Corporate moves: TVS to enter Europe, RBI fines, JSW's varied corporate landscape

  • Stock Market News
Corporate moves: TVS to enter Europe, RBI fines, JSW's varied corporate landscape
Credit: © Reuters.

MUMBAI - TVS Motor Company (NS: TVSM ) is setting its sights on the European market, announcing a strategic partnership with Emil Frey as part of its global expansion efforts. This move marks a significant step for the Indian multinational motorcycle manufacturer as it looks to increase its footprint beyond Asia.

In other corporate news, several companies are making headlines with financial updates and strategic developments:

  • Procter & Gamble (NYSE: PG ) Hygiene will trade ex-dividend starting today with a dividend of Rs 105 per share.
  • The Reserve Bank of India (RBI) has imposed fines on Axis Bank (NS: AXBK ) and Manappuram Finance (NS: MNFL ), amounting to Rs 90.92 lakh and Rs 42.78 lakh respectively, due to non-compliance issues.
  • SJVN (NS: SJVN ) Green Energy has entered into a power purchase agreement with the Solar Energy Corporation of India (SECI) for a 200 MW wind power project. The project, valued at Rs 1,400 crore, is expected to generate 482 million units in its first year of operation. This addition boosts SJVN's total wind portfolio to 497.6 MW.
  • SoftBank (TYO: 9984 ) is planning to reduce its holdings in Delhivery (NS: DELH ) by selling approximately 4% of its stake, which is valued at around $150 million. As of September 2023, SoftBank held a 14.46% stake in the logistics company.
  • JSW Steel (NS: JSTL ) has retracted its final mine closure plan for the Jajang iron ore block in Odisha as of September 1, 2023, citing lack of profitability as the reason for this decision.
  • JSW Infrastructure has been awarded the Keni port project in Karnataka. The project comes with an initial capacity of 30 million tonnes per annum (MTPA) and carries an estimated cost of Rs 4,119 crore.
  • DCX Systems has received board approval to raise funds up to Rs 500 crore.
  • Brigade Enterprises (NS: BRIG ) is collaborating with Krishna Priya Estates and Micro Labs to develop residential housing in Bengaluru. The project, worth Rs 2,100 crore, is part of Brigade's future pipeline that includes around 13 million square feet of space.

The series of announcements from these companies indicates a dynamic period for Indian corporations as they navigate expansions, partnerships, regulatory challenges, and financial strategies in both domestic and international markets.

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