Bharti Airtel to reduce debt, fuel growth with Rs 21,000 crore capital raise
Bharti Airtel founder-chairman Sunil Mittal said the telecom operator aims to improve its access to growth capital and reduce debt leverage. He said the company has been “loaded with extraordinary debt” and will not shy away from raising tariffs. During an investor call, Sunil Mittal also said that he remains committed to the idea of monetisation of assets at an appropriate time. The remarks come a day after Bharti Airtel’s board approved a plan to raise Rs 21,000 crore by selling shares to existing shareholders, ahead of the rollout of its 5G network.
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NTPC to ramp up coal stock and production from captive mines
NTPC Ltd said it is arranging for coal at its power projects where fuel stocks are low and increasing production from its captive coal mines to help meet the surge in electricity demand. This move comes against the backdrop of India stopping coal supplies for a week to plants having more than 15 days’ stock to free up ~1.77 lakh tonnes of fossil fuel to be redistributed to power plants having low stocks. Coal stocks have depleted at thermal power plants primarily due to an increase in demand for electricity and lower generation by hydropower plants.
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SSWL signs pact with Tata Steel Long Products to supply round bars
Steel Strips Wheels Ltd (SSWL) has signed an agreement with Tata Steel Long Products (TSLP) to supply round bars of various grades for a period of 3 years. These products will target automotive customers in India. According to SSWL, the deal has a supply potential of 50,000 tonnes of rolled round bars per annum. TSLP, a subsidiary of Tata Steel, manufactures high alloy steel for the auto sector and wire rope industry.
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Maruti Suzuki to hike prices of all models in September
Maruti Suzuki India Ltd announced that it will raise prices across its range of vehicles in September to offset the increase in input costs. This will be the third price hike by the company in the current financial year (FY22). “Over the past year, the cost of the company’s vehicles continue to be adversely impacted due to increase in various input costs. Hence, it has become imperative to pass on some impact of the additional cost to the customers through a price rise” said Maruti Suzuki in a filing.
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Granules India gets Health Canada approval to market arthritis tablets
Granules India Ltd has received marketing approval from Health Canada for Acetaminophen Extended-Release (ER) tablets OTC, 650mg. It is used for the treatment of Arthritis pain. The drug will be manufactured at the company’s facility in Gagillapur, Hyderabad. Now, Granules India has a total of two Abbreviated New Drug Submission (ANDS) approvals from Health Canada.
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L&T Construction secures multiple contracts across various business segments
L&T Construction has secured significant orders (in the range of Rs 1,000-2,500 crore) across various business segments. The buildings and factories business has received an order to construct multilevel parking and an advocates chamber for the High Court at Allahabad with a built-up area of ~20 lakh square feet. Its power transmission and distribution business has bagged an order for the construction of a substation in Saudi Arabia. L&T’s smart world and communication business has secured a smart city project at Moradabad, Uttar Pradesh.
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Anupam Rasayan secures deal worth Rs 135 crore from Japanese firm
Anupam Rasayan India Ltd (ARIL) has received and signed a Letter of Intent (LoI) worth Rs 135 crore with a Japanese multinational chemical company for supplying a life sciences-related specialty chemical product. The company will enter into a long-term contract with the Japanese firm to supply the product for the next 4 years. ARIL is one of the leading companies engaged in the custom synthesis and manufacturing of specialty chemicals in India.
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KNR Construction to dilute stake in 3 highways projects to Cube Highways
The Board of Directors of KNR Constructions Ltd has approved the dilution of its entire stake in three wholly-owned subsidiary highway companies to Cube Highways and Infrastructure III Pte. Ltd and affiliates. The company will dilute its stake in KNR Shankarampet Projects, KNR Srirangam Infra, and KNR Tirumala Infra. The transaction will be based on the share purchase agreements (SPAs) entered into by KNR Constructions and its subsidiaries according to the concession agreement and Ministry of Road Transport and Highways circulars.
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L&T Finance in talks with HSBC to sell its mutual fund business: Report
According to news reports, L&T Finance is in advanced talks with HSBC to sell its mutual fund (MF) arm. In 2020, private equity firm Blackstone was also engaged in talks with L&T Finance to buy its MF business for Rs 3,200 crore. However, the deal did not materialise as market regulator SEBI did not give its approval due to the nature of the deal. SEBI does not favour private equity firms owning a majority stake in mutual funds due to their short-term nature. L&T Finance aims to sell its mutual fund arm to monetise its non-core businesses.
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