Adani Power to acquire 1,200 MW Essar Power’s Mahan project
The country’s largest power producer in the private sector, Adani Power Limited (APL), will acquire the 1,200 megawatts (MW) Essar Power’s Mahan Project located at Singrauli district of Madhya Pradesh. According to industry sources, Adani Power will shell out close to Rs 3,000 crore for the Mahan Project.
Adani Group has been on an acquisition spree for power generation assets across the country. Last month, Adani Group’s renewable energy arm Adani Green Energy acquired SB Energy’s solar and wind power portfolio from Softbank and Bharti Group.
TATA Realty & Candian Pension Plan Investment Board Talk to Form 2000 Cr property Platform
TATA & CPPIB in advance talks to set up a commercial property development platform in India with a 2000cr equity base. Through this platform will be looking for greenfield assets to beef up the portfolio and brownfield commercial properties across the country.
Four Share of Adani Group Companies locked in 5% Upper circuit
Shares of Adani Group companies were in focus during Monday’s session, with four of the six listed stocks being locked in the upper circuit of 5 percent, bouncing back up to 11 percent from their respective intra-day lows on the BSE.
Last week, all Adani group stocks had come under pressure after a media report suggested that the National Securities Depository (NSDL) had frozen accounts of three foreign funds that own stake in four of Adani Group companies. Adani group companies as well as the NSDL had clarified that the Demat accounts of three foreign funds-Albula Investment Fund, Cresta Fund and APMS Investment Fund holding shares in group companies “are not frozen”.
India Pesticides IPO opens tomorrow: Shares trades at 34% premium in grey market
Leading agrochemicals manufacturer India Pesticides is trading at a massive 34 percent premium in the grey market ahead of the opening of its initial public offering (IPO) which kicks off on June 23.
India Pesticides is one of the leading agrochemicals firms in India, with a manufacturing capacity of 19,500 million tonnes for technical and 6,500 million tonnes for formulation. The company earned 56.71 percent of revenue from the export market and the rest from the domestic market.
Automakers initiate production ramp-up to recoup lockdown losses
India’s passenger vehicle makers are ramping up production to recoup the output lost during the lockdowns since April, with market leader Maruti Suzuki expected to record its highest ever volume for a month in July.
Maruti Suzuki is scheduled to produce 198,000 units next month, industry insiders with knowledge of its plans said. They projected the July production volume of Hyundai Motor at 60,000 vehicles and Tata Motors at 30,000 units, taking the total expected output of the top three automakers alone to close to 300,000 units.
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PLI scheme for promoting ACC battery manufacturing :
Govt approves Rs. 18100Cr in PLI scheme for manufacturing Advanced Chemistry Cell (ACC) battery with the objective of promoting Make in India initiative.
The proposal aims to achieve manufacturing of 50 gigawatts of battery storage, he said, adding, these incentives will be available to those companies having higher production and sales capability.
Advanced Chemistry Cell (ACC) are the new generation of advanced storage technologies that can store electric energy either as electrochemical or as chemical energy and convert it back to electric energy as and when required, an official statement said.
All the demand for the ACCs is currently being met through imports in India.
The National Programme on Advanced Chemistry Cell (ACC) Battery Storage will reduce import dependence and also support the Atmanirbhar Bharat initiative.
Related Article: PRODUCTION LINKED INCENTIVE SCHEME (PLI scheme)
CEO from Unilever Sudhir Sitapati hire by Godrej Consumer
On Wednesday Godrej’s consumer share price surged by 21.87%. Godrej has underperformed most of its peers in the past few years, which may change as the new leader brings in a new strategy that may entail some hard decisions,
Sitapati, who has spent nearly 22 years with the Indian unit of Anglo-Dutch giant Unilever, was instrumental in building the company’s foods and refreshments business as one of the largest in the country, which also included the merger and integration of GlaxoSmithKline Plc’s Indian consumer-health unit with Hindustan Unilever.
Subscription for Sovereign Gold Bond open from May 17
The first tranche of Sovereign Gold Bonds 2021-22 will be open for subscription for five days from Monday 17th and end on 21st May and bonds issued on 25th May.
