Banking stocks: Macro-stress tests conducted by the Reserve Bank of India for credit risk show that Scheduled Commercial Banks’ Gross NPA ratio may increase from 6.9 per cent in September 2021 to 8.1 per cent by September 2022 under the baseline scenario and to 9.5 per cent under a severe stress scenario. Banks’ retail-led credit growth model is heading into headwinds even as inquiry volumes with lenders show credit demand rising from sub-prime consumers, particularly after the Covid second wave, according to the RBI’s latest financial stability report (FSR).

Puravankara: The board has passed an enabling resolution to approve a proposed transaction and entered a framework agreement with Keppel Puravankara Development Private Ltd (KPDPL) — an associate company. The company holds 49 per cent equity share capital in KPDPL, which has a residential project and commercial project. The commercial project is being demerged into a separate wholly owned subsidiary of KPDPL and further to the demerger of commercial project of KPDPL into a separate wholly owned subsidiary, the company will be allotted 49 per cent shares in the WOS of KPDPL. Upon allotment, the company shall sell its 49 per cent shareholding in the WOS of KPDPL to Keppel Investment (Mauritius) Pte Ltd for a consideration of ₹112 crore.

NMDC: Goa cabinet on Wednesday approved a policy to permit the export of iron ore dumps, which will allow the resumption of mining activity in the coastal state for the next four to five years.

Rane Holdings: ZF has increased its shares to become a majority shareholder with 51 per cent in the Rane TRW Steering Systems joint venture from the Rane Group. Till date, both partners held equal shares in the company. In the future, the joint venture will operate on the market under the name ZF Rane Automotive India. The renaming is reflective of the enhanced cooperation between the partners.

Confidence Futuristic: The board of Confidence Futuristic Energetech Ltd has approved allotment of 1,05,10,000 equity shares of ₹10 each at ₹120 a share on preferential basis, to promoter/promoter group and others (i.e. persons/entities not forming part of the promoter and promoter group).

Deep Industries has received Letter of Award from GSPC LNG Limited (GLL) for hiring of gas compression services at GSPC LNG Terminal, Mundra, Gujarat, India for a period of 5 years. The total estimated value of said award is approximately ₹44.40 crore.

Kimia Biosciences Limited has been recognised/validated for supply of pharmaceutical raw material to Bangladesh by the Directorate General of Drug Administration & Licensing Authority (Drugs), Govt. of the People’s Republic of Bangladesh. This certificate of source validation is valid for 3 years from date of issue.

Pioneer Embroideries Limited (PEL), one of the key players and owners of brand “Silkolite” in specialty polyester filament yarn (SPFY), is moving ahead with its expansion project in SPFY as per schedule. The company has already placed the order for major equipment with a Germany-based manufacturer of quality textile extrusion equipment, along with advance payments, which would enable it to secure delivery by Q3 FY23. The equipment is being primarily financed through a german bank. Construction work on the land adjoining the company’s existing manufacturing plant at Kala Amb, Himachal Pradesh, is progressing well, with the foundation work already completed.

Lambodhara Textiles Limited has proposed installation of 3.1 MW DC & 2.4 MW AC ground mounted on-grid solar power plant at Manaparai, Trichy District, Tamil Nadu, at an estimated cost of ₹14.90 crore for the purpose of captive consumption, which would help the company reduce its dependence on non-renewable sources of energy. As a result, 90 per cent of energy consumption of the company will be green power.

KPI Global Infrastructure has received confirmation of the order for executing solar power project of 10 MWDC capacity from M/s. Colourtex Industries Private Limited, Surat under ‘Captive Power Producer (CPP)’ segment of the company.

Sharika Enterprises has received an order from the Power Grid Corporation of India for implementation of smart city project at Powergrid Township Project amounting ₹1.74 crore.

Varun Beverages Limited has incorporated a new company — Varun Beverages RDC SAS — in the Democratic Republic of Congo to carry on the business of manufacturing, selling, trading and distribution of carbonated and non-carbonated beverages.

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