Tata Steel, NMDC, MMTC

Tata Steel has acquired a 93.71% stake in Neelachal Ispat
Nigam (NINL) through its step-down subsidiary, Tata Steel Long Products. The
transaction cost is Rs 12,100 crore. NMDC successfully sold its 10.10% stake
and MMTC transferred its 49.78% in NINL to Tata Steel Long Products.

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Vedanta

The company’s alumina production in the first quarter of
fiscal 2023 at Lanjigarh refinery increased marginally to 4.85 lakh tonnes, up
1% year on year due to scheduled maintenance in April 2022, said in its BSE
filing. The cast metal aluminum production at the smelter rose by 3% year on
year to 5.65 lakh tonnes. Mined metal production increased 14% year on year to
2.52 lakh tonnes due to higher ore production across all the mines and
supported by better mill recovery. Total saleable production stood at 2,68,523
tonnes, lower by 7% year on year due to debottlenecking activities in blast
furnace-3 and gunning of blast furnace-2. Overall power sales increased to
3,577 million units, up 32% from the year-ago period.

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Bajaj Auto

The Pune-based company commenced its Rs 2,500 share buyback
program on July 4. The buyback will be carried out at a price not exceeding Rs
4,600 per equity share and for an aggregate amount of up to Rs 2,500 crore,
representing 9.61% of the aggregate of the total paid-up share capital of the
company, it stated.

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Kirloskar Ferrous Industries

The company has finished the upgradation of its mini blast
furnace II (MBF-11) at the Koppal plant in Karnataka. The operations of MBF-11
have resumed from July 4. After the upgrade, the pig iron manufacturing
capacity of MBF-11 has increased to 2,17,000 metric tonnes per annum from
1,80,000 earlier. Accordingly, the company’s total manufacturing capacity of
pig iron has increased to 6.09 lakh metric tonnes per annum.

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Beema Cements

Promoters Prasanna Sai Raghuveer Kandula, and Fortuna Engi
Tech and Structurals (India) offered to sell 48.91 lakh shares or a 15% stake
through an offer for sale on July 5-6. The floor price for the sale will be Rs
75 per share.

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Marksans Pharma

The company board will hold a meeting on July 8 to consider
the proposal to share buyback.

Kotak Mahindra Bank

The Reserve Bank of India (RBI) has slapped a penalty of Rs
1.05 crore on Kotak Mahindra Bank for non-compliance with certain norms.

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IndusInd Bank

The Reserve bank of India has imposed a penalty of Rs 1
crore on IndusInd Bank for compliance deficiency.