Coal India: The government-owned coal mining company has entered into a joint venture agreement with BHEL to venture into the coal-to-chemicals industry. Their initial project involves establishing a plant capable of converting coal to 2,000 TPD of ammonium nitrate, utilizing BHEL’s proprietary PFBG (pressurised fluidised bed gasification) technology.
Brightcom Group: Market regulator Securities and Exchange Board of India (Sebi) has confirmed its directives for 20 of the 25 entities implicated in the Brightcom Group case. During an investigation into a preferential issue of shares and warrants by Sebi, it was found that some allottees had only made partial payments, as reported by Moneycontrol.
Punjab & Sind Bank: On Wednesday, the board of the government-owned bank gave its approval to raise a maximum of ₹2,000 crore. This fund-raising could be accomplished in one or more installments over the next 12 months through various methods such as a Follow on Public Offer, Rights Issue, Qualified Institutional Placement (QIP), Preferential Issue, or any other combination.
PB Fintech: Policybazaar Insurance Brokers, a fully owned subsidiary of PB Fintech, has received a Certificate of Registration from the Insurance Regulatory and Development Authority of India (IRDAI), authorizing it to operate as a composite insurance broker as of February 28. Consequently, Policybazaar’s classification has been updated from Direct Insurance Broker (Life & General) to Composite Insurance Broker.
Vedanta: The mining conglomerate is setting its sights on achieving pre-tax profits of $6 billion in the upcoming fiscal year, with plans to increase it to $7-7.5 billion in the subsequent year. This growth is expected to be fueled by operational efficiencies across their businesses. “The foundations for EBITDA growth are already established and largely within our control.
ICICI Securities: On Wednesday, February 28, brokerage firm ICICI Securities announced that Securities and Exchange Board of India (Sebi) has issued an administrative warning to the company concerning its merchant banking operations, in an exchange filing. The company clarified that this warning does not have an immediate effect on its financial or operational activities.
Yes Bank, Paytm: Prashant Kumar, Managing Director and CEO of Yes Bank, has expressed the bank’s interest in acquiring the merchants that have been secured by Paytm Payments Bank (PPBL). However, he emphasized that this would necessitate the completion of a KYC (Know Your Customer) compliance check and due diligence, as it aligns with the bank’s business strategy.
Shriram Finance, UPL, Jio Financial Services: The National Stock Exchange has announced that Shriram Finance will join the Nifty 50, replacing UPL, effective from March 28, 2024. Jio Financial Services will also be added to the Nifty Next 50. Analysts anticipate an inflow of $217 million to Shriram and an outflow of $114 million from UPL as a result of the reshuffling in Nifty 50.
Vodafone Idea: The company is considering raising a portion of the ₹20,000 crore through a public sale of new equity shares. The rest of the funds may be contributed by the promoter, Aditya Birla Group, which would receive preference shares in return, according to insiders familiar with the telecom company’s fundraising efforts, reported CNBC-TV18.
Reliance Industries: On February 28, Reliance Industries Ltd (RIL), led by billionaire Mukesh Ambani, and global media giant Walt Disney, announced their decision to merge their media operations in India. This merger will create a media powerhouse valued at ₹70,352 crore. As part of this agreement, Viacom18’s media business will be integrated into Star India through a court-approved arrangement, the conglomerate said in an exchange filing.
