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<keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="261" meta.entityid="Reliance Power">Reliance Power</keyword> said it has received <keyword id="21075266" type="General" weightage="20" keywordseo="shareholders-approval" source="keywords">shareholders' approval</keyword> to raise <keyword id="23666886" type="General" weightage="20" keywordseo="Rs-1524-60-crore" source="keywords">Rs 1,524.60 crore</keyword> through issuance of <keyword id="20770487" type="General" weightage="20" keywordseo="preferential-shares" source="keywords">preferential shares</keyword>. A resolution through a postal ballot notice has been passed with requisite majority, the company said in a late night stock exchange filing on Wednesday. According to the postal ballot notice, the company will raise up to Rs 1,524.60 crore by preferential issue of up to 46.20 crore <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> and/or warrants convertible into equivalent number of equity shares at a price of Rs 33 per apiece. On September 23, the board of Reliance Power Ltd had approved raising Rs 1,524.60 crore through issue of preferential shares, wherein promoters will infuse Rs 600 crore into the company to advance its business. <div type="Article" hostid="261" msid="79183505" title="Happy Dhanteras 2024 messages and wishes" mstype="2" mssubtype="0"></div> Reliance Infrastructure, the promoter of the company, will enhance its equity stake by over Rs 600 crore. The other investors who will participate in the preferential issue include Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services. The fresh fund would be utilised for expansion of business operations directly and/or through investment in subsidiaries and joint ventures, debt reduction and for general corporate purposes, the company said. The preferential issue will enhance the company's net worth from about Rs 11,155 crore to over Rs 12,680 crore, it said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms" target="_blank">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms" target="_blank">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a><a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms" target="_blank">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Reliance Power gets shareholders' nod to raise ₹1,525 crore via preferential shares

<keyword id="484749" type="General" weightage="50" keywordseo="jaiprakash-power-ventures-ltd" source="Orion">Jaiprakash Power Ventures Ltd</keyword> acquired Bandha North coal mine in Madhya Pradesh, while <keyword id="14366646" type="General" weightage="100" keywordseo="avassa-ferro" source="Orion">Avassa Ferro</keyword> Alloys Private Ltd bagged Dahegaon/Makardhokra-IV reserve in <keyword id="13126" type="General" weightage="80" keywordseo="maharashtra" source="Orion">Maharashtra</keyword> out of the eight blocks which were put up for e-auction by the government for commercial mining on Tuesday. <keyword id="14979041" type="General" weightage="50" keywordseo="madhya-bharat-minerals-private-ltd" source="Orion">Madhya Bharat Minerals Private Ltd</keyword> got Sursa reserve in Chhattisgarh, while Marki Mangli-IV coal reserve in Maharashtra was pouched by Sobhagya Mercantile Ltd. Jitpur reserve in Jharkhand was acquired by <keyword id="14979040" type="General" weightage="80" keywordseo="terri-mining-private-ltd" source="Orion">Terri Mining Private Ltd</keyword> while Rampia and Dip side of Rampia in Odisha were won by Jhar Mineral Resource Private Ltd. Basantpur coal block in Jharkhand was bagged by Gangaramchak Mining Private Ltd. Out of these eight blocks, five are full explored while three reserves are partially explored mines. The total geological reserves for these eight coal mines are 2157 million tonnes and the cumulative peak rate capacity for these reserves are 19.31 million tonnes per annum. The Coal Ministry will conduct e-auction of two more reserves on Wednesday. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/regional-and-folk-singers-are-using-youtube-to-preserve-and-popularise-their-culture/articleshow/94179996.cms">Regional and folk singers are using YouTube to preserve and popularise their culture</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indias-growth-story-more-promising-than-other-ems-says-market-veteran-nilesh-shah/articleshow/94182972.cms">India’s growth story more promising than other EMs, says market veteran Nilesh Shah</a>

Jaiprakash Power Ventures, Avassa Ferro Alloys among successful bidders for commercial coal blocks

