L&T, India Grid Trust and BEML to see some action today

01 Sep 2020 Evaluate

Larsen & Toubro (L&T) has completed the strategic divestment of its Electrical & Automation (L&T E&A) business to Schneider Electric, a global player in energy management and automation. The significant and complex divestment deal, one of its kind in India announced in May 2018 has been completed after receiving the requisite regulatory approvals and fulfilment of necessary conditions. The divestment is in line with L&T's stated goal of unlocking value for future growth.

India Grid Trust (IndiGrid) has completed acquisition of another transmission asset - Gurgaon Palwal Transmission (GPTL), from Sterlite Power at an enterprise value of around Rs 10.8 Bn ($150 Mn). With this acquisition, IndiGrid's AUM has increased by around 9% to Rs 133 Bn (S1.80 Bn). IndiGrid's asset portfolio will now consist of 10 power transmission projects, with a total network of 25 power transmission lines and 7 substations extending over 6,080 circuit kilometres & 10,735 MVA in 15 Indian states.

BEML has bagged a prestigious order from Ministry of Defence for supply of 330 High Mobility Vehicles, for Pinaka Project at a value of Rs 842 crore. This order is a big boost to BEML, involved in the manufacturing of the High Mobility Vehicles with superior features under Make in India program, thus demonstrating BEML's efforts under 'AtmaNirbhar Bharat'. The equipment will be manufactured by BEML at its Palakkad Plant in Kerala and would supply the vehicle platform to MoD in a span of 3 years.

Biocon’s subsidiary--Biocon Biologics India and Mylan N.V. have launched Semglee (insulin glargine injection) in vial and pre-filled pen presentations in the U.S., approved to help control high blood sugar in adult and pediatric patients with type 1 diabetes and adults with type 2 diabetes. It is not recommended for the treatment of diabetic ketoacidosis. Semglee, which received final approval from the U.S. Food and Drug Administration (USFDA), has an identical amino acid sequence to Sanofi’s Lantus and is approved for the same indications.

Pitti Engineering is very well on track on its expansion plan of Rs 250 crore to enhance its installed capacity from the existing 36,000 MT to 46,000 MT for sheet metal components and from 2,47,600 hours to 405,600 hours for machining. The residual long-term order book stands at Rs 550 crore, which comprises of engineering products catering to user industries like Diesel and electric locomotives for Indian Railways, data farms, consumer durables and renewable energy.

NHPC has signed a Power Sale Agreement (PSA) with Madhya Pradesh Power Management Company (MPPMCL) for procurement of 1000 MW Solar Power at the tariff of Rs. 2.55/kWh on August 28, 2020 at Bhopal (MP) for 25 years on long term basis. NHPC shall earn trading margin at Rs 0.07/kWh during the contract period.

SpiceJet has launched a portable non-invasive ventilator brand for patients with mild-to-moderate breathing issues. Engineers of SpiceJet Technic, a subsidiary of company, designed the 'SpiceOxy' device at its innovation lab.

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