Reliance Industries, FSN E-Commerce Ventures and Mishra Dhatu Nigam to see some action today

Reliance Industries (RIL) and Abu Dhabi Chemicals Derivatives Company RSC (TA’ZIZ) have agreed to launch ‘TA’ZIZ EDC & PVC’, a world-scale chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais. The new joint-venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with an investment of more than $2 billion. Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting growing demand for these chemicals globally.

FSN E-Commerce Ventures (Nykaa) continues to grow its retail presence with the launch of three new stores - Nykaa Luxe store and two Nykaa On Trend stores in the national capital. While the 1200+ sq. ft plush Luxe Store is located at Pacific Mall, Pitampura, the On Trend store has opened doors in Kamla Nagar and Lajpat Nagar respectively. With this launch in Delhi, the total count of Nykaa Luxe store to 43 and On Trend Stores across India has risen to 38.

Mishra Dhatu Nigam has raised Rs 50 crore through the allotment of commercial papers (CPs) having face value of Rs 5 lakh to Axis Bank on private placement basis. The tenure of the CPs is 90 days. The aforesaid CPs shall be listed on BSE.

Indian Oil Corporation (IOC) has renewed a deal to buy up to 2 million tonnes of crude oil in 2022 from Russia's Rosneft. The company had in February 2020 signed a deal with Rosneft Oil Company to import up to 2 million tonnes of oil via the port of Novorossiysk. In 2021, the deal envisaged supply of up to 1.7 million tonnes of crude oil but IOC bought just on parcel or shipload as the cost of transporting the oil made it uneconomical, when compared to alternatives.

Prakash Industries has secured Long Term Coal Linkages of 8, 10,200 MT per annum for next 5 years for its captive power plant in the coal linkage auction concluded on December 7, 2021 by Coal India under Tranche-V in the CPP subsector.  The said linkages will insulate the company against the volatility in the coal prices and thus provide long term stability to the operations of the company and improve its operating and financial performance.

Jindal Steel and Power (JSPL) has reported robust production in November 2021. Steel production increased by 10 % Y-o-Y to 6.74 lakh tonnes as compared to 6.14 lakh tonnes of steel production in the previous year. JSPL's November 2021 Steel sales were lower by 5% Y-o-Y at 5.39 lakh tonnes due to non-availability of Indian Railway rakes on demand.

KPI Global Infrastructure has received confirmation of the orders for executing solar power project of 2.70 MWdc capacity under 'Captive Power Producer (CPP)' Segment of the Company.