Stocks To Watch: Tata Power, PSP Projects, NLC India, JSW Steel, Power Grid

Tata Power Ltd., PSP Projects Ltd., NLC India Ltd., JSW Steel Ltd., Aegis Logistics Ltd., and Power Grid Corporation of India Ltd. will be the stocks to watch before going into trade on Wednesday.

Tata Power entered a strategic partnership with Druk Green Power Corporation, a subsidiary of Druk Holding and Investments Ltd., the sole generation utility of Bhutan, to collaborate and develop at least 5,000 MW of clean energy generation capacity in Bhutan.

PSP Projects has executed a share purchase agreement between Promoter Prahaladbhai S. Patel and Adani Infra whereby Adani Infra will be acquiring up to a 30.07% stake from Promoter for Rs 685 crore.

NLC India will invest up to Rs 3,720 crore in its wholly owned subsidiary NLC India Renewable in one or more tranches for the various renewable projects. NLC India will also acquire a stake by way of subscription for the transfer of renewable assets to NIRL under the asset monetization plan.

• Bajaj Auto: The RBI has disposed of the FEMA matter over KTM investment on payment of Rs 2.2 crore compounding amount. The compounding amount imposed in the case of the inadvertent ODI-FDI structure over the company's investment in KTM in 2012.

• Bharti Airtel: Nokia received a 5G extension deal from the telco for India operations.

• Britannia Industries: The company received notice from FSSAI over the use of a preservative in one batch and prohibition of its sale.

• Godrej Properties: The company acquired a 53-acre plot of land in Joka, Kolkata, that offers development potential of ~1.3 mn sq ft of residential plotted development and an estimated revenue potential of Rs 500 crore.

• UPL: The board approves raising up to Rs 3,380 crore via a rights issue in the ratio of 1 share for every 8 held at Rs 360 apiece. The rights issue will open on Dec. 5 and close on Dec. 17.

• Godawari Power: The company to acquire a 51% stake in Jammu Pigments at a post-money valuation of Rs 500 crore.

• Gujarat Narmada Valley: The company signed an MoU with the UK's INEOS for a 50-50 joint venture for the construction and operation of an acetic acid plant in India.

• Indus Towers: The company said that the Supreme Court's decision allowing tax credit claims for towers and related infra will reduce contingent liability by Rs 3,704 crore.

• Tata Power: The company entered a strategic partnership with Druk Green Power Corporation, a subsidiary of Druk Holding and Investments Ltd., the sole generation utility of Bhutan, to collaborate and develop at least 5,000 MW of clean energy generation capacity in Bhutan. The renewable energy projects include 4,500 MW of hydropower, comprising the 1,125 MW Dorjilung HEP, the 740 MW Gongri reservoir, the 1,800 MW Jeri pumped storage, and the 364 MW Chamkharchhu IV, which will be developed in phases together. The company added that another 500 MW of power will be developed by its subsidiary Tata Power Renewable Energy.

• PSP Projects: The construction firm has executed a share purchase agreement between Promoter Prahaladbhai S. Patel and Adani Infra whereby Adani Infra will be acquiring up to a 30.07% stake from Promoter for Rs 685 crore. In addition, Adani Infra has made an open offer for the acquisition of up to 1 crore shares at Rs 642.06 per share. Post the completion of the transaction and the open offer, both companies will have joint control over PSP Projects along with the existing promoter group, the company said.

• NLC India: The company will invest up to Rs 3,720 crore in its wholly owned subsidiary NLC India Renewable in one or more tranches for the various renewable projects. NLC India will also acquire a stake by way of subscription for the transfer of renewable assets to NIRL under the asset monetization plan. The book value of the renewable energy assets, including CWIP of the ongoing NLC projects as of September, is Rs 6,263 crore. In addition, the board of directors has issued a letter of comfort to subsidiary companies "for their borrowings based on their requirements from time to time." This indicates that the parent company will extend support to the subsidiaries on a case-by-case basis depending on the requirement.

• JSW Steel: The company was declared as the preferred bidder for the Codli Mineral Block in Goa. The projected iron ore resources are at 48.5 million tonnes, in addition to 2.7 million tonnes of ore in dumps. The final highest offer price is at 92.6% of the 'Value of Mineral Dispatched.' In another filing, the company said that subsidiary JSW Steel Italy SrL signed a commercial agreement with Metinvest Adria SpA on Tuesday, following up an earlier memorandum of understanding with the Ministry of Industries and Made in Italy from March 1.

• Aegis Logistics: The company’s arm, Aegis Vopak Terminals Ltd., filed the draft red herring prospectus with the Securities and Exchange Board of India to raise up to Rs 3,500 crore through an initial public offering. The IPO will include a fresh issue of shares at a face value of Rs 10, with no offer-for-sale component.

• Power Grid Corporation of India: The company has been selected as the successful bidder for acquiring Khavda V-A Power Transmission to establish a transmission system for the evacuation of power from a potential renewable energy zone in the Khavda area of Gujarat for Rs 18.95 crore. The project comprises the establishment of 6000 MW, ±800 kV HVDC terminal stations at KPS2 in Gujarat and Nagpur in Maharashtra, the ±800 kV HVDC KPS2–Nagpur Bipole line (approximately 1200 km) traversing in the states of Gujarat & Maharashtra, the LILO of the Wardha–Raipur 765 kV D/c line at Nagpur in Maharashtra, and associated equipment/interconnections at terminal stations.

• Mahindra And Mahindra: The company clarified that its collaboration with the Volkswagen Group remains intact, and it continues to explore multiple opportunities for expanding their partnership.

• Garden Reach Shipbuilders and Engineers: The company signed a contract with the West Bengal government for the delivery of 13 hybrid ferries for Rs 226 crore. The ferries will be operated on the river Hooghly by the West Bengal Transport Infrastructure Development Corp. The hybrid system will offer greater flexibility to the operator to switch from one mode to the other as per requirement, allowing for greater safety.

• KilBurn Engineering: The company executed a share purchase agreement with Monga Strayfield for the proposed acquisition of a 100% stake in Monga Strayfield for Rs 123 crore.