blackstone Archives

Here are some of the major updates that could move the markets tomorrow:

India approves Rs 2,980 crore for Exploration of Coal and Lignite scheme

The union government has approved the continuation of the central sector plan ‘Exploration of Coal and Lignite scheme’ with an estimated expenditure of Rs 2,980 crore from FY 2021-22 to FY 2025-26. The scheme includes promotional exploration and detailed drilling in non-CIL (non-Coal India Ltd) areas to estimate coal resources. The geological reports generated through these explorations are utilized for auctioning new coal blocks.

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Cabinet approves Rs 89,000-crore revival plan for BSNL

The Union Cabinet approved an Rs 89,047 crore revival package for state-run telecom company BSNL. Measures include equity infusion for 4G/5G spectrum and increased authorised capital. BSNL aims to become a stable telecom provider, focusing on remote connectivity. BSNL partnered with TCS for nationwide 4G deployment amidst rivals’ 5G rollouts. The company’s struggle with poor infrastructure and tough competition from Jio, Airtel, and Vodafone Idea prompted this move.

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NHPC signs agreement for developing 7,350 MW pumped storage hydropower projects in Maharashtra

NHPC has partnered with the Maharashtra government to construct pumped storage hydro projects with a total capacity of 7,350 MW and an investment of Rs 44,000 crore. The agreement also includes the development of other renewable energy projects in Maharashtra. The MoU aims to utilise pumped storage projects as energy storage solutions to support the national objective of achieving 500 GW of renewable energy capacity by 2030 and becoming net zero by 2070.

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Torrent Power to build 3 hydro projects for Rs 27,000 crore in Maharashtra

Torrent Power Ltd has signed a Memorandum of Understanding (MoU) with the Maharashtra government. The agreement is for the development of three pumped storage hydro projects in the state. The projects, with a capacity of 5,700 MW and an investment of around Rs 27,000 crore are expected to create employment for approximately 13,500 people during the construction phase. Torrent plans to complete the projects within 5 years.

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KPI Green Energy gets LoI for 40 MW hybrid project in Gujarat

KPI Green Energy has received a letter of intent (LoI) to develop a 40 MW hybrid green energy project in Gujarat. The project will consist of 21.50 MW wind and 18.5 MW solar capacity. Anupam Rasayan India issued the largest single LoI to KPI Green for this venture. The company sees this LoI as a major achievement, demonstrating its robust presence in the renewable energy sector.

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Allcargo arm to sell stake in logistics parks to Blackstone for Rs 400 crore

Allcargo Logistics Ltd’s subsidiary Transindia Real Estate Ltd is selling the Jhajjar logistics park and a 10% stake in other parks to Blackstone. The Jhajjar Park will be sold for approximately Rs 625 crore. Additionally, the company will divest its 10% stake in various logistics and industrial parks for around Rs 60 crore. These divestments will provide Transindia Real Estate with over Rs 400 crore, supporting its growth, financial capabilities, and strategic investments in new opportunities.

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Coal India free float to increase in FTSE on June 7

FTSE has announced an increase in the free float of Coal India Ltd after a successful Offer for Sale (OFS). The rise in free float could result in an inflow of approximately $18.5 million and 6.6 million equity shares. This adjustment will occur on June 7, affecting indices such as FTSE All-World, FTSE MPF All-World, FTSE Global Large Cap, and FTSE Emerging. The updated shareholder information for Coal India prompted the investability weight change in these indices.

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VA Tech Wabag wins Rs 420 crore project in Maharashtra

VA Tech Wabag has been awarded a project worth Rs 420 crore by CIDCO, a Maharashtra government agency. The water treatment and desalination solutions provider will undertake the design, build, and operation (DBO) of a water treatment plant (WTP) in Jite, Raigad district. The proposed capacity of the plant is 270 Mega Litres per Day (MLD) as per the project details.

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HCL Tech launches 5G test lab in Chennai

HCL Technologies has launched a cutting-edge test lab in Chennai, facilitating global telecom infrastructure OEMs to validate 5G solutions. The facility is equipped with advanced scanners for testing large base stations and small antennas used in various devices. With experienced engineers, HCL Tech ensures precise testing and verification of cellular and non-cellular products.

