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Shares of <keyword id="46108" type="COMPANY" weightage="20" keywordseo="Sterling">Sterling</keyword> and <keyword id="8370737" type="LOCATION" weightage="20" keywordseo="Wilson-Solar">Wilson Solar</keyword>, a <keyword id="261354" type="COMPANY" weightage="20" keywordseo="Shapoorji-Pallonji-Group">Shapoorji Pallonji Group</keyword> (<keyword id="6953502" type="COMPANY" weightage="20" keywordseo="SP-Group">SP Group</keyword>) company, plunged over 10 per cent after the Supreme Court dismissed appeals of the group and set aside the judgement which had ordered the reinstatement of <keyword id="6356895" type="PERSON" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword> as Chairman of <keyword id="46894" type="COMPANY" weightage="20" keywordseo="Tata-Sons">Tata Sons</keyword>. Around 2.30 p.m., shares of Sterling and <keyword id="8987948" type="COMPANY" weightage="20" keywordseo="wilson-solar-ltd">Wilson Solar Ltd</keyword> on the BSE were trading at ₹244.95, lower by ₹27.45 or 10.08 per cent from its previous close. A bench headed by Chief Justice S.A. Bobde said all questions of law are in favour of Tata Group and dismissed the appeals filed by Mistry. The top court upheld the Tata Sons decision to sack Cyrus Mistry on October 24, 2016. <keyword id="6371516" type="COMPANY" weightage="20" keywordseo="shapoorji-pallonji">Shapoorji Pallonji</keyword> Group counsel had argued that Mistry was removed because he was going to place a draft governance structure at the Board meeting on October 24, 2016. "We find all the questions of law are liable to be answered in favour of the appellants (Tata Group) and the appeals filed by the Tata Group are liable to be allowed and Shapoorji Pallonji group is liable to be dismissed," said the top court. The top court said the value of SP Group shares will depend on the valuation by Tata Sons equities and the court will not determine the fair value. In December 2019, the NCLAT had ruled that the proceedings of the Board meeting of Tata Sons held on October 24, 2016 removing Cyrus Mistry as chairperson was illegal. The Mistry family, which runs SP Group, owns an 18.4 per cent stake in Tata Sons. SEE ALSO: <a href="https://www.businessinsider.in/india/news/the-entire-crew-of-the-massive-ship-that-has-blocked-suez-canal-is-indian/articleshow/81699456.cms">The entire crew of the massive ship that has blocked Suez Canal is Indian</a> <a href="https://www.businessinsider.in/politics/elections/checkout-the-list-of-mamata-banerjee-favourite-tv-and-sports-celebrities-who-are-fighting-for-tmc/slidelist/81700172.cms">Mamata Banerjee's favourite celebs who are fighting for Trinamool Congress in some of the toughest constituencies</a> <a href="https://www.businessinsider.in/stock-market/news/suryoday-small-finance-bank-shares-listed-at-4-less-than-the-issue-price/articleshow/81700313.cms">Suryoday Small Finance Bank shareholders lost 7% of their investment within minutes of listing</a> <a href="https://www.businessinsider.in/stock-market/news/kalyan-jewellers-makes-a-lacklustre-debut-listing-at-15-discount-to-issue-price/articleshow/81700343.cms">Kalyan Jewellers makes a lacklustre debut, listing at 15% discount to issue price</a>

Sterling & Wilson shares fall 10% after Supreme Court's verdict against SP Group in the Cyrus Mistry vs Tata case

<keyword id="844256" type="General" weightage="20" keywordseo="pallonji-shapoorji-mistry" source="Orion">Pallonji Shapoorji Mistry</keyword>, the billionaire realtor and industrialist, and Chairman Emeritus of the venerable Shapoorji Pallonji Group, passed away at his home here late last night, official sources said here on Tuesday. He was 93 and is survived by his sons Shapoorji and Cyrus P. Mistry -- latter who was in the limelight for the huge corporate tussle with the Tata Group a few years ago, and two daughters, Laila and Aloo -- the latter wedded to Noel Tata, half-brother of Ratan Tata. The Shapoorji Pallonji Group is renowned in the realty and engineering sectors and constructed several landmark buildings like the RBI headquarters, SBI, HSBC, Grindlay Bank, Hongkong &amp; Shanghai Bank and others in south Mumbai, besides other major infrastructure projects. The Group had also produced the iconic Hindi film, K. Asif's 'Mughal-E-Azam' (1960), then the most expensive one and till date it reigns among the top popular movies of Bollywood. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/google-invests-in-indian-fintech-startup-progap-which-provides-credit-to-smes/articleshow/92509038.cms">Google invests in Indian fintech startup Progap which provides credit to SMEs</a> <a href="https://www.businessinsider.in/retail/news/lays-kurkure-and-bingo-are-taking-over-indian-snacks-like-aloo-bhujia/articleshow/92508625.cms">Lay’s, Kurkure and Bingo are taking over Indian snacks like Aloo Bhujia, Murukku</a>

Cyrus Mistry's father, Pallonji Mistry passes away at 93

<keyword id="261354" type="COMPANY" weightage="80" keywordseo="Shapoorji-Pallonji-Group">Shapoorji Pallonji Group</keyword> has bagged one of the largest <a href="http://www.businessinsider.in/searchresult.cms?query=foreign+direct+investments+">foreign direct investments</a> worth Rs $200 million or about Rs 1,280 crore in India's affordable housing segment, with Standard Chartered <keyword id="34499" type="POSITION" weightage="60" keywordseo="private-equity">Private Equity</keyword>, <a href="http://www.businessinsider.in/searchresult.cms?query=World+Bank+">World Bank</a> member IFC and the <a href="http://www.businessinsider.in/searchresult.cms?query=Asian+Development+Bank+">Asian Development Bank</a> (ADB). 
 
This will be a <a href="http://www.businessinsider.in/searchresult.cms?query=joint+venture+">joint venture</a> (JV) between the Mumbai-based conglomerate and Standard Chartered Private Equity, IFC and the ADB. They would together hold 70% stake in the JV while the rest will be with Shapoorji Pallonji Group, an official told the Economic Times. 
 
The multi-lateral funding agencies will provide a $50 million (Rs 320 crore) buffer fund which can be used by the JV; this marks the $3.5 billion (Rs 22,400 crore) Shapoorji Pallonji Group's entry into the affordable housing segment. 
 
According to the deal, the JV will develop about 20 million sq. ft. of affordable home space in the next 8 years in Mumbai, Pune, National Capital Region, Chennai, Kolkata, Bengaluru and Ahmedabad. 
 
Venkatesh Gopalkrishnan, chief investment officer and president business development, Shapoorji Pallonji Real Estate, said: "For the last two years, we have been strategising our group's foray into affordable housing segment with a long-term perspective and therefore wanted to join hands with partners with a similar view." 
 The investment assumes significance given its size and tepid <keyword id="44528" type="ORGANIZATION" weightage="80" keywordseo="FDI">FDI</keyword> flow into affordable housing segment even after the government relaxed rules last year to draw overseas capital for real estate. 
 
In October, the government reduced the minimum built-in area required in projects as well as capital requirement and eased the exit norms. It reduced the minimum built-up area to 20,000 sq metres from 50,000 sq metres while halving the minimum capital requirement to $5 million. However, barring a few completed project acquisitions, FDI inflow into real estate, including affordable housing segment, remained weak. 
 According to experts, the FDI inflow will improve in coming days. "Interest for real estate as an asset class is rising globally and this capital will also flow into India. We expect the deal activity to pick up here on and affordable housing will be one of the key beneficiaries as fundamental demand drivers for this segment are robust," said <keyword id="1664149" type="PERSON" weightage="60" keywordseo="Mona-Chhabra">Mona Chhabra</keyword>, executive director, EY. 
 
