Morning Buzz: Orient Cement eyes sale to Adani Cement; Jio Financial plans to launch a suite of loan products, and more

CK Birla, chairperson of Indian conglomerate CK Birla Group. Image: Eric Piermont/ AFP

Orient Cement eyes sale to Adani Cement

CK Birla, the promoter of Orient Cement, is looking to sell his 8.5 million tonne-cement company to Adani Cement after offers from other domestic players failed to meet his valuation criteria. The promoter stake in Orient Cement is 37.9 percent and the company is valued at Rs3,878 crore. The stock has seen a 29 percent jump in the last three months in anticipation of a stake sale.  
(Economic Times)  
 

Invesco marks up Swiggy valuation to $7.85 billion  

Invesco, which has twice marked down its valuation of Swiggy, has pushed up its valuation assessment to $7.85 billion—an increase from $5.5 billion on July 31. While this is a 42 percent jump in valuation since July, it is still 30 percent lower than the valuation ascribed in January 2022. In August, Baron Capital had marked up the valuation of Swiggy to $8.5 billion.  
(Financial Express, Business Standard)  
 

Honsa Consumer to expand overseas business

Honsa Consumer, which plans to IPO soon, is ramping up efforts to take its flagship brand Mamaearth international. The brand is partnering with local channels for its venture into Bangladesh, Thailand, Vietnam and Malaysia. In other overseas markets, it operates through either modern trade or ecommerce platforms. The company did not specify how much it makes from overseas sales.  
(BusinessLine) 
 

Jio Financial plans to launch a suite of loan products  

Jio Financial Services plans to launch auto, home and other loan products. It has already launched personal loans for salaried and self-employed individuals, and consumer durable loans at 300 stores across the country. This was the first time it offered details on its activities through an investor presentation. Also on the anvil are plans to launch business loans for merchants.  
(BusinessLine)