Indian markets gained over half a percent on Wednesday, buoyed by optimism surrounding the upcoming GST Council meeting. Meanwhile, several listed companies reported significant developments, ranging from new orders to regulatory notices.

BHEL Wins Rs 2,600 Crore Order for Anuppur Thermal Project

Bharat Heavy Electricals Limited (BHEL) has secured a major order worth approximately Rs 2,600.00 crore from MB Power (Madhya Pradesh) Limited. The contract involves supplying equipment for the 1x800 MW Anuppur Thermal Power Project.

According to the Letter of Intent (LOI) accepted by BHEL, the scope includes the supply of Boiler, Turbine, Generator, and associated auxiliaries along with control and instrumentation. The project, based on supercritical technology, is to be executed at Anuppur, Madhya Pradesh.

Key details of the order include:

• Contract value: Approximately Rs 2,600.00 crore (excluding GST)
• Execution timeline: 58 months for supply completion
• Manufacturing locations: Boiler at BHEL's Trichy plant, Turbine Generator at Haridwar plant

Swiggy Hikes Platform Fee Amid Rising Demand

Food delivery platform Swiggy has increased its platform fee from Rs 12.00 to Rs 15.00 in certain geographies experiencing high demand. This move comes as the company seeks to optimize its operations in response to market dynamics.

WestBridge Capital Likely to Offload Aptus Value Housing Finance Shares

WestBridge Capital is reportedly planning to sell 8.23 crore shares in Aptus Value Housing Finance through a block deal. This potential transaction could significantly impact the company's shareholding structure.

Prestige Office Ventures Receives Show Cause Notice

Prestige Office Ventures, a subsidiary of Prestige Estates Projects Limited, has received a show cause notice from the Directorate General of Goods & Services Tax Intelligence, Hyderabad. The notice alleges non-payment or short-payment of Goods & Services Tax and non-reversal of Input Tax Credit during the period from February 2020 to March 2024.

The show cause notice demands GST amounting to Rs 160.82 crores, along with an equivalent amount of penalty and applicable interest. Prestige Estates Projects has stated that they are evaluating the matter and do not anticipate any relevant impact on the company's financials, operations, or other activities.

Maruti Suzuki Unveils All-New VICTORIS SUV

Maruti Suzuki India Limited has launched its latest SUV, the VICTORIS, aimed at redefining the Indian SUV segment. The new vehicle boasts a range of features including:

• Advanced technology: 10.25-inch digital instrument cluster, 10.1-inch SmartPlay Pro X infotainment system
• Premium audio: 8-speaker Infinity by Harman sound system with Dolby Atmos
• Safety features: Level 2 ADAS, 6 airbags as standard across all variants
• Powertrain options: Strong Hybrid with EV mode, ALLGRIP Select (4x4), and 1.5-litre K15C petrol engine with Smart Hybrid

The VICTORIS is available for booking with an initial payment of Rs 11,000.00.

Coal India Issues Tenders for Renewable Energy Projects

Coal India has issued tenders to build 3 gigawatts of solar and 2 GW of wind power plants. This move is part of the company's strategy to diversify revenue sources amid declining output due to tepid demand.

Vedanta's Forest Land Diversion Proposal Deferred

The Union Environment Ministry has deferred a decision on Vedanta's proposal to divert over 700 hectares of forest land for the Sijimali Bauxite Mines. This development could potentially impact the company's mining operations in the region.

As these companies navigate various challenges and opportunities, investors will be closely watching how these developments impact their financial performance and market positions in the coming quarters.

In a day of mixed corporate developments, several Indian companies announced strategic moves and deals, with Tata Consultancy Services (TCS) securing a significant contract in the European market.

TCS Inks €550M Deal with Tryg

Tata Consultancy Services (TCS), India's leading IT services firm, has expanded its strategic partnership with Tryg, a prominent Scandinavian non-life insurance company. The seven-year agreement, valued at €550 million (approximately $643.89 million), marks TCS's first mega deal this fiscal year.

As part of the deal, TCS will spearhead a comprehensive digital transformation initiative for Tryg, simplifying and standardizing operations across its three major markets: Denmark, Sweden, and Norway. TCS will leverage its suite of AI and Cloud solutions to augment delivery capability, automate core processes, and enhance customer experience for Tryg's more than six million customers.

Johan Kirstein Brammer, Group CEO of Tryg, commented on the partnership: "We are simplifying our IT landscape enabling us to further invest in new technology and develop our business across Scandinavia. This means we can deliver the best customer experiences, continue to differentiate Tryg in the market, and strengthen our competitiveness."

K Krithivasan, CEO of TCS, emphasized the importance of adaptability in today's business environment: "Success today depends on how quickly and resiliently enterprises can adapt. The key to long-term value creation lies in building perpetually adaptive enterprises enabled by intelligent, future-ready IT systems."

Other Corporate Developments

• Indus Towers: The company is planning to expand into African markets, with Airtel's Africa business as an anchor customer.

• Waaree Energies: The board has approved acquiring a 64% stake in Kotson for ₹192.00 crore.

• PNC Infra: The company has emerged as the L1 bidder for the Varanasi airport development project, valued at ₹297.00 crore.

• DCX Systems: Prasanna Kumar has been appointed as CFO, effective September 2.

• YES Bank: The Competition Commission of India (CCI) has approved Sumitomo Mitsui Banking Corporation's proposed acquisition of share capital and voting rights in YES Bank.

• DCM Shriram: The company announced a long-term strategic agreement with Aarti Industries for chlorine supply.

• Advanta Mauritius: The company has approved the purchase of the post-harvest business under Decco Holdings UK, a wholly-owned subsidiary of UPL Corp.

Market Overview

Despite early gains from strong macro data, domestic equities ended lower, with caution prevailing ahead of the GST Council meeting. In the IPO market, Vikran Engineering and Anlon Healthcare are set to debut on the exchanges.

The diverse range of corporate activities across sectors reflects the dynamic nature of the Indian business landscape, with companies actively pursuing growth opportunities through strategic partnerships, acquisitions, and expansion initiatives.