Bharat Forge, V-Guard Industries and RVNL to see some action today

Bharat Forge’s wholly owned subsidiary -- BF Infrastructure (BFIL) has executed a Share Purchase Agreement on February 28, 2023, with PNC Infratech (PNC) and Ferrovia Transrail Solutions (Ferrovia) for purchase of 51% shareholding in Ferrovia. Subsequent to the aforesaid acquisition, BFIL’s shareholding in Ferrovia will increase from 49% to 100% resulting in Ferrovia becoming a wholly owned subsidiary of BFIL and step-down subsidiary of the company.

V-Guard Industries has signed a Memorandum of Understanding (MoU) with ESAF Small Finance Bank to provide financing options to customers looking to install V-Guard's Solar Rooftop Power System. Under the agreement, ESAF Bank will provide various financing options, including loans and attractive installment payment plans. With the strategic alliance with ESAF Bank, consumers can opt to finance up to 80 per cent of the total cost of the rooftop solar power system, including the cost of installation for residential or commercial applications. This collaboration will not only reduce the burden on customers to make an upfront payment but also enable them to generate their own electricity, thereby reducing their dependence on the grid. This partnership will enable customers to switch to clean energy with ease and affordability.

Rail Vikas Nigam (RVNL) has emerged as the Lowest Bidder (L1) for ‘Manufacturing cum Maintenance of Vande Bharat Trainsets including Up-gradation of the Government Manufacturing Units & Trainset Depots’ in JV with following JV Partners: Joint Stock Company Metrowagonmash and Joint Stock Company Locomotive Electronic System.  RVNL will hold 25 percent in the joint venture, with joint stock company Metrowagonmash holding 70 percent and joint stock company Locomotive Electronic System with a 5 percent stake. The total quantity is 200 trainsets and the cost per set is Rs 120 crore.

Eicher Motors’ motorcycle division has reported 21% rise in sales at 71,544 units in February 2023 as compared to 59,160 motorcycles sold in February 2022. The company’s sales of models with engine capacity up to 350 cc increased by 31% at 64,810 units in February 2023 against 49,484 units in the same period year ago. However, the sales of its Models with engine capacity exceeding 350 cc fell by 30% at 6,734 units in February 2023 as against 9,676 units in February last year.  

Electronics Mart India has commenced the commercial operation of a new Multi Brand Specialized Store under the brand name ‘BAJAJ ELECTRONICS’ on March 1, 2023 at Machilipatnam, Krishna District, Andhra Pradesh. Earlier, the company had started the commercial operation of a new Multi Brand Specialized Store under the brand name ‘KITCHEN STORIES’ on February 8, 2023 at Punjabi Bagh West, New Delhi.

Rane Holdings has acquired 3,43,642 equity shares of face value Rs 10 each fully paid up (2.19%) for a consideration of Rs 9.99 crore (at an issue price of Rs 291.00 per equity share) in its subsidiary Rane Engine Valve (REVL) on conversion of 3,43,642 warrants (out of the total 5,15,463 warrants held by the Company) into underlying equity shares. The overall shareholding of the Company in REVL stands increased from 37,01,488 (55.09%) to 40,45,130 shares (57.28%). The balance 1,71,821 warrants are due for conversion on or before September 08, 2023.

NMDC has reported 4.48 million tonne (MT) of iron ore production and logged sales volume of 3.78 MT in the month of February 2023 (Provisional). The company’s Chhattisgarh mines produced 3.32 MT of iron ore and registered sales volume of 2.72 MT, while Karnataka mines produced 1.16 MT of iron ore and sold 1.06 MT of iron ore in February 2023.