IGI Logo

Key News

KEC International bags orders worth Rs 1,157 cr across various businesses

Engineering, procurement and construction major KEC International Ltd on Tuesday said it has bagged orders worth Rs 1,157 crore across its various businesses. In the transmission and distribution segment, the RPG Group company bagged orders worth Rs 663 crore for projects in the Middle East, Africa, and the Americas, KEC International said in a filing to the BSE. In the railways segment, it has orders of Rs 220 crore for 2 x 25 kilovolts (kV) overhead electrification and associated works for speed up-gradation in India.

Carlyle sells 3.4% stake in SBI Cards in two separate block deals

CA Rover Holdings, an affiliate of private equity (PE) firm Carlyle Asia, divested 3.4 per cent stake in SBI Cards and Payment Services on Tuesday in two separate block trades. As per information disclosed by NSE, two tranches of 16 million shares each got executed at around Rs 1,021 apiece. Societe Generale picked up 8.5 million shares for Rs 868 crore. The names of other buyers couldn’t be ascertained. Shares of SBI Cards fell 0.11 per cent to close at Rs 1,070 after dropping to as low as Rs 1,012. CA Rover Holdings has set the price band for the share sale at Rs 1,021–Rs 1,072.3 per share. The PE firm raised Rs 3,268 crore from the share sale.

Torrent Power acquires 156 Mw wind power plants from CESC Ltd arm

Torrent Power Limited has entered into a share purchase agreement with CESC Limited and others for 100 per cent acquisition of CESC's whollyowned subsidiary Surya Vidyut Limited and its 156 Mw wind power plants, the company informed on Tuesday. A special purpose vehicle (SPV) of CESC, Haldia Energy Limited and other nominal shareholders, Surya Vidyut operates 156 Mw wind power plants, spread across the states of Gujarat, Rajasthan and Madhya Pradesh (MP).

Development of fuel efficient cars to remain critical:

Maruti Suzuki Maruti Suzuki India will keep developing and launching cars with great fuel efficiency as it remains a critical factor for customers while making a purchase decision, a senior company official said on Tuesday. The country's largest carmaker -- which has launched a campaign 'Kam Se Kaam Banega' to celebrate three decades of leadership in offering the country's most fuel-efficient cars -- noted that efficiency goals will be achieved without compromising on the performance of the vehicles.

Tata Motors to hike commercial vehicle prices by around 2% from Oct 1

Tata Motors on Tuesday said it will increase prices of its commercial vehicle range by around 2 per cent with effect from October 1, in order to offset the impact of rising input costs. The effective price hike, in the range of 2 per cent, will be implemented based on the model and the variant of the vehicle, the auto major said in a statement. The continued rise in the cost of commodities, such as steel and precious metals, necessitates the company to pass on a part of it through increase in price of the products, it stated.

AAI to exit JV airports soon, process to start with Bengaluru, Hyderabad

The Airports Authority of India (AAI) will soon start exiting joint venture (JV) airports in Delhi, Mumbai Hyderabad and Bengaluru after the government decided to divest its stake in them, Times of India reported Wednesday. State-owned AAI has a 26 per cent stake each in Delhi and Mumbai airports and 13 per cent each in Hyderabad and Bengaluru airports. According to reports the aviation ministry has already moved a Cabinet note seeking an approval to divest AAI’s stake.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer