Category: Power

A day after accusing L&T and Edelweiss entities of causing huge market value erosion by “illegal and motivated” sale of their pledged shares, Anil Ambani-led Reliance Group Saturday said boards of its three listed firms have recommended “all appropriate legal steps” to protect shareholders’ value.

Reliance Power has asked the Securities and Exchange Board of India (Sebi) to prohibit the Mumbai-based Edelweiss financial services group from trading in the securities market.

Investments worth over Rs 2.50 trillion in thermal power projects (based on domestic coal, imported coal and gas) are facing stress, and immediate remedial measures are needed to ensure that they are revived in a time-bound manner, as per a report.

Power producers are in a bind over swelling dues owed by the electricity distribution companies (discoms). By the end of October 2018, the accumulated dues had climbed to Rs 38,904.47 crore, leaving the power generators in distress.

Adani Transmission Ltd (ATL) announced closure in its acquisition of 100 per cent stake of KEC International Limited in the latter’s transmission asset. In November 2018, both ATL and KEC International had signed a share purchase agreement for the acquisition of the latter’s stake in KEC Bikaner Sikar Transmission Private Limited.

The government on Wednesday gave its nod to a proposal for setting up 12,000 MW grid-connected solar photovoltaic (PV) power projects with an estimated viability gap funding of Rs 8,580 crore.

Adani Power’s consolidated net loss narrowed to Rs 1,180.78 crore for the quarter ended on December 31, 2018, from Rs 1,313.74 crore in the year-ago quarter, helped by a healthy growth in income, according to a company statement.

The stock of renewable power solutions provider Suzlon Energy plunged more than 24 per cent on Tuesday on debt default rumours. This forced the management to issue a statement denying any debt default or invocation of pledged promoter shares.

Torrent Power posted a 15.63 per cent jump in consolidated net profit to Rs 238.19 crore in the December 2018 quarter.

The Odisha government has completed electrification of 2.2 million more households in this fiscal, ramping up the count of electrified households in the state to 9.6 million.

She may have been indicted by the probe panel but if ICICI Bank’s deposed former managing director (MD) and chief executive officer (CEO), Chanda Kochhar, takes the legal route, she will have several grounds to challenge the findings of an enquiry headed by former Supreme Court judge B N Srikrishna.

The Enforcement Directorate (ED) has registered a criminal case of money laundering against former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar, Videocon Group promoter Venugopal Dhoot and others to probe alleged irregularities and corrupt practices in sanctioning of Rs 1,875-crore loan by the bank to the corporate group, officials said Saturday.