RIL to invest Rs 75,000 crore in four renewable energy gigafactories

Reliance Industries Ltd (RIL) will invest Rs 75,000 crore over the next three years to set up four renewable energy gigafactories in Jamnagar, Gujarat. The complex will include a solar photovoltaic module factory and an advanced energy storage battery factory. It would also comprise an electrolyzer factory for the production of green hydrogen and a fuel-cell factory for converting hydrogen into motive and stationary power. RIL aims to create the capacity to generate 100 gigawatts (GW) of electricity from renewable sources by 2030. Chairman Mukesh Ambani has also outlined a 1-1-1 vision to bring down the cost of hydrogen to under $1 per 1 kg in 1 decade.

Read more here.

HDFC Life acquires Exide Life in a Rs 6,687 crore cash and stock deal

HDFC Life Insurance Company has announced the acquisition of Exide Life Insurance Company in a Rs 6,687 crore deal. Exide Life is a wholly-owned subsidiary of battery maker Exide Industries Ltd. As part of the cash and stock deal, HDFC Life will issue 8.7 crore shares to Exide Industries at Rs 685 per share and a cash payout of Rs 726 crore. HDFC Life stated that the proposed transaction will accelerate the growth of its agency business and strengthen other distribution channels including Broker and Co-operative Banks. 

Read more here.

India’s services PMI jumps to six-month high in August

India’s services sector activity jumped to its highest level since February 2021 on account of inflows of new work and improving demand. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 56.7 in August, compared to 45.4 in July. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month. The access to vaccines has improved, and consumer footfall has increased following the reopening of several establishments.

Read more here.

PVR opens 3-screen multiplex in Jamnagar

PVR Limited has opened a three-screen multiplex in Jamnagar at ICR-The Entertainment World, Gujarat. The property is spread over an area of 30,000 sq. ft. and has a capacity of 706 seats. The company invested Rs 6 crore in the project. With this launch, PVR operates the largest multiplex network with 849 screens at 177 properties in 72 cities (India and Sri Lanka).

Read more here.

Tata Motors opens 70 new sales outlets in a single day

Tata Motors has inaugurated 70 sales outlets across South India in a single day (Sept 3) as part of its retail acceleration strategy. Spread across 53 cities, the outlets are strategically mapped to emerging markets of the Southern region. The showrooms will be home to the automaker’s ‘New Forever’ range of passenger vehicles, including its electric vehicle (EV) portfolio. 

Read more here.

Indiabulls Housing Finance to raise Rs 1,000 crore via bond issue

Indiabulls Housing Finance Ltd has announced the launch of a public issue of secured and/or unsecured, redeemable, non-convertible debentures (NCDs) of the face value of Rs 1,000 each. The NCDs will offer coupon rates ranging from 8.05% to 9.75% per annum. Tranche I of the issue has a base size of Rs 200 crore with a greenshoe (or over-allotment) option of up to Rs 800 crore, aggregating up to Rs 1,000 crore.

Read more here.

Maruti Suzuki recalls 1.81 lakh vehicles to rectify safety defects

Maruti Suzuki India Ltd has issued recall orders for 1.81 lakh units of its cars to check and rectify faults that may potentially result in safety-related issues. The recall order has been issued voluntarily by the company, and owners with possibly affected vehicles will be contacted by Maruti Suzuki authorized workshops. The recall order covers petrol models of Ciaz, S-Cross, Vitara Brezza, Ertiga, and XL6, and only units manufactured between May 4, 2018, and October 27, 2020. 

Read more here.

Mazagon Dock to partner with Russia’s Zvezda to construct commercial ships

Prime Minister Narendra Modi announced that Mazagon Dock Shipbuilders will partner with Russia’s Zvezda to construct commercial ships. He was addressing a session of the 6th Eastern Economic Forum (EEF) via video conferencing today. Zvezda is the largest shipyard in Russia, designed for the construction of all types of sea-going vessels and production platforms for operation on the Russian shelf. 

Read more here.

Zen Tech secures Rs 155 crore contract from Indian Air Force

Zen Technologies Ltd has secured an order worth Rs 155 crore from the Indian Air Force (IAF) for the supply of Counter Unmanned Aircraft Systems (CUAS). The order will be carried out in a 12-month time frame. With this order, Zen Technologies’ total order book stands at Rs 402.61 crore. The company’s order book for equipment is worth Rs 284.09 crore, and the order book for annual maintenance contracts stood at Rs 118.52 crore.

Read more here.

Automobile PLI scheme to be announced next week: Report

According to a report from CNBC-TV18, the Central government may announce a Production Linked Incentive (PLI) scheme for the automobile sector next week. This scheme will help increase competitiveness and take the growth of the vehicle and auto components industry to the next level. The report further states that the PLI scheme has been modified after consultations between the Centre and the auto industry and includes an emphasis on the promotion of new technologies. 

Read more here.

Latest

Advertisement