Quess Corp: The recruitment firm has said it will be demerged into three listed entities– Quess Corp Ltd, Digitide Solutions Ltd, and Bluspring Enterprises Ltd. The new Quess Corp will handle workforce management; Digitide Solutions will provide business process management solutions and insurtech; and Bluspring Enterprises will offer facility management, industrial services and investments.
Hero MotoCorp: The motorcycle maker’s CEO Niranjan Gupta anticipates a double-digit revenue surge in the domestic two-wheeler industry in the upcoming fiscal year. He suggests that the demand for premium models is likely to escalate further. “As far as the demand is concerned, as we have been saying, we do expect the industry to grow double digit on revenue in the coming year at the least,” Gupta said in an analyst call.
Chalet Hotels: The company has set ambitious plans to expand its portfolio of “big-box”, or large inventory, hotels, aiming to add approximately 800 rooms to its offerings. Having earmarked ₹2,000 crore as current capital work-in-progress, the expansion will increase its total room count to 5,000 in the next three to four years. Sanjay Sethi, the company’s managing director and chief executive, told Mint that Chalet Hotels’ strategy aims to capitalize on demand generated by office spaces in proximity to its properties, ensuring a robust and continuous customer base.
Life Insurance Corporation of India: The country’s largest insurer announced that it received refund orders for ₹21,740.77 crore from the Income Tax Department. The company had received refund orders for Assessment Years 2012- 13, 2013-14, 2014-15, 2016-17, 2017-18, 2018-19 and 2019-20, according to a report by Economic Times. The total amount of refund was ₹25,464.46 crore.
Paytm: In its recent assessment, brokerage firm Bernstein has assigned an ‘Outperform’ rating to Paytm, along with a target price of ₹600 per share, as per an ET Now report. The brokerage firm notes in its report that the RBI’s actions are primarily directed at Paytm Payments Bank (PPBL), with no adverse observation on other integral functions of Paytm.
RVNL: The Public Sector Undertaking’s order book has touched ₹65,000 crore, 50% of which are railway projects, the company has said. RVNL is also looking for new projects in off-shore markets including Central Asia, UAE and Western Asia, the management said in an investors call. “We have got an order book of around ₹65,000 crore, which roughly constitutes 50% from the nomination, that is the typical railway projects, and 50% from the market.
JSW Steel: India’s largest steelmaker by capacity will invest ₹65,000 crore in Odisha to set up one of its biggest manufacturing plants, adding to the country’s efforts to boost production of the alloy. In the announcement made on Friday, JSW Steel said it will establish a greenfield complex in the industrial city of Paradip, which will include a steel plant with a capacity of 13.2 million tonnes per annum (mtpa), a captive power plant, captive jetties with cargo-handling capacity, a cement manufacturing unit, and a modern township.
Adani Enterprises: Adani Realty has secured the contract to redevelop the 24-acre Bandra Reclamation land parcel, put up by the Maharashtra State Road Transport Corporation (MSRDC), as per a report by the Free Press Journal. The final approval is pending and will be decided by the MSRDC Board in their upcoming meeting. Adani Realty emerged as the ‘preferred bidder’ by offering the highest financial bid, providing 22.79 percent revenue to MSRDC. This surpassed Larsen and Toubro’s bid of 18 percent, as per the report.
Lupin: The pharma company in a filing to the stock exchanges said it has received approval from the US drug regulator for its Abbreviated New Drug Application (ANDA) for Minzoya tablets. The tablets are used by women of reproductive potential to prevent pregnancy, the company informed the bourses. The product will be manufactured at the company’s Pithampur facility in Madhya Pradesh.