Transmission utility <keyword id="6368906" type="COMPANY" weightage="20" keywordseo="power-grid">Power Grid</keyword> Corporation of India Ltd (<keyword id="66427" type="CITY" weightage="20" keywordseo="PowerGrid">Powergrid</keyword>) is set to acquire 74 per cent stake in <keyword id="6354937" type="PERSON" weightage="20" keywordseo="Jaypee">Jaypee</keyword> Powergrid Ltd-JV (JPL) for an undisclosed amount. The company on Monday signed a share purchase agreement with <keyword id="139117" type="COMPANY" weightage="20" keywordseo="Jaiprakash-Power-Ventures">Jaiprakash Power Ventures</keyword> Ltd (JPVL) that will allow it to take full control of the joint venture. Post acquisition, JPL will become a wholly-owned subsidiary of Powergrid. Powergrid, which currently holds 26 per cent equity in JPL, has developed a 214 km long EHV power transmission project to evacuate power from Karcham-Wangtoo project in Himachal Pradesh. The power transmitted is meant for distribution and consumption in states of Himachal Pradesh, Haryana, Punjab, Uttar Pradesh and Rajasthan. This deal comes against the backdrop of Powergrid in advanced talks with investors for its first tranche of projects through an infrastructure investment trust (InvIT) route. Post the first tranche, a Rs 10,000 crore second tranche for the InvIT is also in the works as reported earlier. The public sector transmission utility is among the first PSU to to offer an InvIT as part of the government's brownfield asset monetisation strategy.

Power Grid Corporation set to acquire 74% stake of Jaiprakash Power Ventures

French energy giant <keyword id="11344358" type="General" weightage="20" keywordseo="totalenergies" source="Orion">TotalEnergies</keyword> has invested USD 300 million in a <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> <keyword id="6373972" type="General" weightage="20" keywordseo="joint-venture" source="Orion">joint venture</keyword> with <keyword id="4343578" type="General" weightage="20" keywordseo="adani-green" source="Orion">Adani Green</keyword> Energy Ltd. In a statement, AGEL said it completed "1,050 MW joint venture (JV) with TotalEnergies. As part of the JV, TotalEnergies invested USD 300 million in AGEL subsidiary, for acquiring 50% stake in the projects." This follows the binding agreement about the JV announced between AGEL and TotalEnergies in September 2023. The JV houses the 1,050 MW portfolio comprising a mix of already operational (300 MW), under construction (500 MW) &amp; under development assets (250 MW) with a blend of both <keyword id="45681" type="General" weightage="20" keywordseo="solar" source="Orion">solar</keyword> and <keyword id="43948" type="General" weightage="20" keywordseo="wind" source="Orion">wind</keyword> power projects in India. "Wth this transaction, TotalEnergies has reinforced its strategic alliance with AGEL and support in enabling AGEL's target of 45 GW capacity by 2030." It added.

