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Business Standard

PFC pays Rs 462 cr final dividend for 2023-24 to govt; BHEL pays Rs 55 cr

State-owned Bharat Heavy Electricals Ltd (BHEL) on Wednesday said it has paid a final dividend of Rs 55 crore for 2023-24 to the government. To this effect, a cheque towards the final dividend on the equity (63.17 per cent) held by the Government of India, was presented to H. D. Kumaraswamy, Union Minister of Heavy Industries and Steel by K Sadashiv Murthy, Chairman and Managing Director, BHEL, a company statement said. The total dividend paid to the company's shareholders for 2023-24 amounted to over Rs 87 crore.

Business Standard

Oswal Pumps files IPO papers with Sebi to raise Rs 1k cr via fresh issue

Haryana-based Oswal Pumps has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO is a combination of fresh issue of equity shares worth Rs 1,000 crore and an offer-for-sale (OFS) of up to 1.13 crore equity shares by promoter Vivek Gupta, according to the draft red herring prospectus (DRHP) filed on Tuesday. The company may consider raising up to Rs 200 crore in a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue will be used for funding certain capital expenditures of the company; investment in wholly-owned subsidiary, Oswal Solar in the form of debt or equity, setting up new manufacturing units at Karnal, Haryana, payment of debt, and for general corporate purposes. Oswal Pumps commenced its operations in 2003 by manufacturing low-speed monoblock pumps and over the years, it expanded its operations to manufacture grid-connected high-speed

Mint

AM/NS India bets on high-margin, value-added steel for solar, automotive sectors

The joint venture between ArcelorMittal and Japan’s Nippon Steel is setting up a production line at its flagship plant in Hazira, Gujarat

Business Standard

Quality Power files draft papers with Sebi to raise funds via IPO

Quality Power Electrical Equipments, an energy transmission equipment and power technologies company, has filed preliminary papers with capital market regulator Sebi to raise funds through a initial public offering. The initial public offering (IPO) comprises a fresh issue of equity shares aggregating up to Rs 225 crore and an offer for sale (OFS) of up to 1.2 crore equity shares, according to the draft red herring prospectus filed on Monday. As part of the OFS, promoter Chitra Pandyan will offload the shares of the IPO-bound company. The Pandyan family holds 100 per cent stake in Sangli-based Quality Power. Proceeds from the fresh issue are proposed to be utilised for the acquisition of Mehru Electrical and Mechanical Engineers Pvt Ltd, funding capital expenditure requirements for purchasing plant and machinery. Besides, the company will also use the funds for inorganic growth through unidentified acquisitions and other strategic initiatives and general corporate purposes. Quali

Hindustan Times

Richest and poorest Indian states: Which ones contributed the most GDP and had the highest income?

Southern Indian states surged ahead of northern states in general when it comes to GDP contribution as well as having higher-than-average per capita incomes

The Economic Times

Google wins legal bid to overturn 1.5 billion euro antitrust fine in EU digital ad case

The European Union's General Court said it was throwing out the 2019 penalty imposed by the European Commission, which is the 27-nation bloc's top antitrust enforcer.

Business Standard

Centre's support to help attain $1 bn exports of alcoholic beverages: CIABC

Support from the Centre and state governments will help the country to achieve USD 1 billion worth of alcoholic beverages exports in the coming years, the Confederation of Indian Alcoholic Beverage Companies (CIABC) said on Wednesday. CIABC Director General Anant S Iyer also said that promoting ease of doing business for the sector is key at both the Central and state government levels. Easy and timely permissions for bottling and branding; transport permits; and promoting online paperwork are some of the areas which need special attention for the growth of the sector. "We need ease of doing business across the operations, besides easy tax structures and market-determined prices to boost the exports. At present, rules for the sector differ from state to state," Iyer said. He said the USD 1 billion target is "ambitious, but possible". In 2023-24, the exports stood at USD 389 million. He added that the industry should give a try for this target as it needs about 14-15 per cent ...

