NTPC: State-owned power giant NTPC on Tuesday floated a tender to raise ₹5,000 crore term loan from financial institutions. As per the document, the bids can be submitted till 1100 hours on August 31. The minimum amount of loan offered by banks or FIs should be ₹500 crore or in multiple of ₹500 crore. The proceeds of the loan will be used for capital expenditure, refinancing of the loan and other corporate purposes.
Hindustan Zinc: ICICI Securities, Axis Capital and Citigroup Global Markets are among the five investment bankers selected to manage the sale of the government’s 29.53% residual stake in Hindustan Zinc Ltd, an official said on Tuesday. Also, HDFC Bank and IIFL Securities will act as investment bankers and work with the government and handle the share sale offers, the official said. As many as 6 merchant bankers had made a presentation before the government officials on August 12.
Cipla: Cipla said it has appointed Ashish Adukia as global Chief financial officer. Dinesh Jain, who had been serving as an interim chief financial officer of the company, will be relieved from the position. Meanwhile, Jain will continue to serve as the senior vice president and head of corporate finance.
Bajaj Hindusthan Sugar: State-owned SBI has filed an insolvency petition against the country’s largest sugar firm Bajaj Hindusthan Sugar Ltd. SBI as a financial creditor has filed the plea before the Allahabad bench of the National Company Law Tribunal (NCLT). In a regulatory filing, Bajaj Hindusthan Ltd informed that “we understand that State Bank of India, financial creditor through its advocate has initiated Corporate Insolvency Resolution Process of Bajaj Hindusthan Sugar Ltd.”
Future Lifestyle Fashion: Future Lifestyle Fashions Ltd on Tuesday reported a widening of its consolidated net loss to ₹1,879.91 crore in the fourth quarter ended March 2022 due to the closure of stores and higher expenses. The company had posted a consolidated net loss of ₹149 crore in the January-March quarter a year ago, Future Lifestyle Fashions Ltd (FLFL) said in a regulatory filing. Its revenue from operations during the quarter under review was down 27.04% to ₹607.42 crore. It was at ₹831.62 crore in the March quarter of FY21.
Mahanagar Gas: Mahanagar Gas on Tuesday cut the prices of kitchen fuel Piped Natural Gas (PNG) and automobile fuel Compressed Natural Gas (CNG), following an increase in allocation of domestically produced natural gas from the government. The price of PNG has been reduced by ₹4 per standard cubic metre to ₹48.50 per SCM, while that of CNG by ₹6 a kilogram to ₹80 per kg, as per an official statement. After the rate revision, CNG usage will help a vehicle owner save 48% on fuel costs in the financial capital, Mahanagar Gas Ltd (MGL) said.
Steel Authority of India Ltd: State-owned steel maker SAIL will produce some quantity of special rails used in high-speed freight corridors and metro rail projects this year, according to a company official. SAIL has set up a facility for the production of head hardened (HH) rails at the new Universal Rail Mill (URM) at its Bhilai Steel Plant (BSP) in Chhattisgarh.
Bajaj Electricals: Consumer durable products maker Bajaj Electricals on Tuesday elevated its Executive Director Anuj Poddar to Managing Director and Chief Executive Officer (CEO). The company has separated the post of Chairman & Managing Director and its patron Shekhar Bajaj will continue as Executive Chairman of the company, said a statement from Bajaj Electricals.
State Bank of India: Country’s largest lender SBI on Tuesday opened its first-ever startup branch in Bengaluru, which will be dedicated to fund and support early-stage entrepreneurs in setting up new companies till their listing on stock exchanges. State Bank of India (SBI), while inaugurating the ‘SBI Start-Up Branch’ at Koramangala, said the facility comes under a pact between the Karnataka government and SBI to further boost the state’s startup ecosystem.
Techno Electric & Engineering: According to reports, the company has received new orders for flue gas desulphurisation (FGD). One order is worth ₹666 crore and is from Rajasthan Rajya Vidyut Utpadan Nigam Limited Kota and another order worth ₹789 crore is from Rajasthan Rajya Vidyut Utpadan Nigam Limited Jhalawar.