Tata Motors: On March 6, global rating agency, Moody’s, confirmed the BA3 ratings of Tata Motors, maintaining a positive outlook, reported PTI. In addition, Moody’s Investors Service stated that it has also confirmed the Ba3 senior unsecured instrument ratings of Tata Motors Ltd (TML). According to Moody’s obligations, ‘Ba’ ratings are considered to have speculative elements and carry a significant credit risk. The modifier ‘3’ signifies a position at the lower end of this generic rating category.
NLC India: The government is planning to divest up to 7% of its stake in the coal mining company, NLC India, through an offer for sale (OFS) this week. This move could potentially raise up to ₹2,200 crore ($266 million) based on current prices, as reported by Reuters on Wednesday, citing sources.
Mahindra & Mahindra: Prudential Management and Services Pvt Ltd, a promoter group entity of Mahindra & Mahindra, has begun a secondary sale of the company’s shares, citing the family’s need for liquidity. This was disclosed in a stock exchange filing by the automobile manufacturer on Wednesday. The filing was made in response to a news report about the promoters selling their shares.
JM Financial Products: The RBI has expressed concerns over serious irregularities at JM Financial Products Limited (JMFPL). These include violations of Know Your Customer (KYC) and Anti-Money Laundering (AML) norms, as well as the sharing and usage of customer data across group entities.
Adani Enterprises: The company in an exchange filing said, its Dubai-based subsidiary, Ospree International FZCO, has successfully purchased a 100% stake in Le Marche Duty Free SAS (LMDF), a company based in France, for a total of 5,000 euros. This acquisition is intended to strengthen the company’s position and growth in the duty-free industry.
CEAT: The compan’s Chennai facility has the potential to manufacture up to 3,000 truck and bus radial (TBR) tyres daily. There’s also an opportunity to boost its production of passenger car radial tyres, currently at a rate of 20,000 tyres per day. The company’s future direction is expected to be influenced by its digital and technological advancements.
Indraprastha Gas Limited: The company has cut the retail price of compressed natural gas (CNG) in all its service areas, effective from 6 am on March 7. The new selling price of CNG in Delhi is ₹74.09 per kg, a drop from the previous rate of ₹76.59 per kg. In Noida, Greater Noida, and Ghaziabad, the price has been revised to ₹78.70 per kg, down from ₹81.20 per kg.
Indian Oil Corporation: The company is set to begin production of fuel used in the high-octane sport of Formula One or F1 racing within the next three months. This move is part of IOC’s strategy to broaden its range of specialized fuels. This new fuel will be supplied for the Asian region motorcycle road racing championship. “We are currently collaborating with the FIM Asia Road Racing Championship to supply ‘Storm’.
Glenmark Life Sciences: The pharma company announced on Wednesday that its Chairman, Glenn Saldanha, and non-executive director, VS Mani, have stepped down following a change in the company’s ownership. Sridhar Gorthi, an independent director, has also resigned alongside Saldanha and Mani, effective from the end of business hours on March 6, 2024, as stated in a regulatory filing by the company.
Shriram Finance: The non-banking finance company is preparing to secure a $200 million loan through an external commercial borrowing (ECB) facility from several international banks as soon as next week. This move is aimed at bolstering its funding to meet the growing demand for credit.
