Bank securities: The Reserve Bank of India’s macro stress tests for credit risk show that the gross NPA ratio of programmed commercial banks could drop from 6.9% in September 2021 to 8.1% by September 2022 in the baseline scenario and 9.5% in a severe stress scenario. According to the latest RBI Financial Stability Report (FSR), the bank-led model of credit growth faces headwinds even as lender inquiries volumes show growing credit demand of the share of high-risk consumers, especially after the second wave of Covid.
Puravankara: The Board of Directors has adopted an enabling resolution to approve a proposed transaction and has entered into a framework agreement with Keppel Puravankara Development Private Ltd (KPDPL) – an associated company. The company owns 49 percent of the registered capital of KPDPL, which has a residential project and a commercial project. The business plan is being split into a separate wholly owned subsidiary of KPDPL and following the split of the KPDPL business plan into a separate wholly owned subsidiary the company will be allocated 49% of the WOS shares of KPDPL. Upon the allotment, the company will sell its 49 percent stake in KPDPL’s WOS to Keppel Investment (Mauritius) Pte Ltd for a consideration of 112 crore.
NMDC: The Goa cabinet on Wednesday approved a policy to allow the export of iron ore landfills, which will allow mining to resume in the coastal state for the next four to five years.
Rane Holdings: ZF increased its stake to become a majority shareholder with 51 percent in the Rane TRW Steering Systems joint venture of the Rane group. Until now, the two partners have held equal shares in the company. Going forward, the joint venture will operate in the market as ZF Rane Automotive India. The name change reflects the enhanced cooperation between the partners.
Futuristic Confidence: The board of directors of Confidence Futuristic Energetech Ltd has approved the allotment of 1,05 10,000 equity shares of 10 each to 120 per share on a preferential basis, to the promoter / group of promoters and others (i.e. i.e. people / entities not part of the promoter and promoter group).
Deep industries received an award letter from GSPC LNG Limited (GLL) for the lease of gas compression services at the GSPC LNG terminal, Mundra, Gujarat, India for a period of 5 years. The estimated total value of said reward is approximately 44.40 crore.
Kimia Biosciences Limited has been recognized / validated for the supply of pharmaceutical raw materials to Bangladesh by the General Directorate of Drug Administration & Licensing Authority (Drugs), Govt. of the People’s Republic of Bangladesh. This source validation certificate is valid for 3 years from the date of issue.
Pioneer Embroidery Limited (PEL), one of the main players and owners of the “Silkolite” brand of specialty polyester filament yarns (SPFY), is continuing its expansion project in SPFY on schedule. The company has already placed the major equipment order with a German manufacturer of quality textile extrusion equipment, along with advance payments, which would ensure delivery by the third quarter of fiscal year 23. The equipment is mainly financed by a German bank. Construction work on the land adjoining the company’s existing manufacturing plant in Kala Amb, Himachal Pradesh is progressing well, with foundation work already completed.
Lambodhara textiles Limited offered to install a 3.1 MW DC and 2.4 MW AC ground-mounted grid-based solar power plant in Manaparai, Trichy district, Tamil Nadu, at an estimated cost of 14.90 crore for purposes of captive consumption, which would help the company reduce its dependence on non-renewable energy sources. As a result, 90 percent of the company’s energy consumption will be green energy.
Global KPI infrastructure received the confirmation of the order for the execution of a solar energy project with a capacity of 10 MWDC of M / s. Colourtex Industries Private Limited, Surat under the “Captive Power Producer (CPP)” segment of the company.
Sharika Enterprises received an order from the Power Grid Corporation of India for the implementation of a smart city project at the Powergrid Township project in the amount of 1.74 crore.
Varun drinks Limited has incorporated a new company – Varun Beverages RDC SAS – in the Democratic Republic of the Congo to carry on the business of manufacturing, selling, trading and distributing carbonated and non-carbonated drinks.