The <a href="http://www.businessinsider.in/searchresult.cms?query=Mumbai">Mumbai</a>-based company would be responsible for identifying land parcels, acquisitions, approvals, execution and development. The JV company aims to create 20,000 affordable homes across the country. Its board will have four members from the three foreign investors while Shapoorji Pallonji will get two board seats. "With our group's strong engineering, execution capability and trust the brand enjoys, we are ideally equipped to handle projects like these," said Jai Mavani, executive director, Shapoorji Pallonji Group. 
 "With the government's push to 'Housing For All', we are hopeful that players like us will get support from the government in terms of approval processes as it will serve larger needs." The group has already identified three land parcels for projects under this alliance. Of these, it has already acquired two land parcels which will be financed through the joint <keyword id="6357097" type="COMPANY" weightage="80" keywordseo="venture-capital">venture capital</keyword> following approval from investors. "We will look at five more land acquisitions over the next two years. This is pure equity capital and will be used for acquisition of zoned and aggregated land parcels within municipal limits of cities. Our aim is to complete the land acquisition in two years and execute these projects in eight years from now," Gopalkrishnan said. 
 
The JV company will come up with developments on the outskirts of cities, offering 1BHK apartments of 500-600 sq ft and 2BHK apartments of 800-900 sq ft, priced at Rs 15-50 lakh per unit. The company will focus on tier-1 and tier-2 cities with project sizes in the range of 1.2 million sq ft to 5 million sq ft. 
 
(Image: Indiatimes)

Shapoorji Pallonji enters the affordable housing segment with a FDI deal worth Rs $200 mn in its kitty

New Delhi, Dec 19 () <keyword id="261354" type="COMPANY" weightage="20" keywordseo="Shapoorji-Pallonji-Group">Shapoorji Pallonji Group</keyword>'s investments in Tata Sons is just Rs 69.57 crore and not Rs 1 lakh crore as mentioned in the NCLAT order reinstating <keyword id="6356895" type="ORGANIZATION" weightage="20" keywordseo="cyrus-mistry">Cyrus Mistry</keyword> as the chairman, <keyword id="6355725" type="COMPANY" weightage="20" keywordseo="tata-group">Tata group</keyword> sources said on Thursday. A day after Mistry, who was abruptly ousted as Tata Sons chairman in October 2016, won a big battle at the NCLAT, Tata group sources said the order of the National Company Law Appellate Tribunal (NCLAT) had many factual inconsistencies. The NCLAT order had said "out of Rs 6,00,000 crores of total investment in the Company ('Tata Sons Limited'), 'Shapoorji Pallonji Group' had invested approximately Rs.1,00,000 crores".
 However, the Tata group sources contested it, saying Shapoorji Pallonji (SP) Group has invested Rs 69.57 crore.
 SP Group declined to comment but lawyers in the know cited a September 2017 order of the NCLAT which said "the interest of the appellants (Mistry family) in the overall value of the company (Tata Sons) would be over Rs 1 lakh crore".
 The Tata group sources also pointed out that the NCLAT remarks about Ratan Tata and <keyword id="148053" type="PERSON" weightage="20" keywordseo="Nitin-Nohria">Nitin Nohria</keyword> asking Cyrus Mistry to step down even before a decision of Tata Trusts, which had called a meeting to remove Mistry, was not the case. "Tata Trust meeting was held earlier in the day. Post the trust meeting and before the board meeting of Tata Sons, Ratan Tata met Cyrus Mistry," a source said.
 Further, they said <keyword id="6689214" type="PERSON" weightage="20" keywordseo="pallonji-mistry">Pallonji Mistry</keyword>, father of Cyrus Mistry, was only a director of Tata Sons from June 25, 1980 till December 31, 2004 and not chairman of Tata Sons as mentioned in the NCLAT order. RKL ABM

