Orient Cement, SBI and Tata Steel Long Products to see some action today

Orient Cement’s Board of Directors has approved an additional investment of Rs 11.49 lakh through a combination of equity shares and compulsory convertible debentures thereby increasing the total cost of acquisition from Rs 4.05 crore to Rs 4.16 crore approximately and delegated necessary authority for entering into Share Purchase, Subscription and Shareholder's (Amendment) Agreement with AMPSolar Technology and AMPSolar Systems for retention of 26% stake in the share capital of AMPSolar Systems. The said increase in the cost of project is on account of increase in the statutory levies. Further, the project work is now completed and generation of power has commenced.

With an aim to strengthen the existing financing arrangement for solar power projects, the country's largest lender -- State Bank of India (SBI) has launched a dedicated centralized processing cell - 'Surya Shakti Cell'. The Bank has entered into an Agreement with Tata Power Solar Systems (a wholly owned subsidiary of The Tata Power) for financing solar projects. Set-up in the Ballard Estate in Mumbai, the Surya Shakti Cell will process all the loan applications for Solar Projects (capacity up to 1 MW) sourced from across India, for installation by business entities as well as households.

Tata Steel Long Products (TSLPL) has been identified as the winner of the bidding process to acquire a 93.71% equity stake in the 1 million ton per annum Neelachal Ispat Nigam (NINL) in accordance with the process being run by Department of Disinvestment & Public Asset Management (DIPAM), Government of India. The company will benefit from the significant growth in these areas as India builds greater infrastructure and industrialises at pace through the Atmanirbhar Bharat Program of the government.

GAIL (India) has commenced India's first-of-it's-kind project of mixing hydrogen into natural gas system at Indore, Madhya Pradesh. The hydrogen blended natural gas will be supplied to Avantika Gas, one of GAIL's Joint Venture (JV) company with HPCL, operating in Indore. In line with the National Hydrogen Mission, GAIL has started hydrogen blending as a pilot project to establish the techno-commercial feasibility of blending hydrogen in City Gas Distribution (CGD) network. This project marks the stepping stone of India's journey towards hydrogen based and carbon neutral future.

PNB Housing Finance is focussing on its high-yielding affordable housing business 'Unnati' in tier-II and -III cities and targets to operationalize 25 new branches by March this year. Besides, the housing financier targets to increase the Unnati business from 9 percent currently to about 12-14 percent going forward. The company opened 13 Unnati locations during the quarter ended December 2021.

Knowledge Marine & Engineering Works (KMEW) has received Letter of Acceptance (LoA) from Deendayal Port Trust, Government of India for 'Hiring of Service Boat for OOT, Vadinar for the period of 5 years' for a contract value of Rs 9.59 crore. The company started owning and operating vessels for government of India since 2017. KMEW will construct its Tenth Vessel to execute this order. The fleet will grow to 10 vessels within a time span of 5 years.

Jet Freight Logistics’ wholly-owned subsidiary -- Jet Freight Express Private (JETXPS) has begun operations of its last-mile delivery via Electric Vehicle in their latest exclusive contract with several e-Commerce Companies. Jet Freight plans to include more electric vehicles to serve multinational companies as part of a global effort to make cargo transportation more sustainable and environmentally friendly.