🇮🇳 India Daybook: IndiGo CEO Pieter Elbers Resigns; HG Infra & Adani Enterprises Secure Major Deals

📍 LEADERSHIP CHANGE

• InterGlobe Aviation (IndiGo): CEO Pieter Elbers has resigned from his position effective immediately, citing personal reasons. Rahul Bhatia, Managing Director of InterGlobe Aviation, will take temporary charge of the airline's leadership.
• Kirloskar Oil Engines: Atul Kirloskar will cease to be Chairman from March 31 after declining to renew his term. Rahul Kirloskar has been appointed as the new Chairman effective April 1, with Gauri Kirloskar named Vice-Chairperson.
• Eicher Motors: The company has announced leadership changes at VE Commercial Vehicles (VECV), appointing B. Srinivas as MD & CEO and Vinod Aggarwal as Chairman.
• TIPS Music: Hari Nair has resigned as CEO, effective April 30.
• VIP Industries: Rahul Poddar has been appointed as the new CFO, replacing Manish Desai.

📍 ORDER WIN

• HG Infra Engineering: The company secured a railway infrastructure contract valued at ₹401.33 crore from Anuppur Thermal Energy (MP) Pvt Ltd for works at a 2x800 MW thermal power plant in Madhya Pradesh.
• Waaree Renewable Technologies: Announced securing an EPC order for a 300 MWac solar PV plant.
• Interarch Building Solutions: Secured a domestic order worth approximately ₹44 crore for the design and erection of a pre-engineered steel building system.
• HEC Infra Projects: Received a work order worth ₹36.50 crore from Siemens Financial Services for a 10.4 MW solar power project.
• Kundan Edifice: Bagged an order worth ₹80 lakh from Orient Electric for the supply of LED lighting products.

📍 ACQUISITION

• Adani Enterprises: Completed the acquisition of a 49% stake in DPJ TOT and 100% OCRPS at an enterprise value of ₹1,342 crore through its subsidiary.
• Choice International: The board approved the acquisition of a 50% stake in its arm, Choice Insurance Broking India, for ₹62.5 crore.
• Arvind SmartSpaces: Acquired a new residential high-rise project in Bengaluru with a top-line potential of ₹330 crore.

📍 JOINT VENTURE

• Dixon Technologies: Received MeitY approval to form a 74:26 joint venture with HKC Overseas Limited for manufacturing LCD and TFT-LCD display modules.
• Minda Corporation: Its subsidiary signed a JV agreement with Turntide Drives Ltd to develop and manufacture advanced motor controllers for the EV segment.

📍 REGULATORY & TAX

• Polycab India: The Income Tax Department has significantly reduced the company's tax demand to ₹57.6 crore from the earlier ₹327 crore for the assessment year 2024-25.
• Lupin: The USFDA concluded an inspection at its Ankleshwar facility with a Form 483 containing two observations. The company stated it will address these within the stipulated timeframe.
• MedPlus Health: A subsidiary received a drug-license suspension order for one of its stores located in Odisha.

📍 CORPORATE ACTION

• SBI Cards and Payment Services: The stock will trade ex-dividend today, March 11, for an interim dividend of ₹2.50 per share.
• Metropolis Healthcare: Fixed March 20 as the record date for its previously announced 3:1 bonus share issue.
• Devyani International: The board has approved the merger of three subsidiaries—Sky Gate, Blackvelvet, and Say Chefs—into the parent company.

📍 OTHERS

• NTPC Green Energy: Will begin commercial operations for 270 MW capacity of its 1,200 MW Khavda-II project today.
• Sedemac Mechatronics: The company’s shares are scheduled to list on the exchanges today following its IPO.
• Infosys: Signed a strategic agreement with Incora to strengthen AI-enabled supply chain operations.
• ideaForge: Launched a new NATO drone training program to expand its global defense footprint.
• Biocon: Participating in JP Morgan’s annual India Credit Investor Trip today via virtual interaction.

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