Key Stock News - JSW group, Aurobindo Pharma, Adani Group, Tata Motors, Avenue Supermarts Ltd By ARETE Securities
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Key News
JSW in talks with PEs, foreign banks for Mytrah Energy acquisition
The JSW group has initiated talks with several private equity (PE) funds, including American investment management firm Apollo Global Management, to acquire its renewable power producer, Mytrah Energy (India) Pvt Ltd (MEIPL). The firm’s acquisition amount will be announced next month, banking sources said. The current enterprise valuation is $2 billion. JSW group’s JSW Energy has a target to add 15 gigawatt (Gw) of renewables in its portfolio with an investment of $10 billion by 2030. Mytrah has a portfolio of wind and solar power projects with a capacity of 1.8 Gw. MEIPL is a subsidiary of Bindu Vayu (Mauritius), which is fully owned by Mytrah Energy (MEL). MEL was earlier listed on the Alternative Investment Market (AIM), a sub-market of the London Stock Exchange. Its main promoter, Ravi Kailas, chairman of Mytrah Group, holds 93 per cent of shares in MEL.
Aurobindo Pharma to develop complex products, expand global footprint
Aurobindo Pharma remains focussed on developing complex and differentiated products in multiple areas comprising oncology, hormonal products, biosimilars, depot injections and vaccines to drive the next phase of growth, as per its Annual Report for 2021-22. The Hyderabad-based firm also said it is in the process of commissioning the capacities for some of the complex therapeutic areas, adding that it is committed to grow in its key geographies of the US, Europe and other growth markets.
5G: Adani Group to join spectrum bid; won't enter consumer mobility space
The Adani Group, on Saturday, confirmed that the company will participate in the government’s upcoming 5G telecom spectrum auction and plans to set up private network solutions across its operations. The group clarified that the company does not intend to enter the consumer mobility space.
Tata Motors hikes passenger vehicle prices to offset rising input costs
Tata Motors on Saturday said it has increased prices of its passenger vehicle range with immediate effect to partially offset the impact of rising input costs.
D-Mart Q1 profit jumps six-fold to Rs 642.89 cr, sales almost double
Avenue Supermarts Ltd, which owns and operates retail chain D-Mart, on Saturday reported over six-fold jump in its consolidated net profit to Rs 642.89 crore for the quarter ended on June 30, 2022, helped by a "very good recovery" in overall sales and a comparative low YoY base. The company had posted a net profit of Rs 95.36 crore in the April-June quarter a year ago, said Avenue Supermarts in a BSE filing.
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