The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The tenor of the bond will be for 8 years with an exit option after the 5th year to be exercised on the next interest payment dates.
First user gain in 15 months lifts Voda stock
Rallied over 13 per cent in early trade on Wednesday in a weak market, as the telco reported monthly user gains for the first time in 15 months.
While that user gain held out a ray of hope for investors, analyst after analyst has downgraded the stock and cut price targets, as uncertainty loomed over its much-awaited fundraising plans.
Zydus Cadila Sell India Animal Business:
Cadila Healthcare’s (Zydus Cadila’s) wholly-owned material subsidiary Zydus Animal Health and Investments (ZAHL) is set to sell its animal healthcare business to a consortium led by Multiples Alternate Asset Management for nearly Rs 3,000 crore.
The deal is to sell one of the two business undertakings of ZAHL on a slump-sale basis as a going concern, for Rs 2,921 crore on a cash-free and debt-free basis, subject to certain closing date adjustments and other conditions.
Elon Musk Sends Bitcoin Tumbling With Stunning U-Turn On Payments
Wednesday, Musk cited concerns about the “rapidly increasing use of fossil fuels for Bitcoin mining and transactions,” while signaling that Tesla might accept other cryptocurrencies if they are much less energy-intensive. He also said the company won’t be selling any of the Bitcoin it holds.
The largest cryptocurrency dropped as much as 15% in Asian trading, sliding below $50,000, before paring some of the drops. It was down about 8% to $50,190 as of 10:53 a.m. in Tokyo. There were reports of outages at digital-token exchanges as people rushed to sell.
Soon government nod to vehicle scrapping policy:
Union Minister Nitin Gadkari said on Friday, that the much-awaited policy to scrap 15 years old vehicles is likely to get a government nod soon. The policy is for the scrapping of vehicles that are more than 15 years old and includes cars, trucks, and buses. This policy boosted the automobile sector by phasing out old and polluting vehicles. Mr. Gadkari said if the policy is approved, India will become an automobile hub and the prices of vehicles also reduce by using recycled materials from old vehicles.
India considers easing rules on construction sector to attract the FDI :
India easing foreign investment rules for sectors ranging from construction to animation to lure overseas capital needed to create jobs. A proposal to allow through LLP models to invest in the construction of townships, roads, hotels, and hospitals is under discussion. In the budget, they also discuss 100% FDI in animation, visual effects, gaming, and the comic sector. The government estimates that India will require investment worth $777 billion across infrastructure development by 2022. This relaxation in rules is also likely to help the Modi government get closer to its target of creating affordable housing for all urban areas by 2022 and building smart cities.
Apple record sales in India in Last quarter of 2020
Apple had a record quarterly sales in India, crossed 1.5 million shipments in a single quarter for the first time ever, driven by the newly launched iPhone 12 and iPhone SE 2020. It’s the best year for Apple in India as annual sales volume exceeded 3.2 million in 2020, a 60% growth over 2019 sales.
Reliance Industries Share plunge 6%
The country’s most- valuable firm on Friday reported a record quarterly profit for the quarter ended on December 31, 2020, by 13% YOY growth in net profit to Rs. 13100 crore but they didn’t disclose gross refining margins, which accounts for about 70 percent of revenue in their business. The reason for this miss is difficult to ascertain, we reckon it was largely due to sustained refining weakness.
Steel prices will stabilize when global prices come down
JSW Steel joint managing director Seshagiri Rao said, steel price will stabilize once the global rates of steel come down. During the first quarter, steel industry losses were around Rs. 6000 crore and in December there was an increase in demand and price increased by 119%. Rao said government-aided large infrastructure projects were guiding current steel dem and along with a sharp pick-up in the two-wheeler, commercial vehicle, and tractor segments. Due to continuing government projects, they are accepting the same demand next year too.
- Jet airways is all set to restart the services from summer 2021 If everything goes as per plan and the consortium receives the NCLT and regulatory approvals on time.
