Tag: lakshmi vilas bank

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Centre, States Must Talk to Lower Fuel Prices, says Union Finance Minister – Top Indian Market News

Centre, states must talk to lower fuel prices: Union Finance Minister

Union Finance Minister Nirmala Sitharaman has called for the Centre and state governments to have “a talk to bring down the retail fuel price at a reasonable level for consumers”. She stated that the fuel rates are worked up by oil marketing companies (OMCs), based on the cost of importing, refining, and distribution. The minister said that the fuel prices have been freed and that the Centre has no control over it. 

The prices of petrol and diesel have been rising in India over the past 10 days. Petrol prices have even crossed the Rs 100 per litre-mark in several cities. On Saturday, the price of petrol rose again by 39 paise, taking the rate to Rs 90.58 per litre in Delhi. Diesel prices were raised by 37 paise to Rs 80.97 per litre. 

Read more here.

DBS faces lawsuits in India after takeover of Lakshmi Vilas Bank

DBS Group Holdings Ltd., Southeast Asia’s largest lender, said it is facing lawsuits in India related to its recent takeover of Lakshmi Vilas Bank (LVB). Holders of LVB’s equity shares and Tier-II bonds that were written off before the effective date of amalgamation took legal actions against DBS’s local unit in various high courts in India. DBS said it has no incremental unprovided risks on these lawsuits.

Read more here.  

NTPC commissions 5 MW solar capacity at Auraiya plant in Uttar Pradesh

NTPC Limited has announced the commissioning of a 5 megawatt (MW) solar capacity at a project in Auraiya, Uttar Pradesh. The capacity is part of its 20 MW Solar PV Project located in Auraiya. With this, the total installed capacity of NTPC and NTPC Group has become 52,115 MW and 64,880 MW, respectively.

Read more here.

Steep rise in diesel prices to increase network operating expenses of telecom companies: Analysts

Telecom sector analysts have estimated that the steep rise in diesel prices in the current quarter can increase network operating expenses of telecom companies by 7-8%. However, it may only cause less than a 1% change in overall earnings. Diesel costs contribute roughly 8% to telecom companies’ operating expenses for running towers, generators, etc.

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Wanbury’s board approves preferential issue of shares to raise funds for settling debts

The Board of Directors of Wanbury Limited has approved the issue and allotment of 76.15 lakh equity shares on a preferential basis to investors at a price of Rs 65 per share. The total issue size is Rs 49.49 crore. The funds raised through this issue will be used for settlement of the company’s debts. Wanbury Ltd is a pharmaceutical company based in Mumbai.

Laxmi Organics, MTAR Technologies receives SEBI approval for IPO

Specialty chemicals company Laxmi Organics and engineering solutions firm MTAR Technologies has received approval from market regulator SEBI for their initial public offering (IPO). Both IPOs are expected to hit the public markets in early March. Laxmi Organics’ IPO consists of a fresh issue of Rs 500 crore and an offer for sale of Rs 300 crore by promoter Yellow Stone Trust. MTAR Technologies’ IPO consists of fresh issuance of 40 lakh shares and an offer for sale of 82.24 lakh equity shares by the promoter and existing shareholders.

Maruti Suzuki eyes boom in CNG-run car sales

Maruti Suzuki India expects sales of its natural gas-powered cars to jump 59% in the next financial year (FY 2021-22). The company hopes that more buyers would embrace greener fuels amid soaring petrol prices and the wider availability of compressed natural gas (CNG). Maruti Suzuki has further planned to expand its portfolio of CNG vehicles. 

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Mahindra CIE Q4 Results: Net profit at Rs 111 crore

Mahindra CIE Automotive reported a 702.23% YoY increase in net profit to Rs 111.67 crore for the fourth quarter ended December (Q4 CY20). The company follows the January-December financial year cycle. Its revenue from operations rose 13.62% YoY to Rs 1,957.64 crore during the same period. Mahindra CIE is engaged in the manufacture and supply of automotive components.

