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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

<ul><li>The 30-share BSE index was trading 0.48% higher, while the Nifty50 was up 62 points at 9:50 am.</li><li>These were the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade 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 index Sensex jumped nearly 200 points in early trade on Friday tracking gains in index majors TCS, Reliance Industries and Sun Pharma amid positive cues from Asian peers. The 30-share BSE index was trading 0.48% higher, while the Nifty50 was up 62 points at 9:50 am. These were the top losers and gainers in the Nifty pack: <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dr Reddy </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HUL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cipla </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Fin Services </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharma </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Life </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Ports </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Bank </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td></tr></tbody></table>*as of September 18, 10:30 am These are the top stocks that are buzzing in trade today. RITES gain 2% ahead of the board meeting The shares of infrastructure company RITES Ltd were trading 2% higher during the early trading hours on September 18. The board of the company is slated to meet today to consider the buyback proposal of the fully paid-up equity shares of the company. Sterling and Wilson Solar opened 5% higher The shares of Sterling and Wilson Solar opened 5% higher after the company secured a 106.71 MW solar project in Chile worth $62.6 million (about ₹462 crore). “The order has been received from a global independent power producer (IPP), work for which is expected to begin in Q4 FY 2021," the company said in a statement. TCS trading 1% higher The shares of Tata Consultancy Services gained 1% after the firm announced that it has partnered with Phoenix Group, the UK's largest long-term savings and retirement business. The company plans to launch an enhanced client analytics tool for workplace pension clients of its subsidiary Standard Life Assurance Limited. Vodafone Idea gains 4% The shares of telecom giant Vodafone Idea were trading 4% higher after <a href="https://www.cnbctv18.com/telecom/vodafone-idea-drops-faster-speed-claim-in-priority-offering-informs-trai-about-revised-plan-6939661.htm">media reports</a> surfaced that it dropped the faster data speed claims as part of priority offering and is in the process of filing a revised plan. Hindalco jumps 2% The share price of Hindalco gained over 2% after the company signed an MoU with Hindustan Copper for the long-term purchase and sale of copper concentrate produced by Hindustan Copper. Under this MoU, around 60% copper content of Hindustan Copper's current concentrate production will be utilised by Hindalco in the manufacture of refined copper. Defence stocks gain ground The shares of Bharat Forge, Larsen &amp; Toubro, and Hindustan Aeronautics Limited gained nearly about a percent after<a href="https://www.businessinsider.in/defense/news/foreign-investors-can-now-pump-in-up-to-74-fdi-under-automatic-route-indias-defence-sector/articleshow/78179850.cms"> India permitted foreign direct investment</a> (FDI) of up to 74% under automatic route in the defence sector. SEE ALSO:<a href="https://www.businessinsider.in/retail/news/ikeas-push-to-reach-100-million-customers-in-india-will-see-the-swedish-retail-giant-bet-on-online-and-smaller-stores/articleshow/78179851.cms" data-type="tilCustomLink"> IKEA’s push to reach 100 million customers in India will see the Swedish retail giant bet on online and smaller stores</a> <a href="https://www.businessinsider.in/science/news/forget-vitamins-fauci-says-the-3-best-things-to-keep-your-immune-system-working-optimally-cost-nothing/articleshow/78178136.cms" data-type="tilCustomLink">Forget vitamins: Fauci says the 3 best things 'to keep your immune system working optimally' cost nothing</a>

Top stock movers — TCS, Vodafone Idea, Adani Ports, Larsen & Toubro, Sterling and Wilson Solar and more

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>

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

New Delhi, Nov 15 () Sterling and Wilson Solar on Friday posted a 36 per cent rise in consolidated net profit at Rs 79.40 crore for the second quarter of this fiscal.
 The Shapoorji Pallonji Group firm had reported a consolidated net profit of Rs 58.36 crore in the September quarter of the previous fiscal, it said in a BSE filing.
 Total income of the company stood at Rs 1,265.64 crore in the quarter under review, compared to Rs 2,540.29 crore earlier.
 "We witnessed a strong increase in gross margin percentage due to efficient execution and procurement, both in India as well as international markets, in spite of a reduction in revenue as compared to the corresponding half year in FY 19... Currently, the Company has an order book of about Rs 12480 crore (previous comparable period approx. Rs 4500 crore)," said Bikesh Ogra, Director and Global CEO, Sterling and Wilson Solar Ltd.
 "The company recently bagged orders in strategic markets like Australia and the US, that have conducive solar power policies coupled with high solar resources. The company will continue to make strong progress on its focused growth areas of Renewable Generation which includes Rooftop Solar and Floating Solar, along with strengthening its O&amp;M portfolio, which is growing exponentially," he added.
 The company has over 8.88 GWp of solar EPC projects as part of its portfolio in different stages of implementation (commissioned and under-construction).
 It won orders amounting to Rs 828 crore in the six months ended September 30, 2019, and orders amounting to Rs 6,282 crore in October and November 2019. KKS ABM

