Tata Steel
Tata Steel has landed in hot water with the tax authorities. The company received a show cause notice from the Central GST and Excise department in Jamshedpur for allegedly availing input tax credit (ITC) irregularly to the tune of Rs 890.52 crore between FY19 and FY21. The notice, dated June 13, reached the company on June 19.
Can Fin Homes
Housing finance company Can Fin Homes has cleared plans to raise up to Rs 11,000 crore. This includes Rs 10,000 crore via bonds and other debt instruments, either in India or overseas. Another Rs 1,000 crore may come from equity routes like QIP, rights issue, or preferential allotment. Shareholders will get to vote on the proposals at the upcoming AGM.
JSW Energy
A long-term power supply agreement has been signed between JSW Energy’s unit Energizent Power and state-run NHPC. The deal covers 300 MW of solar-wind hybrid power, with projects set up across Rajasthan and Andhra Pradesh. The project, with a tariff of Rs 3.49 per unit, is expected to go live within two years.
Texmaco Rail
Texmaco Rail and Engineering has secured a significant export order from Cameroon-based CAMALCO SA. The $62.24 million (Rs 535 crore) contract includes supplying 560 open-top wagons and a 20-year maintenance deal. Delivery will be done in two phases over the next two years.
Adani Total Gas
Adani Total Gas and Jio BP have joined hands. The deal will allow Adani Total outlets to sell Jio BP’s petrol and diesel, while Jio BP will offer Adani’s CNG services at its stations.
CEAT
Tyre maker CEAT is planning a Rs 400 crore capital infusion into its Sri Lankan subsidiary CEAT OHT Lanka. At the same time, it aims to raise Rs 500 crore in India via unsecured non-convertible debentures (NCDs). The investment in Sri Lanka will be done in tranches through equity or preference shares.
M&M
Mahindra & Mahindra is restructuring its defence subsidiaries. The reshuffle includes moving stakes of Mahindra Emirates Vehicle Armouring and Mahindra Telephonics from Mahindra Defence to Mahindra Advanced Technologies. M&M will also transfer its shareholding in Mahindra Defence Systems Ltd (MDSL) to the same unit.
ASK Automotive
ASK Automotive’s board has approved a new joint venture with Germany’s TD Holding GmbH. The focus of the venture will be to manufacture and sell sunroof control cables and helix cables for passenger vehicles. ASK will hold a 49% stake in the JV, with an initial investment of Rs 49 lakh and a total commitment of Rs 2.45 crore.
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