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Delhi govt to set up another 100 EV charging stations

The Delhi Government has floated a fresh tender for setting up another 100 charging stations for electric vehicles (EVs) across the city. The move comes under its ongoing ‘Switch Delhi’, a mass awareness campaign to sensitize citizens about the benefits of switching to EVs. A Delhi government agency, Delhi Transco Limited, has initiated the process to set up the charging stations. All power infrastructure costs will be borne by the state government.

Read more here.

To know more about the Switch Delhi campaign, click here.

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DBS Completes Takeover of Lakshmi Vilas Bank – Top Indian Market News

DBS completes takeover of Lakshmi Vilas Bank

Singapore-based DBS Group, on Monday, stated that its Indian subsidiary- DBS Bank India- has completed the takeover of distressed Lakshmi Vilas Bank (LVB). LVB’s banking services have been restored, with all branches, digital channels, and ATMs functioning as usual. The interest rates on savings bank accounts and fixed deposits will remain unchanged until further notice. All employees of LVB will continue in service and are now part of DBS Bank’s workforce. 

Read more here.

Govt likely to spend Rs 18,000 crore on priority vaccination for Covid-19

The Indian Government is likely to spend Rs 18,000 crore for the first phase of priority vaccination for Covid-19. This is according to a report from CNBC-TV18. The projected cost has been estimated by an expert panel comprising of Niti Ayog and Health Ministry officials. Currently, the panel is in the process of identifying 30 crore priority beneficiaries such as health care workers, police, sanitation workers, and the elderly. However, the report also states that these are approximations and the actual cost is yet to be finalised.

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Banks in India to see capital decline over two years without fresh infusion: Moody’s

A report from Moody’s Investors Service stated that Indian banks will see a larger capital decline without further infusion, over the next two years. Moody’s says that the uncertain trajectory of asset quality is one of the biggest threats for emerging market banks. The report also states that the 2021 outlook for banks in emerging markets (such as India) is negative.

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Hindustan Construction, Vensar JV wins Rs 236 crore railway order

Hindustan Construction Company Ltd, in a joint venture with Vensar Constructions Company Ltd, has bagged two contracts worth Rs 236 crore, from the Northeast Frontier Railway. The companies will construct a portion of the Bairabi-Sairang broad gauge rail line. This is part of the Indian Railways’ plans to improve its network across North-East India. Hindustan Construction’s share in the order is placed at Rs 130 crore.

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Shapoorji’s $1.2 billion deal with ADIA on hold over debt issues: Report

The Shapoorji Pallonji Group has kept its logistics venture with Abu Dhabi Investment Authority (ADIA) on hold. According to a report from Business Standard, the reason for keeping the deal on hold is due to debt issues and the ongoing Covid-19 pandemic. The group had planned to launch a $1.2 billion (~Rs 8,874 crore) venture with ADIA to invest in logistic centres in India.

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Serum Institute rejects volunteer’s claims of suffering side effects; seeks damages worth Rs 100 crore

The Serum Institute of India (SII) filed a Rs 100 crore defamation case against a Chennai-based volunteer who took part in its ‘Covidshield’ vaccine trials. The volunteer had alleged that the vaccine triggered an adverse reaction, which included neurological impairment. On November 21, the volunteer sent a legal notice and sued SII for Rs 5 crore. SII has denied the allegations and has stated that there was no correlation between the vaccine trial and the medical condition of the volunteer.

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Tata Sons may raise stake to over 76% in AirAsia India by end of FY21: Report

As per a report from Business Standard, Tata Sons is planning to gradually raise its stake in AirAsia India to more than 76% by the end of 2020-21. This may allow Malaysia-based AirAsia Group (which holds a 49% stake in the company) to exit its operations from India. The AirAsia Group earlier stated that it was struggling to recover from the Covid-19 impact, and had hinted at exiting its operations in India.

