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Indian Bank: CRISIL revised bank's Tier 1, Tier 2 and Infrastructure Bonds' ratings to 'stable' from 'negative'.

IRCON International: The government to sell 6% additional stake via offer for sale on March 4. The company bagged letter of award worth Rs 187.80 crore from Railway Ministry.

VST Tillers Tractors: The company will invest $1.5 million in Zimeno Inc.

IRCTC: The company will operate trips through Golden Chariot from March 14.

Union Bank of India: ICRA assigned AA+(HYB)/Negative as credit rating to the bank's proposed Basel III Compliant Tier-II bonds aggregating up to Rs 2,000 crore.

Techno Electric & Engineering Company: SBI MF reduced stake in the company to 6.13% from 7.12% via open market sale.

Bajaj Electricals: The company and Mahindra Logistics signed an agreement for innovative logistics optimisation and outsourcing arrangement.

Adani Ports and Special Economic Zone: To acquire the 31.5% stake held by Windy Lakeside Investment Limited (an affiliate of Warburg Pincus) in Gangavaram Port Ltd. for around Rs 1,954 crore. The company said the acquisition will expand its market share to 30% across 12 locations in India. The deal is expected to be completed in 45 days. Adani Ports is also in discussions with DVS Raju and Family for their 58.1% stake in GPL. The acquisition is subject to regulatory approvals. Gangavaram Port, located in the northern part of Andhra Pradesh next to Vizag Port, has a 64MT capacity. Adani Ports has also initiated consolidation of its rail track assets under one platform.

Canara Bank: The Indian Banks' Association has informed the bank that the United Forum of Bank Unions has given a call for strike in the banking industry on March 15, 2021 and March 16, 2021 for the issues relating to industry level and not for any bank level issues.

DLF: Has decided not to proceed with the proposed issuance of listed secured NCDs aggregating up to Rs 395 crore.

HDFC: Has reduced its Retail Prime Lending Rate on Housing loans, on which its Adjustable Rate Home Loans are benchmarked, by 5 basis points, with effect from March 4, 2021.

IRCON International: The government will exercise the greenshoe option to the extent of 2.82 crore shares or 6% of the total equity in addition to selling 4.7 crore shares through an offer for sale. Accordingly, the total offer size will be up to 7.52 crore shares or 16% of the total equity of which up to 2.25 crore shares will be available as part of the offer share for retail investors on March 4. The issue was subscribed 3.3 times by non-retail investors on March 3. The company has been awarded the work for replacement of mechanical signaling at various locations at Moradabad at the expected completion cost of Rs 187.80 crore. The tenure for execution of the works is 24 months.

IRCTC: To operate trips through Golden Chariot from March 14, 2021 onwards.

Mazagon Dock Shipbuilders: To commission third Scorpene Submarine Karanj on March 10 and has commenced the sea trials of first ship Visakhapatnam of Project P-15B, which is due for delivery later this year.

Mahindra Logistics: The company with Bajaj Electricals has announced project ‘Samriddhi’ for integrated logistics services. The two companies have signed an agreement for innovative logistics optimisation and outsourcing arrangement. The deal is a complete end-to-end redesign and outsourcing of Bajaj Electricals’ entire logistics by Mahindra Logistics, with the objectives of achieving enhanced and industry-best service levels, coupled with a logistics cost saving of more than 25%. The total contract value of this deal will be more than Rs 1,000 crore over the next 5 years.

PNB Housing Finance: India Ratings and Research has revised the outlook on the company’s NCDs to Negative from Stable, while affirming the rating as AA. The outlook revision reflects an added uncertainty around the timing and quantum of the company’s capital raising, which the agency believes could be critical in view of the stress in the loan portfolio, especially on the wholesale lending.