Business Standard

India in talks to tackle rising steel imports: Steel minister Kumaraswamy

Earlier in the month, Steel Minister Kumaraswamy had said his ministry will try to convince the finance ministry to raise tariffs on steel imports

The Economic Times

India in talks to tackle rising steel imports, says Steel Minister H.D. Kumaraswamy

India is in talks to address rising steel imports, according to Steel Minister H.D. Kumaraswamy. The country, a major crude steel producer, has been a net importer of steel recently, with China as the top exporter. Local steel prices have dropped significantly due to higher imports.

Business Standard

Revised norms: CCI can appoint agencies to monitor implementation of orders

Competition Commission can now appoint agencies to monitor the implementation of its orders, with the notification of amended regulations. The move also comes amid instances of some entities flagging concerns about non-compliance with certain orders of the regulator, which works to ensure fair competition in the market place. The Competition Commission of India (General) Regulations, 2024 were notified on Tuesday. Now, agencies can be appointed by CCI to monitor the implementation of its orders. The agencies can be accounting firms, management consultancy or any other professional organisation or chartered accountants, company secretaries or cost accountants. "Where the Commission is of the opinion that the implementation of its orders passed under Section 31 or Section 48A or Section 48B or any other provisions of the Act and regulations made thereunder, needs monitoring, it may appoint agencies to oversee such implementation, on such terms and conditions as deemed fit by the ...

Mint

Jsw Steel share are down by -0.49%, Nifty up by 0.22%

Jsw Steel Share Price Today on 18-09-2024: On the last trading day, Jsw Steel opened at ₹964.7 and closed at ₹959. The stock reached a high of ₹970.5 and a low of ₹959 during the session.

The Economic Times

Innomet Advanced Materials shares list at 90% premium over IPO price

Innomet Advanced Materials shares listed on the NSE SME platform with a 90% premium, debuting at Rs 190 against an issue price of Rs 100. The IPO saw a robust subscription of 300 times. The company manufactures diamond tools and metal powders, and plans to use the proceeds for working capital, machinery, debt repayment, and general corporate purposes.

Business Standard

DGCA investigates IndiGo tail strike incident, derosters flight crew

Aviation watchdog DGCA is probing the incident of tail strike involving an IndiGo aircraft on September 9 and the flight crew has been derostered, a senior official said on Tuesday. In a statement, IndiGo said its A321 aircraft was grounded in Bangalore due to a tail strike on September 9. It was operating the flight from Delhi to Bengaluru. "The aircraft is currently under maintenance and will be back in operation post necessary repairs. The incident is under investigation," the airline said. According to the senior official at the Directorate General of Civil Aviation (DGCA), the flight crew has been off rostered and the incident is under investigation.

The Economic Times

Will ensure Vizag steel plant operations streamlined: AP CM Chandrababu Naidu

Andhra Pradesh Chief Minister N Chandrababu Naidu has vowed to prevent the privatisation of Rashtriya Ispat Nigam Ltd (RINL), a state-owned steel plant facing financial difficulties. He urged employees and trade unions to implement better management policies and hinted at possible central government assistance. The plant currently operates with one out of three blast furnaces.

The Economic Times

DGCA probes tail strike incident involving IndiGo plane; derosters flight crew

The Directorate General of Civil Aviation (DGCA) is investigating a tail strike incident involving an IndiGo A321 aircraft on September 9. The aircraft, which was operating a flight from Delhi to Bengaluru, has been grounded in Bangalore for maintenance. The flight crew has been derostered pending the investigation, and the plane will return to service after necessary repairs.

Business Standard

Network18 Media & Investments gets 3 months extension for convening AGM

Network18 Media & Investments, which owns Reliance Industries' media assets, has received a three-month extension for convening its Annual General Meeting for FY24. The Registrar of Companies (RoC) on Tuesday granted its approval for extension of time for holding the AGM, accepting the application of the company, according to a regulatory filing from Network18 Media. Reliance is in the process of merging its media assets, including Network18 with global media giant The Walt Disney Co India business, which will create the country's largest media empire worth over Rs 70,000 crore. "This is to inform you that pursuant to the application filed by the company for extension of time for holding the 29th AGM of the company for financial year 2023-2024, Ministry of Corporate Affairs (office of the Registrar of Companies, Mumbai ) vide its order dated September 17, 2024, granted its approval for extension of time for holding the AGM," it said. Media ventures of Reliance are housed in ...

