godawari power Archives

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

M&M buys out VC firm Omnivore’s stake to acquire agri-tech firm MITRA

Mahindra & Mahindra (M&M) has acquired agro-equipment maker MITRA Agro Equipments after buying out venture capital firm Omnivore’s stake in the company. The move comes in line with M&M’s strategy to grow its revenues from the farm machinery segment 10-fold within the next five years. M&M Farm Equipment Sector has signed definitive documents to raise its shareholding in MITRA Agro Equipment from 47.33% to 100%, making it a wholly-owned subsidiary of M&M.

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SC declines to stay NCLAT order to hold second round of auction for Reliance Cap assets

The Supreme Court has declined to stay the National Company Law Appellate Tribunal’s (NCLAT) order to hold a second round of auction for Reliance Captial’s assets. A bench comprising Justices Sanjiv Khanna M.M. Sundresh declined to entertain Torrent Group’s contention seeking a stay on the NCLAT order and issued notice on its plea and fixed the matter for further hearing in August.

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Smart prepaid meters to reduce power bills by up to 2.5%

Union Power Minister R K Singh has urged electricity consumers to use smart prepaid meters as the device helps users bring down power costs by up to 2%. Installation of smart prepaid meters reduces the operational and finance cost for electricity suppliers as consumers credit their accounts in advance.

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JSPL gets approval to manufacture India’s first fire-resistant steel structures

Jindal Steel and Power Ltd (JSPL) will manufacture India’s first fire-resistant steel structures at its unit in Raigarh, Chhatisgarh. With the production of a special steel item for the first time in India, the company will target segments like refineries, bridges, metro projects, industrial structures, steel, power plants, hospitals, commercial and residential buildings. The grade is being imported at present.

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India’s domestic air passenger traffic grew to 1.20 crore in Feb 2023: DGCA

India’s domestic air passenger traffic grew 56.82% year-on-year (YoY) to 1.20 crore in February as per the data released by the Directorate General of Civil Aviation (DGCA). All domestic carriers together had flown a total of 76.96 lakh passengers on local routes in February 2022. IndiGo led the rally by flying 67.42 lakh passengers during the previous month, securing 55.9 % of the total domestic passenger traffic in February 2023.

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Sterling & Wilson Renewable Energy bags order worth Rs 2,100 crore from NTPC REL

Sterling & Wilson Renewable Energy Ltd (SWRE) has emerged as the successful bidder for the balance of system (BOS) package comprising 4 blocks of 300MW each in the proposed 1200 MW Solar PV Project of NTPC Renewable Energy Ltd at Khavda RE Power Park in Rann of Kutch, Gujarat. The aggregate capacity is 1500 MW (DC). The total bid value, including operation and maintenance (O&M) for three years, would be Rs 2,100 crore.

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Godawari Power & Ispat approves Rs 250 crore share buyback via tender offer route

Godawari Power & Ispat has approved a buyback of equity shares worth Rs 250 crore at its board meeting held on Saturday. The company will buy back up to 50 lakh equity shares, which represents 3.66% of the total number of paid-up equity share capital of a face value of Rs 5 each. The buyback price has been set at Rs 500 per share, which is a 28.2% premium to Friday’s closing price. The buyback will be done through the tender offer route. The record date for the same has been set as March 31, 2023.

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PSU banks’ gross NPA declines from 14.6% in Mar 2018 to 5.53% in Dec 2022

The gross non-performing assets (NPA) ratio of public sector undertaking (PSU) banks has declined from the peak of 14.6% in March 2018 to 5.53% in December 2022 following various reforms by the government. All PSU banks are in profit, with aggregate profit being Rs 66,543 crore in 2021-22. This has further increased to Rs 70,167 crore in the first nine months of the current financial year (FY24), according to the Minister of State for Finance Bhagwat K Karad.

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Cochin Shipyard wins Rs 550 crore overseas order

Cochin Shipyard Ltd has received an international order of Rs 550 crore from Norway-based global logistics solution provider Samskip Group. The order is for the design and construction of two Zero Emission Feeder Container Vessels. The total project cost for the order is approximately Rs 550 crore and the first vessel is to be delivered in 28 months and the second within 34 months.

