Daily Corporate Updates: December 12, 2024 {update}

Electronics Mart India Expands Footprint

Electronics Mart India has started commercial operations at a new multi-brand store under the Bajaj Electronics brand. The store aims to provide customers with a wide range of electronic appliances and gadgets.

Greaves Cotton Moves Forward with IPO Plan

Greaves Cotton’s board has approved the sale of certain equity shares of Greaves Electric Mobility in its proposed IPO. This step is part of their broader plan to raise funds and support the electric vehicle segment’s growth.

ACME Solar Wins Major Renewable Energy Project

ACME Solar Holdings secured a significant 250 MW Firm & Dispatchable Renewable Energy project in an auction held by NHPC. The project comes with a greenshoe option, which could potentially increase its capacity to 500 MW. The company will supply renewable energy at a tariff of Rs 4.56 per unit. With this win, ACME Solar’s total capacity has risen to 6,970 MW.

Aurobindo Pharma Subsidiary Allots Shares

Aurobindo Pharma’s subsidiary has issued 2,041 shares on a preferential basis to Satakami Makkapati. Despite this allotment, the entity remains a subsidiary of Aurobindo Pharma.

Bharat Forge Completes Key Investment

Bharat Forge has completed the first tranche of its investment in acquiring shares of SPVs under Sunsure Energy. This move is expected to strengthen the company’s renewable energy portfolio.

Sammaan Capital to Raise Rs 2,500 Crore

Sammaan Capital has approved raising funds up to Rs 2,500 crore through a qualified institutional placement (QIP). This decision aligns with the company’s aim to finance future growth and expansion.

Tata Chemicals Faces Arbitration Case

Tata Chemicals is undergoing arbitration proceedings. Allied Silica and its promoter have filed a statement of claims against the company. However, Tata Chemicals anticipates a favorable outcome without significant financial impact.

Pilani Investment Applies for NBFC Conversion

Pilani Investment and Industries Corporation has applied to the RBI to convert its status from an NBFC to a core investment company. This move could lead to a more streamlined business model.

Happiest Minds Expands Digital Lending Space

Happiest Minds’ arm, PureSoftware, has enhanced its position in the digital lending sector with its flagship banking-as-a-service platform, Arttha. This platform is expected to simplify financial services for clients.

Hyundai Motor Faces Income Tax Adjustment

Hyundai Motor has received an income tax tribunal order worth Rs 22 crore for the financial year 2008. The order alleges that the company made royalty payments exceeding industry norms.

Vedanta to Declare Dividend

Vedanta will consider its fourth interim dividend on December 16. Investors are anticipating this announcement amid the company’s ongoing initiatives to enhance shareholder value.

PC Jeweller Plans Equity Issue for Debt Settlement

PC Jeweller will issue equity shares worth Rs 1,509.97 crore to lenders on a private placement basis. This step is part of the company’s efforts to settle outstanding debts. Approximately 5.17 crore shares will be issued at Rs 292 per share.

Strides Pharma Shareholders to Receive Bonus Shares

Strides Pharma Science shareholders will receive one share of Onesource for every two shares held in the company. This decision rewards shareholders while aligning with the company’s restructuring plans.

Reliance Power Wins 930 MW Solar Project

Reliance NU Suntech, an arm of Reliance Power, has secured a 930 MW solar energy contract. This includes a battery energy storage system with a capacity of 465 MW/1,860 MWh. The project was awarded through an auction conducted by the Solar Energy Corporation of India.

United Drilling Tools Secures Order from Vedanta

United Drilling Tools has received an order worth Rs 149 crore from Vedanta. This deal is expected to enhance the company’s order book and profitability.

Varroc Engineering Resolves Legal Dispute

Varroc Engineering has resolved a dispute with Beste Motors through the Singapore Tribunal. The company transferred a 50% stake in Varroc TYC Corp to Beste Motors for RMB 310.5 million.