Tata Motors reported a 15 per cent year-on-year increase in wholesale sales of Jaguar Land Rover to 79,591 units, a sequential increase of 5.7 per cent. The growth was driven by North American, British, and Overseas markets, while there was a decline in volumes in China and Europe. The retail sales at 84,827 units were up 5.9 per cent YoY but down 3.7 percent sequentially. JLR has a record order book of over 2.15 lakh units.
Debt-ridden Future Lifestyle Fashion Ltd has said that its total outstanding debt is reduced to ₹1,827.82 crore as of December 31, 2022, while its total default stood at ₹1,465.67 crore. FLFL’s default of ₹1,465.67 crore “comprised of the persisting default” of ₹436.01 crore for the September 2022 quarter.
Shriram Asset Management Company has appointed Kartik Jain as its new MD and CEO. Shriram AMC, part of the Shriram Group, manages assets of over ₹ 2.25 lakh crore. In August 2022, the company sold 23 per cent stake to the US-based Mission Investments.
After completion of various trial runs and increased productivity, Safari Industries (India) Limited successfully commenced its additional commercial production/manufacturing of luggage on January 9 at its factory situated at Halol, Gujarat. Consequently, the effective production capacity of the Company has increased from 2,50,000 pieces per month to 3,00,000 pieces per month.
MIG (Bandra) Realtors & Builders Pvt. Ltd, a wholly-owned subsidiary of DB Realty Ltd, is holding development rights of the above project. The project was being developed in a joint venture with Radius Estates Private Limited that underwent corporate insolvency under the Insolvency and Bankruptcy Code (IBC). Meanwhile, Adani Goodhomes Pvt. Ltd submitted a Resolution Plan in the course of the IBC process. MIG has provided its consent to the Resolution Plan.
Acuite Ratings & Research Limited has assigned ACUITE B+ Stable Downgraded rating to the term loan facilities being availed by Jagatjit Industries Ltd from Indusind Bank Limited. Earlier, Acuite had assigned the ACUITE BB- /Outlook: Stable. In view of certain discrepancies, the company has filed an appeal for review of rating.
GHCL Ltd has received the requisite regulatory consent amendment for an increase in its Soda Ash production capacity from 11 lakh tpa to 12 lakh tpa as per consent condition.
Advait Infratech Ltd has received an order from Tehri Hydro Development Corporation India Limited (THDCIL) for Design, Engineering, Supply, Installation, Testing, Commissioning, and Operation & Maintenance for 3 years of 300kW Capacity Electrolyser and 70kW Capacity fuel cell-based Micro-grid system with Hydrogen Production at THDCIL Office Complex, Rishikesh worth ₹9.75 crore.