Morning Update – 01st October 2024

Key Actionable

• NTPC: The company signed a memorandum of understanding with the Rajasthan government for the development of 25 gigawatts of renewable energy projects in the state – Positive in long term

• Kalpataru Projects International: The company received orders worth Rs 1,241 crore in the transmission and distribution business from India and the wider overseas market as well as orders regarding residential commercial building projects in India – Positive in long term

• Bank of Maharashtra: The company is looking to raise Rs 3,500 crore from qualified institutional
placement. The deal size is set at Rs 1,750 crore, with possible upsize of additional Rs 1,750 crore. The company looks to sell up to 8.6% stake or 61 crore shares at an indicative price at Rs 57.36 per share – Positive in long term

• Tata Power: The firm will invest Rs 1.2 tn in Rajasthan for power distribution, transmission and green transition – Positive in long term

• Blue Dart Express: The company will increase prices of its shipments between 9% to 12% effective, Jan 1, 2025. The average price hike is to be implemented due to spiralling long term costs, according to the company – Positive in medium to long term

• Sterling and Wilson Renewable Energy: Promoter Shapoorji Pallonji sells 5.8% stake in company via open market on Sept. 27. Its stake in the company falls to 6.94% - Neutral in short term

• PC Jeweller: The company has approved a 10-for-1 stock split – Positive in short term

• Alphageo (India): The company has received an order worth Rs 132 crore from Oil India for data acquisition – Positive in long term

• UltraTech Cement: The company will increase its stake in Continuum MP Windfarm to 5.46% from 3.28%. It has made a total investment of Rs 24.35 crore for 5.46% equity shareholding – Positive in long term

Piramal Pharma: The company has announced a $80 million expansion plan for Sterile Injectables facility at Kentucky – Positive in long term

• Tata Steel: The company has ceased operations at Blast Furnace 4 at Port Talbot, UK – Neutral in short
term

• India Glycols: The company has increased its grain-based distillery capacity by 100 KLPD at Kashipur, Uttarakhand, and added 180 KLPD to its existing bio-fuel ethanol plant at the same location. Additionally, it has expanded its facilities for new value-added chemical products by 2,500 MTPA in Kashipur, Uttarakhand – Positive in long term

• Thomas Cook (India): The company has partnered with Atirath Technologies to develop generative AI
solutions for the travel sector – Positive in long term

• IPCA Laboratories: The company’s subsidiary, Bayshore, will sell nine ANDAs to US-based Unichem for $2.65 million, along with its generic business for $10 million – Neutral to Positive in long term

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