For Rs 1,544 crore, Tata Power purchases the renewable energy project Bikaner Transmission from PFC.
The renewable energy project Bikaner-III Neemrana-II Transmission will be acquired by Tata Power Ltd for around Rs 1,544 crore. The company stated that it had won the bid.
A special purpose vehicle (SPV) for the energy project was established by PFC Consulting Limited, a division of Power Finance Corporation. A parent firm establishes a subsidiary known as a special purpose vehicle (SPV), also referred to as a special purpose entity (SPE), in order to separate its financial risks.
The transmission project is expected to help remove 7.7 gigawatts (GW) of renewable energy from the Bikaner Complex in Rajasthan. It will be implemented on a Build-Own-Operate-Transfer (BOOT) basis. The company stated in an exchange filing that the project “entails the establishment of a 340 kilometers transmission corridor from Bikaner-III pooling station to Neemrana II substation.”
For 35 years, Tata Power will oversee the transmission project. After the project SPV transfer date, the project is anticipated to be put into service within 24 months.
Amansa Holdings reduces interest in tire maker, and Ashish Kacholia selects roughly 1% of shares in bags and fashion accessories
On December 1, renowned investor Ashish Rameshchandra Kacholia chose through open market transactions to acquire around 1% of the equity investment in Indore-based Brand Concepts.
Ashish Kacholia purchased one lakh equity shares, or 0.94 percent of the paid-up equity in the company that makes bags, backpacks, luggage, and fashion accessories, in accordance with the bulk deals that are listed on the NSE.
The average price at which these shares were purchased was Rs 657.55 per share, or Rs 6.
Tanam Investment Services sold 2 lakh shares of Brand Concepts at the same price as RBA Finance, which also purchased 94,192 equity shares of the company at an average price of Rs 657.55 per share.
Sharad Mahendra is named joint MD and CEO of JSW Energy, and the stock rises 3%.
Sharad Mahendra has been appointed by JSW Energy as a joint managing director and CEO, effective December 1, 2023. The current CEO and Managing Director, Prashant Jain, will remain in that role until January 31, 2024.
At 2:28 pm, JSW Energy’s shares were up 3.65% to Rs 423.25.
Prashant Jain will continue until January of 2024, according to JSW Energy’s filing to the exchanges, “to support an orderly transition.” Prior to 2020, Mahendra served as CEO of JSW Steel Coated Products. Before that, in 2017, he served as CEO of JSW Energy, where he oversaw the company’s mining, power sales, corporate commercial, legal, coal procurement, regulatory, and corporate affairs departments. He was appointed director of the company full-time in 2019.
He played a key role in the greenfield Kutehr hydropower project’s groundbreaking as well as other efficiency and performance improvement projects involving the running thermal and hydro assets, according to a press announcement from JSW Energy.
UBS argues that EVs are eating into profitability and market share and downgrades Bajaj Auto to sell.
Although the management of Bajaj Auto listed a number of growth drivers for the company’s move to the three-wheeler EV segment, global brokerage firm UBS disagrees, arguing that the company’s move is actually more likely to reduce market share and profit due to fierce competition and growing expenses.
The company’s analysts have lowered their rating of the stock from “neutral” to “sell,” and they have also changed their target price from Rs 5,450 to Rs 5,600. This suggests a possible decline from the closing price on November 30 of more than 8%.
In a recent report, UBS stated that despite indications of demand normalization, Bajaj’s reliance on domestic 3Ws is still high due to demand and competition challenges in the 3W export market. It went on to say that cost research indicates that e-3W margins are still far lower than ICE 3W profits and are totally reliant on government subsidies.
12.7 lakh NHPC shares are exchanged, and the stock rises 5%.
On December 1, NHPC shares surged as information revealed that 12.7 lakh shares of the state-owned business were exchanged in a large transaction. The transaction is valued at around Rs 7.3 crore at the current price. It took some time for the buyers and sellers to be identified.
The event occurred one day after Bikram Singh, the executive director of the NHPC, announced his retirement
The stock was up 5% from the previous closing at Rs 57.33 on the BSE at 1 pm.
The company has been in the news recently because of claims claiming that the NHPC Ltd. produced 16,797 million units (MUs) of hydropower between April and September of this year due to severe rains, flash floods in August, and a lack of water availability in the first few months of FY23–24. According to central public sector undertaking (CPSU) officials, there has been an 8 percent decrease from 18,303 MUs in the same period last year, as reported by Moneycontrol.