Texmaco Rail & Engineering, B.L. Kashyap and Jubilant Ingrevia to see some action today

26 Jul 2024 Evaluate

Texmaco Rail & Engineering has entered into definitive agreements with Jindal Rail & Infrastructure (JRIL), JITF Urban Infrastructure Services, and Siddeshwari Tradex for the acquisition of 100 percent of the share capital of JRIL on a fully diluted basis. The transaction is subject to certain adjustments at closing specified in the definitive agreements. Texmaco has agreed to acquire the entire shareholding of JRIL for a cash consideration of Rs 615 crore which is subject to certain closing adjustments. The Enterprise Value of JRIL is Rs 687 crore and the transaction represents an acquisition FY 2024 EV/ EBITDA multiple of 8.1x. While definitive agreements have been executed today, the transaction is subject to certain conditions precedent for closing which are expected to be completed within 45 days.

B.L. Kashyap and Sons has secured new order aggregating to around Rs 160 crore from Suruchi Properties. The order is for Civil, Structural and Allied works at Kodihalli, Bengaluru. The order is to be executed within 20 months. The total order book as on date stands at Rs 3,383 crore (excluding GST).

Jubilant Ingrevia has raised Rs 100 crore through Commercial Papers (CPs) on July 25, 2024. The maturity of the said Commercial Papers will be on September 20, 2024. Tenure of the instrument is 57 days. The Finance Committee, at its meeting held on August 18, 2023 approved issuance of Commercial Papers up to an amount of Rs 600 crore outstanding at any point of time, in one or more tranches.

Tech Mahindra has reported 22.91% rise in consolidated net profit at Rs 864.80 crore for Q1FY25 as compared to Rs 703.60 crore for the same quarter in the previous year. However, total income of the company decreased by 1.50% at Rs 13150.20 crore for Q1FY25 as compared to Rs 13350.70 crore for the corresponding quarter previous year.

KPI Green Energy along with its wholly owned subsidiary KPark Sunbeat, has acquired a stake in Miyani Power Infra LLP on July 25, 2024. The company holds 99% stake in Miyani Power Infra LLP through its direct capital contribution, and a remaining 1% stake through its wholly-owned subsidiary, KPark Sunbeat, also via capital contribution. The object of acquisition of Miyani Power Infra LLP is to develop renewable energy projects which may be pursued in future.

Pitti Engineering (PEL) has signed an agreement with Dakshin Foundry (DFPL) and its shareholders to acquire 100% of the equity share capital of DFPL at an Equity Value of Rs 153.12 crore. DFPL has a positive cash and bank balance of Rs 42.71 crore and Nil debt as on June 20 2024. The company proposes to complete the acquisition within 15 days of signing the definitive agreement.

SJVN has received a Letter of Intent for allotment of Darzo Lui Pumped Storage Project from the Government of Mizoram. With an installed capacity of 2,400 MW, the Pumped Storage Project has been proposed across Darzo Nallah, a tributary of Tuipui river. The estimated cost of project on completion is Rs 13,947.50 crore including IDC & Financing costs at April 2023 Price Level. This is the first project of the company in the state of Mizoram

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