Tata Motors’ shareholders approve hiving off PV business into new entity

Tata Motors Limited announced that its shareholders have approved the separation of its passenger vehicle (PV) business into a new entity. On March 5, the shareholders of the company voted to consider and approve the transfer of the PV business unit to TML Business Analytics Services Ltd on a slump sale basis. The automaker said that its passenger vehicles business is valued at Rs 9,417 crore. The process of hiving-off its domestic PV business is expected to be completed by May-June this year.

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Tata Motors, Ashok Leyland, M&M looking to acquire 26% stake in BEML: Report

As per a report from Mint, Tata Motors, Ashok Leyland, and Mahindra & Mahindra are among at least six companies looking to buy the government’s 26% stake in state-run BEML Limited. The report states that Bharat Forge and Megha Engineering & Infrastructure are also likely to submit Expression of Interest (EoI) for acquiring the stake in BEML. In January 2021, the Department of Investment and Public Asset Management (DIPAM) had invited EoIs to offload their 26% stake in BEML. The government currently holds a 54.03% stake in the defence and construction equipment manufacturing firm. 

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Atul Auto launches new autorickshaw model in CNG, LPG, and petrol variants

Atul Auto Limited has announced the launch of a new next-generation CNG, LPG, and petrol autorickshaw model for the Gujarat market. The supplies of the new model will begin from April 2021 for India and international markets. The new model comes with features like an international styled beige dashboard, semi-digital instrument cluster, step-less entry, and LED tail lamps.

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Adani Green Energy’s subsidiary commissions 100-MW wind power plant in Gujarat

Adani Green Energy Limited announced that its subsidiary, Adani Wind Energy Kutch Three Limited (AWEKTL), has commissioned a 100 megawatt (MW) wind power plant in Kutch, Gujarat. With this, the company has an operational wind generation capacity of 497 MW. The plant has a Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.82 per kilowatt-hour (kwh). 

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Talbros Automotive secures multi-year contract worth Rs 304 crore

Talbros Automotive Components Ltd and its joint venture (JV) partners have won multi-year orders worth Rs 304 crore. The orders are spread across its domestic and international customers. The order covers the company’s flagship products- gaskets and forgings. It also includes products from the JV’s— Talbros Marugo Rubber Pvt Ltd and Magneti Marelli Talbros Chassis Systems Pvt Ltd.

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Easy Trip Planners IPO subscribed 2.33 times on first day of bidding

The Rs 510-crore initial public offering (IPO) of Easy Trip Planners was subscribed 2.33 times on the first day of bidding. The issue received bids for 3.51 crore equity shares against an offer size of 1.5 crore shares. The portion reserved for retail investors was subscribed 12.58 times. The portion set aside for non-institutional investors (NIIs) witnessed a subscription of 15%. 

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DCW raises Rs 410 crore through debentures

DCW Limited said it has raised Rs 410 crore through the issuance of debentures to refinance its existing term loans and increase working capital. The company issued Non-Convertible Debentures (NCDs) worth Rs 350 crore and Optionally Convertible Debentures (OCDs) amounting to Rs 60 crore. The OCDs will be converted into equity within 18 months. The speciality chemical firm expects this fundraise to enhance capacity utilisation and meet increasing product demand.

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Subex to launch new AI automation platform in April

Subex Limited announced that it will launch a new artificial intelligence (AI) automation platform in April 2021. The platform will help enterprises in their AI adoption journey. Bengaluru-based Subex is a leading software company that provides digital trust products for telecom service providers. 

Natco Pharma receives final approval from USFDA for Everolimus tablets

Natco Pharma Limited announced that its marketing partner, Breckenridge Pharmaceutical Inc. (BPI), has received final approval for Everolimus Tablets from the US Food & Drug Administration (USFDA). The tablets are indicated for the treatment of breast cancer and a few other types of cancers. BPI plans to launch 2.5 mg, 5 mg, and 7.5 mg strengths of the product shortly within the next few weeks.

Meera Industries receives export order worth $180,000

Meera Industries Limited has received an export order worth $180,000 (~Rs 1.31 crore) from Turkey-based Monofiber Teknik Tekstil San Tic. The order is for the company’s recently launched MODEL DTX-260 (Direct Twisting + Precision Winding). The machine is used for all kinds of industrial thread twisting and winding like woven sacks threads, cotton twine, etc. Meera Industries is a leading textile machinery manufacturing company based in Gujarat.

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