The board of Vedanta Ltd has approved a demerger plan of Vedanta Ltd into five entities in a 1:1 vertical split. Investors can expect to get five shares in Vedanta Aluminium, Oil & Gas, Power, Steel & Ferrous Materials, and Base Metals for each share held in Vedanta. Post demerger, the shareholding pattern of each company will mirror that of Vedanta Ltd. The process should take 12-15 months to materialise.
Automobile companies Though car sales in India reached record highs in September, it was a mixed show by individual companies. Maruti Suzuki reported a marginal increase of 2.8 per cent; TVS Motor sales climbed 7%; Tata Motors dispatches decline but CV sales increased 12%; Eicher Motors sales fell 4%; and M&M maintained momentum. Stocks will react according to the sales figures. Analysts expect momentum to continue in October as well.
Paushak Limited has announced that in order to carry out annual maintenance of plants, electrical installations and other utilities, the dompany is proposing to undertake shutdown of its various manufacturing facilities in a phased manner from October 2 to 27.
Bhageria Industries Limited has received a Letter of Award (LoA) for the execution of turnkey domestic solar Engineering, Procurement and Construction (Solar EPC) works with 10 year’s comprehensive Operation & Maintenance from Paranjape Autocast Private Limited for Rs 27.70 crore (including comprehensive O&M), without taking taxes into account. The project shall be installed at Village Kombhalne, Taluka Akole, Dist. Ahmednagar. The Project is slated for commissioning in six months.
Apollo Micro Systems Limited proposes to set up a defence equipment manufacturing facility in Hardware Park, Hyderabad, subject to approval by the Board of Directors of the Company. The company intends to perform Bhumi Pooja for the plant during upcoming Dusshera and plans to complete within nine months. The company has estimated total investment in the upcoming ventures to be around Rs 150 crore.
Nederlandse Radiateuren Fabriek B.V. (NRF), a wholly owned subsidiary of Banco Products India Ltd, - a leading supplier of engine cooling and climate control parts for the automotive aftermarket -plans a major expansion in Spain with the relocation of its Valencia warehouse. The total offer exists of more than 11,000 references, which is rapidly growing. Combined with an increasing sales volume, NRF needs to expand its warehouse capacity. After the opening of a new 30,000 m2 in Poland early this year, NRF is now opening a brand-new 12,700 m2 warehouse in Valencia, Spain.
Kharghar Vikhroli Transmission Limited (KVTL), which will enable additional power to be brought into Mumbai and thus enable in meeting the city’s growing and future electricity demand, is commissioned. Built by Adani Energy Solutions Limited (earlier known as Adani Transmission Limited), the energy solution, transmission and distribution arm of the Adani portfolio, the project is critical for Mumbai as the existing capacity of the transmission corridor is not sufficient to carry further power into the city.
Aurobindo Pharma said that its has completed the business transfer agreements it had entered with Apitoria Pharma Private Limited (formerly Auro Pharma India Private Limited) for the sale/transfer of the Company’s API Non-Antibiotic Business and API Antibiotic Business. Consequently, the API Non-Antibiotic Business and API Antibiotic Business would be undertaken from Apitoria from October 1.
NTPC informed the exchanges that based on achievement of approved norms and due approvals, Talaipalli Coal Mining Project is declared on commercial operation from October 1.
South Indian Bank (SIB) has appointed PR Seshadri as its MD & CEO effective October 1. He will succeed Murali Ramakrishnan.
Kalpataru Projects International has informed the exchanges that the company including its international subsidiaries has secured orders worth Rs 1,016 crore, of which the transmission & distribution business account for Rs 552 crore.
RVNL emerged as the lowest bidder for the development of distribution infrastructure at South Zone of Himachal Pradesh under the Revamped Reforms based and Results-linked, Distribution Sector Scheme (lShares of JSW Infrastructure, a part of the JSW Group, will make its market debut on Tuesday, listing within two trading days after completing its Initial Public Offering (IPO) last week.oss reduction works). The project worth Rs 1,098 crore will be executed within 24 months.
Bondada Engineering Ltd, which listed its shares on BSE-SME recently, said it has received a work order from Hinduja Renewables Energy Pvt Ltd for supply, service, erection, testing commissioning of 16.5 MWp project at Sivagangai, Tamilnadu. The order value is Rs. 9.54 crore.
Indus Towers has signed an agreement with IOC Phinergy (IOP) for deployment of 300 zero-emission energy systems based on aluminium-air technology, to optimise diesel consumption at Indus’ telecom tower sites. This development accelerates Indus Towers’ progress towards its sustainability priorities. IOC Phinergy will supply 300 energy systems which will be deployed in the next few quarters as a pilot project.
Jost’s Engineering Company Limited along with its Joint Venture Partner has received Letter of Intent (LOI) from Rajasthan Rajya Vidyut Prasaran Nigam Limited in respect of three Projects. The details are as follows: A) Total Project cost of Rs 108.14 crores (including GST) for “Construction of various 220kV and 132kV Transmission Lines in Rajasthan at Sawai-Madhopur, Baran, Dausa & Jaipur Districts Including Survey, Supply of All Equipment’s/ Materials, Erection (Including Civil Works), Testing and Commissioning”. Jost’s Engineering Company Limited share in the total project cost is Rs. 40.24 Crores (including GST).
PTC India informed the exchanges that term of Dr Pawan Singh, as MD & CEO of the Company, comes to an end from the close of business hours of October 2. The company is in the process of appointing its regular MD&CEO. Meanwhile, as already intimated, Shri Mahendra Lodha, Director (Finance) & CFO, is holding additional charge of the MD&CEO till the regular MD&CEO is appointed