NCLAT order reinstating Mistry has factual errors, say sources

<ul><li>The <keyword id="6953502" type="UNKNOWN" weightage="20" keywordseo="SP-Group">SP Group</keyword> stated that a separation from the <keyword id="6355725" type="ORGANIZATION" weightage="20" keywordseo="tata-group">Tata Group</keyword> is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy.</li><li>The current situation has forced the <keyword id="6391150" type="PERSON" weightage="20" keywordseo="mistry">Mistry</keyword> family to sit back and reflect on the past, present and possible future for all stakeholders.</li><li>SP Group holds 18.37% stake in the Tata Group and is the largest minority shareholder.</li></ul>The largest shareholder in the Tata Group, SP Group said before the Supreme Court on Tuesday that a separation from the Tatas is necessary. The SP Group stated before the Supreme Court that a separation from the Tata Group is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy. They stated that it was crucial that an early resolution is reached to arrive at a fair and equitable solution reflecting the value of the underlying tangible and intangible assets. The current situation has forced the Mistry family to sit back and reflect on the past, present and possible future for all stakeholders. "The past oppressive actions, and the latest vindictive move by Tata Sons that impact the livelihoods of the wider SP Group community leads to the inexplicable conclusion that the mutual co-existence of both groups at Tata Sons would be infeasible. The SP-Tata relationship spanning over 70 years, was forged on mutual trust, good faith, and friendship. Today, it is with a heavy heart that the Mistry family believes that a separation of interests would best serve all stakeholder groups", the group said in a statement. As the largest minority shareholder owning an 18.37% stake, the role hitherto played by the SP Group, was always one of guardianship with an aim to protect the best interests of the Tata group. The SP Group had always used its voting rights as a shareholder for the best interest of the Tata Group, it added. SP Group said it is a matter of record that prior to the year 2000, when the Tata Trusts, being Public Charitable Trusts, couldn't exercise their voting rights , the same being held by a Public Trustee, the SP Group voted to protect the best interests of the Tata Group. SP Group said that in 2012, when Cyrus Mistry accepted the position of Chairman of Tata Sons, it was not only with a sense of pride, but also with a sense of duty as an 'insider' on the Board of Tata Sons. "The Tata Group was going through significant change. A generation of Tata leaders were retiring with implications on the future governance of the Group. Several of these leaders who were retiring from the Board of Tata Sons also served as Trustees of the majority shareholders - Tata Trusts. It is in this context that Mistry set about trying to establish a governance structure that would institutionalize accountability, and create the right checks and balances, without contravening the new SEBI Insider Trading law that regulated the flow of information across all stakeholders. Unfortunately, he was removed in October 2016, when he attempted to implement these governance reforms", the group added. It is extremely unfortunate that the current leadership of Tata Sons has not only continued to take value destructive business decisions in a misguided effort to prove a point in these proceedings. SP Group said that it is a matter of public record that several issues identified years earlier, continue to plague the group. Whether it is the operations of Tata Steel UK, where over the last three years alone the operational losses have increased by an additional 11,000 crores, or the Group's aviation businesses. These actions, or lack thereof, have meant that the total debt in the major Tata group companies has increased by approximately Rs 1 lakh crores in the last three years. Excluding TCS, the last quarters losses of all the listed group companies of approximately 14,000 crores causes great concern. "Unfortunately, the impact of these actions continue to hurt minority shareholders, be it the SP Group at Tata Sons or the millions of shareholders of the listed companies in the Tata Group", SP Group said. It said that Tata Sons has amplified its institutional efforts to suppress and inflict irreparable harm on the SP Group, in the midst of a global crisis triggered by the COVID Pandemic. The 150 year old SP Group - is the second largest construction group in the country, executing projects of national significance in India and abroad. "The Mistry family were in the midst of raising funds against the security of their personal assets to meet the crisis arising from the global pandemic. This move was undertaken to protect the livelihoods of its 60,000 employees and over 100,000 migrant workers. The action by Tata Sons to block this crucial fund raise, without any heed for the collateral consequences is the latest demonstration of their vindictive mind-set", it said.

