Bajaj Finserv: Promoter Jamnalal Sons increased its stake in NBFC-giant Bajaj Finserv on Tuesday in a block deal. The promoter purchased equity shares to the tune of ₹100.41 crore in the open market. On the other hand, promoter Rishab Family Trust offloaded a portion of its shareholding held in the company. Bajaj Finserv stock closed on a flat note. As per the NSE data, Jamnalal Sons bought 6,52,000 equity shares in Bajaj Finserv at ₹1,540 apiece aggregating to ₹100.41 crore. On the other hand, Rishab Family Trust sold 6,52,000 equity shares at ₹1,540 apiece in the company.
Coal India: Coal India Chairman Pramod Agrawal on Tuesday exuded confidence that the PSU will achieve the production target of 700 million tonnes for the current financial year. Coal India (CIL) accounts for over 80 per cent of the domestic coal output. “ I am confident…Coal India will achieve the 700 million tonne coal production target this financial year,” the chairman was quoted as saying in a statement. Stating that the demand for power will increase in the coming days, Agrawal said, “There will be increased demand for coal from Coal India, and MCL, which is successfully supplying about 435,000 tonnes of coal daily to the power sector, will have to increase its contribution.”
RIL/Adani Enterprises/BPCL/GAIL: India is planning a $2 billion incentive programme for the green hydrogen industry, three sources told Reuters, in a bid to cut emissions and become a major export player in the field. The ₹180-billion ($2.2 billion) incentive aims to reduce the production cost of green hydrogen by a fifth over the next five years, said a senior government official and an industry manager working in renewable energy. It would do this in part by increasing the scale of the industry, they said.
Indian Energy Exchange: Indian Energy Exchange (IEX) on Tuesday announced the setting up of a wholly-owned subsidiary, International Carbon Exchange Private Ltd (ICX), to explore business opportunities in the voluntary carbon market. ICX will enable participants to buy and sell voluntary carbon credits at competitive prices through its transparent and reliable platform and facilitate the reduction of global GHG (greenhouse gases) emissions by 45% by 2030 to get on track to limit global warming to 1.5 degrees, IEX said in a statement.
Punjab & Sind Bank: Punjab & Sind Bank on Tuesday said its board will meet on December 30 to consider a proposal for raising up to ₹250 crore by various modes, including equity and bonds issuance, the bank said on Tuesday. The bank said it plans to raise capital up to an amount aggregating to ₹250 crore in any combinations of equity shares or debt in the form of Basel III compliant bonds. The capital will be raised in one or more tranches within a period of 12 months from the date of approval by way of the issue of these instruments, the lender said.
Indowind Energy: Indowind Energy board on Tuesday approved a rights issue of 3.58 crore equity shares for ₹43.07 crore. The right issue will be opened on January 27, 2023, and will be closed on February 10, 2023, a BSE filing showed. The board meeting held today, i.e. December 27, 2022, has inter alia considered and approved the terms of the rights issue, it added.
Kwality Pharmaceuticals: Kwality Pharma has received an acknowledgement from the Bulgarian Drug Agency for carrying out an inspection of its cephalosporin and oncology plant in Himachal Pradesh. The company previously had applied for EU Compliance to the Republic of Bulgaria for carrying out an inspection of Unit II in Himachal Pradesh. The Republic of Bulgaria accepted the application for the EU Audit visit.
Hariom Pipe Industries: Hariom Pipe Industries will be acquiring operating assets of RP Metal Sections. It informed that it has entered into an asset transfer agreement to purchase the operating assets of RP Metal Sections, the galvanized pipe and cold roll coil manufacturer. This unit is spread across 13.83 acres of land in Perundurai, Tamilnadu and the transaction cost will be ₹55 crore.
Suryoday Small Finance Bank: Suryoday Small Finance Bank on Tuesday said the Reserve Bank of India has approved the reappointment of Baskar Babu Ramachandran as the Managing Director & Chief Executive Officer of the lender for three years. “We would like to inform that the Reserve Bank of India vides its letter dated December 26, 2022, has approved the re-appointment of Baskar Babu Ramachandran, as the MD & CEO of the Bank for a further period of three years, with effect from January 23, 2023,” it said in a regulatory filing.
HPCL: Amit Garg was appointed director (Marketing) of Hindustan Petroleum Corporation (HPCL), effective Tuesday. Prior to joining HPCL as Director (Marketing), Garg was executive director (Aviation) at Bharat Petroleum Corporation. Garg is a postgraduate in Electronics and Management. He is a senior leader in the Oil and Gas space having rich and varied experience of over 35 years across the entire value chain in the industry, including sourcing, storage, logistics, and sales across various functions in BPCL.
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