Hero MotoCorp Ltd.: The company has received a Goods and Services Tax (GST) demand notice amounting to ₹17.64 crore from the Office of the GST Officer, Government of NCT Delhi's Department of Trade and Taxes. The notice, detailed in the company's BSE filing on August 18, 2024, specifies that Hero MotoCorp is required to pay ₹9.38 crore as the tax demand under Section 73 of the Central Goods & Service Tax Act, 2017 (CGST Act), ₹7.32 crore as interest on this demand, and ₹93.86 lakh as penalty fees.
Escorts Kubota: The company is planning to invest up to ₹4,500 crore in setting up a new greenfield facility in Uttar Pradesh. As part of this initiative, Escorts Kubota has submitted an 'Investment Intent' to the state government for land acquisition. The facility will be designed to expand the company's current manufacturing capabilities, with the investment expected to be made in phases, according to the company's recent stock exchange filing.
GMR Airports Infrastructure Ltd.: In July 2024, GMR Airports reported a 7.7 percent year-on-year increase in total passenger traffic, reaching 1.06 crore passengers. Domestic traffic grew by 7.1 percent YoY, while international traffic saw a 9.3 percent increase. Additionally, aircraft movements in July rose by 6 percent YoY to 68,755. On August 14, GMR Airports announced its Board's approval to raise up to ₹5,000 crore through various means, including qualified institutions placement (QIP) or foreign currency convertible bonds (FCCBs).
DEE Development Engineers Ltd.: The company reported a profit after tax of ₹3.19 crore for Q1 FY2024, a significant turnaround from the ₹4.58 crore loss in the same quarter the previous year. The company’s total income for the quarter increased to ₹188.17 crore from ₹159.46 crore in Q1 FY2023. DEE Development Engineers' order book stood at ₹803 crore as of June 30, 2024, and the company recently secured an international contract worth approximately ₹340 crore.
SpiceJet: The airline, currently facing financial challenges, has appealed to the division bench of the Delhi High Court to overturn a single-bench order mandating the grounding of three leased engines. The original order, issued on August 14, required the return and inspection of the engines leased from French companies due to SpiceJet's failure to make rental payments. The appeal follows the lessors’ rejection of SpiceJet’s proposal to pledge shares as collateral against its liabilities.
Adani Enterprises: The company's Management Committee has approved the public issuance of non-convertible debentures (NCDs) amounting to up to ₹400 crore, with an option to retain oversubscription up to an additional ₹400 crore, bringing the total possible issuance to ₹800 crore.
Jubilant Pharmova: Jubilant Biosys Innovative Research Services Pte, Singapore, a subsidiary of Jubilant Biosys (which is a wholly-owned subsidiary of Jubilant Pharmova), has issued a “put option offer” to Pierre Fabre Laboratories. Through this offer, Jubilant Biosys will acquire 80 percent equity capital (valued at 4.4 million euros over two years) in a new company that will be incorporated in France. This new entity will acquire Pierre Fabre’s R&D Centre at Saint Julien, France, including its site and activities. This move will enable Jubilant Biosys to establish a center of excellence in Europe for Biologics and Antibody Drug Conjugate (ADC), accessing a total addressable market of $500 million.
Hindustan Zinc: Promoter Vedanta has decided to exercise the oversubscription option in the offer-for-sale of Hindustan Zinc, involving 1,21,65,562 equity shares (representing 0.29 percent of paid-up equity share capital). This is in addition to 5,14,40,329 equity shares (1.22 percent stake) included in the base offer size. As a result, the total offer size will be up to 6,36,05,891 equity shares (1.51 percent stake), with 63,60,590 equity shares reserved for allocation to retail investors on August 19.
Samvardhana Motherson International: The company is set to acquire a 34 percent stake in Motherson Auto Solutions Limited from Sojitz Corporation. This acquisition is subject to the satisfaction of certain conditions by its subsidiary, Samvardhana Motherson Innovative Solutions Limited.
Caplin Point: Caplin Point's subsidiary, Caplin Steriles, received zero observations from ANVISA, Brazil's drug regulator, following an inspection of its injectable and ophthalmic manufacturing facility in Gummidipoondi.
