Kalyani Steels Ltd on Wednesday said it has emerged as a successful bidder to acquire assets of Kamineni Steel and Power India, under liquidation. A cash consideration of Rs 450 crore is to be paid for the acquisition of assets on or before April 7, 2024, Kalyani Steels said in a regulatory filing. The company has already paid Rs 23 crore as earnest money deposit for participation in an e-auction conducted on Friday, January 5, for the sale of the assets, it added.

Dhunseri Ventures Ltd has entered into a Share Purchase Agreement with Twelve Cupcakes Pte. Ltd. for acquisition of the shares of DVL USA INC. The company had earlier said it was planning to acquire the balance stake ofDVL USA INC. (subsidiary of the company with a holding of 72.33 per cent) from Twelve Cupcakes for $7,65,000.

Phoenix Mills in a quarterly update said that its total consumption in Q3 FY24 stood at ₹3,287 crore, demonstrating a y-o-y growth of 24 per cent over Q3-FY23. On a like-to-like basis, consumption in Q3-FY24 has grown by 4 per cent over Q3-FY23. Gross retail collections stood at ₹700 crore in Q3FY24, with a growth of 30 per cent over Q3-FY23.

Sundram Fasteners Ltd, suppliers to OEMs and automakers globally, entered into a Memorandum of Understanding (MoU) with the Government of Tamil Nadu for a proposed investment of ₹1,411 crore during the Tamil Nadu Global Investors Meet 2024.

Public sector general insurer New India Assurance, which had received Goods and Services Tax (GST) demand notice of ₹2,379 crore in September last year, said the Office of the Commissioner of CSGT and Central Excise, Thane, has confirmed the GST demand of ₹2379,13 crore along with the interest and penalty of ₹237.91 crore. Based on the developments in the Industry, the company would be deciding further course of action, the insurance major said.

Noida Power Company Limited, a subsidiary of CESC has received an order from the Uttar Pradesh Electricity Regulatory Commission, approving the Power Purchase Agreement for procurement of power of 95 MW RTC Power per annum for a period of 5 years.

Further to its November 8, 2023, notification in connection with the open offer for acquisition of equity shares of Daikaffil Chemicals India Ltd, Heranba Industries said that its wholly owned subsidiary Mikusu India Private Ltd has acquired 18,89,875 shares (31.50 per cent of the equity and voting share capital of target company) on Wednesday (January 9).

Honda India Power Products said that the Deputy Commissioner, Goods and Services Tax, Greater Noida, issued a notice imposing a pealty of ₹58.45 lakh for “wrong availment of Cess credit.”

NBCC (India) has received work order amounting to ₹218 crore (Approx.) for Construction of National Institute of Fashion Technology campus at Varanasi and Modification works of existing Trade Facilitation Centre as Part of Campus.

The Income Tax Department, which initiated search and seizure operations at Polycab group’s various locatons, said credible evidences recovered during the search have established that the flagship company has made unaccounted cash sales of around ₹1,000 crore which are not recorded in the books of accounts. Evidences of unaccounted cash payments of more than ₹400 crore made by a distributor, on behalf of the flagship company towards purchases of raw materials, have also been seized. The search action also resulted in determination of unexplained transactions undertaken by the distributor for issuing bills without genuine supply of goods whereas such goods have been sold in open market in cash. Thus, the authorised distributor facilitated certain parties to inflate their purchase accounts, which aggregate to about ₹500 crore. This distributor exclusively sells products of the flagship company.

Bank of India, in a quarterly update, said it has registered a 9.9 per cent on-year growth in total business at ₹12.76-lakh crore for the quarter ended December 2023. Deposits increased 8.66 per cent to ₹7.10-lakh crore and gross advances 11.49 per cent to ₹5.66-lakh crore.

The board of Angel One will meet on January 15 to consider fundraising proposal through issuance of non-convertible securities on private placement basis.

The board of Safari Industries (India) will be meeting on January 15 to consider raising funds through preferential issue of securities to one or more persons.

Metro Brands has informed the exchanges Deepika Deepti has resigned as Senior Vice President- Marketing of the company with effect from March 26, due to personal reasons. Alisha Malik, President, will be handling the division as an interim basis until a successor is appointed.

Results Calendar: 5Paisa, Fundviser Capital, GTPL Hathway, Gujarat Hotels, HDFC Asset Management, Infosys, Kenvi Jewels, Longview Tea, Mercury Trade Links, Plastiblends, Pro Fin Capital Services, Quasar India, Rajoo Engineers, Sekhawati Poly-Yarn, Tata Consultancy Services and Vijay Textiles.

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