Jindal Steel & Power, Ruchi Soya Industries and Mahindra Logistics to see some action today

Jindal Steel & Power (JSPL) has plans of setting up a coal gasification plant -- the second in the country -- at its Raigarh plant in Chhattisgarh. The company is already using the coal gasification technology to produce steel at its plant in Angul, Odisha. The 2 million tonne per annum production capacity plant, inaugurated in 2018, holds the distinction of being India's first and the only plant producing steel from 'swadeshi' coal using the coal gasification technology.

Ruchi Soya Industries has repaid Rs 2,925 crore loans to banks and has become a debt-free company. The company has recently raised Rs 4,300 crore through its follow-on public offer, and the part of the proceeds has been utilised to repay the debt. The money was paid to a consortium of bank led by State Bank of India. The other banks in the consortium are Punjab National Bank, Union Bank of India, Syndicate Bank and Allahabad Bank.

Mahindra Logistics has acquired 21,327 equity shares and subscribed to 31,600 Compulsorily Convertible Cumulative Preference Shares (CCCPS) of ZipZap Logistics (Whizzard), in aggregate, constituting 36% of the Share Capital of Whizzard, on a fully diluted basis. With this, Whizzard becomes an Associate of the Company effective from April 08, 2022.

Tata Consultancy Services (TCS)-led consortium has bagged a Rs 550 crore order from BSNL for deploying indigenously-designed 4G network. The TCS consortium will initially deploy 6,000 mobile towers for BSNL 4G services.

Housing Development Finance Corporation (HDFC) has divested a little over 3 per cent stake in Bandhan Bank, garnering Rs 1,522 crore, through an open market transaction. The transaction comes days after HDFC announced a mega merger with its banking arm HDFC Bank. The company sold a total of 4,96,32,349 shares, amounting to 3.08 per cent stake, of Bandhan Bank. The shares were offloaded at an average price of Rs 306.61 apiece.

KredX, India's largest supply chain finance company, has partnered with ICICI Bank to offer 'ICICI Bank - KredX Commercial Card', for B2B payments. The first-of-its-kind cashback card is an exclusive offering by KredX that enables businesses to avail financial rewards instantly for all B2B payments, without incurring any additional cost. This partnership creates a unique offering to empower B2B payments by solving the complexities associated with these payments, especially vendor payments across segments.

As part of its plan to shift towards green steel, a Vedanta group firm is working on a solution to use hydrogen instead of coke in its manufacturing process so as to reduce carbon emissions. it is looking for a tie-up with IIT-Bombay to carry out a research for manufacturing pig iron ore using hydrogen in place of coke. The solution is aimed at reducing carbon emission in the production process and will help manufacture green steel (an outcome of a climate-friendly process).