CARE Ratings Ltd, which had rated some of the standalone credit facilities of Adani Power Ltd, has withdrawn the rating at the company’s request. Prior to the withdrawal, it had reviewed the assigned ratings and upgraded them from ‘CARE BBB-; CARE A3 (Rating watch with positive implications)‘ to ‘CARE BBB+/Stable; CARE A2’. The company has a rating of ‘Ind A/Positive; Ind A1’ from India Ratings and ‘CRISIL A/Stable’ from CRISIL Ratings.
ITC Ltd has divested its entire shareholding of 4,65,09,200 equity shares of ₹10 each i.e. 26 per cent of the paid-up share capital held in its joint venture company Espirit Hotels Pvt Ltd, consequent to which Espirit has ceased to be its JV company.
Amid lack of cues, markets are likely to open flatLacklustre trading is expected as most markets are shut due to Easter Monday
GAIL Gas Ltd, the city gas arm of GAIL (India) Ltd, has announced a reduction of up to ₹7 in the price of CNG and piped cooking gas, following a reduction in the input gas price. GAIL Gas cut the price of piped natural gas, or PNG, by ₹7 per standard cubic metre in Bengaluru and Dakshin Kannada, and by ₹6 per scm in other cities. Adani Total Gas Ltd, the city gas joint venture of Adani group and French giant TotalEnergies, has also announced a cut in CNG prices by up to ₹8.13 a kg, and a reduction of up to ₹5.06 in piped cooking gas.
Tata Motors has said retail sales of the Jaguar Land Rover have grown 30 per cent year-on-year at 1.02 lakh units for the quarter ended March FY23, driven by Europe (up 47 per cent YoY), the UK (42 per cent), China ( 29 per cent), overseas (29 per cent) and North America (12 per cent). However, for FY23, sales fell 6 per cent to 3.54 lakh units from the previous year.
Coffee Day Enterprises Ltd (CDEL) has reported a total default of Rs 436.06 crore for the quarter ending on March 31, 2023. Its “total financial indebtedness of listed entity, including short-term and long-term debt” is ₹461.06 crore, the company said in an exchange filing.
Kalyani Steels has commissioned a coke oven plant with all its auxiliaries and utility systems and started commercial production from March 31. The company had planned to set up a 200,000 TPA non-recovery / heat recovery, stamp charged Coke Oven with Modified wet Quenching of hot coke and a 17-18 MW captive power plant to be operated utilising waste heat energy of flue gas generated from the coke oven.
The fund-raising committee of Rushil Decor has approved a ₹107.50-crore rights issue at ₹162 a share. The rights issue will open on May 2 and end on May 12. The rights entitlement ratio has been fixed at 1:3 (one share for every three held) as on record date (April 13).
The Hapur Moradabad Project implemented by IRB Hapur Moradabad Tollway Ltd, the Project SPV of IRB Infrastructure Trust, has been issued a Completion Certificate (COD-II) for additional length of 9.75 km. With this, 88.282 km of the project highway has been completed. Consequently, toll rates for the SPV would be increased by about 5 per cent and the SPV will collect toll at revised toll rates on the project.
PNC Infratech Ltd has received a letter of acceptance from Haryana Rail Infrastructure Development Corporation Ltd for the project design and construction of civil works. The accepted contract amount is ₹771.46 crore, including GST, insurances, royalties, duties, cess octroi and other levies.
Sona BLW Precision Forgings Ltd has shifted operations from its existing Pune plant at MIDC Bhosari Industrial Area, to a bigger facility at MIDC, Chakan Industrial Area Phase - 2, Wasuli. Further, the board has approved investment of ₹52.90 crore for capacity expansion of this new Pune plant from 11.8 million gears to 20.1 million gears by financial year 2025. It will manufacture gears for EV and non-EV applications, and will serve customers globally. The company has a net order book of ₹23,800 crore as of December 2022.
The board of Goodluck India has approved a proposal to expand the production capacity of CDW and ERW tubes. The existing capacity of 80,000 tpa is running at 91 per cent capacity utilisation. The proposed capacity addition of 39,000 tpa will be implemented at an outlay of ₹141 crore within 12 months. The funding will be done through term loans and equity/ internal accruals.
Sudarshan Chemical Industries has sold a land parcel (5.76 acres) on Wellesley Road in Sangamwadi, Pune, to Birla Estates Pvt Ltd, the real estate arm of the Aditya Birla Group housed under Century Textiles and Industries Ltd. Leading independent real estate services firm ANAROCK Group was the transaction advisor to the deal.
Sportskeeda Inc, the wholly-owned subsidiary of Absolute Sports Pvt Ltd, a material subsidiary of Nazara Technologies Ltd, has completed the acquisition of 73.27 per cent of the capital of Pro Football Network Inc., by way of primary infusion in preferred stocks and secondary purchase of common stock from its existing stockholders and subsequent exchange of such common stock into preferred stock, at a consideration of $1,817,090.67 paid in cash to the sellers.
Godrej Consumer Products Ltd will invest ₹100 crore in Early Spring, a new ₹300 -crore early-stage consumer fund being set up by Spring Marketing Capital (Spring). GCPL will anchor the fund, in addition to offering its expertise and experience to help the founders build strong, sustainable companies.
Axita Cotton has received a $3.2-million (approxmately ₹26.92 crore) order from Bangladesh. The order from three foreign buyers will be shipped over the next three months.