Indian Oil Corp acquires 4.93% stake in IGX
Indian Oil Corporation (IOC) has acquired a 4.93% stake in Indian Gas Exchange (IGX). At face value, the acquisition will cost IOC Rs 3.7 crore. IGX is India’s first automated national-level gas exchange. It ensures transparent price discovery in natural gas and facilitates the growth of natural gas in India’s energy basket.
In other news, the Board of Directors of IOC has approved an investment of Rs 9,028 crore for laying a crude oil pipeline from Mundra in Gujarat to Panipat in Haryana. The pipeline will have a capacity to transport 17.5 million tonnes (MT) of imported crude oil per annum from the Gujarat port to IOC’s refinery in Haryana.
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NTPC plans to have 35 GW of renewable energy capacity by 2027
NTPC Ltd has announced plans to have total renewable energy (RE) capacity of 35 gigawatts (GW) by 2027. The company expects to generate 10 billion units of green energy by 2022-23. The state-owned power giant has 2,095.5 megawatts (MW) of RE capacity, including solar, wind, and hydro energy. Its RE generation in April-November 2021 stands at 4,089.64 million units.
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Piramal Pharma invests Rs 102 crore for minority stake in Yapan Bio
Piramal Pharma Ltd (PPL) has invested Rs 101.77 crore in Hyderabad-based Yapan Bio to augment the capabilities of its contract development and manufacturing organisation (CDMO) business. PPL will hold a 27.78% stake in Yapan Bio. The investment will allow Piramal Pharma to strengthen its CDMO business by broadening its service offerings.
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Exide Industries to set up li-ion cell manufacturing plant
Exide Industries Ltd has announced plans to set up a greenfield multi-gigawatt lithium-ion cell manufacturing facility in India. The company also plans to apply for the Production-Linked Incentive Scheme for National Programme on Advanced Chemistry Cell (ACC) battery Storage, issued by the Ministry of Heavy Industries. This scheme will facilitate the reduction of import dependence of ACC batteries. It will also reduce the prices of batteries used in electric vehicles.
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Yes Bank board approves raising up to Rs 10,000 crore
The Board of Directors of Yes Bank has approved raising funds up to Rs 10,000 crore through various instruments. The funds would be raised via the issue of equity shares, depository receipts, convertible bonds, debentures, or warrants. The fundraising is subject to necessary approvals from shareholders and regulators.
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Inox Wind secures 150 MW wind project from NTPC Renewable Energy
Inox Wind Ltd has secured a 150 megawatt (MW) wind power project from NTPC Renewable Energy Ltd. The project will help NTPC achieve its target of having over 60 GW renewable energy capacity, constituting ~50% of the company’s overall power generation capacity by 2032. The project will be executed on a turnkey basis at Dayapar site in Kutch district, Gujarat. It is scheduled to be commissioned by April 2023.
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RBI appoints CSB Bank to undertake banking business of central, state governments
The Reserve Bank of India (RBI) has empanelled CSB Bank as an ‘agency bank’ to undertake the general banking business of central and state governments. CSB Bank is now authorised to enter into agreements with central and state government departments for handling tax collections, pension payments, collection of stamp duty, etc. It will also enable the bank to handle a broad range of transactions related to goods & services tax (GST), property tax, and value-added tax.
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Shilpa Medica launches chronic constipation drug
Shilpa Medicare Ltd has announced the launch of ‘Prucalshil’ (Prucalopride), a chronic constipation drug for adults. Prucalopride is used for symptomatic treatment of chronic constipation in adults at times when laxatives fail to provide adequate relief. The launch of Prucalshil will help Shilpa Medicare to build its gastro portfolio. Going forward, the pharma company aims to add more products to its gastro basket.
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SBI acquires minority stake in JSW Cement for Rs 100 crore
State Bank of India (SBI) has acquired a minority stake in JSW Cement Ltd at an investment of Rs 100 crore via compulsorily convertible preference shares (CCPS). The conversion of such CCPS into common equity will be linked to the company’s future business performance and valuation determined at the time of the proposed initial public offering. This capital infusion will support the JSW Cement’s capacity expansion from the current 14 million tonnes per annum (MTPA) to 25 MTPA
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Jio adds 17.6 lakh mobile users in October; Airtel, Vi lose subscribers: TRAI
Reliance Jio Infocomm gained 17.6 lakh mobile subscribers in October. Jio’s total subscriber base rose to 42.65 crore during the same month. Bharti Airtel lost 4.89 lakh users, taking its overall mobile user base to 35.39 crore at the end of October. Vodafone Idea (Vi) lost 9.64 lakh subscribers in October and its user base shrunk to 26.9 crore. The subscription data was released by the Telecom Regulatory Authority of India (TRAI).
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