Total acquires 20% stake in Adani Green Energy 

French oil and energy major Total SE announced the acquisition of a 20% stake in Adani Green Energy Limited (AGEL) from the Adani Group. The company will also buy a 50% stake in a portfolio of solar assets operated by AEGL. Total said it would pay $2.5 billion (~Rs 22,118 crore) as part of the acquisition. AEGL has more than 14.6 gigawatts of contracted renewable capacity, with an operating capacity of 3 GW, another 3 GW under construction, and 8.6 GW under development. The company has plans to achieve 25 GW of renewable power generation by 2025.

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Mindtree Q3 Results: Net Profit rises 66% YoY to Rs 327 crore

Mindtree Ltd reported a 66% year-on-year (YoY) increase in consolidated net profit to Rs 326.5 crore for the quarter ended December (Q3). The IT firm’s revenue rose by 3% YoY to Rs 2,023.7 crore during the same period. The company’s active client base stood at 276, while it added eight new clients in Q3. Mindtree stated that it is witnessing a significant demand for its cloud, data, and analytics capabilities. 

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Three UK partners with TCS to accelerate 5G network rollout

Tata Consultancy Services (TCS) has been selected by Three UK to help configure its mobile network for its ongoing 5G services rollout. Three UK is in the process of deploying a new 5G radio access network, which is already live in 175 towns and cities. TCS’ software will speed-up configuration checking and reduce manual errors, ensuring first-time-right network configuration. TCS will also provide 24×7 support across the network for configuration corrections and ad-hoc site testing. 

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L&T secures order worth up to Rs 5,000 crore from RNVL in Uttarakhand

Larsen & Toubro (L&T) announced that its construction arm has secured a contract worth up to Rs 5,000 crore from Rail Vikas Nigam Ltd (RVNL) in Uttarakhand. The scope of the project includes the construction of tunnels, formation, construction shaft, and other ancillary works between Rishikesh and Karanprayag. L&T said the entire project is to be completed within a stringent timeline of 60 months.

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IndiaMART InterMESH Q3 Results: Net profit rises 29% YoY to Rs 80 crore

IndiaMART InterMESH Ltd reported a 29.35% YoY increase in consolidated net profit to Rs 80.20 crore for the quarter ended December (Q3). Its revenue rose 5.28% YoY to Rs 173.60 crore during the same period. The company’s board has approved fund-raising of up to Rs 1,100 crore via equity and debt instruments. 

Gravita India secures order worth Rs 125 crore from Korea Zinc’s subsidiary

Gravita India has signed an agreement with Sorin Corporation, a subsidiary of Korea Zinc Co Ltd, for supplying approximately 8,000 MT of refined lead. At current lead prices, the contract would be valued at around Rs 125 crore. The agreement will be executed in the calendar year 2021. Gravita India stated that this contract will help the firm strengthen its market presence in the South East Asian market.

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Metropolis Healthcare acquires Hitech Diagnostic Centre

Metropolis Healthcare Ltd has acquired Hitech Diagnostic Centre, a south India-based diagnostics laboratory chain, in a cash and stock deal. The company said it would pay Rs 511 crore in cash and issue up to 4.95 lakh equity shares of face value Rs 2 each on a preferential basis to Hitech’s promoter group. Through the acquisition, Metropolis will get access to 31 laboratories and 68 collection centres of Hitech.

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Motherson Sumi to acquire 75% stake in two companies of Turkey-based Plast Met Group

Motherson Sumi announced the acquisition of a 75% equity stake in two companies of the Turkey-based Plast Met Group through its subsidiary- Samvardhana Motherson Reflectec (SMR). The enterprise value of the deal is €21.78 million (Rs 193 crore). The all-cash deal is subject to regulatory approvals and is expected to be closed in the coming three months. The acquisition will mark Motherson Sumi’s entry into Turkey, which has a vehicle market of 1.4 million units annually.

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Indian Hume Pipe Company receives LoA for water supply project in Uttar Pradesh

Indian Hume Pipe Company Ltd has received a revised Letter of Acceptance (LoA) from State Water & Sanitation Mission (SWSM), Government of Uttar Pradesh for water supply schemes in various villages of Kanpur Division. The project areas of the Kanpur Division are Auraiya, Etawah, Farukhabad, Kanpur Rural, Kanpur Urban, and Kannauj District. The total value of the work order is about Rs 400 crore.

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Snowman Logistics Q3 Results: Net profit stands at Rs 1.4 crore

Snowman Logistics Ltd reported a net profit of Rs 1.42 crore for the quarter ended December (Q3). The company had posted a net loss of Rs 3.4 crore in the corresponding period in FY20. Its revenue increased by 3% YoY to Rs 60.18 crore in Q3 FY21. Snowman Logistics also announced that it has appointed Sunil Prabhakaran Nair as CEO and whole-time director of the firm for a further period of 3 years, with effect from February 13, 2021.

Majesco Q3 Results: Net profit up 23 times to Rs 27.7 crore

Majesco Ltd’s net profit jumped 23 times (or 3,127%) YoY to Rs 27.76 crore for the quarter ended December (Q3). Its total revenue rose by 715% YoY to Rs 38.41 crore during the same period. Majesco had completed a buyback of 15.74 lakh equity shares and paid Rs 133 crore to the shareholders in Q3. The company had also announced an interim dividend of Rs 974 per share during the quarter.

Caplin Point’s arm enters into strategic partnership with Canada’s JAMP Pharma Group

Caplin Steriles, a subsidiary of Caplin Point Laboratories Ltd (CPLL), has entered into a strategic partnership with Canada-based JAMP Pharma Group. The agreement includes six injectable products to be filed for Health Canada approval. Caplin Steriles has already filed some of these products in the United States. [CPLL is engaged in the manufacturing of active pharmaceutical ingredients (APIs), finished formulations, research & development, and clinical research]

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