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EquityPandit

EquityPandit
BUSINESS

Torrent Power Nears Record High on Robust Performance in Q2

Shares of Torrent Power surged 7 per cent to Rs 535 on the BSE in Thursday’s intra-day trade, in an otherwise weak market, after the company reported a robust performance for the quarter ended September 2021 (Q2FY22).
The stock of the electric utility company was trading close to its record high level of Rs 544.80, touched on October 12, 2021. In comparison, the S&P BSE Sensex was down 0.96 per cent at 60,557 points. Trading volumes on the counter more-than-doubled with a combined 3.1 million shares have changed hands on the NSE and BSE until the writing of this report.


For Q2FY22, Torrent Power’s revenue from operations grew 17 per cent year-on-year (YoY) at Rs 3,648 crore. Earnings before interest, tax, depreciation and amortization (Ebitda) were up 30 per cent YoY at Rs 974 crore, while margins improved 279 basis points to 26.7 per cent during the quarter. Profit after tax jumped 82 per cent to Rs 369 crore from Rs 202 crore in the year-ago quarter.

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BUSINESS

AM/NS India Secures Import Exemption for Key Raw Material Amid Ongoing Restrictions

Ali Waghbakriwala

Despite ongoing restrictions on low-ash metallurgical (LAM) coke imports, the Central Government has granted ArcelorMittal Nippon Steel India (AM/NS) permission to import an additional 71,500 metric tonnes of the critical raw material from Poland. This exemption follows the company’s plea that the import curbs were disrupting its steel manufacturing operations.

The joint venture between ArcelorMittal and Nippon Steel had earlier sought relief after facing rejections on import orders totalling 168,300 MT from Indonesia and Poland. In response, authorities not only approved the new 71,500 MT import from Poland but also allowed the company to redirect an existing allocation of 88,000 MT that was originally approved for Russia to Poland instead.

Following these developments, a legal case filed by AM/NS India on March 5 was marked as disposed of on the Delhi High Court website, indicating that the matter had been resolved after the company legally challenged the import rejections.

LAM coke is vital in the steelmaking process, serving as both a reducing agent and a fuel in blast furnaces to convert iron ore into molten iron. It is especially crucial for integrated steel plants.

In January, the Indian government introduced country-specific quotas to regulate LAM coke imports, aiming to protect domestic producers. These restrictions are currently set to remain in effect until 30 June.

According to a report in The Hindu, AM/NS India’s senior leadership had raised alarms about the policy change in a letter dated 13 February 2025. Addressed to a senior lawmaker, the company warned that prolonged restrictions could jeopardize future investments and disrupt steel production. In the same communication, AM/NS urged a reassessment of its import quotas and requested approval for the 71,500 MT shipment already imported from Poland.

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BUSINESS

Pfizer Halts Development of Obesity Pill After Liver Risk Over Major Setback

Ali Waghbakriwala

Pfizer Inc. has decided to discontinue development of its experimental obesity pill, danuglipron, following a case of potential drug-induced liver injury in a clinical trial participant, which is a serious setback in the company’s efforts to rival popular weight-loss treatments from Novo Nordisk and Eli Lilly.

Pfizer announced that the once-daily pill, which had been under close scrutiny from investors, would not proceed to late-stage trials. Instead, the pharmaceutical giant will redirect resources toward other early-stage obesity drug candidates.

Tapping into the booming obesity market has been a key part of Pfizer’s strategy to recover from declining COVID-related revenues. The global market for weight-loss treatments is projected to hit $130 billion by the end of the decade.

However, Pfizer has struggled to keep pace. Eli Lilly’s Zepbound, a weekly injection, quickly generated close to $5 billion in annual sales after its 2023 launch, and the company is also advancing its own oral obesity treatment. Other players like AstraZeneca and Structure Therapeutics are also pushing forward with oral alternatives.

Pfizer had already abandoned a twice-daily version of danuglipron due to high rates of nausea and vomiting that led many of the 1,400 participants in a mid-stage trial to discontinue treatment. Prior to that, the company shelved another obesity pill after observing troubling liver-related side effects during trials.

The decision puts further pressure on Pfizer CEO Albert Bourla, who has consistently promoted the company’s drug pipeline as a key growth engine. With several major drugs set to lose patent protection by 2030—costing the company an estimated $15 billion in revenue—the failure to deliver a blockbuster obesity treatment is a significant blow.

Despite multiple multi-billion dollar acquisitions aimed at bolstering its portfolio, Pfizer’s internal R&D efforts have yet to deliver major successes. The company’s stock has dropped over 60% since peaking during the pandemic in 2021.

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BUSINESS

GAIL Seeks Stake in US LNG Project, Plans Long-Term Gas Supply Deal

Ali Waghbakriwala

GAIL (India) Limited has invited Expressions of Interest (EOI) to acquire up to a 26% equity stake in a US-based liquefied natural gas (LNG) project, along with entering into a 15-year LNG supply agreement. 

This move aligns with India’s broader strategy to enhance energy ties with the United States, especially following Prime Minister Narendra Modi’s February visit to Washington, where discussions included increasing India’s oil and gas imports from the US.

According to the EOI document, GAIL is looking to source 1 million metric tonnes per annum (MMTPA) of LNG from either an operational or upcoming US liquefaction project. The deal would be on a Free on Board (FOB) basis, with supply expected to start between 2029 and 2030. There is also flexibility in extending the contract for an additional 5 to 10 years based on mutual agreement.

GAIL will have the option to acquire equity in either the company directly operating the project or in a holding company that owns the entire value chain, including asset ownership, LNG sales rights, and operations and maintenance. The percentage of equity GAIL can acquire depends on the project’s total capacity:

  • Up to 5 MMTPA: 26% stake
  • Between 5–10 MMTPA: 15% stake
  • Over 10 MMTPA: 10% stake

The EOI clarifies that this proposal is currently non-binding and reflects GAIL’s intent to explore both equity participation and long-term LNG sourcing opportunities.

GAIL, India’s largest natural gas firm, operates across the full gas value chain from exploration and production to LNG imports, gas transmission, petrochemicals, and city gas distribution. It is publicly traded on major exchanges in India and also listed overseas via global depository receipts, with a market cap of about $14 billion as of March 2025.

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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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