L&T Signs Agreement for Submarine Project Worth Rs 43,500Cr - Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

L&T and Spain's Navantia sign agreement for submarine project worth Rs 43,500 cr

Larsen & Toubro (L&T) has signed a teaming agreement with Spanish-based Navantia for the submission of a techno-commercial bid for the Indian Navy’s prestigious P75 (India) submarine programme. P75 (India) Submarine Project is expected to be valued at €4.8 billion (over Rs 43,500 crore) and is India‘s largest defence acquisition project. L&T and Navantia signed a memorandum of understanding (MOU) for the programme on April 11, 2023, in Madrid.

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Nazara Technologies to raise Rs 750 crore via equity issue

Nazara Technologies Ltd’s directors’ board approved fundraising of up to ₹750 crores. The board has approved the fundraising through equity shares having a face value of ₹4/- each of the company or any other equity-linked instruments/securities or any combination thereof.Also, Nazara Technologies has increased authorised share capital from ₹30 crore to ₹50 crore subject to shareholders' approval.

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Sanghvi Movers gets work orders worth Rs 150 crore from independent power producers

Sanghvi Movers Ltd received work orders worth ₹150 crore from eminent independent power producers (IPPs) in the renewable energy sector. It will provide crane rental services along with allied services comprising WTG surface logistics, inter-carting, installation and pre-commissioning of WTGs, and development of wind farm and storage yard. The crane services account for approximately 50% of the total contract value.

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GPT Infraprojects secures contract worth Rs 64 Crore

GPT Infraprojects Ltd secured an order worth ₹64 crores. The company received the order from the Principal Materials Manager of South Eastern Railway. The order details include the manufacturing and supply of a Mono-Block Pre-Stressed Concrete Sleeper, which confirms to RDSO Drg No 8746.

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HPCL gets bids to lease part of Chhara LNG terminal

Hindustan Petroleum Corp Ltd (HPCL) has received six or seven bids from industries to lease a part of its Chhara liquefied natural gas (LNG) import terminal on the west coast. HPCL aims to commission the terminal with a planned capacity of 5 million metric tons per year (tpy) in the December quarter. HPCL was looking to lease a capacity of 3 million tpy to other companies for a period of more than 10 years.

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Tata Communications Singapore arm acquires remaining 41.9% stake in Oasis

Tata Communications Ltd’s Singapore-based subsidiary Tata Communications International Pte Ltd (TCIPL) has acquired the remaining 41.9% equity in Oasis Smart SIM Europe SAS (Oasis). As part of the share purchase agreement, Tata Communications will buy out the remaining stake from the non-controlling shareholders of Oasis. It is expected that the acquisition will be complete within one month, subject to customary legal requirements.

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Aurobindo Pharma subsidiary enters pact with BioFactura for biosimilar ustekinumab

Aurobindo Pharma’s subsidiary CuraTeQ Biologics has entered into an exclusive license agreement with the US-based BioFactura to commercialise BFI-751, a proposed biosimilar to Stelara (ustekinumab). Ustekinumab is used for treating Crohn's disease, ulcerative colitis, plaque psoriasis and psoriatic arthritis. As part of the agreement, BioFactura will receive license fees of a total not exceeding $33.5 million spread across different milestones leading to commercialisation in regulated markets.

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India's power consumption grows by 4.4% to 139.23 billion units in June

India’s power consumption grew by 4.4% to 139.23 billion units in June this year compared to last year. In the year-ago period, power consumption stood at 133.26 billion units (BU), higher than 114.48 BU in June 2021. The peak power demand met, which is the highest supply in a day, rose to 223.23 GW in June 2023. The peak power supply stood at 211.72 GW in June 2022 and 191.24 GW in June 2021.

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MICL Real Estate acquires development rights of 10 housing societies in Mumbai’s Ghatkopar

Man Infraconstruction Ltd’s (MICL) property development entity MICL Real Estate has acquired development rights for a total of 10 adjoining housing societies in the Ghatkopar suburb of Mumbai. The company has acquired the rights to redevelop these housing societies wherein it holds a 60% partnership interest. The entire project spread over a total of more than 3 acres is estimated to have a total development potential of 1.3 million sq ft and a free-sale component of over 4 lakh sq ft.

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