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BUSINESS

Tata Power Raises Rs 4,000 Crore From BlackRock

The Tata group’s power unit announced that it had raised Rs 4,000 crore from BlackRock and Mubadala to scale its renewable energy business. The investor group will receive a 10.53 per cent stake in Tata Power Renewable Energy for the money invested in equity and compulsorily convertible securities, Tata Power said. The company has also signed a binding agreement with Blackrock to invest in the subsidiary at Rs 34,000 crore. The objective was to create a comprehensive energy platform.


After conversion, the investors’ total stake would range from 9.76 per cent to 11.433 per cent, valuing the company between Rs 35,000 and Rs 41,000 crore. The newly created energy platform would have five distinct verticals: Utility-scale solar, wind and hybrid generation assets; solar cell and module manufacturing; engineering, procurement and construction (EPC) contracting; rooftop solar infrastructure; and solar pumps and electric vehicle charging infrastructure.

Tata Power has earlier said it plans to phase out coal-based capacity and expand its clean and green capacity to 80 per cent by FY30. The renewable energy sector has witnessed increased activity in recent years as energy companies in India and worldwide seek to capitalise on the industry amid the shift from fossil fuel-based energy sources to clean energy. While the Tata-Power-BlackRock deal is among the top ten transactions in the sector, the most significant value so far is that of Adani Green’s acquisition of SB Energy India in 2021 for over Rs 26,000 crore.

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BUSINESS

Zepto Secures NCLT Approval for Reverse Flip 

Ali Waghbakriwala

Kiranakart Technologies Private Limited can now proceed with becoming the holding company of Zepto, a unicorn in quick commerce, in line with the board of directors and shareholders’ resolution, according to an order from the National Company Law Tribunal (NCLT).

Earlier on 9 January, the NCLT order said, “The Board of Directors of the Petitioner Company believes that the Scheme is in the best interests of the entity and their respective stakeholders including its shareholders, employees, and creditors.”

Before this, Zepto was a subsidiary of Singapore-based Kiranakart Pte. Ltd.

The internal suggestions were approved by the company’s board of directors on 3 October 2024.

The company’s approval to relocate its base back to India comes before its initial public offering (IPO) later this year. Zepto has chosen Goldman Sachs, Morgan Stanley, and Axis Capital as its bankers and intends to generate $400–$500 million through its first public offering (IPO), according to an exclusive disclosure in September 2024.

As originally revealed on 2 January, Zepto also created a new marketplace organisation in an attempt to simplify its operations. In fact, the NCLT order said that the advantages of the Indian entity’s merger will help the corporation’s business structure be optimised.

The NCLT order added, “rationalisation of the group structure by reducing the number of legal entities…to be more aligned with the business objective to achieve more business synergies, assist in faster decision making, ensure significant cost savings, creation of a focused platform for future growth.” 

The regulation states that by streamlining the holding structure, further fundraising from both domestic and foreign investors will be possible.

In the lead-up to its IPO, the company raised over Rs 2,900 crore from domestic investors like Motilal Oswal and others in order to increase local participation. 

In addition to simplifying decision-making and fundraising negotiations, the NCLT order said, “The reverse flip will eliminate administrative functions and multiple record keeping functions, which will help reduce administrative, managerial, and other common expenditures considerably, which will augur well for the firm’s financial health.”

The NCLT further determined that the Indian corporation would not require a no objection certificate (NOC) from the Reserve Bank of India (RBI), in contrast to several previous reverse flips of a similar type.

The development follows two rounds of fundraising in which Zepto raised $1.35 billion to compete in the highly competitive quick commerce industry against larger, publicly traded rivals like Zomato, which also operates Blinkit, and Swiggy, which operates Swiggy Instamart.

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BUSINESS

Vedanta Looking to Borrow $450 Million to Repay Junk Bonds 

Ali Waghbakriwala

Vedanta Resources Ltd., owned by Indian billionaire Anil Agarwal, is negotiating with banks to obtain a loan of more than $450 million to settle existing debt.

First Abu Dhabi Bank PJSC, Barclays Plc, Mashreqbank PSC, and Standard Chartered Plc are among the lenders negotiating with the borrower to offer the loan.

The facility might last between three and five years, and the money raised might be used to refinance Vedanta’s existing bad notes.

Discussions are ongoing, and the terms of the deal could change. 

Vedanta’s April 2026-expiring notes were among the best-performing instruments from India’s high-yield market last year, yielding an 80% return, as Agarwal sought to lessen the group’s debt load. Junk bonds were the most profitable of all the dollar bonds issued by Indian companies in 2024.

