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CCI okays Flipkart's Rs 1,500 cr stake in Aditya Birla Fashion and Retail

The Competition Commission of India (CCI) on Wednesday approved the acquisition of a 7.8 per cent minority stake in Aditya Birla Fashion and Retail Ltd by Flipkart Investments Private Ltd. The competition watchdog made the announcement in the evening on Twitter. Last October, Flipkart Group and Aditya Birla Fashion and Retail Limited (ABFRL) formed a new strategic partnership aimed at enhancing the consumer fashion experience. Through an investment of Rs 1,500 crore, Flipkart Investments said it will acquire about 7.8 per cent stake in ABFRL. The companies have partnered to leverage synergies in the fashion segment.

L&T Technology Services third quarter net profit falls 8.8% to Rs 186.1 cr

Larsen & Toubro Technology Services (LTTS) on Wednesday posted an 8.8 per cent decline in consolidated net profit to Rs 186.1 crore for the December 2020 quarter. The company had registered a net profit of Rs 204.1 crore in the year-ago period, it said in a regulatory filing. Its revenue fell 1.6 per cent to Rs 1,400.7 crore in the quarter under review from Rs 1,422.9 crore a year ago, it added. On a sequential basis, the net profit was higher by 12.4 per cent from Rs 165.5 crore, while revenue increased 6.6 per cent from Rs 1,313.8 crore in the September 2020 quarter.

L&T arm wins transmission line orders worth up to Rs 5,000 cr in Banglades

The Power Transmission & Distribution Business of Larsen & Toubro has won a slew of Transmission Line orders in Bangladesh. The scope of these packages involves design, supply, installation, testing and commissioning of extra high voltage transmission lines on turnkey basis, the company said in its release today. In value terms, a large contract would mean an order size between Rs 2,500-5,000 crore.

Adani Green Energy commissions 150 MW solar plant in Kutch, growth at 55%

Adani Green Energy Ltd (AGEL) arm Adani Solar Energy Kutchh One Ltd has commissioned a 150 MW solar plant in Kutchh, Gujarat. The company in a statement said that despite all the challenges of global pandemic COVID19, unprecedented rain and flood in Kutchh, the team of experts made it possible to commission the project three months prior to its scheduled commissioning date. This plant has a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam Ltd (GUVNL) at Rs 2.67/kWh for a period of 25 years.

SpiceJet adds two wide-body aircraft to its cargo fleet for long haul

SpiceJet has added two wide-body planes, a B767 and a A330 model, to its cargo fleet to transport items on long haul routes to destinations such as Europe and the US, according to an official statement issued on Wednesday. "With the latest induction, SpiceJet will have a dedicated fleet of 19 cargo aircraft, including five wide-body jets," the statement said. Wide-body aircraft have larger cargo capacity and bigger fuel tank, which makes long-haul operations possible, than narrow-body planes.

Indigo Paints IPO subscribed 2x on Day-1, gets bids for 10.5 mn shares

Indigo Paints’ initial public offering (IPO) was subscribed nearly two times on the opening day. The offering has garnered bids for 10.5 million shares against 5.5 million on offer. On Tuesday, the company had offered shares worth Rs 348 crore to anchor investors. The IPO price band is Rs 1,488-Rs 1,490 per share. At the top end, The paint maker is valued at Rs 7,088 crore.

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