Tata Motors: On March 6, global rating agency, Moody's, confirmed the BA3 ratings of Tata Motors, maintaining a positive outlook, reported PTI. In addition, Moody's Investors Service stated that it has also confirmed the Ba3 senior unsecured instrument ratings of Tata Motors Ltd (TML). According to Moody's obligations, 'Ba' ratings are considered to have speculative elements and carry a significant credit risk. The modifier '3' signifies a position at the lower end of this generic rating category.
NLC India: The government is planning to divest up to 7% of its stake in the coal mining company, NLC India, through an offer for sale (OFS) this week. This move could potentially raise up to ₹2,200 crore ($266 million) based on current prices, as reported by Reuters on Wednesday, citing sources. In another news, the company in an exchange filing said, Gujarat's state-owned electricity utility, GUVNL, has signed a 25-year agreement to buy electricity from the company's subsidiary NLC India Green Energy Ltd’s (NIGEL) 600-MW solar plant at ₹2.705 a kWhr.
Mahindra & Mahindra: Prudential Management and Services Pvt Ltd, a promoter group entity of Mahindra & Mahindra, has begun a secondary sale of the company's shares, citing the family's need for liquidity. This was disclosed in a stock exchange filing by the automobile manufacturer on Wednesday. The filing was made in response to a news report about the promoters selling their shares. It stated that following the transfer of PMSL's shares from the late Keshub Mahindra, the former chairman of M&M who passed away on 12th April 2023, to his family members, the family plans to sell a small portion of M&M shares held by PMSL to meet specific financial needs.
JM Financial Products: The RBI has expressed concerns over serious irregularities at JM Financial Products Limited (JMFPL). These include violations of Know Your Customer (KYC) and Anti-Money Laundering (AML) norms, as well as the sharing and usage of customer data across group entities. These issues have led to action being taken against the firm, according to sources close to the matter. In addition, the regulator has identified significant discrepancies in the company's loan sanctioning process during its review. An source requesting to remain anonymous said, "There are serious violations of KYC and AML guidelines, deviations in the loan sanction process, and also sharing and usage of customer data across the group entities."
Adani Enterprises: The company in an exchange filing said, its Dubai-based subsidiary, Ospree International FZCO, has successfully purchased a 100% stake in Le Marche Duty Free SAS (LMDF), a company based in France, for a total of 5,000 euros. This acquisition is intended to strengthen the company's position and growth in the duty-free industry. In a statement to the exchange, Adani Enterprises underscored the importance of this acquisition, noting that it aligns with the expansion objectives of Mumbai Travel Retail Private Limited.
CEAT: The compan's Chennai facility has the potential to manufacture up to 3,000 truck and bus radial (TBR) tyres daily. There's also an opportunity to boost its production of passenger car radial tyres, currently at a rate of 20,000 tyres per day. The company's future direction is expected to be influenced by its digital and technological advancements. Analysts who recently toured the Chennai plant were impressed with the high levels of automation and digitization at the facility.
Indraprastha Gas Limited: The company has cut the retail price of compressed natural gas (CNG) in all its service areas, effective from 6 am on March 7. The new selling price of CNG in Delhi is ₹74.09 per kg, a drop from the previous rate of ₹76.59 per kg. In Noida, Greater Noida, and Ghaziabad, the price has been revised to ₹78.70 per kg, down from ₹81.20 per kg. This announcement from IGL comes a day after Mahanagar Gas (MGL) reduced its CNG prices by ₹2.5 per kg to ₹73.50 per kg. The company attributes these price reductions to a decrease in gas input costs.
Indian Oil Corporation: The company is set to begin production of fuel used in the high-octane sport of Formula One or F1 racing within the next three months. This move is part of IOC's strategy to broaden its range of specialized fuels. This new fuel will be supplied for the Asian region motorcycle road racing championship. "We are currently collaborating with the FIM Asia Road Racing Championship to supply 'Storm'. We take pride in being the first company in India to produce fuel that meets the specifications required for road racing," said Shrikant Madhav Vaidya, the Chairman of IOC. IOC is slated to provide fuel for all the motorcyclists from 15 different countries participating in the FIM Asia Road Racing Championship.
Shriram Finance: The non-banking finance company is preparing to secure a $200 million loan through an external commercial borrowing (ECB) facility from several international banks as soon as next week. This move is aimed at bolstering its funding to meet the growing demand for credit. The company has expressed interest in obtaining what will be categorized as a social loan due to Shriram's lending portfolio, which encompasses loans to small business owners and socially vulnerable groups. Umesh Revankar, the Vice Chairman of the company, said that HSBC, DBS, and Barclays have been appointed as the primary banks to facilitate the fund-raising, which could be priced as early as next week.
Glenmark Life Sciences: The pharma company announced on Wednesday that its Chairman, Glenn Saldanha, and non-executive director, VS Mani, have stepped down following a change in the company's ownership. Sridhar Gorthi, an independent director, has also resigned alongside Saldanha and Mani, effective from the end of business hours on March 6, 2024, as stated in a regulatory filing by the company. In a resignation letter made public on BSE by the company, Saldanha mentioned that his decision to leave the board and his position as chairman is in line with the transfer of the company's ownership from Glenmark Pharmaceuticals to Nirma Ltd.
Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.