Realty firm Prestige Estates Projects Ltd plans to launch housing projects worth ₹52,000 crore by March next year to encash surge in demand for residential properties. In its latest investors presentation, Prestige Estates has mentioned that the company plans to launch multiple projects in Bengaluru, Hyderabad, Chennai, Goa, and Delhi-NCR comprising more than 53 million sq ft area with a total sales bookings value of ₹52,114 crore.
ACME Sun Power, a wholly owned subsidiary of ACME Solar Holdings, has secured a ₹3,753-crore term loan from state-owned REC Ltd. The loan has been secured for the development and construction of a 320-MW firm and dispatchable renewable energy (FDRE) project in collaboration with SJVN. Wholly-owned subsidiary ACME Sun Power secures ₹3,753 crore loan from REC for FDRE projects in Rajasthan and Gujarat, ACME Solar Holdings said in a statement on Sunday.
Dr Reddy’s Laboratories and FDC Ltd are recalling generic medications in the US market due to manufacturing issues, according to the US health regulator. As per the latest Enforcement Report by Food and Drug Administration (USFDA), the US-based subsidiary of Dr Reddy’s Laboratories is recalling multiple strengths of Morphine Sulfate extended-release tablets in the US. The medication is used to relieve severe and persistent pain.
Canara Bank has classified accounts of Reliance Communications and its subsidiary Reliance Telecom as “fraud”, according to a BSE filing by the company. RCom, which is under corporate insolvency resolution process, said that the classification by Canara Bank is not expected to have any impact on the company. Legal advice is being sought on the way forward with respect to the development, it added.
Hindustan Zinc has emerged the preferred bidder for a gold mine block in Rajasthan that will help it expand its previous metal portfolio. The company secured a composite license for a gold mining block in Rajasthan through the state government auctions held on November 13, it said in a statement. The company has been declared the preferred bidder for the Dugocha Gold Block, as confirmed by the Department of Mines & Geology, Rajasthan, vide notification dated November 15, 2024, it said.
Netweb Technologies said its chief financial officer Prawal Jain resigned from the post, a regulatory filing said on Friday. The company has designated its financial controller Ankit Kumar Singhal as interim chief financial officer (CFO).
Matrimony.com has launched its financial technology platform weddingloans.com aimed at providing financial assistance for marriages. The company has partnered with leading financial institutions such as IDFC, Tata Capital, Larsen and Toubro Finance, to offer a comprehensive loan solution.
ABB India on Friday said it has received a warning letter from stock markets regulator Sebi for violation of insider trading rules by two of its employees. The warning letter dated November 8, 2024 has been received on November 14, 2024, ABB India said in an exchange filing. “The company secretary has received administrative warning letter from Deputy General Manager SEBI for violation of SEBI (Prohibition of Insider Trading) Regulations, 2015 by two designated persons of the company,” it said.
Consumer rights regulator CCPA has ordered a probe into complaints about alleged service and product deficiencies by Ola Electric, citing concerns over whitewashing of consumer grievances. The Central Consumer Protection Authority (CCPA) headed by Nidhi Khare has directed the Director General (Investigation), who is also head of the Bureau of Indian Standards (BIS), to investigate this matter. The order to this effect was issued on November 6 and the BIS DG has been asked to submit the investigation report within 15 days.
IRB Infrastructure Trust has made a non bidding offer to IRB InvIT Fund to transfer five toll assets having an enterprise value of ₹15,000 crore as of September 2024, according to an exchange filing. In a statement, IRB said it plans to re-invest the proceeds raised from the deal in upcoming opportunities in the infrastructure sector. IRB Infrastructure Trust is IRB Infrastructure and Developers’ private InvIT (infrastructure investment trust) with 51 per cent stakeholding, while IRB InvIT Fund is a publicly listed InvIT platform in which the infrastructure player has a 15 per cent share.
Billionaire Mukesh Ambani-led Reliance Industries has completed the merger of its media assets with the India business of global media house Walt Disney and formed a joint venture with a valuation of over ₹70,000 crore. The JV will be one of the largest media and entertainment companies in India with a combined revenue of approximately ₹26,000 crore and will be led by Nita Ambani as its chairperson, according to a joint statement.
Joydeep Dasgupta assumed charge as Director (Production) of NMDC. Most recently, he served as Executive Director (Mines) at SAIL’s Jharkhand Group of Mines under Bokaro Steel Plant, where he led critical initiatives in system strengthening, ISO audits, and the successful execution of capacity expansion projects.
In a strategic move, Agro Tech Foods Ltd (ATFL), known for brands such as ACT II Popcorn and Sundrop, has announced the acquisition of Del Monte Foods Pvt Ltd, a joint venture between Bharti Enterprises and global food major Del Monte Pacific Ltd ( DMPL) enabling it to create a more diversified portfolio.
Adani Total Gas has announced a further reduction in its gas supply from GAIL (India) by 13 percent, effective November 16, 2024. The company said that this reduction would adversely affect its profitability. This latest cut follows a previous reduction of approximately 16 per cent in October, as communicated by GAIL, under the Administered Price Mechanism (APM) for supplying Compressed Natural Gas (CNG) and Domestic Piped Natural Gas (PNG).
The board of Easy Trip Planners has approved the proposed acquisition of 49 per cent stake in Planet Education Australia for a consideration of ₹39.20 crore. The Board also approved the acquisition of 50% stake in Jeewani Hospitality for a value of ₹100 crore.
The allocation of APM gas to Mahanagar Gas Limited has reduced by around 18 percent, effective November 16 compared to October 16, APM allocation. This being a major reduction in allocation, will have an impact on the profitability of the company.
To bridge this shortfall, MGL is exploring options of sourcing gas through domestically produced High Pressure High Temperature (HPHT) gas, New Well/ Well Intervention gas (NWG) from ONGC and benchmark-linked long-term gas contracts, so as to continue to provide gas to its customers with price stability.
Cyient, a global Intelligent Engineering services company, has announced the expansion of its partnership with Allegro MicroSystems, Inc. a global leader in power and sensing solutions for motion control and energy efficiency, with the inauguration of a Center of Excellence (CoE) in Hyderabad, India.
Man Infraconstruction (MICL Group) announced a strategic realignment of its real estate portfolio, by sharpening its focus on the luxury projects across Mumbai. As part of this strategic shift, MICL Group has divested from phase 3 of the project located near Dahisar in Mira road. This divestment represents a strategic move to focus more efficiently towards our upcoming luxury projects in Mumbai’s prime locations like Pali Hill (Bandra), BKC, Vile Parle, and Marine Lines.
UltraTech Cement will raise up to ₹3,000 crore via private placement of non-convertible debentures in one or more tranches, as the cement maker seeks to strengthen its financial muscle amid intensifying competition.
Indraprastha Gas Ltd (IGL) has announced a further 20 per cent reduction in its domestic gas allocation, effective from November 16. This cut brings the company’s total gas allocation to 46 per cent, compared to 70 per cent last month. The revised allocation is expected to significantly impact IGL’s operations, particularly its ability to meet Compressed Natural Gas (CNG) sales volumes.