TotalEnergies invests USD 300 million in Adani Energy project

Shareholders of <keyword id="149362" type="General" weightage="100" keywordseo="kirloskar" source="Orion">Kirloskar</keyword> Brothers Ltd have rejected a resolution for forensic audit of the affairs of the company by an external agency, according to a regulatory filing on Monday. On December 8, an extraordinary general meeting of the company's shareholders was convened following requisition by Kirloskar Industries Ltd (KIL) along with <keyword id="281440" type="General" weightage="50" keywordseo="atul-kirloskar" source="Orion">Atul Kirloskar</keyword> and <keyword id="659367" type="General" weightage="50" keywordseo="rahul-kirloskar" source="Orion">Rahul Kirloskar</keyword>, who together hold 24.92 per cent in Kirloskar Brothers Ltd (KBL), amid the simmering feud between Kirloskar siblings. The ordinary resolution was rejected with 63.99 per cent of votes against it while 36.01 per cent were in favour, the filing said. The resolution had called for the appointment of an independent forensic auditor for conducting a forensic audit to investigate and verify the expenses incurred by KBL on legal, professional consultancy charges over the past six years and the affairs of the company. It had also sought investigation to verify all records, books of accounts, minutes books, and other documents of the company besides examining the conduct of the board of directors, including independent directors. KBL board had advised its shareholders to reject the resolution saying "the requisitionists are not justified in questioning the independence of the Independent Directors or the decisions of the board" to initiate legal proceedings to protect the interest of the company. The Kirloskar siblings, with KBL Chairman and Managing Director <keyword id="292658" type="General" weightage="50" keywordseo="sanjay-kirloskar" source="Orion">Sanjay Kirloskar</keyword> on one side and Atul and Rahul on the other, have been in a feud since 2016 over the deed of family settlement for the assets of the more than 130-year-old Kirloskar group. Rahul Kirloskar is the executive chairman of Kirloskar Pneumatic Co Ltd and Atul Kirloskar is the executive chairman of Kirloskar Oil Engines Ltd. In October, Kirloskar Industries Ltd (KIL) along with Atul and Rahul Kirloskar, had sought convening of an extraordinary general meeting of shareholders of KBL seeking a forensic audit of the affairs of the latter by an external agency. They had demanded that being a listed entity KBL should justify the rationale and basis on which it has been spending huge amounts aggregating to approximately Rs 274 crore towards payment of professional illegal expenses and consultancy charges ever since their dispute arose since on or about 2016. After being cleared of insider trading charges labelled against them by the Securities Appellate Tribunal (SAT), Rahul and Atul had raised questions over corporate governance of KBL. They were accused of insider trading when they sold shares of KBL to KIL back in 2010. They had accused KBL of "mis-utilising shareholder resources of a publicly listed company and misusing regulatory machinery" in the personal dispute of its Chairman &amp; Managing Director Sanjay Kirloskar. KIL had demanded that the audit must look into the conduct of the KBL board, especially the independent directors, on whether it has "verified the