Business Standard

India, UK may hold next round of talks on proposed trade agreement in Oct

India and the UK are expected to hold the next round of talks for a proposed free trade agreement in October to resolve the pending issues and close the negotiations, a senior official said on Tuesday. Commerce Secretary Sunil Barthwal said the officials of the UK are briefing their new ministers about the proposed free trade agreement (FTA). The two sides have already taken stock of the progress of talks at secretary and minister levels. "The briefings are going on in the UK...they are briefing their new ministers and based on that, the negotiations will start. We are hoping that in October, the negotiations should resume," Barthwal told reporters here. He also said India is progressing on all FTAs, but there are certain things which are not in control of anyone. The India-UK talks for the proposed FTA began in January 2022. The 14th round of talks stalled as the two nations stepped into their general election cycles. Due to the elections in India and Britain, both the countries

Business Standard

PMEA Solar Tech Solutions files for IPO, eyes Rs 600 cr via fresh issue

PMEA Solar Tech Solutions has filed preliminary papers with capital markets Sebi to raise funds through an initial public offering (IPO). The Mumbai-based company's IPO is a mix of fresh issues of shares aggregating up to Rs 600 crore and an offer for sale (OFS) of up to 1.12 crore equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Monday. The company may consider raising up to Rs 120 crore in a pre-IPO placement. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue to the extent of Rs 119.55 crore will be used for the setting up of certain manufacturing facilities undertaken through investment in the wholly owned subsidiary PMSS, Rs 120.45 crore for purchase of machinery/equipment; Rs 240 crore for payment of debt and remaining funds for general corporate purpose. Founded in 2006, PMEA Solar Tech Solutions specialises in solar tracking mounting systems and equipment and has an annual installed ..

Business Standard

Increase in airfare not linked to rise in airport charges, says ACI

Airport charges are an important element of the commercial aviation ecosystem for infrastructure development and increase in airfares is not linked to a rise in the charges, according to the Airports Council International (ACI). Against the backdrop of the International Air Transportation Association (IATA) flagging concerns over a steep rise in airport charges, ACI also said that the charges will remain a critical source of revenue for airports. "Airport charges are an important element of the commercial aviation ecosystem for infrastructure development. Failing to address the capital expenditure requirements to accommodate the projected growth could have serious socio-economic consequences," Stefano Baronci, Director General, ACI Asia Pacific & Middle East, said. In a statement to PTI, he noted that airports are highly infrastructure-intensive businesses, with their cost structures dominated by significant fixed costs for the operation and upkeep of essential infrastructure such

Business Standard

ArcelorMittal's India joint venture seeks duty-free LNG imports: Report

India, the world's second biggest crude steel producer, levies a 2.5 per cent basic customs duty and an additional 0.25 per cent social welfare tax on LNG

Business Standard

Dental products firm Laxmi Dental files draft papers with Sebi for IPO

Dental products company Laxmi Dental Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO is a combination of a fresh issue of equity shares worth Rs 150 crore and an offer for sale (OFS) of 1.28 crore shares by promoters and other shareholders, according to the draft red herring prospectus (DRHP) filed last week. As a part of the OFS, investor OrbiMed Asia II Mauritius Ltd will offload shares of the IPO-bound company. Besides, the company may consider raising Rs 30 crore in a pre-IPO placement round. If such placement is completed, the fresh issue size will be reduced. Proceeds from the fresh issue will be kept aside for investment in subsidiary Bizdent Devices, purchase of new machinery for the company, payment of debt and for general corporate purposes. Laxmi Dental, an end-to-end integrated dental products company, has a comprehensive portfolio that includes custom-made crowns and bridges, branded

The Economic Times

Industry body sees domestic zinc consumption doubling in less than decade

The International Zinc Association predicts that India's zinc demand will double in less than a decade, driven by energy transition, battery technology, automobiles, infrastructure, and steel sectors. Currently consuming around 1.1 million tonnes of zinc, India is ahead of global consumption patterns. Zinc's role in reducing carbon emissions and supporting renewable energy infrastructure is crucial.

