreement.

Roche will commence the tender offer promptly, and if the offer is successful, the companies will complete the merger and effect the payment at closing, with the CVR mechanism determining any contingent payments tied to future milestones. The timing of the closing will depend on procedural and regulatory steps.

The acquisition comes amid heightened competition among major pharmaceutical companies to build capabilities in obesity-related and metabolic disease areas, where FGF21 analogues and other novel mechanisms are attracting investment.

Pegozafermin’s late-stage status and the potential size of the MASH patient population underpin Roche’s willingness to offer a significant upfront cash consideration plus milestone-linked upside.

At the same time, regulatory review outcomes and commercial performance will determine the long-term value of the asset.

Roche has framed the acquisition as a way to enhance its cardiovascular, renal and metabolic (CVRM) portfolio by adding a late-stage therapeutic candidate for liver disease and bolstering options for future combination approaches in metabolic conditions.

89bio’s board and management have recommended the transaction to their shareholders, and 89bio will provide customary disclosures and updates as the tender offer proceeds.

India’s securities regulator has dismissed key allegations made by U.S. short-seller Hindenburg Research against the Adani group, triggering a sharp rally in the conglomerate’s listed stocks and ending more than two years of market and political turmoil. In two separate orders issued this week, the Securities and Exchange Board of India (SEBI) concluded that the transactions flagged by Hindenburg did not amount to market manipulation, related-party breaches or disclosure failures that would attract punitive action.

The Hindenburg report, published in January 2023, accused the Adani empire of opaque related-party dealings, use of tax havens and stock manipulation — allegations that precipitated a near-$150 billion decline in the group’s market value and a prolonged period of regulatory and investor scrutiny. SEBI’s recent findings, which the Adani group said vindicate its position, mark the most consequential development to date in the saga and are likely to reshape investor sentiment toward the group.

Gautam Adani welcomed SEBI’s orders. In public posts and statements he described the regulator’s probe as exhaustive, calling the outcome a “resounding victory” and saying the Hindenburg report had been “baseless” and damaging to investors. The company reiterated that it has always sought to comply with disclosure norms and corporate governance standards.

Markets reacted quickly to the regulator’s decision. Shares across the Adani family of companies surged in early trading: Adani Total Gas and other utilities led the gains, while flagship Adani Enterprises and power units posted sizeable rises. Adani Power was among the biggest movers, trading sharply higher on the news, and analysts noted the verdict removed a major overhang that had weighed on group valuations since 2023.

As of the latest market quotes, Adani Enterprises was trading around ₹2,402 per share, while Adani Power’s intraday levels were substantially higher following the SEBI announcement, with market data providers showing prices in the mid-600s range as traders pushed the stock up on renewed buying interest. These price moves reflect broad repricing after regulators effectively rejected the most serious manipulation claims. Investors should note that real-time quotes vary across exchanges and data vendors.

Although SEBI’s orders clear the group on the charges reviewed in these particular filings, some market participants reminded investors that multiple probes and legal battles related to the episode have been pursued in different forums over time. International inquiries and other civil litigation that originated after the Hindenburg report remain separate matters and may continue to attract scrutiny. Observers also warned that while the headline risk has receded, valuation and governance debates are likely to persist as analysts reassess earnings traction and capital-intensive expansion plans.

Regulators’ conclusions are likely to have political as well as financial implications. The Hindenburg episode had become a flashpoint in public debates about corporate transparency, the effectiveness of oversight, and the relationship between business conglomerates and the state. SEBI’s findings will be seized upon by both critics and defenders of the group in arguments over market integrity and investor protection.

For now, the immediate effect is clear: investors rewarded Adani stocks after SEBI’s verdict, and the group has framed the outcome as vindication. Market watchers will next focus on whether the regained confidence translates into sustained capital inflows, how earnings and debt metrics evolve over coming quarters, and whether any remaining regulatory or legal threads emerge from domestic or foreign authorities.

Explainer: What SEBI Investigated and Found

SEBI’s probe focused on several core allegations:

• Use of offshore entities: Hindenburg had alleged that Adani family associates and shell companies in tax havens were used to pump up stock prices. SEBI examined beneficial ownership records, fund flows, and trading data and concluded that the transactions did not breach disclosure or related-party rules.
• Stock manipulation: The short-seller claimed that concentrated holdings by opaque foreign investors distorted the market. SEBI’s analysis of trade patterns, shareholding data, and market impact did not establish manipulation under Indian securities law.
• Disclosure lapses: Hindenburg pointed to alleged under-reporting of related-party dealings. SEBI found that the filings made by Adani companies were materially compliant and that any gaps did not constitute willful concealment or fraud.

The regulator issued two separate but related orders to address these areas. While clearing the group of wrongdoing on these counts, SEBI indicated that it would continue to strengthen disclosure and surveillance frameworks to avoid similar controversies in the future.

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Oil India Ltd (OIL), the state-owned upstream company, has announced that it plans to spend a cumulative ₹1.3 trillion by 2030 on a wide range of projects spanning exploration, production, refinery expansion, and green energy. The figure was shared by Chairman and Managing Director Ranjit Rath during the company’s 66th Annual General Meeting, and reflects the most ambitious spending programme in the company’s history.

