Mahindra & Mahindra (M&M): The auto major announced on Sunday, 27 October 2019, that its auto division delivered close to 13,500 vehicles across the country on the day of Dhanteras. This figure was substantially higher than the deliveries last year on Dhanteras.
Dhanteras, which fell on Friday (25 October 2019), is the first day that marks the festival of Diwali in India. On this day, Hindus consider it as an auspicious day to make new purchases.
Tata Power Company: The integrated power company announced after market hours on Friday, 25 October 2019, that it acquired 120 MW captive gas-based power plant (120 MW CPP#2) and 40 MW diesel generating station (40 MW DGS) at Kalinganagar from Tata Steel (TSL). The combined value (including planned future capital expenditure to complete the project) of the said transactions is approximately Rs 920 crore, subject to customary adjustments on closing and applicable taxes and duties.
While the 120 MW CPP#2 is under construction and is expected to be operational by FY2022, the 40 MW DGS is already operational. The company further clarified that while the estimated total project cost upon completion of 120 MW CPP#2 and the 40MW Diesel power plant is approximately Rs 920 crore, the purchase consideration to acquire the said assets based on current progress is Rs 294 crore (inclusive of taxes and duties), subject to customary adjustments on the closing date. The above clarification is used to distinguish the completed cost committed on the project and the purchase consideration being paid by the Company to acquire the assets.
Hikal: The pharma company announced on Monday, 28 October 2019, that pursuant to the Supreme Court order dated 21 October 2019, Maharashtra Industrial Development Corporation (MIDC) has restored 100% supply of water to the Taloja MIDC zone on 25 October 2019. MIDC had cut 50% of the water supply last quarter, which severely affected the company's operations in Q2 September 2019 resulting in lower production and sales. The company's Taloja site has now resumed normal production post the 100% restoration of water by MIDC. Mahad site, which was affected by heavy flooding in Q2 quarter resulting in a loss of production, has also resumed normal production.
Excel Industries: The chemicals maker announced after market hours on Friday, 25 October 2019, that it successfully completed the acquisition of the chemical manufacturing unit of NetMatrix Crop Care located in Andhra Pradesh on 25 October 2019.
Majesco: The software solutions provider announced on Monday, 28 October 2019, the general availability of the version 11 for the Majesco P&C Core Suite, including Majesco Policy for P&C, Majesco Billing for P&C and Majesco Claims for P&C, and Majesco L&A and Group Suite, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group. This follows the pre-announcement for P&C Core Suite and L&A and Group Core Suite in April 2019.
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