Cabinet approves proposal to set up Development Finance Institution

The Union Cabinet, on Tuesday, approved the creation of a Development Finance Institution (DFI) for funding infrastructure and development activities in the country. The government will initially infuse Rs 20,000 crore into this institution. Finance Minister Nirmala Sitharaman said that the DFI is expected to raise up to Rs 3 lakh crore in the next few years. The DFI will start with 100% ownership of the Government of India. This figure will gradually be brought down to 26%.

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L&T secures multiple orders across business segments in domestic market

Larsen & Toubro (L&T) Limited has received multiple orders across its business segments in the domestic market. The company’s water and effluent treatment business has secured EPC (engineering, procurement, and construction) orders from the Rural Water Supply and Sanitation Department, Odisha. L&T’s buildings and factories business has secured an order from a leading cement manufacturer to construct a 10,000 TPD (tonnes per day) Integrated Cement Plant in Pali, Rajasthan. The value of the orders ranges between Rs 1,000 crore and Rs 2,500 crore.

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Godrej Properties raises Rs 3,750 crore via QIP

Godrej Properties Ltd has raised Rs 3,750 crore through a qualified institutional placement (QIP). The company’s board has issued 2.59 crore equity shares (of the face value of Rs 5 each) to eligible qualified institutional buyers (QIBs) at Rs 1,513.39 per share. Godrej Properties will utilise the funds to buy land and expand its business.

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GMM Pfaudler acquires assets of HDO Technologies

GMM Pfaudler announced that it has participated in the e-auction process for the sale of assets owned by HDO Technologies, which is currently under liquidation. The company has been declared as the successful bidder for assets including factory land, building, plant & machinery, office equipment, etc. A consideration of Rs 58.46 crore will be paid for the proposed assets. The tentative date for the completion of the transaction is April 30, 2021.

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TCS launches SaaS-based platform to secure enterprises from cyber risks

Tata Consultancy Services (TCS) has launched a software-as-a-service (SaaS)-based automated vulnerability remediation platform to protect enterprises from cyber attacks. The platform will identify and prioritise vulnerabilities in the software libraries of enterprises and proactively fix them. It provides risk-based analytics that helps security and IT operations teams to mitigate known risks.

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BEML receives orders worth $23 million from Bangladesh, Cameroon

State-owned BEML Limited has received export orders from Cameroon and Bangladesh under the Government of India- Lines of Credit. The company will supply 71 units of construction equipment consisting of bulldozers, excavators, motor graders, etc to the Ministry of Economy-Planning & Regional Development, Cameroon. It will also supply equipment for road construction and infrastructure projects to the Ministry of Roads & Highways Department, Bangladesh. The total value of the orders is estimated at $23 million (~Rs 167 crore)  

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HG Infra Engineering secures order from NTPC

HG Infra Engineering Ltd has received an order worth Rs 122.38 crore from state-owned NTPC Limited. The order is for the transportation of 26.41 lakh cubic metres of pond ash from NTPC Ramagundam to the NHAI-PIU-Mancherial road construction project. The project has to be completed within 15 months.

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Gland Pharma to supply 252 million doses of Sputnik V vaccine

Gland Pharma Limited has entered into an agreement with the Russian Direct Investment Fund (RDIF) to supply up to 252 million doses of Sputnik V Covid-19 vaccine. The company will utilise its Drug Substance and Drug Product facilities at its sites in Hyderabad. The production is expected to commence from the third quarter of 2021.

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IPO Updates:

Kalyan Jewellers

The Rs 1,175-crore initial public offering (IPO) of Kalyan Jewellers was subscribed 60% on the first day of bidding. The portion reserved for retail investors was subscribed 1.10 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 20% and that of employees 1.15%. To know more about the IPO, click here.

Laxmi Organic Industries

The Rs 600-crore initial public offering (IPO) of Laxmi Organic Industries was subscribed 6.05 times on the second day of bidding. The portion reserved for retail investors was subscribed 10.38 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 2.48 times and that of qualified institutional buyers (QIBs) 1.15 times. You can learn more about the IPO here.

Craftsman Automation

The Rs 823.70-crore initial public offering (IPO) of Craftsman Automation was subscribed 1.26 times on the second day of bidding. The portion reserved for retail investors was subscribed 2.11 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 19% and that of QIBs 56%. To know more about the IPO, click here.

Anupam Rasayan India

The Rs 760-crore initial public offering (IPO) of Anupam Rasayan India was subscribed 44.06 times on the final day of bidding. The portion reserved for retail investors was subscribed 10.77 times and that of employees 1.71 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 97.42 times and that of QIBs 65.74 times. To know more about the IPO, click here.

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