- The new promoters, Murari Lal Jalan and Kalrock Capital, intend to start domestic and international operations with all the slots that were available to the airline before it stopped operations.
- The new promoters contemplated starting a new airline but chose to stick to the Jet brand due to the existing brand value and glorious history of over 25 years.
- Six scheme which are suspended by the Franklin India after supreme court order Franklin Templeton India Mutual fund will conduct the online voting process to decide the closure or continue the six scheme which is suspended.
- Money stuck in them will depend on the outcome of the vote. If a majority of the unit-holders vote in favour of winding up the schemes, Franklin would be able to return the money.
- Walmart :Walmart had in May 2018 acquired a 77 percent stake in Flipkart for $16 billion. The Arkansas-based retailer in 2020 raised its stake to around 82 percent after a $1.2 billion financing round. But this US retail giant is looking to sell around 25 percent in Bengaluru-based Flipkart. Because they are preparing a USD 10 billion initial public offering (IPO) in the US and has hired Goldman Sachs to assist with the listing.
- Apple Co-founder Steve Wozniak start a new venture, more than four and a half decades. New venture is called Efforce and aims to use cryptocurrency and blockchain technology to make it cheaper and easier for companies to fund ‘green’ projects. The goal of Efforce is to “democratize” the USD 250 billion market for energy-efficiency projects.
- Walt Disney, Which owns 30% stake in Tata Sky, is considering multiple options to offload its holding.Firstly Disney offered tata to buy back its shareholding, which didn’t workout. Now they are working on an IPO option.If all goes well, filing for IPO is expected by mid to late next year. The two companies have also agreed on an option of Disney selling a partial stake to a strategic investor in the US.
- Tata Sons is seeking upto 1$ billion as oversea loans to set up a mobile phone and component contract manufacturing plant in Tamil Nadu that will start by making iPhone parts.It also benefits Apple who seek to diversify out of China. Tata partnership with Apple will be part of the Prime Minister Make in India push and will take advantage of the government production Linked incentive scheme.
- Kotak Mutual Launches India’s first international REIT fund of funds is an open-ended mutual fund scheme that will invest in units of SMAM Asia REIT Sun Trust fund.This mutual fund scheme will have diversified investment portfolio comprising of listed REITs which will invest in real estate , project like residential, office, data center, warehouse, retail and hospitality.
- Diversified conglomerate Vedanta Resources is set to raise up to $700 million by selling bonds to overseas investors to reduce debt of the company. Standalone debt on Vedanta is $7.3 billion as of the end of financial year 2020.
According to the new Industrial Code 2020, Private companies in India can hire as many workers as they like using the the fixed term contract route without going through the contractor . Due to this new reform it helps industries hire seasonal workers for a short term period and allow these industries to save the cost and effort by hiring people without an intermediary.
2) UK Based Kalrock Capital and UAE entrepreneur Murari Lal Jalan have been chosen as the new owners of the the Jet Airways and the formal takeover process will begin and conglomerate plans to operate Jet as the Indian carrier. But Karlock and Jalan have not made any comment on the on-going resolution process.
3) Amazon sends a legal notice to the promoters of Future Group in breach of the contract over the deal with Reliance Industries. In August 2020 Reliance retail Venture acquired the retail , wholesale ,logistics and warehousing business of Future Group but last year 2019 Amazon brought a 49% stake in the future Coupons and according to this deal Amazon said Future Group did not meet the criteria of its deal with RIL.
4) During the Lockdown period Wipro has made good acquisition of companies in European & African regions and due to this they are estimating good profit figures in coming period. Due to this Wipro Board considers the plan to buy back the stock.
5) Indian Equity Market climbs a new high after April 2020. The reason behind the sixth straight day high is because US Congress should pass money for airlines, small businesses and stimulus packages for individuals.
6) 23 Private, Indian Companies start bidding to run a passenger train on 109 important routes in India. The Railways also clarified that complete freedom will be given to the private partner in procurement of trains, which can either be purchased or taken on lease. Railway has specified the money that companies have to pay it as haulage charges.