Tata Steel: Global credit rating agency Moody’s has upgraded the corporate family rating of Tata Steel from Ba1 to Baa3 and changed the outlook from positive to stable. The rating agency anticipates that the company’s profitability will increase despite softening steel prices and that the company will maintain prudent financial policies with a balanced capital allocation and financial metrics commensurate with its Baa3 rating.
Wipro: The IT services provider disclosed the sale of 14 acres and two cents of land and a 20-year-old facility in Chennai for Rs 266.38 billion. On September 25, the company executed the sale deed, and Casagrand Bizpark was the purchaser.
Fortis Healthcare has received board sanction to engage in a share purchase agreement for the acquisition of a 99.9% stake in Artistery Properties. The business value of the stake purchase is Rs 32 crore. Artistery possesses land and a structure adjacent to Fortis Hospital in Anandpur, Kolkata. It can be used to house OPD, diagnostics, and daycare services, which have been relocated from the main building of Fortis Anandpur Hospital, with minimal customization and re-layout.
HDFC Asset Management Company: HDFC AMC has invested Rs 25 crore in its subsidiary, HDFC AMC International (IFSC), and has maintained a 100% stake in the subsidiary.
Bannari Amman Spinning Mills: Shareholders have approved S. V. Arumugam’s reappointment as Managing Director of Bannari Amman Spinning Mills for a three-year term beginning on June 27, 2023, and ending on June 26, 2026. They also approved C. Sivasamy’s appointment as an independent director of the company for five consecutive years, beginning on June 28, 2023, and ending on June 27, 2028.
National Highways Logistics Management nullifies the proposals for two ropeway projects won by GR Infraprojects. In February 2023, GR Infraprojects emerged as the L1 respondent for the development, operation, and maintenance of a ropeway contract worth Rs 3,613 crore in Uttarakhand on Hybrid Annuity Mode.
Shareholders of KM Sugar Mills have ratified the reappointment of L. K. Jhunjhunwala as Chairman, Aditya Jhunjhunwala as Managing Director, Sanjay Jhunjhunwala as Joint Managing Director, and SC Agarwal as Executive Director of the sugar company, effective April 1, 2024, for three years.
SMC Global Securities has announced a strategic partnership with Ujjivan Small Finance Bank to provide online trading services to the bank’s clients. This association will provide bank consumers with services including savings, demat, and trading accounts. SMC Global will be able to expand its consumer base by leveraging Ujjivan SFB’s extensive pan-Indian presence, which serves over 76 lakh customers.
The company has received a letter of acceptance for road and culvert works-1 for the CBR project of CPCL in Nagapattinam, Tamil Nadu, at a cost of Rs 300.44 crore. In addition, a contract worth Rs 90.18 crore was awarded for the provision of civil works and allied services for the engine test facility and ancillary work for the GRTE in Rajankute, Bengaluru. It also received a contract for the construction of a storm water conduit in the amount of Rs 16,88 crore from the Thoothukudi city Municipal Corporation in Tamil Nadu.
Sintex BAPL, a subsidiary of Welspun Corporation, has signed a memorandum of understanding with the Telangana government to establish a manufacturing facility in the state with an investment of up to Rs 350 crore. Under the state government’s incentive programme, the proposed enterprise will manufacture water containers and PVC pipelines and fittings. The total expenditure will be distributed across the next three fiscal years.