Jaiprakash Associates/Jaiprakash Power Ventures: See you on October 10 to discuss divestment plans. Jaiprakash Power board will discuss proposed Nigeria Cement Grinding Unit divestment and review progress in debt reduction.
Suzlon Energy: The Company’s Board of Directors has appointed Vinod R Tanti as Chairman and Chief Executive Officer, and Girish R Tanti as Executive Director appointed as Executive Vice President with immediate effect. Tulsi Tanti, founder and chairman of the company, died on October 1.
LIC/IDBI Bank: The government has launched a tender for the sale of shares in IDBI Bank, according to a DIPAM notification. As part of the sale, the government will divest 30.48% of the bank’s capital, while LIC will sell 30.24%. LIC currently owns 49.24% in IDBI Bank, while the government owns 45.48%.
Lupine: Kamal K Sharma, the company’s non-executive vice chairman, will step down from the board effective October 14, 2022.
SH Kelkar and Co.: The company recorded stable demand sentiments in emerging markets in the quarter ended September 2022, while the operating environment in European markets was subdued due to ongoing macroeconomic challenges. Its profitability was moderately affected due to rising input costs and unfavorable currency fluctuations.
HDFC: The mortgage lender will issue secured non-convertible callable debentures worth Rs 1,000 crore and the option to retain an oversubscription of Rs 11,000 crore on October 11, 2022, with a coupon rate of 8.07%.
Power Grid Corporation of India: Powergrid Bhind Guna Transmission Ltd., a wholly owned subsidiary of the Company, has commissioned a 400 kV substation near Guna and a 220 kV substation near Bhind on the basis of construction, possession, operation and maintenance with a mandate to establish an intra-state transmission system in Madhya Pradesh.
Housing financing GNP: Vinay Gupta is appointed Chief Financial Officer and Key Management Personnel of the Company effective October 26, 2022.
Star Health and Allied Insurance Co.: The insurer reported a 21% year-on-year increase in gross direct premiums for the health-retail category in the year to date September 30, 2022, while the same for the health segment recorded a decline 49% over the period. The personal accident insurance segment recorded growth of 25% in gross direct premiums. The total increase in gross direct bonus during the period ended September 30, 2022 was 12% on an annual basis.
Canara Bank: The bank clarified that it has no direct or indirect control over the management or day-to-day operations of Brickwork Ratings India, and that it has no members on the board of directors or any other committees of Brickwork. A news report regarding SEBI ordering Brickwork to cease operations had claimed that Canara Bank was a promoter and strategic partner of the agency.
Tata engines: Jaguar Land Rover, a wholly-owned subsidiary of the company, saw sales fall 4.9% year-on-year to 88,121 units in the quarter ended September 30, 2022. Jaguar car sales were down 9, 9% to 17,340 units, while Land Rover saw a decline of 3.6%. drop in sales to 70,781 units.
JSW steel: The creditors’ committee of National Steel and Agro Industries Ltd. approved the resolution plan submitted by JSW Steel Coated Products Ltd., a wholly owned subsidiary of the Company, and declared it a candidate for resolution.
Gujarat Mineral Development Corporation: The company has commenced geological surveys and field design for mineral exploration programs on 1,400 hectares in and around the Ambaji mining concession in northeast Gujarat. The results could help reduce copper imports.
DB Real Estate: The company acquired all the shares of DB Man Realty, a subsidiary in which the company and its agents already held 91% of the capital. The company also acquired whole shares of Spacecon Realty, a subsidiary in which the company and its agent already owned 74% of the capital. Both units have now become a 100% subsidiary of the company.
MotoCorp Heroes: The two-wheeler major has ventured into electric mobility with the launch of its first Vida V1 electric scooter. The ex-showroom prices of two variants of the electric scooter – Vida V1 Plus and Vida V1 Pro – have been set at Rs 1.45 lakh and Rs 1.59 lakh, respectively.
Suntek Realty: Care Ratings has assigned a ‘CARE A1+’ rating to the company’s short-term instrument, commercial paper.
Shriram City Union Finances: The company has issued NCDs worth Rs 150 crore on the basis of a private placement with a coupon of 8.30%.
PNC Infratech: The SPVs—Kanpur Lucknow Expressway Pvt Ltd. and Awadh Expressway Pvt. Ltd., which are wholly owned subsidiaries of the company, have submitted the duly signed financing documents to NHAI for two hybrid annuity mode projects, namely Kanpur-Lucknow Expressway Packages I and II.
ICICI Prudential Life Insurance Co.: The insurer’s new business premium rose 13.9% year-on-year to Rs 7,359 crore in the first half of the current fiscal year, while the annualized premium equivalent rose by 10.1% to Rs 3,519 crore. Retail weighted premium received increased by 1% to SR 2,613 crore.
Tata Power: The company announced plans at the Invest Rajasthan summit to develop around 10,000 MW of renewable energy capacity, mostly solar, over the next five years in Rajasthan, PTI reported.
Jewelers of Kalyan: The company recorded a growth in its consolidated turnover of 20% during the three months ended September 30, 2022, compared to the same period of the previous financial year. Consolidated revenue in the recently concluded quarter grew at a CAGR of 18% over the past three years.