Sugar stocks will remain in focus as the Centre has permitted sugar mills to use cane juice or syrup to produce ethanol for the Ethanol Supply Year (ESY) 2024-25 beginning November 1, 2024. This update, revealed in a notification on August 29, eliminates the previous limit on the amount of sugar that can be diverted for ethanol production. Along with cane juice and syrup, the new policy also allows the use of B-Heavy and C-Heavy molasses for ethanol production.
Life Insurance Corporation (LIC) has received a GST tax demand order for ₹605.59 (tax and penalty) crore from the Maharashtra state tax authorities, the insurance major said in an exchange filing. The order cites “wrong availment & short reversal of ITC & interest on late payments.” LIC said the order is appealable before the joint commissioner of state tax (appeals), Mumbai. Meanwhile, the State-owned insurance firm has handed over a dividend cheque of ₹3,662.17 crore to Finance Minister Nirmala Sitharaman.
Depository CDSL has informed the exchanges that the Securities and Exchange Board of India (SEBI) has approved the appointment of Nehal Vora as the Managing Director & Chief Executive Officer.
Tata Steel has acquired 13,000 equity shares or 26 per cent stake in TP Parivart, Tata Power Renewable Energy, for Rs 1.3 lakh.
NTPC REL, subsidiary of NTPC, has commenced commercial operations for the first part capacity of 160 MW out of the 320 MW Bhainsara solar PV project in Jaisalmer, Rajasthan. With this, the total installed and commercial capacity of the NTPC group will go up to 76,294 MW, the company said in a notice to the stock exchanges.
ITI has secured its first electronic voting machine (EVM) order from the State Election Commission (SEC) of West Bengal for the supply of 500 sets of electronic voting machines.
Canara Bank has raised ₹3,000 crore via Tier-I bonds to fund business growth through non-convertible, taxable, perpetual, subordinated, fully paid-up, unsecured Basel-III compliant additional Tier-1 Bonds 2024-25 Series I of face value ₹1 crore. The bonds carry a coupon rate of 8.27 per cent paid annually on August 29 every year, it said.
State-owned NBCC (India) Ltd has completed the sale of commercial properties worth around ₹14,800 crore in the national capital on behalf of the government. In a regulatory filing, the company said it has completely sold office space inventory at World Trade Center (WTC) project in Nauroji Nagar. It has also sold 100 per cent retail and commercial space at Downtown Sarojini Nagar.
Shipping Corporation of India has received an order from the Department of Goods and Services Tax, Maharashtra, demanding tax and a penalty of ₹160.37 crore after conducting the GST audit for FY20. The company is in the process of filing an appeal before the Joint Commissioner of State Tax.
NHPC has received shareholders’ nod to raise its borrowing limit to ₹50,000 crore in its annual general meeting held on Wednesday. The proposal to increase the borrowing limit from ₹40,000 crore to ₹50,000 crore got 99.99 per cent votes, the filing said.
Lemon Tree Hotels has signed a license agreement for a 72-room hotel property in Ayodhya, Uttar Pradesh. The property will be managed by its subsidiary, Carnation Hotels, and is expected to open in FY26.
The board of Jai Corp has approved a buyback proposal of up to 29.44 lakh shares for ₹177.8 crore, at a price of ₹400 a share. The record date for the buyback has been set as September 10. The buyback will be through tender route
Rail Vikas Nigam Ltd (RVNL) has signed an MoU with Patel Engineering for hydro and other infrastructure projects in India and overseas.
3M India said the National Company Law Tribunal (NCLT), Bengaluru, has approved the Scheme of Amalgamation of 3M Electro & Communication India with 3M India. The appointed date of the scheme is April 1, 2023.
The Directorate General of Civil Aviation (DGCA) will carry out spot checks and increase its surveillance on SpiceJet as a cash crunch has forced the airline to delay salaries and vendor payments. The civil aviation regulator said the action is being initiated to ensure safety of operations following a special engineering audit earlier this month.