claims made by Sanjay Kirloskar in relation to the Deed of Family Settlement (DFS), in order to ensure that they have not been misled by the claims made" by the latter. In its rebuttal, KBL had said the legal fees over the last seven years were approximately Rs 70 crore, while a "major portion of the said Rs 274 crore is professional fees paid to various Indian and overseas reputed consultants to improve the company's business". SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/dalmia-bharat-to-acquire-cement-power-plants-of-jaiprakash-associates-for-5666-crore-enterprise-value/articleshow/96175228.cms">Dalmia Bharat to acquire cement, power plants of Jaiprakash Associates for ₹5,666 crore enterprise value</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/415-mn-indians-lifted-out-of-poverty-in-india-in-15-years-govt-says-quoting-undp/articleshow/96174443.cms">415 mn Indians lifted out of poverty in India in 15 years: Govt says quoting UNDP</a>

Kirloskar Brothers shareholders reject resolution for forensic audit

Jio-bp, the fuel retailing joint venture of Reliance Industries Ltd and UK's bp Plc, on Tuesday launched an additive-laced premium <keyword id="6356109" type="General" weightage="100" keywordseo="diesel" source="Orion">diesel</keyword> that the company said gives improved mileage and gives a saving of up to Rs 1.1 lakh per truck. The premium diesel is priced at rates lower than normal or additive-free diesel sold by public sector (PSU) competition. "Jio-bp today announced the launch of its diesel with ACTIVE technology, set to elevate diesel standards for Indian consumers. "The newly launched additivised diesel, available across the company's network will yield annual savings of up to Rs 1.1 lakh per vehicle to truckers owing to (up to) 4.3 per cent improved fuel economy," it said in a statement. The new diesel is being sold at the Jio-bp outlet in Navi Mumbai for Rs 91.30 per litre, while the normal diesel at PSU petrol pumps in the area cost Rs 92.28 a litre. This new high performance diesel offering will be available at all Jio-bp outlets and "will be offered at regular prices with no additional cost for the first time ever in the Indian market," it said. Diesel with ACTIVE technology helps reduce the risk of unscheduled maintenance caused by dirt build up and removes existing dirt from critical engine parts and protects against its build up with ongoing use. It is designed to work across a range of commercial vehicles, and with ongoing use it offers a variety of benefits to drivers and fleet owners. It helps restore and maintain the power of the engine with ongoing use while also reducing the risk of unscheduled vehicle maintenance, it added. Reliance BP Mobility Ltd (RBML) operates under the name 'Jio-bp'. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/the-changing-contours-of-cinema-goers-underperforming-hindi-movies-weigh-down-pvr-inox/articleshow/100271622.cms">The changing contours of cinema-goers &amp; underperforming Hindi movies weigh down PVR Inox</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-in-top-gear-jlr-to-drive-growth-in-fy24/articleshow/100252339.cms">Tata Motors in top gear, JLR to drive growth in FY24</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-posts-net-profit-of-5408-crore-in-q4-beats-estimates/articleshow/100189259.cms">Tata Motors posts net profit of ₹5,408 crore in Q4, beats estimates</a>

