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EquityPandit

EquityPandit
BUSINESS

Vedanta Suppose to Announce Second Interim Dividend as BOD Meet Next Week

On Thursday, Vedanta Ltd BOD informed the company that it will meet next week on Tuesday, July 19, 2022, and will approve a second interim dividend on equity shares for 2022-23.

The company has maintained a record date to determine the entitlement of the equity shareholders for the said dividend, if declared, is being fixed as Wednesday, July 27, 2022.

The board of directors of Vedanta had announced the first interim dividend of Rs 31.5 per equity share, i.e. 3,150 per cent of the face value of Re 1 per share for the financial year 2022-23, which was paid in May 2022.

Indian billionaire Anil Agarwal-led Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world’s leading mining and metals companies interested in zinc-lead-silver, Iron ore, Steel, Copper, Aluminium, Power, Oil and Gas.

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BUSINESS

SECL inks Rs 7,040 crore deal with TMC Mineral Resources for coal mining

Dhruva Kulkarni

Coal India’s arm SECL has signed a Rs 7,040 crore agreement with TMC Mineral Resources to start large-scale coal production using paste-filling technology in the Singhali underground mine in Korba.

Paste filling is a modern method where extracted coal voids are filled with a paste made of fly ash, crushed overburden, cement, water, and binding chemicals. This eliminates the need for surface land acquisition, prevents land subsidence, and ensures mine stability.

With this move, SECL becomes the first coal PSU in India to adopt this underground mining technique. The project will run for 25 years and produce about 8.4 million tonnes of coal.

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The Singhali mine, operational since 1993, was originally approved for 0.24 million tonnes of annual output and currently has 8.45 million tonnes of extractable non-coking coal reserves. Due to dense surface infrastructure like villages, power lines, and roads, traditional caving methods aren’t viable here.

By using paste filling, mining can continue safely without affecting the surface, and this model could be applied to similar mines facing land constraints.

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BUSINESSSTARTUPS

BluSmart May Exit Cab Services, Could Join Uber as Fleet Partner: Report

Dhruva Kulkarni

Cash-strapped startup BluSmart is planning to exit its core cab business and transition into a fleet partner for Uber, nearly six years after it entered the ride-hailing space in 2019.

The company’s shareholders have approved a phased transition of its fleet to Uber, starting with 700–800 cars in the coming weeks. The exact timeline is still being finalised.

BluSmart is reportedly burning over Rs 20 crore every month. Its founders, Anmol Singh Jaggi and Puneet Singh Jaggi have been infusing funds with support from external investors. However, with their other venture, Gensol Engineering, facing a major debt crisis, fresh capital for BluSmart has become harder to secure.

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This financial crunch has reportedly caused delays in salary payments and raised concerns among investors.

BluSmart began in 2019 as a fleet operator listing electric vehicles on Uber. Later that year, it launched its ride-hailing platform. In 2022, it placed an order for 10,000 EVs with Tata Motors, followed by a $50 million funding round in 2023. But as the Gensol crisis intensified in 2025, BluSmart started exploring a return to fleet operations.

Gensol Engineering is scrutinised over alleged falsified debt documents and high debt levels. The company has denied any wrongdoing and launched an internal investigation.

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BUSINESS

Divi’s Labs Inks Long-Term Supply Deal with Global Pharma Giant

Dhruva Kulkarni

Divi’s Laboratories announced a long-term manufacturing and supply agreement with a global pharmaceutical company, focusing on advanced intermediates — a key area of its custom synthesis business.

In a regulatory filing, the company said the deal is international in scope and is expected to make a meaningful contribution to its revenue. While the partner’s identity and financial specifics remain undisclosed due to confidentiality, Divi’s confirmed the deal’s significance.

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To support this agreement and future growth, the company plans to invest Rs 650–700 crore in expanding capacity at its existing facilities. The investment will be funded through internal accruals.

Divi’s stated the deal ensures supply reliability for the customer and strengthens its position in the custom synthesis market.

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BUSINESS

Adani Ports Acquires 50 MTPA North Queensland Export Terminal in Australia

Ali Waghbakriwala

Adani Ports and Special Economic Zone Ltd. (APSEZ) has announced the acquisition of Abbot Point Port Holdings Pte Ltd (APPH), Singapore, from Carmichael Rail and Port Singapore Holdings Pte Ltd (CRPSHPL).

APPH is the holding entity for assets that own and operate the North Queensland Export Terminal (NQXT), which is a high-capacity export terminal with a nameplate capacity of 50 million tonnes per annum (MTPA), strategically located at the Port of Abbot Point on Australia’s east coast.

This acquisition is being executed through a non-cash transaction, where APSEZ will issue approximately 14.38 crore equity shares to CRPSHPL in exchange for a 100% stake in APPH.

In addition, APSEZ will take over certain non-core assets and liabilities listed on APPH’s balance sheet. However, these are expected to be monetized within a few months, resulting in no net impact on the overall valuation of the deal.

Commenting on the acquisition, Ashwani Gupta, full-time director & CEO of APSEZ, said, “NQXT’s acquisition is a pivotal step in our international strategy, opening new export markets and securing long-term contracts with valued users. Strategically located on the East-West trade corridor, NQXT is poised for robust growth as a high-performing asset, driven by increased capacity, upcoming contract renewals in the medium term, and the potential for green hydrogen exports in the long term.”

Gupta added that with contract renewals ahead and increasing throughput, we are targeting an EBITDA of A$400 million within four years. NQXT’s addition to our portfolio reflects our ‘Growth with Goodness’ ethos, underpinned by strong environmental, social, and governance (ESG) standards.

This move underscores APSEZ’s focus on strengthening its global presence and tapping into emerging growth opportunities in international trade and sustainable infrastructure.

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BUSINESSFMCG

ITC to Buy 24 Mantra Organic for Rs 472.5 Crore

Dhruva Kulkarni

ITC Limited announced on 17th April that it will acquire a 100% stake in Sresta Natural Bioproducts Private Limited (SNBPL), the company behind the popular ‘24 Mantra Organic’ brand, for up to Rs 472.5 crore. This marks ITC’s major step into the growing organic packaged foods market.

The deal includes an upfront payment of Rs 400 crore, with up to Rs 72.5 crore to be paid over the next two years based on performance and other conditions. The acquisition is being made on a cash-free, debt-free basis.

SNBPL is among the pioneers in India’s organic food space, offering over 100 products across categories like staples, spices, oils, and beverages. The company has a strong global presence, particularly with the Indian diaspora.

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A key strength of SNBPL is its fully integrated supply chain, supporting around 27,500 farmers across 1.4 lakh acres of certified organic farmland in 10 states. This farm-to-fork model gives it a strong competitive edge.

Hemant Malik, Wholetime Director at ITC, said the acquisition will strengthen ITC’s portfolio of healthy, nutrition-led food products and help grow its presence in both Indian and international markets.

SNBPL’s founder Rajashekar Reddy Seelam said he is excited to see ITC lead the next growth phase for 24 Mantra Organic after over two decades of working with Indian farmers.

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