Shapoorji Pallonji Group says it's time to part ways with the Tatas

Top 10 youngest billionaires in the world in 2024

New Delhi, Dec 18 () Future appointments of Chairman and other board members of Tata Sons must be done in consultation with the minority shareholder Shapoorji Pallonji Group, the NCLAT said on Wednesday while ordering reinstatement of ousted Chairman Cyrus P Mistry.
A two-member NCLAT bench headed by Chairperson Justice S J Mukhopadhaya said that the move would remove the mistrust between Tata and Mistry group and would create a healthy atmosphere.
"We are of the view that for better protection of interest of all stakeholders as also safeguarding the interest of minority group, in future at the time of appointment of the Executive Chairman, Independent Director and Directors, the 'Tata Group' which is the majority group should consult the minority group i.e.'Shapoorji Pallonji Group," said NCLAT.
It also ordered that "any person on whom both the groups have trust, be appointed as Executive Chairman or Director as the case may be which will be in the interest of the Company and create healthy atmosphere removing the mistrust between the two groups, already developed and has caused global effect as admitted in the 'Press Statement' of the Company."
The appellate tribunal has also directed Ratan N Tata, Chairman emeritus, Tata Sons and the nominees of Tata Trust to desist from taking any decision in advance and interfere into the affairs of the holding company. 
"Ratan N Tata and the nominee of the Tata Trusts shall desist from taking any decision in advance which requires majority decision of the Board of Directors or in the Annual General Meeting," the NCLAT order said.
The NCLAT said that the group's chairman emeritus Ratan Tata's actions against Mistry were 'prejudicial" and "oppressive" in nature.
The appellate tribunal said that the "affirmative voting power of the nominated Directors of the 'Tata Trusts' over majority decision of the Board; actions taken by Ratan N Tata, Nitin Nohria and NA Soonawala and others as discussed above; the fact that the Company ('Tata Sons has suffered loss because of 'prejudicial' decisions taken by Board of Directors."
The fact that a number of 'Tata Companies' have incurred loss; in spite of decision making power vested with the Board of Directors with affirmative power of nominated Directors of the 'Tata Trusts', it said. KRH KRH MR
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Tata Sons Chairman &  directors  to be appointed in consultation with Mistry Camp: NCLAT

The funeral of industrialist Cyrus Pallonji <keyword id="6391150" type="General" weightage="100" keywordseo="mistry" source="Orion">Mistry</keyword>, a scion of the <keyword id="261354" type="General" weightage="50" keywordseo="shapoorji-pallonji-group" source="Orion">Shapoorji Pallonji Group</keyword>, shall be held here on Tuesday morning, his family said in a moving tribute, though they omitted any reference to the tycoon's brief tenure in <keyword id="6355725" type="General" weightage="50" keywordseo="tata-group" source="Orion">Tata Group</keyword>. "It is with utmost sadness that we announce the sudden and untimely demise of our beloved Cyrus Pallonji Mistry, 54. He succumbed to injuries from an unfortunate car accident on Sunday," said the family. He is survived by his wife Rohiqa, sons Firoz and Zahan, mother Patsy Mistry, sisters Laila Rustom Jehangir and Aloo Noel Tata and brother <keyword id="844645" type="General" weightage="50" keywordseo="shapoor-mistry" source="Orion">Shapoor Mistry</keyword>. Born on July 4, 1968, Mistry earned a civil engineering degree from London's Imperial College of Science and Technology and a postgraduate degree of Master of Science in Management from London Business School. CPM, as he was fondly known, was a voracious reader and joined the family business in March 1991 as a Director, overseeing the group's construction business. Mistry's entrepreneurial <keyword id="34279" type="General" weightage="50" keywordseo="mindset" source="Orion">mindset</keyword> helped the Shapoorji Pallonji Group achieve many milestones over the past two decades, including one of India's first integrated, project-financed power plants, and the development of India's first biotechnology park. With his vision and eye for detail, he was instrumental in steering the Group from a pure contractor to a 'value-added' player, by developing competencies in allied areas such as EPC and 'Design &amp; Build'. He also envisioned, and oversaw, the evolution of the Group into an end-to-end business group, spanning design and engineering, construction, and asset development, and committed to a journey of lifelong learning across multiple disciplines. Despite his success, Mistry always kept a low profile, away from the limelight, deeply valued righteousness and honesty, and was known for his transparency and integrity in all his business dealings, it said. "He was extremely humble, approachable to all, and always lent a helping hand to the less fortunate. Deeply loved by his family, he was a friend to countless many. We pray that his soul rests in eternal peace," the family said. Mistry's last rites shall be performed at the Worli Crematorium at 11 a.m. on Tuesday. "A friend to many, loved by all. A life well lived," the bereaved family added, requesting "No condolence visits please". The young tycoon Mistry's abrupt departure stunned the country and left the Indian corporate world shocked. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indias-external-debt-rose-8-2-in-2021-22-to-620-billion/articleshow/94017888.cms">India's external debt rose 8.2% in 2021-22 to $620 billion</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/marriage-is-a-sacrament-says-centre-to-sc-in-restitution-of-conjugal-rights-case/articleshow/94017818.cms">Marriage is a sacrament says Centre to SC in restitution of conjugal rights case</a>

