Adani Transmission is raising up to $1.15 billion through offshore loans to fund at least four projects in Gujarat and Maharashtra, three people familiar with the matter said, in what could be the first such large project financing deal amid an economy wracked by the Covid-19 pandemic.At least four banks, including Standard Chartered, MUFG, Barclays and JPMorgan, are likely to syndicate the proposed loans, the people told ET.“The company is working on a dedicated structure through which the whole sum will be raised for those four projects,” said one of the people.The four include the Western Region Strengthening Scheme (WRSS), Lakadia Banaskantha Transco (LBTL), Kharghar Vikhroli Transmission (KVTL) and the Mumbai High Voltage Direct Current (HVDC) project.WRSS, LBTL and KVTL have a project completion deadline of August 2022.The total project cost is about $1.55 billion, with the HVDC project forming nearly one-third of that.The loan could primarily be for five years and priced after adding a spread, or mark-up, to the London Interbank Offered Rate (LIBOR).
Adani Transmission remains the most expensive regulated utility stock at 20.3 times FY21 price to book value, said CLSA.
Navin Fluorine, Grindwell Norton, EIH and Godrej Agrovet are among companies that will announce their March quarter results today.
The total income of the company was Rs 2,875.60 crore in the March quarter compared to Rs 3,317.51 crore a year ago.
Adani Transmission plans to invest Rs 3,000 crore in its transmission business and Rs 1,500 crore in the Mumbai electricity distribution business in 2021-22, as the company aims to continue its expansion plan, a top executive told reporters on Thursday.“We are keen to add to our existing investment and we are keen to grow,” Managing Director and Chief Executive Officer Anil Sardana told reporters. He dismissed any plans of monetising assets right now. The company added 2,536 circuit km to its power transmission network in FY21, driven by organic and inorganic growth taking the total network to 17,276 2,536 circuit km.The company had committed to invest the same amount on the two businesses in the year ended March. “Total capex was Rs 4,500 crore (in FY21); the numbers are far higher than that,” Sardana said. On Thursday, the company reported a net profit of Rs 257 crore in the fourth quarter of FY21 as against Rs 59 crore a year ago. Revenue in the quarter rose 3% year-on-year to Rs 2,276 crore.For the year ended March, the company reported net profit of Rs 1,290 crore, up 82% on year.
Adani Transmission, Sundaram Fasteners, CreditAccess Grameen, Hikal, Raymond and Praj Industries are among companies that will announce their March quarter results today.
Anil Ambani-led Reliance Infrastructure has sold its commercial property in the Santacruz suburb of Mumbai to its lender Yes Bank for Rs 1,200 crore and will use the proceeds from the deal to repay loans, the infrastructure company said on Thursday.Last year in July, Yes Bank took over the possession of the Santacruz building, which till last year served as the company’s headquarter, and two other smaller properties owned by the company after it failed to repay dues of Rs 2,892 crore.“Entire proceeds from sale of Reliance Centre, Santacruz is utilized only to repay the debt of YES Bank,” Reliance Infra said in a statement. According to Reliance Infrastructure executives, Yes Bank plans to use this building as their corporate headquarters and will be moving in soon. The cash-strapped and loss making Reliance Infrastructure has been selling assets with the aim to turn debt free in 2021. In the last three months, it has closed three such deals including the sale of the Santacruz property.
Here are a few stocks which may buzz the most in today's trade.
Adani and Torrent Group have submitted expressions of interest (EoIs) to buy South East UP Power Transmission Company after its owner, Isolux Corsan, filed for bankruptcy in Spain and informed Indian lenders of its inability to continue to finance the local affiliate, according to sources. The enterprise value of the local affiliate’s business is pegged at around Rs 6,000 crore, they said. Isolux Corsan had won a 35-year concession to build 1,600 km of power transmission network in Uttar Pradesh in 2011. It had borrowed Rs 4,500 crore from local lenders to fund the construction. Unable to service the loans after it filed for bankruptcy, the Spanish company is said to have requested the Indian lenders to take necessary steps towards recovery. Bidding is expected to intensify as Anil Agarwal’s Sterlite Power, Hyderabad’s Megha Engineering and sovereign wealth funds are expected to join the process after they sounded out lenders about their intent. The EoI deadline has been extended by one month to accommodate the late bidders, according to people in the know.
