Tata Steel signs a £500 million grant funding agreement with UK Government for £1.25 billion green steel project in Port Talbot

Tata Steel announced on Wednesday that the company has signed a £500 million grant funding agreement with the United Kingdom (UK) Government. The agreement pertains to a £1.25 billion green steel project in Port Talbot. Following the announcement shares of Tata Steel were trading by 0.78% at ₹149.32 per share.

The company stated that the agreement will allow it to proceed at pace with the project to install an electric arc furnace at Port Talbot for steelworks in Wales. Tata Steel stated that the project will bolster the UK’s steel production along with preserving 5,000 jobs. The £1.25 billion project marks the largest investment in the UK steel industry in decades.

The new assets will aid in reducing the UK’s total industrial carbon emissions by 8% with Port Talbot seeing a 90% reduction in emissions. The reduction in emissions will be achieved by utilizing scrap.

In addition to £750 million investment by Tata Steel, the company will also leverage its engineering and project capabilities for the project. The company reported that the basic engineering is complete and equipment orders will be placed shortly for the electric arc furnace (EAF) and ladle metallurgy furnaces, a new coil box, and crop shear for the hot strip mill. Further, a cranes package for construction management and civil engineering will also be procured.

The project will also provide employees that are leaving with support packages along with a re-training scheme for employees that are at-risk of compulsory redundancy.

T V Narendra, chief executive officer and managing director of Tata Steel, said that the government’s support will help the company transform Port Talbot. The company will continue working with the Transition Board and the UK and Welsh governments to boost the economy and job creation in South Wales.

“With the UK government’s critical support, this complex and ambitious transformation of Port Talbot has the potential to make the plant one of Europe’s premier centres for green steelmaking,” he said.

Shares of the company have risen by nearly 7% since the beginning of the year. The stock has gained over 15% in the past year.

Domestic equity bourses, NIFTY50 and SENSEX, were trading in the green, advancing by 0.09% and 0.10%, respectively. Nifty Midcap 100 index and Nifty Smallcap 100 index are also trading positively, up by 0.35% and 0.28%, respectively.

On the NSE, 84 stocks hit the upper price band (Upper Circuit), and 33 stocks hit the lower price band (Lower Circuit).

Here is the list of stocks (market cap above ₹1,000 crore) locked in upper and lower circuits in today’s trading session.

Stocks hitting the upper circuit on Wednesday (September 11, 2024)

Suzlon Energy Ltd

Today, shares of Suzlon Energy were locked in the 5% upper circuit at ₹81.95 in the early morning session. This comes after the company announced it has won India's largest wind energy order of 1,166 MW from NTPC Green Energy Limited, the renewables arm of NTPC.

Suzlon will install a total of 370 wind turbine generators (WTGs) of S144 equipped with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each and the project is to be executed across 3 sites in Gujarat. This win takes Suzlon’s largest‐ever cumulative order book close to 5 GW as of September 03, 2024.

Suzlon is one of the leading global renewable energy solutions providers. It is a vertically integrated WTG manufacturer. It also undertakes installation and O&M of all WTG sales. The company has a market capitalisation of ₹1,12,000 crore. In the last one year, shares of the company have surged 240%.

Creative Newtech Ltd

Shares of Creative Newtech were locked in the 20% upper circuit at ₹914.10 in the early morning session of Wednesday. Incorporated in 1992, Creative Newtech is a distributor of I.T, Imaging, Lifestyle and Security of branded products.

The meeting of the Board of Directors of the company is set to be held on September 30, 2024. The company has a market capitalisation of ₹1,290 crore and over the past year company shares have surged by 70%.

Ravindra Energy Ltd

Ravindra Energy stock got locked in the 5% upper circuit at ₹99.58 in the early morning session of Wednesday. The meeting of the Board of Directors of the company is set to be held today, where they will consider and approve the issue of equity shares or other securities on a preferential basis.

Incorporated in 1980, Ravindra Energy is in the business of selling Solar Pumps, setting up Solar Generation Power Plant (Ground Mount & Rooftop) & generation and sale of Power. The company has a market capitalisation of ₹1,530 crore and over the past year company shares have surged by 63%.

GTL Infrastructure Ltd

GTL Infrastructure shares hit the 5% upper circuit at ₹2.61. GTL Infrastructure provides passive telecom infrastructure sharing and energy management solutions. The company has a market capitalisation of ₹3,340 crore. Over the past year shares of the company have gained by 130%.

Stocks hitting the lower circuit on Wednesday (September 11, 2024)

Raymond Lifestyle Ltd

In the early morning session of Wednesday, shares of Raymond Lifestyle hit the lower circuit limit of 5% at ₹2,321.40.

Raymond Lifestyle Ltd (RLL), the demerged textiles and apparel entity of Raymond Group, made its market debut on the NSE at ₹3,020 per share on September 5. However, the stock quickly reversed gains within the first 30 minutes of trade, retreating to hit its lower circuit at ₹2,869, down 5%. Since then, the stock has consistently been locked in lower circuits during subsequent trading sessions. The listing price represented a premium over the base price of ₹1,563 per share, which was determined during a special trading session ahead of the listing. Raymond Lifestyle currently holds a market capitalisation of ₹14,500 crore.

