tata power: Market movers: Tata Power spikes 3% after CGPL merger; HAL posts record revenue
The company said the scheme provides for the amalgamation of CGPL with Tata Power and will result in numerous benefits such as streamlining the corporate structure and consolidation of assets and liabilities of CGPL within Tata Power, a more efficient utilization of capital for the enhanced development and growth of the consolidated business in one entity.
Further benefits include availing easier financial support, bringing operational efficiencies, and enabling cost savings through legal entity rationalization and consolidation.
CGPL is claimed to be one of India’s most energy efficient thermal plants and uses supercritical technology to generate power.
Big orders, big year
Hindustan Aeronautics on Friday said it recorded the highest ever revenue of over Rs 24,000 crore (provisional and unaudited) for the financial year ended on March 31, 2022 registering a 6 per cent revenue growth over the previous financial year.
HAL achieved record revenue with production of 44 new helicopters/aircraft, 84 new engines, overhauling 203 aircraft/helicopters and 478 engines.
The company said it also bagged a contract for production of 15 Light Combat Helicopters (LCH), 10 for IAF and five for the Indian Army at a cost of Rs 3,887 crore along with infrastructure sanctions worth Rs. 377 crore.
The stock rose nearly 3 per cent after the update.
Vikram Thermo in spotlight
Rally in Vikram Thermo continued as the counter spiked another 13 per cent after the company’s board approved issuing bonus shares to its shareholders.
The company’s board approved to issue of bonus shares in the ratio of four shares for every One share held by the shareholder in the company subject to necessary approvals from various authorities and shareholders.
For the same, the board also approved increasing authorised share capital of the company to Rs 32,00,00,000 divided into 3,20,00,000 equity shares of Rs 10 each.
