UltraTech Cement: The corporate has introduced its plan to allocate ₹32,400 crore for capital expenditure over the approaching three years, aiming to broaden its operations. The agency intends to enhance its capability to roughly 200 million tonnes each year (MTPA) within the close to time period. As well as, the corporate has reported the initiation of two new greenfield initiatives with an mixture capability of 5.4 MTPA. These initiatives, positioned in Chhattisgarh and Tamil Nadu, will improve the corporate’s complete capability to 151.6 MTPA. Within the earlier 12 months, the cement producer has boosted its capability by 18.7 MTPA. Further expansions, amounting to 35.5 MTPA, are presently in progress at 16 websites.
Zee Leisure Enterprises: Punit Goenka, CEO and managing director of Zee Leisure Enterprises Ltd, has introduced a voluntary 20% discount in his wage. Goenka stated, “As we strive towards our future goals, the organization is firmly committed to embracing a cost-effective approach. I am currently executing the necessary measures across all company divisions, and I believe the desired shift in mindset should start with me.” He clarified that the wage discount applies solely to him. Within the fiscal 12 months 2023, Goenka’s compensation totaled ₹35 crore, whereas it was ₹41.1 crore and ₹13.2 crore, respectively, in FY22 and FY21.
Mahindra and Mahindra Monetary Providers: The corporate introduced a robust efficiency for the fiscal 12 months ending March 31, 2024, with will increase in disbursements and enterprise property. In March 2024, the corporate’s complete disbursements have been estimated at round ₹6,100 crore, reflecting a 9% development from the earlier 12 months. The fourth quarter of FY24 noticed disbursements of about ₹15,300 crore, an 11% improve year-on-year. The overall disbursements for the fiscal 12 months reached roughly ₹56,200 crore, marking a 13% year-on-year development. These constructive disbursement developments all through FY24 led to a rise in enterprise property, which stood at round ₹1,02,400 crore as of March 31, 2024. This can be a vital 24% development from March 31, 2023, and a 6% improve from December 31, 2023.
JSW Power: JSW Power introduced on Tuesday its intention to boost ₹5,000 crore by way of a Certified Institutional Placement course of. The shares will likely be offered to excessive web value buyers and the QIP will likely be carried out in a number of tranches. The corporate has not revealed the aim of this fundraising. In a regulatory submitting, the corporate said that it plans to put fairness shares with a face worth of ₹10 every to eligible buyers for a complete quantity not exceeding ₹5,000 crore in a number of tranches. The specifics of the QIP, together with dates and pricing, are nonetheless to be decided.
Hindustan Zinc: For the quarter ending in March FY24, Hindustan Zinc reported a 1% year-on-year (YoY) lower in mined steel manufacturing, dropping to 299 kt. Nevertheless, there was an 11% improve sequentially, attributed to a mix of enhanced mined steel grades and elevated ore manufacturing throughout numerous mines. Refined steel manufacturing noticed an increase, with 273 kt marking a 6% quarter-on-quarter (QoQ) improve because of improved plant availability. The YoY improve for refined steel manufacturing was 1%.
Zomato: The corporate has disclosed that it has been served with a service tax demand and penalty order exceeding ₹184 crore for the interval from October 2014 to June 2017. The corporate stated that it plans to contest the order earlier than an appropriate authority. The demand order pertains to the non-payment of service tax on particular gross sales carried out by the corporate’s overseas subsidiaries and branches to its clients located outdoors India, as revealed in a late-night regulatory submitting by Zomato.
Shriram Properties: On Tuesday, April 2, Shriram Properties stated that its subsidiary, Shriram Properties and Infrastructure Pvt. Ltd, has been issued a penalty order of ₹446.79 crore by the workplace of the Deputy Commissioner of Revenue Tax, Central Circle 1 (4) Chennai. This penalty is related to revenue tax proceedings for FY18 underneath Part 153C, which pertains to the sale of shares within the subsidiary, as per a submitting with the inventory trade. The corporate stated that in response to authorized advise, the penalty order shouldn’t be sustainable as it’s linked to a tax demand at present being contested within the Madras Excessive Court docket. The order solely specifies the penalty quantity.
Axis Financial institution: The Competitors Fee of India introduced on Tuesday that it has given the inexperienced mild for Axis Financial institution’s deliberate stake acquisition in Max Life Insurance coverage Firm Ltd. This approval comes after the corporate’s announcement in August final 12 months a few capital enhance from Axis Financial institution. This was achieved by way of the issuance of 14.25 crore fairness shares, aimed toward supporting Max Life’s future development plans, enhancing its capital place, and enhancing solvency margins.
Biocon: Biocon Biologics, a subsidiary of Biocon, has finalized the switch of its branded formulations enterprise in India to Eris Lifesciences. The transaction, carried out on a droop sale foundation, is valued at ₹1,242 crore. The enterprise contains metabolics, oncology, and important care diagnostics.
Anupam Rasayan India: The corporate has signed a letter of intent with a multinational company from Japan. The deal, valued at $90 million ( ₹743 crore), spans over seven years and includes the availability of two superior intermediates utilizing fluorination chemistry.
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