NIIT: Skills and talent development firm NIIT said its up to Rs 237 crore buyback offer will open on April 12. On December 24, 2020, NIIT’s Board of Directors had approved a proposal for buyback of up to 9,875,000 equity shares for an aggregate amount not exceeding Rs 237 crore. The buyback price has been fixed at Rs 240 apiece.
RIL, ONGC: The government left the price of natural gas produced by companies such as ONGC unchanged at a decade-low rate of $1.79 while the same for difficult fields like the one operated by Reliance-BP was cut by 11 per cent to $3.62 per mmBtu from $4.06 per mmBtu at present.
UCO Bank, CBI and IOB: The government has infused Rs 14,500 crore, mainly into banks that are under the RBI’s prompt corrective action framework to improve their financial health. According to a government notification, Rs 4,800 crore has been provided to Central Bank of India, Rs 4,100 crore to Indian Overseas Bank and Kolkata-based UCO Bank has got Rs 2,600 crore.
Adani Enterprises: The company said it has incorporated a wholly-owned subsidiary, Vizag Tech Park Ltd (VTPL), with an authorised share capital of Rs 5 lakh, to develop a data centre and business park.
Godrej Properties: The realtor said it has increased stake in Godrej Realty to 100 per cent from 51 per cent by acquiring equity shares from HDFC Property Fund. Godrej Realty is engaged in construction and development of land situated in Pune, according to a regulatory filing.
Vedanta: Billionaire Anil Agarwal-led plans to set up a coastal copper smelter plant in India for Rs 10,000 crore. The move comes nearly three years after its plant in Tamil Nadu was shut on environmental concerns and at a time when copper prices are on the rise globally.
BPCL: Privatisation-bound
(BPCL) said it has acquired partner OQ’s entire stake in the Bina refinery project in Madhya Pradesh for Rs 2,400
DRL, Cipla: Drug majors Dr Reddy’s Laboratories and Cipla on Wednesday said they have entered into a partnership agreement with ABCD Technologies LLP which is to be renamed as IndoHealth Services LLP.
Axis Bank: Private sector
said it is selling its UK subsidiary. The bank entered into a share purchase agreement, on March 31, for sale of 100 per cent stake in its subsidiary, Axis Bank UK Ltd, to OpenPayd Holdings Ltd, according to a regulatory filing.
IGL: Indraprastha Gas, India’s largest CNG retailer, signed a long-term agreement to supply compressed natural gas to Delhi Transport Corporation (DTC) buses. The 10-year compressed natural gas (CNG) supply deal was signed by IGL Managing Director A K Jana and DTC Managing Director Vijay Kumar Bidhuri, a company statement said.
Adani Ports: Gautam Adani’s port-to-energy conglomerate Adani Group said it won the Yangon International Terminal project in Myanmar last year through a global competitive bid, as it sought to clarify on allegations of having paid $30 million to Myanmar military-controlled firm for the deal.
Bodal Chemicals: Mawana Sugars said it has completed the transfer of its unit Siel Chemical Complex to
for a consideration of Rs 137 crore. The Gurugram-based sugar company, in a regulatory filing, said it had entered into an agreement on February 9 this year for transfer of its chemical unit located in Punjab to Ahmedabad-based Bodal Chemicals.
Auto stocks: A low base of last year will distort monthly auto sales figures for March on a year-on-year basis. On a month-on month basis, wholesales growth is expected to remain strong while retail volumes are also expected to be better than February’s, as per channel checks, said analysts, who believe investors must track risks of rising Covid cases, semiconductor shortages and high fuel prices.
PFC, REC: State-owned non-banking financial firms
(PFC) and REC will reduce lending rates by up to two percentage points from April 1, 2021. PFC and REC as group companies have been aligning operations to realise synergies. As part of such an effort, PFC and REC have now decided together to reduce lending rates up to two percentage points, PFC said in a statement.
Punj Lloyd: Engineering and construction firm
is heading towards liquidation as the company’s lenders have rejected a resolution plan. The company is undergoing a resolution process under the Insolvency and Bankruptcy Code (IBC).
J&K Bank: The Reserve Bank of India has extended the term of J&K Bank Chairman and Managing Director R K Chhibber by six months, the lender said on Wednesday. The extension will be effective from April 10, the bank said in a regulatory filing.