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Paytm Money launches IPO investments for retail investors

Paytm’s wholly-owned subsidiary, Paytm Money, will now facilitate investments in Initial Public Offerings (IPOs). It will enable investors to instantly apply for the latest IPOs from their UPI-linked bank accounts and complete the application process in 3-4 days. The company is aiming to capture 8-10% of applications market share in the first year of launch.

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IHCL announces expansion in eastern India with Ambuja Neotia Group

Indian Hotels Company Ltd (IHCL) has announced the signing of three hotels in eastern India (two in Kolkata and one in Patna), with the Ambuja Neotia Group. The company’s CEO Puneet Chhatwal stated that 60% of revenue in FY21 is expected to come from its leisure segment. He further stated that IHCL will be present in 9 out of 10 states in the east. IHCL, which runs the Taj group of luxury hotels, is owned by the Tata Group.

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Indian Railways record 371% increase in electrification during 2014-2020

Piyush Goyal, the Union Minister of Railways, stated that the electrification of 18,065 km of railway lines has been completed during 2014-2020. There constitutes a 371% increase in electrification, as compared to the period between 2009-2014. The minister also stated that the electrification process will help eliminate pollution, cut down imports of fuel, and save costs.

Read more here.

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PM Modi Reveals Plans to Boost India’s Renewable Energy Sector – Top Indian Market News

PM Modi reveals plans to boost India’s renewable energy sector

During his speech at RE-Invest 2020, Prime Minister Narendra Modi stated that India has huge renewable energy deployment plans for the next decade. These plans will likely generate business opportunities worth $20 billion (~Rs 1.47 lakh crore) per year. He further said that India’s renewable energy capacity is currently the 4th largest in the world. PM Modi has also invited investors and developers to join India’s renewable energy journey.

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India restricts international flights till December 31

The Government of India has extended the ban on scheduled international flights till December 31, amidst the ongoing Covid-19 pandemic. The Directorate General of Civil Aviation (DGCA) has stated that only selected flights will be allowed on a case-to-case basis. The restriction will not apply to international cargo flights. Special international flights under the Vande Bharat Mission will be allowed to operate under ‘air bubble’ agreements with selected countries.

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Bombay High Court refuses to stay merger of Lakshmi Vilas Bank and DBS

A group of promoters of Lakshmi Vilas Bank (LVB) had filed a petition in the Bombay High Court, challenging the merger of LVB with DBS Bank India Ltd. The promoters have initiated legal action against the RBI, the Indian Government, and DBS Bank. The High Court, on Thursday, refused to provide interim relief sought by the promoters to stay the merger. The merger will be effective from November 27. The petition has been placed for hearing on December 14. 

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TVS Automobile Solutions acquires service business of Mahindra First Choice

TVS Automobile Solutions Pvt Ltd (TVS ASPL) has acquired the service business of Mahindra First Choice Services Ltd (MFCSL). MFCSL is a chain of multi-brand car and two-wheeler service workshops and is owned by the Mahindra Group. As part of the transaction, Mahindra & Mahindra Ltd. will secure a minority stake in TVS ASPL.

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Ajanta Pharma announces details of proposed buyback

Ajanta Pharma Ltd. has announced details of activities regarding its share buyback plan. The company will buyback 7.35 lakh equity shares at Rs 1,850 per share. The date of opening of the buyback offer is on December 3. The buyback offer will be closed on December 16. The last date of settlement of bids on the stock exchange will be December 24. 

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Glenmark Pharma gets listed in Dow Jones Sustainability Index for 3rd straight year

Glenmark Pharmaceuticals Ltd. has been listed in the Dow Jones Sustainability Index (DJSI), under the category of emerging markets, for the third consecutive year in a row. DJSI is one of the world’s most widely accepted sustainability benchmarks. It consists of the top-ranked companies in terms of Corporate Sustainability. Glenmark is ranked 13th among global pharmaceutical companies in the DJSI Emerging Markets 2020.

