Bharat Heavy Electricals Ltd has bagged the ₹13,300 crore order to set up a 1600 MW thermal power plant in Koderma in Jharkhand from Damodar Valley Corporation (DVC).
JSW Infrastructure on Thursday said it will acquire 70.37 per cent shareholding in Navkar Corporation, engaged in the logistics and cargo transit service industry, for around ₹1,012 crore, paving the way for its foray into the logistics industry. The company has entered into a share purchase agreement with certain promoters and members of the promoter group (sellers) of Navkar Corporation (Navkar) to acquire 10,59,19,675 equity shares, constituting 70.37 per cent of Target’s total equity share capital, at a price of ₹95.61 per share, according to a filing by JSW Infrastructure. Following this, the company will launch an open offer at a price of Rs 105.32 per share to buy an additional 26 per cent stake from public shareholders at a total cost of around 413 crore, the filing stated.
Raymond Ltd on Thursday said its shareholders have approved the reappointment of Gautam Hari Singhania as Managing Director for five years effective from July 1, 2024, along with his proposed remuneration. “The shareholders of the company at their Annual General Meeting (AGM) held today (June 27) have approved the re-appointment of Singhania,” Raymond Ltd said in a regulatory filing.
Telecom stocks and Reliance will remain focus as Reliance Industrie’s Jio will increase mobile services rates by 12-27 per cent from July 3 and at the same time restrict the access of unlimited free 5G services for customers, according to a company statement. This is the first hike in mobile services rates by Jio after a gap of about two-and-a-half years. Jio has over 47 crore mobile subscribers accounting for about 41 per cent market share. The hike comes immediately after the spectrum auction as per the anticipation of sector experts. Industry experts believe that Bharti Airtel and Vodafone Idea may also increase their mobile services rates soon.
Ipca Laboratories Ltd on Thursday said a European Union court has upheld a fine of EUR 13.96 million (approximately ₹125.62 crore) collectively on its arm Unichem Laboratories and step-down subsidiary Niche Generics over a patent dispute settlement agreement. The Court of Justice of the EU has upheld the fine of EUR 13.96 million (approximately Rs 125.62 crore) imposed by the General Court of the EU collectively on Unichem Laboratories Ltd and step-down subsidiary Niche Generics Ltd with respect to a patent dispute settlement agreement done by them for Perindopril drug matter with the innovator French company Servier group, Ipca Labs said in a regulatory filing.
Adani group-owned Ambuja Cements on Thursday said its board has approved the merger of Adani Cementation, which is now a subsidiary of Adani Enterprises. After the approval of the Scheme of Amalgamation of Adani Cementation, after regulatory and shareholders approval, it would become a wholly-owned subsidiary. The merger is totally based on share swapping and Adani Enterprises will get 8.7 million shares of Ambuja Cements. The consolidation of cement capacities within Adani Group is “to enhance operational efficiency” and strengthen Ambuja Cements’ coastal footprint.
Tega McNally Minerals Limited (TMML) (erstwhile McNally Sayaji Engineering Limited), a wholly owned subsidiary of Tega Industries, has entered into a contract as a consortium member with NMDC for design, engineering, manufacture, supply, erection, testing and commissioning of new 7 MTPA Iron ore Screening & Beneficiation Plant – II (SP-II) at Donimalai Complex, Bellary, Karnataka on turnkey basis. Kalpataru Projects International Limited is the Consortium Leader. The contract is required to be executed over a period of 26 months and the total value is approximately ₹871.60 crore(inclusive of taxes). TMML’s share of business in the contract is ₹119.90 crore.
Jubilant Ingrevia has announced successful outcome of the USFDA inspection with the receipt of Establishment Inspection report (EIR) with Zero 483 inspectional observations for the inspection performed in April at its Manufacturing facility, Unit -1 located at Bharuch, Gujarat, India.
KPI Green Energy has received sanction letter for credit facilities amounting to ₹686 crore for the development of a 200 MWAC (240 MWDC) Solar Photovoltaic Power Project in Khavda, Kutch, Gujarat.
The board of RBL Bank has approved raising ₹6,500 crore through a combination of qualified institutional placement (QIP) of shares and debt sale. The bank will raise ₹3,500 crore through QIP and ₹3,000 crore through issue of debt securities via private placement, according to an exchange filing.
The board of AU Small Finance Bank’ has approved plans to raise ₹ 11,000 crore through equity( ₹5,000 crore via QIP or other means) and debt instruments (₹6,000 crore), in one or more tranches.
Brigade Group has launched “Brigade Insignia”, a premium residential project in Yelahanka, Bengaluru. Brigade Insignia comprises six towers housing 379 units of spacious 3, 4, and 5 BHK apartments (Limited edition Sky Villas) spread across a sprawling 6-acre land parcel. The project has a revenue potential of ₹1,100 crore, it is claimed.
Asian Paints’ Singapore unit completes acquisition of 23.4 per cent stake in Egypt’s SCIB Chemicals for ₹34 crore. The unil holds 85.6 per cent stake in SCIB.
CFF Fluid Control Limited has received the Contract for Procurement of Spare P75 Project from Material Organisation, Mumbai totalling to approx. Rs 9.58 crores (Including Tax).
DCM Shriram has commissioned its captive 120 MW state-of-the-art Power Plant at its Chemical complex in Jhagadia, Bharuch, Gujarat. This project will help in driving cost efficiencies at Bharuch Complex. Earlier, the company had commissioned its Caustic Soda Expansion Project of 850 TPD at its Chemical complex in Jhagadia, Bharuch Dist. Gujarat.
Wanbury has received a term loan facilities of Rs 60 crore from Tata Capital, Mumbai at 12.50 per cent interest per annum repayable over a period of seven years. The funds received by the company will be utilized towards the long-term working capital and capex requirement.