Mahindra & Mahindra, Arvind SmartSpaces and Heranba Industries to see some action today

Mahindra & Mahindra and Volkswagen Group have signed a term sheet on the supply of MEB electric components for Mahindra’s new, purpose-built electric platform INGLO, deepening the partnering agreement from earlier this year. The cooperation intends to have a volume of more than one million units over lifetime and includes the equipment of five all-electric SUVs with MEB components. In addition, the two companies will explore further opportunities for collaboration, opening the perspective towards a broader strategic alliance to accelerate the electrification of the Indian automotive market.

Arvind SmartSpaces’ (ASL) Board has approved the creation of the Rs 900 crore residential development platform with HDFC Capital Advisors as investment manager of HDFC Capital Affordable Real Estate Fund - 3 (HCARE - 3). The proposed investments from ASL and HCARE-3 will be Rs 300 crore and Rs 600 crore respectively in the platform.

Heranba Industries is in the process of incorporating a Wholly-Owned Subsidiary under the name which will be available with Ministry of Corporate Affairs, Registrar of Companies for which the application will be made in due course of time. The Wholly Owned Subsidiary once incorporated in India shall carry out business in the field of AgroChemical.

Rama Steel Tubes (RSTL) has received orders of Rs 7 crore from H.P. State Civil Supplies Corporation for its Jal Shakti Vibhag, Himachal Pradesh in addition to previous orders worth Rs 26.4 crore aggregating to the tune of Rs 33.4 crore. RSTL prides in having a strong track record of being associated with prestigious projects in the past. These orders will further strengthen RSTL's order book and credibility in the market.

As India celebrates its 75th Independence Day, Indian Hotels Company (IHCL) has launched an exclusive Armed Forces Freedom Offer, continuing its tradition of honouring the nation’s heroes. Indian Armed Forces Personnel can now create precious moments with family and friends as the offer provides a host of discounts on stays, dining and select services across Taj, SeleQtions, Vivanta and Ginger hotels. The Armed Forces Freedom Offer can be availed by both, residential and non-residential guests by booking before August 15. Residential guests can avail of select discounts on stay, dining, salon and spa services across Taj, SeleQtions, Vivanta and Ginger hotels. Non-residential guests can enjoy discounts on dining and takeaway at select restaurants and salon and spa services at Taj, SeleQtions and Vivanta hotels.

Shriram Properties has reported results for first quarter ended June 30, 2022. The company has reported net profit at Rs 7.36 crore for the quarter under review as compared to net loss of Rs 1.58 crore for the same quarter in the previous year. Total income of the company increased by 15% at Rs 56.89 crore for Q1FY23 as compared Rs 49.47 crore for the corresponding quarter previous year. On the consolidated basis, the company has reported net profit at Rs 10.47 crore for the quarter under review as compared to net loss of Rs 36.74 crore for the same quarter in the previous year. Total income of the company reported 2-fold jump at Rs 145.11 crore for Q1FY23 as compared Rs 60.92 crore for the corresponding quarter previous year.

Ugro Capital has received an approval for the issuance of senior, secured, rated, listed, redeemable, taxable principal protected market linked (PP-MLD) Non-Convertible Debentures (NCDs) for an amount of Rs 50 crore (Base Issue Size) with an option to retain oversubscription upto Rs 25 crore, aggregating up to Rs 75 crore (Overall Issue Size) though private placement. The Debentures are proposed to be listed on BSE. The Investment and Borrowing Committee of the Board of Directors of the Company (Committee) at its meeting held on August 12, 2022 has approved the same.