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Tube Investments to raise Rs 350 crore from Azim Premji Trust, SBI Mutual Fund

The Board of Directors of Tube Investment of India Ltd (TIIL) has approved raising Rs 350 crore from the Azim Premji Trust and SBI Mutual Fund. The company will allot shares to both entities on a preferential allotment or private placement basis. Azim Premji Trust will get 27.33 lakh shares worth Rs 200 crore. SBI Mutual Fund’s two schemes- SBI Focused Equity Fund and SBI Magnum Midcap Fund will get 15.03 lakhs share and 5.46 lakh shares worth Rs 110 crore and Rs 40 crore, respectively.

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Laurus Labs acquires 72.55% stake in Richcore Lifesciences

Laurus Labs Ltd. has acquired a 72.55% stake in biotech company Richcore Lifesciences from Eight Roads Ventures and VenturEast. The cost of the acquisition has been estimated at Rs 246.67 crore. Laurus Labs has stated that Richcore Lifesciences will be renamed Laurus Bio Private Ltd, after the successful closure of the transaction.

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IL&FS receives binding offer for its energy advisory business

IL&FS, on Thursday, said that it has received a binding offer for the acquisition of its energy advisory subsidiary- IL&FS Energy Development Company Ltd (IEDCL). The company currently holds a 95.54% stake in IEDCL. The winning bidder would acquire both the assets and liabilities of IEDCL. The bids are open till December 7.

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Meghmani Organics to set up multipurpose plant in Dahej

Meghmani Organics Ltd. has announced that it is planning to set up a multipurpose plant in Dahej at a cost of Rs 310 crore. The plant is expected to be commissioned by the fourth quarter of the financial year 2021-2022. The company also stated that it has commenced commercial production at two of its plants situated in Bharuch, Gujarat.

Angel Broking enables API integration for algo trading

Angel Broking has announced that it has enabled API integration for algorithmic trading, through the launch of SmartAPI. This feature allows its users to execute real-time trades via Angel Broking, while also empowering algorithmic traders to deploy their programs in 5 programming languages. Algorithmic trading (also called automated trading) uses a computer program that follows a defined set of instructions to place a trade.

Read more here.

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HDFC Bank’s Market Cap Crosses Rs 8 lakh crore Mark – Top Indian Market News

HDFC Bank becomes India’s first lender to cross Rs 8 lakh crore in market cap 

HDFC Bank Limited, on Wednesday, became India’s first lender to cross Rs 8 lakh crore in market capitalisation. The private sector bank is the third most valued domestic firm in terms of market capitalization, after Reliance Industries and TCS. This year, the shares of HDFC Bank have gained 15.11% so far. 

[Market Cap of a listed company is calculated by multiplying the total number of shares by the present share price]

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MHA announces new Covid-19 guidelines for states/UTs

The Ministry of Home Affairs (MHA) has issued fresh guidelines for the surveillance, containment, and caution against Covid-19. The MHA has asked states to strictly enforce standard operating procedures (SOPs) on various activities, exercise caution, and regulate crowds. States and union territories can also impose restrictions like night curfews, after consultations with the Central Government. The guidelines will be effective from 1st December. 

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Cabinet approves merger of Lakshmi Vilas Bank with DBS Bank

The Union Cabinet, on Wednesday, approved the RBI’s proposal to merge Lakshmi Vilas Bank (LVB) with DBS Bank India. As part of the amalgamation plan, DBS India will infuse fresh capital of Rs 2,500 crore into LVB. The restrictions on LVB’s depositors regarding the withdrawal of their deposits have also been removed.

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L&T Construction wins order to build India’s longest river bridge

Larsen & Toubro (L&T) announced that its construction arm has secured a large contract to build India’s longest road bridge across the Brahmaputra river. The 19 kilometre-long bridge will be built between Dhubri in Assam and Phulbari in Meghalaya. According to L&T, the bridge will reduce the distance between Assam and Meghalaya by 250 kilometres. The project is valued between Rs 2,500 to Rs 5,000 crore.

