Jaiprakash Associates/Jaiprakash Power Ventures: To meet on Oct. 10 to discuss divestment plans. Jaiprakash Power board to discuss the proposal of divestment of Nigrie Cement Grinding Unit and review the progress made in debt reduction.
Suzlon Energy: The board of the company appointed Vinod R Tanti as the Chairman and Managing Director, and Girish R Tanti as the Executive Director designated as the Executive Vice Chairman with immediate effect. Tulsi Tanti, Founder and Chairman of the company, passed away on Oct. 1.
LIC/IDBI Bank: The government has invited bids for stake sale in IDBI Bank, according to a DIPAM notification. In the divestment, the government will offload 30.48% stake in the bank, while LIC will sell 30.24%. LIC currently holds 49.24% in IDBI Bank, while the government owns 45.48%.
Hero MotoCorp: The two-wheeler major ventured into electric mobility with the launch of its first electric scooter Vida V1. The ex-showroom prices of two variants of the electric scooter—Vida V1 Plus and Vida V1 Pro—have been pegged at Rs 1.45 lakh and Rs 1.59 lakh, respectively.
Star Health and Allied Insurance Co.: The insurer reported 21% increase on-year in gross direct premium for health-retail category during year-to-date Sept. 30, 2022, while the same for health-group segment saw 49% decline during the period. Personal accident insurance segment recorded 25% growth in gross direct premium. The total rise in the gross direct premium in the period ended Sept. 30, 2022 was 12% on annual basis.
Canara Bank: The bank has clarified that that it does not have any direct or indirect control in the management or day to day operations of Brickwork Ratings India, nor does it have any member on the board or any other committees of Brickwork. A news report regarding SEBI ordering Brickwork to shut down operations had claimed that Canara Bank is a promoter and strategic partner of the agency.
Tata Motors: Jaguar Land Rover, a wholly owned subsidiary of the company, saw sales decline 4.9% on-year to 88,121 units during the quarter ended Sept. 30, 2022. Sale of Jaguar cars declined 9.9% to 17,340 units, while Land Rover saw 3.6% decline in sale at 70,781 units.
Lupin: Kamal K Sharma, Non-Executive Vice Chairman of the company, will step down from the board of directors with effect from Oct. 14, 2022.
SH Kelkar and Co.: The company registered steady demand sentiments in emerging markets during the quarter ended Sept. 2022, while the operating environment in the European markets was subdued due to ongoing macroeconomic challenges. Its profitability was moderately impacted due to higher input costs and adverse currency movement.
HDFC: The mortgage lender will issue secured redeemable non-convertible debentures worth Rs 1,000 crore and option to retain oversubscription of Rs 11,000 crore on Oct. 11, 2022, with a coupon rate of 8.07%.
Power Grid Corporation of India: Powergrid Bhind Guna Transmission Ltd., a wholly owned subsidiary of the company, commissioned a 400kV substation near Guna and 220kV substation near Bhind on build, own, operate and maintain basis with a mandate to establish intra-state transmission system in Madhya Pradesh.
PNB Housing Finance: Vinay Gupta appointed as Chief Financial Officer and Key Managerial Personnel of the company with effect from Oct. 26, 2022.
JSW Steel: The committee of creditors for National Steel and Agro Industries Ltd. has approved the resolution plan submitted by JSW Steel Coated Products Ltd., a wholly owned subsidiary of the company, and declared it as the successful resolution applicant.
Gujarat Mineral Development Corporation: The company commenced geological studies and on-ground design for mineral exploration programs over 1,400 hectares in and around Ambaji mining lease in North-Eastern Gujarat. The findings could help reduce copper imports.
DB Realty: The company has acquired entire equity shares of DB Man Realty, a subsidiary in which the company and its nominees already held 91% stake. The company has also acquired entire equity shares of Spacecon Realty, a subsidiary in which the company and its nominee already held 74% stake. Both units have now become wholly owned subsidiary of the company.
Suntek Realty: Care Ratings has assigned ‘CARE A1+’ rating to the company’s short-term instrument—commercial paper.
Shriram City Union Finance: The company has issued NCDs worth Rs 150 crore on private placement basis on a coupon of 8.30%.
PNC Infratech: The SPVs—Kanpur Lucknow Expressway Pvt Ltd. and Awadh Expressway Pvt. Ltd., which are wholly owned subsidiaries of the company, have submitted the duly executed financing documents to NHAI for two hybrid annuity mode projects namely, Kanpur-Lucknow Expressway package I and II.
ICICI Prudential Life Insurance Co.: New business premium of the insurer grew 13.9% on-year to Rs 7,359 crore in the first half of the current fiscal, while annualised premium equivalent increased 10.1% to Rs 3,519 crore. Retail weighted received premium increased 1% to RS 2,613 crore.
Tata Power: The company announced plans at Invest Rajasthan summit to develop around 10,000 MW of renewable energy capacity, mainly solar energy, in the next five years in Rajasthan, PTI reported.
Kalyan Jewellers: The company recorded consolidated revenue growth of 20% in three months ended Sept. 30, 2022, as compared to the same period in the previous financial year. Consolidated revenue during the recently concluded quarter grew at a CAGR of 18% over the last three years.