hitachi energy india Archives

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

L&T wins multi-billion-dollar order from Saudi Aramco

Larsen & Toubro (L&T) has secured a multi-billion dollar worth contract from Saudi Aramco. The combined value of the order win is estimated at $3.9 billion. According to MEED (formerly Middle East Economic Digest), L&T is one of the three contractors to win different packages for Saudi Aramco’s $10 billion worth expansion at its Jafurah unconventional gas production project in Saudi Arabia. L&T is the selected contractor for package one worth $ 2.9 billion and package three worth $1 billion of the project.

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PM Modi to lay foundation stone for expansion project of BPCL refinery

Prime Minister Narendra Modi will lay the foundation stone for the expansion of the BPCL’s Bina Refinery. The expansion is at an estimated cost of ₹50,000 crore in the Sagar district of Madhya Pradesh on September 14. The refinery’s capacity (crude distillation/vacuum distillation unit) is 7.7 million metric tonnes per annum and the expansion aims to take this figure to 11 MMTPA.

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ONGC to infuse Rs 15,000 cr in OPaL

Oil & Natural Gas Corporation (ONGC) will infuse about ₹15,000 crore in OPaL as part of a financial restructuring exercise. This will result in GAIL (India) Ltd being edged out of the petrochemical firm. ONGC currently holds a 49.36% stake in ONGC Petro-additions Ltd (OPaL). OPaL operates a mega petrochemical plant at Dahej in Gujarat. GAIL (India) Ltd has 49.21% interest and Gujarat State Petrochemical Corp (GSPC) has the remaining 1.43%.

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Hitachi Energy bags order from Ayana Renewable Power

Hitachi Energy India has secured a contract from Ayana Renewable Power to provide a grid connection solution for their upcoming 300-megawatt (MW) solar photovoltaic power plant in Bikaner, Rajasthan. The company will provide an engineering, procurement and construction management package that collects all the power generated by the plant and transfers it into the national transmission system. The project is scheduled to be commissioned in March 2024.

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Birla Corp aims to double Mukutban cement plant output

Birla Corporation aims to double the production rate at its Mukutban cement plant in Maharashtra. The move will improve its profitability by as much as a third by the end of the year. The Mukutban cement plant produced 1,00,000 tonnes per month last year. The company plans to produce 2,00,000 tonnes per month this year. The plant has the capacity to produce 3.9 million tonnes per year and is currently operating at about 45-50% of its capacity.

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Vedanta plans to meet investors as it faces $2 billion debt bill

Representatives of Vedanta Resources Ltd are travelling to Singapore and Hong Kong to meet bondholders, as the junk-rated Indian miner faces repayment of about $2 billion of notes next year. JPMorgan Chase & Co. and Standard Chartered Plc are organising the non-deal roadshow . Several of the group’s bonds are trading below 75 cents on the dollar, at levels considered indicative of distress.

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Nazara Tech raises Rs 410 crore from SBI Mutual Fund

Nazara Technologies is raising ₹410 crore from SBI Mutual Fund. This comes just days after a ₹100 crore infusion by Zerodha cofounder Nikhil Kamath. The company’s board approved the issue of 5.7 million equity shares at ₹714 per share to SBI Mutual Fund. The funds will be invested via three schemes of SBI Mutual Fund — SBI Multicap Fund, SBI Magnum Global Fund, and SBI Technology Opportunities Fund.

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Samvardhana Motherson expands operations in UAE

Samvardhana Motherson International Ltd (SAMIL) has expanded its operations in UAE with a new unit in Ras Al Khaimah (RAK). RAK is one of the seven emirates that make up the UAE. UAE Supreme Council Member Sheikh Saud bin Saqr Al Qasimi inaugurated the company’s wiring harness facility in RAK. The facility is located in the Ras Al Khaimah Economic Zone (RAKEZ).

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Crompton Greaves bags order from Haryana govt for solar pumps

Crompton Greaves Consumer Electricals Ltd has secured a ₹25.44 crore order under the PM Kusum Scheme from the Haryana government for solar pumps. The company will execute the order within 120 days. It has been granted the inaugural work order of supplying, installing, and commissioning 7.5 HP and 10 HP Solar Submersible Water Pumping Systems by the New & Renewable Energy Department Haryana and HAREDA.