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HDFC Ltd to acquire 19.9% stake in Renaissance Investment Solutions ARC

HDFC Limited announced that it will acquire a 19.9% stake in Renaissance Investment Solutions ARC for Rs 49.8 lakh. The investment would result in HDFC holding 4,98,750 equity shares of Rs 10 each in the asset reconstruction company (ARC). HDFC Ltd stated that Renaissance Investment will undertake the business of asset reconstruction after it receives the receipt of approval from the Reserve Bank of India.

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Route Mobile wins contract from BSNL to deploy SMS Firewall

Bharat Sanchar Nigam Ltd. (BSNL) has selected Route Mobile Limited to deploy its SMS Firewall Platform across the Southern and Western Zones in India. Route Mobile will provide control and security over BSNL’s user SMS traffic and the monetization of international SMS traffic terminating over their network. Mumbai-based Route Mobile is a leading communications platform service provider.

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USFDA releases details of warning letter issued to Aurobindo Pharma’s New Jersey unit

The U.S Food and Drug Administration (USFDA) has released details of a warning letter issued to Aurobindo Pharma’s New Jersey unit. On 22nd October, the drug maker had announced that its subsidiary had received a warning letter from USFDA for its oral solid manufacturing facility situated at Dayton, New Jersey. The warning letter states that methods, facilities, and procedures used at the unit do not conform to the Current Goods Manufacturing Practice (CGMP).

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ARSS Infrastructure secures Rs 210 crore order from NHIDCL

ARSS Infrastructure Projects Ltd. has secured an order worth Rs 210 crore from the National Highways & Infrastructure Development Corporation Ltd (NHIDCL). The work order will be for the improvement of the NH-40 section in Meghalaya into a two-lane with paved shoulder road. The order will be based on an engineering, procurement, and construction (EPC) mode.

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Union Bank of India to raise Rs 1,000 crore from bonds

Union Bank of India Ltd. has announced that it will raise Rs 1,000 crore from bonds to fund its business growth. The bonds of face value of Rs 10 lakh each and bearing a coupon of 7.18% per annum, will have a maturity of 15 years. The bonds have a fixed allotment date of November 26, 2020. 

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Shiva Cement to invest Rs 1,500 crore in new Odisha unit

Shiva Cement Ltd has announced plans to invest Rs 1,500 crore in a new 1.36 million tonne clinker unit project in the Sundergarh district of Odisha. The company is a subsidiary of JSW Cement Ltd. It has stated that Rs 1,150 crore will be raised through debt instruments. JSW will invest Rs 150 crore through redeemable preference shares, and the remaining amount will be raised through a rights issue.

Read more here.

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Editorial

Lakshmi Vilas Bank Is Sinking. RBI Comes To Its Rescue

The Lakshmi Vilas Bank(LVB) has been a troubled-child for the Reserve Bank of India(RBI) since last year. The bank currently faces a liquidity crunch. It’s poor performance, constant losses, rising bad debts, and bad liquidity have brought it close to the edge of a cliff. Eventually, the RBI had to come to its rescue.

You can read more on what went wrong with Lakshmi Vilas Bank in the first place here.

The RBI has decided to pursue the following action to prevent LVB from going bust:

  • The RBI has decided to place LVB under a moratorium till 16th December. Customers of the bank cannot withdraw more than Rs 25,000 from the bank till 16th December unless under emergency. 
  • The board of the bank has been dissolved and the RBI has appointed former non-executive chairman of Canara Bank T.N. Manoharan as the administrator of the bank
  • RBI has also drafted a merger plan for Lakshmi Vilas Bank and its suitor DBS India Limited. DBS India Limited(DBIL) is the Indian arm of Singapore-based DBS Bank. The RBI decided to do so after LVB’s plans to merge with financial-services company Clix Capital failed. 

After the announcement, the shares of Lakshmi Vilas Bank fell 20% and hit the lower circuit.

