Tata Steel, RIL, Hero MotoCorp, Cipla in focus

Tata Steel: The board of directors of Tata Steel has approved amalgamation of all metal companies of Tata group into Tata Steel. The companies that will be merged with Tata Steel are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, The Indian Steel & Wire Products, Tata Steel Mining and S & T Mining Company.

Reliance Industries (RIL): Reliance New Energy Limited (RNEL), a wholly owned subsidiary of RIL has signed definitive agreements to invest in Caelux Corporation (Caelux), a company headquartered in Pasadena, California, in the United States of America, engaged in the development of perovskite-based solar technology. RNEL will invest USD 12 million to acquire 20% stake in Caelux.

Hero MotoCorp: Hero MotoCorp has made an upward revision in the ex-showroom prices of its motorcycles and scooters, with immediate effect i.e. 22 September 2022. The price revision has been necessitated to partially offset the impact of cost inflation. The price revision will be up to Rs. 1,000 and the exact quantum of increase will vary by model and market.

Cipla: The company has received the Establishment Inspection Report (EIR) indicating closure of the inspection. The company had earlier informed about the product specific PreApproval Inspection (PAI) by the United States Food and Drug Administration (USFDA) at the Indore plant from 27th June 2022 to 1st July 2022.

The Bombay Dyeing and Manufacturing Company: The board of directors of the company considered and approved raising of funds, through issuance and allotment of equity shares for an aggregate amount of up to Rs. 940 crore on rights basis to the eligible equity shareholders of the company.

Century Textiles and Industries: Birla Estates Pvt. Limited, a 100% wholly owned subsidiary and Century Textiles and Industries announced its acquisition of a 10-acre land parcel at Raja Rajeshwari Nagar, South Bengaluru. The project has a development potential of 1 Mn sq. ft. with a revenue potential of Rs 900 crore.

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