Kolkata, September 23: Mining equipment major Tega Industries has won a significant legal victory for its newly acquired Canadian subsidiary Molycop to halt low cost imports of Chinese grinding media into the market. The Canadian International Trade Tribunal (CITT) has issued a favourable finding in its inquiry regarding the dumping and subsidizing of forged steel grinding media from China. This will allow Molycop to compete in the market in a level playing field, boosting domestic production. The case has come from concerns that forged grinding media- essential components in the mining processing and mining industries-were being imported into Canada at…
Author: Abizar Attari
Abizar Attari
Abizar has been writing before AI started to take over your lives! His expertise lies in analysing diverse perspectives and simplifying them for laymen. Beyond writing, storytelling and editing, he enjoys running, learning and enjoying the outdoors.
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Mumbai, September 23: Leading specialty films manufacturer Garware Hi-Tech Films Limited (GHFL), has signed a Memorandum of Understanding (MoU) with US-based Lubrizol to bring the development and manufacturing of its world-class Thermoplastic Polyurethane (TPU) technology to India. With an intention to support the ‘Make In India’ initiative, the collaboration will involve building a technology-led TPU production platform while also supporting the backward integration of manufacturing TPU films for its premium Paint Protection Film (PPF) business. Widely used in footwear, automotive components, textiles and consumer electronics, India currently imports a majority of its requirements, while most Indian factories produce finished TPU…
Mumbai, September 23: Manba Finance is looking to raise ₹99.99 crore following its board’s approval for a preferential issue of securities. This is aimed at strengthening its capital base and providing the necessary liquidity required to expand its financing and long term growth objectives. To achieve this, the board approved the allotment of 50 lakh equity shares and 24 lakh convertible warrants, each priced at ₹135. This move is expected to strengthen the balance sheet and help the company expand its lending portfolio in its main business areas. The company claims strong interest from marquee investors and family offices in…
New Delhi, September 22: Once India’s second largest airline by market share, SpiceJet is the latest airline to face financial troubles, despite the government bailing out the company with a Emergency Credit Line Guarantee Scheme (ELGS) bailout of $15.67 million. According to reports, the company has been facing a major financial crush, with salaries to its employees delayed for the past three and a half months. Several of its flights have been cancelled or delayed due to operational reasons. Amidst this, the company’s senior officials are awaiting another Rs.350 crore bailout from the government, hoping that its operations will normalize…
New Delhi, September 22: State-owned Oil and Natural Gas Corporation (ONGC) has struck natural gas in the deep waters of the Mahanadi Basin off the Odisha coast on September 18. This discovery is a critical step aimed at bolstering domestic energy production and reducing reliance on imported fuels. View this post on Instagram A post shared by Hardeep Singh Puri (@hardeepspuri) The discovery was made at an exploration well located about 43 kilometers (23 nautical miles) off the coast of Konark, Odisha. Drilled to a total depth of 1,623 meters, the well encountered gas-bearing zones between 1,441 and…
Mumbai, September 22: Leading animal pharma manufacturer Fredun Pharmaceuticals Limited (FPL) will acquire a 26% stake in Goodman Vetcare Private Limited for ₹300 crore. With this, Fredun aims to complement its veterinary pharma portfolio in the retail market while supporting Goodman Vetcare’s expansion plans. Founded in 1989, Goodman Vetcare is one of India’s oldest pet pharmacies, offering a specialised veterinary medicines, pet food and accessories. The company has, so far, grown its revenue by about 30% annually, from ₹14.1 crore in FY24 to ₹23.6 crore in FY26, all while remaining bootstrapped though it remains concentrated in the Mumbai Metropolitian Region…
Thane, September 21: Specialty chemical manufacturer, Neogen Chemicals Limited has successfully completed its maiden Qualified Institutional Placement (QIP), the company said in a regulatory filing. The issue, which raised ₹600 crore, attracted leading institutional investors, including SBI Life Insurance, Axis Mutual Fund, Invesco Mutual Fund, Mirae Asset Mutual Fund and the Abu Dhabi Investment Authority. The issue was oversubscribed 6.5x, with the company allotting 26.6 lakh shares of ₹10 each with a floor price of ₹2,189.73 per share. Neogen has raised this capital to settle its debts, and fund working capital and incremental growth opportunities. “We are deeply honoured and…
Mumbai, September 21: Auto components major Samvardhana Motherson International Limited (SAMIL), has announced the acquisition of a 50.1% stake in defence focused circular connector manufacturer Rotary Connectors in a transaction worth about ₹500.4 crores. The acquisition, made through its wholly owned subsidiary Samvardhana Motherson Adsys Tech Limited (SMAST), will make Rotary Connectors its step down subsidiary, as the group aims to strengthen its presence beyond automotives and into defence and aerospace. The existing promoters of Rotary Connectors will continue to retain the remaining 49.9% stake, with the partnership model aimed to leverage the company;s technical expertise and established market presence…
Thane, September 21: Hydraulic fittings manufacturer Hy-Tech Engineers Limited (HTEL) has reported an 11% rise in net profit to ₹4.60 crore for Q1 FY27, following its highly successful initial public offering (IPO) earlier this month. The company has seen its revenues rise 13% YoY to ₹41.26 crore, even as its EBITDA rose 3% marginally to ₹8.4 crores. The company’s EBITDA margins have contracted to 19.6% from 21.5% last year, mostly due to raw material cost increases. For its next phase of growth, the company is looking to acquire 6.5 acres of land in Satara, Maharashtra for increasing its capacity for…
Ahmedabad, September 19: Leading energy and infrastructure management player Advait Infratech Limited, has announced a landmark 1 GWh Master Supply Agreement (MSA) to lock in a steady supply of high-performance Lithium Iron Phosphate (LFP) battery cells for its upcoming Battery Energy Storage System (BESS) assembly facility in Gangad, Gujarat.. The agreement, signed with HiTHIUM Energy Storage Technology is for the supply of 314 Ah LFP prismatic cells to Advait, as it looks to strengthen India’s energy storage infrastructure amid rising demand. “This partnership with Hithium reflects our belief in partnering with the best: the best cell technology, the best quality…
