Domestic telecom gear maker HFCL will invest around ₹425 crore for manufacturing equipment under the production linked incentive scheme in the next four years. HFCL is one of the 42 companies selected for the telecom PLI scheme which enables it to avail incentives up to ₹652.79 crore.
Life Insurance Corporation’s stake in Tata Motors Ltd has crossed 5 per cent, the insurance major said in a regulator filing. LIC’s shareholding in Tata Motors has increased from 4.997 per cent to 5.004 per cent of the paid-up capital of the company. The holding in the company has crossed 5 per cent on October 31, LIC said. The shares were acquired between December 3, 2021 and October 31, 2022, at an average price of ₹455.69, said LIC. This works out an investment of ₹11.9 crore in the company by LIC.
The Centre on Tuesday said that it would exempt wholesalers and big chain retailers of oilseeds and edible oils from the current stock limit order. This move may benefit companies such as Adani Wilmar and Patanjali Foods.
Gulshan Polyols has received in-principle approval from the Centre for ‘grant of interest subvention’ for maximum loan amount of ₹170 crore for setting up of new grain-based distillery of 250 KLPD with zero liquid discharge (ZLD) system for Assam Unit. The company earlier had approached the Department of Food and Public Distribution under the modified scheme for extending financial assistance to project proponents for enhancement of their ethanol distillation capacity or to set up distilleries.
The board of Chambal Fertilisers and Chemicals Limited has approved revision in the capacity of the plant for manufacture of Technical Ammonium Nitrate from approximately 2,20,000 tpa to 2,40,000 tpa, including revision in the capacity of the plant to manufacture weak nitric acid (which is part of the project) from approximately 1,80,000 tpa to 2,10,000 tpa and revision in the estimated Project cost from approximately ₹1,170 crore to ₹1,645 crore.
Tejas Networks has received approval for manufacturing of telecom and networking products under design-led PLI (production linked incentive) scheme. The company has committed to make a minimum cumulative capital investment of ₹750 crore over the scheme period.
Veranda Learning Solutions Limited had entered into a share purchase agreement (SPA) for the acquisition of 100 per cent shareholding of TIME, a Hyderabad based Company. The completion of acquisition was subject to fulfilment of conditions precedent and other terms agreed upon in the SPA by a mutually agreed long stop date. The transactions could not be consummated by the long stop date. Accordingly, the SPA has now been terminated by the parties.
Results calendar: Adani Transmission, Dalmia Bharat, EIH, Firstsource Solutions, GATI, Gravita India, Grindwell Norton, JK Paper, Jamna Auto Industries Ltd, Jindal Stainless, KSB, Kajaria Ceramics, MAS Financial Services, Mahindra & Mahindra Financial, Mahindra Holidays & Resorts, Procter & Gamble Hygiene & Health, Redington Ltd, Relaxo Footwears Ltd, SIS Ltd and Triveni Turbine Ltd.