Larsen & Toubro Ltd. has won a ₹1,000-2,500 crore order from the Nuclear Power Corporation of India Ltd. to set up a nuclear power plant in Tamil Nadu.
As part of the contract, L&T will install the nuclear reactor and turbine systems, sea water systems, polar and trestle cranes, and other related equipment, at the facility. It will also be involved in piping, supports, structural steelwork, painting, anti-corrosion coating, insulation and full testing across various buildings and structures on site.
The Securities and Exchange Board of India has approved the initial public offering of Pine Labs Pvt. Ltd.
The Pine Labs IPO will include a fresh issue of equity shares worth ₹2,600 crore alongside an offer-for-sale of more than 14.78 crore shares.
Investors Peak XV Partners, Actis, PayPal, Mastercard Inc., Temasek, Invesco, Madison India Capital and co-founder Lokvir Kapoor are likelt to offload their stake in the offering.
Pine Labs plans to utilise ₹870 crore from the fresh issue to repay debt, while ₹760 crore will be invested in IT assets, cloud infrastructure, technology development, and procurement of digital checkout points.
Hero Motors Ltd., an auto components maker part of the wider Hero Group, has received approved from the Securities and Exchange Board of India to launch an initial public offering.
The ₹1,200-crore Hero Motors IPO will see the company issue new equity shares worth ₹800 crore and an offer-for-sale of ₹400 crore by promoters.
OP Munjal Holdings will sell shares worth ₹390 crore, while Bhagyoday Investments and Hero Cycles will each divest ₹5 crore worth of shares.
The IPO proceeds will partly go towards repaying ₹285 crore of debt and funding ₹237 crore of equipment purchases for capacity expansion at its Gautam Buddha Nagar facility in Uttar Pradesh.
The rupee appreciated 12 paise to 88.04 against the US dollar in early trade on Tuesday as investors are awaiting cues from the US-India trade talks in New Delhi.
Forex traders said the rupee has faced persistent pressure from uneven flows and US President Donald Trump’s tariff shocks.
At the interbank foreign exchange market, the rupee opened at 88.05 against the US dollar, then touched 88.04, registering a gain of 12 paise from previous close. In the initial trade, INR also touched 88.16 against the USD.
India’s equity benchmarks-Sensex and Nifty-opened marginally higher on Tuesday, buoyed by optimism over progress in India-US trade talks ahead of the US Federal Reserve’s interest rate decision.
The Nifty 50 added 0.17% to 25,110.75 points and the BSE Sensex rose 0.2% to 81,956.51 as of 09:30 am. Thirteen of the 16 major sectors advanced at open, although the gains were marginal. The broader small-caps and mid-caps added about 0.5% and 0.2%, respectively.