Pre Market Report: Dalal Street may open lower; Adani Group, Hindalco Inds, Tata Motors and Tata Power in focus

Adani Group: The group said that it will buy a majority stake in New Delhi Television Ltd the group looks to boost media investments as part of its ambitious expansion plan. The Adani group firm now exercised the option to convert that debt into a 29.18 per cent stake in the news company. Subsequently, it has launched an open offer for another 26 per cent stake, the group said in a statement.

Hindalco Industries: The company’s chairman Kumar Mangalam Birla said that it has earmarked a total capital expenditure of about $8 billion over the next five years in its arm Novelis and India. Novelis has found potential investment opportunities of $4.5 billion, Birla said during Hindalco’s AGM. He added that the company has identified potential investment opportunities of nearly $3 billion in India. Birla further said that 70% of the company’s consolidated cash flows will be allocated towards high-growth downstream segments, including EVs, mobility, batteries and consumer durables.

Tata Motors and Tata Power: Tata Motors has signed a Power Purchase Agreement (PPA) with Tata Power to develop a 7.25 Mwp onsite solar project at its commercial vehicle manufacturing facility. The project will be a significant move to increase the renewable energy portfolio at its manufacturing facility, the company said in a statement.  With this project, the onsite solar plant capacity of Tata Motors’ Jamshedpur facility will reach 14 MWp, which will generate 442 million units of green electricity having the potential to reduce carbon emission by 3.5 lakh tonnes.

Chennai Petroleum Corp: The company said that it has formed a joint venture with its parent company Indian Oil Corp and others to build a 9 MMTPA refinery at a cost of Rs 31,580 crore in Tamil Nadu. The new refinery will come up after dismantling the existing 1 million metric ton per annum (MMTPA) refinery, and will produce liquefied petroleum gas, BS VI quality gasoline, diesel and aviation turbine fuel.

SpiceJet: The carrier is planning to raise up to Rs 2,000 crore through multiple options, including a stake sale to other airlines, so that the budget airline remains a “strong and vibrant” carrier, its chairman and managing director, Ajay Singh, said. “We have passed a shareholder resolution saying we will raise up to Rs 2,000 crore. Some of the amount has already been raised,” Singh said.

NTPC: The state-owned power giant will raise Rs 2,000 crore through issuance of non-convertible debentures on a private placement basis on Thursday. The proceeds will be utilised for, inter alia, funding of capital expenditure, refinancing of existing loans and other general corporate purposes, according to a regulatory filing. The coupon rate would be 7.44% per annum with a door-to-door maturity of 10 years.

NHPC: The company has signed an MoU with Bharat Electronics Ltd (BEL) to set up a large capacity solar equipment manufacturing facility. The MoU was signed by Biswajit Basu, Director (Projects), NHPC and Vinay Kumar Katyal, Director (Bangalore Complex), BEL.

Canara Bank: The lender plans to raise Rs 2,000 crore, which includes Rs 1,000 crore through Basel-III Tier-II bonds maturing in 10-years, market participants said. The bidding for the bonds will take place on August 25 on the BSE’s bidding platform.

Nava Ltd: The company has decided to discontinue the production of high carbon ferro chrome for TATA Steel Mining (TSML) at the end of October 2022 as the company has encountered technical issues in the production of HCFC for TSML. The Company will undertake a scheduled maintenance of the Odisha smelters in November, 2022 and switch over to production of Manganese alloys in Odisha Works.