The board of directors of Mahindra and Mahindra Financial Services on Friday approved raising up to ₹2,250 crore through issuance of shares or convertible securities. The company said its board has constituted a securities issue committee to decide on the proposed issuance, including the issue price. The stock gained 0.8 per cent at ₹419.70 on the NSE.

Gujarat Alkalies and Chemicals has informed the exchanges that the Competition Commission of India has imposed penalties on four companies including GACL for contravening the provisions of Competition Act, 2002. The Order is an outcome of the case filed by Delhi Jal Board against the company. The CCI has imposed a penalty of ₹1.88 crore on GACL, which is 6 per cent of the average annual relevant turnover of GACL for three financial years, i.e. 2012-13, 2013-14 and 2014-15. “Since, the maximum financial implication in this matter would be ₹1.88 crore, considering the turnover and profitability of the company, there would not be any material impact. The company is in the process of seeking legal advise on the future course of action, including filing an appeal with the tribunal,” it said in a notice to the exchanges. The stock gained 5 per cent at ₹611.10 on the NSE.

Precision Wires India on Friday informed the exchanges of the closing down of its sales depots at Ahmednagar, Faridabad, Indore, Jaipur, Palej and Secunderabad. As there is uniform and same rate of GST on finished products, maintaining separate sales depots in some States is not required, it said, and added that sales of finished goods in those States will continue from its Silvassa factory. Shares of Precision Wires closed at ₹213.75, up 1.2 per cent on the NSE.

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