UPL approves Rs 1,100 crore share buyback plan
The Board of Directors of UPL Limited has approved a proposal to buy back equity shares worth Rs 1,100 crore. The company will buy back 1.26 crore equity shares (or 1.65% of the total paid-up capital) at Rs 875 per share through the open market. The maximum buyback price represents a 26.85% premium to Wednesday’s closing price.
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India’s manufacturing PMI rises to 54.9 in February
India’s manufacturing activity recovered in February after decelerating to a four-month low in January. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.9 in Feb 2022, compared to 54 in January. Output levels and new orders expanded at a stronger pace last month. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.
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Dalmia Bharat consolidates its India refractory businesses under single entity
Dalmia-OCL, the refractory business of the Dalmia Bharat Group, announced the merger of all its domestic businesses into a single consolidated entity— Dalmia Bharat Refractories Ltd (DBRL). Dalmia Refractories Ltd, Dalmia Cement Bharat Ltd – Refractory Unit, and GSB India will transition into DBRL. The consolidation is aimed at strengthening DBRL’s financial standing, increasing its investment capabilities, and expanding its talent base.
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TCS secures deal from CEMEX for digital transformation project
Mexico-based CEMEX has selected Tata Consultancy Services (TCS) to accelerate its digital transformation and improve employee experience for more than 40,000 people worldwide. TCS will help drive CEMEX’s global ‘Working Smarter’ initiative that aims to adapt to evolving market needs and improve business agility. The IT firm will work closely with CEMEX over the next seven years to achieve its vision with a digitally-enabled smart workplace.
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Infosys onboards 12 lakh people for its digital learning initiative
IT services firm Infosys Ltd has onboarded 12 lakh people for Infosys Springboard, its flagship digital reskilling program. Infosys Springboard has partnered with over 700 educational institutions and departments of the State Governments of Karnataka, Maharashtra, and Uttar Pradesh to realise this vision. This move will help Infosys make sustained progress on its commitment to digitally reskill more than 1 crore people by 2025.
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Tata Consumer Products looks to ramp up workforce by 8-10%
Tata Consumer Products Lyd is looking to ramp up its workforce by 8-10% this year. The FMCG company currently has around 3,300 employees on its rolls. It will be ramping up talent across functions, including marketing, digital and technology, sourcing, and commercial areas of business.
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HCL Tech opens Center of Excellence with IBM
HCL Technologies Ltd has opened a Center of Excellence (CoE) with US-based multinational technology corporation IBM. The CoE will help communication service providers modernize their network infrastructure and simplify operations. The center is a virtual hub to develop offerings designed to help clients in the telecom industry to transform their network.
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Religare Enterprises to create war chest for new business ventures
Religare Enterprises Ltd (REL) is setting up a war chest (or a reserve of funds) for venturing into new businesses. The financial services provider has announced plans to enter new strategic sectors, including asset reconstruction, alternate investment funds, and insurance broking. REL also said it has become debt-free by repaying Rs 185.5 crore that it owed to its subsidiary Religare Finvest Ltd.
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Maruti Suzuki records marginal rise in production in Feb
Maruti Suzuki India Ltd reported a marginal increase in production in February 2022. The automaker reported total production of 1,69,692 units in February, compared to 1,68,180 units in the same month last year. Its passenger vehicle production stood at Rs 1,65,672 units, compared to 1,65,783 units in February last year. The shortage of electric components has a minor impact on production.
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Petrol, diesel price hikes likely to restart from next week
Petrol and diesel price hikes are likely to resume after state elections get over next week. Fuel rates could see a hike of up to Rs 9 per litre to bridge the gap created by international crude oil prices surging past $100 a barrel. Global crude oil prices shot above $110 per barrel for the first time since mid-2014. This is due to fears that oil and gas supplies from Russia could be disrupted due to its ongoing conflict with Ukraine and retaliatory sanctions.
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