Central Electricity Regulatory Commission has floated a consultation paper on implementing market coupling in the power sector, which aids in discovery of uniform prices, optimal use of transmission infrastructure and maximising economic surplus. Shares of IEX will be in focus.
Kempas Trade and Investment Ltd, a promoter group of Adani Enterprises Ltd, has increased its stake from 67.65 per cent to 69.87 per cent. According to a stock exchange filing, the company said Kempas acquired 2.22 per cent in the open market between August 7 and August 18, it said. In a separate announcement, the company said it has incorporated subsidiary Sirius Digitech International to provide digital solutions and services.
The National Financial Reporting Authority has imposed fines totalling Rs 1.10 crore on three entities, including two individual auditors, in connection with lapses in auditing of Tanglin Developments Ltd (TDL), a subsidiary of Coffee Day Enterprises Ltd. Besides, the auditing firm -- Sundaresha & Associates -- and the two auditors -- C Ramesh and Chaitanya G Deshpande -- have been barred from taking up auditing work for varying periods.
Welspun Enterprises Ltd on Monday announced acquiring a little over 50 per cent stake in technology-based EPC firm Michigan Engineers Private Ltd for ₹137.07 crore. With the completion of the transaction, Michigan Engineers Private Ltd (MEPL) has become its subsidiary, Welspun Enterprises Ltd (WEL) said in a statement.
Lemon Tree Hotels informed the exchanges that it has signed license agreements for two properties in Bhubaneswar and Kasauli under the brand Lemon Tree Hotel and Lemon Tree Mountain Resort, respectively. The hotel in Bhubaneswar (Odisha) is expected to be operational by Q4FY25, and the hotel in Kasauli (Himachal Pradesh) is expected to be operational by Q3FY26.
The board of Union Bank of India has approved raising of funds up to Rs 5,000 crore through qualified institutions placement (QIP) and announced the opening of issue on Monday. The floor price has been fixed at Rs 91.10 per equity share for the issue.
Tata Power Company has informed the exchanges that its subsidiary Tata Power Renewable Energy has signed a power purchase agreement (PPA) for 9MWp on campus solar plant with Tata Motors’ Pantnagar plant in Uttarakhand. This solar plant will be the largest on campus solar facility in Uttarakhand. The project will be commissioned within 6 months from the PPA execution date.
Brigade Enterprises has entered into a sale deed for acquiring 6.54 acres of land parcel in Chennai to develop a residential project at the said land.
The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) has ordered the Central Government not to take coercive steps against Tata Communications in relation to a licence fee demand of Rs 991.5 crore. A coram of TDSAT Chairperson Justice DN Patel and Member Subodh Kumar Gupta passed the interim order on August 14 on a plea filed by Tata challenging the Telecom department’s license fee demand for the years 2006-2007 and 2007-2008.
IIFL Home Finance Limited (IIFL HFL), a subsidiary of IIFL Finance, has secured debt funding of $100 million from IFC, a member of the World Bank Group, said a top company official.
“We have received the entire $100 million and this is a six-year money with a coupon of 8.32 per cent, for which NCDs has been issued.
In a surprise move, the board of directors of Hindustan Oil Exploration Company (HOEC) has announced that the company’s Executive Director and CFO, Ramasamy Jeevanandam, would be the Managing Director from October 1; the incumbent MD, Pandarinathan Elango, “shall be retiring” on September 30, upon completion of his current term.
Glenmark Pharmaceuticals Inc., USA has entered into an agreement with the U.S. Department of Justice, Antitrust Division (DOJ) to resolve all of its court proceedings with the DOJ involving historical pricing practices by former employees relating to the generic drug pravastatin between 2013 and 2015. The Company has entered into a three-year Deferred Prosecution Agreement, and if the Company adheres to the terms of the agreement, including the payment of $30 million, payable in six installments, the DOJ will dismiss the pending Superseding Indictment.