crompton greeves Archives

Here are some of the major updates that could move the markets tomorrow:

L&T wins multi-billion-dollar order from Saudi Aramco

Larsen & Toubro (L&T) has secured a multi-billion dollar worth contract from Saudi Aramco. The combined value of the order win is estimated at $3.9 billion. According to MEED (formerly Middle East Economic Digest), L&T is one of the three contractors to win different packages for Saudi Aramco’s $10 billion worth expansion at its Jafurah unconventional gas production project in Saudi Arabia. L&T is the selected contractor for package one worth $ 2.9 billion and package three worth $1 billion of the project.

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PM Modi to lay foundation stone for expansion project of BPCL refinery

Prime Minister Narendra Modi will lay the foundation stone for the expansion of the BPCL’s Bina Refinery. The expansion is at an estimated cost of ₹50,000 crore in the Sagar district of Madhya Pradesh on September 14. The refinery’s capacity (crude distillation/vacuum distillation unit) is 7.7 million metric tonnes per annum and the expansion aims to take this figure to 11 MMTPA.

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ONGC to infuse Rs 15,000 cr in OPaL

Oil & Natural Gas Corporation (ONGC) will infuse about ₹15,000 crore in OPaL as part of a financial restructuring exercise. This will result in GAIL (India) Ltd being edged out of the petrochemical firm. ONGC currently holds a 49.36% stake in ONGC Petro-additions Ltd (OPaL). OPaL operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21% interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43%.

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Hitachi Energy bags order from Ayana Renewable Power

Hitachi Energy India has secured a contract from Ayana Renewable Power to provide a grid connection solution for their upcoming 300-megawatt (MW) solar photovoltaic power plant in Bikaner, Rajasthan. The company will provide an engineering, procurement and construction management package that collects all the power generated by the plant and transfers it into the national transmission system. The project is scheduled to be commissioned in March 2024.

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Birla Corp aims to double Mukutban cement plant output

Birla Corporation aims to double the production rate at its Mukutban cement plant in Maharashtra. The move will improve its profitability by as much as a third by the end of the year. The Mukutban cement plant produced 1,00,000 tonnes per month last year. The company plans to produce 2,00,000 tonnes per month this year. The plant has the capacity to produce 3.9 million tonnes per year and is currently operating at about 45-50% of its capacity.

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Vedanta plans to meet investors as it faces $2 billion debt bill

Representatives of Vedanta Resources Ltd are travelling to Singapore and Hong Kong to meet bondholders, as the junk-rated Indian miner faces repayment of about $2 billion of notes next year. JPMorgan Chase & Co. and Standard Chartered Plc are organising the non-deal roadshow . Several of the group’s bonds are trading below 75 cents on the dollar, at levels considered indicative of distress.

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Nazara Tech raises Rs 410 crore from SBI Mutual Fund

Nazara Technologies is raising ₹410 crore from SBI Mutual Fund. This comes just days after a ₹100 crore infusion by Zerodha cofounder Nikhil Kamath. The company’s board approved the issue of 5.7 million equity shares at ₹714 per share to SBI Mutual Fund. The funds will be invested via three schemes of SBI Mutual Fund — SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund.

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Samvardhana Motherson expands operations in UAE

Samvardhana Motherson International Ltd (SAMIL) has expanded its operations in UAE with a new unit in Ras Al Khaimah (RAK). RAK is one of the seven emirates that make up the UAE. UAE Supreme Council Member Sheikh Saud bin Saqr Al Qasimi inaugurated the company’s wiring harness facility in RAK. The facility is located in the Ras Al Khaimah Economic Zone (RAKEZ).

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Crompton Greaves bags order from Haryana govt for solar pumps

Crompton Greaves Consumer Electricals Ltd has secured a ₹25.44 crore order under the PM Kusum Scheme from the Haryana government for solar pumps. The company will execute the order within 120 days. It has been granted the inaugural work order of supplying, installing, and commissioning 7.5 HP and 10 HP Solar Submersible Water Pumping Systems by the New & Renewable Energy Department Haryana and HAREDA.

