ISGEC Heavy Engineering has incorporated a joint venture - ISGEC Foster Wheeler Boilers Pvt Ltd - with a paid-up capital of ₹2 crore. The company will hold a 51 per cent stake in the venture, while Amec Foster Wheeler North America Corp, US, will own the rest. The joint venture will render design engineering services for fossil fuel boilers. Shares of ISGEC, formerly known as Saraswati Industrial Syndicate, edged up 3.4 per cent to ₹5,995 on the BSE.
The board of directors of Astra Microwave Products has approved a fund-raising proposal. The company plans to raise up to Rs 170 crore or its equivalent of any other foreign currencies by offering QIP/FCCBs/NCDs with warrants or other modes in accordance with the SEBI guidelines. The decision is subject to necessary approvals from statutory authorities and shareholders. The stock of Astra Microwave Products slipped 1.5 per cent to ₹147.85 on the NSE.
Coromandel International informed the exchanges that a "minor" fire incident took place on April 5 at one of the reactors at the Sarigam plant in Gujarat. The fire was immediately put off. While five people were undergoing treatment for burn injuries, five, who suffered minor injuries, have been discharged immediately. "Due to the fire incident, the plant operations were shut for a short duration as a precautionary measure and the reactor involved in the incident has been isolated," the company said. The operations have resumed at the plant on the same day and it is not expected to have any material impact on the operations of the unit and the company. The stock of Coromandel closed marginally down at ₹267 against the previous day's close of ₹268.35 on the NSE.