Mahindra & Mahindra: The Indian automaker has signed a Memorandum Of Understanding with Adani Total Energies E-Mobility to establish an electric vehicle charging network throughout India. This collaboration will also enable the automaker to introduce e-mobility solutions, ensuring consumer access to the charging infrastructure. Veejay Nakra, President of the Automotive Division at M&M Ltd, said this collaboration is crucial in improving the EV charging infrastructure and providing customers with seamless access to the charging network and digital integration for an unmatched EV experience.
Mazagon Dock Shipbuilders: The Mumbai Port Authority (MbPA) has granted Mazagon Dock a long-term lease for land and buildings, including workshop land and the Clark Basin, totaling 14.55 acres. These properties are located adjacent to the MDL Mumbai Yard. The lease will be effective from April 1, 2024, and will last until March 31, 2053, spanning a period of 29 years. The total cost for this allotment is ₹354 crore. The board of MDL has given its approval to MbPA’s offer, thereby facilitating the acquisition of the land on a long-term lease basis.
Tata Communications: The board of directors has given the green light for the company to sign a business transfer agreement. This agreement will facilitate the hive-off of its newly identified digital services business to its fully owned subsidiary, Novamesh. The transfer will be executed as a going concern on a slump sale basis, with the transaction amounting to ₹458 crore.
Indian Renewable Energy Development Agency: The company announced that a board meeting is scheduled for March 28 to discuss a borrowing plan amounting to ₹24,200 crore for the fiscal year 2024-25. This borrowing encompasses raising funds via bond issuance, term loans, commercial paper, and other means from both domestic and international markets.
Tata Chemicals: On Thursday, March 21, Tata Chemicals Ltd announced that it has been served an order from the Income Tax Department imposing a penalty of ₹103.63 crore under Section 270A of the Income Tax Act, 1961. The penalty is mainly due to the disallowance of interest under Section 36(1)(iii) of the Act, as stated in a regulatory filing by Tata Chemicals.
Texmaco Rail and Engineering: The flagship company of the Adventz Group is reportedly preparing to initiate a Qualified Institutional Placement (QIP). The base issue size for this placement is expected to be ₹1,500 crore, according to insiders. The company’s goal is to dilute its equity by 4.21%, as per informed sources. The proposed price for the QIP is ₹155, which represents a 6.4% discount on the closing price, the people privy to the matter said.
Vedanta: On Thursday, the Securities Appellate Tribunal (SAT) put a hold on an order from the Securities and Exchange Board of India against Vedanta Ltd that had instructed Vedanta to pay ₹77 crore in interest due to a delay in dividend payment to Cairn UK Holdings. However, SAT has asked Vedanta to deposit half of the interest amount into an account that accrues interest for Cairn UK. “At this stage, we believe the balance of convenience is in favor of the appellants (Vedanta). A stay is granted on the effect and operation of the disputed order until the appeal is resolved, provided that Vedanta Ltd deposits 50% of the determined interest payable to Cairn UK,” stated the bench headed by Meera Swarup in the order.
Prestige Estates Projects: On Thursday (March 21), Prestige Estates Projects Ltd, a real estate company, announced that its subsidiary has purchased 62.5 acres of prime land in Indirapuram Extension, NCR, for ₹468 crore. This information was shared in a filing with the stock exchange. The project will be developed under the ‘The Prestige City’ brand, providing a large township that seamlessly integrates residential, retail, school, and recreational spaces. The acquisition cost is ₹468 crore, and it includes a share of the revenue.
Crompton Greaves Consumer Electricals: The company has been served a tax demand notice by the Assessment Unit of the Income Tax Department for the Assessment Year 2022–23. The notice demands a total of ₹68.67 crore, which includes ₹57.13 crore in tax and ₹11.54 crore in interest. This demand is expected to have a financial impact of ₹54 crore on the company.
Mahindra Lifespace Developers: A residential project named Mahindra Zen has been initiated in South Bengaluru by the Mahindra Group company. This project is officially registered with the Karnataka Real Estate Regulatory Authority.
