IRCTC, Hero MotoCorp and RITES to see some action today

Indian Railways Catering and Tourism Corporation (IRCTC) has incorporated a wholly-owned subsidiary company in the name of 'IRCTC Payments Ltd' for the purpose of payment aggregator business.

Hero MotoCorp has received approval for investment of upto Rs 600 crore (approximate), over a period of two years, for setting up a Global Parts Center (GPC) 2.0 with a storage capacity of upto 36,700 Stock Keeping Units (SKUs), at Tirupati, Andhra Pradesh, in order to cater to the future growth in the Parts, Accessories and Merchandise business. The proposed capacity is expected to be added by FY27. The Board of Directors of the company at its meeting held on February 09, 2024, has considered and approved the same. 

RITES has signed a memorandum of understanding (MoU) with Indian Institute of Technology, Mandi, (IIT-Mandi) to collaborate for setting up a ‘Ropeway Centre of Excellence’, a venture that aims to bring together RITES' consultancy expertise & technical prowess and IIT-Mandi’s academic excellence.

Bharat Forge has infused funds in Bharat Forge America Inc., (BFA) a wholly owned subsidiary of the Company on February 09, 2024. This amount will then be invested by BFA into Bharat Forge Aluminum USA, Inc. (BFAL) a wholly owned subsidiary of BFA.

Tata Power Company has reported results for third quarter ended December 31, 2023 (Q3FY24). The company has reported 64.96% fall in its net profit at Rs 527.08 crore for Q3FY24 as compared to Rs 1,504.34 crore for the same quarter in the previous year. Total income of the company decreased by 23.21% at Rs 5,395.50 crore for Q3FY24 as compared Rs 7,026.42 crore for corresponding quarter of the previous year. On consolidated basis, the company has reported 2.28% rise in net profit at Rs 1,076.12 crore for the third quarter ended December 31, 2023 as compared to Rs 1,052.14 crore for the same quarter in the previous year. Total income of the company increased by 6.19% at Rs 15,294.13 crore for Q3FY24 as compared Rs 14,401.95 crore for corresponding quarter of the previous year.

Power Grid Corporation of India, pursuant to its selection as the successful bidder under Tariff based competitive bidding, has on February 9, 2024 acquired Bidar Transmission, the Project SPV to establish Transmission System for ‘Transmission Scheme for Solar Energy Zone in Bidar (2500 MW), Karnataka’, on build, own, operate and transfer (BOOT) basis from the Bid Process Coordinator - REC Power Development and Consultancy.

Dr. Reddy's Laboratories has received Establishment Inspection Report (EIR) from the United States Food & Drug Administration (USFDA) for its formulations manufacturing facility (FTO-3) in Bachupally, Hyderabad. The USFDA has classified the inspection as Voluntary Action Indicated (VAI) and concluded that the inspection is ‘closed’ under 21 CFR 20.64(d)(3).