Business News

Kolkata: Coal India Ltd (CIL) has spent Rs 5,570 crore in Corporate Social Responsibility (CSR) initiatives over the past decade, a top official said on Sunday. Coal India Chairman P M Prasad said the PSU has been focusing on education, healthcare, skill development, sports, and women empowerment. Inaugurating the 3rd CIL CSR Conclave 2024 on Sunday, West Bengal Governor C V Ananda Bose underscored the transformative power of CSR initiatives in improving the lives of communities, particularly in tribal belts of coal-bearing areas. He lauded CIL's contributions, including its efforts to support cancer patients, stating that such initiatives contribute to the holistic development of the nation. "CSR initiatives are a powerful tool to transform lives, especially in vulnerable regions," Bose said. "Coal India spent Rs 5,570 crore in Corporate Social Responsibility initiatives over the past 10 years," Prasad said. Coal Secretary Vikram Dev Dutt commended coal companies for their impactful CSR projects over the past decade, which, he said, have positively impacted coal-bearing regions. "Communities in coal-bearing areas are equal stakeholders in coal companies' activities. A theme-based CSR calendar can help prioritize key areas, starting with education in January," Dutt added.

Billionaire Anil Agarwal-led Vedanta is scheduled to consider and announce its fourth interim dividend for FY2024-25 on Monday, December 16.In an exchange filing, the mining major stated, "The meeting of the Board of Directors of the Company is proposed to be scheduled on Monday, December 16, 2024, to consider and approve the Fourth Interim Dividend on equity shares, if any, for the Financial Year 2024-25."Vedanta has fixed December 24 as the record date for the fourth interim dividend, if declared.The said board meeting was scheduled to be held in October earlier but was cancelled due to unforeseen circumstances.Also Read: Fed meeting among top 5 factors that can sway Sensex, Nifty this weekIn September, the company declared its third interim dividend of Rs 20 per share, following earlier payouts of Rs 11 and Rs 4 per share, bringing the total interim dividend for FY2025 to Rs 35 per share. Since July 23, 2001, Vedanta has declared 45 dividends, according to Trendlyne data.Vedanta said in its exchange filing that the trading window for dealing in securities of the company shall remain closed from Thursday, December 12, till Wednesday, December 18.Also Read: XRP surges 370% post-Trump victory: What’s driving the rise?Vedanta shares have nearly doubled in value so far with gains of 102% year-to-date.In Q2 FY25, Vedanta reported a profit of Rs 5,603 crore as against as loss of Rs 915 crore in the same quarter of last year. Revenue from operations, meanwhile, declined 4% year-on-year to Rs 37,171 crore in the quarter ended September 2024. The same stood at Rs 38,546 crore a year ago.The company reported an EBITDA of Rs 9,828 crore in the July-September period, while margins came in at 26.1%.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

GNG Electronics Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The proposed IPO is a combination of a fresh issue of equity shares aggregating up to Rs 825 core and an offer for sale (OFS) of up to 97 lakh equity shares by promoters, according to the draft red herring prospectus (DRHP) filed on Saturday. The OFS comprises sale of 35,000 shares each by Sharad Khandelwal and Vidhi Sharad Khandelwal and 96.30 lakh shares by Amiable Electronics. Proceeds of the fresh issue to the tune of Rs 320 crore will be utilised for the debt payment, Rs 260 crore for funding working capital requirements of the company and the remaining amount for general corporate purposes. GNG Electronics is one of the leading refurbisher of laptops and desktops with significant presence across India, the US, Europe, Africa, and the UAE. The company operates under the brand "Electronics Bazaar", with presence across the full refurbishment value chain from sourcing to refurbishment to sales, to after-sale services and providing warranty. The company's comprehensive process of refurbishment of ICT devices such as laptops, desktops, tablets, servers, premium smartphones, mobile workstations, and accessories ensures that such devices are similar to new in terms of both performance and aesthetics, and able to offer laptops at one-third price of new devices and other devices like desktops, tablets, servers, premium smart phones, mobile workstations and accessories at 35-50 per cent price of new devices. GNG Electronics is India's largest Microsoft-authorised refurbisher, in terms of refurbishing capability, as of FY24. The company is a certified refurbishment partner with Lenovo and HP, which are the top two global brands, in terms of market share of 24 per cent and 21 per cent, respectively, as of calendar year 2023. Motilal Oswal Investment Advisors, IIFL Capital Services, and JM Financial are the book-running lead managers to the issue.