Jio and Facebook to accelerate India’s $5 trillion economy push: Mukesh Ambani
Facebook founder Mark Zuckerberg and Reliance Industries Chairman Mukesh Ambani, on Tuesday, spoke about the partnership between Facebook and Jio- highlighting how each company benefits from the association. They were speaking at the Facebook Fuel for India 2020 event. Opening up on the potential of a technology-enabled ecosystem in propelling the economic growth of India, Ambani said that he sees the country accelerating as a premier digital society. He stated that both Jio and Facebook will work hand-in-hand to make this a reality. The partnership will also focus on digitizing small businesses.
In April 2020, Facebook purchased a 9.9% stake in RIL’s telecom unit Jio for $5.7 billion (Rs 43,574 crore).
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Mrs Bectors IPO subscribed nearly 4 times on Day 1
Mrs Bectors Food Specialties’ initial public offering (IPO) was subscribed nearly 4 times on the first day of the bidding process. The issue received bids for 4.92 crore shares, which was 3.72 times the issue size of 1.32 crore shares. The quota for retail investors was filled in 6.83 times, while that for employees’ quota received 9.46 times bids. The price band of the Rs 541-crore IPO was fixed at Rs 286-288 per equity share.
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M&M subsidiary SsangYong fails to repay loans worth Rs 408 crore
SsangYong Motor Company, the South Korean subsidiary of Mahindra and Mahindra Ltd (M&M), has missed repayment of Rs 480 crore to JP Morgan Chase Bank. The amount was due and payable on 14 December 2020. M&M clarified that the missed loan repayment is part of SsangYong’s outstanding loans aggregating to Rs 680 crore, which will be covered under M&M’s commitments to the subsidiary’s lenders.
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Adani Ports’ joint venture to raise $300 million to retire debt
Adani Ports and Special Economic Zone Ltd (APSEZ) said that its joint venture firm, Adani International Container Terminal Pvt Ltd (AICTPL), will raise $300 million (~Rs 2,207 crore) to retire some of its debt. AICTPL intends to use the funds to repay all of its existing senior debts. Senior debt refers to borrowings that are prioritized for repayment in the case of bankruptcy. Such debts have the highest priority, as compared to other types of borrowings.
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Kalpataru Power secures orders worth Rs 1,300 crore
Kalpataru Power Transmission Ltd announced that it has secured orders worth Rs 1,300 crore in India and overseas. The orders include an engineering, procurement, and construction (EPC) job for pipeline laying and associated works in India. It also includes an order for railway electrification by the Central Organization for Railway Electrification (CORE). The firm also stated that its international subsidiary has secured new T&D (transmission & distribution) projects in Europe.
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Majesco announces interim dividend of Rs 974 per share
Majesco Limited announced that its board has approved payment of an interim dividend of Rs 974 per equity share for the financial year 2020-21. The interim dividend is at the rate of 19,480% of the face value of the company. Majesco’s dividend payment translates to an amount of Rs 2,788.4 crore, on a shareholder base of 2.85 crore shares. The record date for the dividend is December 25.
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Dilip Buildcon receives letter of acceptance from NHAI for Gujarat project
Dilip Buildcon Ltd has received a letter of acceptance (LOA) from the National Highway Authority of India (NHAI) for a hybrid annuity mode project in Gujarat. The project includes four-laning of Dhrol-Bhadra Patiya section of NH-151A and Bhadra Patiya-Pipaliya Section of NH-151A in Gujarat. The cost of the project has been estimated at Rs 880 crore, and it will be completed in 2 years.
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IDBI Bank opens QIP to raise Rs 6,000 crore
The Qualified Institutions Placement (QIP) committee of IDBI Bank’s Board of Directors has authorised the opening of the bank’s QIP issue on December 15. IDBI Bank plans to raise up to Rs 6,000 crore via the QIP issue. The floor price of the issue has been fixed at Rs 40.63 per equity share. QIP is a method by which listed companies can raise funds by issuing shares to certain institutions, without going through standard regulatory approvals.
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Mindtree accelerates cloud business through Global Microsoft Azure Experience Center
Mindtree Limited announced the launch of a dedicated Microsoft go-to-market business unit. The unit will be centered on building new solutions based on Microsoft platforms and technologies. The new business unit is a component of Mindtree’s multi-tiered initiative to support the continued demand for cloud services and solutions. It will also expand its Global Azure Experience Center in Washington, to ensure that all technical professionals are proficient and certified on Microsoft Azure technologies.
Cyient signs MoU with Australian firm Decipher
Cyient Limited has signed a Memorandum of Understanding (MoU) with Decipher, an Australian company that provides cloud monitoring and governance platform for tailing storage facilities. Tailings are the mineral waste remaining after ore processing to extract mineral concentrates. It is typically stored within an engineered containment structure known as a tailing storage facility (TSF).
Under the agreement, Cyient will help Decipher with the global rollout of its cloud mining platform for tailings and rehabilitation monitoring. Hyderabad-based Cyient Ltd is an outsourcing company, which is focused on engineering, manufacturing, data analytics, and networks & operations.
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