Actions that will see action today

Billionaire Gautam Adani set to buy Swiss cement giant Holcim’s stake in Ambuja cements and its subsidiary ACC for $10.5 billion (about ₹81,360 crore), including open offers.

The Adani family, through an Offshore Special Purpose Vehicle, announced that they have entered into definitive agreements to acquire Holcim Ltd’s entire stake in two of India’s leading cement companies – Ambuja Cements and ACC, the Adani Group said in a statement.

UAE-based telecommunications firm e& (ETISALAT.AD) bought a 9.8% stake in Vodafone for $4.4 billion, days after saying it was looking to expand into new new markets and in related areas such as fintech.

e&, formerly known as Emirates Telecommunications Group, said it made the investment to gain “significant exposure to a global leader in connectivity and digital services”, adding that it had no intention of bid for all of Vodafone.

Recently, Vodafone Idea said Center will hold a 33% stake in the company after the conversion of accrued interest liabilities (on deferred contributions), while Vodafone and the Aditya Birla Group would together control 50%.

Maruti Suzuki India announced that it has finalized the site for its new manufacturing facility in Haryana. The new plant will see the company invest over ₹11,000 crore in the first phase. The automaker has been in talks with the Haryana government to invest in a new manufacturing site for its capacity expansion project.

The advice of Neogen Chemicals Limited approved an investment estimated at ₹150 crore at the Dahej SEZ factory. It plans to increase capacity to manufacture specialty organic chemicals; increase inorganic salt manufacturing capacity; and the establishment of a capacity to manufacture specialized lithium salts for electrolytes used in the advanced chemistry cells of lithium-ion batteries.

Lupin, Glenmark and Dr. Reddy Laboratories are recalling various products in the United States, the world’s largest drug market, due to a deviation from standard manufacturing standards.

The advice of Triveni Engineering & Industries Ltd noted that the expansion of the existing distillery in Sabitgarh, District Bulandshahr, Uttar Pradesh has been completed and the same is now operating at 200 KLPD. Thus, the Company’s total distillation capacity was increased to 520 KLPD.

A further expansion of distillation capacity from 520 to 660 KLPD is on track and expected to be completed by July 2022. The board also approved the upgrading of three of the existing sugar units at Khatauli, Deoband and Sabitgarh, all in the ‘Uttar Pradesh at a total cost of around ₹130 crore, which would be completed by October 2022 and has approved the expansion of power transmission business at a total cost of around ₹80 crore, which is expected to be completed by March 2023.

RailTel Corporation of India Ltd received a work order from the Defense R&D Organization (DRDO) for the supply, installation and commissioning of the improvement of the data center and its network infrastructure at a total cost of ₹26.87 crore ( GST included).

Krishna Institute of Medical Sciences(KIMS) entered into an MOU with Raj Nagarkar to set up a multi-specialty hospital – KIMS Manavata Hospital in Nashik with a total capacity of 325 beds. KIMS will hold a 51% stake and Raj Nagarkar will hold a 49% stake in the proposed company.

The new hospital is expected to be commissioned on an interim basis by March 2024 and scaled to full capacity over a period of time. A definitive agreement on the transaction will be signed in due course.

The Reserve Bank of India has conveyed its approval to the HDFC Bank for the establishment of a declining subsidiary through HDFC Securities Limited to provide brokerage and clearing services to the International Financial Services Center (IFSC) in GIFT City.

Results calendar: Abhishek Infraventures, Ami Organics, AMJ Land Holdings, Bharat Forge, Century Ply, Compuage Infocom, Dodla Dairy, Fino Payments Bank, Foods Inns, Glaxo Pharma, Golkunda Diamonds, Greenply, I Power Solutions, Jet Freight Logistics, Max Ventures, MCX, Natural Biocon, Nava Bharat Ventures, Niraj Cement, Palred, Panasonic Carbon, Rane Engine, Rategain Travel, Raymond, Sagarsoft, Sathvahana Ispat, Shankara Building, Uttam Sugar, Vinyl India and VIP Industries

Published on

May 16, 2022

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