Here are some of the major updates that could move the markets tomorrow:
Godrej Properties acquires 28-acre land parcel in Bengaluru
Godrej Properties has acquired a land parcel spread over 28 acres in Bengaluru to develop a mixed-use project consisting of apartments and retail development. The land acquisition is in line with the company’s plan of strengthening its presence across key property markets in India. The land parcel is located near Outer Ring Road and Whitefield, a neighbourhood known for technology parks, upmarket apartments, and shopping & entertainment hubs.
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Retail inflation drops to 6.44%
India’s retail inflation for February declined to 6.44% in February, compared to 6.52% in January 2023. Inflation in the food basket in Feb 2023 was at 5.95%, up from 5.94% in January (mainly due to higher cereal and milk prices). The risk of heat waves in India is a concern that could impact food production and prices.
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LIC’s debt exposure in Adani Group companies falls marginally to Rs 6,183 crore
The Life Insurance Corporation of India (LIC) has informed that its debt exposure to Adani Group of Companies has fallen from Rs 6,347.32 crore on Dec 31, 2022, to Rs 6,182.64 crore as on March 5, 2023. LIC has a debt exposure of Rs 5,388.60 in Adani Ports and SEZ, Rs 266 crore in Adani Power (Mundra), and Rs 81.60 crore in Adani Power Maharashtra Ltd – Phase I.
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Ten more banks to join syndication for RIL’s $3 billion loan
Ten more lenders are set to join the syndication of Reliance Industries Ltd (RIL) and Reliance Jio Inforcomm’s $3 billion loans. It is the largest syndicated loan by an Indian corporate house in the last five years. The loan proceeds are to fund RIL’s capital expenditure and the 5G expansion of Jio.
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Amazon signs deal with DLF Downtown, Jayabheri Properties to acquire 8 lakh sq. ft. of space
Amazon and its affiliates have acquired over 8 lakh square feet of space from DLF Downtown and Jayabheri Properties for 15 years in Gurgaon and Hyderabad for web services, development centres, seller services, and transportation services. The e-commerce giant will be paying a rent of Rs 45-52 per sq. ft. for the Orange Towers property in Hyderabad, while the Downtown property in Gurugram will attract a rent of Rs 110.5 per sq. ft.
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Capacite Infra secures non-fund based limit worth Rs 150 crore from SBI
State Bank of India (SBI) has sanctioned a non-fund based limit of Rs 150 crore to Capacite Infraprojects Ltd. Capacite also announced that it is continuously engaging with members of a lenders’ consortium to expedite the process of sanctioning additional non-fund-based limits. Engineering and construction company Capacite works with almost all major real estate developers in India.
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USFDA completes inspection at Alembic Pharma’s Derma facility
Alembic Pharmaceuticals’ Derma facility at Karakhadi in Vadodara, Gujarat, has successfully undergone inspection by the US Food & Drug Administration (USFDA) with no observation. The inspection was conducted by the regulator between March 6 to March 10, 2023. The company manufactures and markets generic pharmaceutical products across the globe.
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Elgi Equipments’ US subsidiary acquires 33.33% stake in CS Industrial Services
Elgi Equipments has announced that its US subsidiary has acquired a 33.33% stake in CS Industrial Services LLC to expand its reach in the US market. The company is engaged in the manufacturing and trading of air compressors. The total cost to acquire both class A and class B shares is worth $125,000. The all-cash transaction is likely to be executed by the end of this month.
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Nazara Tech’s 2 subsidiaries hold Rs 64 cr in SVB
Nazara Technologies said that its two step-down subsidiaries, Kiddopia Inc and Mediawrkz Inc, hold cash balances at Silicon Valley Bank (SVB). However, both subsidiaries continue to be well-capitalised and are generating positive cash flows along with profitability. Nazara Tech also continues to maintain healthy reserves of cash and cash equivalents in excess of Rs 600 crore, excluding the SVB-impacted funds.
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Indian Navy halts HAL’s ALH Dhruv Helicopter operations after accident
An Indian Navy helicopter manufactured by Hindustan Aeronautics Ltd (HAL) met with an accident off the Mumbai coast, triggering the navy to halt operations of the entire fleet of ALH Dhruv choppers. The ALH choppers are flown by all three defence forces (Army, Navy and Air Force), along with the Indian Coast Guard.
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Shriram Finance aims to raise $2.44 billion in FY24 to fund growth
Non-banking finance company (NBFC) Shriram Finance aims to grow its assets under management (AUM) by 15% in the financial year 2024 (FY24) to around Rs 20,000 crore. The company’s total AUM was Rs 1.7 lakh crore as of December 31, 2022. The company will also raise funds from local banks and the domestic capital market among others, alongside external commercial borrowings (ECBs).
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M&M sells over 6% stake in Mahindra CIE Automotive
Mahindra & Mahindra (M&M) has sold 2.29 crore equity shares of Mahindra CIE Automotive Ltd (representing 6.05% of the paid-up share capital). The sale has been executed on the stock exchanges at a gross price of Rs 357.39 per share. Following the sale, M&M’s shareholding in Mahindra CIE Automotive has come down from 9.25% to 3.19%.
Read more here.
