Buzzing Stocks: RVNL, Tata Power, Brigade Enterprises, Lemon Tree Hotels, others in news

Adani Enterprises: Promoter entity Kempas Trade & Investment has acquired 2.53 crore equity shares, or 2.22% stake, in the Adani Group company through open market transactions during August 7-18. With this, its shareholding in Adani Enterprises increased to 69.87%, from 67.65%.

Welspun Enterprises: The infrastructure development arm of Welspun World has completed acquisition of 50.10% stake in Michigan Engineers (MEPL), a trenchless technology-based EPC company in the urban water infrastructure segment, from the existing shareholders for Rs 137.07 crore. With the completion of the transaction, MEPL is now a subsidiary of Welspun Enterprises and enables company’s expansion into the promising water and tunnelling solutions segment in India.

Union Bank of India: The public sector lender has received approval from the board of directors for the raising of funds up to Rs 5,000 crore via qualified institutions placement (QIP) of equity shares. The QIP issue opened on August 21. The floor price has been fixed at Rs 91.10 per equity share for the issue.

Lemon Tree Hotels: The hotel chain has signed license agreements for two properties in Bhubaneswar and Kasauli under the brand Lemon Tree Hotel and Lemon Tree Mountain Resort, respectively. The hotel in Bhubaneswar (Odisha) is expected to be operational by Q4FY25, and the hotel in Kasauli (Himachal Pradesh) is expected to be operational by Q3FY26.

Adani Power: The private power company has a target to raise the thermal generation capacity up to 21,110 MW by FY29 including 1,100 MW via inorganic route and expects net senior debt at Rs 26,690 crore in FY24, increasing from Rs 24,350 crore in FY23, but net senior debt to EBITDA is expected to fell from 1.7x to 1.6x during the same period.

Tata Power Company: Subsidiary Tata Power Renewable Energy has signed a power purchase agreement (PPA) for 9MWp on campus solar plant with Tata Motors’ Pantnagar plant in Uttarakhand. This solar plant will be the largest on campus solar facility in Uttarakhand. The project will be commissioned within 6 months from the PPA execution date.

Rail Vikas Nigam: The state-owned railway company has incorporated wholly owned subsidiary company Masakani Paradeep Road Vikas Limited.

Brigade Enterprises: The south-based real estate developer has entered into a sale deed for acquiring 6.54 acres of land parcel in Chennai. The company will develop a residential project at the said land.

Eris Lifesciences: The pharma company has entered into term loan agreement to avail the rupee term loan facility worth Rs 120.82 crore from Citi Bank NA. However, the consolidated net debt of the company is not expected to be altered due to this development as an equivalent amount is expected to be paid by Eris Oaknet Healthcare (EOHPL) to Citi bank towards repayments of outstanding loans over the next fortnight.

One 97 Communications: The 23rd Annual General Meeting of the Paytm operator is scheduled to be held on September 12.

RITES, NHPC: Transport infrastructure consultancy and engineering firm RITES has signed a memorandum of understanding (MoU) with hydropower generating company NHPC. This collaboration will encompass consultancy services for new rail connectivity, logistics and allied infrastructure, at Pasighat for NHPC’s 2880-MW Dibang multipurpose project (MPP) in Arunachal Pradesh.

GI Engineering Solutions: GG Engineering, the largest public shareholder in the engineering design company, sold 14.55 lakh equity shares or 1.69% stake in the company via open market transactions, at an average price of Rs 11 per share. GG Engineering held 24.47% stake or 2.1 crore shares in the company as of June 2023.

Shriram Properties: Foreign company Omega TC Sabre Holdings Pte Limited has sold 18 lakh equity shares or 1.06% stake in the real estate developer, via open market transactions, at an average price of Rs 75.43 per share. Omega TC Sabre held 9.39% stake or 1.59 crore shares in the company as of June 2023.