RIL, Tata Steel, ONGC, Bank of Baroda in brief

September 12, 2022

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Reliance Industries RIL): RIL said its wholly owned subsidiary Reliance Petroleum Retail has signed the definitive documents to acquire the polyester businesses of Shubhalakshmi Polyesters (SPL) and Shubhlaxmi Polytex (SPTex). Reliance Petroleum Retail (trading as “Reliance Polyester”) will acquire the polyester businesses of SPL and SPTex for cash consideration of Rs 1,522 crore and Rs 70 crore, respectively, totaling Rs 1,592 crore by way of down sale on an ongoing operating basis.

Tata Steel: The steel major’s board is due to meet on September 14, 2022 to consider the issuance of unsecured non-convertible debentures on a private placement basis.

Oil and Natural Gas Corporation (ONGC): ONGC has signed 6 contracts for Small Open Fields (DSF) under the Offshore Tender under DSF-III, with 3 each for the Arabian Sea fields and the Bay of Bengal. These include 4 contract areas as sole bidder and 2 contract areas in partnership with Indian Oil Corporation Limited (IOCL). The company has also signed 2 contracts for fields under CBM specials around 2021 blocks in Jharkhand and Madhya Pradesh.

Bank of Baroda: The public sector lender on Friday announced an increase in the lending rate based on the marginal cost of funds (MCLR) by 5 to 15 basis points, effective Monday, September 12, 2022.

Container Corporation of India: Container Corporation of India said the ICRA has reaffirmed the credit rating of the company’s debt securities. The ratings, however, continue to be monitored with developing implications, the agency said.

Indian Overseas Bank: PSU Bank announced on Friday an increase in the lending rate based on the marginal cost of funds (MCLR) by 10 basis points, effective Saturday, September 10, 2022.

Spicejet: Spicejet on Friday announced the appointment of Ashish Kumar as Chief Financial Officer (CFO) effective September 9, 2022.

Trident: Trident announced its production point for August 2022 on Saturday, September 10, 2022. In the linens division, production of bath linens fell 37.17% to 3,091 metric tons (MT) in August 2022 vs. 4,920 MT posted in August 2021. Bed linen production fell by 37.74% to 1.93 million meters (MM) in August 2022 from 3.1 MM recorded in August 2021. Yarn production fell by 41.72% to 6,471 MT in August 2022, compared to 11,103 MT reported in the same period a year ago.

Venus Pipes & Tubes: Venus Pipes & Tubes has declared that it has been recognized as an ALL INDIA FIRST (AIF) Manufacturer to receive Bureau of Indian Standards (BIS) Approval for Seamless and Welded Stainless Steel Pipes and Tubes .

Spandana Sphoorty Financial: Spandana Sphoorty Financial said its board approved the allotment of 600 non-convertible debentures on a private placement basis for an aggregate consideration of Rs 60 crore.

HG Infra: EPC Company announced on Friday that its wholly owned subsidiary, HG Ateli Narnaul Highway, has received the Certificate of Completion for a construction project in Haryana.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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