Shilchar Technologies, BHEL and Karur Vysya Bank to see some action today

Shilchar Technologies is expanding productions facilities from 4000 MVA to 5000 MVA by extension of existing shop floor for manufacturing of Distribution and Power Transformers. The Company will be able to complete this capacity expansion by end of the current financial year. 

Bharat Heavy Electricals (BHEL) has received an order from NHPC for Design, engineering, manufacturing, supply, erection and commissioning of Electro-Mechanical package involving Turbine, Generator, Digital Governing System, Static Excitation System, Transformers, Bus Reactors, Gas Insulated Switchgear, Outdoor Pot yard & Switchyard Equipments and Electrical & Mechanical BoPs for 12x240 MW Electro-Mechanical Works of Dibang Multipurpose Project at Roing in Arunachal Pradesh. Major equipment for the contract will be manufactured by BHEL’s plants at Bhopal, Bangalore, Jhansi and Rudrapur. The on-site execution activities will be carried out by the company's Power Sector - Eastern Region division, Kolkata. Broad consideration or size of the order(s)/contract(s) is Rs 2241.86 crore excluding taxes. The said order is expected to be completed in 75 months.  

Karur Vysya Bank has inaugurated ten new branches - six in Tamil Nadu, two in Andhra Pradesh, one in Telangana and one in Karnataka. With this the total branch network of the Bank increased to 822. With the inauguration of these branches, the ATM network of the bank will increase to 1640 and that of Cash Recyclers to 611.

Larsen & Toubro (L&T) has incorporated a new Joint Venture Company ‘GH4India’ on August 25, 2023. GH4India is formed for the purpose of development of green hydrogen and its derivatives (including green ammonia, methanol, etc) production assets and associated renewable assets through any model of ownership and operatorship.

Newgen Software Technologies has established a new office in Riyadh (KSA) to expand its presence in the Middle East. This new regional office is an addition to the company’s existing Dubai (UAE) subsidiary. Newgen is now present across 74 countries and has built applications for 17 different verticals on its platform. Newgen is present through its subsidiaries in the United States, Canada, United Kingdom, Australia, Singapore, UAE, and KSA. With a revenue of $121 million in FY23, the company has been a preferred partner for some of the world’s leading banks, insurance companies, healthcare organizations, government, telecom companies, and shared service centers.

IndoStar Capital Finance’s board has taken a decisive step forward in its stated retailization strategy by selling a significant portion of its legacy corporate loan book to Phoenix ARC. The sale consists of certain accounts that were tagged in Stage 2, aggregating to dues outstanding of Rs 915 crore. The accounts have been resolved on August 25, 2023 at carrying value through an ARC sale under the Swiss Challenge method in terms of Master Directions – Reserve Bank of India (Transfer of Loan Exposures) Directions 2021, as amended. 

Elpro International has acquired additional 1,50,000 Equity Shares of Jio Financial Services for Investment Purpose. Cost of acquisition is Rs 3.10 crore. With this acquisition, total holding increased to 2,07,166 equity shares.