JSPL plans to establish largest, greenest steel plant in Odisha
Jindal Steel & Power Ltd (JSPL) has announced plans to develop its Odisha plant into the largest and greenest facility in the world. They have secured sufficient reserves of coal to enable the mega steel company to enhance its capacity for green steel making. JSPL has won the Utkal B1 and B2 coal block in the Angul-Talcher belt in Odisha.
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Auto sales data for March 2022: Highlights
Maruti Suzuki India posted a 2% year-on-year (YoY) growth in total sales to 1,70,395 units in March 2022. Sales of its compact vehicle segment fell 8.46% YoY to 97,805 units. Exports more than doubled to 26,496 units.
Tata Motors Ltd registered a 30% YoY increase in total domestic sales to 86,718 units in March. The automaker’s commercial vehicle sales rose 16% YoY to 47,050 units. Overall passenger vehicle wholesales rose 43% YoY to 42,293 units. Its annual electric vehicle (EV) sales stood at 19,106 units in FY22, a growth of 353% YoY.
Mahindra & Mahindra’s auto segment posted total sales of 54,643 units in March, an increase of 35% YoY. M&M’s farm equipment segment posted a 4% YoY fall in sales to 29,763 units.
TVS Motor Company posted a 4.55% YoY decline in total sales to 3,07,954 units in March.
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PVR discontinues operations of 23 screens after expiry of lease with Cineline India
PVR Limited has discontinued operations of 23 screens across nine properties after the expiry of their lease with Cineline India. The multiplex operator’s screen count has come down to 848 at 172 properties in 73 cities. In 2012, Cineline had sold its multiplex business along with Cinemax Brand to PVR under a non-compete clause that has already ended.
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NTPC begins commercial operation of 22 MW floating solar capacity in Kerala
NTPC Limited announced the commercial operation of 22 megawatts (MW) of floating solar capacity in Kayamkulam, Kerala. The capacity is part of its 92 MW Kayamkulam floating solar PV project. The standalone installed and commercial capacity of NTPC has now increased to 54,516.68 MW. NTPC group’s installed and commercial capacity have increased to 68,631.68 MW and 67,971.68 MW, respectively.
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NCLT approves transfer of Raymond Apparel business to parent firm
The National Company Law Tribunal (NCLT) has approved the scheme of transfer of Raymond Apparel Ltd’s (RAL) business to Raymond Ltd. In September 2021, Raymond’s board had approved demerging the B2C business (including apparels) of RAL on a going concern basis to merge with the company itself. This move brings all major apparel brands, including Park Avenue, Colorplus, and Parx, into Raymond Ltd.
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HAL records revenue of over Rs 24,000 crore in FY22
Hindustan Aeronautics Ltd (HAL) has recorded its highest-ever revenue of over Rs 24,000 crore (provisional and unaudited) for the financial year ended March 31, 2022. This is a 6% growth over the previous financial year. In other news, HAL secured a contract worth Rs 3,887 crore for the production of 15 Light Combat Helicopters (LCH) for the Indian Army and Air Force. The state-owned company has also bagged infrastructure sanctions worth Rs 377 crore.
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Lupin gets 13 observations from USFDA for its New Jersey plant
Lupin Limited’s facility in New Jersey has received 13 observations from the US Food & Drug Administration (USFDA). The facility accounts for less than 5% of Lupin’s global turnover. However, the observations do not imply any restriction on supplies. The drugmaker said it is confident in addressing all issues with the regulator.
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NCLT approves amalgamation of CGPL with Tata Power
Tata Power Company Ltd (TPCL) has received approval from the National Company Law Tribunal (NCLT) for the merger of Coastal Gujarat Power Ltd (CGPL) with itself. CGPL is a wholly-owned subsidiary of TCPL. It operates the 4,000 MW Ultra Mega Power Project (UMPP) in Mundra, Gujarat.
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HFCL deploys OFC in all gram panchayats of Jharkhand under BharatNet
HFCL Ltd has deployed optical fiber cable (OFC) in 1,789-gram panchayats of Jharkhand under the government’s BharatNet project. The company had also completed broadband connectivity by deploying 7,869 kilometers of OFC network connecting 3,209 gram panchayats in Punjab. HFCL is also supplying OFC networks in Maharashtra, Telangana, and Chhattisgarh under the BharatNet project.
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Asian Paints to acquire majority stake in Weatherseal Fenestration and White Teak
Asian Paints Ltd will acquire controlling stakes in Weatherseal Fenestration and Obgenix Software (popularly known by the brand name “White Teak”). The paint company will initially infuse Rs 19 crore in Weatherseal for a 51% stake by subscription to equity share capital. It will acquire a 49% stake in White Teak from promoters for a consideration of ~Rs 180 crore, along with an earn-out of Rs 114 crore, payable after a year.
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BEL achieves record turnover of Rs 15,000 crore in FY22
Bharat Electronics (BEL) has achieved a record turnover of Rs 15,000 crore (provisional & unaudited) during FY22. The figure stood at Rs 13,818 crore in FY21. In fiscal 2021-22, BEL secured orders worth ~Rs 18,000 crore, while its order book as of April 1, 2022, stood at Rs 57,000 crore. The company is all set to increase its global footprint by making all-out efforts to tap new markets.
