JMC Projects, Atul and Mindtree to see some action today

JMC Projects has received approval for the issuance of Unsecured, Rated, Listed, Redeemable Non-Convertible Debentures (NCDs) of Rs 100 crore on private placement basis. The Management Committee of the Board of Directors of the Company at its meeting held on October 18, 2022 has inter alia approved the same. 

Atul has acquired 2,26,70,000 equity shares of Rs 10 each of Atul Healthcare (AHCL), wholly-owned subsidiary of the Company. AHCL was incorporated to undertake, directly or indirectly, new projects in healthcare industry.

Mindtree has extended its relationship with premium audio and video solutions brand -- EPOS as a digital engineering partner to help augment and accelerate the brand’s development of audio technologies and solutions. As part of the multiyear engagement, the company will work as an integrated part of EPOS’ development organization, and take part in strengthening its product innovation, time-to-market, and customer satisfaction, especially in EPOS’ high-growth enterprise audio and video segment.

Vikas Lifecare has entered into collaboration with the ‘Stockholm University’, Swedish Companies - ‘Lignflow Technologies A.B.’ and ‘Lixea Compular’, and ‘Indian Institute of Technology (BHU)-Varanasi’. The collaboration will share the research inputs and work on developing various viable materials like Cellulose, Lignin & Silica from Rice Husk (Agro-Circle Project).

NMDC is taking the first step for obtaining Mining Lease (ML) & executing the ML deed to start the mining operations at Chigargunta- Bisanatham Gold Mine Block in Chittoor District, Andhra Pradesh. The miner strikes gold with the Gold Mine block as it is a first of its kind for the company in terms of leveraging its expertise for a multi-mineral outlook and underground mining operations as well. The firm is in the process of calling Expression of Interest (EOI) for appointment of a Consultant for obtaining Mining Lease and Mining Deed.

Oil and Natural Gas Corporation's (ONGC) overseas arm -- ONGC Videsh (OVL) -- is reportedly making a proposal to retake 20% stake in Russia's Sakhalin-1 oil and gas project in the far east. Russian President Vladimir Putin earlier this month disbanded Exxon Neftegaz - a regional subsidiary of US supermajor ExxonMobil - as operator of the Sakhalin-1 and transferred the project and all of its assets and equipment to a new operator. Sakhalin-1 is OVL's cash cow and without the project, the company will be a loss-making entity. Production from Sakhalin-1 stopped in May after Exxon Neftegaz declared force majeure at the project in response to international sanctions imposed on Russia following its invasion of Ukraine in February. Since then, OVL is facing cash issues.

Tata Communications has reported results for second quarter ended September 30, 2022. The company has reported fall of 6.44% in its net profit at Rs 235.36 crore for Q2FY23 as compared to Rs 251.57 crore for the corresponding quarter previous year. Total income of the company increased by 10.15% to Rs 1,841.26crore for the quarter under review as compared to Rs 1,671.62 crore for the same quarter in the previous year. On the consolidated basis, the company has reported rise of 23.84% in its net profit at Rs 527.33 crore for the quarter under review as compared to Rs 425.81 crore for the same quarter in the previous year. Total income of the company increased by 6.10% to Rs 4,467.36 crore for the quarter under review as compared to Rs 4,210.44 crore for the same quarter in the previous year.