Mistry's funeral on Tuesday, family's moving tribute omits Tata stint

Mumbai, Mar 30 () Amidst the mounting human crisis arising from the fleeing migrant workers, who form a vast majority of the nation's labour force, the Shapoorji Pallonji Group, which employs as much as 70,000 migrant workers, has announced that it will take care of all their needs at their respective workplaces.The 155-year-old Shapoorji Pallonji Group, which owns over 18 per cent in Tata Sons, employs a little over 1,10,000 employees across its sites. Of these 45,000 are manning the 430 sites in the country, and 25,000 are at 130 sites abroad. These direct workers are supported by 40,000 subcontracted workers, taking the total worker strength to 1,10,000. "The difficult and trying situation the humanity faces today is unprecedented, on account of the global spread of the Covid19 pandemic. This calls for governments, institutions, corporates and citizens to take several measures, immediate/short-term/long-term, to contain its spread and provide relief to those suffering from it, particularly the weaker sections of society," the company chairman Shapoor P Mistry said in an internal letter.According to a 2017 report of the Working Group on Migration carried out by the Union housing and urban poverty alleviation ministry, top 17 districts in the country see 25 per cent of its men migrating out for work. And according to the FY2018-19 economic survey, as much as 93 per cent of our workforce is informal-meaning no secured salaries and other benefits and of these 20 per cent are migrant labourers whose earnings amounted to 6 per cent of GDP and their remittances amounted to 2 per cent of GDP.Against this, the government's entire financial package for the poor and to help fight the Covid-19 pandemic is a paltry 1 per cent of the GDP.Mistry says the company operates worker camps at most of its project sites with good living conditions, providing lodging, boarding, transport, medical/ hygiene facilities, recreation, daily briefings and communication, regular sanitization, hospital tie-ups etc. "We have now made provisions to ensure that for the entire April, all personnel in our camps get adequate food and water, visits by trained medical staff and medicines as required in major camps, and isolation facilities for special medical care are created wherever needed," Mistry said in the letter to the management and the staff. Explaining the move as his company's "investment in our committed workforce and also to ensure that the migrant labourers stay put at their workplaces and do not need to return to their homes."The construction sector directly employs more than 4.5 crore, contributing over 8.5 per cent of GDP, and generates nearly 4 times more employment through vendors, subcontractors.The Covid-19 pandemic poses a very serious and immediate threat to undermine this entire industry, which would very adversely impact the nation's progress, he warned.Mistry also called upon the government to strengthen the social safety net to support the large body of construction workers and also to announce a comprehensive financial assistance package for the construction sector at the earliest. BEN MRMR

Shapoorji Pallonji Group says taking care of its 1.1 lakh workers at their locations

