Welspun Michigan Engineers Limited (WMEL), a subsidiary of Welspun Enterprises Limited (WEL), has secured a contract from the Brihanmumbai Municipal Corporation (BMC) for the development and construction of the Mogra Storm Water Pumping Station in K/W Ward, Mumbai. The Engineering, Procurement, and Construction (EPC) contract, with a total value of ₹290.88 crore (including GST), encompasses the design and construction of a cutting-edge storm water pumping station, equipped with mechanical, electrical, and automation systems. Furthermore, the contract includes a comprehensive operations and maintenance (O&M) phase lasting for seven years, with the project expected to be completed within 20 months.
Life Insurance Corporation of India (LIC) disclosed that it has received a demand notice amounting to approximately Rs 105.42 crore for underpayment of Goods and Services Tax (GST) over the course of seven financial years. The company received a communication/demand order for interest and penalty across various states on February 5. LIC stated in a regulatory filing that the order is appealable before the Commissioner (Appeals) in Lucknow.
Patanjali Group announced a collaboration with IBSFINtech to implement integrated treasury management solutions for digital transformation. The partnership aims to enhance global operations by addressing complexities related to international operations, forex management, hedging strategies, and market volatility, as stated by Patanjali Foods CEO Sanjeev Asthana.
Apollo Micro Systems Limited has entered into a consortium agreement with Redon Systems Pvt Ltd. to establish a manufacturing partnership focusing on the procurement of Containerised Automatic Landing Module systems.
GE Power India has received a purchase order from NTPC valued at ₹13.75 crore (excluding 18% GST) for execution within 40 weeks.
The board of Welspun Corp has approved the sale of 1,900 equity shares representing a 19% stake in Welassure Private Ltd for ₹0.95 crore to Rakshak Securitas Private Limited. Additionally, the board approved an investment of up to ₹250 crore in its subsidiary company Welspun Specialty Solutions Limited (WSSL) towards the subscription under the Rights Issue of equity shares.
UltraTech has commissioned an additional 0.6 mtpa grinding capacity at its existing unit in Sonar Bangla, West Bengal. This capacity expansion will enable UltraTech to cater to the composite cement demand in the East region and increase its blended cement ratio, thereby bringing the Company’s total domestic grey cement manufacturing capacity to 166.31 mtpa.
Container Corporation of India informed the exchanges about a demand raised by the Joint Commissioner of GST and Central Excise, Mumbai South Commissionerate (GST Department), amounting to ₹13.17 crore plus a penalty of ₹13.17 crore for the fiscal years 2017-18 to 2022-23.
Religare Enterprises announced the resignation of its independent director Hamid Ahmed from the company’s board, effective from February 4. Ahmed, who also serves as CEO of Hamdard Laboratories India, Foods Division, cited the increasing scope of work in his family business as the reason for his resignation.
ITC Limited unveiled the inauguration of its global center of excellence for Artificial Intelligence (AI) in Kolkata during the Bengal Global Business Summit. The center was virtually inaugurated by West Bengal Chief Minister Mamata Banerjee, emphasizing Bengal’s investment potential and ITC’s significant investments across various sectors.
JSW Group expressed interest in venturing into the airport infrastructure and management sector, with a specific focus on acquiring a stake in Andal airport in Durgapur, West Bengal, according to Sajjan Jindal, the group’s chairman. Chief Minister Mamata Banerjee mentioned that JSW Group aims to upgrade Andal airport into an international airport, following discussions with key stakeholders.
InterGlobe Aviation (IndiGo) reported receiving a notice with penalties totaling ₹115.87 crore from the GST authorities, including penalties imposed by the Additional Commissioner of Central Goods & Service Tax in Delhi South Commissionerate and the Joint Commissioner of GST & Central Excise in Chennai South, Tamil Nadu. The penalties are primarily linked to the levy of GST on services provided to offshore recipients, which the authorities have determined as not constituting an export of services.
The board of Info Edge approved entering into a contribution agreement with the IE Venture Investment Fund III, a scheme to be launched by Karkardooma Trust. The company plans to commit up to ₹1,000 crore to the fund, subject to approval from SEBI and Info Edge’s shareholders. Smartweb Internet Services Ltd., a wholly owned subsidiary of Info Edge, is expected to act as the Sponsor and Investment Manager of the Trust and its schemes.
Results calendar for various companies include Aadhar Housing Finance, Akums, Andhra Paper, Apollo Tyre, Aurobindo Pharma, Bajel Projects, Bharat Dynamics, BEML, BSE, Bharti Airtel, Bharti Hexacom, Bikaji Foods, Britannia, Car Raro, Chambal Fertilizers, Cochin Shipyard, DCX India, Enviro Infra Engineers, Emcure, Expleo Solutions, Finolex Pipes, GMM Pfaudler, Goodluck India, Grauer & Weil, Greenpanel, Gulf Oil Club, Hero MotoCorp, India Shelter, ITC, JK Lakshmi, Kennametal, Kalyani Investment Company, KIMS, KP Energy, KPI Green, KRBL, Mangalam Chemicals, Minda Corp, Morepen Lab, MRF, Motherson Sumi, Muthoot MF, NCC, NMDC Nocil, NMDC Steel, Orient Tech, Paramount Communications, PG Electroplate, PI Industries, Prism Johnson, PVR INox, Ramco Cement, Râne Holdings, REC, Rupa, Săi Life, Sapphire, SBI, Sobha, Somany Ceramics, Sonata Software, Surya Roshini, TARC, TCI Express, TD Power Sys, Trent, Unichem Lab, Uniparts, Uno Minda, Webel Solar, and ZFCV India.
