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The Torrent Group company has received a letter of award from Maharashtra State Electricity Distribution Company (MSEDCL) for the long-term supply of 2,000 megawatts (MW) energy storage capacity from its InSTS-connected pumped hydro storage plant. This 2,000 MW capacity includes 1,500 MW for which a Letter of Intent was already issued by MSEDCL in September. The company has now received the allotment of an additional 500 MW capacity under the tender, bringing the total capacity allocated to 2,000 MW.
The digital services and consulting company announced a collaboration with Nasdaq-listed Old National Bank for strategic expansion. Old National will leverage Infosys' services, solutions, and platforms for operations transformation and process digitization powered by automation and generative AI (GenAI).
The company’s subsidiary, Aurigene Oncology, has announced the Phase 1 results for Ribrecabtagene autoleucel (DRL-1801) from the SWASTH study. The Drugs Controller General of India has approved the commencement of the Phase 2 part of the trial. The SWASTH study is India’s first trial for a novel HV autologous BCMA-directed CAR-T cell therapy in patients with relapsed/refractory multiple myeloma.
SEBI has issued an administrative warning following an inspection of the company's merchant banking activities. Nuvama Wealth stated that there is no material impact on the financials, operations, or other activities of the company.
IRB Infrastructure Developers
IRB Infrastructure Developers and IRB Infrastructure Trust reported a collective toll revenue growth of 19.2% YoY in September, generating Rs 501.8 crore compared to Rs 421 crore in the same month last year.
Indian Railway Finance Corporation
The Board has approved financing up to Rs 700 crore under the finance lease for 20 BOBR rakes procured under the General-Purpose Wagon Investment Scheme (GPWIS) of the Ministry of Railways for NTPC. The Board also appointed Ajoy Choudhury as Chief Risk Officer for a fixed tenure of two years.
The company has acquired 2 acres of land in the Electronic Manufacturing Cluster in Ranga Reddy district, Telangana, from the Telangana State Industrial Infrastructure Corporation, for Rs 3 crore. The land will be utilized for setting up an e-waste recycling plant in Telangana.
The company has received an order from the Income Tax Department demanding Rs 25 crore for the Assessment Year 2021-22. Since income was calculated (by the Income Tax department) on the higher side by Rs 100.3 crore, the company may have to pay additional tax of around Rs 25 crore plus interest, as stated by the department.
Schneider Electric Infrastructure
The Office of the Joint Commissioner of Commercial Taxes, Bengaluru (Appellate Authority), has rejected the appeal petition filed by the company for the financial year 2017-18 and upheld the earlier impugned adjudication order. Accordingly, the Appellate Authority has demanded the disputed amount of Rs 2.21 crore, including interest and penalty.
Bharti Airtel
The telecom operator issued a clarification after media reports suggested that the company may buy Tata Play from the Tata Group. The company stated that it regularly evaluates various opportunities for alliances, acquisitions, and other similar avenues as per its requirements, in the ordinary course of business. However, there is no material event or information that requires disclosure.
The board has given its in-principle approval to segregate its automotive and industrial businesses through a scheme of arrangement. The company also approved the immediate incorporation of a wholly-owned subsidiary for the proposed demerger.
The Insurance Regulatory and Development Authority of India (IRDAI) conducted an inspection of Policybazaar Insurance Web Aggregator (now Policybazaar Insurance Brokers, a wholly-owned subsidiary of PB Fintech) from June 1 to June 5, 2020. Following the inspection, the regulator issued a show-cause notice highlighting several observations about the subsidiary. Additionally, a Letter of Advice was issued for maintaining specific documentation, systems and processes, disclosures, and timely filing of certain returns. The notice is not expected to have any material financial impact on the company.
Premier Energies
Its subsidiary, Premier Energies International, has entered into a Module Supply Agreement (MSA) with BN Hybrid Power-1 for the supply of 173.35 MWp of solar modules featuring the latest Topcon technology. These modules will be used for the 300 MW FDRE (wind, solar, and energy storage) Power Project in Barmer, Rajasthan. BN Hybrid Power-1 is a special purpose vehicle of BrightNight India.
Arun Maheshwari has stepped down from his role as Joint Managing Director and Chief Executive Officer of the company, as well as Joint Managing Director of South West Port (a subsidiary of JSW Infra), effective November 7, 2024. He will be taking on a new role within the JSW group. Arun will continue to serve as a Non-Executive Director on the company’s board. The board has appointed Rinkesh Roy as the new Joint Managing Director and Chief Executive Officer, effective November 8, elevating him from his current position as President of the company.
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