Buzzing Stocks: NTPC, Bharat Forge, Tata Power, Lemon Tree Hotels & others in focus today

NTPC: The state-owned power generation company has signed a supplementary joint venture agreement (JVA) with Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL), to amend the existing JV dated February 28, 2008, and make it an integral component thereof. The JV was signed by NTPC & UPRVUNL in 2008 for the formation of the Meja Urja Nigam (MUNPL) company. The supplementary JVA has been signed to develop the Meja Stage-II (2X660 MW), Obra ‘D’ Thermal Power (2X800 MW) & Anpara ‘E’ Thermal Power Plant (2X800 MW) projects, subject to techno commercial viability and necessary clearance and power purchase agreement (PPA) in place.

Tata Power: Subsidiary Tata Power Renewable Energy has signed a power delivery agreement (PDA) with Xpro India, through a special purpose vehicle (SPV), for the development of a 3.125 MW AC group captive solar plant. The SPV will develop, operate, and maintain the said captive solar power facility. The said plant, in Achegaon (Maharashtra) is expected to produce 7.128 million units of electricity annually and will support the use of renewable energy for Xpro India’s polymer processing business.

Strides Pharma Science: Subsidiary Strides Pharma Global Pte Limited, Singapore has received tentative approval for Dolutegravir 50mg tablets from the United States Food & Drug Administration (USFDA). The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Tivicay tablets of ViiV Healthcare Company. The Dolutegravir 50mg tablet has a market opportunity of $ 1,345 million in the US, as per IQVIA. The products will be manufactured at the company’s facility in Bengaluru. Dolutegravir is the first line of antiretroviral therapy (ART) for treatment naïve patients. It works by preventing the multiplication of the virus in human cells.

Patel Engineering: The Mumbai-based infrastructure company along with its Joint Venture partner has been declared the lowest bidder for an irrigation project of Rs 249.96 crore from Maharashtra Krishna Valley Development Corporation. The company’s share in the contract is Rs 99.98 crore. The project includes the construction of a pipeline distribution network for the Nira Deoghar Right Bank Main Canal and will be completed in a period of 30 months.

Schneider Electric Infrastructure: The company said the board of directors has approved the appointment of Udai Singh as Managing Director (MD) and chief Executive Officer (CEO) for three years with effect from September 15. In addition, Arnab Roy resigned as a non-executive director of the company effective from September 14.

Reliance Industries: The comapny is proposing to undertake shutdown of its units at Jamnagar for planned maintenance and inspection activities. It included, One Crude Distillation Unit & one Delayed Coking in SEZ refinery – for about 4 weeks starting from the fourth week of September 2023. Fluidized Catalytic Cracker in DTA refinery – for about 7 weeks starting from mid-September 2023; and Refinery Off Gas Cracker – for about 4 weeks starting from the last week of September 2023. All other units at Jamnagar will operate normally during this period and does not expect any material impact on overall operations of Jamnagar complex. (Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

Bharti Airtel: The company has received an order from Joint Commissioner-CGST, Central Excise & CGST Commissionerate, Jaipur, levying penalty of Rs 2,43,42,631. The company will be challenging the order at appropriate appellate forum.

MedPlus Health Services: The Income Tax Department (IT Department) is conducting a survey at one of its subsidiary company. This has no impact on the operations of the company.

Infosys: The company has entered into a Memorandum of Understanding with a global company to provide enhanced digital experiences, along with modernization and business operations services, leveraging Infosys platforms & AI solutions. The total client target spend over 15 years is estimated at USD 1.5 billion. This is subject to parties entering into a Master Agreement.

Lemon Tree Hotels: The hotel chain has signed license agreements for two new properties in Junagadh, Gujarat and Chitwan, Nepal under the brand Lemon Tree Hotel and Lemon Tree Resort, respectively. Lemon Tree Hotel in Junagadh is expected to be operational by FY25, and Tigerland Safari – A Lemon Tree Resort in Chitwan, Nepal is expected to be operational in FY24 itself.

Shoppers Stop: The department store chain will commence operations from its new Intune store in Hyderabad, with effect from September 15.

HG Infra Engineering: Ashutosh Mathur has resigned as Senior Vice President -Technical, and senior management personnel of the company. He resigned with effect from September 14 due to personal reasons.

Alkem Laboratories: The Income Tax Department is conducting a survey at some of the company’s offices and subsidiaries. The company said it is fully cooperating with the officials of the IT Department. This has no impact on the operations of the company.

Kahan Packaging: The Mumbai-based bulk packaging solutions company will list its shares on the BSE SME on September 15. The stock will be traded in the Trade-for-Trade segment for 10 trading days. The issue price is Rs 80 per share.

Kahan Packaging: The Mumbai-based bulk packaging solutions company will list its shares on the BSE SME on September 15. The stock will be traded in Trade-for-Trade segment for 10 trading days. The issue price is Rs 80 per share.