Fitch Ratings has revised the outlook on India-based Tata Steel Ltd’s (TSL) Issuer Default Rating (IDR) to Negative, from Stable, and affirmed the IDR at ‘BBB-’. We have also affirmed the rating on the $ billion notes due July 2024 issued by TSL’s subsidiary ABJA Investment Co. Pte. Ltd. and guaranteed by TSL, at ‘BBB-’. The Negative Outlook reflects uncertainty surrounding turnaround of the UK operations and risks to our forecast that TSL’s EBITDA leverage may improve to below 3.0x by the financial year ending March 2025 (FY25). The change in the UK government and labour union’s actions to save job losses at TSL’s UK operations may delay its plan to reduce losses through FY25. We expect robust growth in Indian operations and likely EBITDA profits at Dutch operations in FY25, may offset any losses at UK operations.
Signature Global will launch multiple housing projects with a revenue potential of around ₹13,000 crore by March next year to expand business and encash strong demand. Signature Global Chairman Pradeep Kumar Aggarwal said, “We have launched one housing project worth around ₹3,000 crore in the first quarter of 2024-25. We have a strong launch pipeline for the remaining three quarters”.
Sunteck Realty Ltd has posted a 30 per cent increase in its sale bookings to ₹502 crore for April-June FY25, driven by strong housing demand. The company had sold properties worth ₹387 crore in the year-ago period. It collected ₹342 crore from customers in the first quarter of the 2024-25 fiscal, as against ₹288 crore in the year-ago period, according to a regulatory filing on Friday.
Indian Renewable Energy Development Agency (Ireda) on Friday reported an over 30 per cent growth in its net profit to ₹ 383.69 crore for the June quarter, mainly on the back of higher revenues. “IREDA has achieved Profit After Tax of ₹383.69 crore (in Q1), marking a year-on-year growth of 30.25 per cent,” a company statement said. According to the statement, its net profit was ₹294.58 crore in the quarter ended on June 30, 2023.
Tata Power-led power distribution companies (Discoms) have invested ₹4,245 crore in infrastructure expansion and network upgrade in Odisha over the past 3-4 years. The company operates four Discoms in joint ventures with the state government – TP Central Odisha Distribution (TPCODL), TP Western Odisha Distribution, TP Southern Odisha Distribution and TP Northern Odisha Distribution, collectively serving a customer base of over 9 million.
Apollo Micro Systems has been awarded a Make II project by Directorate-General of AAD, IHQ of the Defence Ministry (Indian Army). The project is for the procurement of a Vehicle Mounted Counter Swarm Drone System (VMCSDS) (Version I) under the Make II category of DAP-2020.
Macrotech Developers has acquired three land parcels in the Mumbai region and Pune during the April-June quarter to develop projects with a revenue potential of more than ₹11,000 crore. Mumbai-based Macrotech Developers, which markets its properties under the Lodha brand, is acquiring land parcels throughoutright purchases and partnerships with landowners. Macrotech Developers said, “We added three projects in MMR (Mumbai Metropolitan Region) and Pune having ₹11,100 crore of GDV (gross development value), which is more than 50 per cent of full-year guidance of ₹21,000 crore”.
Shantai Industries has entered into a loan agreement with Karma Trendz for the purpose of Inter Corporate Loan worth ₹75 lakh. The loan is to be given for a maximum period of 1 year from the date of disbursement, but may be extended by mutual discussion.
Piramal Pharma Ltd said the United States Food and Drug Administration (USFDA) has conducted a Pre-Approval Inspection (PAI) of Piramal Pharma’s PPDS Ahmedabad facility from July 10 to July 12 and issued Form – 483 with zero observations and No Action Indicated (NAI) designation.
EMS along with its joint venture partner has received a letter of award (LoA) worth ₹141.12 crore for Development of Distribution Infrastructure-loss reduction works at EDC Dehradun rural Circle of Uttarakhand under the Revamped Reforms-based and Results-linked, Distribution Sector Scheme from Uttarakhand Power Corporation. EMS is having 95 per cent share with the Other JV Partner.
Lupin has received an Establishment Inspection Report from the USFDA for its Dabhasa facility in Gujarat. The facility was inspected between April 8-12. The inspection has been concluded with no observations.
Alembic Pharmaceuticals has received tentative approval from the US Food and Drug Administration for injections to treat pulmonary arterial hypertension. It received approval for its abbreviated new drug, Selexipag for Injection, 1,800 mcg per vial
SIS has completed the secondary investment of ₹2.17 crore in accordance with the share subscription agreement signed with Agarsha Senior Care (Agarsha) on March 28. Consequently, the company has completed the acquisition of 1,96,962 equity shares from the existing shareholders as a secondary investment in Agarsha.
Rail Vikas Nigam has received a Letter of Acceptance (LoA) worth ₹132.59 crore from Central Railway for ‘OHE modification work for up-gradation of existing 1 x 25 kV Electric Traction System to 2 x 25 kV AT Feeding System in the Wardha-Ballarshah Section in the Nagpur division of Central Railway to meet 3000 MT loading target.’ The order is expected to be completed in 24 months.
The board of PTC Industries has approved raising up to ₹700 crore through a QIP or other permissible modes in one or more tranches
