Reliance Industries, GE Shipping and Wipro to see some action today

Reliance Industries’ subsidiary company -- Reliance Retail Ventures (RRVL) has acquired equity shares of Urban Ladder Home Decor Solutions (UrbanLadder) for a cash consideration of Rs 182.12 crore. The said investment represents 96% holding in the equity share capital of UrbanLadder. RRVL has a further option of acquiring the balance stake, taking its shareholding to 100% of the equity share capital of UrbanLadder. RRVL proposes to make a further investment of up to Rs 75 crore. The further investment is expected to be completed by December 2023.

Great Eastern Shipping Company (GE Shipping) has signed a contract to buy a secondhand Capesize Bulk Carrier. The 2014 Philippines built vessel is expected to join the company's fleet in H2 FY21. The company's current fleet stands at 46 vessels, comprising 33 tankers (11 crude carriers, 17 product tankers, 5 LPG carrier) and 13 dry bulk carriers with an average age of 12.39 years aggregating 3.70 mn dwt. The company has also contracted to buy a secondhand LR2 tanker which will be delivered to us in Q3 FY21.

Wipro is planning to deliver managed SoftwareDefined Wide Area Network (SD-WAN) transformation services to Olympus leveraging Cisco technology. As a part of this engagement, Wipro will use its proprietary managed network services solution, WANFreedom to re-architect Olympus’s WANs and enable support across distributed applications in a hybrid multi-cloud environment. The new network infrastructure will drastically improve Olympus’s application performance to deliver superior end user experience, resulting in increased business productivity, agility and reduced costs for IT.

Escorts is planning to increase its overall tractor production capacity to 1.8 lakh units annually to meet the current robust demand for which it will be investing Rs 100 crore in the remaining part of the fiscal. The company, which currently has an annual capacity of 1.2 lakh units, expects the overall tractor industry to grow in low double digits this fiscal as against low single digit projected earlier.

NTPC has developed geo-polymer aggregates from fly ash, which stands on statutory parameters of Indian standards. Aggregates are commonly used in civil engineering projects to stabilize terrain. The development will help in replacing natural aggregates, reducing the impact on environment. The company’s research project on production of geo-polymer coarse aggregates from fly ash has met the statutory parameters of Indian standards and was confirmed by the National Council for Cement and Building Materials (NCCBM). 

NBCC India has awarded the work, for the Construction of Smart Township/Colony with Colony Road Network and Other Road, Service Building and other allied jobs related to mines for Magadh & Amrapali area of CCL at Tandwa in Chatra district, Jharkhand to Ram Kripal Singh Construction (L-1) at their quoted price of Rs 611.83 crore. 

Ratnamani Metals & Tubes has received domestic order of Rs 140.00 crore in Carbon Steel Division for the supply of CS Pipes for Oil & Gas Sector, to be executed between January, 2021 to May, 2021.