In significant developments, Adani Power has entered into a long-term power supply agreement with the Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 1,496 MW of thermal power. Similarly, Adani Green has also signed a long-term power supply agreement with MSEDCL, but this one is focused on solar power, covering a massive 5 GW capacity. In another major investment, Samvardhana Motherson is set to invest $15 million to acquire an 11% stake in REE Automotive, a key move in the electric vehicle space.
GMR Airports reported a 9% increase in passenger traffic and an 8% rise in aircraft movements in August, reflecting growth in the aviation sector. Zydus signed an exclusive supply and licensing agreement with US-based Viwit Pharmaceuticals for two MRI injectable agents, expanding its footprint in the healthcare industry. Meanwhile, RPG Life finalized a binding agreement for the sale of land worth Rs 144.9 crore, further streamlining its asset portfolio.
Patanjali Foods saw investment interest as GQG Partners acquired 45 lakh shares in the company via block deals. In the automotive sector, Lumax Auto announced plans to acquire a 60% stake in Greenfuel Energy Solutions for Rs 133 crore, expanding its presence in green technologies. Spandana received board approval to sell a stressed loan portfolio worth Rs 304 crore, while SpiceJet received an exemption from SEBI, allowing its promoter Spice Health to avoid open offer requirements.
Dixon Technologies, through its subsidiary, signed an MoU with ASUS to manufacture notebooks, signaling a move into the growing tech manufacturing sector. In the pharmaceutical space, Laurus Labs announced that its API manufacturing unit in Hyderabad received zero observations following an inspection by the US FDA, a significant regulatory milestone. Thermax secured a repeat order worth Rs 516 crore through its arm, further strengthening its industrial services business. Additionally, Zaggle partnered with Founderlink Tech to offer business loans to its corporate customers, enhancing its financial services offering. CDSL also extended its MD & CEO’s tenure by five years following board approval.
On the other hand, there were some negative updates. Vedanta announced that John Slaven, the CEO of its Aluminium business, has resigned, effective from September 30, 2024. Additionally, Adani Wilmar and Marico are set to face headwinds as India increased the basic import duty on edible oils by 20%, which may impact margins and pricing strategies in the sector.