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Tata Elxsi partners with ISRO to develop crew recovery models for Gaganyaan Mission

Tata Elxsi has partnered with the Indian Space Research Organisation (ISRO) for the Gaganyaan Mission, creating crew module recovery models (CMRM) for training. The mission aims to demonstrate human spaceflight capability, with a 400-kilometre orbit and a three-day mission. Safe crew recovery in Indian sea waters is crucial, requiring minimal time delay.

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Here are some of the major updates that could move the markets on Monday:

Reliance Jio’s ‘True 5G’ goes live in Delhi-NCR

Reliance Jio has become the only operator to provide True-5G services across the entire Delhi-NCR region. The network will be present across all important localities and areas, including residential areas, hospitals, schools, colleges, tech parks, and government buildings. Jio users in Delhi-NCR can opt for the Jio Welcome Offer, which offers unlimited data at up to 1 Gbps+ speeds.

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Jet Airways to cut employees’ salaries by up to 50%,

The Jalan-Kalrock Consortium (JKC), the owners of Jet Airways, has temporarily reduced the salaries of some employees by up to 50%. They have also placed some employees on leave without pay effective Dec 1. This is part of a host of measures to conserve the airline’s cash, even as the clash between employees and owners continues over unpaid dues.

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Sun Pharma gets USFDA approval for drug to treat neonatal seizures

Sun Pharmaceutical Industries Ltd has received approval from the US Food & Drug Administration (USFDA) for SEZABY, a formulation used for the treatment of neonatal seizures. The drug is expected to be available in the US in the fourth quarter of FY23. Sun Pharma Advanced Research Company (SPARC) recently licensed SEZABY to Sun Pharma, under which SPARC is eligible to receive a milestone payment.

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Welspun Corp to acquire 70% debt of Sintex BAPL: Report

Welspun Corp Ltd (WCL) is set to acquire over 70% of the debts of KKR-backed Sintex BAPL. WCL seeks to take control of the plastic products maker, which is currently undergoing insolvency proceedings. Avenue Capital-backed Asset Reconstruction Company of India and Welspun Corp have been acquiring Sintex BAPL’s loans from lenders since the beginning of FY23.

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Federal Bank partners with JCB India to finance heavy equipment buyers

Federal Bank has partnered with JCB India to finance the prospective buyers of heavy construction equipment and boost its loan portfolio. Under the arrangement, Federal Bank will be the preferred finance partner of the construction equipment manufacturer. JCB India’s customers can avail loans from the lender at competitive interest rates.

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USFDA completes inspection of Bajaj Healthcare’s API facility

The USFDA has completed the pre-approval inspection of Bajaj Healthcare Ltd’s Vadodara-based Active Pharmaceutical Ingredients (API) facility with zero observations. This was the first-ever pre-approved inspection of the said API facility. The US drug regulator inspected the facility from November 14-17. Established in 1993, Bajaj Healthcare is a leading manufacturer of APIs, intermediates, and formulations.

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Bharat Electronics signs licensing agreement with DRDO

Bharat Electronics Ltd (BEL) has signed a licensing agreement with the Combat Aircraft Systems Development & Integration Centre (CASDIC), DRDO, for the transfer of technology of Digital Radar Warning Receiver. The state-of-the-art airborne Electronic Warfare system provides versatile situational awareness to a fighter platform in a dense signal scenario.

In other news, BEL has signed a Joint Development Agreement (JDA) with the Indian Institute of Technology Madras (IITM) for cooperation in the field of Quantum Science and Technology.

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Blackstone files DRHP for Nexus Select Trust retail REIT IPO

Global asset manager Blackstone filed a draft red herring prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO) of Nexus Select Trust (NST). NST is India’s first retail real estate investment trust or REIT. Blackstone is the sole sponsor of the REIT. It intends to raise at least $500 million through the public issue next year. To learn more about REITs, click here.

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Kolte-Patil Developers, 2 other settle case with SEBI

Kolte-Patil Developers Ltd (KPDL) and two others have settled a case pertaining to the alleged violations of listing and disclosure rules with markets regulator SEBI. They have paid over ₹63 lakh towards the settlement amount. KPDL made wrong disclosures of Related Party Transactions on three occasions in two half-yearly disclosures of FY19 and FY20.

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