Zomato has announced that co-founder Mohit Gupta has resigned from his position. Gupta, who had joined Zomato four-and-a-half year back, was elevated to co-founder in 2020 from the position of CEO of its food delivery business. Besides, the food delivery major ha also said that it is laying off under three per cent of its workforce across the organisation, following three top-level exits earlier this month.
Six months after imposition of the levy, the government has cut the export duty on steel products and iron ore with effect from Saturday (November 19). As per a finance ministry notification issued late night on Friday, exports of specified pig iron and steel products as well as iron ore pellets will attract ‘nil’ export duty. Focus will be on steel stocks including Tata Steel, SAIL, Jindal Steel, JSW Steel, ISMT, Kalyani Steels.
Markets likely to open weak amid mixed global cuesF&O expiry to keep market volatile; all eyes on FPIs strategy
Tata Motors will enter Sensex from December 19 replacing Dr Reddy’s Laboratories, according to a press release shared by BSE, which operates Asia Index in partnership with S&P Dow Jones Indices LLC. Similarly, Adani Total Gas and Hindustan Petroleum Corporation will be removed from S&P BSE 100 and S&P BSE Sensex Next 50 indices. Adani Power and Indian Hotels Company will replace them in the indices, the release noted.
The settlement of trades at Central Depository Services Ltd was delayed on Friday due to detection of malware in its machines. CDSL said it detected a malware in few of its internal machines and as a matter of caution it has immediately isolated the machines and disconnected itself from other constituents of the capital market. The company on Sunday said that systems after due checks and validations have been made live. The systems are functional to carry out depository activities, it clarified.
RHI Magnesita has announced the acquisition of the Indian refractory business of Dalmia Bharat Refractories Limited . DBRL will transfer its Indian refractory business to Dalmia OCL (DOCL). Under the terms of a Share Swap Agreement, RHI Magnesita will acquire all outstanding shares in Dalmia OCL (DOCL) in exchange for 27 million new shares in RHI Magnesita India Limited. Based on the issuance price of RHI Magnesita India Limited at ₹632.5029 a share, the Share Consideration had a value of approximately ₹1,708 crore (€208 million). RHI Magnesita will consolidate DOCL’s earnings and approximately INR 443 Crores (€54 million) of net debt held by DOCL.
The board of Indian Energy Exchange will meet to consider share buyback on November 25.
REC has received consideration and accordingly transferred its entire shareholding in Gadag II-A Transmission, along with all assets and liabilities to ReNew Transmission Ventures, the successful bidder. REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, in March had handed over the project-specific SPV to ReNew Transmission..
Aarti Industries Ltd and Deepak Fertilisers & Petrochemicals Corporation Ltd (DFPCL) has announced that they have signed a binding term sheet for a 20-year period for offtake and supply of Nitric Acid. The parties plan to execute the formal agreement before the close of this calendar year. The supply arrangement comes into effect from April 1, 2023. DFPCL is the largest manufacturer of Nitric Acid in South East Asia and AIL is one of the largest Nitric Acid consumers in India.
PB Fintech (Policybazaar) has made an investment of about ₹2 million and acquired 26.72 per cent shares of YKNP Marketing Management, a Limited Liability Company through PB Fintech FZ-LLC, a wholly owned subsidiary of the Company. Post investment, YKNP has become an associate of PB Fintech FZ-LLC, a wholly owned subsidiary of the Company and accordingly a related party. Further, the company is a professionally managed company with no identifiable Promoter.
The United States Food and Drug Administration (US FDA) inspected Aurobindo Pharma’s Unit - IX, an intermediate facility situated at Gundlamachnoor Village, Sangareddy District, Telangana, from November 10 to November 18. At the end of the inspection, the Company has been issued a ‘Form 483’ with 10 observations, which according to the company,are procedural in nature and not related to data integrity. The Company will respond to the US FDA, within the stipulated timeline and will work closely with the agency to address the observations at the earliest.
Natural Capsules Limited’s subsidiary Natural Biogenex Private Limited, an emerging steroidal API player announced the successful completion of its maiden fund-raise of ₹18.75 crore. The company has allotted 16.67 lakh shares representing 7.69 per cent of the total outstanding shares post-allotment, valuing the subsidiary at ₹225 crore premoney.
