State Maharashtra Financial News

(This story originally appeared in on Oct 19, 2023)

employee union of General Motors India has called for a chain hunger strike from Monday, demanding transfer of all its workers to Hyundai Motor, which plans to acquire its manufacturing facility in Talegaon. The American automobile giant stopped selling its cars in India from 2017. General Motors Employees Union in a statement on Sunday also accused the Eknath Shinde-led Shiv Sena-BJP government of not taking the unemployment issue of «thousands» of workers of the auto firm seriously.

General Motors India have threatened to go on an indefinite hunger strike from October 2 to protest their alleged non-absorption by Hyundai Motor India, the proposed new owner of the car manufacturing plant near Pune. The workers under the banner of the General Motors Employee Union (GMEU) are demanding that they be absorbed by the factory’s new owner. The hunger strike may further delay finalising a commercial agreement between Hyundai, which has its growth plans for the Indian market hinged on the Talegaon facility and the US automaker. The local arm of the Korean automaker signed a term sheet with GM for a potential buyout of the Talegaon plant near Pune on March 13. A final deal is subject to meeting certain conditions including obtaining regulatory approvals from relevant government authorities and all stakeholders. A spokesperson for Hyundai Motor India said the company doesn’t have any fresh update on the deal with GM, adding that the commercial agreement is still to be signed.

NSE, BSE settlement holiday: Following shifting of holiday by the Reserve Bank of India (RBI), and the Maharashtra State Government, NSE and BSE has shifted settlement holidays to 29th September 2023. Earlier, settlement holidays on NSE and BSE were declared on 28th September 2023.

Adani Group on Thursday bagged two contracts worth Rs 13,888 crore from a state-owned discom to install smart meters. A total of six tenders were awarded by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) to install smart meters, of which two have been bagged by the Adani Group, according to an official communique from the discom seen by PTI. The diversified group, which has a sizeable presence in the power sector and had recently won a Rs 1,000 crore contract to install smart meters in the area serviced by BEST Undertaking in Mumbai, will act as an advanced metering infrastructure service provider for smart prepaid metering in MSEDCL, it said. The two zones awarded to Adani include Bhandup, Kalyan and Konkan having 63.44 lakh meters, and Baramati and Pune having 52.45 lakh meters, it said. Letter of Awards have been issued to the successful firms, as per the communique. Officials from Adani Group were not immediately available for comment. The group's transmission arm Adani Energy Solutions, which was earlier known as Adani Transmission, is active in the smart meter segment. According to sources in the know, with these wins, Adani Group will emerge as the largest smart meter supplier in the country, commanding a 30 per cent share of the market.

Maharashtra government has restricted sugarcane farmers from selling their produce outside the state in a bid to ensure that there is enough cane for the state’s mills to run at maximum capacity. Erratic rainfall this year has led to a drought-like situation in Maharashtra, the country’s second-largest sugar producer, and it is likely to see a big drop in sugarcane yield. Lower availability of cane leads to competition among sugar factories for the crop, resulting in mills poaching cane in each other's jurisdiction. Farmers prefer to sell their sugarcane to the mills that pay higher prices. The Maharashtra State Cooperative Sugar Factories Federation, also known as the Sakhar Sangh, the apex body representing the co-operative sugar mills from the state had written to the state government about the need to take measures to ensure availability of sugarcane for the state’s sugar mills. «The co-operative sugar mills from the state are likely to face an acute shortage of sugarcane, which can reduce the number of days for which they can operate,» said the Sakhar Sangh in a letter to the government.

Maharashtra government has restricted sugarcane farmers from selling their produce outside the state in a bid to ensure that there is enough cane for the state's mills to run at maximum capacity. Erratic rainfall has led to a drought-like situation in Maharashtra, the country's second-largest sugar producer, and it is likely to see a big drop in sugarcane yield. Lower availability of cane leads to competition among sugar factories for the crop, resulting in mills poaching cane in each other's jurisdiction. Farmers prefer to sell sugarcane to the mills that pay higher prices. The Maharashtra State Cooperative Sugar Factories Federation, also known as Sakhar Sangh, had written to the state government on the need to take measures to ensure availability of sugarcane for the state's sugar mills.

Property registrations in the Pune district rose by 99% year-on-year in August. The total value of the registered properties in August 2023 amounted to Rs 10,613 crore. According to Knight Frank India, 13,021 units were registered in August 2023, compared to 6,544 registrations in August 2022. 

Adani stocksAdani Group is in talks with banks to refinance debt taken on to fund its purchase of Ambuja Cements, with lenders divided into three categories in what could be one of Asia’s largest syndicated loan deals of the year, Bloomberg reported.Reliance IndustriesReliance Industries arm Reliance Retail is in talks with existing investors including the sovereign wealth funds of Singapore, Abu Dhabi and Saudi Arabia for combined new investments of around $1.5 billion.Read more: Here's the trading setup for today's sessionKPI Green EnergyKPI Green Energy has commissioned a 7.80MW wind-solar hybrid power project comprising 4.20 MW wind and 3.60 Mwdc solar capacity under the CPP segment.NBCCNBCC has been awarded consultancy and project management services for upcoming Infrastructural related projects of Bokaro Steel Plant from SAIL.IRCTCIRCTC has signed a Memorandum of Understanding (MOU) with Maharashtra State Road Transport Corporation (MSRTC) to enable MSRTC's online bus booking services via IRCTC's bus booking portal/website.Bombay DyeingBombay Dyeing approved a proposal to sell the land parcel of about 22 acres in Worli, Mumbai to Goisu Realty, a subsidiary of Japanese realty developer Sumitomo for Rs 5200 crore.WiproWipro has launched a cyber defense center (CDC) in Dusseldorf, Germany.

