Vedanta rises ~4% on reports of $4bn investment plan
Shares of Vedanta were trading ~4% higher in the afternoon session on Wednesday after media reports said that the company has announced a $4bn investment plan to increase its oil production.
The investment will be done in the 41 blocks it has won in the auction during August, according to media reports. The company is expected to increase the output of these blocks by ~400,000 barrels/day by 2021.
Tata Communications acquires Teleena
Shares of Tata Communications were trading lower by 3% on Wednesday afternoon despite the company announcing that it has acquired Teleena, a Netherlands-based Internet of Things (IoT) connectivity specialist and mobile virtual network enabler (MVNE).
The acquisition ensures that Teleena’s solutions will become a key part of the Tata Communications’ MOVE™ platform. The enhanced platform will enable enterprises and device manufacturers to capture, move, and manage information worldwide through borderless, secure, and scalable connectivity.
Maruti trades weak as it recalls 640 Super Carry vehicles
India’s largest passenger vehicle (PV) manufacturer, Maruti Suzuki India Limited (MSIL), announced that it will undertake a voluntary recall of vehicles. A total of 640 Super Carry vehicles in the domestic market will be recalled to inspect for a possible defect in the fuel pump assembly.
Vehicles manufactured between January 20 and July 14, 2018, will be covered in this recall campaign. MSIL dealers will start contacting owners of these vehicles starting October 3, 2018, for inspection and replacement of the faulty part free-of-cost.
Steel Strips Wheels bags orders worth ~$3mn from US, EU
Steel Strips Wheels has bagged export orders for caravan wheels and truck wheels for US and EU Trailer markets, the company said in a press note to the exchanges on Wednesday.
These orders have been bagged to ship ~100,000 wheels from October until December 2018 with a total value ~$3mn, the company added. Steel Strip Wheels is expecting these orders to be repeated in months to come.
L&T construction bags order valued Rs3,036cr
The Buildings & Factories business of L&T has won an EPC order worth Rs3,036cr from Bangalore International Airport Limited (BIAL) to construct Terminal-2 (T2) of the Kempegowda International Airport, Bengaluru. On completion, the 255,000 sq. mt. Phase 1 of T2 will augment the capacity of the Airport by 25 million passengers per annum (MPPA), as per bse press release.
The scope of work includes design, engineering, procurement, construction, testing and commissioning of Terminal -2, including the integration of services and utilities along with the Airport's systems, support facilities and buildings. L&T Construction is also currently constructing the New South Parallel Runway (NSPR), apron and other auxiliary buildings at the Bengaluru.
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