<ul><li>At 7:49 am the SGX Nifty was trading flat pointing towards a muted start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amid the mixed cues from the global market, the Indian stock market is likely to open on a muted note. At 7:49 am the SGX Nifty was trading flat pointing towards a cautious start for Nifty50. Meanwhile, the US stocks climbed on Tuesday on rebound in tech stocks and policy reassurance from a top Fed official following a massive selloff in the previous three sessions. The Dow Jones Industrial Average ended up 140.48 points, and the S&amp;P 500 closed up over 1%. These are the stocks to watch out for during the trading session on September 23: Tata Group stocks The Shapoorji Pallonji Group is set to <a href="https://www.businessinsider.in/business/news/shapoorji-pallonji-group-says-its-time-to-part-ways-with-the-tatas/articleshow/78259653.cms">part ways</a> with the Tatas. SP Group stated before the Supreme Court that a separation from the Tata Group is necessary due to the potential impact this continuing litigation could have on livelihoods and the economy. The SP Group largest shareholder in the Tata Group and this news may move most of the listed Tata Group stocks like— TCS, Tata Steel, Tata Motors and others. RIL Mukesh Ambani owned RIL’s Jio unveiled its JioPostpaid Plus plans in a bid to lure more customers. The company will offer subscriptions to Netflix, Amazon Prime and Disney + Hotstar with a monthly tariff from ₹399 to ₹1,499 with different benefits. The shares of RIL ended 2% lower yesterday. Also keep an eye on other telecom stocks - Bharti Airtel and Vodafone Idea. CARE Ratings and ICRA Markets regulator SEBI imposed a penalty amount of ₹1 crore each on rating agencies— ICRA, and CARE Ratings, in connection with IL&amp;FS case. The shares of CARE Ratings ended 2% lower whereas ICRA was up 2% yesterday. Future Group stocks in focus Future Enterprises defaulted again on interest payments of ₹15.86 crore for its non-convertible debentures. Future Enterprises develops, owns and leases retail infrastructure for the Future Group, and this news may move other Future Group stocks like Future Retail, Future Lifestyle Fashions, among others. The shares of Future Enterprises ended 5% lower yesterday. Dewan Housing Finance (DHFL) The markets regulator SEBI has restrained 12 promoters of DHFL from accessing securities markets for violating market norms. Promoters are also restrained from associating themselves as directors or promoters of any listed public company or associating with any intermediary registered with SEBI. The shares of DHFL ended 3% lower yesterday. Central Bank of India The QIP of the Central Bank of India has opened with the floor price set at ₹16.18 per share. The shares of DHFL ended 15% higher yesterday. SEE ALSO: <a href="https://www.businessinsider.in/business/news/shapoorji-pallonji-group-says-its-time-to-part-ways-with-the-tatas/articleshow/78259653.cms" data-type="tilCustomLink">Shapoorji Pallonji Group says it's time to part ways with the Tatas</a> <a href="https://www.businessinsider.in/stock-market/news/sharekhan-new-discount-broking-platform-espresso-will-take-no-fees-for-a-loss-making-trade/articleshow/78255651.cms" data-type="tilCustomLink">INTERVIEW: Sharekhan’s new discount broking platform will take no fees for a loss-making trade</a>

Top stocks to watch— Tata Group, Future Enterprises, RIL, Central Bank of India, DHFL, CARE Ratings and others

New Delhi, Nov 19 () Forbes &amp; Company, a Shapoorji Pallonji group firm on Tuesday announced plans to list its subsidiary Eureka Forbes to unlock value for shareholders.
The company's board has authorised the management to evaluate any such scheme in this regard, Forbes &amp; Company said in a regulatory filing.
"The Board of Directors of the company has authorised the management...to evaluate a scheme of arrangement and/or other appropriate mechanisms to enable an eventual listing of Eureka Forbes with an intention to unlock value in the hands of all the shareholders of the company," it said.
These may also include listing, dilution/sale or combination thereof of Eureka Forbes, it added.
Eureka Forbes is a wholly-owned subsidiary of Forbes &amp; Company.
"The Board will consider the above (schemes) when the relevant proposals are placed before it in the near future, but in principle has approved supporting the endeavours of the management in this regard," it said. 
It operates in water purifier, air purifier, vacuum cleaner and security solutions system segments. 
Eureka Forbes, which is a pioneer in water purification systems, had a gross turnover of Rs 2,961.2 crore in 2017-18. It has a reach in over 1,500 cities and towns, and 53 countries. KRH
 KRH ANU
ANU

