Top headlines from the Indian business press for September 13, 2023
- Wipro transfers 100% stake in Wipro 4C NV to Wipro IT Services UK Societas. The move is aimed at rationalising and simplifying the overall group structure.
- Vakrangee to acquire 8.8% stake in Vortex Engineering from IFC. The acquisition will give Vakrangee a cumulative shareholding of 57.3% in Vortex, one of the leading providers of ATMs.
- IRCTC signs MoU with NBCC for interior works of its office at World Trade Centre, Delhi. The tentative cost of the order is Rs 31.40 crore.
- RITES signs MoU with Caminho De Ferro De Moçâmedes (CFM) Angola for cooperation in railways and related infrastructure. The two companies will collaborate in areas such as supply of rolling stock, railway infrastructure projects, repairing of rolling stock, operations and maintenance of railway infrastructure, information technology services, and technical maintenance and master planning.
- KEC International secures new orders worth Rs 1,012 crore. The orders are across its various businesses, including transmission & distribution projects in India and Americas, and orders from new clients in the data centre and FMCG segments in India.
- NTPC completes trial operation of unit-1 of 800 MW capacity of stage-I (2 x 800 MW) of Telangana super thermal power project. With this, the installed capacity of NTPC and NTPC group has become 57,838 MW and 73,824 MW, respectively.
- Jay Bharat Maruti to consider raising of fund or issue of securities at its AGM on September 16. The company is looking to raise funds to expand its production capacity.
- Bajaj Healthcare appoints Dr. Mohammed Jaweed Mukarram as advisor in R&D division. Dr. Mukarram is an expert in active pharmaceutical ingredients (APIs).
- GE Power India receives purchase order from Vedanta for NOX reduction project. The order is worth Rs 25 crore.
- Tata Power Solar Systems and SIDBI sign MoU to offer easy financing option for MSMEs. The MoU will help MSMEs to finance solar projects.
- L&T Finance Holdings sells 7 crore equity shares in open market transactions. The stake sale is part of a strategic divestment plan of the company.
- Paradeep Phosphates’ Chief Manufacturing Officer Pranab Bhattacharyya resigns. He has resigned on account of personal reasons.
- CRISIL receives board approval for incorporation of new subsidiaries and acquisition of a company. The company is also looking to expand its business in the ESG space.
- Container Corporation of India’s Director (Finance) Manoj Kumar Dubey’s tenure extended by five years. His current tenure is ending on October 31, 2023.
- Saroja Pharma Industries India to debut on NSE Emerge on September 13. The issue price is Rs 84 per share.
- Pramara Promotions to list its shares on NSE Emerge on September 13. The offer price is Rs 63 per share.
Related News
- 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.
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