Vedanta has lowered its debt by more than $4 billion since 2022, and it intends to repay an additional $3 billion in the next two years.

When the notes were at their lowest in July 2022, they were worth slightly less than 50 cents on the dollar, according to statistics released by Bloomberg. Domestic oil taxes, declining metals prices, and worries about the group’s capacity to settle its obligations at the time all contributed to this.

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BUSINESS

Advait Energy Secures Order from Gujarat Urja Vikas Nigam

Ali Waghbakriwala

Advait Energy on Thursday, 9 January, announced receiving a Letter of Intent for a 50 megawatt (MW) project from Gujarat Urja Vikas Nigam. 

The company has received a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam for 50 MW/500 MWh as part of a project to establish 500 MW/1000 MWh Standalone Battery Energy Storage Systems in Gujarat. 

This initiative, under Tariff-Based Global Competitive Bidding (Phase-IV) with Viability Gap Funding Support, is slated for completion within 18 months.

Additionally, the company secured an order for the supply, installation, testing, and commissioning to convert a line with DOG Conductor into an equivalent HTLS Conductor (maintaining the weight of DOG Conductor but with higher ampacity). 

This work covers two segments under the Surendranagar Circle: 
1 The 66KV Dhrangadhra (220KV) – Dhrangadhra Line 
2 The 66KV Viramgam – KANZ Line.

Earlier in December 2024, the company secured an order for the supply and installation of 24 F OPGW on a Turkey basis for a 400 KV line from NRSS XXXI (B) transmission for 400 KV transmission line Kurukshetra- Malerkotla.

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BUSINESS

L&T Announced Securing New Domestic and International Orders

Ali Waghbakriwala

Larsen and Toubro Ltd. (L&T) announced on 8 January that its Heavy Engineering division had received numerous “significant” orders worth between Rs 1,000 crore and Rs 2,500 crore from both domestic and foreign markets. These orders apply to the third quarter of fiscal year 2024-2025.

International orders

According to L&T, it has landed “one of the largest projects” for LNG equipment in the United States. Additionally, it obtained a “breakthrough order” for a loop reactor at a polypropylene (PP) facility in Turkey that uses propane dehydrogenation (PDH).

Additionally, the company said that it has landed a long-term contract for the rehabilitation of a Fluid Catalytic Cracking Unit (FCCU) from an unidentified oil and gas client in Saudi Arabia.

L&T added that they had received a request from an unidentified customer in Kuwait for the delivery of necessary parts for high-pressure heat exchanges and hydrocracker reactors.

Domestic orders

L&T’s Heavy Engineering business has received orders for three urea reactors from Southern Petrochemical Industries, Indian Farmers Fertilizer Cooperative Ltd (IFFCO), and Indorama India Private Ltd. The longest urea reactor in India will be constructed for Southern Petrochemical Industries, according to L&T.

Earlier, L&T declared on 7 December that its Power Transmission & Distribution (PT&D) vertical had secured numerous “large” orders worth between Rs 2,500 crore and Rs 5,000 crore from both domestic and foreign markets.

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BUSINESS

Arkade Developers Adds 3 New Redevelopment Projects 

Ali Waghbakriwala
Arkade Developers Ltd IPO GMP

Arkade Developers Ltd announced on 7 January that they had received three new redevelopment projects in Mumbai.

The company has undertaken three redevelopment projects in Mumbai’s Western Suburbs, encompassing a total of 20,232 square meters (approximately 5 acres). These projects collectively offer a saleable carpet area of approximately 5.85 lakh square feet, with an estimated turnover of Rs 2,150 crore.

The individual projects include one in Andheri East, near the Western Express Highway, with a plot size of 6,811 square meters, a saleable carpet area of 1.29 lakh square feet, and a turnover potential of Rs 527 crore.

Another project is located in Malad West, spanning 6,337 square meters, with a saleable carpet area of 2.12 lakh square feet and an estimated turnover of Rs 758 crore.

The third and largest redevelopment project is a cluster of four societies located in Borivali West. Covering an area of 7,084 square meters, this project is expected to deliver a saleable carpet area of 2.44 lakh square feet, with an estimated turnover of Rs 865 crore.

Amit Jain, chairman and managing director of Arkade Developers, said, “We have a robust pipeline of over 8 upcoming projects across MMR. We expect to witness a further uptick in societies partnering with us, owing to our exemplary delivery track record. Keeping the Family First philosophy in mind, we focus on getting our residents and buyers possession on time.”

Arkade Developers is a prominent Indian real estate company specializing in residential and commercial projects. Renowned for its commitment to quality, the company has established a strong reputation in Mumbai’s real estate market.

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