In a series of recent developments in the corporate world, several major companies have made significant moves that are set to impact their operations and future growth.
JM Financial has been directed by the Reserve Bank of India to halt any form of financing against shares and debentures with immediate effect. This includes the sanction and disbursal of loans against the initial public offer of shares as well as against subscriptions to debentures.
On the other hand, JSW Energy’s step-down unit has signed a battery energy storage purchase agreement with Solar Energy Corp. for 250 MW/500 MWh of battery energy storage systems. This marks the first project out of the total awarded project capacity of 500 MW.
NHPC has commenced work on the Jalaun Ultra Renewable Energy Power Park in Uttar Pradesh, with plans to invest Rs 800 crore in a 1,200 MW renewable power park that is expected to generate 2,400 MU of electricity every year.
Wipro has acquired a 27% stake in B2B sales platform SDVerse LLC for $5.85 million in cash, in collaboration with General Motors and Magna. The transaction is set to be completed before the end of March.
Aditya Birla Fashion has seen Caladium Investment exercise the right to convert all 6.6 crore warrants into equity shares, while IRCTC has signed a MoU with Swiggy to provide pre-ordered meals via IRCTC e-Catering Services.
Sanghi Movers has received board approval for the incorporation of a wholly owned unit, while Sonata Software is set to open a delivery centre in Poland to address the growing demands from its global clients.
Force Motors has reported the production of 2,987 vehicle units for the month of February and the sale of 2,366 units domestically, while ONGC’s board has approved an additional investment of Rs 99 crore in unit ONGC Green.
Indian Hotels has invested Rs 35 crore in its unit through a right issue, and Bharat Forge has made an investment of Rs 179.9 crore in its unit, Bharat Forge Global Holding.
Havells India is planning to add kitchen appliances to its portfolio, outsource the entire range of products, and serve the domestic market, while Bank of India has invested Rs 60.35 crore in the National Asset Reconstruction Company under preferential share issuance.
Indiabulls Real Estate is evaluating legal options to defend itself against MIDC’s order to vacate a 512.1-hectare plot in Nashik SEZ in a month, and REC’s board will meet on March 16 to consider an interim dividend.
Bharti Airtel has approved the allotment of 56.8 lakh shares to FCCB holders at a conversion rate of Rs 518 per share, and CESC’s unit, Crescent Power, has acquired a 100% stake in Purvah Green Power.
Lastly, Centum Electronics has received an order worth Rs 187 crore from DRDO for the realisation of space-based EW payloads, showcasing the company’s continued growth and success in the industry.
