Piramal Alternatives Trust (PAT), a wholly-owned subsidiary of Piramal Enterprises, will acquire a 10.4 per cent stake in Annapurna Finance for ₹300 crore. Annapurna Finance is a non-banking financial company, headquartered in Odisha. It is one of the top 10 MFIs in India, with an asset under management of ₹9,233 crore as of September 2023, the company said in a regulatory filing.

Bajaj Auto Ltd on Wednesday said its Vice Chairman Madhur Bajaj has resigned due to health reasons. In a regulatory filing, Bajaj Auto said Madhur Bajaj has tendered his resignation from his position in the company with effect from the close of business hours on January 24, 2024.

Magma Ventures on Wednesday sold shares of non-banking financial company Poonawalla Fincorp for ₹200 crore through an open market transaction. Magma Ventures, an entity owned by Chamria Family, disposed of shares of Poonawalla Fincorp on the National Stock Exchange (NSE). Sanjay Chamria and Mayank Poddar co-founded Magma Fincorp Ltd (now known as Poonawalla Fincorp Ltd). According to the block deal data available with the NSE, Magma Ventures Pvt Ltd offloaded 40.33 lakh equity shares, amounting to a 0.52 per cent stake in Poonawalla Fincorp.

SBI Cards & Payment Services has raised up to ₹525 crore by issuing non-convertible debentures to fund its business growth. It will allot 525 fixed rate, unsecured, rated, taxable, redeemable, subordinate tier II, listed, non-convertible debentures aggregating to ₹525 crore on a private placement basis, according to a regulatory filing. The NCDs have a face value of ₹1 crore each and carry a coupon rate of 8.33 per cent, it said.

The Cabinet Committee on Economic Affairs (CCEA) has approved setting up a coal-to-SNG (synthetic natural gas) project through a joint venture between Coal India and GAIL. The CCEA also approved coal-to-ammonium nitrate project through a venture between Coal India and BHEL. Coal India will set up two coal gasification plants as part of efforts to achieve the target of 100 MT coal gasification by 2030.

Shilpa Medicare Ltd has said that an Arbitrator in a dispute between the company and Celltrion Inc towards supply and distribution agreement, has passed an order directing the company to pay to $3,055,964.91 to Celltrion for breach of contract and pre-award interest on such damages at a simple rate of 2 per cent above US Prime Rate per annum from 29 October 2021 until the date of this Award. Besides, Shilpa Medicare is to pay Celltrion, Inc’s costs of the Reference in the total sum of $704,250, consisting of ICC costs of arbitration of $104,250 plus general legal and other expenses of $600,000; Shilpa Medicare will also have to pay to Celltrion Inc interest on any of the above sums of damages, pre-award interest and costs at the simple rate of 8 per cent per annum, to be calculated from the date of the Award until the date of payment. Thus, the award in its present form would have an estimated total financial impact of approximately ₹36 crore on the Company till the date of the Arbitral award i.e. January 22.

The board of Sarda Metals & Alloys Ltd., a material wholly owned Subsidiary Sarda Energy & Minerals, has, under its waste to wealth initiative, approved setting up of a new project for manufacturing Mineral Fibre with an estimated outlay of ₹70 crore at the existing plant premises at Vizianagaram. The project is expected to be operational by the end of next financial year.

Dhanuka Agritech Ltd has signed a non-binding Letter of Intent with an overseas entity named Kimitec Group, Spain, for exploring the various business opportunities including setting up of joint venture in India which is subject to signing of Definitive Agreement(s) and fulfillment of other terms and conditions.

Auro Laboratories Limited has entered into an Agreement with Maharashtra Industrial Development Corporation (MIDC) at Tarapur for acquisition of leasehold land admeasuring 19,720 sq mtrs, for future expansion purpose.

Catvision Limited has executed a Sale Deed for sale of the company’s land & building admeasuring 538 square meters situated at Noida for a consideration of ₹7 crore on the terms and conditions mentioned therein. Proceeds of the sale will be strategically utilised for further expansion of the business of the Company

Gainwell Group, through its group entity- Indocrest Defence Solutions Private Limited (IDSPL), has acquired a dominant stake in TIL (formerly Tractors India) Ltd. . Gainwell Group, a Make-in-India conglomerate with significant presence in the mining, construction, energy, defence, railways, and heavy equipment sectors, is expected to accelerate TIL’s growth further and bolster its already robust order book for cranes, reach stackers, material handling and defence equipment. Gainwell Group promoter Sunil Kumar Chaturvedi, appointed as a director of TIL today is slated to be appointed, subject to Shareholders’ approval, the Chairman & Managing Director of TIL.

Mastek Ltd has announced a strategic collaboration with Microsoft. The collaboration is focused on pioneering innovative solutions that harness the capabilities of Microsoft Azure OpenAI Service and Azure AI Services-especially for the retail, healthcare, manufacturing, financial services, and public sector industries-through the integration of generative AI capabilities.

Kamat Hotels (India) Limited (KHIL), through its wholly owned subsidiary Mahodadhi Palace Private Limited (MPPL), has signed a Joint Development Agreement (JDA) with Constrict Hospitality Private Limited to develop and construct a Five Star Luxury Heritage Hotel with 120 rooms at Mahodadhi Palace, Puri in Odisha. The cost of the project is estimated at ₹75 crore. Of which, ₹1 crore will be paid by Constrict Hospitality/Sahoo to KHIL as the signing fee for this JDA.

Tamil Nadu Transmission Corporation Limited has terminated the contract for an amount (including GST) of ₹224.29 crore awarded to BGR Energy for establishment of 400/230-110 kV AIS SS at Edayarpalayam in Coimbatore. Poor progress of work has been cited as the reason for termination.

The board of directors of Borosil has given approval for raising funds up to ₹250 crore through qualified institution placement (QIP).

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