Vedanta to Split Into Six Listed Companies - Top Indian Market Updates

Here are some of the major updates that could move the markets on Tuesday:

Vedanta to split into six listed companies 

Vedanta Ltd will spin off and list six of its businesses as it seeks to fuel their growth. The demerger plan is aimed at driving better valuations as its parent company struggles to raise funds due to rating downgrades and concerns over meeting its debt obligations. The six units being planned to be listed are Vedanta Aluminium, Vedanta Oil & Gas, Vedanta Power, Vedanta Steel and Ferrous Materials, Vedanta Base Metals and Vedanta Ltd. 

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India's core sector growth rises to 12.1% in August

According to Government data, India's output of eight infrastructure sectors rose to 12.1% in August 2023 against 4.2% last year. The core sector output is at a 14-month high. The production of refinery products, steel, cement, and electricity also grew in August. Core sector growth in July was 8.4%. Cement production rose by 18.9% while coal production recorded a substantial increase of 17.9%.

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Uno Minda to enhance stake in JV firm to 76%

Uno Minda’s board has approved enhancing its stake in a joint venture (JV) firm to 76%. The company will increase its stake in Minda Westport Technologies Ltd (MWTL) from 50% to 76% by acquiring an additional 26% stake from its JV partner Westport Fuel Systems Italia. The purchase consideration for the 26% stake is around ₹15 crore.

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Ashok Leyland secures order for 1,282 buses from GSRTC

Ashok Leyland has secured an order for 1,282 fully built buses from Gujarat State Road Transport Corporation (GSRTC). The company will deliver 55-seater fully assembled BS VI diesel buses in a "phased manner". Gujarat State Road Transport Corporation (GSRTC) has had a long association with Ashok Leyland with more than 2600 buses of the company being operated by GSRTC.

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Hindustan Zinc plans to spin off businesses 

Hindustan Zinc’s board has authorised a committee of directors to evaluate the appropriate corporate restructuring exercise to unlock shareholder value. The company is looking to assess distinct investment profiles to attract deeper and broader investor bases. The company is valued at ₹1.2 lakh crore ($14.45 billion) and wants to broaden its investor bases and sharpen its focus on its core businesses.

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Godrej Properties acquires 109 acres in Nagpur

Godrej Properties has acquired nearly 109 acres of land parcel in Nagpur. The company plans to develop primarily plotted residential units on this land parcel and estimates a saleable area of 2.2 million sq ft. The land parcel is located near the recently operationalised Samruddhi Mahamarg, the expressway connecting the cities of Mumbai and Nagpur and MIHAN Special Economic Zone (SEZ).

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IFC gets RBI's nod for acquiring 9.7% stake in Federal Bank

The Reserve Bank of India (RBI) has approved the International Finance Corporation (IFC) to acquire a 9.7% stake in Federal Bank. The central bank's approval comes in response to IFC's application and is contingent on compliance with several regulatory provisions. 

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Sterling and Wilson secures order worth ₹1,535 crore from NTPC Renewable Energy

Sterling and Wilson Renewable Energy has secured a project worth ₹1,535 crore from NTPC Renewable Energy in Khavda, Gujarat. The engineering, procurement and construction (EPC) project of 300 megawatts of alternating current (MWac) of NTPC REL is located at the Khavda renewable energy plant at the Rann of Kutch in Gujarat. This is the company's third NTPC REL order in over a year. 

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L&T bags order worth over ₹7,000Cr from MMRDA

Larsen & Toubro has won an order worth over ₹7,000 crore from the Mumbai Metropolitan Region Development Authority (MMRDA). The project is to design an underground road tunnel project between Orange Gate, and Eastern Freeway to Marine Drive Coastal Road in Mumbai. The company plans to complete the project within 54 months.

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