Stock moves: TPREL surpasses 1.4 GW, ABB's metro tech boost, SBI's new Managing Director

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Stock moves: TPREL surpasses 1.4 GW, ABB's metro tech boost, SBI's new Managing Director
Credit: © Reuters.

INDIA - In a significant advancement for India's renewable energy sector, Tata Power (NS: TTPW )'s subsidiary, Tata Power Renewable Energy Ltd (TPREL), has achieved a notable milestone by surpassing 1.4 gigawatts (GW) of capacity in captive power projects. This achievement underlines the company's commitment to expanding its clean energy portfolio, which now stands at a robust 7,961 megawatts (MW).

The news comes amid a flurry of activity in the Indian corporate landscape. ABB (ST: ABB ) India has entered into a partnership with Titagarh Rail Systems to enhance metro propulsion technologies, signaling a push towards modernizing urban transit systems. Meanwhile, State Bank of India (NS: SBI ) has appointed Vinay M. Tonse as Managing Director until November 2025, positioning the bank for continued leadership in the financial sector.

In the insurance domain, Karnataka Bank (NS: KBNK ) has initiated a strategic tie-up with HDFC Life Insurance (NS: HDFL ) to offer life insurance products to its customers, broadening the range of services available to consumers.

RateGain Travel Technologies has finalized its Qualified Institutional Placement (QIP) at a price of Rs.643 per share, representing a discount of nearly five percent from the floor price. This pricing strategy aims to attract investors and raise capital for future growth.

Oil and Natural Gas Corporation (NS: ONGC ) shares have gone ex-dividend following the announcement of an interim dividend of Rs.5.75 per share, rewarding shareholders and reflecting the company's financial health.

On the real estate front, Oberoi Realty (NS: OEBO ) has announced the launch of Forestville, a luxury residential project featuring three towers in Thane, catering to the upscale market segment.

In other corporate developments from Monday, Kirloskar Electric ended a lockout at its unit No.15 in Bengaluru Rural District and called its workforce back to duty, signaling a return to normal operations.

Additionally, Gujarat Pipavav Port (NS: GPPL ) has declared an interim dividend of Rs.3.6 per share and commenced ex-dividend trading.

In a major consolidation effort within the tech industry, HCKK Ventures is set to acquire Softlink Global for an estimated Rs.430 crore, pending regulatory approval. This merger is anticipated to create synergies and strengthen market position.

However, financial markets experienced some pressure as both Sensex and Nifty saw declines on Tuesday, with Sensex closing at 65,655 and Nifty ending the day at 19,694.

These developments reflect a dynamic environment in India's corporate sector, characterized by strategic partnerships, financial maneuvers, and substantial milestones in renewable energy growth.

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