Top business headlines for September 14, 2023
- IRCTC and MSRTC sign MoU to enable online bus booking
- Bombay Dyeing to sell land parcel in Worli for Rs 5,200 crore
- Venus Remedies gets registration with DSIR
- Wipro launches Cyber Defense Center in Dusseldorf
- NBCC to act as transaction advisor for RINL’s non-core assets monetization
- United Spirits receives VAT & CST demand of Rs 6.98 crore
- Shree Cement gets CARE AAA rating for NCDs
- Filatex Fashions raises Rs 2,211 crore through IPO
- Vinati Organics subscribes to Veeral Organics’ rights issue
- NIIT Canada implements Xsel Learning platform with CENTURY 21 Heritage Group
- Lloyds Steels enters into technology transfer agreement with BARC
- Bajaj Healthcare receives USFDA nod for API manufacturing facility
- Kirloskar Ferrous Industries’ resolution plan for Oliver Engineering approved by NCLT
- KPI Green Energy commissions 7.80MW wind-solar hybrid power project
- Digispice Technologies appoints Binu Varghese as VP – Legal
Here are some of the key takeaways from the news:
- IRCTC and MSRTC have signed an MoU to enable online bus booking services via IRCTC’s bus booking portal/website. This will make it easier for passengers to book MSRTC buses online.
- Bombay Dyeing has approved the proposal to sell a land parcel in Worli, Mumbai, for Rs 5,200 crore. The company will use the proceeds from the sale to repay debt and invest in new projects.
- Venus Remedies has received registration with the Department of Scientific and Industrial Research (DSIR), which will help the company to avail customs duty exemptions.
- Wipro has launched its Cyber Defense Center (CDC) in Dusseldorf, Germany. The CDC will provide localized support and fulfil customers’ cybersecurity and compliance requirements.
- NBCC has signed a quadripartite MoU with the Ministry of Steel, Rashtriya Ispat Nigam Limited (RINL), and National Land Monetization Corp. Ltd. (NLMC) for monetization of the non-core assets of RINL at Vishakhapatnam.
- United Spirits has received VAT & CST demand of Rs 6.98 crore from the tax authority. The company will contest the matter in due course.
- Shree Cement has received CARE AAA rating for its proposed Non-Convertible Debentures (NCDs). This rating indicates the high credit quality of the NCDs.
- Filatex Fashions has raised Rs 2,211 crore through an IPO. The IPO was subscribed 111.5 times, making it one of the most successful IPOs in recent times.
- Vinati Organics has subscribed to the rights issue of its wholly owned subsidiary, Veeral Organics Pvt. Ltd. This will help Veeral Organics to raise funds for its expansion plans.
- NIIT Canada has implemented its Xsel Learning platform in collaboration with CENTURY 21 Heritage Group. This will bring revolutionary digital learning solutions to the real estate industry.
- Lloyds Steels has entered into an agreement with Bhabha Atomic Research Centre (BARC) for transfer of technology. This will help the company to execute orders related to desalination.
- Bajaj Healthcare has received the Establishment Inspection Report (EIR) from the USFDA for its API manufacturing facility. This is a significant milestone for the company as it paves the way for the export of its APIs to the US market.
- Kirloskar Ferrous Industries’ resolution plan for Oliver Engineering has been approved by the National Company Law Tribunal (NCLT). This will help Oliver Engineering to emerge from bankruptcy and continue its operations.
- KPI Green Energy has commissioned a 7.80MW wind-solar hybrid power project for Mono Steel India. This is a significant milestone for the company as it expands its presence in the renewable energy space.
- Digispice Technologies has appointed Binu Varghese as Vice President – Legal. This is a key appointment for the company as it strengthens its legal team.
- 22 Sep
NBCC shares trade higher on Rs 100 crore work order from SAIL
NBCC shares were trading 3 percent higher on September 22 after the company announced having bagged a work order worth Rs 100 crore from SAIL. This is the fourth order-win announced by the company in this month, the total value of the same being Rs 450 crore. NBCC is a public sector undertaking engaged in the business of construction and real estate development. The company specializes in providing project management, consultancy and engineering services for civil construction, infrastructure development, and real estate projects.
- 22 Sep
Glenmark Pharma stock falls on stake sale in Glenmark Life Sciences
Glenmark Pharma stock fell after the company announced it would sell a 75% stake in its subsidiary Glenmark Life Sciences to Nirma. Analysts expect the stake sale to benefit Glenmark Pharma, as it will transition from a net debt position to a cash surplus position. This is expected to have a positive impact on the company's return ratios over the next two to three years.
- 22 Sep
Berger Paints Shares Hit 52-Week High After Turning Ex-Bonus
Berger Paints shares surged 6% to hit a 52-week high after turning ex-bonus on the record date for the issue of bonus shares in the ratio 1:5. The company posted a net profit of Rs 326.3 crore in the April-June quarter of FY24, up 39% year-on-year, on revenue of Rs 2,739.7 crore, up 10% year-on-year. The company expects to get net cash positive by the end of this fiscal year and expects to end the year with double-digit revenue growth on strong demand outlook.
- 22 Sep
Market Update for September 22, 2023
IdeaForge Tech up 3.4% on order RVNL up 3% on highway MoU JSW Steel up 0.4% on sale ICICI Lombard down 1.6% on CEO exit ICICI Bank down 1% on healthcare investment NHPC up 1.3% on extended additional charge Kalyani Forge up 3.2% on new MD IRB Infra up 2.5% on road project closure
- 22 Sep
Lux Industries Shares Down 3% After Income Tax Raid
Lux Industries shares fell 3% on September 22 after news emerged that the Income Tax department had conducted searches at the company's premises in Kolkata and alleged a tax evasion of Rs 200 crore. The company has confirmed the searches and is extending full support.