Daily Corporate Updates: December 9, 2024

The Indian stock market is buzzing with corporate news today, with several big announcements across various sectors. Companies like Paytm, Ceat, JSW Energy, and Biocon have shared major updates about their recent ventures and partnerships. Here’s a detailed look at the key developments.

Paytm Offloads Stake in PayPay Corp

One 97 Communications, which operates Paytm, is set to sell its 5.4% stake in Japan’s digital payments platform, PayPay Corp., to SoftBank. The deal is valued at $250 million, approximately Rs 2,000 crore. This move aligns with Paytm’s strategy to optimize its portfolio and focus on its core operations.

Ceat Joins Hands with Michelin

Ceat has entered into a significant agreement with the Michelin Group. It has acquired Camso’s off-highway construction equipment tyre and track business from Michelin for $225 million. This acquisition will help Ceat expand its product offerings and strengthen its position in the global off-highway tyre market.

Godrej Consumer Products (GPCL) Sales Growth Outlook

GPCL expects mid-single-digit growth in organic sales for the October-December quarter. However, weak demand in India over the past few months may lead to flat volume growth. The company remains cautious but optimistic about recovery in the coming quarters.

JSW Energy Secures Solar Project Contract

JSW Energy’s subsidiary has won a 400 MW solar power project contract from NTPC. The project was awarded through a competitive bidding process. With this addition, JSW Energy’s total generation capacity now stands at 19.6 GW, including 4.4 GW from solar projects. This development aligns with the company’s commitment to renewable energy.

Bansal Wire Industries Begins Specialty Wire Production

Bansal Wire Industries has started manufacturing specialty wires like bead wire, hose wire, and steel tyre cord at its Dadri plant. The company will soon announce the official product launch date.

Inox Green Energy Services Divests Stake in Subsidiaries

Inox Green Energy Services has signed an agreement to sell its entire stake in Flurry Wind Energy and Flutter Wind Energy. This divestment is part of the company’s restructuring and focus on core businesses.

Laurus Labs Secures Investment from Eight Roads Ventures

Laurus Labs’ subsidiary has received an equity investment of Rs 120 crore from Eight Roads Ventures and F-Prime Capital. The company will also co-invest Rs 40 crore at the same valuation. This funding will support Laurus Labs’ growth initiatives.

Bajaj Healthcare Gets Australian TGA Approval

Bajaj Healthcare’s API manufacturing facility in Gujarat has received approval from the Therapeutic Goods Administration (TGA) of Australia. The site is already approved by the USDA and EU, further strengthening its global presence.

NLC India Wins Odisha Coal Mine Bid

NLC India has emerged as the successful bidder for the Patrapara South Coal Mine in Odisha. This win will boost the company’s coal production capacity and support its energy generation projects.

Welspun Corp Secures Major US Orders

Welspun Corp has bagged two large orders in the USA for HSAW and HFIW pipes. The orders, valued at over Rs 7,000 crore, are for natural gas pipeline projects. The execution is planned for FY25 and FY26, with a positive outlook for the USA market in the coming years.

Biocon Receives Positive US FDA Report

Biocon’s API facility in Bengaluru has received a Voluntary Action Indicated (VAI) status from the US FDA. The Establishment Inspection Report (EIR) follows a successful surveillance inspection in September. This development boosts Biocon’s credibility in the global biopharmaceutical market.

Suven Pharmaceuticals to Acquire US-Based NJ Bio

Suven Pharmaceuticals has announced the acquisition of a 56% stake in NJ Bio, Inc., a US-based ADC specialist. The deal, worth $64.4 million, includes $15 million for growth initiatives. This acquisition strengthens Suven’s position as a technology-driven CDMO with advanced capabilities in ADC/XDC.