Larsen and Toubro: L&T Defence, the defence equipment arm of Larsen and Toubro, plans to expand into the production of non-military equipment and infrastructure. This strategy aims to optimize the use of its assets while the company anticipates securing larger defence contracts. To align with this new business approach, the division has been renamed L&T Precision Engineering and Systems, effective from April 1. AM Naik, Chairman Emeritus of L&T, said in an exclusive interview with Mint, “We have developed all our technology in-house. We do not have any foreign technology partners.” Currently, the company holds several overseas defence contracts and has recently secured maintenance contracts for two ships of the United Kingdom’s Royal Navy at its Kattupalli shipyard.
Adani Green Energy: The company has announced plans to invest approximately ₹1.5 trillion by 2030 to establish the world’s largest renewable energy plant at the Khavda renewable energy park in Gujarat. This plant, with a capacity of 30 gigawatts, was revealed by the company’s head, Vneet Jaain, during a media interaction on Saturday. This project is part of Adani Group’s broader strategy to reach an installed renewable energy capacity of 45 gigawatts in India by 2030. The plan includes the development of 26 gigawatts of solar energy and 4 gigawatts of wind energy. At present, AGEL’s renewable portfolio spans across 12 states, with an operating capacity of 10.93 gigawatts, which includes 7.39 gigawatts of solar, 1.4 gigawatts of wind, and 2.14 gigawatts of hybrid energy. Jaain, the Managing Director of AGEL, shared with the media that the company has already commissioned 2 gigawatts of solar capacity at the park. An additional 4 gigawatts is set to be installed in the current financial year (FY25), primarily focusing on solar energy.
Vodafone Idea: The board of Vodafone Idea has given the green light for the allocation of shares valued at ₹2,075 crore to Oriana Investments Pte. Ltd, an Aditya Birla group entity, on a preferential basis. The shares will be issued at ₹14.87 each, which is higher than the closing price of ₹13.36 on the BSE on Friday. In addition, the board has sanctioned an increase in the company’s authorised share capital to ₹1 trillion. This will be divided into ₹95,000 crore of share capital and ₹5,000 crore of preference share capital, up from the current ₹75,000 crores, which is split into ₹70,000 crore of share capital and ₹5,000 crore of preference share capital. An Extraordinary General Meeting (EGM) will be convened on 8 May to seek approval for these board resolutions, according to an exchange filing on Saturday.
JSW Energy: JSW Energy has successfully concluded its Qualified Institutions Placement (QIP) worth ₹5,000 crore, attracting significant interest from prominent global long-only investors, domestic mutual funds, and insurance companies, as stated in an exchange filing on April 5. This marks the firm’s inaugural equity raise since its 2010 listing, which saw a subscription rate exceeding 3.2 times, with participation from some of the world’s largest asset managers such as GQG, Blackrock, Nomura, Wellington, UBS, and the Abu Dhabi Investment Authority (ADIA). JSW Energy highlighted that this is the most substantial primary equity raise in the Indian power sector over the past decade and ranks among the top three in the sector’s history.
Indiabulls Real Estate: Indiabulls Real Estate announced on Friday that its board has sanctioned a fundraise of ₹3,911 crore via the issue of shares and warrants to investors, which include the Blackstone Group and the Embassy Group. The global investment firm Blackstone will contribute ₹1,235 crore, while the Embassy Group, based in Bengaluru, will inject ₹1,160 crore. Post the conversion of the warrants, the Embassy Group and Blackstone will hold stakes of 18.7% and 12.4% respectively. This initiative is aimed at recapitalizing the company’s balance sheet and positioning it for both organic and inorganic growth.
Info Edge: On April 7, Info Edge disclosed its Q4 business update for FY24. The firm witnessed a 5.48% YoY increase in its standalone billings for Q4 FY24, amounting to ₹2,495.9 crore, a rise from ₹2,366.3 crore during the same period the previous year. The company stated in an exchange filing that the data for the quarter and year ending March 31, 2024, is preliminary and subject review and approval by. Standalone billings for the quarter ending March 31, 2024, saw a significant surge of over 10%, reaching ₹826.9 crore, compared to ₹748.6 crore in the corresponding quarter of the previous year. The company’s recruitment solution segment reported standalone billing of ₹1,883.2 crore for the year ending March 31, 2024. This represents a 1.81% YoY growth compared to the previous year. Furthermore, the recruitment solution segment recorded a 7.1% QoQ growth.
Titan: The company reported a 17 percent year-on-year (YoY) increase in revenue for the fourth quarter of FY24, according to a preliminary update released on April 5. During this quarter, the company expanded its retail presence by adding 86 new stores, bringing the total number of outlets across the country to 3,035. The growth was significantly driven by the jewellery segment, which saw a 19 percent YoY surge in domestic operations. Titan also experienced a 7 percent YoY growth in the watches and wearables segment.
Adani Wilmar: The company reported a double-digit expansion in its edible oil and food business sectors, driven by an increase in retail involvement and a focus on under-indexed markets in the quarter ending March 31, according to a preliminary update released on April 5. However, a downturn in the export of animal feed was observed by Adani Wilmar, which resulted in a reduction of the overall volume growth to four percent year-on-year in the fourth quarter of FY24. The revenue of its food and FMCG segment nearly doubled to ₹4,700 crore within a span of two years.
Zee Entertainment and Enterprises: On April 5, ZEEL announced that its Managing Director and CEO, Punit Goenka, has proposed a lean and efficient management structure to the board. This proposal aligns with his strategic plan aimed at achieving the company’s targeted objectives. According to a regulatory filing, Goenka has begun the process of reducing the workforce by 15 percent as part of his overall strategic approach. This move aims to create a streamlined team that is intensely focused on future goals. Zee stated that the specifics of the new operating structure would be announced after obtaining the necessary approvals and guidance from the Board.
Cochin Shipyard: On April 6, Cochin Shipyard announced its signing of the Master Shipyard Repair Agreement (MSRA) with the United States Navy. The company qualified for the MSRA following a comprehensive evaluation and capability assessment by the US Navy’s Military Sealift Command, as stated in a regulatory filing. In the previous week, the company entered into a contract with Hindustan Aeronautics valued at ₹1,173.42 crore. On January 31, it secured an order from a European client for the design and construction of a hybrid service operation vessel (SOV), set to be delivered in 2026, which is estimated to cost around ₹500 crore.
United Breweries: The company disclosed on Friday, April 5, that the Maharashtra State Goods & Service Tax (GST) Department has levied a tax demand of ₹263.72 crore on it. As per a regulatory disclosure, the GST department issued an order imposing an extra tax of ₹119.8 crore, interest of ₹115 crore, and a penalty of ₹28.8 crore, totaling ₹263.7 crore for the fiscal year 2020. The order arises from a 60 percent central sales tax (CST) applied to debit notes that UBL issued to state’s beverage companies to cover the state excise duties it paid on behalf of the State Beverage Corporations during the fiscal year 2020, as reported by the liquor manufacturer. It believes it has a robust case to present before the appropriate appellate authority and anticipates no financial impact on the company, barring a minimal statutory pre-deposit required at the time of appeal admission.
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Published: 08 Apr 2024, 08:07 AM IST