Latest News in Finance and Stock Market 16June2023
Adani Digital Labs Private Limited (“ADL”), a wholly owned subsidiary of the Company has signed a Share Purchase Agreement (“SPA”) in relation to its proposed acquisition of 100% stake in Stark Enterprises Private Limited (“SEPL”), also known as Trainman, an online train booking and information platform.
Castrol, Mahindra Insurance Brokers announce alliance for Castrol Auto Service Workshops
The offer will allow Castrol Auto Service (CAS) workshops to distribute eligible vehicle insurance policies
Eligible CAS workshops will be able to register as cashless claim sites with leading insurance companies
Castrol India Limited, India’s leading lubricant player, has signed an agreement with Mahindra Insurance Brokers Limited (MIBL), a prominent insurance brokerage firm. Castrol Auto Service (CAS) workshops will now have an option to to empanel themselves as POSPs (Point of Sale Persons) for distribution of eligible insurance policies from India’s leading motor insurance providers through MIBL. The CAS workshops can offer automotive insurance products via a digital platform in addition to repair and maintenance services for their customers’ vehicles.
Tata Motors Intimation of settlement of the offer made to External Commercial Borrowing bond holders for purchase for cash the outstanding USD 250,000,000
Tata Motors Limited had on May 31, 2023 commenced a tender offer to the External Commercial Borrowing Bonds of USD 250,000,000 5.75% senior notes due 2024 (‘ECB Bonds’) holders inviting them to offer to sell for cash to the Company the ECB Bonds held by such ECB bonds holders (‘the Offer’) and further intimated you that the Offer expired at 8:30 pm (India time) on June 9, 2023 (‘Expiration Time’) and at the Expiration Time USD 111,943,000 in aggregate principal amount of the ECB Bonds were validly tendered pursuant to the Offer.
It is hereby intimated that subject to the satisfaction of the conditions set forth in the tender offer memorandum dated May 31, 2023, the Company has taken such steps as are required to extinguish the ECB Bonds that have been validly tendered and purchased by the Company pursuant to the Offer.
Accordingly, the aggregate principal amount of ECB Bonds that remain outstanding as of the date hereof is USD 138,057,000.
AXIS BANK LIMITED APPOINTMENT OF N. S. VISHWANATHAN AS THE NON EXECUTIVE (PART-TIME) CHAIRMAN
N. S. Vishwanathan, aged 64 years, has been an Independent Director of the Bank, with effect from May 30, 2023. He has been a career Central Banker.
He joined the Reserve Bank of India (“RBI”) in 1981 as a Direct Recruit Officer and rose through the rank and retired as Deputy Governor in March 2020.
He has varied experience as a central banker including handling administrative functions for RBI. As the Deputy Governor, he has handled the Banking, non-banking and cooperative banking regulation, governance, internal control, risk management functions and human resource management of RBI and enforcement. During his illustrious career, he handled the role of Director – Supervision Bank of Mauritius (Central Bank of Mauritius) and acted as the Chief Vigilance Officer and Head of Internal Audit, Industrial Financial Corporation of India. He was also a member of the Board of Securities and Exchange Board of India (SEBI) between July 2016 till March 2020.
He has been invited to be a member of various international committees and organisations and has also been part of various domestic bodies / committees.
Gufic receives approval from NMPA, China for Prilocaine API
Gufic Biosciences Limited (Gufic) have received approval from National Medical Products Administration (NMPA), China for our product PRILOCAINE (API) which is an amide-type local anaesthetic of fast onset and intermediate duration of action. This approval shall help commercialization of the said product in China and explore Chinese market.
About Prilocaine Prilocaine has a clinical profile similar to lidocaine and is used for infiltration, peripheral nerve blocks and spinal and epidural anaesthesia. Also, in combination with lidocaine, it is used for surface anaesthesia.
Havells India Reappointment of Shri Anil Rai Gupta as the Chairman and Managing Director and the CEO of the Company
We estimate Shri Anil Rai Gupta’s FY24 remuneration at Rs. 288.2 mn, which is high in absolute terms and higher than peers. While a large portion of his remuneration is variable and linked to company profitability, there is no absolute cap on the remuneration: therefore, as profitability increases, remuneration may be much higher over his tenure. Total promoter remuneration was Rs. 385.9 mn and Rs. 369.2 mn in FY22 and FY23 respectively, which is high in absolute terms.
Bharat Electronics Limited(BEL) appointed Shri K V Suresh Kumar as Director (Marketing)
Shri K V Suresh Kumar as Director (Marketing) on the Board of BEL In this regard, the Board of Directors vide circular resolution dated 161h June, 2023 appointed Shri K V Suresh Kumar as Additional Director w.e.f 16th June 2023.
Shri Kaipa Venkata Suresh Kumar has been appointed as Director – Marketing of Bharat Electronics Limited on 16th June 2023. Shri Suresh Kumar is a post-graduate in Electronics & Communications engineering and joined Bharat Electronics Limited in May 1989 as a Probationary Engineer. He has worked at multiple Units of BEL and in multiple technologies, held corporate positions and was the General Manager of Product Development and Innovation Center at Bangalore before his elevation to Director (Marketing). He is also the current Chief Indigenization Officer of BEL.
Throughout a career of 34 years, he has been an accomplished engineer with rich experience in diverse technology areas dealing with all major customer segments and has been deeply involved in driving business development through R&D. He is a recipient of Raksha Mantri’s Excellence Award. Under his tutelage, many patents / copy rights were created by his teams.
Happiest Minds is among Top 100 India’s Best Company to Work For 2023
Happiest Minds Technologies, a ‘Born Digital . Born Agile’, Mindful IT Company, today announced that it is recognized by Great Place to Work® among the Top 100 India’s Best Companies to Work For in 2023.
The Great Place to Work recognition is based on anonymous feedback, which provides insights into various aspects of the workplace, including trust, leadership, professional development, and camaraderie. The award is testimony of the company’s commitment to creating a positive, inclusive, and thriving workplace culture.
The Great Place to Work Institute is a global authority on creating, sustaining, and identifying the best workplace, offering a healthy work environment and well-designed workplace wellness practices to employees . In India, the Institute partners with more than 1100+ organizations annually across 22 industries to help them build a HighTrust, High-Performance Culture™ designed to deliver sustained business results.
Power Finance Corporation (PFC) development of Independent Transmission Projects as a wholly owned subsidiary of PFC Consulting Limited {PFCCL)
Bikaner III Neemrana II Transmission Limited for development of “Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part-1: Bikaner Complex) Part-C”, a Special Purpose Vehicle (SPY) for development of Independent Transmission Projects has been incorporated as wholly owned subsidiary of PFC Consulting Limited (a wholly owned subsidiary of Power Finance Corporation Limited)
PFC Consulting Limited (a wholly owned subsidiary of Power Finance Corporation Limited) has been nominated as the ‘Bid Process Coordinator’ for selection of developer through tariff based competitive bidding for the Independent Transmission Projects (ITPs) by Ministry of Power