Forbes & Company mulls listing Eureka Forbes

New Delhi, Dec 9 () Shapoorji Pallonji group firm Sterling and Wilson Solar Ltd (SWSL) on Monday said the company has begun construction of a 200 MW solar project in Australia.
 The turnkey solar EPC (engineering procurement and construction) project -- Wellington Solar Farm -- is being developed by Lightsource BP, an independent global leader in the funding, development, acquisition and management of solar PV projects, Sterling and Wilson Solar said in a statement.
 Wellington Solar Farm is a solar photovoltaic (PV) independent power project (IPP) being constructed on 490 Ha (hectare) of land, northeast of the town of Wellington in New South Wales.
 The project is planned to be commissioned by December 2020 and once operational, the plant will produce enough solar energy to power 70,000 homes, and save 336,000 tonnes of carbon emissions, which is the equivalent of taking 121,580 cars off the road, the statement added.
 "This will be one of the larger and significant projects being built in Australia. We will leverage from our recent acquisition of GCo Solar in Australia which has executed Solar projects for major developers," Bikesh Ogra, Director and Global CEO, SWSL said.
 Sterling and Wilson Solar has been executing projects globally and has to its credit more than 8.8 GWp of high performing solar power projects in various geographies. KKS DRR

Sterling and Wilson Solar begins construction of 200MW solar project in Australia

<keyword id="3828442" type="COMPANY" weightage="20" keywordseo="Adani-Green-Energy-Ltd">Adani Green Energy Ltd</keyword> (AGEL) on Wednesday announced that it has signed a share purchase agreement for the acquisition of 100 per cent stake in two <keyword id="732527" type="ORGANIZATION" weightage="20" keywordseo="Special-Purpose-Vehicles">special purpose vehicles</keyword> (SPV) holding 74.94 MW operating solar projects of Sterling &amp; Wilson, a Shapoorji Pallonji group company. The projects, commissioned in 2017, are located in <keyword id="464266" type="LOCATION" weightage="20" keywordseo="Medak-district">Medak District</keyword> of Telangana and have long-term <keyword id="788744" type="COMPANY" weightage="20" keywordseo="power-purchase-agreements">Power Purchase Agreements</keyword> (PPA) with the Southern Power Distribution Company of Telangana Limited. The enterprise valuation of the target SPV is Rs 446 crore. With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW, <keyword id="4343578" type="PERSON" weightage="20" keywordseo="Adani-Green">Adani Green</keyword> said in a statement. The closing of the transaction is subject to customary approvals and condition, it added. Vneet S. Jaain, MD &amp; CEO, <keyword id="76451" type="DOMAIN" weightage="20" keywordseo="Adani">Adani</keyword> Green Energy Ltd said: "Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project." SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/peter-thiel-backed-vc-firm-valar-ventures-invests-in-indian-fintech-startup-velocity/articleshow/81663073.cms">Peter Thiel-backed VC firm Valar Ventures invests in Indian fintech startup Velocity</a> <a href="https://www.businessinsider.in/stock-market/news/anupam-rasayan-ipo-lists-at-520-per-share-on-the-india-stock-exchange/articleshow/81663145.cms">Anupam Rasayan fails to dazzle on its stock market debut – shares down by nearly 8% below the issue price</a> <a href="https://www.businessinsider.in/business/startups/news/inshorts-backed-social-networking-app-public-raises-300-crore-in-latest-funding/articleshow/81663873.cms">Inshorts-backed social networking app Public raises ₹300 crore in latest funding</a>

You Searched For "Shapoorji Pallonji Group" and got 13 results

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Sterling and Wilson Solar begins construction of 200MW solar project in Australia

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Adani Green boosts its renewable energy capacity with acquisition of 74.94 MW projects from Sterling & Wilson

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