Jio-bp joint venture launches additive-laced premium diesel

Prime Minister <keyword id="6354477" type="General" weightage="20" keywordseo="narendra-modi" source="Orion">Narendra Modi</keyword> and his Bangladeshi counterpart <keyword id="66026" type="General" weightage="20" keywordseo="sheikh-hasina" source="Orion">Sheikh Hasina</keyword> jointly inaugurated three Indian-assisted development projects via video conferencing on Wednesday. The three projects are the Akhaura- Agartala Cross-Border <keyword id="48829" type="General" weightage="50" keywordseo="rail-link" source="Orion">Rail Link</keyword>, Khulna - Mongla Port Rail Line and Unit - II of the Maitree Super Thermal Power Plant in Rampal, <keyword id="6354759" type="General" weightage="20" keywordseo="bangladesh" source="Orion">Bangladesh</keyword>. The inauguration of rail and power sector projects between India and Bangladesh lay focus on strengthened ties and partnership between the two countries. "The joint inauguration of these important projects manifests the firm friendship and collaboration between our two friendly countries. I would like to thank PM Modi for the warm hospitality during my visit in September 2023 to attend the G20 Summit," the Bangladesh Prime Minister said "I express my gratitude for your commitment to strengthening the bonds of friendship between our two countries, Sheikh Hasina said. The Akhaura-Agartala Cross-Border Rail Link project has been executed under a Government of India grant assistance of Rs 392.52 crore extended to Bangladesh. The length of the rail link is 12.24 km with a 6.78 km Dual Gauge rail line in Bangladesh and 5.46 km in Tripura. The Khulna-Mongla Port Rail Line Project has been implemented under the Government of India's concessional Line of Credit with a total project cost of USD 388.92 million. The project entails the construction of approximately 65 km of broad gauge rail route between Mongla Port and the existing rail network in Khulna. With this, Mongla, the second largest port of Bangladesh, gets connected with the broad-gauge railway network. The Maitree Super Thermal Power Project, under an Indian Concessional Financing Scheme loan of 1.6 billion US dollars, is a 1320 MW Super Thermal Power Plant located in Rampal in Khulna Division of Bangladesh. The project has been implemented by the Bangladesh-India Friendship Power Company Limited which is a 50:50 Joint Venture company between India's NTPC Ltd and Bangladesh Power Development Board. These projects will strengthen connectivity and energy security in the region. During the inauguration ceremony, Sheikh Hasina also extended greetings to Prime Minister Modi and the people of India in advance of Diwali. "I would conclude her by conveying warm greetings in advance for the upcoming Diwali. I wish Your Excellency PM Modi and the people of India a very Happy Diwali," the Bangladesh Prime Minister said. Over the last decade, the Bangladesh-India Friendship Dialogue has served as a critical platform for strengthening bilateral relations between the two nations. The theme of this year's Dialogue is 'Fostering a comprehensive and mutually beneficial partnership', BNN News reported. Earlier this March, Prime Minister Narendra Modi and Bangladesh Prime Minister Sheikh Hasina inaugurated the India-Bangladesh Friendship Pipeline, a cross-border energy pipeline, built at an estimated cost of Rs 377 crore, of which the Bangladesh portion of the pipeline was built at a cost of approx. Rs 285 crore, which has been borne by the Government of India under grant assistance, read Prime Minister's Office press release. The Pipeline has the capacity to transport 1 Million Metric Ton Per Annum (MMTPA) of High-Speed Diesel (HSD). It will supply High-Speed Diesel initially to seven districts in northern Bangladesh. The operation of India- Bangladesh Friendship Pipeline will put in place a sustainable, reliable, cost-effective and environment-friendly mode of transporting HSD from India to Bangladesh. Moreover, in September, the 15th Meeting of the Joint Working Group on Trade (JWG) between India and Bangladesh was held in Dhaka, Bangladesh, where the two nations discussed various bilateral issues, including removal of port restrictions, the groundwork for the commencement of the Comprehensive Economic Partnership Agreement (CEPA). The meeting was co-chaired by the Joint Secretary, Department of Commerce, Ministry of Commerce and Industry, Government of India, Vipul Bansal and Additional Secretary, Ministry of Commerce, Government of Bangladesh, Noor Md. Mahbubul Haq. The Joint Working Group on Trade (JWG) Meetings between India and Bangladesh are held annually to discuss key trade-related issues and "explore opportunities for economic and technical collaboration, promotion, facilitation, expansion and diversification of trade between the two countries on the basis of equality and mutual benefit." Moreover, these meetings play a crucial role in quickly resolving bilateral issues by removing trade barriers, simplifying customs procedures, improvement of infrastructure, logistics, and transit facilities to facilitate smoother cross-border trade.

