Imported Coal Causes Struggles for Indian Power Stations
According to the stock news today, a 1,500 crore loan was repaid by Gautam Adani, CEO of Adani Ltd, as part of the company’s efforts to recoup from a drop in group stock prices following a report by Hindenburg Research. The corporation has also agreed to make additional payments towards and prepay a 1,000 crore commercial paper obligation due the following month.
Campus hires at Wipro Ltd who were offered positions in the Turbo program with salaries of 6.5 lakhs per annum have been requested to switch to the lower-paying Elite program.
Tata Power & Adani Power
Several power stations in India, like Tata Power and Adani Power, rely on imported coal yet have not been running at full capacity due to competition from power plants using cheaper indigenous coal.
As a result of valuation issues, the Indian government has challenged Vedanta Ltd’s plan to sell its global zinc division to Hindustan Zinc Ltd for $2.98 billion.
Asian Paints and the state of Gujarat have agreed to establish a factory in Dahej via a Memorandum of Understanding.
BEML Ltd has agreed to build the first phase of the Bahrain Railway Project through a special purpose vehicle (SPV) led by Delhi Metro Rail Corporation.
BPCL, IOCL & HPCL
All three of these companies—Indian Oil, Bharat Petroleum, and Hindustan Petroleum—have maintained their credit ratings and have stable outlooks.
After criticism from a short-seller in the United States, Gautam Adani has opted against making a bid for a holding in state-backed power trader PTC India Ltd.
There has been consultation between an adviser and the state-owned NHPC Ltd, NTPC Ltd, and Power Financing Corporation over the potential sale of each company’s 4% ownership in PTC India.
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