The market started out strong, but as the day progressed participants preferred to make some gains, and finally the benchmark indices closed at the high of the day in the latest session. Overall, markets remained higher for much of the session. The BSE Sensex rose over 100 points to 59,793, while the Nifty50 rose 34 points to 17,833.
Ujjivan Small Finance Bank
The bank has issued non-convertible bonds of Rs 75 crore. The redemption date for the NCDs is April 26, 2028 and the coupon rate is 11.95 percent.
Gujarat Industries Power
The company said its board of directors had approved the award of an EPC contract worth Rs 244 crore to KEC International. The contract concerns a 400/33 KV pooling substation, 1,200 MW of solar, wind and hybrid energy and a renewable energy park with a capacity of 2,375 MW in Gujarat.
IRB InvIT Fund
IRB InvIT Fund will acquire the Vadodara Kim Expressway HAM project in Gujarat from its sponsors IRB Infrastructure Developers, for an enterprise value of Rs 1,297 crore and equity capital of Rs 342 crore. The acquisition is expected to close in October 2022. Upon completion of the acquisition, InvIT will have six operating and revenue-generating assets in its portfolio.
Oil and Natural Gas Corporation (ONGC) has signed six contracts for Discovered Small Fields (DSF) offshore, with three each for fields in the Arabian Sea and Bay of Bengal, the company said Saturday. The contracts were obtained in the context of the DSF-III bidding round. These include four contract territories as sole bidders and two contract territories in partnership with Indian Oil Corporation Limited (IOCL), said a statement from the ONGC.
The Italian government and a UAE-based private equity firm have jointly taken a nearly 44 percent stake in Titagarh Wagons wholly owned subsidiary Firema SpA, a top company official said Sunday. The company saw a “recapitalization of €20 million through new capital injection,” bringing its total capital to €33 million, he said. Invitalia, the Italian government’s investment promotion agency, injected 10 million euros for a 30.30 percent stake, and the UAE-based PE company – Hawk Eye DMCC – acquired a 13.64 percent stake for 4.5 million euros, the company official said.
State-owned Hindustan Copper Ltd (HCL) is considering increasing its copper ore production to 12.2 million tons per year by FY29 in the first phase of expansion. The company’s copper ore production was 3.57 million tons (MT) in FY22. “HCL has plans to increase its mining capacity from current ore production to 12.2 million tons per year in Phase I over the next 7 to 8 years,” the public sector unit said.
ACC Cement/Ambuja Cement
Gautam Adani, chairman of Adani Group and Asia’s richest man, his son Karan and nephew Pranav, will join the boards of two of India’s oldest cement companies, ACC Ltd and Ambuja Cements Ltd, in a top management overhaul and the board of directors of the two cement makers, said two people directly familiar with the matter. Some long-serving board members of the two cement makers will step down following the acquisition of Holcim India’s ownership in the two companies by Adani Group.
Reliance Petroleum Retail Limited issued final documents on Saturday to acquire the polyester business of Shubhalakshmi Polyesters Limited for a cash consideration of Rs 1,522 crore. The RIL arm will also purchase the polyester business of Shubhlaxmi Polytex Limited for Rs 70 crore. The total value of the two acquisitions is Rs 1,592 crore through a slump sale on a going concern basis, RIL said in a regulatory filing with the exchanges.
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