Nazara Technologies, a diversified gaming and sports media platform, has said two of its step-down subsidiaries hold cash balances of around ₹64 crore at the Silicon Valley Bank. Nazara Technologies, in a regulatory filing, said both subsidiaries – Kiddopia Inc and Mediawrkz – continue to be well capitalized and are generating positive cash flows along with profitability. Hence, Nazara Technologies said, it expects no impact on its day-to-day operations, business performance and growth plans due to the SVB event.
Tech Mahindra has announced the appointment of former Infosys president Mohit Joshi as MD and CEO designate, who will take over the charge from CP Gurnani after his retirement on December 19 this year. The announcement follows the resignation of Joshi from Infosys where he was head of the global financial services, healthcare and the software businesses, which included Finacle (Infosys’ banking platform) and the artificial intelligence and automation portfolio. Meanwhile, Infosys said Joshi has resigned from President
The sale of the remaining 29.54 per cent government stake in Hindustan Zinc is likely only after a finality reached on Vedanta’s planned sale of global zinc assets to the erstwhile PSU, a PTI report quoting official said.
Finolex Industries has commenced commercial operations of PVC fittings at Pune (Maharashtra) from March 12. The annual capacity of the said facility is 12,000 tonne and the capex towards the same is approximately ₹100 crore, which has been funded entirely through internal accruals.
Godrej Properties has entered into a sale deed to acquire a land parcel of approximately 28 acres in Bengaluru to develop a mixed-use project comprising apartments and supporting retail development. This project is located near Whitefield and in close proximity to major office spaces in Whitefield and Outer Ring Road.
The Board of VA Tech Wabag had granted approval for the sale of 100 per cent stake in Wabag Czech.
Zydus Lifesciences has received final approval from the United States Food and Drug Administration (USFDA) to manufacture and market Olanzapine Orally Disintegrating Tablets USP, 5 mg, 10 mg, 15 mg, and 20 mg (USRLD: Zyprexa Zydis Orally Disintegrating Tablets).
Sula Vineyards Limited has announced that it has taken on record the resignation of its Chief Financial Officer Bittu Varghese to explore opportunities outside of the Company.
JSW Steel Coated Products Limited, a wholly owned subsidiary of JSW Steel Limited, has entered into a shareholders agreement and a share subscription agreement with Ayena Innovation Private Limited and its shareholders, to acquire 31 per cent equity shareholding in Ayena.
Tata Power Renewable Energy Limited, a subsidiary of Tata Power and one of the major renewable energy players in the country, has signed a Power Purchase Agreement (PPA) with Tata Power Delhi Distribution Limited (Tata Power-DDL), for a 510 MW hybrid project . The project will save on an average of 1540 MUs of CO2 emissions annually for Tata PowerDDL, a joint venture between Tata Power and Govt. of Delhi, that supplies electricity to a populace of over 7 million in North Delhi.
Elgi Compressors USA Inc., USA, a wholly owned subsidiary of Elgi Equipments has entered into an operating agreement for acquisition of 33.33 per cent in the share capital of CS Industrial Services LLC, USA, a North Carolina limited liability company on March 9. CS Industrial Services LLC will act as an exclusive dealer / distributor for Elgi Compressors USA Inc, for sale of ELGi branded compressors in Western New York region.
Shares of Sona Comstar is likely to remain in focus on reports of Blackstone plans to sell stake in the company via block deals worth ₹3,200 crore) at up to 6 per cent discount. Reports indicate that the PE firm may sell its entire 20 per cent stake (worth ₹5,000 crore) depending on demand.
Similary, reports also say that Mahindra & Mahindra plans to sell 4.6 per cent stake in Mahindra CIE via block deals at a floor price of ₹355 a share on Monday.
Gautam Adani plans to sell a stake in Ambuja Cements worth about $450 million, as part of efforts to reduce debt and restore investor confidence in his conglomerate, a Financial Times report said. Adani owns 63 per cent stake in Ambuja Cement.
ICICI Bank has received approval from the RBI for extension of time to diversify its stake in ICICI Lombard General Insurance Company to less than 30 per cent, till September 9, 2024 for
Pursuant to the approval of the Management Committee of the board of Spandana Sphoorty Financial Limited for the transfer of stressed loan portfolio including written off loans to Asset Reconstruction Company, the Company has received a binding bid from an ARC, amounting to ₹133 crore, on Security accepted consideration basis, for the written-off portfolio with outstanding of ₹372.45 crore as on December 31, 2022.
The Central Government has granted environmental clearance and the Maharashtra Pollution Control Board has issued consent to Lloyds Metals and Energy to operate, for the enhanced iron mining capacity of 10 million tonnes per annum, from 3 million tonnes per annum.
The United States Food and Drug Administration (US FDA) has completed a pre-approval and GMP inspection of Lupin’s API manufacturing facility in Visakhapatnam (Vizag), India, with no observations. The inspection was conducted during March 6 – March 10, it said in a notice to the stock exchanges.
Commercial Syn Bags Limited has announced that the new manufacturing unit of the Company – Techtex situated at Indore Special Economic Zone, Pithampur Phase 2, Dhar, Madhya Pradesh, has started the commercial production from March 11. The project is for manufacturing of Geotextiles, Ground Covers, nets and other technical textile products. The company has already invested ₹31.50 crore for the purchase of building and machinery and its repairs and renovation. Some capital expenditure is yet to be done.