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By EquityPandit

BUSINESS

Adani Group Refuses $3 Billion Loan Reports from Middle East Fund

Adani Group has refuted reports of a $3 billion loan from Middle East funds.

On March 1, the Adani group was deprived of a report which demanded that the embattled Indian conglomerate secure a $3 billion loan from a sovereign wealth deposit.


The denial came hours after news stated in the Adani group sources that the company had secured a $3 billion loan from a Middle East-based sovereign wealth fund. The BSE had also sought clarification from the Adani group in answer to the news report.


The listed bodies of Adani have lost over Rs 12 lakh crore in the market since January 24, when US-based short seller Hindenburg Research unconfined a report contending “stocks manipulation” and “accounting fraud” by the corporation.


The ports-to-power corporation has been deprived of the allegations and has suspected Hindenburg of obligating a “calculated securities fraud”. Since then, Adani has also been quickly reimbursing and prepaying debts as a comeback strategy. Adani has tenable a $3 billion loan, further scholarly from sources that the credit line from the sovereign wealth fund could be augmented to $5 billion.


The news of a renewed fundraising strategy comes a day after Adani’s supervision told bondholders it expected to prepay or repay share-backed loans valued at $690 million to $790 million by end-March.


The plans are revealed as the group holds a fixed-income roadshow in Singapore and Hong Kong to coast up investor sureness amid sharp share price falls and a regulatory probe.


Meanwhile, Adani Group’s 10 listed entities closed higher on March 1, with flagship Adani Enterprises up nearly 15%. It settled at Rs 1,564.55, more than Rs 200 higher than its last close.

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BUSINESS

Ahluwalia Contracts Secures Rs 396 Crore Project from Godrej Properties

Ali Waghbakriwala

Ahluwalia Contracts Ltd. is set to attract attention on 15 April following its announcement of a major contract win from Mumbai-based real estate developer Godrej Properties Ltd.

In a regulatory filing, the company confirmed it had been awarded the core and shell construction work for all four towers, including T1, T2, T3, and T4, at the Godrej Riverine project in Sector-44, Noida. 

The scope also includes related infrastructure such as the NTA, club and retail spaces, boundary walls, rainwater harvesting (RWH) systems, waterproofing, and lightning protection systems (LPS).

The total value of the contract stands at Rs 396.5 crore (excluding GST), and the project is expected to be completed within 25 months. The company clarified that neither its promoters nor any group entities are involved in the contract.

Ahluwalia Contracts’ diverse portfolio includes work across residential and commercial spaces, hotels, institutional campuses, hospitals, IT parks, and industrial complexes. As a prominent player in India’s engineering and construction sector, the company is recognized for its execution of large-scale infrastructure projects across the country.

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BUSINESS

NHPC Begins Commercial Operations at Rajasthan Solar Project

Ali Waghbakriwala

NHPC Ltd, India’s state-owned hydropower company, has officially begun commercial operations of 107.14 MW as part of its larger 300 MW solar PV project located in Karnisar, Bikaner, Rajasthan.

This partial commissioning took effect on 12 April 2025, following successful trial runs completed two days earlier. The milestone marks NHPC’s ongoing shift towards a more balanced renewable energy mix as the company expands beyond its traditional hydropower base.

NHPC stated that commercial operation dates for the remaining capacity will be announced in the coming period. 

The solar project is set to contribute to India’s renewable energy goals and support local development in the Bikaner region, which is in line with national efforts to cut carbon emissions.

The update was shared in compliance with SEBI’s Listing Obligations and Disclosure Requirements (LODR), as part of NHPC’s continued transparency on the project’s progress since its announcement in 2022.

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BUSINESS

Hindustan Zinc Ordered to Pay Rs 71 Crore Over Alleged Fly Ash Mismanagement

Ali Waghbakriwala

Hindustan Zinc Ltd (HZL), a Vedanta Group company, has been directed by the State Pollution Control Board, Odisha, to pay Rs 71.1 crore as environmental compensation for the alleged unauthorised disposal of fly ash, which is a fine byproduct generated during coal combustion in power plants.

According to a regulatory filing, the Member Secretary of the board requested HZL to deposit Rs 71,16,53,320 in connection with the environmental violation. The company, however, plans to challenge the directive through legal channels.

