Business News at 05:30 pm on 19th March, 2024

Let’s begin – Coforge, previously identified as NIIT Technologies, declared its intent to raise Rs 3,200 crore in funds. This determination emerged following a board meeting convened on Saturday, March 16, according to a company statement submitted to the exchange. This decision comes in the wake of Coforge’s withdrawal of plans for a $750 million initial public offering (IPO) in the United States. The company has opted for alternative fundraising avenues, including qualified institutional placement (QIP) or any other permissible modes in accordance with applicable laws. However, the implementation of these measures is contingent upon obtaining requisite approvals, including those from shareholders and regulatory bodies, as highlighted by the company in an exchange filing on March 16.
Meanwhile – Alpex Solar Limited, a manufacturer of solar systems, on Tuesday announced that it has received prestigious orders for the supply, installation and commissioning of 1434 solar water pumping systems from The Director General, Department of New & Renewable Energy Haryana (HAREDA), Panchkula. The orders have been received under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan Yojana (PM-KUSUM Scheme), it said. The Noida-based company received the first order for 845 solar water pumps worth Rs 26.49 crore under the Component-B of PM Kusum scheme for the design, manufacture, supply, installation, testing, and commissioning of Solar Water Pumping Systems (SWPS) at 845 locations across the state of Haryana. The second order is for supplying, installing, and commissioning 589 Solar Water Pumping Systems worth Rs 17.21 core from HAREDA, Panchkula.
In separate development – Jindal Stainless, one of India’s largest stainless steel manufacturer has partnered JBM Auto, a leading electric bus manufacturer, for fabrication of over 500 energy-efficient and light-weight stainless steel e-buses. As per the understanding, Jindal Stainless will provide JT Tubes, made up of low-carbon, chromium-manganese austenitic stainless steel to JBM Auto. The material, also denoted as N7 in Bureau of Indian Standards specification, 6911, has three times the strength of the carbon steel currently used to fabricate buses. JBM Auto, with an order book of over 5,000 electric buses, is progressing in a transitional manner towards fabricating its electric buses from the earlier used, carbon steel to stainless steel now. This would result in lightweighting, enhanced performance, higher strength and durability of the buses.
In another development – Deloitte has launched biggest restructuring of its global operations in a decade in order to save expenses and reduce the organisation’s complexity ahead of an anticipated market slowdown, a report by Financial Times stated. Under this restructuring plan, Deloitte’s main business units will be cut from five that the firm has had since 2014, to four – audit and assurance; strategy, risk and transactions; technology and transformation; and tax and legal, the report added. According to a person familiar with the plan, the reorganisation will reduce costs across the firm but a figure had not yet been put on savings. It’s not certain if the restructuring will involve job cuts.
Now news related to Tata Motors – Tata Motors, one of India’s leading automobile manufacturer has inaugurated its fifth Registered Vehicle Scrapping Facility (RVSF), near Delhi. Christened ‘Re.Wi.Re – Recycle with Respect,’ the facility was inaugurated by Girish Wagh, Executive Director, Tata Motors has a capacity to safely disassemble 18,000 end-of-life vehicles annually. The facility is developed in partnership with Johar Motors, the RVSF is adept at responsibly scrapping passenger and commercial vehicles of all brands. This significant milestone follows the resounding success of Tata Motors’ four preceding RVSFs in Jaipur, Bhubaneshwar, Surat and Chandigarh, reiterating the company’s commitment to advancing sustainable initiatives. Re.Wi.Re. is a cutting-edge facility, purpose-built for dismantling end-of-life passenger and commercial vehicles across all brands, with a focus on employing environmentally friendly practices.
In another development – Domestic alcohol beverages companies are expected to report a revenue growth of 8-10 per cent in FY2025, stated a report by ICRA. While Indian Made Foreign Liquor companies are expected to witness 11-13 per cent revenue expansion supported by preference towards premium products amid volume growth of ~3-5 per cent on a high base of FY2024, revenues for beer companies will witness a 9-11 per cent YoY increase, largely led by ~4-6 per cent expansion in volumes. Per the findings of the report by ICRA, beer is expected to witness a good season in Q1FY25 in anticipation of a hot summer compared to the previous fiscal, which had encountered unseasonal rainfall.
Lastly – The benchmark equity indices closed in negative territory on March 19 amid a sell-off in IT and FMCG. The NSE Nifty 50 closed 238 points or 1.08% lower to settle at 21,817.45, while the BSE Sensex pulled back over 700 points or 1.01% to finish at 72,012.05. However, the broader indices closed in the red, with midcap and smallcap stocks under pressure. Nifty Midcap 100 lost almost 600 points or 1.24% to close at 45,926.30.