Reliance Jio to launch 5G services in India by second half of 2021: Mukesh Ambani
RIL chief Mukesh Ambani, on Tuesday, said that Reliance Jio will pioneer the 5G revolution in India by the second half of 2021. He was speaking at the fourth edition of the India Mobile Congress. The solution for the fifth-generation wireless service will be built indigenously, said the RIL chairman. Ambani further said that India requires policy developments for the early implementation of 5G services.
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ICICI Bank to sell 2.21% equity stake in ICICI Securities via OFS
ICICI Bank said that it will be selling up to 71.21 lakh shares (2.21% equity) in ICICI Securities through an offer for sale (OFS). An OFS is a method by which a promoter of a listed company sell their shares and reduce their holdings. The floor price of the OFS has been set at Rs 440 per share. The lender stated that this move is to meet the minimum public shareholding (MPS) norm.
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Godrej Properties acquires 18-acre land in Bengaluru to build housing project
Godrej Properties Ltd has bought an 18-acre land parcel in Bengaluru to develop a housing project. The project will offer 2.4 million square feet of saleable area, comprising primarily residential apartments. The site, located in Whitefield, offers a well-developed social and civic infrastructure with multiple schools, hospitals, and commercial spaces in close proximity.
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Canara Bank sets floor price of Rs 103.50 per share for QIP
Canara Bank Ltd has set a floor price of Rs 103.50 per share for its proposed Rs 2,000 crore qualified institutional placement (QIP). A QIP allows a listed company to raise capital from domestic markets without the need to submit any pre-issue filings to market regulators. A meeting of the sub-committee of Canara Bank’s board is scheduled to be held on December 10. At the meeting, the board will determine the issue price for the equity shares, as well as the number of shares to be allotted to the qualified institutional buyers.
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Passenger vehicle retail sales rise 4% in November on festive demand: FADA
The Federation of Automobile Dealers Association (FADA) said that passenger vehicle retail sales saw an increase of 4.17% YoY in November. The number of units sold in November increased to 2,91,001, as compared to 2,79,365 units in November 2019. FADA stated that there had been a rise in vehicle registrations over the Diwali-Dhanteras period. However, two-wheeler sales declined 21.4% YoY to 14.13 lakh units during the same month.
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Indoco Remedies wins tenders worth Rs 140 crore in Germany for Allopurinol tablets
Indoco Remedies Ltd said that it has won tenders worth Rs 140 crore in Germany, for the supply of Allopurinol tablets. The tablets are used to treat gout and kidney stones. The drug firm has stated that the revenue expected from this business is Rs 70 crore per annum. The supplies to Germany will begin from January 2021 and continue till the end of 2022.
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TVS Srichakra to invest Rs 1,000 crore to expand manufacturing capacity
TVS Srichakra Ltd will invest around Rs 1,000 crore to ramp up manufacturing at its Madurai and Pantnagar plants. The investment will increase its two and three-wheeler tyre capacity by 25%-30% and double the off-highway tyre capacity. The proposed investment will be made over a three-year period. The company stated that this expansion programme is aimed at meeting the growing demand across its customer base- both domestically and globally.
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Mindspace REIT to raise Rs 200 crore via debentures
Mindspace Business Parks REIT said it will raise up to Rs 200 crore through the issuance of debentures on a private placement basis. The decision was taken at an executive committee meeting of K Raheja Corp Investment Managers LLP, which is the manager of Mindspace REIT. Mindspace Business Parks is India’s second Real Estate Investment Trust (REIT), after Embassy Office Parks.
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Cupid wins order to supply Covid-19 Antigen Based Rapid Test Kits
Cupid Ltd has received a purchase order from Uttar Pradesh Medical Supplies Corporation for the supply of Covid-19 Antigen Based Rapid Test Kits. The estimated value of the order has been set at Rs 8.27 crore. This is the company’s first order to supply its specialised test kits.
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NBCC bagged orders worth Rs 325 crore in November
NBCC (India) Ltd said that it secured a total business of Rs 324.81 crore in November 2020. The construction services company is a Government of India Navaratna enterprise. The firm operates through 3 segments- project management consultancy (PMC), real estate development, and engineering, procurement & construction (EPC).
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