Larsen & Toubro: The General Tax Authority of Qatar has imposed a penalty of 4,86,80,120 QAR (around Rs 111.31 crore) for the tax period of FY17 and 5,58,22,856 QAR (around Rs 127.64 crore) for the tax period of FY18. An appeal has been filed against the levy of this penalty, as the company believes it is arbitrary and unjustified.
2/24
Jio Financial Services: Sethuraman Kandasamy, Jagannatha Kumar Venkata Gollapalli, and Jayashri Rajesh have resigned as directors of the company, with effect from November 17.
3/24
Kotak Mahindra Bank: The private sector lender has received an order from the Government of Maharashtra Department of Goods and Service Tax, levying an amount of Rs 34,99,796 towards Goods and Services Tax (GST) and interest and a penalty of Rs 1,64,936 for the alleged excess claim of GST credit and non-payment of GST under reverse charge in certain instances during the assessment period July 2017–March 2018.
4/24
Vedanta: CRISIL Ratings has downgraded the long-term bank facilities and debt instruments of the company to AA from AA+ and placed these ratings on ‘Rating Watch with Developing Implications’ from ‘Rating Watch with Negative Implications’. CRISIL reaffirmed its ratings on the short-term debt instruments of the company at CRISIL A1+ and placed these ratings also on ‘Rating Watch with Developing Implications’. The mining company has also received a GST demand order worth Rs 1,38,54,401, along with applicable interest, from the GST and Central Excise Commissionerate, Rourkela. Further, a penalty of 10 percent of the demand issued may be leviable if the original demand is not discharged by the company. The company evaluated the merits of the case and decided to file an appeal with the Appellate Authority under the GST Law. The appeal draft is in progress and will be filed in due course.
5/24
Mazagon Dock Shipbuilders: The state-owned shipbuilding company will turn ex-dividend with effect from November 20. The interim dividend for the current financial year is Rs. 15.34 per share. Aurobindo Pharma, Cochin Shipyard, Anupam Rasayan India, Balrampur Chini Mills, GMM Pfaudler, Bella Casa Fashion & Retail, Dolat Algotech, GM Polyplast, and Kaveri Seed Company will also trade ex-dividend on the same day.
6/24
IndusInd Bank: The Reserve Bank of India has approved the appointment of Arun Khurana as whole-time director (executive director) of the bank for three years, with effect from November 16. Arun was the deputy CEO of the bank and also the overall head of Global Markets Group (GMG).
7/24
Delhivery: Softbank, through its entity SVF Doorbell (Cayman), sold 1.83 crore equity shares, equivalent to 2.49 percent of paid-up equity, in the logistics company via open market transactions at an average price of Rs 403.51 per share. The stake sale amounted to Rs 738.64 crore. SVF had held a 14.46 percent stake in Delhivery at the end of September 2023.
8/24
Bajaj Finance: The company has temporarily suspended the issuance of Existing Member Identification Cards (EMI cards) to new customers till such time that the deficiencies observed by RBI are rectified to their satisfaction. The company continues to offer financing to new and existing customers at dealer stores in the normal course of business. This will not have a material financial impact on the company.
9/24
Bharti Airtel: The Department of Telecommunications, Andhra Pradesh LSA, Hyderabad, has imposed a penalty of Rs 1.07 lakh for alleged violations of subscriber verification norms.
10/24
Poonawalla Fincorp: The non-banking finance company has received a penalty order of Rs 2.87 lakh levied for excess GST input from the Assistant Commissioner of Central Tax, Ameerpet GST Division. The said penalty pertains to FY18, FY19, and FY20.
11/24
Aurobindo Pharma: The US Food and Drug Administration (US FDA) concluded a pre-approval inspection (PAI) at Units I and III, formulation manufacturing facilities of APL Healthcare, in Telangana, with zero observations. The inspection, which was conducted during November 13–17, closed with a classification of No Action Indicated (NAI). APL Healthcare is a subsidiary of Aurobindo Pharma.
