In a series of corporate developments on Wednesday, several Indian companies including Tata Motors (BO:TAMO) (NYSE:TTM), Tata Power Renewable Energy (TPREL), NBCC, Jio Financial Services, GAIL, ZEE Entertainment Enterprises, Vedanta (NYSE:VEDL), and Power Grid Corporation of India have been under the spotlight.
Tata Motors and TPREL, a subsidiary of Tata Power, have entered into a Power Purchase Agreement (PPA) to develop a new 12 MWp on-site solar project at Tata Motors' manufacturing facility in Pune. The installation is expected to generate 17.5 million units of electricity annually, meeting nearly 17.2% of the facility’s requirement and potentially mitigating over 12,400 tonnes of carbon emission each year.
In another development, Jio Financial Services Ltd (JFS) will be excluded from Nifty and other NSE indices starting Thursday. The decision was made by the index maintenance sub-committee of NSE indices due to the stock not hitting the price band on two consecutive trading days. This follows JFS's exclusion from Sensex and other BSE indices since September 1.
NBCC has signed a Memorandum of Understanding (MoU) with Kerala State Housing Board (KSHB (OTC:KSHB)) for the development of a land parcel in Kochi estimated at Rs 2,000 crore (Rs 1 crore = $120,873). This project involves development, project management, and marketing consultancy.
Meanwhile, shares of GAIL Ltd are under scrutiny following the arrest of an executive director and a chief general manager by the Central Bureau of Investigation in an alleged bribery case. GAIL stated that the impact of this case cannot be ascertained or estimated at this time.
ZEE Entertainment Enterprises Ltd has been served an appeal by IDBI Bank before the National Company Law Appellate Tribunal (NCLAT), challenging an order passed by the National Company Law Tribunal approving a composite scheme of arrangement among ZEE, Bangla Entertainment, and Culver Max Entertainment.
Vedanta Resources is reportedly discussing a loan deal worth $1.2 billion to $1.3 billion with Standard Chartered (OTC:SCBFF) Bank against brand fee receivables. If finalized, this loan would cover Vedanta's debt repayments until January without necessitating bond restructuring.
Lastly, Power Grid Corporation of India has been declared the successful bidder for an inter-state transmission system project. The project entails establishing a new substation and transmission lines in Rajasthan.
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