PNB
Punjab National Bank (PNB), a state-owned bank, has announced its intention to raise funds through the sale of 15 crore shares as part of its Employee Stock Purchase Scheme (ESPS). By offering these shares at the current market price, PNB aims to generate approximately Rs 780 crore in funds. The proposal involves the issuance and allotment of 15 crore new equity shares, each with a face value of Rs 2. These shares will hold an equivalent rank and privileges to the existing equity shares, including dividend payment. The ESPS will be executed in one or multiple tranches, and the bank has scheduled its annual general meeting to discuss this matter on June 30.
Transindia Real Estate
Transindia Real Estate Limited has announced its intention to divest the Jhajjar Logistics Park in Haryana to global investment firm Blackstone for a sum of Rs 625 crore. This move comes as part of Transindia’s divestment plans following its demerger from Allcargo Logistics.
Coal India
The Union Coal Ministry has recently taken a significant step towards the development of the coal sector in India. On Thursday, the ministry issued vesting orders for 22 coal mines, boasting a combined reserve of an impressive 6,379.78 million tonnes. This move is expected to generate a substantial number of employment opportunities, exceeding two lakh jobs, and contribute an estimated annual revenue of over Rs. 23,000 crore for the states.
Hero MotoCorp
Hero MotoCorp, a leading two-wheeler manufacturer in India, has announced significant investments in the premium and electric vehicle (EV) segments. Niranjan Gupta, CEO of Hero MotoCorp, shared in an interview with CNBC TV18 that the company’s Rs 1,500 crore capital expenditure (capex) will predominantly focus on the development of premium motorcycles and EVs. This strategic move aligns with the evolving landscape of EVs, as Gupta anticipates substantial transformations in the market within the next 2-3 years.
Tata Power
Tata Power Renewable Energy Limited, a subsidiary of Tata Power, has been awarded the contract to develop a 966 MW RTC (Round-the-clock) hybrid renewable power project for Tata Steel. This project, which combines solar and wind power, is one of the largest industrial RTC power agreements in the Group Captive segment in India.
Zen Technologies
In a significant development, Zen Technologies, a prominent provider of military training and anti-drone solutions in India, has won a commendable order worth Rs 202 crore from the Ministry of Defence (MoD). The announcement has propelled the company’s stock to reach a new milestone, surging by 10 percent to Rs 453.15 on the Bombay Stock Exchange (BSE) during Thursday’s intra-day trade. This remarkable achievement is indicative of Zen Technologies’ unwavering commitment to delivering innovative solutions and making a transformative impact in the defense sector.
SpiceJet
SpiceJet, a prominent budget carrier, has announced its collaboration with FTAI Aviation Ltd. (Nasdaq: FTAI), a leading provider of engine services, to implement a CFM56 revitalization program. The initiative aims to enhance operational efficiency by reducing maintenance costs, minimizing aircraft downtime, and optimizing overall performance.
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