CESC is going to acquire a 23.18 per cent additional stake in Noida Power Company Ltd (NPCL) from promoter group entities for Rs 450 crore, turning the profit making electricity distribution venture a subsidiary of the company.
The RP-SG Group held a 72.73 per cent stake in NPCL while Uttar Pradesh government entity Greater Noida Industrial Development Authority held the balance 27.27 per cent. CESC Ltd directly held 49.55 per cent in the company, which started operations in 1993, while the rest was owned by two promoter group entities Shaft Investment Pvt Ltd and Stel Holdings Ltd.
The decision adds one more dimension to the company’s stated decision to consolidate existing and future distribution businesses under Eminent Electricity Distribution Ltd, a wholly owned step-down subsidiary.
Here are the top stocks to track in today s session:
HDFC Bank: The private lender, on Saturday, reported an 18.1 per cent year-on-year increase in net profit to Rs 8,758.3 crore for the quarter ended in December 2020. That apart, the bank said it has imposed a penalty of Rs 10.20 lakh on its senior executive Jimmy Tata for selling his shares in violation of insider trading regulations.
Q3 earnings: Mindtree, Rallis India, Indiabulls Real Estate, IndiaMart, Trident and Snowman Logistics are among the 21 companies that will release their December quarter numbers today.
Metropolis Healthcare: Diagnostic chain Metropolis Healthcare said it will acquire Dr Ganesan s Hitech Diagnostic Centre to strengthen its leadership position in southern India. The company s board has approved the acquisition partly by way of cash consideration of Rs 511 crore and partly by issuance of up to 4,95,000 equity shares to the promoter group of Hitech.
Stocks to watch today on January 18: HCL Tech, InterGlobe Aviation, SpiceJet, Vedanta, Wipro, DHFL, JBM Auto among others are the top stocks to watch out for in Monday s trading session
Read more about Adani Green commissions 25 MW solar plant in Uttar Pradesh s Chitrakoot on Business Standard. Adani Green Energy Ltd (AGEL) on Monday said it has commissioned a 25 MW solar power plant in Chitrakoot, Uttar Pradesh
AGEL has been ranked as the number one global solar power generation asset owner by Mercom Capital.
Adani Green commissions 25 MW solar power plant in UP ANI | Updated: Jan 11, 2021 14:50 IST
The plant has a power purchase agreement with Noida Power Company Ltd at Rs 3.08 per kilowatt hour. With this commissioning, AGEL s total operational renewable capacity grows to 2,975 MW.
The plant will be connected to an energy network operation centre that continuously monitors and analyses performance of 80-plus solar and wind plants across diverse locations in the country.
AGEL recently commissioned and announced a 100 MW solar power plant despite the ongoing Covid-19 pandemic backed by advance resource planning.