Zee Entertainment
The Securities and Exchange Board of India (SEBI) has imposed a ban on Subhash Chandra, Chairman of Essel Group, and Punit Goenka, CEO of Zee Entertainment Enterprises (ZEEL), preventing them from holding positions as directors or key managerial personnel in any listed company or its subsidiaries until further notice. SEBI’s decision comes after an investigation revealed that Chandra and Goenka misappropriated funds from their listed entity, ZEEL, for personal gains.
SpiceXpress
SpiceXpress, the cargo arm of SpiceJet Ltd, has joined forces with Ekart, a prominent supply chain services provider, to revolutionize first and last-mile delivery operations. In an official statement released on Monday, SpiceXpress announced that Ekart will handle the pickup of cargo shipments and facilitate their seamless delivery across all serviceable pin codes nationwide.
SJVN
SJVN Green Energy, a subsidiary of SJVN Ltd, has successfully acquired a Rs 1,400 crore wind power project, which is a big accomplishment for the renewable energy sector. The Solar Energy Corporation of India held a competitive bidding procedure to choose the project, which has a 200 MW capacity.
Punjab and Sind Bank
A important development is that the board of directors of Punjab and Sind Bank has approved a capital-raising plan that would involve the sale of bonds totaling 750 crore. According to the bank’s regulatory filing, this action is intended to strengthen the bank’s financial condition and support its long-term growth objectives.
Websol Energy Systems
Kolkata-based solar panel and module manufacturer, Websol Energy Systems Limited, has unveiled its ambitious plan to construct cutting-edge manufacturing facilities for 600 MWP Mono PERC bifacial solar cells and 550 MWP modules. To kickstart this expansion venture, the company has successfully obtained project funding from the Indian Renewable Energy Development Agency (IREDA). The funding, amounting to a term loan of Rs. 179.20 Crores, has been granted by IREDA, with both parties having executed the necessary financial closure agreement.
Maharashtra Seamless
Maharashtra’s Mumbai, renowned for its seamless pipes and tubes production, witnessed a remarkable achievement as Maharashtra Seamless Ltd. successfully attained a debt-free status by fully repaying a substantial loan of Rs 234 crore ($28.33 million). This significant milestone led to a noteworthy upswing of up to 5% in the company’s shares, surging to an all-time high of Rs 498. The commendable financial performance of the company, coupled with robust internal accruals, enabled them to voluntarily repay this long-term debt and achieve a debt-free status.
Wipro
Wipro, the prominent IT services company headquartered in Bengaluru, witnessed a surge in its stock value on June 12. This came after the announcement that June 16 has been designated as the record date for the company’s substantial Rs 12,000-crore share buyback initiative. Since the buyback plan was unveiled on April 27, Wipro’s stock has experienced a growth of over 8 percent.
Dish TV
In a significant development, Dish TV experienced a block deal where an impressive 50 lakh shares were exchanged on June 12. This transaction resulted in high volume activity, surpassing the average volumes of the past week and month by 45 percent. Despite the robust trading, the stock remained steady at Rs 13.84 on the NSE.
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