About The Merger

Low on liquidity, LVB was in merger talks with financial-services company Clix Capital for a long time. In fact, the two had made sufficient progress and reached a credible stage. The RBI had given the two a deadline to finalize the merger. The RBI was persistent on it since LVB had problems with liquidity and couldn’t have gone without the necessary cash for long. LVB’s merger with Clix Capital would have brought in the capital of up to Rs 1,900 crores and assets worth Rs 4,600 crores from Clix Capital. The two however failed to go ahead with the deal. Therefore, the RBI started looking for suitors for Lakshmi Vilas Bank. 

Kotak Mahindra Bank, DBS Bank, Brookfield Asset Management, Everstone Capital-backed Indo Star Capital Finance showed interest in acquiring LVB. The RBI decided to favor DBS Bank for its strong financials, strong balance sheet, low bad loans, and its interest in expanding in India. 


According to the Draft Proposal by RBI, DBS would infuse upfront capital of Rs 2,500 crore in Lakshmi Vilas Bank. This deal is beneficial for DBS since this will add a large number of customers and up to 500 branches under DBS’s umbrella. DBS wishes to expand its footprint in India. The merger will increase DBS’s Net Loans from 0.9% to 1.5% in India, this is a small number and therefore won’t affect the bank’s credit profile. LVB also plans to raise an additional Rs 500 crores through a rights issue. 

Why is the Market Bitter About the News?

According to the draft plan, the reserve & surplus and paid-up capital – the money that the company receives from shareholders in exchange for shares– will be written off. Its value will become zero. To put up in simple words– shareholders could lose all their money.

Additionally, Lakshmi Vilas Bank as a separate entity will cease to exist and will be delisted from all exchanges in India. DBS India Limited on the other hand is an unlisted company in India. This serves as a huge blow since Lakshmi Vilas Bank’s 77% stake is owned by the ‘public’ with only 6% owned by the promoters. The rest is owned by Mutual Funds and Institutional Investors. Shareholders are currently blown by the news, while some are even planning legal action in case the merger goes through.

Why LVB Needs A Merger, If Any.

LVB’s gross non-performing assets (GNPAs) are too high at 24.45%, even the net NPAs are high at 7.01%. This means too much bad debt. The bank’s Tier 1 Capital ratio has turned negative, It is a key measure of a bank’s financial strength. The Capital Adequacy Ratio (CAR) as per Basel Ill guidelines is at negative 2.85%, the requirement is a minimum of 3%. The CAR shows whether the banks have enough capital on reserve to handle a certain amount of losses. Clearly, LVB doesn’t have it. 

The Reserve Bank of India (RBI) had placed the bank on PCA(Prompt Corrective Action) framework in September 2019, citing rising debts and inadequate capital. Under PCA, a bank’s lending is restricted, the bank is required to arrange a certain capital and meet certain conditions placed by the RBI.

The current management of the bank has failed miserably at securing investment and mergers. The bank was unsuccessful at its merger with India Bulls Housing Finance last year and now with Clix Capital. It is clear that top-level management is inefficient and in the middle of a crisis.

Lakshmi Vilas Bank has Rs 20,000 crore in deposits and Rs 17,000 crore in advance. The banks have the hard-earned money of many individuals and small-time businesses at stake. It’s a sticky situation since, on one hand, we have the money of depositors at stake and on the other hand, we have the interest of shareholders at stake. RBI and Lakshmi Vilas Bank need to keep both their interests in mind and take the best possible action. A merger, not necessarily with DBS, is crucial for LVB to survive.

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Market News Top 10 News

Goldman Sachs Raises India’s GDP Forecast for FY21 – Top Indian Market News

Goldman Sachs raises India’s GDP forecast for 2020-21

Goldman Sachs has raised its GDP forecast for India to a 10.3% contraction, from the -14.8% it had projected in September. The global financial service provider has stated that it expects economic activity in the country to improve faster than anticipated. The firm has also stated that GDP growth is estimated at 13% in the next financial year (FY22).

Read more here.

Delhi plans to impose lockdown in potential Covid-19 hotspot markets

Delhi CM Arvind Kejriwal has sought power from the Central Government to impose lockdowns in those market areas which may emerge as Covid-19 hotspots. He stated that all government agencies are making double efforts to control the Covid-19 situation in the national capital. The Health Ministry has also warned that the effect of festivals on new cases may be seen in the coming weeks.

