Maruti Suzuki India Ltd, the country’s largest carmaker, has announced plans to invest ₹1.25 trillion by 2030-31 to develop 10-11 new models, including six electric vehicles (EVs). The company aims to double its annual production to 4 million units and expand its presence in new vehicle segments, such as hybrid, flex fuel, and electric, with a focus on the sport utility vehicle (SUV) format.
Adani Group Condemns ‘Malicious Campaign’ by Financial Times
Adani Group has issued a statement denouncing the ‘Malicious Campaign’ by UK-based newspaper Financial Times. The conglomerate claims that the media outlet has been rehashing old and baseless allegations with the intention of harming its global reputation. Adani Group alleges that the articles published by Financial Times are part of an extended campaign to advance undisclosed vested interests under the guise of public interest.
Tata Steel’s IDRs Upgraded by Fitch Ratings
Fitch Ratings has upgraded the Issuer Default Rating (IDR) of Tata Steel from ‘BB+’ to ‘BBB-‘. The upgrade comes in the wake of reduced risk and uncertainty from the company’s UK operations. The standalone credit profile of Tata Steel Limited has also been revised from ‘bb’ to ‘bb+’.
Vedanta Ltd’s Hindustan Zinc Faces Tax Penalty
Tax authorities have imposed a penalty of ₹1.81 crore on Hindustan Zinc, a subsidiary of Vedanta Ltd. The penalty was levied on the grounds that the company had wrongly availed input tax credit. Vedanta Ltd does not expect this penalty to have any financial impact on the company.
Star Health and Allied Insurance Receives GST Show Cause Notice
Star Health and Allied Insurance has received a show cause notice from the Directorate General of GST Intelligence for payment of tax worth ₹38.99 crore. The insurance firm will file a response to the notice within the prescribed timeline. The company’s share value has declined by 0.63% year-to-date and by 19.12% in the last year.
Mahindra & Mahindra’s MLMML Receives Investment from IFC
Mahindra Last Mile Mobility Ltd (MLMML), a subsidiary of Mahindra & Mahindra Ltd, has received the first tranche of ₹300 crore out of the proposed ₹600 crore investment by the International Finance Corporation. The investment values MLMML at ₹6,020 crore. MLMML commenced commercial operations in September 2023.
Glenmark Lifescience Announces Interim Dividend
Glenmark Lifescience has announced an interim dividend of ₹22.50 per equity share for its investors for FY24. The dividend will be paid to eligible shareholders on October 23, 2023. The company’s record date for determining the list of eligible shareholders is October 17, 2023.
Inox Green Energy Services to Divest Stake in Nani Virani Wind Energy
Inox Green Energy Services has announced plans to divest its 100% stake in Nani Virani Wind Energy Private Ltd, a 50-megawatt operational wind farm in Gujarat. The parent company, Inox Wind Limited, has signed a term sheet for the divestment.
IDFC First Bank to Sell Mumbai Office Space for ₹198 Crore
IDFC First Bank has entered into an agreement with the National Securities Depository Limited (NSDL) to sell one of its premises in Mumbai for ₹198 crore. The office space is located in Naman Chambers in the Bandra-Kurla Complex (BKC), a prominent business hub.
GR Infraprojects and Patel Engineering Secure Contract with NHPC
GR Infraprojects, in collaboration with Patel Engineering, has formalized a contract agreement with NHPC for the Dibang Power (Lot 4) project. The contract is valued at ₹3,637.12 crore. GR Infraprojects holds a 50% stake in the project, which involves the construction of civil works and is expected to be completed within 86 months.
Sources:
– Maruti Suzuki, Adani Group, Tata Steel, Hindustan Zinc, Star Health and Allied Insurance, Mahindra & Mahindra: Business Standard
– Glenmark Lifescience: Mint
– Inox Green Energy Services: Moneycontrol
– IDFC First Bank: Financial Express
– GR Infraprojects/Patel Engineering: BloombergQuint