Power Financial News

Multibagger stock: TD Power share price has been in uptrend after bottoming out at around ₹16 apiece levels in May 2023. Like other stocks listed on Indian bourses, TD Power shares too witnessed heavy sell off after the outbreak of Covid-19 but it rebounded strongly in post-Covid rally. This multibagger energy stock, which is one of the mutual funds' favourite stocks on Dalal Street has risen from around ₹16 to ₹345 apiece levels in the last three years, delivering more than 1400 per cent return to its positional long term shareholders.

Tata Power Company Ltd. gained 1.16 per cent to Rs 223.65 in Monday's trade as of 11:01AM (IST).

REC, a subsidiary of Power Finance Corp., plans to expand its lending in the renewable energy space to Rs 2.4 lakh crore by 2030, says its director-technical, VK Singh. While land and grid availability can be challenging for developing new green energy projects, policies of the government and support from states have been encouraging, he tells Shilpy Sinha. Edited excerpts:The renewables space has been gathering pace. How is REC positioned considering India's target of achieving 500 GW capacity by 2030? India is at 175 GW and needs to add 325 GW by 2030.

Asset tokenization has long been regarded as one of the most compelling applications of blockchain technology. Back in June 2019, the United States investment banking giant BNY Mellon declared it has the potential to “dramatically change the dynamic” for investors and unlock opportunities that were previously out of reach. 

Karnataka has restrained the chairman of TD Power System Ltd (TDPSL) and several others from transferring shares worth Rs 555 crore of the company. The court passed the interim order on a petition by Vijay Ravindra Kirloskar, the chairman of city-based Kirloskar Electric Company (KEC) who founded TDPSL in 1999. Kirloskar along with the several KEC Welfare Trusts had moved the high court seeking a direction to several persons who hold 2.51 crore shares worth Rs 555 crore in the company, not to transfer or sell them in the stock market. Kirloskar and the Trusts had approached a commercial court in Bengaluru seeking an injunction against the chairman of TDPSL and a family friend of Kirloskar, Mohib Nomanbhai Khericha, Kirloskar's nephew Nikhil Kumar and others from alienating Rs 2.51 crore shares of TDPSL held by them. The Commercial Court had refused to give a temporary injunction following which Kirloskar and the Trusts petitioned the HC. A single judge bench of Justice S R Krishna Kumar on July 12 granted the interim order and gave the respondents one week to file their objects and seek for vacating the interim order.

Adani Power Jharkhand Ltd (APJL), a wholly-owned subsidiary of Adani Power Ltd, will supply 100 per cent of the generated electricity from the plant to another nation. The company informed that it successfully completed the dependable capacity test for the Godda plant on July 12 - a mandatory requirement under the power purchase agreement (PPA) with Bangladesh Power Development Board, executed in November 2017 for a period of 25 years.

Adani Group Chairman Gautam Adani on Saturday met Bangladesh Prime Minister Sheikh Hasina in Dhaka, following the full load commencement of power supply to Bangladesh from Adani Group’s Ultra Super-Critical Thermal Power Plant in Godda, India. The Godda USCTPP, which marks the Adani Group’s entry into transnational power projects, is India’s first commissioned transnational power project where 100% of the generated power is supplied to another nation, Adani Group said in a press statement. After the meeting, Gautam Adani tweeted: “Honoured to have met Bangladesh PM Sheikh Hasina on full load commencement and handover of the 1600 MW Ultra SuperCritical Godda Power Plant. I salute the dedicated teams from India and Bangladesh who braved COVID to commission the plant in a record time of three-and-a-half years.”Adani Power Jharkhand Ltd (APJL), a wholly owned subsidiary of Adani Power Ltd, completed the dependable capacity test for the Godda plant on 12 July. The dependable capacity test, a mandatory requirement under the power purchase agreement (PPA) with Bangladesh, was conducted over the stipulated period of six hours to evaluate the simultaneous functioning of both units of the plant after they began supplying electricity.

Adani Group Chairman, Gautam Adani paid a visit to Bangladesh's Prime Minister Sheikh Hasina in Dhaka on Saturday after the full load commencement of power supply to Bangladesh from the group’s thermal power plant in Godda, India. The new project of the conglomerate will mark the group's entry into transnational power projects. This project will also commence India’s first commissioned transnational power project where 100 per cent of the generated power is supplied to another nation.Adani Power Jharkhand Ltd (APJL), a wholly owned subsidiary of Adani Power Ltd, will supply 1,496 MW from the Godda USCTPP under the PPA with the Bangladesh Power Development Board, executed in November 2017 for a period of 25 years, via a 400 kV dedicated transmission system connected to the Bangladesh grid. The subsidiary completed the dependable capacity test for the Godda plant on 12 July.