Sterling and Wilson Solar Q2 net up 36 pc at Rs 79 cr

New Delhi, Jan 10 () Shareholder proxy advisory firm InGovern has petitioned Sebi to force promoters of Sterling and Wilson Solar Ltd to provide an exit offer to minority shareholders alleging failure of promoters to keep the promise made in the IPO document.
 Sterling and Wilson Solar Ltd got listed on the BSE and the NSE on August 20, 2019, after promoters belonging to the Shapoorji Pallonji Group made an offer for sale of shares.
 "The offer for sale of shares resulted in promoters raising Rs 2,850 crore through the IPO," InGovern Research Services said in a report. "While the objects of the IPO were to enable the promoters to repay loans amounting to Rs 2,563 crore to SWSOLAR within 90 days of listing, the company has received only Rs 1,000 crore on December 31, 2019, i.e., 133 days after listing."
 This non-fulfilment of obligations by the promoters as per the objects of the offer has resulted in a loss of over 60 per cent in investment value for IPO investors as stock price has fallen from the issue price of Rs 780 to Rs 310, resulting in a loss of Rs 1,700 crore for public minority shareholders, it alleged.
 Sterling and Wilson Solar hit back at the proxy advisory firm contending that the report is "malicious, misleading, defamatory" and contains "factually incorrect and unverified statements".
 "The author of the report has acted irresponsibly as he has neither found it appropriate to ascertain the facts nor provide us with a draft of the report for our response. This appears an attempt to malign the reputation of the promoters using the media," the company said adding the objects of the IPO was to provide liquidity to the shareholders.
 "The utilisation of the proceeds was an added intent of the promoters and cannot be directly construed to be the object of the offer. The Promoters would like to state that this intent is intact and is suitably demonstrated by facilitating repayment of Rs 1000 crore as committed by December 31, 2019," it said.
 InGovern said the non-utilisation of the IPO proceeds for the stated purpose was tantamount to change of objects of the IPO from what was stated in the prospectus. "This has resulted in aggrieved minority public shareholders."
 It said the SEBI (ICDR) Regulations, 2018, allow for the dissenting shareholders to be provided an exit offer by the promoters, in cases where there is a change in objects of the issue/ offer in the IPO prospectus. In this case, where shareholders have suffered significant erosion in the value of their holdings solely due to the non-utilisation of funds as per the objects of offer of the IPO, Sebi must force the promoters to provide an exit offer to shareholders at a price as per SEBI (ICDR) Regulations, it said.
 Shriram Subramanian, founder and MD of InGovern, said, "Overall, a huge loss of reputation for the promoters of the SWSOLAR, the SP group. With substantial -- over Rs 1,700 crore -- erosion of wealth of public minority shareholders, and loss of investor trust for a group that seemed to have a stellar reputation. In order to redeem this reputation, the SP group should provide an exit option for public minority shareholders. This is a demand from minority shareholders and Sebi should force the promoters to provide an exit option for minority public shareholders."
 The company however denied any wrongdoing. "Being an offer for sale (OFS), the promoters were under no obligation to mention the utilisation of proceeds. In fact, the promoters made this disclosure in good faith even though it was not required by law. There is thus no legal default as is being sought to be made out."
 It went on to deny the allegation of being uncooperative with credit rating agency ICRA saying Sterling and Wilson Pvt Ltd is no longer rated by ICRA for the last few years. "ICRA was unable to withdraw its earlier rating due to its requirement to have an NOC from each and every consortium banker. This matter took time and has now been completely resolved and ICRA has withdrawn its rating of SWPL on January 6, 2020."
 India Ratings is the agency which does the rating of SWPL and in its report, there is no such comment of 'non-cooperation', it said.
 The company said the board of directors while approving the repayment schedule levied additional interest of 100 basis points and there is no financial loss to Sterling and Wilson Solar Ltd on account of reschedulement and "it is illogical to link the stock price reduction to this aspect."
 "The sensationalism in this report is more an attempt to further erode investor wealth rather than its stated objective of working in the interests of the investors," it added. RKL ANZ HRS

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

IANS

Top stock movers — TCS, Vodafone Idea, Adani Ports, Larsen & Toubro, Sterling and Wilson Solar and more

Navdeep Yadav

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

PTI

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

IANS

Sterling and Wilson Solar Q2 net up 36 pc at Rs 79 cr

PTI

Sterling and Wilson promoters must provide exit option to minority shareholders: InGovern

PTI

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