HZL stated that it is optimistic about securing a favourable outcome and does not anticipate any material financial impact on its operations from the order.

Vedanta Ltd, the parent company, is a global natural resources giant with operations spanning India, South Africa, Namibia, Liberia, UAE, Korea, Taiwan, and Japan. Its business interests include oil and gas, metals like zinc, lead, silver, and copper, as well as power, glass substrates, and upcoming ventures into semiconductors and display glass.

Wondering About Hindustan Zinc Ltd? The Analyst Has Answers.

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BUSINESS

Aurobindo Pharma Gets USFDA Green Light for Generic Xarelto

Ali Waghbakriwala

Aurobindo Pharma has received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Rivaroxaban Tablets USP, 2.5mg, which is the generic version of Janssen Pharmaceuticals’ widely-used blood thinner, Xarelto.

The Hyderabad-based pharmaceutical company plans to roll out the product in the first quarter of FY26. The 2.5mg dosage alone is expected to tap into a US market worth around $447 million for the 12 months ending February 2025, as per IQVIA data. This marks a significant step forward in Aurobindo’s expansion strategy in the high-value US generics market.

Besides the final approval for the 2.5mg tablets, Aurobindo has also secured tentative USFDA approvals for Rivaroxaban in 10mg, 15mg, and 20mg strengths. These higher strengths open doors to a much larger market, with total US sales for all Rivaroxaban strengths estimated at $8.5 billion during the same period.

Rivaroxaban is a popular anticoagulant prescribed to prevent strokes and systemic embolism in patients with nonvalvular atrial fibrillation. It’s also used for the treatment of deep vein thrombosis (DVT) and pulmonary embolism (PE) and to prevent DVT in patients undergoing hip or knee replacement surgery.

With this latest approval, Aurobindo’s total USFDA approvals have reached 540, comprising 521 final and 19 tentative clearances.

Curious About Aurobindo Pharma Ltd? Ask the Analyst.

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BUSINESS

JSW Energy Completes Acquisition of 4.7 GW Renewable Platform

Ali Waghbakriwala

JSW Energy Limited announced that it had successfully acquired a 4.7 GW renewable energy platform from O2 Power Pooling Pte. Ltd. for an enterprise value of roughly Rs 12,468 crore through its wholly owned subsidiary JSW Neo Energy. 

As of FY2025, O2 Power has 1,343 megawatt (MW) installed capacity, bringing JSW Energy’s total installed capacity to 12,212 MW. Renewable energy accounts for approximately 54%, or 6,554 MW. The purchase is a key step toward JSW Energy’s objective of switching to renewable energy. 

By June 2025, the platform’s 2,259 MW of capacity is expected to produce a steady-state EBITDA of Rs 1,500 crore. JSW plans to scale the entire 4,696 MW by June 2027 with an extra Rs 13,500 crore in capital expenditures, resulting in an expected steady-state EBITDA of Rs 3,750 crore annually.

The acquired platform has 596 MW of C&I capacity and 4,100 MW of utility-scale renewable energy projects. PPAs with high-credit-quality off-takers, such as utility-scale, commercial, and industrial users, are the recipients of 3,722 MW of the platform’s total capacity.

A letter of award/intent was issued for 974 MW of capacity; however, the PPA is still being processed. The acquired assets are mostly located in western India and are spread across seven resource-rich states. The portfolio features a diverse energy mix, with 1.8 GW of solar, 0.5 GW of wind, 1.6 GW of hybrid, and 0.9 GW of complex solutions such as FDRE/RTC.

The platform’s average blended tariff is Rs 3.37 per kWh. PWC served as the company’s transaction advisor, Khaitan & Co. and Herbert Smith as its legal advisors, KPMG as its financial and tax due diligence, and Wind Guard as its technological due diligence firm.

Sharad Mahendra, JSW Energy’s CEO and co-managing director,  has high-quality properties in resource-rich states and a management team with a proven track record of effective planning and execution, which are included in the transaction.

Well before 2030, this strategic acquisition brings us one step closer to achieving our 20 GW capacity goal. We can expand in the future thanks to the additional 900 MW of connectivity that O2 Power provides. It gives us great pleasure to welcome the seasoned management and employees of O2 Power to the JSW Energy family.

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