The capex plan will be spread across upstream exploration, downstream infrastructure, and alternative energy initiatives. On the upstream side, Oil India is prioritising deep-water exploration and enhanced recovery projects to raise crude oil and natural gas production. Downstream, the Numaligarh Refinery expansion project in Assam is a key focus, scheduled for completion by December this year. Beyond hydrocarbons, the company has earmarked significant funds for green hydrogen, biofuels, and compressed biogas (CBG), underscoring its intent to gradually diversify into cleaner fuels.

Oil India has indicated that in the current fiscal year alone, it will invest about ₹17,000 crore. This is almost double the ₹8,500 crore it spent the previous year, signalling a sharp escalation in the pace of its investments. Over the longer term, the ₹1.3 trillion outlay is expected to be divided across three primary buckets: roughly half for upstream oil and gas exploration and production, about 30 percent for downstream and refinery projects, and the remainder for renewable and green energy initiatives.

Despite global geopolitical disruptions, particularly surrounding its overseas assets in Russia, Oil India maintains that its operations remain unaffected. The company has recovered over 91 percent of its original $1 billion investment in the Vankorneft and Taas Yuryakh projects through dividends. While about $330 million remains blocked in Russian banks, Oil India expects to retrieve the full amount by FY2026-27. Drilling and production activities in these fields continue without interruption.

Overseas ventures are playing an increasingly important role in the company’s portfolio. Oil India is also involved in the Mozambique LNG project, where construction is expected to resume by late 2025. Once operational, the facility will add to India’s long-term gas security. In FY2024-25, overseas assets in Russia, Venezuela and Mozambique contributed over two million metric tonnes of oil equivalent, bolstering total company output.

Operationally, Oil India recorded its highest ever combined oil and natural gas production in FY2024-25, reaching 6.71 million metric tonnes of oil equivalent. Crude oil output has steadily increased over the past three years, from around 3.01 million metric tonnes in FY2021-22 to 3.46 million metric tonnes in FY2024-25. Natural gas production also hit new highs, reinforcing the company’s ability to meet its growth targets.

A notable portion of the ₹1.3 trillion capex will be directed toward green energy. Industry estimates suggest that nearly ₹25,000–30,000 crore will go into hydrogen projects alone, as Oil India explores pilot plants in Assam and Rajasthan. The company is also working with technology partners on electrolyser manufacturing and hydrogen blending in pipelines. Another ₹15,000–20,000 crore is expected to be channelled into biofuels and compressed biogas, including projects under the government’s Sustainable Alternative Towards Affordable Transportation (SATAT) scheme. Additionally, around ₹10,000 crore has been earmarked for solar and wind projects, with the company planning to add up to 2 GW of renewable power capacity by 2030.

The scale of the capex plan reflects Oil India’s twin priorities: consolidating its upstream strength while laying the groundwork for a transition to cleaner fuels. The refinery expansion at Numaligarh and progress on LNG assets abroad are expected to provide medium-term stability, while investments in hydrogen, biofuels and CBG are designed to prepare the company for a lower-carbon future.

If successfully executed, the ₹1.3 trillion programme will significantly expand Oil India’s production base, diversify its energy portfolio, and strengthen India’s energy security in the coming decade.

Chennai: In a deal being hailed as one of the most generous in India’s automobile sector, Hyundai Motor India Limited (HMIL) has inked a three‑year wage settlement with its workers’ union that includes a salary increase of ₹31,000 per month. The Long Term Settlement (LTS) covers the period from April 1, 2024, through March 31, 2027, and applies to nearly 1,981 employees in the technician and workmen cadre—which represents about 90 per cent of that category at the company’s Sriperumbudur plant.

Under the agreement with the United Union of Hyundai Employees (UUHE), the pay hike will be phased in over the three years in a ratio of 55 per cent in the first year, 25 per cent in the second, and 20 per cent in the final year. In addition to the salary boost, Hyundai has committed to enhanced welfare measures—comprehensive health coverage and wellness programmes—to improve employee well‑being.

Market Response and Implications

Investors welcomed the announcement. The company’s shares hit record highs following the wage pact, rising by around 2‑3 per cent as markets factored in strong labour relations and improved employee satisfaction. Analysts see this move as strengthening HMIL’s position in the Indian auto industry, underlining its reputation for maintaining a stable workforce and avoiding protracted labour disputes.

At a time when global supply chains and automotive firms are under pressure from rising input costs and shifting labour expectations, Hyundai India’s settlement could become a benchmark for peer companies. For employees, the deal brings relief and recognition; for the company, it may mean higher wage bills, but also potentially better productivity, morale, and lower attrition.

Hyundai’s move also aligns with increasing expectations among Indian industrial workers for more substantial compensation, especially given inflationary pressures and rising costs of living. If management elsewhere in the sector responds with similar wage revisions, India could see a new normal in labour costs. However, cost pressures for OEMs (original equipment manufacturers) and suppliers will likely increase, which may affect pricing, margins, and negotiations in the supply chain in the months ahead.