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HCL Tech secures multi-year deal from Siemens

HCL Technologies Ltd has signed a multiyear managed public cloud services agreement with Germany’s Siemens AG to modernise its IT landscape worldwide. The company will power cloud-led digital transformation for Siemens. As part of the agreement, HCL Tech will migrate and operate the IT infrastructure of Siemens on AWS and Azure, while ensuring that its cloud resources are optimised, scalable and secure.

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JSPL to start building Botswana coal mine in 2022

Jindal Steel & Power Ltd (JSPL) will start building a coal mine in Botswana’s southeastern Mmamabula coalfields in 2022, aiming to supply the export market and a planned coal power plant. The company aims for the mine to produce 4.5 million tonnes of coal per year. Despite the global shift from coal, Botswana is pushing ahead with developing its estimated 212 billion tonnes of coal resources.

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Centre repeals 3 farm bills; PM urges protesting farmers to go home

Prime Minister Narendra Modi on Friday announced that the Centre will repeal the three controversial agricultural laws. He has requested protesting farmers to go back to their fields and homes. “The three laws were in the benefit of farmers but we could not convince a section of them despite our best efforts”, said the PM. To learn more about the three contentious bills and why farmers protested against it, click here.

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ABB Power Products rebrands itself as Hitachi Energy India

ABB Power Products & Systems India announced its rebranding as Hitachi Energy India Ltd. The company has reaffirmed its commitment to accelerating the clean energy transition in India. Hitachi Energy (the parent company) views India among its top five markets for expansion. It aims to expand its portfolio to meet the needs of the evolving energy landscape in India and grow faster than the market.

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Biocon and Viatris to distribute Insulin Glargine through Walgreens in the US

Biocon Biologics and Viatris Inc. announced that they would distribute Insulin Glargine injection through the Walgreens Prescription Savings Club in the US. Members will get savings of up to 80% on the cash price of comparable long-acting insulins purchased at Walgreens. The biosimilar product was co-developed by Biocon Biologics (a subsidiary of Biocon Ltd) and US-based Viatris.

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Zydus Cadila gets USFDA approval for Nelarabine injection

Zydus Cadila has received final approval from the US Food & Drug Administration (USFDA) to market Nelarabine Injection in the US with 180 days of marketing exclusivity. The drug is used to treat certain types of leukemia and lymphoma by slowing or stopping the growth of cancer cells. According to IQVIA data, Nelarabine Injection had annual sales of $34.5 million (~Rs 256 crore) in the US for the year ended September 2021.

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HPCL partners with IDFC First Bank for fuel payments using FASTags

Hindustan Petroleum Corporation Ltd (HPCL) and IDFC First Bank have signed an agreement to facilitate fuel payments by motorists at HPCL’s retail outlets using the bank’s FASTags. IDFC First Bank’s FASTags can now be bought, recharged, and replaced by passenger vehicle users at select HPCL retail outlets.

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Zomato may invest $500 million in Grofers to push its quick commerce play: Report

According to a report from Economic Times, Zomato Ltd is in talks to invest as much as $500 million (~Rs 3,715 crore) in grocery delivery service Grofers. The proposed deal marks an extension of its food delivery battle with Swiggy into the ultrafast commerce segment, which is attracting heavy investor capital globally.

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Railway Board issues order to resume serving cooked meals to passengers on trains

The Railway Board has issued an order to resume serving cooked meals to passengers on trains, a service that was discontinued due to Covid-19 restrictions. The board has asked the Indian Railway Catering and Tourism Corporation (IRCTC) to resume the service. Ready-to-eat meals will also continue to be served to passengers.

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ONGC to invest up to Rs 6,000 crore in its petrochemical arm: Report

According to a report from Livemint, Oil and Natural Gas Corporation Ltd (ONGC) is planning to invest Rs 6,000 crore in its petrochemicals unit ONGC Petro additions Ltd (OPaL). The company already holds compulsorily convertible debentures (CCDs) in OPaL that would be converted into equity worth Rs 6,000 crore. Currently, ONGC holds a 49.4% stake in OPaL, GAIL has a 49.2% stake, and Gujarat State Petroleum Corp Ltd holds 1.4%.

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