Reliance Industries to venture into green energy business

At the 44th Annual General Meeting (AGM) of Reliance Industries Ltd (RIL), Mukesh Ambani announced the company’s mega investment into a new green energy business. RIL aims to build four giga factories to manufacture and integrate critical components at an investment of Rs 60,000 crore over the next three years. 

Ambani further announced that RIL plans to close its deal with Saudi Aramco this year. Also, the company will launch a low-cost smartphone— ‘JioPhone Next’ (developed in collaboration with Google) in September 2021. RIL’s Chairman also claimed that Reliance Jio will be the first to launch 5G in India.

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Adani’s subsidiary strikes coal at Carmichael mines in Australia 

Adani Group’s Australian mining arm, Bravus Mining & Resources, has struck coal at the Carmichael mine in Queensland, Australia. In a statement, Bravus CEO David Boshoff said the company is on track to export its first coal this year. India will be a foundation customer for the Carmichael mine. Bravus has already secured the market for 10 million tonnes per annum (MTPA) of coal produced at the mine.

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SBI Cards launches co-branded credit card with Fabindia

SBI Cards & Payment Services has partnered with Fabindia to launch an exclusive co-branded contactless credit card, Fabindia SBI Card. The card is designed with curated benefits and privileges to offer a rewarding shopping experience to its premium customers.  It comes in two variants— Fabindia SBI Card SELECT and Fabindia SBI Card. All Fabindia SBI Card customers will get direct entry to the FabFamily loyalty program.

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Zydus Cadila gets USFDA approval to market generic sclerosis treatment drug

Zydus Cadila has received tentative approval from the US Food & Drug Administration (USFDA) to market Fingolimod capsules in the US. The drug is used to treat multiple sclerosis (a potentially disabling disease of the brain and spinal cord). The capsules will be manufactured at the pharma company’s manufacturing facility at the Special Economic Zone (SEZ), Ahmedabad.

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Mindspace REIT commits to 100% renewable electricity use by 2050

Mindspace Business Parks REIT has joined the global RE100 initiative led by Climate Group in partnership with the Carbon Disclosure Project (CDP). With this, the firm has committed to transform into 100% renewable electricity use across all areas services and maintained within its portfolio by 2050. Mindspace REIT will also make renewable energy accessible to tenants who choose to avail of green energy. Currently, the REIT sources about 10% energy through renewable sources such as solar energy and renewable energy certificates (RECs).

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HFCL to set up PM-WANI powered connectivity for Baidebattu village

HFCL, in collaboration with Telecom Infra Project, has announced the setting up of their second PM-WANI (Wi-Fi Access Network Interface)-powered connectivity for Baidebattu village in Karnataka. The company will set up a robust outdoor Wi-Fi network for providing broadband internet connectivity. It will offer high-speed Wi-Fi connectivity to over 9,000 residents of the village. The network is expected to go live by July 31, 2021.

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CBI searches premises of CG Power & Industrial Solutions in Mumbai

The Central Bureau of Investigation (CBI) carried out searches at the premises of CG Power and Industrial Solutions (previously known as Crompton Greaves) on Thursday. This is in connection with an alleged loan fraud of Rs 446 crore in Yes Bank involving industrialist Gautam Thapar. The CBI has alleged that the accused have indulged in a criminal conspiracy, criminal breach of trust, cheating, and forgery for diversion of public money to the tune of Rs 466.15 crore.

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West Coast Paper Q4 Results: Net profit declines 37.5% YoY to Rs 75 crore

West Coast Paper Mills reported a 37.53% YoY decline in consolidated net profit to Rs 74.92 crore for the quarter ended March (Q4). Its revenue from operations rose 26.14% YoY to Rs 937.03 crore during the same period. West Coast Paper reported a net loss of Rs 3.10 crore for the financial year ended March 30, 2021 (FY21). It had posted a net profit of Rs 370.38 crore in FY20. The company’s board has recommended a final dividend of Re 1 per share.

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India Pesticides IPO subscribed 3.79 times on second day of bidding

The Rs 800 crore initial public offering (IPO) of India Pesticides Limited was subscribed 3.79 times on the second day of bidding. Investors have put in bids for 7.32 crore equity shares against the offer size of 1.93 crore shares. The portion reserved for retail investors was subscribed 5.88 times. The portion set aside for Non-Institutional Investors (NIIs) was subscribed 91%, and that of Qualified Institutional Buyers (QIBs) 2.31 times. The agrochemical company’s public issue closes tomorrow.

To learn more about the IPO, click here.

TCS launches ‘Quartz for Markets’

Tata Consultancy Services (TCS) announced the availability of a new solution, termed as ‘Quartz for Markets’, for Market Infrastructure Institutions (MIIs). It helps MIIs offer end-to-end next-generation services around tokenised securities and drive their future growth. The solution supports multiple asset classes, including equity, fixed income, warrants, and asset-backed tokens like real estate, gold, art, and non-fungible tokens (NFTs). MIIs include exchanges, depositories, central banks, payment infrastructures, private banks, custodians, etc.

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At the recent United Nations Climate Change Conference at Glasgow (COP26), India pledged to achieve net-zero carbon emissions by 2070. The Centre has committed to installing a non-fossil fuel electricity generation capacity of 500 gigawatts (GW) and sourcing 50% of India’s energy requirement from renewable sources by 2030. The government also aims to reduce 1 […]