Reliance terminates sub-lease of 950 Future stores

Reliance Retails Ventures Ltd (RRVL) has issued notices on Future Retail for terminating sub-leases of 950 stores it had taken over. The debt-laded Future Group firms have been served notices to terminate the lease of 835 Future Retail stores and 112 Future Lifestyle stores. In February, RRVL had taken over store spaces for which the Future Group couldn’t pay lease rent. These stores were then sub-let to the Future Group for operation.

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JSPL’s total sales rise 8% YoY in February

Jindal Steel & Power Ltd (JSPL) reported an 8% year-on-year increase in steel sales to 5.9 lakh tonnes (LT) in February 2022. The figure stood at 5.47 LT in Feb 2021. The company’s sales would have been higher if not for the limited rake availability in the eastern part of India. Exports contributed 24% to the sales volumes. JSPL’s total steel production stood at 6.57 lakh tonnes in Feb 2022, a 1% increase over the previous year.

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Kalpataru Power secures order worth Rs 3,276 crore

Kalpataru Power Transmission Ltd (KPTL) has received the Letter of Intent (LoI) for an order worth Rs 3,276 crore. The project involves the design, engineering, supply, and construction of an HVDC power transmission line of 700 km. KPTL is a leading global EPC player in the power and infrastructure contracting sector.

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L&T Construction secures three new contracts

Larsen & Toubro Ltd’s (L&T) construction and infrastructure businesses have secured significant orders (in the range of Rs 1,000-2,500 crore). Its Railways SBU has won an order for 25 kV overhead electrification, signalling, and telecom works for 549 RKM/678 TKM railway lines in the Northeast Frontier Railway. L&T is also executing four major EPC contracts from Central Organization for Railway Electrification (CORE). The company’s Factories Business secured an order from an FMCG firm for a food processing facility in Gujarat. 

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Exide Industries partners with SVOLT Energy Co. for technical know-how for making lithium-ion cell

Exide Industries Ltd has entered into a multi-year technical collaboration agreement with SVOLT Energy Technology Co. Ltd for technology and the necessary know-how for manufacturing lithium-ion cells in India. SVOLT will grant Exide an irrevocable right and license to use, exploit and commercialize necessary technology owned by them for lithium-ion cell manufacturing. It will also provide the support required for setting up a state-of-the-art greenfield manufacturing plant.

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Bharti Airtel acquires 9% stake in Avaada Clean for Rs 7.8 crore

Bharti Airtel Ltd has acquired a 9% stake in renewable energy firm Avaada Clean TN Project for ~Rs 7.88 crore in an all-cash deal. The acquisition is to comply with regulatory requirements for captive power plants under the provisions of Electricity Act 2003 and Indian Electricity Rules 2005 and procurement of cost-effective renewable energy

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USFDA issues 3 observations on Zydus’ Jarod manufacturing unit

Zydus Lifesciences Ltd has received three observations from the US Food & Drug Administration (USFDA) following inspection of its Jarod (Vadodara)-based manufacturing facility. The regulator inspected the injectable facility from Feb 24 to March 10, 2022. USFDA issues its observations through Form 483 after an inspection if the investigators have observed any conditions that may violate current good manufacturing practices.

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Lupin opens main reference lab in Kolkata for expansion in east India

Lupin Ltd has opened its first reference laboratory in East India in Kolkata. The lab has the capabilities to conduct a broad spectrum of routine and specialized tests in the fields of molecular diagnostics, microbiology, immunology, routine biochemistry, etc. The Kolkata reference laboratory will act as the hub for Lupin’s expansion plans in East India. The pharma company will also set up processing labs in West Bengal, Assam, Bihar, and Orissa.

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Maruti Suzuki expects PV sales to expand in double digits in FY23

Maruti Suzuki India Ltd expects sales of passenger vehicles (PV) to expand in double digits in FY23. Sales will mostly be driven by strong consumer demand and improved chip supplies. This will be a second consecutive year of double-digit growth for the market, which is likely to inch closer to the previous peak of 3.7 million units. Maruti Suzuki said it would like to sustain a strong growth momentum of FY22 on the back of its biggest product offensive seen in recent years.

Ebixcash files DRHP for Rs 6,000 crore IPO

Ebixcash Ltd, the Indian subsidiary of Nasdaq listed Ebix Inc, has filed preliminary papers with markets regulator SEBI to raise Rs 6,000 crore through an initial public offering. The company may also explore a pre-IPO placement of up to Rs 1,200 crore. Ebixcash is a technology enabled provider of digital products and services in the B2C, B2B arena.

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