Ashoka Buildcon, which had earlier announced the declaration on achievement of Financial closure on October 13, 2022, Ashoka Baswantpur Singnodi Road Private Limited, a wholly owned subsidiary of the company, has received as an Appointed Date for the NHAI Project. The accepted Bid Project Cost is ₹1,079 crore. The construction period of the Project is 912 days from an Appointed Date and operation period is 15 years from COD.
Bharat Electronics Ltd (BEL) has signed a Joint Development Agreement (JDA) with the Indian Institute of Technology Madras (IITM) for co-operation in the field of Quantum Science and Technology. The JDA aims at leveraging the complementary strengths and capabilities of BEL and IITM in the area of Quantum Science Technology development.
Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 Company, Oil Marketing Companies, today announced the commissioning of its first In & Out store at Solanki Fuels, in Chhattisgarh district. BPCL aspires to build One BPCL network comprising of 10,000 Such Outlets and 1 Lakh “Womenpreneurs” whom they called Urja Devi’s. These Urja Devi’s will be BPCL’s mascot in deep rural areas of the country representing the trust and values which BPCL has built over the years.
Engineers India Limited (EIL) has been awarded the job by Chennai Petroleum Corporation Limited (CPCL) for Overall Project Management & EPCM Services for OHCU Revamp, CDWU and related Off-site facilities for Group-II LOBS Project at Manali Refinery.
Strides Pharma Science Limited has announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Potassium Chloride Oral Solution USP, 40 mEq/15mL (20%) from the United States Food & Drug Administration (USFDA). The product is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Potassium Chloride Oral Solution USP, 40 mEq/15 mL (20%) of Genus Lifesciences Inc.
Appellate tribunal NCLAT has upheld the NCLT order to allow Jindal Stainless to participate in the auction of debt-ridden Rathi Super Steel even after a bidder was selected. JSL had submitted its ₹190-crore bid for Rathi Super Steel after the liquidator forwarded the application before the National Company Law Tribunal (NCLT), seeking closure of the liquidation process and approval of terms and conditions of sale to Rimjhim Ispat and Synergy Steel.
The board of Directors of ZF Steering Gear (India) has discussed/deliberated upon the recent communication received by the company, from ZF Friedrichshafen AG for ₹100 crore damages, in relation to the alleged infringement of the trademark/mark “ZF” and/ or “ZF India”. The Board has resolved that, the company does not in any manner whatsoever, accepts any allegations of infringement and / or demands of ZF Friedrichshafen AG.
3i Infotech Limited has announced a multi-year contract from Indian state refiner Hindustan Petroleum Corporation Limited (HPCL). The order value is pegged at approximately ₹51 crore over the tenure of 3 years.
Kanoria Chemicals & Industries Limited has commissioned its Resin Plant at Ankleshwar Unit and trial production at the unit has started.
Vishvprabha Ventures Limited has received a work order of ₹36.15 crore from Kalyan-Dombivli Municipal Corporation for construction of road at within the municipal boundary of KDMC.
Roto Pumps has received a major domestic purchase order for Screw Pumps amounting to ₹1.84 crore from a leading water and wastewater management Company. The supply of the said order is to be completed in tranches by the fourth quarter of the current financial year.
MIC Electronics has been awarded the tender for provision of video wall at SDAH station area including concourse area to display important information along with CAMC for 5 Years by the Sealdah Division - S and T, DRM office, Kolkata, Eastern Railway. The value of tender is ₹87.74 lakh.
Sheetal Cool Products, BSE SME stock, will migrate to BSE Main platform and also received the Letter from the National Stock Exchange of India for admission of trade from November 22.
The office of the Commissioner of Customs, Jamnagar, has granted approval of Inland Container Depot (ICD) of Navkar Corporation Limited at Vadharva, Morbi, for the purpose of unloading of imported goods and loading of export goods and also notified the area under Section 8(b) of the Customs Act.
Nibe has received one purchase order from Larsen & Toubro Limited for Pre-Machining, Child Part Component Machining for a total consideration of ₹4.20 crore (inclusive of GST).