Corporate announcements dominated market attention as Infosys secured a strategic banking mandate, Vedanta faced regulatory scrutiny, Canara Bank approved capital raising, UPL received CCI clearance, while John Cockerill, Servotech, Advait and Magellanic Cloud reported business developments.
Infosys has expanded its strategic collaboration with Norway’s DNB Bank ASA to modernise its Financial Crime (FinCrime) operations using the NICE Actimize X-Sight Enterprise platform. Infosys will help DNB transform fragmented, legacy systems into a unified, intelligence-driven, cloud-native platform that enhances risk insights, improves detection accuracy, and strengthens multi-jurisdiction regulatory compliance.ED conducts searches at Vedanta premises over alleged FEMA violationsThe Enforcement Directorate (ED) has initiated action into alleged foreign exchange violations by the Vedanta Group as sleuths carried out searches at several company premises under the Foreign Exchange Management Act (FEMA). The searches were conducted at four locations linked to Vedanta Ltd., including offices in Delhi, Mumbai and Udaipur, Rajasthan. The agency, however, has not disclosed the specific nature of the company’s alleged violations. Confirming the ED action, a Vedanta spokesperson said the company was fully cooperating with the authorities.Shelter Pharma secures renewal manufacturing licence for Ayurvedic productsShelter Pharma has received the Renewal Manufacturing Licence (Form 25D) for its Himatnagar unit from the Food & Drugs Control Administration (Ayurved), Government of Gujarat, for the manufacture of Ayurvedic products.John Cockerill India wins ₹1,300-crore JSW Steel-linked projectJohn Cockerill India (JCI) has bagged a contract from JSW Vijayanagar Metallics, a subsidiary of JSW Steel. The order, valued at between ₹1,250 crore and ₹1,300 crore, focuses on establishing a Cold Rolled Non-Oriented (CRNO) steel project. By securing a CRNO project, JCI is positioning itself at the heart of the energy transition, as CRNO steel is a vital component for the manufacturing of electric vehicle (EV) motors and energy-efficient transformers.Advait subsidiary signs long-term battery storage agreement with GUVNLAdvait BESS Bhesaan Private Ltd, a subsidiary of Advait Energy Transitions, has signed a Battery Energy Storage Purchase Agreement with GUVNL for a 150 MW/300 MWh standalone BESS project near the 220kV Bhesan AIS S/S sub-station in Gujarat. Secured through GUVNL’s Phase-VIII tariff-based competitive bidding and backed by Viability Gap Funding, the contract runs for 12 years from the effective date of signing.Magellanic Cloud arm bags railway CCTV project worth ₹4.31 croreProvigil Surveillance, wholly owned subsidiary of Magellanic Cloud, has received a Letter of Acceptance (LOA) from South Western Railway, Hubli Division, for an aggregate contract value of around Rs 4.31 crore. The project pertains to the Provision of CCTV at 75 non-interlocked manned level crossing gates across the Hubli Division.Servotech plans ₹400-crore expansion in HaryanaServotech Renewable Power System has signed a Memorandum of Understanding (MoU) with the Haryana Enterprises Promotion Centre (HEPC), Department of Industries & Commerce, Government of Haryana, to expand its manufacturing and warehousing operations with a proposed investment of around Rs 400 crore. T The proposed investment will be deployed in a phased manner over the next 24 to 36 months and will support the expansion of the company’s manufacturing capacity across EV chargers, solar products, Battery Packs, BESS and Power electronics, sectors identified as thrust areas under the Make in Haryana Industrial Policy 2026. The expansion is intended to scale production capacity, improve operational efficiencies, deepen import substitution, and strengthen the company’s ability to serve growing domestic and export demand. Specific site selection within Haryana is under evaluation.Promoter entities sell 1.5% stake in Alkem Laboratories for ₹930 croreTwo promoter entities of Alkem Laboratories on Tuesday divested a 1.5 per cent stake in the pharmaceutical company for Rs 930 crore through open market transactions. A total of 17,88,220 shares at an average price of Rs 5,200 were offloaded by Jayanti Sinha and Samprada & Nanhamati Singh Family Trust in Mumbai-based Alkem Laboratories, as per the block deal data available on the NSE.The shares were disposed of at an average price of Rs 5,200 apiece, taking the transaction value to Rs 929.87 crore.CCI clears UPL restructuring to consolidate crop protection businessesThe Competition Commission of India (CCI) on Tuesday cleared a restructuring proposal of UPL group entities that will consolidate the company’s domestic and global crop protection business. CCI approved the proposed transaction involving UPL Ltd, UPL Sustainable Agri Solutions Ltd, UPL Global Sustainable Agri Solutions Ltd, UPL Crop Protection Holdings Ltd, TPG Upswing Ltd, Platinum Jasmine A 2018 Trust and Woodhall Holdings (DIFC) Ltd. Under the transaction, UPL’s India crop protection business, housed under UPL SAS, and its global crop protection business, currently held under UPL Crop Protection Holdings and its subsidiaries, will be transferred to UPL Global Sustainable Agri Solutions.REC subsidiary transfers two transmission project SPVs to private biddersREC Power Development and Consultancy Limited (RECPDCL), a wholly-owned subsidiary of REC, has transferred two project-specific SPVs (Special Purpose Vehicles) to private entities. Hampapura Power Transmission and Mekhali Power Transmission were transferred to the successful bidders, Resonia Ltd and Dilip Buildcon, on May 30, 2026, REC said in a statement.Canara Bank approves ₹8,500-crore fundraising plan for FY27The board of Canara Bank has approved plans to raise up to ₹8,500 crore through debt instruments to strengthen its capital base and support business growth in FY27. The PSU Bank major will raise up to ₹4,500 crore via Basel III-compliant AT1 bonds and up to ₹4,000 crore through Tier II bonds, subject to market conditions and regulatory approvals.Published on June 3, 2026
