Engineering & Capital Goods News

Stocks that will see action on November 28, 2022

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Hero MotoCorpwill make an upward revision in the ex-showroom prices of its motorcycles and scooters, effective from December 1, 2022. The price increase will be up to ₹1,500 and the exact quantum of increase will depend on models and markets.

The Reserve Bank of India (RBI) has turned down Paytm Payments Services Limited’s, an entity of One97 Communications, application to seek licence to operate as a payment aggregator. As per the letter, PPSL need to resubmit the PA application within 120 calendar days after fulfilling certain conditions.

VA Tech Wabag has signed an agreement with Asian Development Bank towards raising ₹200 crore through unlisted non-convertible debentures carrying a 5-year and 3 month tenor which will be subscribed by ADB over a 12 month period. This will be ADB’s first investment in a water sector company in India.

Arvind Ltd has incorporated Arvind Technical Products Private Limited as a wholly owned subsidiary to carry out the business of manufacturing and marketing of textile products. The wholly owned subsidiary has been incorporated to meet the prerequisite for participation in production linked incentive (PLI) scheme for textiles.

L&T Finance Holdings Limited, one of India’s leading non-banking financial companies, has announced the conclusion of the sale of its mutual fund business to HSBC Asset Management (India) Private Limited. It has received ₹3,484 crore as consideration for the sale; and also realised surplus cash balance of ₹764 crore in L&T Investment Management Limited, the asset manager to L&T Mutual Fund (LTIML) pursuant to the definitive documents.

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Indian Oil Corporation has raised ₹2,500 crore by issuing NCDs on a private placement basis. IOC will utilise funds for refinancing existing borrowing or funding capital expenditure

HFCL Ltd has received a contract aggregating to ₹1,770 crore from State Water and Sanitation Mission (SWSM) of Uttar Pradesh for providing EPC services. This will add significantly to the revenue and profitability of the company.

The board of Indian Energy Exchangehas accorded its in-principle approval for the formation of a wholly-owned subsidiary company in India to explore the business opportunities in carbon market. Earlier, its board has also approved ₹98 crore buyback at a price not exceeding ₹200 a share from open market.

Lemon Tree Hotels announced its latest signing Lemon Tree Hotel, Jamshedpur. The property is expected to be operational by September 2023 and will be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Limited.

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AstraZeneca Pharma Indiahas received an import and market permission in Form CT-20 (subsequent new drug approval) from the Central Drugs Standard Control Organisation for Dapagliflozin tablets of 10 mg.

Ami Organics, one of the leading global manufacturer of advance pharmaceutical intermediates and speciality chemicals, has signed a definitive multi-year, multi-tonne agreement with Fermion, a fully owned subsidiary of Orion Corporation, Finland, for supply of an intermediate for their patented product. Based on the supply projection shared by Fermion, the total minimum contract value is expected to be multi-million euros, spread across a 10-year horizon. The product is expected to start contributing meaningfully to the revenue from FY24.

The Committee of Directors of Indus Towers has approved the offering of non-convertible debentures of total up to ₹1,500 crore (base issue size of ₹1,000 crore and green shoe option of up to an additional ₹500 crore) in three series, on private placement basis.

TIL Limited has decided to increase the authorised capital to infuse funds into the business of the company, by bringing in a strategic investor, subject to shareholder and other requisite approvals. The capital is to be infused by Indocrest Defence Solutions Private Limited, which is a part of Gainwell Group, headed by Sunil Kumar Chaturvedi.

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Waaree Renewable Technologies Limited (formerly known as Sangam Renewables Limited) has received a letter of award (LoA) from one of the reputed steal industry players for executing engineering, procurement, and construction works in respect of solar power project with a capacity of 52.5 MWp DC along with provision of land, infrastructure and approvals for 70 MWp DC. Customer will issue PO pursuant to LoA.

Jaykaycem (Central) Limited, the wholly owned subsidiary of JK Cement Limited, has successfully commenced cement grinding capacity of 2 MnTPA at its newly set up cement manufacturing facilities situated at Ingotha in Uttar Pradesh. Pradesh.

The board of Tasty Dairy Specialities Ltd has considered and approved the issue and allotment of optionally convertible preference shares (OCPS) on preferential basis to lender pursuant to restructuring of part of the debt of the company.

Morganite Crucible (India) Limited has announced that the factory shall be closed partially from November 28 to December 3 due to scheduled maintenance and other activity. There will be no impact on delivery of products to the customers and targeted revenue for the given financial year. The factory will resume working from December 5.

Bajaj Finance has agreed to acquire a 40 per cent stake in Snapwork Technologies Private Limited for ₹93 crore. The all-cash transaction is expected to be closed by December 31.

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The board of directors Aarti Surfactants Ltdhas approved the ₹49.60-crore rights Issue.

Tega Investments Limited, a wholly owned subsidiary of Tega Industries, which was incorporated as a special purpose vehicle (SPV) in Bahamas, has been dissolved and accordingly Tega Investments Limited ceases to exist.

Virtuoso Optoelectronics Ltd, an emerging manufacturer of high-volume, large-scale production of electronics manufacturing services (EMS), and consumer and industrial products, has added a new manufacturing facility at Wadiware in Nashik, Maharashtra. The new facility is in line with the committed investment by the company for the PLI scheme for white goods and LED lighting, for which VOEPL received an approval last year.



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