New Delhi: India is expected to boost its installed power capacity to more than 777 gigawatts (GW) by 2030 with peak demand projected to reach 335 GW, power and renewable energy minister R.K. Singh said on Thursday. Singh made the remarks during a recent review meeting of the Inter-State Transmission System’s development in Jaipur, a system crucial for distributing electricity from regions with surplus power to those facing shortages.

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.

₹24.14 apiece on BSE.   Purvanchal Vidyut Vitran Nigam Ltd and Dakshinanchal Vidyut Vitran Nigam Ltd have offered letters of intent (LOI) to the stepdown subsidiary of GMR Power and Urban Infra to implement smart metering projects in the Uttar Pradesh regions of Purvanchal (Varanasi, Azamgarh zone, and Prayagraj, Mirzapur), and Dakshinanchal (Agra and Aligarh zone). In the designated area, GSEDPL will install, integrate, and manage 75.69 lakh smart metres.

Alstom T&D India(up 4.71%), Voltamp Transformers(up 2.37%), Karma Energy(up 2.07%), Gujarat Industries Power(up 1.95%), Hitachi Energy India(up 1.91%), JSW Energy(up 1.87%), KEC International(up 1.45%), DPSC(up 1.27%), Inox wind(up 1.08%) and Inox Wind Energy(up 1.04%) were among the top gainers. RTNPOWER(down 6.32%), NLC India(down 1.51%), Power Grid Corporation of India(down 1.21%), Jyoti Structures(down 1.16%), Tata Power Company(down 1.08%), Orient Green Power Company(down 0.93%), NHPC(down 0.87%), Adani Transmissions(down 0.72%), KPI Green Energy(down 0.70%) and NTPC(down 0.61%) were among the top losers.

Also read: Chennai vendor sells tomato at ₹20/kg for a day amid soaring price Residents in these areas should anticipate a power shutdown on July 14 due to the maintenance work being carried out, reported News Minute.

A tangle of litigation could delay the start of New Jersey’s first offshore wind energy project

Japan’s Inpex Corporation has plunged into renewable energy development in Australia with an investment of more than $650 million, significantly reducing its concentration in the under-pressure gas sector.

Transformers and Rectifiers(India)(up 8.32%), DPSC(up 2.09%), RTNPOWER(up 2.06%), Inox wind(up 1.65%), KEC International(up 1.47%), Power & Instrumentation(Gujarat)(up 1.43%), KPI Green Energy(up 1.37%), Karma Energy(up 1.21%), Energy Development Company(up 1.15%) and Alstom T&D India(up 0.98%) were among the top gainers. Power Grid Corporation of India(down 2.02%), Torrent Power(down 1.29%), Voltamp Transformers(down 1.11%), Reliance Power(down 0.94%), JSW Energy(down 0.83%), Jyoti Structures(down 0.57%), NHPC(down 0.53%), NLC India(down 0.48%), NTPC(down 0.21%) and SJVN(down 0.21%) were among the top losers.

Stock split 2023: Shares of Servotech Power Systems Ltd is one of the multibagger stocks that Indian stock market has produced in recent years. This small-cap stock has risen from around ₹5 to ₹165.75 apiece levels, logging near 3200 per cent rise in the last two years.

Power Finance Corporation, a public financial institution focused on the power sector, has filed a draft shelf prospectus for Rs 10,000 crore non-convertible debentures (NCD) fundraise, the company said on Wednesday. The public issue of secured, rated, listed, redeemable non-convertible debentures of face value of Rs 1000 each aggregating up to Rs 10,000 crore (Shelf Limit) and will be issued in one or more tranches.

Congress leader Sachin Pilot on Wednesday targeted the Narendra Modi-led government at the Centre, saying there is a «conspiracy» to put pressure on people who advocate democracy and expose those in power. The former Rajasthan deputy chief minister took part in a silent protest organised by the Congress to express solidarity with Rahul Gandhi, who has been disqualified from Parliament after his conviction in a defamation case. The Congress on Wednesday held similar protests at several places in the country, days after the Gujarat High Court refused to stay the conviction. On the sidelines of the Jaipur protest, Pilot claimed investigative agencies are being misused by the Centre and there is an environment of hatred and confrontation in the country. He said party leader Rahul Gandhi talks about affection, non-violence and strengthening of democracy, but is still being targeted.

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₹1,400 crore from domestic and international customers in the March ended quarter. The orders were received by its solutions business that caters to products and specialized EPC (engineering, procurement and construction), the company said in a statement. The set of orders, won across domestic and international markets, strengthened the company’s solutions business unit’s order book to ₹5,200 crore during FY23, it added.