12/24
Exide Industries: The High Court has passed a decree by recording the terms of the Settlement Agreement executed by the parties, namely Exide Industries, Vertiv Company Group Limited UK (VCGL), and Vertiv Energy (VEPL), while disposing of the suits pending since 2006. Both VCGL and VEPL agreed that they will not use the said CHLORIDE mark in India, either directly or indirectly, and will withdraw all their claims over this mark in favour of EXIDE. There is no financial impact on the company on account of the above settlement of the suits, as EXIDE was anyway using the said CHLORIDE mark in India for its electronic products (UPS) during the litigation period since 2006.
13/24
Cipla: The pharma company has executed a Facility Demand Guarantee of ZAR 945 million in favour of First Rand Bank, South Africa, for extending general banking facilities to Medpro Pharmaceutica (Pty) Ltd. Medpro is a step-down, wholly owned subsidiary of Cipla in South Africa.
14/24
SBI Cards and Payment Services: After the Reserve Bank of India issued regulatory measures towards consumer credit and bank credit to NBFCs, the credit card issuing company said this would impact the capital adequacy ratios for banks and NBFCs, and for SBI Cards, this impact would reduce capital adequacy by around 4 percent. "We do not foresee a significant impact on our cost of funds during this financial year. It may increase marginally in absolute terms on an annualised basis."
15/24
RITES: CFM Mozambique has awarded the tender for 10 diesel electric locomotives with incidental services to RITES at a total value of $37.68 million. But the company lost the tender for 300 high-side waggons to CFM Mozambique.
16/24
NBCC (India): NBCC has entered into a Memorandum of Understanding with the Institute of Chartered Accountants of India (ICAI). ICAI has agreed to award the work relating to the planning, designing, and execution of its buildings and renovation works at various locations in India, while NBCC has agreed to undertake and complete the works at a PMC fee of 6.5 percent of the actual project cost.
17/24
Birla Corporation: The American Petroleum Institute has granted licence to the company's cement plant at Chanderia, namely, Birla Cement Works, to use the official API monogram on manufactured products, viz., API Well Cement Class G at Grade(s) HSR, with effect from November 17. The company intends to participate in the tender process for the sale of API Well Cement Class G at Grade(s) HSR to cater to the needs of the oil exploration entities.
18/24
Gujarat Alkalies & Chemicals: Vinayak Kudtarkar has resigned as General Manager (Finance) and Chief Financial Officer of the company with effect from November 18. The company has appointed Ram Gianani as CFO, with effect from the same date. Ram has been working as an Additional General Manager (Finance) with the company since December 2013.
19/24
South Indian Bank: The private sector lender has increased its marginal cost of funds-based lending rates (MCLR) by 5 bps for multiple tenors, with effect from November 20.
20/24
Oriental Rail Infrastructure: Oriental Rail has secured orders worth Rs 19.92 crore from Rail Coach Factory (RCF), Kapurthala, Indian Railways. The company will manufacture and supply 277 sets of seats and berths for AC 3-tier and 2-tier coaches.
21/24
Sunrest Lifescience: The healthcare and personal care products supplier, will list its equity shares on the NSE Emerge on November 20. The issue price is Rs. 84 per share. Its equity shares will be available for trading in the trade-for-trade segment.
22/24
Bondada Engineering: The company has received work orders worth Rs 32.72 crore from Dinesh Engineers. Bondada will supply 40-metre towers with all the accessories.
23/24
Electrosteel Castings: The company will carry out repairs and maintenance of its blast furnace at its Khardah unit tentatively on November 24. It is expected that the blast furnace will be operational after 3 to 4 weeks. All other units of the company will operate normally during this period.
24/24
Indian Railway Finance Corporation: The Central Government has approved the appointment of Pranav Kumar Mallick as part-time Chief Vigilance Officer of the company, an additional charge for three years. Pranav Kumar Mallick is currently the Executive Director (Transformation) of the company.
