Bharti Airtel to acquire 4.7% stake in Indus Towers from Vodafone Plc
Bharti Airtel Ltd has entered into an agreement to acquire a 4.7% stake in Indus Towers Ltd from British telecom giant Vodafone Plc. The block deal would be executed through Euro Pacific Securities, a Vodafone Group entity that holds a 7.59% stake in Indus Towers. Currently, Vodafone holds ~28% stake in Indus Towers, while Bharti Airtel holds 42%. Vodafone Group will infuse the proceeds from the stake sale into the cash-strapped Vodafone Idea.
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PNC Infratech secures order worth Rs 885 crore from NHAI
PNC Infratech Ltd has secured a new hybrid annuity highway project worth Rs 885 crore from the National Highways Authority of India (NHAI). The order consists of four-laning of Mathura Bypass-Gaju Village section of NH-530B in Uttar Pradesh. The completion time of the project is 24 months.
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NMDC raises lump ore prices by Rs 400 per tonne
State-owned NMDC Limited has increased prices of lump ore by Rs 400 per tonne and that of fines by Rs 300 per tonne. The company has fixed prices for lump iron ore at Rs 5,600 per tonne and iron fines at Rs 4,560 a tonne with effect from February 25, 2022. NMDC is India’s largest iron ore producer. Currently, it produces ~35 million tonnes of iron ore a year from 3 fully mechanized machines.
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SC orders Rajasthan discoms to pay Rs 4,200 crore compensatory tariff to Adani Power
The Supreme Court (SC) ruled in favour of Adani Power Ltd, saying three Rajasthan discoms were in contempt of the apex court’s 2020 order directing payment of compensatory tariff to the company. The power distribution companies (discoms) have not paid the dues despite their review petition having been dismissed earlier this year. The SC has directed discoms to pay Rs 4200 crore as compensatory tariff to Adani Power within four weeks.
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Dr. Reddy’s Labs to acquire German medical cannabis firm Nimbus Health GMBH
Dr. Reddy’s Labratories Ltd has entered into a definitive agreement to acquire Germany-based Nimbus Health GmbH. Nimbus is a privately owned and licensed pharmaceutical wholesaler that focuses primarily on medical cannabis. The consideration for this acquisition will be an upfront payment plus performance and milestone-based earnouts over the next four years. The company will be operating under its own brand Nimbus but as a wholly-owned subsidiary of Dr. Reddy’s Labs.
Tata Power to set up 4 GW manufacturing facility in next 18 months
Dr. Praveer Sinha, MD & CEO of Tata Power, said the company plans to set up a 4 gigawatts (GW) manufacturing facility of cells and modules over the next 18 months. The company is targeting to add 2GW of utility-scale renewable projects every year, which requires ~Rs 8,000-10,000 crore of investment. Going ahead, the CEO expects the distribution and renewables business to contribute 40% each towards EBITDA.
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SpiceJet to start six direct flights to Bangkok from March 10
SpiceJet Ltd will start six flights between India and Bangkok from March 10 onwards under an air bubble agreement. The airline will introduce daily direct flights connecting Delhi, Mumbai, and Kolkata with the Thai capital. It will be deploying Boeing 737 aircraft to operate all India-Bangkok flights.
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IIFL Securities pays over Rs 2 crore to settle case with SEBI
IIFL Securities Ltd has paid over Rs 2 crore to market regulator SEBI to settle a case. The company was alleged to have violated stock brokers regulation and the Prohibition of Fraudulent and Unfair Trade Practices regulation. It was alleged that IIFL Wealth Management Ltd and IIFL Securities knowingly manipulated the reference price of Alkem Laboratories for a block deal.
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‘Himalayan Yogi’ in market manipulation case is ex NSE officer: Report
The Central Bureau of Investigation (CBI) on Thursday night arrested Anand Subramanian, former chief operating officer of NSE, in connection with the market manipulation case. The CBI has unearthed that Subramanian was the faceless ‘yogi’ who was communicating with Chitra Ramkrishna, the former chief of NSE. Chitra Ramakrishna allegedly brought in Subramanian without following the rules and procedures.
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