Torrent Power, FSN E-Commerce Ventures and Allcargo Logistics to see some action today

Torrent Power has received approval for raising of funds by way of issuance of Equity Shares and/or Convertible Bonds and/or Convertible Debentures and/ or other securities convertible into equity shares at the option of the Company through private placement offering or a Qualified Institutional Placement (QIP) upto Rs 5000 crore in one or more tranches, subject to approval of the Members in the ensuing AGM of the Company. The company also received approval for raising of funds by way of issuance of Non-Convertible Debentures (NCDs) upto Rs 3000 crore in one or more tranches by way of Private Placement. The Board of Directors of the company, at its meeting held on May 22, 2024, has considered and approved the same.

FSN E-Commerce Ventures’ (Nykaa) wholly owned subsidiary-- FSN International has received approval for making further investment of up to $1.9 million in one of its overseas subsidiaries viz., Nessa International Holdings. The company is making strategic investment through FSN International for providing long term funds to Nessa International. The investment is expected to be completed by September 30, 2024. The Board of Directors of the company, at its meeting held on May 22, 2024, has approved the same. 

Allcargo Logistics’ wholly owned subsidiary -- ECU Worldwide N.V. has acquired balance 25% stake in Fair Trade for a consideration of EUR 2.9 million paid on May 21, 2024. Pursuant to the acquisition, ECU Worldwide N.V. now holds 100% stake in Fair Trade. The acquisition is completed on May 21, 2024. 

Kothari Industrial Corporation (Merchant Exporter) has signed an exclusive Merchant Exporter agreement with Basant Overseas (Manufacturing partner) on May 21, 2024 for exporting the footwear under the brand name ‘ALDO’ as per the terms and conditions of the agreement. Manufacturing partner will sell ALDO products to Merchant Exporter and KICL will act as an exclusive merchant exporter for exporting ALDO footwear.

DRC Systems India has been awarded a prestigious work order worth Rs 2.26 crore by the National Skill Development Corporation (NSDC) for the development, enhancement and maintenance of Learning Management Support (LMS) for the Skill India Digital platform. Under the terms of the work order, DRC Systems will enhance and maintain the LMS of Skill India Digital platform for the Ministry of Skill Development and Entrepreneurship. This advanced platform aims to unify all skilling initiatives and facilitate nationwide skill development.

Oil India (OIL), India’s oldest Oil & gas Company & the youngest Maharatna CPSE of Govt. of India and Numaligarh Refinery Limited (NRL), OIL’s material subsidiary company signed a new long-term Definitive Agreement for the transportation of additional petroleum products through OIL’s Numaligarh-Siliguri Product Pipeline (NSPL) following the commissioning of Numaligarh Refinery Expansion Project.  

Indigo Paints has reported results for fourth quarter (Q4) ended March 31, 2024. The company has reported 9.94% rise in its net profit at Rs 53.52 crore for the quarter under review as compared to Rs 48.68 crore for the same quarter in the previous year. Total income of the company increased by 12.76% at Rs 370.18 crore for Q4FY24 as compared Rs 328.28 crore for the corresponding quarter previous year. On consolidated basis, the company has reported 11.83% rise in its net profit at Rs 54.44 crore for fourth quarter ended March 31, 2024 as compared to Rs 48.68 crore for the same quarter in the previous year. Total income of the company increased by 18.51% at Rs 389.04 crore for Q4FY24 as compared Rs 328.28 crore for the corresponding quarter previous year.