India, Bangladesh ties: Rail, power sector projects inaugurated by PM Modi and Sheikh Hasina

<ul><li>NTPC Green Energy intends to build a renewable portfolio of 60 gigawatts (GW) over the next decade.</li><li>It intends to use the proceeds from the share sale to expand its non-fossil businesses.</li><li>The company’s plans are aligned with the government’s target to cut its net carbon emissions to zero by 2070.</li></ul>India’s largest power producer NTPC is likely to list its green energy subsidiary NTPC Green Energy on the Indian stock exchanges in FY24, after its attempts to bring in an investor fell through. As per reports, NTPC has plans to divest 25% of its green energy arm via a public offering. In March 2023, Malaysia's Petronas had agreed to pay $460 million for a 20% stake in NTPC Green Energy, but it withdrew the bid, as per a Bloomberg report. NTPC’s tender offer last year drew initial interest from 13 companies, including Brookfield Asset Management Inc., Canada Pension Plan Investment Board and Abu Dhabi National Energy Co. Of these, only three companies including Petronas, Indian power lender REC and Indraprastha Gas had put in their final bids. Building a non-fossil business State-owned NTPC is India’s largest power generator with 25 coal fired power plants across the country. However, it plans to expand into non-fossil businesses, fundraising via an IPO will help with this expansion. NTPC has a total commissioned solar power capacity of more than 2 gigawatts. It has put all its renewable energy portfolio under one umbrella entity — NTPC Green Energy by transferring its 15 renewable energy assets. The net worth of the assets is ₹13.65 billion as of 31 March, 2022, which is 1.01% of the net worth of NTPC. NTPC Green sets ambitious targets NTPC Green Energy has set an ambitious target of building a renewable generation portfolio of 60 gigawatts (GW) over the next decade. The company’s plans align with the government’s target to cut net carbon emissions to zero by 2070. India is also aiming to build 500 GW of non-fossil energy capacity by 2030. Last month, NTPC Green Energy signed a joint venture agreement with Indian Oil Corporation to set up renewable energy projects to meet round the clock power requirements of IOCL Refineries. The JV will enable NTPC and IOC to meet the government’s clean energy targets in their respective core businesses. In March, the cabinet committee on economic affairs granted exemption to NTPC to invest more than the prescribed limit in its green energy subsidiary, NTPC Green Energy. “The exemption given to NTPC will aid in improving India’s global image as a green economy. It will also decrease India’s dependency on conventional sources of energy by diversifying India’s energy generation and will also decrease the country’s coal import bills. Further, it will also help in ensuring 24*7 power supply to each and every corner of the country,” said the cabinet committee on economic affairs in a statement. The last public sector company that went public was Life Insurance Corporation (LIC) in 2022. It was also India’s largest IPO which raised as much as ₹21,000 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zepto-preps-for-public-listing-in-2-years-brings-in-ramesh-bafna-as-cfo-to-lead-ipo-process/articleshow/99514143.cms">Zepto preps for public listing in 2 years; Brings in Ramesh Bafna as CFO to lead IPO process</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbis-mpc-decisively-in-a-rate-pause-territory-as-inflation-cools-down/articleshow/99497132.cms">RBI's MPC 'decisively' in a rate-pause mode as inflation cools down</a>

