SpiceJet
The Directorate General of Civil Aviation (DGCA) issued a show cause notice to SpiceJet in light of the rising number of air safety incidents witnessed by the low-cost airline. The aviation safety regulator, in its notice, said the airline “has failed to establish safe, efficient and reliable air services”. Responding to the notice, SpiceJet CMD Ajay Singh said the airline would be “doubly careful” and strengthen inspection of aircraft before they leave for flights.
Titan
The Tata group firm said its sales in the April-June quarter were up nearly three-fold on a year-on-year basis, helped by a low base of the Covid-19 impacted quarter in the last year. “Sales in Q1FY23 grew 205 per cent YoY on a low base and clocked 3-year CAGR of 20.5% over Q1FY20,” it said.
Bharti Airtel
Arm Bharti Airtel International (Netherlands) BV, which manages Airtel’s Africa business, has raised tender offer to buy back up to $450 million (about Rs 3,550 crore) of senior notes. The company had issued a tender offer to purchase $300 million worth of its 5.35 per cent guaranteed senior notes of $1 billion due 2024. The offer commenced from June 21 and will expire on July 19.
Power Grid Corporation
The board of the state-owned company has approved two proposals to raise up to Rs 11,000 crore through the issuance of bonds and term loans. The board approved a proposal to raise funds up to Rs 6,000 crore from the domestic market through issue of secured/unsecured, non-convertible, non-cumulative/cumulative, redeemable, taxable/tax-free debentures/bonds under private placement during FY2023-24 in up to 20 tranches.
NTPC/Gujarat Alkalies and Chemicals
The state-owned power giant’s arm NTPC RE Ltd and Gujarat Alkalies and Chemicalshave inked a pact to collaborate for renewable energy and synthesising green chemicals.
Nykaa Fashion
FSN E-CommerceVentures, the company that owns Nykaa, has announced the launch of its underwear and athleisure brand for men, Gloot. Gloot products are made from a special fiber which enables them to have an 83% lower carbon footprint compared to a generic comparable fibre, the company said.
Hero MotoCorp
Shares of Hero MotoCorp (HMCL) moved higher by 4 per cent to Rs 2,837, hitting an over four-month high on the BSE in Wednesday’s trade on expectations of strong June quarter earnings (Q1FY23). HMCL sold 1.39 million units in Q1FY23 and has reported robust double-digit growth of 35.7 per cent over Q1FY22, when the company had sold 1.03 million units. Sequentially, the company reported 17 per cent growth in total sales, when the company had sold 1.19 million units in Q4FY22.
Veljan Denson
The company has signed a share purchase agreement to acquire 100 per cent shareholding in Adan Holdings, for 1.4 million pounds. Aban holds stake in hydraulics and engineering companies in the UK. The said acquisition will be completed by August 2022.
Equitas Small Finance Bank
The small finance bank reported 22 per cent YoY growth in Q1FY23 gross advances at Rs 21,699 crore and the sequential increase was 5 per cent, while deposits growth was 19 per cent YoY and 8 per cent QoQ at Rs 20,386 crore.
Deep Industries
The company has received a Letter of Awards from ONGC, for charter hiring of 1000 HP mobile drilling rigs for Ahmedabad assets for a period of 3 years. The total estimated value of the said awards is $19.02 million or Rs 150.24 crore.
PBA Infrastructure
The company said the board has approved voluntary delisting of equity shares of the company from NSE, but equity shares would remain to be listed on the BSE.
East West Holdings
The company has entered into Share Purchase Agreement with Unique Airfreight Express and Logistics Private Limited. It will acquire a 37.5 per cent stake in Unique Airfreight Express in the first tranche and the remaining 62.5 per cent stake will be acquired within a period of 1 year. The cost of acquisition is Rs 4 crore.
Titagarh Wagons
HDFC Asset Management Company sold a 2.15 per cent stake or 25.7 lakh shares in the company via open market transactions on July 4. With this, HDFC AMC reduced its shareholding in the company to 7.02 per cent, down from 9.17 per cent earlier.
City Union Bank
The bank said the board of directors approved raising further capital through QIP route to the tune of Rs 500 crore subject to shareholder approval.
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