UltraTech Cement, One97 Communications and Axis Bank to see some action today

UltraTech Cement has commissioned 1.9 mtpa greenfield clinker backed grinding capacity at Pali Cement Works, Rajasthan. This forms part of the first phase of capacity expansion announced in December 2020. The company along with its subsidiary now has 16.25 mtpa cement capacity in the state of Rajasthan spread over 5 separate plant locations. The company’s total cement manufacturing capacity in India now stands at 121.35 mtpa.

The board of One97 Communications, the parent company of Paytm, has allowed buyback of shares worth Rs 850 crore.  Until the completion of the buyback period, the company’s directors and key management personnel -- Vijay Shekhar Sharma (founder & CEO) and Madhur Deora (executive director, president & group CFO) -- would not be participating in any sale of shares.

Axis Bank has raised Rs 12000 crore through allotment of 12,000 unsecured, rated, listed, subordinated, taxable, nonconvertible, Basel III compliant Tier II bonds (Series - 30) of the face value of Rs 1 crore each (Bonds), for cash, at a coupon rate of 7.88% p.a. payable annually, on a private placement basis. The said bonds are rated ‘AAA/Stable’ by India Ratings and Research and ‘AAA/Stable’ by ICRA.

TCM has incorporated wholly owned subsidiary company on December 12, 2022 in the name of ‘TCM Solar’. The initial subscribed share capital of the said company would be Rs 1 lakh. Recently, on December 06, 2022, the board of the company had approved incorporation of this subsidiary.

Suraj Products has successfully completed periodical maintenance and started sponge iron production. The company has commissioned new Turbine resulting in increase in capacity to 8.5 MW. The additional power is generated through Waste Heat Recovery.

Menon Bearings has incorporated a wholly owned subsidiary on December 12, 2022 namely ‘Menon Brakes’ (MBPL), registered with Registrar of Companies, Pune. The MBPL is being incorporated to carry on the business of designing, manufacturing, dealing, trading, importing, exporting, stockists, buying and selling, in India or elsewhere in the world, brake linings, brake shoes and its accessories, rivets, riveted shoes, clutch, clutch tools, clutch facing, axels, brake pads and brake discs, brake rotors, brake lines, brake kits, racing brake fluid, all types of brakes, break system components, etc. and / or to carry out other related activities.

Vedanta Group has signed pacts with 30 Japanese technology companies to develop an Indian semiconductor and glass display manufacturing ecosystem. The pacts were signed at the Vedanta-Avanstrate Business Partners Summit 2022 held last week at Tokyo, Japan. The summit was attended by more than 200 delegates from over 100 global companies. The company is committed to make India a hub for electronics manufacturing. It is focused on taking the lead in creating the electronics industry ecosystem rather than just technology transfers.