All about NTPC Green Energy IPO to be out in FY24

<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>

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

<ul><li>Indian stock market indices opened in red on Thursday tracking sell-off in global markets.</li><li>The BSE Sensex was trading nearly a percent lower at 38,270.26 points; while Nifty50 was down or 0.81% at 11,315.60 points.</li><li>These are the top stocks that are buzzing the D-street today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices, Sensex tumbled over 300 points in early trade on Thursday tracking the sell-off in global markets after the US Fed's gloomy economic outlook spooked investors. The BSE Sensex was trading nearly a percent lower at 38,270.26 points; while Nifty50 was down or 0.81% at 11,315.60 points. ICICI Bank was the top loser in the Sensex pack, shedding around 2%, followed by IndusInd Bank, HDFC, ITC, Asian Paints and Titan. On the other hand, NTPC, PowerGrid, Sun Pharma and Infosys were among the gainers. These are the top stocks that are buzzing the D-street today. Ruchi Soya dives 2% post Q1 earnings <div type="image" title="Ruchi SOya August 20" msid="77648242" hostid="261"></div> Patanjali Group firm Ruchi Soya shares declined 2% during the early trading hours on Thursday. The company reported around 13% decline in its net profit to ₹12.25 crore for the first quarter ended June 30. It also announced the resignation of Acharya Balkrishna as managing director of the company. Ram Bharat, Baba Ramdev’s younger brother, will replace Balkrishna. Muthoot Finance decline 5% <div type="image" title="Muthoot Fianance August 20" msid="77648250" hostid="261"></div> Shares of one of the largest NBFC gold loan lenders declined 5% during the trade hours on August 20. Although the company posted a 59% rise in standalone net profit in the June quarter, the inventors were cautious about sustainable growth. <a href="https://www.livemint.com/market/mark-to-market/gold-makes-muthoot-finance-shine-in-q1-but-investors-want-growth-sustainability-11597841856611.html">According to reports</a>, the recent surge in gold loans is because people are struggling to pay the dues as the pandemic impacted pockets. Therefore, the growth rates could peter out in the coming quarters. IRCTC lost over 1% during the morning trade <div type="image" title="IRCTC shares" msid="77648259" hostid="261"></div> Shares of partly state-owned hospitality company IRCTC shares declined nearly 1% after news surfaced that the government is looking to reduce its shareholding via an offer of sale. <a href="https://www.timesnownews.com/business-economy/companies/article/indian-railways-irctc-next-on-modi-government-s-disinvestment-agenda-report/639539">According to reports</a>, The department of investment and public asset management (Dipam) has invited bids from merchant bankers and brokers. It aims to divest part of the government’s shareholding of 87.4% in the IRCTC, which was listed on the bourses last year. Tata Power gained over 4% <div type="image" title="Tata power" msid="77648296" hostid="261"></div> Tata Power share soared 4% after the company said after launching its renewable energy InvIT this fiscal year, it would also explore merger and acquisition opportunities to strengthen its position in this space. HAL shares declined over 3% <div type="image" title="HAL" msid="77648311" hostid="261"></div> HAL lost nearly 3% during the morning trade hours after <a href="https://www.moneycontrol.com/news/business/economy/government-may-sell-5-stake-in-hal-via-offer-for-sale-5728591.html">news reports</a> surfaced that Centre is planning to sell 5% stake in state-owned defence player Hindustan Aeronautics (HAL) via an offer for sale. As of now, the central government owns a 90% stake in HAL, and it is expected to rake in up to ₹2,000 crore. DLF gained over 2% <div type="image" title="DLF" msid="77648341" hostid="261"></div> Realty major DLF gained over 2% during the morning trade after the US-based property player Hines secured a ₹2,600 crore loan from HDFC to construct a prime office complex in Gurugram. “The second joint venture between Hines and DLF has secured a construction loan of ₹2,600 crore from HDFC Ltd,” Hines said. <keyword id="6426359" type="COMPANY" weightage="20" keywordseo="pnb-housing-finance">PNB Housing Finance</keyword> up nearly 3% <div type="image" title="PNB Housing" msid="77648370" hostid="261"></div> PNB Housing Finance shares gained nearly 3% after its board on Wednesday approved raising up to ₹1,800 crore equity capital through a preferential or rights issue. Yes Bank and CG power gains nearly 3% and 5%, respectively <div type="image" title="Yes" msid="77648396" hostid="261"></div> Yes Bank shares were up 3% after the company exited <keyword id="9788653" type="COMPANY" weightage="20" keywordseo="cg-power-industrial-solutions-ltd">CG Power &amp; Industrial Solutions Ltd</keyword> (CG Power) by selling its entire stake-holding in the company. Whereas on the other hand CG Power also gained 5%. Yes Bank has sold 6,34,00,000 equity shares having a nominal value of ₹2 each, constituting 10.12% of the share capital of CG Power in various tranches, last being on August 18, 2020, the private sector lender said in a regulatory filing. SEE ALSO:<a href="https://www.businessinsider.in/business/startups/news/swiggy-ran-a-massive-thank-you-campaign-for-its-delivery-heroes-two-months-later-those-heroes-are-protesting-against-reduced-cuts-and-slashed-incentives/articleshow/77647502.cms" data-type="tilCustomLink"> Swiggy ran a massive ‘thank you’ campaign for its delivery heroes – two months later, those heroes are protesting against reduced pay and slashed incentives</a> <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-today-sbi-dlf-pnb-housing-yes-bank-ruchi-soya-titan-company-and-more/articleshow/77646162.cms" data-type="tilCustomLink">Top stocks to watch today— SBI, DLF, PNB Housing, Yes Bank, Ruchi Soya, Titan Company and more</a>

