by Hansraj Agrawal | Sep 19, 2024 | Share Market
Last Updated : Sep 19 2024 | 8:04 PM IST
The U.S. Department of Energy (DOE) has recognized JSW Steel USA for achieving its energy savings goal as a partner in the Better Plants Challenge. JSW Steel USA has achieved energy savings of 25% through greater efficiency efforts across its portfolio.
JSW Steel USA is one of the market leaders partnering with DOE to set portfolio-wide energy savings goals and share their efficiency strategies with others. JSW Steel USA is profiled on DOE’s Better Buildings, Better Plants Solution Center. To date, Better Buildings partners have saved nearly $22 billion in energy costs, resulting in more than 220 million metric tons of avoided greenhouse gas emissions.
JSW Steel USA is focused on investing in a sustainable and green future as an opportunity to save energy and improve efficiency across its portfolio.
JSW USA’s $145 million investment in its Mingo Junction facility will enable the company to produce monopile-grade steel slabs that will support monopile pole towers for usage in the offshore wind energy market. This investment will also significantly reduce JSW USA’s Baytown facility’s reliance on imported steel slabs, which results in higher carbon emissions. JSW USA uses one of the most energy-efficient and lowest carbon-emitting methods of steelmaking in the industry.
We are passionate about collaborating with each other to build a viable future for our world. The steel market is a competitive landscape, these investments will play a pivotal role in future market demand, addressing deficiencies in the supply chain. JSW USA will be one of only two US suppliers of monopile plate for clean offshore wind power generation. Our investment will enable us to forge relationships with manufacturers and other businesses that rely on these materials, said JSW Steel USA CEO, Rob Simon.
Commenting on the new investments, Parth Jindal, Director of JSW Steel USA said, The new investments at our Baytown, Texas facility reinforce JSW USA’s commitment to a sustainable and green future. The new upgrades at our Plate Mill support the long term ESG initiative of JSW USA and support decarbonization of the Energy Spectrum in the United States of America. The new investments will enable us to progressively deliver high quality steel products while further defining our niche markets through a Made in America specialty steel portfolio. These investments have the potential to significantly reduce U.S. import reliance in the infrastructure and renewable energy sectors.
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First Published: Sep 19 2024 | 7:46 PM IST
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by Hansraj Agrawal | Sep 19, 2024 | Share Market
Last Updated : Sep 19 2024 | 7:50 PM IST
Thomas Cook (India) has inaugurated its new franchise outlet in Chromepet, Chennai – to leverage the high-growth market of the city and
its surrounding catchments. Chromepet is a preferred residential locality in Chennai – with proximity to the airport and connectivity to prominent areas, including IT and business parks. The new Chennai outlet expands Thomas Cook India’s network to 9 locations in the city and 15 across Tamil Nadu.
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First Published: Sep 19 2024 | 7:45 PM IST
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by Hansraj Agrawal | Sep 19, 2024 | Share Market
Last Updated : Sep 19 2024 | 7:50 PM IST
Phoenix Mills announced today that Casper Realty (Casper), a wholly owned subsidiary of PML, has been declared as the highest bidder for two prime city-centric plots in Mohali, Punjab.
These plots – cumulatively admeasuring ~13.14 acres and located in Sector 62, YPS Chowk, Sahibzada Ajit Singh Nagar (Mohali) – were auctioned by Greater Mohali Development Area Authority (GMADA). Casper was declared as the highest bidder, with a combined bid value of approximately Rs. 891 crores. The payment shall be completed within the timelines stipulated by GMADA. Both plots are classified for commercial use and the Company intends to develop an iconic retail-led, mixed-use development on this land parcel.
With excellent connectivity, this land parcel, situated at YPS Chowkbetween Chandigarh and Sahibzada Ajit Singh Nagar (Mohali), is well-positioned to capitalize on the growing demand for retail and entertainment spaces in the Chandigarh Metropolitan Region (CMR). CMR encompasses the union territory of Chandigarh and its neighbouring cities, including Panchkula, Mohali, Zirakpur, New Chandigarh, Kharar, Pinjore, Kalka, and Barwala. Strategically located at the crossroads of Punjab, Haryana, and Delhi, the CMR region has emerged as a prime destination for real estate development.
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First Published: Sep 19 2024 | 7:35 PM IST
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by Hansraj Agrawal | Sep 19, 2024 | Share Market
2 min read Last Updated : Sep 19 2024 | 7:33 PM IST
The three initial public offerings (IPOs) that closed on Thursday were lapped up by investors, generating cumulative bids worth over Rs 1.05 trillion. Non-banking financial firm Northern Arc Capital and real estate developer Arkade Developers’ share sales saw over 100 times more demand than shares on offer, while logistics company Western Carriers India’s IPO was subscribed nearly 30 times.
The three IPOs capped a strong month for the primary market, which saw 10 companies mop up a cumulative Rs 10,407 crore. While this is lower than August’s Rs 17,110 crore mop-up—which was the highest since May 2022—the strong momentum will boost sentiment for further issuances.
The strong demand from investors is on the back of high grey market premiums. All three will make their debut next week.
Shares of Northern Arc Capital, which has a strong presence in the MSME and micro-finance lending space, had a grey market premium (GMP) in excess of 60 per cent.
The retail portion of Maharashtra-focused Arkade’s Rs 410 crore IPO was oversubscribed 50 times, while the qualified institutional buyer (QIB) portion received over 163 times bids. The real estate firm will be utilising the proceeds for the costs to be incurred in developing ongoing projects and to fund the acquisition of yet-to-be-identified land.
Western Carriers India plans to use the IPO proceeds for prepayment of outstanding borrowings and for funding the capital expenditure requirements.
First Published: Sep 19 2024 | 7:32 PM IST
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by Hansraj Agrawal | Sep 19, 2024 | Share Market
Last Updated : Sep 19 2024 | 7:50 PM IST
AU Small Finance Bank (AU SFB) announced its partnership with Niva Bupa Health Insurance Company (Niva Bupa) to offer health insurance products to AU SFB’s customers. Building on Niva Bupa’s existing relationship with Fincare Small Finance Bank (now merged with AU SFB), this collaboration introduces a refreshed business proposition, further enhancing the bank’s customer offerings.
Through this partnership, AU SFB’s new and existing customers, including those from former Fincare SFB branches, can now access Niva Bupa’s extensive range of retail as well as group health insurance products, encompassing health, personal accident and critical illness plans across the 2,414 touchpoints in India. This partnership is aimed to enable AU SFB to create affordable and transparent value proposition through technology and service modules.
Leveraging Niva Bupa’s network of 210 physical branches across 22 states and 4 union territories, along with AU SFB’s distribution reach across India, both entities will collaborate to provide personalized and customer first health insurance solutions.
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First Published: Sep 19 2024 | 7:32 PM IST
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by Hansraj Agrawal | Sep 19, 2024 | Share Market
Last Updated : Sep 19 2024 | 7:50 PM IST
At meeting held on 19 September 2024
The Board of Suven Pharmaceuticals at its meeting held on 19 September 2024 has taken on record the following:
Vaidheesh Annaswamy (DIN: 01444303) has decided to step down from his role as Executive Chairperson and Director of the Company, effective from close of business hours on 19 September 2024.
Approved the appointment of Vivek Sharma (DIN: 08559495) as an Additional Director and Executive Chairman of the Company, as recommended by the Nomination and Remuneration Committee, for a period of five years with effect from 20 September 2024, subject to approval of the shareholders through postal ballot process.
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First Published: Sep 19 2024 | 7:28 PM IST
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