Power Grid Corporation has received shareholders’ approval to raise the borrowing limit for fiscal yean 2024-25 to ₹15,000 crore. Shareholders approved the resolution to enhance the borrowing limit from ₹12,000 crore to ₹15,000 crore, from the domestic market through the issue of secured/ unsecured, non-convertible, cumulative/ non-cumulative, redeemable, taxable/ tax-free debentures/bonds under private placement for the 2024-25 financial year. The shareholders also approved the proposal to raise funds up to ₹16,000 crore from the domestic market through the issuance of secured/ unsecured, non-convertible, cumulative/ non-cumulative, redeemable, taxable/tax-free debentures/ bonds under private placement during 2025-26 in one or more tranches/ offers, the filing said.
Tata Group retail firm Trent Ltd and state-run Bharat Electronics Ltd will be included in the National Stock Exchange’s benchmark index Nifty 50 from September 30, NSE Indices announced on Friday. Drug firm Divi’s Laboratories and technology services provider LTIMindtree will be dropped from the Nifty 50 index. These changes will take effect from September 30. Additionally, Bharat Heavy Electricals Ltd, Divi’s Laboratories, JSW Energy, LTIMindtree, Macrotech Developers Ltd, NHPC and Union Bank of India will be included in Nifty Next 50 index. On the other hand, Berger Paints India, Bharat Electronics, Colgate Palmolive (India) Ltd, Marico, SBI Cards and Payment Services, SRF and Trent will be excluded from the index.
The United States Food & Drug Administration (USFDA) has completed a product-specific Pre-Approval Inspection (PAI) at Dr Reddy’s Laboratories’ formulations manufacturing facility (FTO SEZ PU1) in Srikakulam, Andhra Pradesh. The regulator has issued a form 483 with three observations, which the company said it will address within the stipulated timeline.
In a major crackdown, markets regulator SEBI has barred Rajasthan-based Debock Industries Ltd and its promoter and CMD Mukesh Manveer Singh from the capital markets for defrauding investors. The regulator noted that promoters have siphoned of funds from the company. Sunil Kalot, a promoter of Debock Industries (DIL), and Priyanka Sharma, wife of Mukesh Manveer Singh, have also been prohibited from the securities market.
Zydus Lifesciences has inked a pact with Perfect Day Inc to acquire 50 per cent stake in Sterling Biotech. As part of the deal, Perfect Day Inc, a Temasek portfolio company, will sell its 50 per cent shareholding in Sterling Biotech for an undisclosed amount. Post the transaction, Sterling Biotech will become a 50:50 joint venture with equal representation on the board, Zydus Lifesciences said in a statement. Financial details of the deal were not shared.
Zen Technologies Ltd, a leading player in defence simulation training equipment and counter drone solutions, has raised ₹1,000 crores through its first-ever Qualified Institutional Placement (QIP) that closed on August 23. The raw IPO saw significant interest from both domestic and international investors, underscoring strong confidence in the company’s strategic vision and market position. Key investors participating in this QIP include Kotak Mutual Fund, White Oak Offshore Fund, White Oak Mutual Fund, Motilal Oswal Mutual Fund, and Bandhan Mutual Fund, amongst others. The proceeds from the QIP will be strategically deployed to accelerate Zen Technologies’ growth plans. These include exploring inorganic growth opportunities and funding working capital requirement for the expected rapid growth in the coming years.
Ashoka Buildcon Ltd has informed the exchanges that it has emerged as L1 for the MMRDA Project.
Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Betamethasone Valerate Foam, 0.12%. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Luxiq Foam, 0.12%, of Norvium Bioscience, LLC (Norvium).
Nibe Space Pvt Ltd, a subsidiary of NIBE, has entered into a consortium with an Indian company to establish India’‘s sovereign Earth observation satellite constellation.
Transindia Real Estate has acquired 100 per cent equity shares of Transindia Freight Services Private Ltd, Promoter Group Company, from Shashi Kiran Shetty and Mrs. Arathi Shetty, promoters, a related party of the company. TFSPL has now become a wholly-owned subsidiary of the company. The acquisition was done at a purchase consideration of ₹5,81,37,564. The acquisition and management of operating real estate properties is within the scope of its main line of business and in pursuance of expanding its warehousing business.
Tokai Rika Minda India Pvt Ltd, a joint venture between Tokai Rika Co. Ltd., Japan and Uno Minda Ltd, has announced opening of its new manufacturing plant located at Neemrana, RIICO Industrial area, Rajasthan with annual production capacity of 3,84,022 units per month. This new plant will manufacture the Smart Keys, Shift Levers (Shift by wire), Seat Belts and other products as may be required for future business expansion
JSW Energy (Utkal) Ltd (formerly known as Ind-Barath Energy (Utkal) Ltd), a subsidiary JSW Energy, has received an arbitral award dated April 10 allowing claims of JSWEUL against Tamil Nadu Generation and Distribution Corporation Limited and rejecting counterclaim filed by TANGEDCO in the arbitration proceedings initiated by JSWEUL against TANGEDCO Now, TANGEDCO has filed a petition before the Madras High Court challenging the Arbitral Award under Section 34 of the Arbitration and Conciliation Act, 1996.
ONGC has commenced production from its fifth oil well in the KG-DWN-98/2 Cluster-2 asset, marking a significant milestone in its operations. Besides, the oil major has successfully commissioned its gas export line, connecting the offshore site to the onshore terminal.
The board of Transport Corporation of India has approved a proposal to buy back up to 13.33 lakh shares at ₹1,200 share, representing a 4.5 per cent premium to Friday’s closing price. The buyback offer is through tender route and the record date for the purpose has been set for September 4.
