Vodafone Idea
Vodafone Idea has decided to raise about ₹2,458 crore by issuing around 166 crore new shares at ₹14.80 each. These shares will go to Nokia Solutions and Networks India Private Limited and Ericsson India Private Limited. After this, Nokia and Ericsson will own 1.5% and 0.9% of Vodafone Idea, respectively.
Tata Consumer Products
Tata Consumer Products Limited (TCPL) plans to more than double its capital expenditure this year. Last year, they spent around ₹308 crore, but this year, they plan to spend about ₹785 crore. A significant part of this investment, around ₹400 crore, will go towards building a new plant in Vietnam.
LIC
Life Insurance Corporation of India (LIC) is looking to buy one of India’s five private standalone health insurance companies. LIC, which has assets worth over ₹51 trillion and controls over 61.5% of the life insurance market, wants to expand into non-life insurance by getting a composite licence.
Wipro
Wipro is teaming up with Hewlett Packard Enterprise to launch a new artificial intelligence solution at Wipro Cloud Studio’s Kodathi office. This solution aims to improve operational efficiency and customer service globally.
Suzlon Energy
Suzlon Energy has hired Khaitan & Co., an Indian law firm, to review its corporate governance practices. This move comes after independent director Marc Desaedeeler resigned, citing concerns over corporate governance.
Zee Media
Zee Media’s board has approved the creation of a new subsidiary focused on launching digital and alternative media properties in the infotainment sector.
RITES
RITES has signed a memorandum of understanding with the Delhi Metro Rail Corporation. They will work together on various metro railway projects, including rolling stock, depot management, station management, and infrastructure maintenance.
Havells
Havells plans to expand its air conditioning manufacturing capacities at its Ghiloth and Sricity locations to 1.5 million units each per year. This expansion will involve an investment of ₹50-60 crore, funded through the company’s internal resources.
NALCO
National Aluminium Company Limited (NALCO) has signed a lease agreement with the Odisha government for bauxite mining. The mine has a production capacity of 3.5 million tonnes per year and estimated reserves of 111 million tonnes.
Dr. Reddy’s Laboratories
Life Insurance Corporation of India (LIC) has increased its stake in Dr. Reddy’s Laboratories from 4.95% to 5.01%.
Sterlite Technologies
Sterlite Technologies is facing a claim for $2.75 million in damages from Data Management Center. The claim is related to delays and unfulfilled obligations in a turnkey solution agreement.
L&T Finance
Morgan Stanley Asia has bought a significant number of L&T Finance shares. Bain Capital’s affiliates and BNP Paribas Financial Markets sold a total of 8.82 crore shares, or 3.5% of the company’s equity, through multiple block deals.
Brigade Enterprises
Brigade Enterprises expects the average pricing of its new residential launches for FY25 to be ₹10,000 per square foot. The company has launched a premium-luxury mixed-use project called Brigade Icon on Chennai’s Mount Road. The 38-storey building will be among the tallest in Chennai once completed.
Suven Pharmaceuticals
Suven Pharmaceuticals announced that it will acquire a 67.5% stake in Hyderabad-based Sapala Organics for ₹229.5 crore. The company has signed a definitive agreement for this investment.
Dixon Technologies India
Dixon Technologies India plans to invest ₹1,500-1,800 crore over the next three years to expand its production capacity and component manufacturing. This investment will be funded from the company’s internal resources.
Cupid
Cupid has received its first order from Cipla Health to produce a range of male condoms under the Cipla brand.
Puravankara
Puravankara’s board has approved raising up to ₹1,000 crore through a Qualified Institutional Placement (QIP).
Senco Gold
Hong Kong-based SAIF Partners has sold a 5.8% stake in jewellery retailer Senco Gold for ₹432.72 crore through an open market transaction.
SpiceJet
The National Company Law Tribunal (NCLT) has issued a notice to SpiceJet over an insolvency plea filed by Engine Lease Finance BV. The aircraft engine lessor claims the debt-ridden airline owes it money. SpiceJet has been asked to respond by August 2, 2024.
PTC India
PTC India’s board has appointed whole-time director Manoj Kumar Jhawar as the acting chairman and managing director. This follows the market regulator Sebi’s order barring Rajib Kumar Mishra from holding any board or management position due to alleged corporate misgovernance at its subsidiary, PTC India Financial Services.
Zaggle Prepaid Ocean
Zaggle Prepaid Ocean has partnered with Skydo Technologies to offer cross-border payment solutions for its corporate customers.
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