The Economic Times

Stock market update: Stocks that hit 52-week lows on NSE in today's trade

Tata Motors, Eicher Motors, Adani Ports SEZ, Coal India Ltd and Tata Steel were among the top losers on NSE in today's trade.

The Economic Times

Nifty, Sensex scale new peaks but end flat ahead of Fed decision

The majority of Nifty stocks saw declines today, with 29 stocks falling and only 21 advancing. The top performing stocks included Hero MotoCorp, Bajaj Auto, Bharti Airtel, NTPC, and Mahindra & Mahindra, while the biggest losers were Tata Motors, Eicher Motors, Tata Steel, Coal India, and JSW Steel.

Business Line

Hindalco to launch copper alloys for high-speed mobility

Hindalco to expand copper smelting capacity at Dahej facility

Mint

Jindal Steel & Power stock breaks downtrend, jumps 11% in Sep after 3-month slump. More gains ahead?

Jindal Steel & Power shares rose 11% to 1,051.95 in September, ending a three-month slump. Analysts predict continued growth, with potential to hit a new record high. Despite recent corrections, the stock has surged 1,000% since April 2020.

The Economic Times

SPP Polymers stock debuts with 7% premium on NSE SME platform

SPP Polymers' shares debuted on the NSE SME platform with a 6.78% premium, listing at Rs 63 against an issue price of Rs 59. The IPO saw a strong investor response, being subscribed over 40 times. The company plans to use the proceeds for loan repayment, working capital, and general corporate purposes.

The Economic Times

PN Gadgil Jewellers shares list at 74% premium over IPO price

PN Gadgil Jewellers Share Price: Ahead of its listing, the company's shares traded with a 63% premium over the issue price. The IPO, featuring a fresh equity sale of 1.77 crore shares and OFS of 52.08 lakh shares, was met with robust investor interest, closing with an overall subscription of over 50 times. Prior to the opening, PN Gadgil Jewellers secured Rs 330 crore from anchor investors by allotting 68.74 lakh shares to 25 investors. The IPO proceeds are intended for setting up 12 new stores in Maharashtra, repaying debt, and other general corporate purposes.

The Economic Times

Fabtech Technologies files DRHP for initial public offering with SEBI

Fabtech Technologies, a pharmaceuticals engineering solutions provider, has filed for an IPO. The IPO will consist of a fresh issue of up to 1.20 crore equity shares, with proceeds used for working capital, acquisitions, and general corporate purposes. The issue will be divided among QIBs, non-institutional bidders, and retail investors.

The Economic Times

Stocks in news: Tata Steel, Torrent Power, TVS Motor, JK Tyre, Firstsource

Stocks in news: Domestic markets closed slightly higher on Monday, continuing Friday's recovery. Key stocks in focus include Tata Steel, Torrent Power, TVS Motor, JK Tyre, and Firstsource due to various developments. Notable highlights include Tata Steel's expansion in Odisha and Torrent Power's significant investment in renewable energy projects.

The Economic Times

Polymed lines up ₹750 crore for expansion, buys over two years

The company last month raised ₹1,000 crore through qualified institutional placement (QIP) and has ₹150 crore as free cash flow to fund its growth plans. Polymed makes disposable medical items, such as IV cannula, blood bags, blood collection tubes, and infusion and transfusion sets. About two-thirds of sales come from infusion therapy products. The company spends 2% of revenue on R&D.

The Economic Times

Flipkart's Big Billion Days, Amazon's annual festive sale to kick off from September 27

Flipkart's flagship sale, The Big Billion Days, is an important event for the company, and brings in a substantial portion of the its annual sales, much like it does for its competitors and other businesses in general. This year, quick commerce platforms like Zepto-owned Blinkit, Instamart and Mumbai-based Zepto are also preparing for an action-packed Diwali.

