Trending Stocks: Adani Entp, Astral, Hero MotoCorp and others in news today
- Adani Enterprises is among the 11 coal importers to have shown interest in tender issued by Coal India
- Jain Irrigation will merge its International Irrigation Business with Temasek's Rivulis
- Hindustan Motors will sell its ‘Contessa’ brand to SG Corporate Mobility
Adani Enterprises, Chettinad Logistics, and Mohit Minerals are among the 11 coal importers to have shown interest in the bidding for the tender issued by national miner Coal India (CIL). Recently, state-owned NTPC awarded 6.25 million tonnes (mt) of imported coal tender worth Rs 8,300 crore to Adani Enterprises. CIL issued a tender for purchasing imported coal for power-generating companies (gencos) after the Centre directed it to meet the shortfall in the domestic coal supply chain. CIL has called for bids to supply 2.4 mt of coal to be delivered for the July to September 2022 period. The estimated value of the contract is Rs 3,100 crore, CIL said in the tender document.
In a move to cut consolidated debt, Jain Irrigation Systems Ltd (JISL) will merge its International Irrigation Business (IIB) with Temasek-owned Rivulis Pte Ltd. The cash proceeds will be used to pay off Rs 2,700 crore of overseas debt. IIB’s enterprise value is fixed at Rs 4,200 crore. After the transaction, Jain irrigation will hold 22% (valued at Rs 1,300 crore) in Rivulis. Around Rs 2,700 crore will be used to pay off overseas debt and Rs 200 crore will be used to settle receivables, said Anil Jain, Managing Director of Jain Irrigation.
CK Birla Group firm, Hindustan Motors Ltd said it has agreed to sell its ‘Contessa’ brand to SG Corporate Mobility Pvt Ltd for an undisclosed amount. The company has executed a brand transfer agreement with SG Corporate Mobility on June 16, 2022, for the transfer of the Contessa brand, including the trademarks having application numbers and certain related rights of the brand, the company said in a regulatory filing.
The two-wheeler manufacturer launched Euro-5 compliant variants of its three globally popular products (Xpulse 200 4V motorcycle and Dash 110 & Dash 125 scooters), in Turkiye. Hero MotoCorp has been operating in Turkiye since 2014 and caters to its customers through a network of more than 100 touchpoints, which provide sales, service, and spares.
The company has subscribed to Optionally Convertible Debentures of Rs 194 crore allotted by Gem Paints. It has appointed majority directors on the board of Gem Paints and Esha Paints. Accordingly, Gem Paints and Esha Paints have become a subsidiary and step-down subsidiary of the company respectively.
SIEL Financial Services
The company has appointed Deepak Kumar Rustagi is appointed as Chief Financial Officer (CFO) and key managerial personnel (KMP) with effect from March 17. Ram Jeevan Chaudhary will be relieved from his responsibilities as Chief Financial Officer.
The company has signed a share subscription agreement with Smiti Holding and Trading Company for the allotment of up to 63.1 lakh equity shares at Rs 309 per share. Smiti Holding is an investor and will receive shares on a preferential basis.
CARE ratings revised its credit rating on the company’s long-term bank facilities to A+, from ‘A’, with a stable outlook.
Generic Engineering Construction and Projects
CRISIL has reasserted its long-term rating on the company’s bank loan facilities as BBB with a stable outlook and short-term rating as A3+.