Tata Motors | The company on Tuesday said the acquisition of Ford India's manufacturing plant at Sanand through its subsidiary has been completed. In August last year, the company announced that its arm Tata Passenger Electric Mobility Ltd (TPEML) would acquire Ford India Pvt Ltd's (FIPL) Sanand plant, in Gujarat for Rs 725.7 crore.
Adani Ports and Special Economic Zone | A consortium of Adani Ports and Special Economic Zone (APSEZ) and Gadot Group on Tuesday said it has completed the acquisition of Haifa Port Company (HFC) from the Israeli government. The bid for the same was won by the consortium in July last year at an offer price of $1.18 billion. The concession period of the Port of Haifa remains up to 2054.
Adani Wilmar Ltd | Reports strong volume growth and market share gains across product categories. Benefitted from a stronger out-of-home consumption. Packed oil sales grew in high double-digits. However, institutional demand for packed oil was weak and declined during the quarter. An increase in retail outlet reach drove growth in the wheat flour category.
Defence Stocks | Defence acquisition council approves acceptance of necessity for three capital acquisition proposals worth Rs 4,276 crore. The three proposals include two of the Indian Army and one of the Navy. These include the procurement of HELINA anti-tank guided missiles, launchers etc. Likely beneficiaries of this move include Bharat Dynamics, Astra Microwave Products, and Data Patterns.
Uttam Sugar Mills | Plans on increasing distillery capacity from current 150 KLPD to 250 KLPD at its Barkatpur unit. Also plans to increase cane crushing capacity from 23,750 TCD to 26,200 TCD and improve energy efficiency. Total capex for both would be Rs 96 crore and will be financed through internal accruals and loans under the interest subvention scheme of the government. The capex is likely to be completed by November and December of this year.
Sigachi Industries | Board approves increasing authorised share capital of the company to Rs 42 crore from the current Rs 32 crore. Will also issue not more than 1.1 crore convertible warrants to promoter and promoter group at a price of Rs 285.3 each via preferential allotment. Post the allotment, promoters will increase stake to 52.31 percent, assuming all warrants proposed to be issued are subscribed and converted into equity. Both proposals are subject to approval from shareholders at the upcoming EGM.
Bank of Baroda | State-owned lender on Tuesday hiked Marginal Cost of Funds based Lending Rate (MCLR) by up to 35 basis points, making loans linked to the benchmark rates expensive. The new rates will be effective from January 12. The overnight MCLR has been increased to 7.85 percent from previous 7.50 percent, an increase of 35 basis points. The MCLR for one-, three-, six-month and one year tenor loans have been hiked by 20 basis points.
Jet Airways | The Jalan Kalrock Consortium has written to the head of the Jet Airways management committee and the erstwhile Resolution Professional, defending Sanjiv Kapoor's position in the airline. Earlier this month, the grounded carrier had said Kapoor remains the CEO-designate till the airline's ownership is transferred by the lenders to the consortium. CNBC-TV18 had reported that Chhawchharia in a notice to Kapoor has asked him to refrain from using the title of CEO of the airline.