piramal dhfl Archives

Piramal Group completes acquisition of DHFL for Rs 34,250 crore

Piramal Enterprises Ltd (PEL) has completed the acquisition of Dewan Housing Finance Corp Ltd. (DHFL) for a total consideration of Rs 34,250 crore. This includes an upfront cash payment of Rs 14,700 crore and issuance of debt instruments worth Rs 19,550 crore (10-year NCDs at 6.75% per annum on a half-yearly basis). As a part of the process, Piramal Capital and Housing Finance Ltd (PCHFL) will merge with DHFL. The creditors of DHFL would recover an aggregate amount of ~Rs 38,000 crore from the resolution process.

Read more here.

Blue Star to invest Rs 550 crore on new manufacturing unit in Andhra Pradesh

Blue Star Limited will invest Rs 550 crore over the next few years for setting up a greenfield manufacturing unit at Sri City, Andhra Pradesh. The AC and commercial refrigeration major’s newly formed subsidiary, Blue Star Climatech, has commenced construction of the new plant. The unit will be highly automated, and the company will ensure that products manufactured are globally competitive. The first phase of construction will be completed by July 2022.

Read more here.

BLS International secures contract for Italian visa processing services in Russia

BLS International Services has secured a contract from the Embassy of Italy in Russia for visa processing for a period of five years. The company is expected to process approximately 1.4 lakh applications every year at 20 centres across Russia. BLS will be providing Italian visas, along with value-added services such as mobile biometric, translation, premium lounge, prime time submission, courier, and SMS alerts for the convenience of applicants.

Read more here.

HCL Tech signs multi-year contract with Belgium-based Proximus

HCL Technologies Ltd has signed a multi-year strategic partnership with Proximus Group to transform its data centre business and create a resilient digital foundation. Proximus is one of Belgium’s leading digital services and communications solutions providers. HCL Tech will invest in a dedicated innovation lab, providing Proximus exclusive access to its intellectual property, product, and partner ecosystem. The partnership will allow Proximus to use HCL’s telecom and technology domain expertise to develop innovative 5G and Internet of Things (IoT) solutions.

Read more here.

SpiceJet partners with EaseMyTrip for holiday bookings

SpiceJet Limited has partnered with EaseMyTrip to strengthen offerings ahead of the festive season. The travel platform will develop a holiday booking platform for SpiceJet, which will allow the airline’s customers to book holiday packages. The partnership is aimed at expanding EaseMyTrip’s scope across the rapidly growing holiday segment. Under the collaboration, SpiceJet will offer exclusive benefits such as priority services (check-in, boarding) and complimentary meals.

Read more here.

HDFC Bank issues 4 lakh credit cards after lifting of embargo

HDFC Bank has issued 4 lakh credit cards since the Reserve Bank of India (RBI) lifted the embargo (an official ban) imposed on the company. In December 2020, the RBI placed restrictions on the private sector lender on sourcing of new credit cards. The RBI eased the restrictions on August 17, 2021. HDFC Bank has also announced the relaunch of three cards— HDFC Bank’s Millennia, MoneyBack+, and Freedom. The new card variants will be available to customers in October 2021.

Read more here.

Britannia partners with Accenture to accelerate its digital transformation

Britannia Industries has partnered with Accenture for digital acceleration of its operations and reduction of IT operational costs. The project will help streamline Britannia’s procurement and supply chain management, expedite digital onboarding, contract management, and procurement processes. The partnership with Accenture will work towards digitising more than 80 manufacturing units and 50 warehouses and help unlock capital for innovation and growth initiatives.

Read more here.

ABB India technology to lower production costs for Tata Steel plant

ABB India Limited will provide electromagnetic brake systems (EMBR) for two compact strip production (CSP) casters for Tata Steel’s flagship plant in Jamshedpur. The company will work under contract from SMS Group, an engineering and construction firm. ABB India’s scope of supply also includes dry-type transformers, water cooling systems, and commissioning services. ABB’s EMBR technology will allow Tata Steel to improve product quality and lower production costs.

RBI removes Indian Overseas Bank out of PCA framework

The Reserve Bank of India has removed Indian Overseas Bank from the Prompt Corrective Action (PCA) framework, subject to certain conditions and continuous monitoring. The performance of the bank was reviewed by RBI’s Board for Financial Supervision. It was noted that IOB is not in breach of the PCA parameters as per the results published for the year ended March 31, 2021. PCA is a framework under which banks with weak financial metrics are put under watch by the RBI.

Read more here.

Invesco moves NCLT against ZEEL for failing to announce EGM date

Invesco Developing Markets Fund has moved the National Company Law Tribunal (NCLT) against Zee Entertainment Enterprises Ltd (ZEEL) for failing to announce a date for the extraordinary general meeting (EGM). The US-based fund house had called for an EGM to remove ZEEL’s CEO and MD Punit Goenka. The majority shareholders also aim to reconstitute the company’s board. As per the rules, ZEEL has up till October 2 to call for an EGM.