Business Standard

Tata Steel's Kalinganagar expansion to make Odisha top investment site

Tata Steel on Monday said Odisha would emerge as the company's single-largest investment destination after the phase-II expansion of its Kalinganagar plant from 3 million tonnes per annum to 8 mtpa. The steel major has invested Rs 27,000 in phase-II of the Kalinganagar plant expansion, and the company is on the verge of commissioning its expanded capacity at the unit, it said in a release. The ongoing expansion in Kalinganagar will play an important role in Tata Steel's ambition to achieve its target of 40 mtpa capacity in India by 2030, the company said. The phase-II expansion of Tata Steel's Kalinganagar plant in Jajpur district of Odisha... will also catapult the eastern state to an enviable position of becoming the single-largest investment destination for the country's oldest steel maker, the release said. Along with the Tata Steel Meramandali (formerly Bhushan Steel Ltd) plant in Dhenkanal district, the company's total investment in Odisha stands at over Rs 100,000 crore. Ev

The Economic Times

Odisha to emerge as Tata Steel's largest investment destination post Kalinganagar expansion

Tata Steel is set to make Odisha its largest investment destination with the phase-II expansion of its Kalinganagar plant, increasing capacity from 3 million tonnes per annum to 8 mtpa. This expansion is part of Tata Steel's goal to reach 40 mtpa capacity in India by 2030.

Mint

Top Gainers and Losers today on 16 September, 2024: NTPC, JSW Steel, Bajaj Finance, Bajaj Finserv among most active stocks; Check full list here

Top Gainers and Losers Today : The Sensex gained 110.1 points, or 0.13, to settle at 82890.94, while the Nifty gained 33.65 points, or 0.13, to close at 25356.5.

Business Standard

Fabtech Technologies files draft papers with Sebi to raise funds via IPO

Fabtech Technologies -- a turnkey engineering solutions provider for the pharmaceuticals, biotech and healthcare industry -- has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering. The Mumbai-based company's proposed initial public offering (IPO) is entirely a fresh issue of up to 1.20 crore equity shares. The offer also includes a reservation for a subscription by eligible employees, according to the draft red herring prospectus (DRHP). The company may raise up to Rs 10 crore through the pre-IPO round. If such placement is completed, the fresh issue size will be reduced. Proceeds from the IPO to the extent of Rs 120 crore will be used for funding the working capital requirements of the company, and Rs 30 crore for pursuing inorganic growth initiatives through acquisitions, and general corporate purposes. Fabtech Technologies, part of the Fabtech Group was incorporated as Globeroute Ventures Private Ltd. The company demerg

The Economic Times

Sensex, Nifty hit fresh lifetime highs but concede day's gains in range-bound trade

The market saw a near-even split between winners and losers, with 26 stocks closing higher and 24 lower. NTPC, JSW Steel, Hindalco Industries, Shriram Finance, and L&T led the gains, while Bajaj Finance, Hindustan Unilever, Bajaj Finserv, SBI Life Insurance Company, and Britannia Industries saw declines.

Business Line

Shyam Metalics launches phase-I of cold rolling mill in West Bengal

The facility, with a total planned capacity of 400,000 tonnes annually, is part of a ₹603-crore project aimed at expanding the company’s product portfolio

CNBC TV18

Sensex, Nifty 50 hit record highs; Metal, financial stocks boost Nifty

Metal and financial stocks buoyed the Nifty, with JSW Steel and Hindalco among the top gainers. However, the FMCG index dragged down the market.

Mint

Stock market today: Nifty 50, Sensex achieve record highs but close with modest gains, broader market outperforms

Among the 50 Nifty constituents, 26 stocks ended in the positive, with NTPC leading at 2.6 per cent. Other notable gainers included JSW Steel, Hindalco Industries, Shriram Finance, Larsen & Toubro, ICICI Bank, Axis Bank, and Eicher Motors, all rising between 1 per cent and 1.7 per cent.