Top stock movers on Dalal Street today —Ruchi Soya, Muthoot Finance, IRCTC, HAL, Tata Power, Yes Bank and more

<ul><li>Inflows into equity mutual fund schemes tanked 76% in November to ₹2,258 crore as against ₹9,390 crore in October.</li><li>Meanwhile, debt schemes of mutual funds witnessed inflows of ₹3,668 crore during the month against outflows of ₹2,817 crore in the previous month.</li><li>In November, <keyword id="8196887" type="General" weightage="20" keywordseo="SIP-inflows" source="Orion">SIP inflows</keyword> were at an all-time high at ₹13,306 crore. This compared with ₹13,040 crore inflows in October.</li><li>Meanwhile, net assets under management (AUM) of the mutual fund industry stood at ₹40.37 lakh crore as on November 31, 2022.</li></ul><keyword id="15774953" type="General" weightage="20" keywordseo="Inflows-into-equity-mutual-funds" source="Orion">Inflows into equity mutual funds</keyword> plunged by 76% in the month of November as markets continued to be volatile on global uncertainty surrounding the pace of rate hikes by central banks across the US and Europe. Flows into equity mutual fund schemes tanked in November to ₹2,258 crore as against ₹9,390 crore in October, according to AMFI, the regulatory body for the mutual funds sector. Meanwhile, debt schemes of mutual funds, which are considered relatively safer, witnessed inflows of ₹3,668 crore during the month against outflows of ₹2,817 crore in the previous month. “Market continues to react to global headwinds. Rate hikes will continue to impact global markets but not for long, irrespective of that, (the) mutual fund industry has performed well. There have been outflows from the retail schemes as people are encashing profits,” said NS Venkatesh, chief executive at AMFI in a statement. He cited the festive season as the reason for people taking out profits. The net assets under management (AUM) of the mutual fund industry stood at ₹40.37 lakh crore as on November 31, 2022. On the bright side, SIP (systematic investment plan) inflows in November were at an all-time high at ₹13,306 crore. In October, the inflows were ₹13,040 crore. In November, mutual funds deployed ₹1,700 crore into the market while foreign institutional investors (FIIs) bought ₹34,900 crore in the Indian secondary market, said a report by Nuvama Institutional Equities (previously known as Edelweiss Institutional Equities). Key stocks that mutual funds bought in the month of November include HDFC Bank and Axis Bank. Meanwhile, mutual funds trimmed their holdings in ICICI Bank, HCL Technologies and Kotak Mahindra Bank, as per Nuvama. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key additions by MFs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key deductions by MFs </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ICICI Bank </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Axis Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Technologies </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Archean Chemicals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Mahindra Bank </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>(Source:Nuvama Institutional Equities) <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> While the market remains volatile, the primary market has been recovering since November –with the month witnessing the highest number of IPO launches for 2022 at nine. Among the nine IPOs, mutual funds’ largest investment was in specialty chemical company Archean Chemical Industries that listed at a 10% premium to its issue price of ₹407. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key additions in Midcap by MFs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key reductions in Midcap by MFs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key additions in Smallcap by MFs </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Key reductions in Smallcap by MFs </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Delhivery </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BHEL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Archean Chemical </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Praj Industries </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Max Financial </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ramco Cements </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fusion Micro Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GE Shipping Co </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bikaji Foods International </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gujarat Gas </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kaynes Technology </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UTI AMC </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PB Fintech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PVR </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fino Payments </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>(Source:Nuvama Institutional Equities) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/five-women-newsmakers-in-2022-in-india-droupadi-murmu-madhabi-puri-buch-samantha-ruth-prabhu-in-the-list/slidelist/96191677.cms">Droupadi Murmu, Madhabi Puri Buch, Samantha Ruth Prabhu and more: Five women newsmakers of 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/dalmia-bharat-to-acquire-cement-power-plants-of-jaiprakash-associates-for-5666-crore-enterprise-value/articleshow/96175228.cms">Dalmia Bharat to acquire cement, power plants of Jaiprakash Associates for ₹5,666 crore enterprise value</a>

Inflows into equity mutual funds plunge sharply in November; MFs trim holdings in ICICI Bank, HCL Tech, Kotak Mahindra Bank

Shares of <keyword id="139117" type="COMPANY" weightage="100" keywordseo="Jaiprakash-Power-Ventures">Jaiprakash Power Ventures</keyword> were the top gainers on the futures market after the company swung back into a quarterly profit on the back of higher sales. 

	Jaiprakash Power reported a first quarter Net Profit of 64.5 crore rupees compared with a loss of 141.5 crore rupees in the past sequential quarter. Sales during April-June jumped 32 percent to 1,209.4 crore rupees from 915.7 crore rupees in January-March. The company had 2 units coming online this quarter.
 Jaiprakash Power rose 1.35 rupees, or 20 percent, to 8.10 rupees, its highest since May 18, on the <keyword id="53581" type="CITY" weightage="100" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword>, where 2.81 crore shares were traded by 3:10 pm compared with the 5-day average of 1.35 crore shares. 

	Jaiprakash Power's market capitalisation has slumped 56 percent in the past one year to 1,980 crore rupees mainly on account of the group's huge debt pile.

	 
	 
	(Image credits: Indiatimes)

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