Read more here.

CAIT demands ban on Amazon’s e-commerce operations in India

The Confederation of All India Traders (CAIT) demanded that the government should impose a ban on Amazon’s e-commerce portal and its operations in India. The traders’ body has accused the US-based company of indulging in predatory pricing, deep discounting, and inventory control. CAIT has also urged the government to probe the business practices of Amazon and Flipkart.

Read more here.

Ambuja Cements Q4 Results: Net profit rises 24% YoY to Rs 732 crore

Ambuja Cements Ltd reported a 24% YoY increase in consolidated net profit to Rs 732.24 crore for the fourth quarter ended December (Q4 CY20). The company follows the January-December financial year cycle. Its revenue from operations grew 4.58% YoY to Rs 7,452.87 crore during the same period. The company witnessed significant growth in sales volumes under its Master Supply Agreement (MSA) with ACC Ltd.

The Board of Ambuja Cements has approved the renewal of the existing MSA with ACC Limited for a period of 3 years.

Read more here.

L&T Construction receives contract to build 2 units of Kudankulam plant

The construction arm of Larsen & Toubro (L&T) has secured a contract from Nuclear Power Corporation of India Ltd (NPCIL) for civil work at the main plant of Kudankulam Nuclear Power Plant’s units 5 and 6. The value of the contract is in the range of around Rs 1,000-2,500 crore. The scope of the order includes the construction of the reactor building, turbine building, and safety structures.

Read more here.

India’s domestic air passenger traffic declines 40% YoY to 77.34 lakh in January

India’s domestic air passenger traffic declined 39.60% year-on-year (YoY) to 77.34 lakh in January 2021. IndiGo flew the most number of passengers at 42.03 lakh and obtained a market share of 54.30% of the total domestic traffic. This is followed by Vistara, which carried 9.92 lakh passengers, and secured a 12.8% market share. The air traffic data for January was released by the Directorate General of Civil Aviation (DGCA).

Read more here.

GAIL share buyback offer to open on February 25

GAIL (India) Limited will open its share buyback offer on February 25 for 6.97 crore fully paid-up equity shares of the face value of Rs 10 each. This represents 1.55% of the total number of equity shares issued by the company. GAIL will buy back shares from all existing shareholders and beneficial owners as on the record date- January 28. The share buyback will close on March 10.

Read more here.

Arvind Fashions to raise Rs 200 crore via rights issue

Arvind Fashions said its Committee of Directors has approved raising around Rs 200 crore through a rights issue. The company will issue 1.48 crore partly paid-up equity shares (of the face value of Rs 4 each) at an issue price of Rs 135 per share to all existing shareholders. The rights entitlement ratio is 3 rights equity shares for every 20 equity shares held in the company.

Read more here.

RBI approves Piramal’s resolution plan for DHFL

The Reserve Bank of India (RBI) has approved the resolution plan submitted by the Piramal Group to revive debt-ridden Dewan Housing Finance Ltd (DHFL). The Committee of Creditors (CoC) will now take the proposal to the National Company Law Tribunal (NCLT). On January 15, 2021, the creditors to DHFL gave more than 94% votes in favour of the resolution plan submitted by the Piramal Group.

Read more here.

Dr Reddy’s launches Fluphenazine Hydrochloride tablets

Dr Reddy’s Laboratories has launched Fluphenazine Hydrochloride tablets in the US market. The tablets are used for treating manifestations of psychotic disorders. The product is a therapeutic equivalent generic version of Prolixin tablets approved by the US Food and Drug Administration (USFDA). According to IQVIA Health data, the Prolixin brand had US sales of approximately $134 million (~Rs 9.72 crore) during the calendar year 2020.

Read more here.

RailTel IPO subscribed 42 times on final day of bidding

The Rs 819-crore initial public offering (IPO) of RailTel Corporation of India was subscribed 42.39 times on the final day of bidding. The issue received bids for 259.4 crore equity shares against an offer size of 6.11 crore shares. The portion reserved for retail investors was subscribed 16.79 times, while that of employees was subscribed 3.36 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 73.25 times. The reserved portion for qualified institutional buyers (QIBs) was subscribed 65.14 times.

Read more here.

RPP Infra Projects JV secures order worth Rs 176 crore

RPP-SMC JV (a joint venture between RPP Infra Projects and SMC Infrastructures) has received a Letter of Acceptance (LoA) for a project worth Rs 176.58 crore. The scope of the project includes the strengthening and widening of Triuneveli-Sengottai-Kollam Road of SH-39.

Read more here.

Bharti Airtel adds 40 lakh subscribers in December; Vodafone Idea loses 57 lakh: TRAI

Bharti Airtel added more subscribers than market leader Reliance Jio for the fifth straight month in December. According to data collected by telecom regulator TRAI, Airtel gained 40.5 lakh subscribers, while Jio added 4.7 lakh subscribers in December 2020. Vodafone Idea lost nearly 57 lakh subscribers during the same month.

Read more here.