IndiGo Airlines increases Airbus order; other stocks in focus

IndiGo Airlines increases Airbus order; other stocks in focus

In a significant move, IndiGo (NS: INGL ) Airlines' board of directors approved an additional purchase of 10 A320 NEO family aircraft from French aircraft maker Airbus on Tuesday. This order adds to the already placed order for 300 aircraft. It's worth noting that in 2019, IndiGo had placed a record order of over 300 Airbus A320 NEO family aircraft worth around $33 billion at notional catalogue prices with France's Airbus. However, there has been a delay in the delivery of the A320 NEO family aircraft due to issues with Pratt & Whitney (P&W) engines.

In other news, the government and the LIC (NS: LIFI ) are selling about 61% stake in IDBI Bank (NS: IDBI ). To facilitate this, the government has invited bids to engage an asset valuer for the strategic disinvestment of the bank. The Department of Investment & Public Asset Management (DIPAM), on behalf of the government and LIC, floated a request for proposal (RFP) on Monday.

State-owned BHEL announced on Monday that it has bagged an order from NHPC (NS: NHPC ) for its 2,880 MW Dibang multipurpose project in Arunachal Pradesh. The order for the electro-mechanical (E&M) work for the project was secured against stiff competition under international competitive bidding. BHEL's scope in the contract includes design, engineering, manufacture, supply, erection and commissioning of the E&M package.

Low-cost carrier SpiceJet (NS: SPJT ) announced on Tuesday the allotment of 48.1 million equity shares on a preferential basis to nine of its aircraft lessors to clear outstanding ₹231 crore (1 crore = $120,873) dues. The allotment committee of the board of directors passed several resolutions, including a ₹2,500 crore fundraiser and a preferential issue of shares to lessors at an issue price of ₹48 ($1 = ₹82.7) each to clear its outstanding dues.

Telecom operator Bharti Airtel (NS: BRTI ) announced on Monday that it will purchase 23,000 MWh of renewable energy by the March quarter of this fiscal year for its data centre firm Nxtra. As part of its commitment to reducing its carbon footprint, Airtel will acquire stakes in renewable energy project companies established by Continuum Green India Pvt Ltd and Vibrant Energy Holdings Pte. Ltd., to power six of Nxtra's Edge data centre facilities.

Drug major Cipla (NS: CIPL ) revealed on Monday that its unit has signed a pact to acquire South Africa-based Actor Pharma. This development underpins Cipla’s commitment and investment in its over-the-counter (OTC) business and supports its journey to be a leading healthcare player in South Africa.

The broking arm of State Bank of India (NS: SBI ), SBICAP Securities Ltd., appointed Suresh Shukla as its chief business officer on Monday. Shukla, previously with Kotak Securities Ltd., will be at the helm of driving the company's business operations and play a "strategic" role in spearheading the next level of growth at SBICAPS.

State-owned Power Finance (NS: PWFC ) Corporation (PFC) signed a pact on Monday to provide ₹1,229 crore term loan to Assam Petrochemicals for implementing a 500 tonnes per day methanol plant at Namrup and 200 tonnes per day formalin plant at Boitamari in Assam.

NHPC Ltd, Tata Power (NS: TTPW ) Ltd, Adani Green Energy (NS: ADNA ) Ltd and JSW Energy (NS: JSWE ) Ltd are among companies that have proposed to build pumped storage projects (PSPs) totalling 39GW in India. These plans could potentially attract investments as high as ₹3.12 trillion.

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