MVL Ltd said it has decided to acquire majority stake in MVL Telecom Ltd. The initial investment shall be in the form of equity injection of Rs120 crore in MVL Telecom. This investment in the telecom sector will enable MVL to improve its profitability.
In the next phase, MVL will invest additional Rs125 crore through debt and equity route and this investment will be utilised to set up a manufacturing facility for mobile handsets and components. This manufacturing facility will have annual capacity of 20 million handsets, said the company in a filing to the Bombay Stock Exchange (BSE).
On Wednesday, MVL shares gained 5.9% to Rs95 on the BSE, while the benchmark Sensex ended 1.2% up at 18,257 points.
Steel Strips Wheels Ltd (SSWL) has received orders from two companies in Germany and UK. SSWL will export nearly 5,000 wheels to these companies. The business will earn foreign exchange to the tune of Rs30 lakh, said the company in a statement.
On Wednesday, SSWL shares closed 1.5% up at Rs218 on the Bombay Stock Exchange, while the benchmark Sensex ended 1.2% up at 18,257 points.
Tantia Constructions Ltd has received a contract worth Rs50.5 crore from the Metro Railway, Kolkata.
The contract includes execution of civil engineering works between Noapara and Dum Dum cantonment, said the company in a regulatory filing.
On Wednesday, Tantia Constructions shares jumped 14.2% to Rs94 on the Bombay Stock Exchange, while the benchmark Sensex ended 1.2% up at 18,257 points.