ONGC/Reliance Industries: The union government has lowered the windfall tax on the sale of locally-produced crude oil to ₹1,900 per tonne from ₹2,100 per tonne after a gap of two weeks. Centre has also reduced additional excise duty on the export of aviation turbine fuel (ATF) to ₹3.5 per litre from earlier ₹4.5 per litre and has reduced export duty on diesel to ₹5 per litre, including cess, from the previous levy of ₹6.5 per litre, said a finance ministry notification.
Siemens India: Global engineering and technology firm Siemens has signed a ₹26,000 crore ($3.25 billion) contract with Indian Railways to supply and service electric locomotives for freight movement in India. In a statement, the German engineering company said that the deal is the biggest locomotive deal in the history of Siemens Mobility and the single largest order for the company in India. As per the agreement, Siemens will deliver 1,200 electric locomotives of high capacity 9000 horsepower (HP) and also provide servicing for 35 years to the Railways.
Coal India: State-owned Coal India Ltd (CIL) on Monday said it has clocked an 18.6% growth in composite opencast production in December over the same month a year ago. “Coal India’s (CIL) composite production, the sum total of overburden removal (OBR) and coal output through opencast mines, went up by a sharp 18.6% to 1,439.6 million cubic metres McuM ending December FY’23, compared to the year-ago same period," the company said in a statement. This was 101% of the target achievement on a progressive basis, it added.
NTPC: NTPC Renewable Energy Ltd. (NTPC REL) has signed a Memorandum of Understanding (MoU) with the Tripura government for the development of floating and ground-mounted renewable energy projects in the state. The MoU aims to develop large-sized renewable energy projects in Tripura and shall help the state in meeting its clean energy commitments. “This MoU embarks upon the journey towards the development of large-sized renewable energy projects in the State of Tripura and shall help Govt of Tripura in meeting its clean energy commitments and obligations," it said.
Bank of Maharashtra: The state-owned Bank of Maharashtra (BoM), which reported solid Q3 results, announced on Monday that it aims to raise up to ₹1,000 crore via qualified institutions placement (QIP) in the January-March quarter pr Q4FY23 in order to comply with Sebi's minimum public shareholding (MPS) standards. A S Rajeev, managing director of BoM, stated that the bank has commenced the procedure to comply with Sebi's regulations. "It will be done in a piecemeal manner and we are looking at QIP between ₹500 and ₹1,000 crore in the current quarter," MD said by adding that going forward other means would be explored for dilution of the government's stake.
Samvardhana Motherson International: Sojitz Corporation is expected to divest up to 1.6% stake in auto component major Samvardhana Motherson International through a block deal, according to a CNBC-TV18 report. The deal size is likely pegged at $92 million. The deal is expected to be at a discount of up to 6% at the current market price. The floor price of the block deal is ₹71 per share, the report said. In October last year, Sojitz Corporation had divested a 2.83% stake in auto component major Samvardhana Motherson International for ₹825 crore through an open market transaction.
JSW Ispat Special Products: JSW Ispat Special Products Limited (JISPL) on Monday said its consolidated net loss widened to ₹97.98 crore in the December quarter. The company had posted a ₹27.12 crore net loss in the year-ago period, according to a statement. Its total income fell to ₹1,110.33 crore from ₹1,476.46 crore during the October-December period of the previous year. Debt-laden Monnet Ispat & Energy Limited (MIEL) was acquired jointly by a consortium of Aion Investments Private Limited (AION) and JSW Steel Limited and later renamed as JSW Ispat Special Products Limited.
Dabur India: Dabur India’s beauty and personal care retail chain NewU, on Monday announced the launch of six new stores taking its total store count to over 100 outlets. NewU offers makeup, skincare, hair care, fragrances, and personal grooming products from a range of brands. NewU is operated by H & B Stores Limited which is a 100% subsidiary of Dabur India Ltd. NewU is currently present in 40 cities across India, with over 100 outlets. Asthana said the company is expanding its retail footprint across India with plans to double its store count in the next two years.
One 97 Communications: Paytm Payments Bank Limited (PPBL) received final approval from the Reserve Bank of India to operate as Bharat Bill Payment System services under the Payment and Settlement Systems Act, 2007, said a press release on Monday. As an entity under Bharat Bill Payment System (BBPS), PPBL has got the final authorization to conduct bill payment and aggregation business as a BBPOU. PPBL had been undertaking this activity so far under in-principle authorisation from RBI.
Spencer's Retail: Spencer’s Retail on Monday said it will enter the value retail format with the launch of the hypermarket chain Spencer’s Value Market to expand its retail footprint in India’s smaller cities. Shashwat Goenka, the sector head for retail and FMCG, RP-Sanjiv Goenka Group, said a new consumer class emerging out of small towns wants to experience modern shopping while seeking value. Spencer’s Value will offer discounts on a variety of assortments.
