Tata Motors, Tech Mahindra and JK Cement to see some action today

Tata Motors has bagged the prestigious order of 6413 vehicles from Andhra Pradesh State Civil Supplies Corporation. Tata Motors emerged as the top bidder, as per the terms and conditions of the government body, and will be delivering the fully-built Tata Ace Gold vehicles. The vehicles are to be used as mobile dispensing units for the doorstep delivery of supplies in the state of Andhra Pradesh, and will be customised by Tata Motors to perfectly suit the application. The Tata Ace Gold was chosen for its value-for-money, low cost of operations, durability and versatility. The e-bidding process was carried out through the Government e-Marketplace.

Tech Mahindra’s wholly owned subsidiary -- Tech Mahindra (Singapore) has agreed to acquire 100% stake in Momenton. Momenton is a cloud and engineering services provider with a Banking and Financial Services (BFS) focus. The acquisition will enhance the company’s digital transformation capabilities and provide Tech Mahindra a scaled up presence in the Australian BFS market. The transaction is expected to close by March 31, 2021.

JK Cement has inaugurated its new grey cement grinding unit at Balasinor in Gujarat's Mahisagar district with a manufacturing capacity of 0.7 million tonnes per annum (mtpa). The plant, spread over an area of eight hectares, has been set up at a total project cost of Rs 200 crore. It is a part of the company's total funding outlay of Rs 2,000 crore to add 4.2 mtpa capacity, comprising 2 mtpa in Rajasthan, 1.5 mtpa in Uttar Pradesh and 0.7 mtpa in Gujarat.

Great Eastern Shipping Company (GE Shipping) has taken delivery of a secondhand very large gas carrier ‘Jag Vishnu’ of about 77,922 cbm. The company had contracted to buy the vessel in Q2FY21. The company also delivered its 1996 built very large gas carrier ‘Jag Vidhi’ to the buyers. The vessel was contracted for sale in Q2FY21. The company’s current fleet stands at 46 vessels, comprising 33 tankers (11 crude carriers, 17 product tankers, 5 LPG carrier) and 13 dry bulk carriers with an average age of 12.53 years aggregating 3.70 mn dwt. The company has also contracted to buy a Long Range 2 Product Carrier which is expected to be delivered in Q3FY21.

Hindustan Petroleum Corporation (HPCL) has raised Rs 2,000 crore through issuance of un-secured, redeemable, non-convertible, non-cumulative, taxable, debenture of Rs 10 lakh each on private placement basis for funding of capital expenditure, including recoupment of expenditure already incurred. Coupon rate will be 4.79 percent per annum for the debt instruments which will mature on October 23, 2023.

Monte Carlo Fashions has entered into partnership with maternity clothing start-up Momsoon. Under the partnership, Monte Carlo will produce maternity wear garments designed by Momsoon for sale online. The company has been the go to brand for winter wear for years, and the partnership with Momsoon adds a new segment to its offering. This year, the company  wanted to add a completely new segment to its range i.e. maternity fashion.

Sterlite Technologies has decided to fast track its planned augmentation of optical fibre cable capacity, buoyed by the order book and demand funnel, as it looks to undertake expansion in two phases, possibly at lower costs. The company has decided to lift the ‘pause and hold’ on expansion to move full throttle ahead. The capacity is expected to rise from 18 million fibre km (FKm) to 24 million Fkm in the first phase by the end of December. In the second phase, the company plans to move from 24 million Fkm to 33 million Fkm by March or April next year.