Adani Enterprises, the flagship entity of the Adani Group, Thursday announced its entry into the copper business by incorporating a wholly-owned subsidiary, Kutch Copper Limited (KCL).“KCL is incorporated with the object to undertake copper business-related activities, such as the manufacture of copper cathodes and copper rods and more,” the company said in a filing with exchanges.Gautam Adani-led Adani Enterprises owns businesses such as Adani Ports and Special Economic Zone Limited, Adani Power, Adani Transmission, Adani Green Energy and Adani Gas. All these companies are independently listed on the stock exchanges.Adani Enterprises is also into the coal business.The company’s entry into the copper business comes at a time when the import of refined copper has increased to 92,990 tonnes in FY19, from 44,245 tonnes in FY18. In a written response in the Lok Sabha, Union Minister of Mines, Coal and Parliamentary Affairs Pralhad Joshi said that the “imports of refined copper trebled from 44,245 tonnes to 1.52 lakh tonne in FY18-FY20, while exports slid 90% from 3.8 lakh tonne to 39,959 tonnes.
Four of the top 5 midcap gainers are from Adani Group — Adani Green Energy, Adani Enterprises, Adani Transmission and Adani Power which have rallied 277-827 per cent since March 24. In the small-cap index, Majesco, Tanla, Intellect Design, Subex and Adani Total Gas have surged 822-2,871 per cent.
Dushyant Singh Pundir Tribune News Service Chandigarh, March 22 Expediting the process, the UT Administration today opened the technical bids submitted by seven firms for privatisation of the Electricity Department. CB Ojha, Chief Engineer, UT, said the bid evaluation committee would now examine all technical bids. However, the financial bids would be opened after scrutinising all technical bids. On November 9, 2020, the UT Engineering Department had invited bids for the privatisation of the Electricity Department. As many as 20 intended bidders were issued the request for proposal (RFP), but only seven companies - Sterlite Power, ReNew Wing Energy, NESCL (NTPC), Adani Transmission Ltd, Tata Power, Torrent Power and Eminent Electricity Power Company - had submitted their bids by the last date on March 18. However, the UT Administration had recently extended the last date to submit the bids after making some changes in the request for proposal (RFP) conditions in the tender documents. On a petition filed by the UT Powermen Union, a Division Bench of the Punjab and Haryana High Court had on December 1, 2020, stayed the tendering process regarding the privatisation of the Electricity Department.
Dushyant Singh Pundir Tribune News Service Chandigarh, March 17 Despite extending the last date for the submission of the bids, no new company has evinced interest in the privatisation of the UT Electricity Department. The UT Administration had recently extended the last date to submit bids till March 18 after making changes in the request for proposal (RFP) conditions in the tender documents. A senior official said till date, no new company had come forward to take part in the privatisation process after certain conditions were incorporated in the bid documents. On November 9, 2020, the UT Engineering Department had invited bids for the privatisation of the Electricity Department. As many as 20 intended bidders purchased the tenders, but only six companies — Sterlite Power, ReNew Wing Energy, NESCL (NTPC), Adani Transmission Ltd, Tata Power and Torrent Power — had submitted their bids by the last date on February 8. However, on a petition filed by the UT Powermen Union, a Division Bench of the Punjab and Haryana High Court continued on page 2
Dushyant Singh Pundir Tribune News Service Chandigarh, March 5 After getting the green light from the Centre, the UT Administration has decided to go ahead with the privatization of the Electricity Department. Earlier, the Administration had put the process on hold as it was awaiting a uniform policy for privatisation of the Electricity Department of all UTs from the Centre. During an inter-ministerial meeting held in Delhi on February 26, it was decided that the UTs where the privatisation process was in the last phase would continue with the procedure. As many as 20 intended bidders purchased the tenders, but only six companies, namely Sterlite Power, ReNew Wing Energy, NESCL (NTPC), Adani Transmission Ltd, Tata Power and Torrent Power, had submitted their bids to take part in the privatisation of the power wing of the Engineering Department, UT. "We will open the bids within 10 days and send the name of the highest bidder to the Cabinet for the final approval," said UT Adviser Manoj Parida.
Dushyant Singh Pundir Tribune News Service Chandigarh, February 19 Pleas of Electricity Department employees may have fallen on deaf ears, but their prayers have been answered. After the decision of the Centre to frame a uniform policy for the privatisation of the Electricity Department of all union territories, the UT Administration has put the department privatisation process on hold. The privatisation process of the Electricity Department has been put on hold till the Centre frames a new policy regarding the formation of a company and the process to be adopted for the transfer of shares. — Manoj Parida, UT Adviser "The privatisation process of the Electricity Department has been put on hold till the Centre frames a new policy regarding the formation of a company and the process to be adopted for the transfer of shares," said UT Adviser Manoj Parida. On November 9, 2020, the UT Engineering Department had invited bids for the privatisation of the Electricity Department. On a petition filed by the UT Powermen Union, a Division Bench of the Punjab and Haryana High Court had on December 1, 2020, stayed the tendering process regarding the privatisation of the Electricity Department.
