The GST Council that met on Monday decided to reduce the GST rate on certain cancer drugs from 12 per cent to 5 per cent, aimed at reducing the overall cost of cancer treatment. Those drugs are Trastuzumab Deruxtecan, Osimertinib, and Durvalumab. In another decision, GST rate has been reduced prospectively from 18 per cent to 12 per cent for namkeens and savoury items. Gopal Snacks/Bikaji: Foods and pharma stocks will remain in focus.
Indian Renewable Energy Development Agency (IREDA) has inked initial pacts with SJVN and GMR Energy for the development and implementation of the 900 MW Upper Karnali hydro-electric project in Nepal. This collaboration aims to enhance regional energy security through the development of renewable energy infrastructure, a statement said.
GMR Group’s airport business arm GMR Airports Infrastructure Ltd (GIL) on Monday said it has entered into a share purchase agreement with Fraport AG Frankfurt Airport Services Worldwide for acquiring the latter’s 10 per cent holding in Delhi International Airport Ltd (DIAL) for USD 126 million. After completion of the deal, GIL’s stake in the joint venture will rise to 74 per cent from the current 64 per cent, the GMR Group said.
Tata Power has commenced production of solar cells at India’s largest single-location in Tirunelveli, Tamil Nadu, helping boost domestic manufacturing of cells and modules needed to convert sunlight into electricity. TP Solar Ltd, a subsidiary of Tata Power Renewable Energy Ltd (TPREL), announced the commencement of commercial production from the 2GW solar cell line at its manufacturing facility in Tirunelveli — the country’s largest single-location solar cell and module plant.
Bank of Baroda on Monday announced that it has raised Rs 5,000 crore through a 10-year infrastructure bond issuance subscribed by domestic investors. This is the second issuance from the lender in a fortnight after the Rs 5,000 crore sale on August 26 and comes amid a raft of such issuances.
India Opportunities Growth Fund on Monday sold a 1.7 per cent stake in Electrosteel Castings for Rs 219 crore through an open market transaction. According to the bulk deal data available on the National Stock Exchange (NSE), India Opportunities Growth Fund Ltd – Pinewood Strategy offloaded 1,05,00,000 shares, amounting to a 1.7 per cent stake in Electrosteel Castings. The shares were disposed of at an average price of Rs 209.03 apiece, taking the transaction value to Rs 219.48 crore.
Dixon Technologies’ wholly owned subsidiary Padget Electronics has entered into an MoU with HP India Sales Pvt. Ltd. for manufacturing notebooks, desktops, and all-in-one PCs, subject to signing of definitive agreements in due course.
The board of Awfis Space Solutions: has executed a business transfer agreement with SMS Integrated Facility Services Pvt. Ltd. for the divestiture of its Facility Management Division, Awfis Care for ₹27.5 crore.
IRB Infrastructure Developers has informed the exchanges that total toll collection for August was up 20 per cent year-on-year to ₹502.6 crore. This figure includes wholly-owned subsidiaries and Joint Venture entities.
Arvind has made a further investment of ₹48 crore in Arvind Technical Products, its wholly owned subsidiary through rights issue. The fund infusion was done to meet long-term funding requirements, working capital expenditure and general corporate purpose of the latter.
HG Infra Engineering has received a letter of award from Ministry of Road Transport and Highways for upgradation of existing six lane road including elevated corridor. The project has to be completed in 2.5 years and has a length of 10.63 kms. The project has an overall cost of ₹781 crore. HG Infra was declared the L1 for the same on August 20.
Action Construction Equipment has received an order from the Ministry of Defence for the supply of 99 Forklifts.
Sky Gold has approved investment of not more than ₹15 crore each through subscription of rights issue shares of wholly-owned subsidiaries Starmangalsutra Pvt. Ltd. and M/s Sparkling Chains Pvt. Ltd.
