Check out the companies making the biggest headlines before the bell
Bharti Airtel: The company entered into an agreement on March 19 for acquisition of 17,43,560 shares (representing 7.48 percent of paid-up equity) in Sandhya Hydro Power Project Balargha Private Limited, a special purpose vehicle (SPV), the telecom operator said in its BSE filing. Sandhya Hydro Power Project owns and operates a small hydro project of 9 MW (plus 10 percent continuous overload) in Kullu district, Himachal Pradesh and is a subsidiary of Continuum Energy Pte Ltd, Singapore. Bharti Airtel said the acquisition of 7.48 percent stake at Rs 1,74,35,600 is expected to be completed by April 30, 2021.
Power Grid Corporation: The company signed a Share Purchase Agreement on March 19 to acquire 74 percent stake of Jaiprakash Power Ventures Limited (JVPL) in Jaypee PowerGrid Limited (JPL) for Rs 351.64 crore. The company board approved the acquisition on February 11, 2021. After the acquisition, JPL will become a wholly-owned subsidiary of the Power Grid Corp Ltd, a regulatory filing said.
Adani Green Energy: The renewables company signed a share purchase agreement for acquisition of 100% stake in an special purpose vehicle (SPV) holding 50 MW operating solar project in Telangana of the Toronto-headquartered SkyPower Global, the company said in its BSE filing. With this acquisition, Adani Green Energy will increase its operating renewable capacity of 3,395 MW with a total renewable portfolio of 14,865 MW. This news came in after market hours on March 19.
JSW Energy: The company’s subsidiary, JSW Future Energy (earlier known as JSW Solar), received an order for a total Wind capacity of 450 MW from Solar Energy Corporation of India (SECI). SECI had invited a tariff-based competitive bids for setting up of 1,200 MW ISTS-connected wind power projects.
Bharat Dynamics: State-owned defence company Bharat Dynamics signed a contract for production and supply of Milan-2T Anti-Tank Guided Missiles. The contract value is Rs 1,188.12 crore, the company said in its BSE filing. This news came in after market hours on March 19.
Infibeam Avenues: Promoter entity O3 Developers sold 0.39 percent equity stake in Infibeam Avenues via open market transaction on March 17. After the said transaction, the stake of O3 Developers in the company reduced to 31.90% from 32.29% earlier. Non-promoter entity, Varini Patel also offloaded 32.50 lakh equity shares in the company on March 17. As a result, the Varini Patel’s shareholding in the company is reduced to 16.28% from 16.77%.
PNC Infratech: CARE Ratings has assigned credit rating ‘A’ on the bank facilities of the company’s subsidiary, PNC Gomti Highways. The rating agency assigned ‘stable’ outlook on the bank facilities of Rs 559.30 crore. This news came in after market hours on March 19.
Great Eastern Shipping: Great Eastern Shipping Company has signed a contract to buy a second-hand mid-size gas carrier of about 35,188 cubic meters (cbm). The 2006 Korean built vessel is expected to join the company’s fleet in Q1 FY22, said the company in its BSE filing. The company said it had previously contracted to buy a 2013 built Japanese Supramax Bulk Carrier which is expected to be delivered in Q1FY22.
Esab India: The company announced increase in trademark fee from 2% to 3% per annum on the net sales value (NSV) of the company payable to promoter entity, on half yearly basis from the financial year 2021-2022. The trademark fee is payable to promoter company ESAB Holdings with effect from April 1, 2021.
Kanoria Chemicals & Industries: Kanoria Chemicals said it has acquired 60,64,491 equity shares (representing 15.55 percent of total paid-up equity) in subsidiary Kanoria Africa Textiles Plc., Ethiopia on March 19 for 1 US dollar.
Sandip Das