Raymond shares started trading ex-RLL demerger on July 11, 2024. Under the scheme of the arrangement, Raymond shareholders will get four shares of Raymond Lifestyle for every five of Raymond (4:5).

The Raymond Group is net debt-free after it sold its FMCG business in FY24 for ₹2,825 crore. Both listed companies, Raymond and Raymond Lifestyle, shall now stand net debt-free. The Raymond Group would now have three core sectors: lifestyles under the new entity Raymond Lifestyle and real estate and engineering under Raymond.

The shares of Kalpataru Projects International Ltd. were trading in the green with an increase of 2%, hitting a high of ₹1,381.20 on the BSE after the company announced that it had secured orders worth ₹2,774 crore.

As of 12:57 pm, the shares of the company were up by ₹7.50, or 0.52%, trading at ₹1,362.80 on the NSE.

KPIL, one of the largest engineering and construction companies listed in India, along with its international subsidiaries, have secured new orders/notifications of awards of ₹2,774 crore, the company statement said in a statement on Thursday.

These orders include new projects in the Transmission & Distribution (T&D) business in overseas markets, as well as the Airports Authority of India's (AAI) EPC project for Airport Extension.

The new orders also include design and build projects for residential buildings in India.

Manish Mohnot, MD and CEO, KPIL, said in the statement, "We are pleased with the continuous ordering momentum, especially in our T&D and Buildings and Factories (B&F) business."

The order from the AAI will mark our entry into the growing domestic airport sector and further diversify our clientele, he added.

The orders in the T&D and B&F businesses have further enhanced our market position and significantly strengthened our order book, he said.

With the orders wins, our YTD (year to date) order intake has reached around ₹9,800 crores, and additionally, we have greater business visibility, he stated.

KPIL is one of the largest specialised EPC (engineering, procurement, and construction) companies engaged in power transmission & distribution, B&F, water supply & irrigation, railways, oil & gas pipelines, urban mobility (flyovers & metro rail), highways and airports.

KPIL is currently executing projects in over 30 countries and has a global footprint in over 70 countries.

Strides Pharma Science Limited on Friday, September 6, announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for the generic version of Theophylline Extended-Release Tablets, 300 mg and 450 mg, from the United States Food & Drug Administration (USFDA).

Key Takeaways from USFDA’s Approval

• Strides Pharma's subsidiary has received USFDA approval for generic Theophylline Extended-Release Tablets, 300 mg and 450 mg.
• The tablets treat chronic asthma and lung conditions like emphysema and bronchitis.
• The product will be manufactured in Bangalore, targeting a combined market of around US$ 11.5 million.

The product is therapeutically and bioequivalent to Schering Corp.'s THEO-DUR® Reference Listed Drug (RLD). Theophylline extended-release tablets are advised for the treatment of reversible airflow obstruction and symptoms related to long-term lung conditions, such as emphysema and chronic bronchitis, as well as chronic asthma.

Theophylline Extended-Release Tablets, 300 mg and 450 mg have a total market size of approximately US$ 11.5 million, of which US$ 10.8 million is attributed to the 300 mg dosage, according to IQVIA.

The Theophylline Extended-Release Tablets, 300 mg and 450 mg will be manufactured at the company’s flagship facility in KRS Gardens in Bangalore, India the company said in a stock exchange filing.

About Theophylline 

Theophylline Extended-Release Tablets (300 mg and 450 mg) are used to treat respiratory conditions such as chronic asthma, chronic obstructive pulmonary disease (COPD), and bronchospasm. This medication functions as a bronchodilator by relaxing the muscles surrounding the bronchial tubes, making breathing easier. It is especially effective in preventing and managing symptoms like wheezing, shortness of breath, and chest tightness. The extended-release formulation ensures a gradual release of the drug, minimising the need for frequent doses and providing steady relief from symptoms over an extended period.

About Strides Pharma Science Limited

Strides is a global pharmaceutical company based in Bengaluru, India, and is publicly traded on both the BSE Limited (532531) and the National Stock Exchange of India Limited (STAR). The company primarily operates in regulated markets and follows an "in Africa for Africa" strategy, along with an institutional business that caters to donor-funded markets. Strides has global manufacturing facilities in India (Chennai, Puducherry, and two locations in Bengaluru), Italy (Milan), Kenya (Nairobi), and the United States (New York). 

About Strides Pharma Global Pte. Limited 

Strides Pharma Global Pte. Ltd. (SPG) serves as the international headquarters for Strides Pharma Science Limited, a global B2C pharmaceutical company primarily active in regulated markets like the US, Australia, Europe, and Canada. The company specialises in niche areas, with expertise in developing and manufacturing a variety of technically complex pharmaceutical products. Driven by a strong focus on quality and compliance, Strides Pharma provides a competitive edge in the fast-changing pharmaceutical industry.