Mukesh Ambani's Reliance Industries Ltd is the most valuable company in India, followed by Tata Consultancy Services Ltd (TCS) and HDFC Bank Ltd
Dushyant Singh Pundir Tribune News Service Chandigarh, February 10 Two former MPs — Harmohan Dhawan and Pawan Kumar Bansal — have opposed the privatisation of the profit-making UT Electricity Department. During a meeting of the Administrator's Advisory Council here today, Dhawan said for the past five years, the department had been making profits. He said it earned the record revenue of Rs258 crore last year. The Bhakra-Beas Management Board (BBMB) had been supplying 3.5 per cent of its power generated to the UT at just 17 paise per unit, he said. After being privatised, the UT was unlikely to get the supply at this rate. He said Rs157 crore was deposited as security with the department and the Administration must explain how the amount would be utilised. Before privatisation, the Administration should also take suggestions from 2.47 lakh consumers. Meanwhile, AICC Treasurer Pawan Kumar Bansal said there was no need to privatise the well-managed Electricity Department. He said the privatisation would burden the consumers.
Dushyant Singh Pundir Tribune News Service Chandigarh, February 8 Only six companies have been left in the fray to take over the UT Electricity Department. UT Adviser Manoj Parida said six firms — Sterlite Power, ReNew Wing Energy, NESCL (NTPC), Adani Transmission Ltd, Tata Power and Torrent Power — had submitted their bids for the privatisation of the electricity wing of the UT Engineering Department. The Engineering Department had issued the Request for Proposal (RFP) to 20 intended bidders and today was the last date to submit the bids. Staff up in arms Employees of the UT Electricity Department, under the banner of the UT Powermen Union, today protested against the privatisation of the profit-making Electricity Department. Gopal Datt Joshi, general secretary of the union, termed the introduction of the Electricity Amendment Bill, 2021, in the Budget session as a betrayal. "If the Bill is passed in its present form, the consumers and employees will be the worst affected." he said. TNS CB Ojha, Chief Engineer, UT, said the date to open bids would be intimated shortly.
Stocks to watch today on February 5: Stove Kraft, FDC, Bharat Electronics, Trent, Biocon, Adani Transmission among others are the top stocks to watch out for in Friday's trading session
Adani Transmission on Thursday posted a nearly 128 per cent rise in consolidated net profit at Rs 464 crore for the quarter ended December 2020. The consolidated net profit of the firm stood at Rs 204 crore in the quarter ended December 31, 2019, it said in a BSE filing. Total income dipped to Rs 2,734.04 crore in the quarter from Rs 2,835.72 crore in the same period a year ago. Gautam Adani, Chairman Adani Group, said, "The Power & Transmission sector has seen tremendous progress over the last two decades. Today, Government initiatives such as Saubhagya and the emphasis on renewables have significantly expanded electricity access." The next two decades promise to usher in new opportunities for the sector based on the resurgence of the economy post the pandemic and a positive investor outlook. Adani Transmission is fully equipped to co-create a future in line with the needs of a nation at the cusp of global renewable energy leadership, he added. Anil Sardana, MD and CEO, Adani …
Stocks to watch today on February 4: Airtel, Bajaj Consumer Care, Adani Transmission, Bandhan Bank, Hero MotoCorp among others are the top stocks to watch out for in Thursday's trading session
State Bank of India, Hero MotoCorp, Adani Power, Adani Transmission, HPCL, Kalpataru Power Transmission, NTPC, Tata Power, Trent, Zee Entertainment Enterprises, are among the companies that will report December quarter results today
Dushyant Singh Pundir Tribune News Service Chandigarh, February 3 As many as 20 companies have intended to take over the distribution of streamlined and profit-earning UT Electricity Department. UT Adviser Manoj Parida said the request for proposal (RFP) had been issued to 20 intended bidders, including Adani Transmission Limited, Tata Power Company Limited, GMR Generation Asset Limited, Sterlite Power, CESC Ltd, Torrent Power, ReNew Power, Greenko Group, LAT Ltd, Feedback Energy Distribution Co Ltd (FEDCO), MB Power Ltd, CLP India Pvt Ltd, EDF India, ENEL Global Infrastructure and Network SRL, Megha Engineering Infrastructure Ltd, India Power Corporation Ltd, DNH Power Distribution Corporation, NTPC Electricity Supply Limited, National Investment and Infrastructure Fund Ltd and Power Grid Corporation of India Ltd (PGCIL). Employees on strike Chandigarh: Employees of the Electricity Department, under the banner of the UT Powermen Union, observed strike on Wednesday against the move to privatise the department.
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