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Zomato grey market premium hits 20%, Info Edge slashes OFS by half

Zomato, a food delivery aggregator, has reportedly hit 20% in the grey market according to sources trading in unlisted shares. This comes in light of investor excitement after SEBI approved Zomato’s IPO plans to raise Rs 8,250 crores. Info Edge, a key shareholder, has reduced its share of Offer For Sale (OFS) in half from Rs 750 crore to Rs 375 crore. Market speculation suggests that the price band of the IPO could be anywhere between Rs 70 to Rs 72 per share.

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HealthifyMe acquires Under45, launches vaccination slot booking

HealthifyMe has acquired Under45, a platform developed by Chennai-based techie Berty Thomas. Under45 is a platform that sends vaccination slot alerts to users opting for the service via the Telegram texting app and covers 4.1 million subscribers across 700+ channels on Telegram. Berty Thomas, the brain behind Under45, shall join HealthifyMe as an Associate Director. HealthifyMe had earlier launched vaccinateme.in, a site that helped over 80 lakh people find vaccination slots. Suchdeep Juneja (who developed mhVaccineTracker) and Chandraaditya Putuveru (who launched the Twitter bot BloreVaccine) have also onboarded the project.

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GRSE bags $1.8 million order for patrol boats from Bangladesh

Kolkata-based Miniratna PSU Garden Reach Shipbuilders and Engineers (GRSE), an NSE-listed company, has received an order to manufacture patrol boats for the Bangladesh Department of Fisheries. These boats will be used for surveillance to curb illegal fishing and also be used for rescue operations. The order is worth $1.8 million (~13.42 crore).

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NTPC to buy hydrogen buses for Delhi and Ladakh

NTPC Vidyut Vyapar Nigam Ltd (a subsidiary of NTPC) has invited bids to buy hydrogen buses for Delhi and Ladakh. The company has already placed orders for 15 hydrogen cell buses with Tata Motors last week. NTPC Renewable Energy (another subsidiary of NTPC) will provide the buses with green hydrogen.

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Ashok Leyland to ramp up production in July.

Automaker Ashok Leyland has said in an exchange filing that it is going to increase its production capacity in the coming months as demand eases. The company had intimated the closure of plants in April and May amidst the second wave of COVID-19. “The overall market demand in July’21 is better than in June’21. Consequently, our plants will be working for more number of days in July compared to May and June, ranging from 6 to 25 days across various plant locations,” said the automaker in an exchange filing. The stocks of Ashok Leyland closed down at -2.04% on the same day.

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Airline stocks up as the aviation ministry increases flight capacity.

The Ministry of Civil Aviation has increased the flight capacity allowance of passengers from 50% to 65% in an official intimation. The ministry had cut down the capacity allowance from the earlier 80% to 50% in May 2021 in wake of the second wave of COVID-19 in India. Shares of Interglobe Aviation (IndiGo), Spicejet, Global Vectra Helicorp, and TAAL Enterprises surged between 2-4% the same day.

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Sugarcane production in Maharashtra could increase by more than 200 lakh tonnes: NFCSF Chief

Jayprakash Dandegavkar, the president of the National Federation of Cooperative Sugar Factories (NFCSF), has said that Maharashtra’s sugarcane production would increase by more than 237 lakh tonnes this year. He also stated that sugar mills might have to work overtime to crush the produce by over half a month. Last year, Maharashtra had produced close to 1,012 lakh tonnes of sugarcane.

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Maruti Suzuki Increases Production 4x in June from the previous month.

Maruti Suzuki’s production for the month of June is 1,65,576 units. This is a four-fold increase from the 40,924 units that Maruti Suzuki produced in May 2021. The company has announced a partial shutdown of factories in the month of May.

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Tata Motors shares dip sharply after pressure over JLR profit warning over chip shortage

The shares of Tata Motors dipped 8% after its subsidiary JLR issued a warning over negative profit numbers for September 2021 owing to chip shortage that could impact production. There is currently a global shortage of integrated circuits (also known as semiconductor chips) that are vital in manufacturing control systems of a car. To know more about the global chip crisis, click here.

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Godawari Power turns debt-free

Godawari Power and Ispat Limited (GPIL) has officially turned debt-free after it paid its outstanding debt of Rs 457 crore. The company owed Rs 1,369 crore in standalone long-term debt, which was to be repaid by FY 2032. Due to an improvement in financial performance, GPIL was able to fully repay its outstanding debt from internal accruals.

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