Read more here.

Pfizer sues AuroPharma, Dr. Reddy’s over generic version of cancer drug

Pfizer Inc. has filed a petition in a US court against Aurobindo Pharma Ltd and Dr. Reddy’s Laboratories Ltd. It has been alleged that both companies have separate plans to launch generic versions of Pfizer’s cancer drug Ibrance, before the expiration of its patent. Pfizer filed the possible patent infringement petition against both companies in the United States District Court in Delaware on two counts last week.

Read more here.

Lakshmi Vilas Bank brought under moratorium

Lakshmi Vilas Bank Ltd. has been brought under moratorium effective from 6 pm on November 17 until December 16, 2020. The payments to creditors have been capped at Rs 25,000 during the moratorium. As per a statement from the Central Government, borrowers can withdraw above Rs 25,000 only for unforeseen expenses including medical treatment and education. Meanwhile, the RBI has proposed the merger of Lakshmi Vilas Bank with DBS Bank India Limited (DBIL).

Read more here.

ONGC signs contracts for 7 blocks, Oil India wins 4 blocks

State-owned Oil and Natural Gas Corporation (ONGC) has signed contracts for seven oil and gas blocks in the country. Oil India Limited (OIL) has also signed contracts for acquiring four blocks. These 11 oil blocks have been awarded to both companies under the fifth bid round of the Open Acreage Licensing Policy (OALP) of the Indian Government. 

Read more here.

Industrial investments back to FY20 levels: Credit Suisse

Credit Suisse has stated that industrial investments in India are showing signs of recovery. Industrial investments had declined by 7% in the second quarter of FY21, but are now almost back to previous financial years’ levels. The firm has also retained its ‘Overweight’ stance on Larsen & Toubro (L&T), ABB, and Voltas. An overweight rating on a stock means that analysts expect the stock to outperform its industry in the market.

Read more here.

L&T delivers first launch hardware for Gaganyaan Mission

Larsen & Toubro said it has delivered the first launch hardware (a booster segment) for the Gaganyaan Launch Vehicle to ISRO, ahead of schedule. The booster segment will be used in the heavy rocket for launching India’s first manned mission into the earth’s lower orbit in 2021-2022. The segment was produced at L&T’s Powai Aerospace Manufacturing Facility, in Mumbai.

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Embassy REIT to acquire business park in Bengaluru for Rs 9,782 crore

Embassy Office Parks REIT announced that it has agreed to acquire Embassy TechVillage in Bengaluru from Embassy Group, Blackstone, and other investors. The cost of the acquisition has been estimated at Rs 9,782.4 crore. The proposed deal is subject to regulatory approvals. Embassy REIT is India’s first publicly-listed REIT (Real Estate Investment Trust). 

Read more here.

IIFL Finance raises Rs 100 crore via non-convertible debentures

IIFL Finance Ltd. announced that it has raised Rs 100 crore through the issuance of non-convertible debentures on a private placement basis. The company stated that the debentures will be listed on the Wholesale Debt Market segment of NSE. After this announcement, the share price of IIFL Finance hit the upper circuit of 20% in the afternoon session today.

Read more here.

NMDC hikes iron ore prices for second time in November

The National Mineral Development Corporation Ltd. (NMDC) has hiked prices of lump ore by approximately Rs 400 per tonne. It has also increased the price of fine ore by Rs 300 per tonne. This is the second price hike by the company in November 2020 because of iron ore supply constraints.

Read more here.

SSWL receives orders for over Rs 5.8 crore from the US &  Europe

Steel Strips Wheels Ltd. (SSWL) has received orders amounting to Rs 5.8 crore from the US and Europe markets. The company has confirmed that export orders of nearly 57,000 wheels will be executed in December 2020. The order will be fulfilled from its Chennai plant. The company also stated that it expects to obtain more orders from the same markets, as its business operations have picked up speed.