Automobile stocks: Shares of automobile majors such as Tata Motors, M&M, Ashok Leyland, Escorts, Bajaj Auto, Eicher Motors, TVS Motors, Hero MotoCorp and others will remain in focus, as they will declare the monthly sales figures of February today. According to LKP Securities channel check, two wheeler sales except for the EVs to show weakness. For PVs, the demand remains strong, but production constraints still remain on the automatic version and higher variants of SUVs. Tractors are performing stable and strong.
Tata Power on Tuesday said the board of its arm Tata Power Renewable Energy has approved allotment of 20 crore preference shares worth ₹2,000 crore to GreenForest New Energies Bidco. With this, both the tranches of investment of ₹2,000 crore each in the TPREL made by GreenForest are completed in accordance with the terms of the agreements, it stated.
Reliance Industries Ltd is foraying into the business of commercial property development and has set up a subsidiary called Reliance SOU Ltd. The company said in an exchange filing on Tuesday that it has incorporated Reliance SOU “to carry on, inter alia, the business of development of properties for commercial use.” It has invested an initial capital of ₹1 lakh in the subsidiary.
State-run NTPC on Tuesday said that it has transferred all its renewable energy (RE) assets to its subsidiary company NTPC Green Energy (NGEL). “Under the aegis of the National Monetisation Pipeline (NMP) of the government of India, NTPC completed the closing of the transactions in relation to consolidating its RE portfolio under one umbrella entity ie., NGEL on February 28, 2023,” the country’s largest power generator said in a statement.
Tech Mahindra on Tuesday announced strengthening of partnership with Microsoft to deliver Azure operator nexus solutions. It will enable telecom operators to build, deploy and operate a scalable 5G mobile core, as per an official statement.
Integrated Core Strategies (Asia) Pte on Tuesday bought shares of biopharmaceutical company Biocon for ₹185 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), Integrated Core Strategies (Asia) Pte purchased 80,61,599 shares at an average price of ₹229.26 each share. The aggregate deal value is ₹184.82 crore. Details about the sellers could not be immediately ascertained.
Power Grid Corporation of India Ltd has been declared as the successful bidder under Tariff-Based Competitive Bidding to establish Inter-State Transmission System for Establishment of Khavda Pooling Station-3 (KPS3) in Khavda RE Park” on build, own operate and transfer (BOOT) basis,” it stated.
Zydus Lifesciences has received approval from the United States Food and Drug Administration (USFDA) for Apixaban tablets which block the activity of certain clotting substances in the blood. The drug will be manufactured at Moraiya in Ahmedabad. Zydus has also received approval for Olmesartan Medoxomil and hydrochlorothiazide tablets from the USFDA that are used to treat high blood pressure (hypertension).
Vodafone Idea has allotted the balance 4,000 optionally convertible debentures (OCDs) with a face value of ₹10 lakh each to ATC Telecom Infrastructure. With this, the company has completed the entire transaction of allotment of 16,000 OCDs to ATC. The shareholders had approved the OCDs allotment at the extraordinary general meeting on February 25.
Bharat Electronics has signed a frame supply agreement with Thales Reliance Defence Systems (TRDS), Nagpur to manufacture and supply of TR modules, radar LRUs (line replaceable units) and micro modules.
Samvardhana Motherson International has announced the completion of the purchase of assets of frame manufacturing and assembly operations of Daimler India Commercial Vehicles (DICV). The automotive components manufacturer, in September last year, signed a strategic agreement to acquire those assets, and also entered into a long-term agreement with DICV for the supply of the complete frame assembly.
Seamec Ltd has entered into a charter party with HAL Offshore for the charter hire of the vessel ‘Seamec Paladin’ for an ONGC contract for 5 years. The charter rate is $35,000 per day for marine activities. The vessel has completed the modification and arrived in India and is getting ready for mobilisation for the ONGC contract. The total contract value will be approximately $64 million.
Adani Enterprises’ subsidiary Mundra Aluminium is declared as the preferred bidder and subsequently received a Letter of Intent from the Odisha government for the Kutrumali bauxite block in Odisha.
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