Corporate Highlights 3rd Dec: Key Updates On Torrent Power, Bajaj Finserv, Coal India, And Others

The Indian stock market buzzes with fresh updates from key companies, showcasing significant developments across sectors. From Torrent Power’s plans to raise funds to Bajaj Finserv’s strategic shifts and record-breaking performance by MOIL, here’s a detailed look at the latest corporate actions:

Torrent Power to Raise Rs 5,000 Crore

Torrent Power’s board has approved a Qualified Institutional Placement (QIP) to raise up to Rs 5,000 crore. The funds aim to help the company reduce debt. The floor price has been set at Rs 1,555.75 per share. Torrent Power may offer a discount of up to 5% on this floor price. This step is expected to improve the company’s financial health and support future growth initiatives.

Bajaj Finserv Ends Partnership with DBS Bank

Bajaj Finserv has decided to end its co-branded credit card partnership with DBS Bank India. This move aligns with its plan to exit co-branded card agreements. Bajaj Finserv is now exploring the launch of its own credit card business. The plan is subject to regulatory approval and is dependent on final guidelines from authorities.

MOIL Hits Record Highs

MOIL achieved record manganese ore production of 1.63 lakh tonnes in November. Sales of grade-unlocked manganese ore grew by 32% year-on-year, reaching 1.33 lakh tonnes. The company also surpassed a turnover of Rs 1,000 crore in the first eight months of FY25. This marks a significant milestone for the state-owned mining giant.

Solar Industries Bags Defence Order

Solar Industries India, along with its subsidiary, secured an export order worth Rs 2,039 crore. The order involves the supply of defense products. This development reinforces the company’s position in the global defense market.

Pricol and TVS Motor Collaboration

Pricol has announced the acquisition of the plastic component division of Sundaram Auto Components, a TVS Motor subsidiary, for Rs 215 crore. Additionally, Pricol plans to invest up to Rs 120 crore in its arm, Pricol Precision Products, in multiple tranches. This move is expected to strengthen Pricol’s operations and market presence.

Godavari Biorefineries Secures License for Biobutanol

Godavari Biorefineries has signed an exclusive license pact with Catalyxx to manufacture biobutanol and higher alcohols. In the first phase, the company plans to set up a 15,000-ton-per-year production facility. This step aligns with its efforts to expand into sustainable and innovative chemical solutions.

KEC International to Challenge VAT Ruling

KEC International faces a setback as the VAT Tribunal rejected its appeal against a VAT demand. The company plans to take legal action in the High Court of Bangladesh to challenge the ruling. This legal battle will determine its financial obligations in the region.

KPI Green Energy Wins Major Order

KPI Green Energy has received its largest-ever order from Coal India. The contract involves setting up a 300 MWAC solar PV plant with five years of operation and maintenance services. The project, valued at Rs 1,311 crore, showcases KPI Green’s growing presence in renewable energy projects.

Coal India Explores Gasification Project

Coal India has signed a memorandum of understanding to explore the establishment of a coal-to-synthetic natural gas project through surface coal gasification. This project aligns with the company’s vision to innovate and diversify its operations.

Nazara Technologies to Invest Rs 196 Crore

Gaming and entertainment firm Nazara Technologies has announced a Rs 196 crore investment across five ventures. Rs 148 crore will go towards its subsidiaries, including Sportskeeda, Nodwin Gaming, and Datawrkz. This move aims to fuel growth and expand its footprint in the gaming sector.

Popular Vehicles Gets NEXA Workshop Approval

Popular Vehicles and Services has received approval from NEXA to set up a workshop in Kerala. The workshop will include four service bays and five body shop bays. This initiative aims to improve the service-to-sales ratio and strengthen its position as a leading Maruti service provider.

Hindustan Unilever Updates on Tax Dispute

Hindustan Unilever has paid Rs 193 crore towards a tax demand related to the GSK deal. The company provided an update on the ongoing dispute, showcasing its compliance and readiness to address the matter.

Indoco Remedies Partners with Clarity Pharma

Indoco Remedies has announced a collaboration with Clarity Pharma in the UK. Over the next 18 months, the company plans to launch 20 new products in the UK market. This partnership supports Indoco’s expansion into global markets.

Market Movement

Shares of Godfrey Phillips fell 3% to Rs 5,608.25 on Monday, reflecting market fluctuations.

These updates underline the dynamic nature of India’s corporate landscape. With major moves in energy, finance, pharmaceuticals, and gaming, the market is poised for interesting developments in the coming months. Stay tuned to Moneyphobia for the latest updates!