Trackpad
BSE receives in-principle approval from RBI for TReDS business
BSE Technologies Private Limited (BSE Tech), wholly owned subsidiary of BSE has received an in-principle approval from RBI for setting up and operating Trade Receivables Discounting System (TReDS) under the Payments and Settlement Systems Act, 2007. TReDS is an electronic platform for facilitating the financing / discounting of trade receivables of Micro, Small and Medium Enterprises (MSMEs) through multiple financiers. These receivables can be due from corporates and other buyers, including Government Departments and Public Sector Undertakings (PSUs).
The TReDS platform will bring all the aforesaid participants together for facilitating uploading, accepting, discounting, trading and settlement of the invoices / bills of MSMEs. The TReDS business of BSE will commence only after the receipt of final approval and certificate of license from RBI.
BSE Tech is an established player in e-enabling the businesses in financial services sectors. BSE Tech is a leading provider of cutting edge IT solutions with focus on Commodities, Banking and Financial Services markets in India. BSE Tech is founded and managed by a team of professionals, instrumental in setting up and operating India's largest stock exchange. BSE Tech team is also considered to be the pioneer in introducing the exchange traded financial derivatives trading to Indian market place.
Generic Engineering Construction and Projects wins a big order
Generic Engineering Construction and Projects Ltd (GECPL) which is engaged in realty as well as EPC space, secured an order amounting to Rs 180.38 crore. There are three orders from different clients. One is of construction of a commercial complex at Mumbai amounting to Rs 152.27 crore. The second one is an industrial contract for the construction of a manufacturing facility of Rs 5.1 crore. The last one is the construction of a residential building worth Rs 23.01 crore. As of Q1FY22, the company has reported a strong order book of Rs 1,655.7 crore. Recently it has received an order of Rs 101.95 crore. With inflows of such orders, the company is looking strong to enter H2FY22. GECPL is engaged mainly in the construction of residential, commercial and industrial buildings and facilities. The stock has a 52-week high of Rs 68.15 and a 52-week low of Rs 36.1 on BSE.
TVS Motor Company signs MoU with Tata Power to collaborate on electric two-wheeler charging eco-system in India
TVS Motor Company, one of the leading manufacturers of two wheelers and three-wheelers globally, entered into a strategic partnership with Tata Power, one of India's largest integrated power company. As part of the MoU, the two companies agreed to drive the comprehensive implementation of Electric Vehicle Charging Infrastructure (EVCI) across India and deploy solar power technologies at TVS Motor locations. The partnership aims to create a large dedicated electric two-wheeler charging infrastructure to accelerate electric mobility in India. This will also give the customers of TVS iQube Electric access to the widespread charging network by Tata Power through the TVS Motor customer connect app and Tata Power EZ Charge app across India. The partnership aims to create a regular AC charging network and a DC fast-charging network for electric two-wheelers. This partnership will further help drive EV adoption in the country among two-wheeler customers who aspire to take a step in going electric. With increasing concerns about global climate change developments, solar energy will play an important role going forward. Expanding technologies in solar energy will play a vital role in the shift towards clean energy adoption by consumers. With this intent, the two companies will also explore opportunities to use solar energy to power select TVS Motor locations in their journey towards sustainability.
Adani Green acquires SB Energy India at a valuation of Rs 26,000 crore
Adani Green Energy Limited (AGEL), a renewable energy company, announced this morning that it has successfully acquired SB Energy Holdings Ltd (SB Energy India) in an all-cash deal, making the latter a wholly-owned subsidiary of AGEL. The acquired company- SB Energy Holdings Ltd has one of India’s highest quality renewable portfolios and owns 5 GW renewable assets spread across four states in India via its SPVs. Its portfolio is split across 15 projects with an average project size of 330 MW and comprises nearly 100 per cent sovereign rated counterparties with the average tariff being Rs 2.75 per unit.
The definitive agreements for this acquisition were signed on May 18 2021. With thorough due diligence, statutory clearances and flawless handover of the assets, the transaction was completed within four months and for an enterprise valuation of USD 3.5 billion (approximately Rs 26,000 crore). This makes it the largest acquisition in the renewable energy sector in the country. Post this acquisition, AGEL will have a portfolio of 19.8 GW, which includes 5.4 GW operational assets, 5.7 GW assets under construction and 8.7 GW near construction assets
APL Apollo Tubes impress with its sales volume
APL Apollo Tubes, India’s leading branded structural steel tube company, announced its sales volume performance for the quarter ending September 30, 2021. The Company registered a sales volume of 427,387 Ton in Q2FY22 (+15 per cent QoQ/-11 per cent YoY), recovered sequentially as the construction activity started to pick up after the Covid second wave which had hit the country in Q1.
However, the extended monsoon in Q2 impacted the construction activity to some extent. The company focused on maintaining its dominant leadership and increasing the sale of its valueadded products in a challenging environment. The value-added product portfolio contributed 62 per cent in Q2FY22 as compared to 57 per cent in FY21. APL’s market share has grown exponentially from 27 per cent to 50 per cent in the last five years from FY16 to FY21 making them dominate the structural steel tube industry. Their profitable organic growth leads them to achieve a consistent average 5-Yr ROCE of 22.5 per cent, which is the highest among their peers.
Higher expenditure on infrastructure – highways, bridges, flyovers, public utilities, warehouse and residential construction demand are the primary growth drivers for this company. APL Apollo’s multi-product offerings include over 1,500 varieties for multiple building material structural steel applications. They serve as a ‘one-stop shop’ for a wide spectrum of products, catering to an array of industrial applications such as urban infrastructure and real estate, rural housing, commercial construction, greenhouse structures and engineering applications. The company’s vast 3-tier distribution network of over 800 Distributors is spread across India, with a presence in over 300 towns and cities.
Jubilant FoodWorks to increase stake in DP Eurasia
Jubilant Foodworks Netherlands BV (JFN), a wholly-owned subsidiary of Jubilant Foodworks Limited announced to the exchange that it proposes to acquire up to 17.18 per cent ordinary shares of DP Eurasia NV (DP Eurasia). The shares are expected to be acquired through a reverse bookbuild process from certain professional investors of DP Eurasia. Earlier, the company through JFN acquired 100 per cent of Fides Food Systems Coöperatief UA, Netherlands, which holds 32.81 per cent of ordinary shares of DP Eurasia. Accordingly, post-acquisition, the company may indirectly hold up to 49.99 per cent ordinary shares of DP Eurasia. For funding the proposed acquisition, JFN has a short-term borrowing facility in place. Additionally, it is also exploring various other options to replace this short-term borrowing facility with a long-term facility or other means, as it may be appropriate for the company.
DP Eurasia NV is a public company incorporated in the Netherlands and listed with London Stock Exchange PLC. The said company is the exclusive master franchisee of the Domino’s Pizza brand in Turkey, Russia, Azerbaijan and Georgia. DP Eurasia along with its subsidiaries offers pizza delivery and takeaway/eat-in facilities at 789 stores out of which 584 are located in Turkey, 192 in Russia, 9 in Azerbaijan and the remaining 4 in Georgia as of June 30 2021, and operates through its owned corporate stores (28 per cent) and franchised stores (72 per cent).