Canara Robeco AMC IPO planned.

Canara Robeco AMC IPO planned Canara Bank plans to sell off 13 percent equity shares in Canara Robeco Asset Management Company (CRAMC) by taking the mutual fund subsidiary public. The public sector lender in a filing to exchanges said it has given the approval to kick off the process for diluting 13 percent stake through an IPO. The proposed IPO, however, remains subject to approval from the Reserve Bank of India and the department of financial services under the ministry of finance, Government of India, it added. Canara Robeco Asset Management Company will be the fifth listed mutual fund house if it gets listed on the bourses. (Updated on 29 March 2024 @ 7.10 am)

L&T Shipyard receives ships from UK for Repairs

L&T Shipyard receives ships from UK for Repairs In a significant move highlighting the strong relationship between the United Kingdom and India, Royal Fleet Auxiliary (RFA) ships RFA Argus and RFA Lyme Bay have arrived at L&T Shipbuilding’s Kattupalli Shipyard for maintenance. This marks an important step in the ongoing partnership between the two countries in the maritime sector. The decision to choose L&T Shipbuilding underscores the company’s growing reputation in shipbuilding and repairs. With its advanced facilities and skilled workforce, L&T Shipyard is well-equipped to handle the maintenance needs of modern naval vessels. (Updated on29 March 2024 @ 7.00 am)

HAL has signed Rs 1,173.42 cr contract

Hindustan Aeronautics Limited has signed a contract worth Rs 1,173.42 crores Hindustan Aeronautics Limited has signed a contract worth Rs 1,173.42 crores with Cochin Shipyard limited to supply Gas Turbines, GT Auxiliaries, spares, and tools for Indian Navy Next Generation Missile Vessel (NGMV) project.  

HCL Technologies to execute digital transformation for Finnish pharma distributor Oriola Corp

HCL Technologies to execute digital transformation for Finnish pharma distributor Oriola Corp HCL Technologies Ltd announced that Finland’s health and wellbeing company Oriola Corporation has selected it to enhance the organisation’s customer experience through digital transformation. The Indian technology giant has entered into a partnership with Oriola Corporation to lead the acceleration of the company’s digital transformation journey and deliver improved customer experiences. Headquartered in Finland, Oriola Corporation operates in the Nordic countries. As per the partnership deal, HCLTech will be implementing a greenfield SAP S/4HANA and analytics environment that will be hosted on Microsoft Azure. (28 March 2024 @ 11.20 am)

Adani Enterprises’ Kutch Copper commissions first copper unit in Mundra

Adani Enterprises’ Kutch Copper commissions first copper unit in Mundra Adani Enterprises said that its subsidiary, Kutch Copper has commissioned the first unit of its greenfield copper refinery project at Mundra by dispatching the maiden batch of cathodes to customers. This is expected to help cut India’s dependence on imports and aid energy transition. Adani Enterprises is investing nearly $1.2 billion to set up a copper smelter with 0.5 MTPA capacity in the first phase. On completion of the second phase that will add similar capacity, Kutch Copper, with 1 MTPA, will be the world’s largest single-location custom smelter. (28 March 2024 @ 12.20 pm)

Chalet Hotels launches QIP to raise Rs.1,200 cr

Chalet Hotels launches QIP to raise Rs.1,200 cr Chalet Hotels has launched a QIP issue at a floor price of Rs.780.76 per share, which is nearly at 10% discount to Wednesday's closing price of Rs.870.15. The total issue size is said to be Rs.1,200 crore. Chalet Hotels had stated that it intended to use the proceeds towards pre-payment and/or repayment of debt; organic and inorganic growth/expansion; redemption/restructuring of preference shares or other outstanding securities along with other general corporate purposes. (28 March 2024 @ 12.30 pm)

Hindustan Unilever weighs sale of Pureit water purifier business

Hindustan Unilever weighs sale of Pureit water purifier business Hindustan Unilever Ltd (HUL) is exploring a potential sale of its Pureit water purifier business and has held exploratory talks with a few prospective buyers. The talks are exploratory in nature and no formal decision on the sale of the Pureit business has been taken by HUL, the people cited above said, requesting anonymity. In the past few months, informal discussions have taken place between HUL and potential buyers, including bulge bracket private equity funds. These discussions have focused on valuation, among other things  (28 March 2024 @ 1.30 pm)