Corporate Updates: July 2024 Highlights

In a dynamic and ever-evolving corporate landscape, companies continuously strategize to strengthen their market positions, expand their operations, and enhance their financial performance. The following corporate updates from July 2024 provide a glimpse into the latest developments and strategic moves by some of the leading companies across various sectors. From substantial borrowings and strategic acquisitions to new store openings and significant managerial changes, these updates reflect the diverse and vibrant nature of the corporate world. Here are the key highlights:

Power Grid Corporation of India

Power Grid Corporation of India has borrowed up to ₹16,000 crore for the financial year 2025-26 from various sources, including domestic bonds. This substantial borrowing indicates the company’s plans for expansion and infrastructure development in the coming years.

UltraTech Cement Middle East Investments

UltraTech Cement Middle East Investments, a subsidiary of UltraTech Cement in the UAE, has acquired a 54.39% stake in Ras Al Khaimah Co for White Cement and Construction Materials PSC. This acquisition strengthens UltraTech Cement’s presence in the Middle Eastern market and diversifies its portfolio in the construction materials sector.

Shalby

Shalby has received approval from the Charity Commissioner of Maharashtra to lease immovable property of the Trust, known as Asha Parekh Hospital in Santacruz, Mumbai, for 30 years. This lease allows Shalby to expand its healthcare facilities in Mumbai by constructing a new healthcare facility with over 175 beds.

Indo Count

Mr. Sachin Songaonkar, the General Manager of Information Technology at Indo Count, has resigned from his position effective from the close of business on July 10, 2024. His resignation marks a significant change in the company’s senior management team.

Glenmark Pharmaceuticals

Glenmark Pharmaceuticals is set to sell 96.1 lakh equity shares, representing a 7.84% stake in Glenmark Life Sciences, through an Offer For Sale (OFS). The floor price for this sale has been set at ₹810 per share.

Tata Elxsi

Tata Elxsi reported its quarterly income for March 2024 at ₹926 crore, compared to ₹850 crore year-on-year. However, the Profit After Tax (PAT) saw a slight decline, standing at ₹184 crore compared to ₹189 crore the previous year.

Star Housing Finance Limited

M/s Suryoday Small Finance Bank Limited has sanctioned a term loan facility of ₹10 crore to M/s Star Housing Finance Limited, indicating financial support and growth prospects for the latter.

Automotive Axles

Mr. Nikhil Prabhu V, the Deputy General Manager – Finance at Automotive Axles, has resigned from his position effective from the close of business on July 9, 2024. This resignation marks another significant change in the company’s senior management.

IRCTC, DMRC, and CRIS

IRCTC, DMRC, and CRIS have collaborated to enhance the travel experience of Main Line Railway and Metro passengers in the Delhi NCR area. This initiative supports the Government of India’s ‘One India – One Ticket’ policy, aiming to streamline and simplify travel for passengers.

IRB Infrastructure Developers

IRB Infrastructure Developers reported a toll collection of ₹517 crore in June, compared to ₹383 crore year-on-year. This significant increase reflects the company’s growth and efficiency in toll collection operations.

State Bank of India

The State Bank of India has raised ₹10,000 crore at a coupon rate of 7.36% through its sixth infrastructure bond issuance. This move showcases the bank’s commitment to funding infrastructure projects across the country.

Oriental Rail Infrastructure

Oriental Rail Infrastructure has secured orders worth ₹19.33 crore from Rail Coach Factory, Kapurthala, part of Indian Railways. These orders are expected to boost the company’s operations and revenue.

Valiant Organics

CRISIL has downgraded the long-term rating of Valiant Organics to CRISIL A-/Negative from CRISIL A/Negative. This downgrade reflects concerns about the company’s financial health and future prospects.

Sula Vineyards

Sula Vineyards reported a revenue of ₹130 crore for the first quarter of FY25, up from ₹118 crore year-on-year. This increase indicates a positive growth trend for the vineyard.

Trent

Westside, a retail brand under Trent, has opened its 229th store in Faridabad. This new store aims to attract and inspire fashion enthusiasts in the region, expanding Westside’s retail footprint.

Satin Creditcare Network

Satin Creditcare Network has successfully raised €15 million through External Commercial Borrowing (ECB) from OeEB – Oesterreichische Entwicklungsbank AG, the Development Bank of Austria. This funding will support the company’s expansion and development plans.

Zydus Lifesciences

Zydus Lifesciences has received tentative approval from the USFDA to market Diroximel Fumarate Delayed-Release Capsules, 231 mg, known as Vumerity® Delayed-Release Capsules tablets. This approval is a significant step for Zydus in expanding its pharmaceutical offerings in the US market.

Samvardhana Motherson International

CRISIL has upgraded the long-term rating of Samvardhana Motherson International to CRISIL AAA/Stable from CRISIL AA+/Positive. This upgrade reflects the company’s strong financial position and growth prospects.

These updates highlight significant developments and changes across various industries, showcasing growth, expansion, and strategic initiatives by leading companies in India and abroad.

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