Pre Market Analysis: Dalal Street may open higher; Adani Enterpirses, Wipro and Tech Mahindra in news today

Adani Enterprises Ltd (AEL): the company said it has received the letter of award from Uttar Pradesh Expressways Industrial Development Authority to implement three major stretches of the greenfield Ganga Expressway. The company also said the project cost is over Rs 17,000 crore and this is India’s largest-ever expressway project awarded to a private company under the public-private partnership (PPP) framework.

Wipro Ltd: The IT major said it will acquire Austin, Texas-headquartered Edgile for $230 million, a move that will strengthen the company’s presence in the cybersecurity services space. Edgile’s experienced cybersecurity and risk management professionals will allow Wipro to further enhance its cybersecurity and risk consulting capabilities for the benefit of its customers, a regulatory filing said.

Tech Mahindra: The IT firm said it has been working with Telefonica Germany to digitally transform its microwave network with open software defined networking (SDN). Telefonica is working to standardise its management interface by collaborating with multiple vendors and partners, according to a statement.

Tata Power: The company has been awarded a contract by State-owned SECI for setting up a 100MW solar project with battery energy storage system (BESS) at Rajnandgaon, Chhattisgarh. The project will have a 40 MW/120 MWh BESS. It is one of the largest grid-connected BESS projects in the country. It is supported by the World Bank and SECI’s internal resources and domestic loans.

Escorts Ltd: Shareholders of the farm machinery and construction equipment company have approved the preferential allotment of nearly 94 lakh shares to Japan’s Kubota Corporation, which is seeking a majority control of the Indian partner and become a joint promoter, according to a regulatory filing. The shareholders have also approved the change of the name of the company to Escorts Kubota Ltd or such other name containing the trade names Escorts and Kubota approved by authorities.

Shree Cement: The company’s officials met Chief Minister YS Jagan Mohan Reddy and held discussions for setting up a Greenfield Cement plant in Guntur district at an estimated cost of Rs 1,500 crore. It will be setting up its first plant in Andhra Pradesh and the plan is prepared to complete the project in 24 months.

Reliance Industries Limited: The company’s arm Reliance Brands Limited (RBL) and Indian couturier Anamika Khanna have agreed to join hands for a 60:40 joint venture for owning and developing the brand AK-OK. Isha Ambani, Director, Reliance Retail Ventures Ltd, said, “The partnership with Anamika Khanna pivots around our recognition of homegrown talent’s growing popularity and appeal, both in India and globally.”

McLeod Russel India: The top management of the company tried to assuaged worries of the company’s shareholders by assuring them that the long-awaited debt restructuring proposal would be ready in the next few months. Aditya Khaitan, chairman said that the management is engaging very consciously with the bankers to come up with a restructuring plan.

Vedanta Limited: The company said that it has acquired Goa-based Nicomet, a leading nickel and cobalt producer. With the acquisition, Vedanta becomes India’s sole producer of nickel. The move is a step in the company’s mission towards making India self-reliant in critical minerals, the company said.

Eicher Motors: The company has recalled 26,300 units of its Royal Enfield Classic 350 motorcycles to rectify issue with a brake part. In a statement, the company said its technical team has discovered a potential issue in one of the parts – the brake reaction bracket attached to the motorcycle swing arm – used specifically on the 2021 single-channel ABS and rear drum brake Classic 350 motorcycles.