Maratha Quota Reservation came from ‘higher-ups’. Deshmukh claimed police lathi-charged protesters in Jalna district after a phone call was made from the Maharashtra home ministry. Notably, the Maharashtra state Home Ministry is headed by Bhartiya Janata Party (BJP) leader and Deputy Chief Minister Devendra Fadnavis.

VijaykumR Gavit has expressed regret days after his comments linking daily consumption of fish to having «eyes as beautiful» as those of actor Aishwarya Rai triggered row. In a written reply submitted to the Maharashtra State Women Commission, the minister also stated that news channels quoted him out of context, panel chief Rupali Chakankar said on Tuesday. «Gavit has said that he expresses regret if his comments have insulted any group of women.

Adani's plan to rehouse a million people living in one of Asia's biggest slums is fuelling worries among residents about his capacity to deliver amid high-profile financial setbacks and allegations that Prime Minister Narendra Modi's allies afforded him favourable treatment. The Dharavi slum, about three-quarters the size of New York's Central Park, featured in Danny Boyle's Oscar-winning 2008 movie "Slumdog Millionaire". Adani is at the helm of plans to redevelop Dharavi after the Maharashtra state government in July approved his $614 million contract bid to overhaul the slum, which is known for producing leather goods, following years of failed attempts.Adani Group aims to demolish what it describes in legal documents as an area of «unhygienic, deplorable» conditions and build new towers on state-owned land to accommodate residents and their businesses. Consultancy Liases Foras estimates Adani may invest up to $12 billion on remaking Dharavi and in return get development rights that could yield revenue of up to $24 billion. Only those who already lived in Dharavi before 2000, mostly ground-floor residents, will get free homes within the redevelopment. About 700,000 inhabitants of mezzanine and upper floors are considered ineligible by the government and will be offered units up to 10 kilometers away, which they say could require them to pay upfront costs or higher rents.

BEST remained off roads on Monday as drivers of the private bus operators continued their strike for the sixth day over salary hike and other demands, officials said. Sunil Vaidya, spokesperson of the Brihanmumbai Electric Supply and Transport (BEST), said the public transport body operated 603 wet leased buses with its own drivers on various bus routes, along with operating around 1,390 of its own buses.

BEST — Mumbai's civic transport utility — over salary hike and other demands entered the fourth day on Saturday with more than 1,000 buses staying off roads, leaving commuters hassled. Of the total 1,671 private buses of the Brihanmumbai Electric Supply and Transport (BEST), 1,077 buses remained stationed at 18 depots, its spokesperson Sunil Vaidya said. The BEST operates buses from 27 depots across the city.

New Delhi: Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, on Wednesday signed two power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) for commissioning two solar power projects.

Tata Power Renewable Energy Limited (TPREL), a subsidiary of Tata Power, has signed two power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) for commissioning two solar power projects, 200 MW and 150 MW, respectively.

Sula Vineyards share price slumped over 6% on Wednesday's trade after receiving an excise duty notice for ₹116 crore from the Maharashtra excise department on Tuesday. Sula Vineyards share price opened at intraday high of ₹496.65 apiece on BSE. The company stated in an exchange filing that the State Excise Revenue Minister has vacated the interim order granted pursuant to the decision dated September 19, 2019, issued by the State Excise Revenue Minister, Government of Maharashtra.

Maharashtra opposition is up in arms over a move by the government to fill 3,000 posts of police personnel for Mumbai from the Maharashtra State Security Corporation for a period of 11 months. The Maharashtra opposition has likened the move to Russia using the private militia 'Wagner' and said that the consequences could be similar to the rebellion faced recenlty by the Russian President Vladimir Putin.

Adani Group, Gautam Adani, has recently made headlines when he took a subtle jab at Hollywood director Danny Boyle in relation to his ambitious plans for transforming Mumbai's Dharavi into a modern city hub. In an open letter, Adani referenced Boyle's acclaimed 2008 film "Slumdog Millionaire" and expressed his optimism about the future of the revamped Dharavi, stating, «God willing, the likes of Danny Boyle will discover that the new Dharavi is producing millionaires without the slumdog prefix.» Boyle's «Slumdog Millionaire» garnered significant international recognition, after receiving eight Oscar Awards, including Best Picture, Best Director, and Best Adapted Screenplay.

Tata Power on Friday said its 7.5 lakh consumers in Mumbai to get substantial tariff reduction after an order by Appellate Tribunal for Electricity (APTEL), staying hike by state regulator MERC. «The APTEL today passed an order granting interim relief sought by Tata Power by staying the Maharashtra State Electricity Regulatory Commission's (MERC) revised tariff schedule on MTR (multiple tariff revision) frameworks approved by the Hon'ble Maharashtra Electricity Regulatory Commission (MERC),» a company statement said.

Olectra Greentech rallied 35% in the last two trading sessions on BSE after the company won an order worth Rs 10,000 crore. Meanwhile, in Monday's trade, the company's shares surged over 14% to Rs 1,409 on BSE. «Consortium of Olectra Greentech Limited and Evey Trans Private Limited (EVEY) received a Letter of Intent (LOI) from Maharashtra State Road Transport Corporation (MSRTC) relating to Supply, Operation, and Maintenance of 5,150 Electric Buses and allied Electrical and Civil Infrastructure on Gross Cost Contract Basis,» the company said in an exchange filing on Friday.