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HCL Tech secures multi-year deal from Siemens

HCL Technologies Ltd has signed a multiyear managed public cloud services agreement with Germany’s Siemens AG to modernise its IT landscape worldwide. The company will power cloud-led digital transformation for Siemens. As part of the agreement, HCL Tech will migrate and operate the IT infrastructure of Siemens on AWS and Azure, while ensuring that its cloud resources are optimised, scalable and secure.

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Here are some of the major updates that could move the markets tomorrow:

Retail inflation at 7.04% in May

India’s retail inflation fell to 7.04% in May 2022 from an eight-year high of 7.79% in April, aided by a favourable base effect. Sequentially, price increases remained elevated with the Consumer Price Inflation (CPI) index rising 0.94% over the previous month. Inflation in food and beverages stood at 7.97% in May, compared with 8.31% in April. Fuel and light inflation stood at 9.54% in May against 10.8% in April.

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Amara Raja secures contract from NTPC to set up green hydrogen fuelling station in Leh

Amara Raja Power Systems (ARPS) has secured a contract from NTPC Ltd to set up India’s first green hydrogen fuelling station in Leh. The pilot project will be established in Leh’s extreme conditions, 3,600 meters above sea level. This project is in line with the government’s vision of achieving net-zero carbon emission by 2070.

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Crompton Greaves Consumer Electricals to raise Rs 925 crore via NCDs

Crompton Greaves Consumer Electricals Ltd plans to raise long-term funds up to Rs 925 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The company’s board has also approved the buyback of rated, listed commercial paper aggregating to up to Rs 600 crore. These are part of a proposal to modify the company’s debt profile.

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SpiceJet acquires certifications for cargo delivery to EU and UK

SpiceJet Ltd has secured RA3 (Regulated Agent Third country) and ACC3 (Air Cargo or Mail Carrier operating into the Union from a Third Country Airport) certifications. These certifications will allow SpiceJet to transport mail and cargo of other airlines to or via the European Union and the United Kingdom. The airline has also cleared the cargo security audit and on-site verification to check whether everything matches the standards maintained in the EU and UK.

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NCLAT rejects Amazon’s plea against CCI order

The National Company Law Appellate Tribunal (NCLAT) has rejected Amazon’s plea challenging the decision of the Competition Commission of India (CCI) to suspend the approval for the e-commerce major’s deal with Future Coupons. NCLAT has also imposed a penalty of Rs 202 crore on Amazon for the suppression of information regarding the deal.

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CBI conducts raids at GR Infra’s offices: Reports

As per reports, the Central Bureau of Investigation (CBI) conducted searches at several offices of GR Infraprojects Ltd in Shillong, Guwahati, Gurgaon, and Bangalore. The raids were in connection with alleged irregularities in a national road highway project in Assam. The central agency has apprehended a few officials of the National Highways Authority of India (NHAI) and GR Infra Projects.

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Lemon Tree Hotels signs new property in Visakhapatnam

Lemon Tree Hotels Ltd has signed a new hotel in Visakhapatnam, Andhra Pradesh, under the brand ‘Keys Lite’. This property will feature 44 rooms, complemented by a multi-cuisine restaurant. It will also have a conference room and a fitness center. The hotel is expected to be operational by March 2023.

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Torrent Power acquires 50 MW solar plant for Rs 416 crore in Telangana

Torrent Power Ltd has completed the acquisition of a 50 megawatt (MW) solar power plant in Telangana from SkyPower Group for Rs 416 crore. The plant has a long-term power purchase agreement with Nothern Power Distribution Company of Telangana for 25 years at a fixed tariff rate of Rs 5.35 per unit. With this acquisition, Torrent Power’s total generation capacity will reach 4.7 gigawatts (GW).

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Bharti Airtel’s Xstream reaches 20 lakh paid subscriber mark

Bharti Airtel’s video streaming service, Airtel Xstream, has achieved the 20 lakh paid subscriber mark, demonstrating a strong pace of growth as an OTT aggregator platform. Airtel Xstream offers a bouquet of over-the-top (OTT) platforms to consumers across mobile and large screen formats. The service saw significant user interest through repeat recharges and subscriptions from Maharashtra, Karnataka, and Andhra Pradesh.

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