Berger Paints with a stop loss of Rs 362 and a target of Rs 380 and Petronet LNG with a stop loss of Rs 251 and a target of Rs 275

The market gained for the third consecutive session with the Nifty closing above 11,100 levels on August 27, driven by banking & financials, auto, FMCG and metal stocks. Positive global cues and RBI's decision to transfer Rs 1.76 lakh crore to the government, aided sentiment.

The BSE Sensex climbed 147.15 points to 37,641.27 while the Nifty 50 rose 47.50 points to 11,105.40 and formed a Doji kind of candle on the daily charts, which generally signals indecisiveness among the bulls and bears.

The gains in broader markets were higher than benchmarks as the Nifty Midcap rose 0.74 percent and Smallcap index was up 1.8 percent.

According to the pivot charts, key support level is placed at 11,055.93, followed by 11,006.57. If the index starts moving upward, key resistance levels to watch out for are 11,148.23 and 11,191.17.

Nifty Bank closed at 28,126.15, up 0.63 percent on August 27. The important pivot level, which will act as crucial support for the index, is placed at 27,965.44, followed by 27,804.67. On the upside, key resistance levels are placed at 28,282.34 and 28,438.47.

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OYO Hotels and Homes on Monday held the first meeting of its Partner Advisory Council here which discussed on evolving the relationship between OYO and its asset owners

"In the first meeting of the Partner Advisory Council held in Delhi, members stressed on the need to continually evolve the relationship between OYO and its asset owners and how the council would act as a crucial forum for discussion on relevant matters and programmes for asset owner advancement," a statement from the company said.

The meeting established the broad objectives of the council, chiefly, advising OYO on working with its asset owners for both the growth of their business and for jointly realising the potential of the hospitality industry in India.

Aditya Ghosh, CEO of OYO India & South Asia said: "By identifying key areas of improvement and closing plan of actions quickly for activities such as provisioning dedicated hotel management resources, improving brand awareness for mid-market brands and investing in quality checks aggressively, a lot of progress has been made already and we will look to share updates as well as highlight areas for further improvement in our next meeting in September."

The 'Partner Advisory Council' is part of the initiative 'OYO Partner Engagement Network' (OPEN). 

Under OPEN, OYO has launched a slew of initiatives including a dedicated microsite, Co-OYO app for asset owners, 'Cash in Bank' business advances and a pan-India Partner Privilege Programme to reward and recognise top-performing hotel owners, the statement said.

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Selling life insurance has never been easy, but getting investors to buy their stocks is becoming all too easy for life insurers. A booming business and a growing market share have led to big gains for the three listed life insurance companies in India

Shares of HDFC Life Insurance Co. Ltd and SBI Life Insurance Co. Ltd has surged 33.59% and 37.37%, respectively, so far this year. Even ICICI Prudential Life Insurance Co. Ltd hasn’t fared badly, with returns of 19.14%, although its growth in the past two quarters has been wanting. In comparison, the Nifty Financial Services index has risen about 4.27% in 2019.

There are several factors that seem to have worked for life insurance companies. But, Nomura Financial Advisory and Securities (India) Pvt. Ltd highlighted the main reason.

“Private insurers (excluding ICICI Prudential Life) continue to deliver robust growth in spite of volatile markets; this, coupled with increasing protection share in the business mix, justifies the re-rating in the last four months, in our view," it said in a note to clients.

In the first four months of FY20, private sector insurers saw 23% new business growth in retail, in terms of annualized premium equivalent, even as the overall industry growth was 15%, primarily due to Life Insurance Corporation of India’s (LIC’s) 5.5% growth.

This growth was led by non-participatory and annuity products.

Aggressive marketing of term plans in the past two years has helped HDFC Life and even its peer's corner market share from the country’s largest life insurer, LIC.

“Shrinking profitability of the linked business has made it a mere revenue driver, edging players to move towards non-linked products (protection, annuities and return-guarantee) for profitability," said Jefferies India Pvt. Ltd in a note.

The growth in retail insurance sales of non-participatory products has made the portfolio of life insurers more stable and increased margins.

Life insurance stocks are likely to continue to enjoy investor attention over the next few quarters, too, though analysts warned that the profitability metrics may have peaked for some firms.

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The khadi industry in India is expected to cross Rs 10,000 crore turnover in the next five years, Khadi and Village Industries Commission (KVIC) Chairman Vinai Kumar Saxena said on Thursday

The target for this year is set at Rs 5,000 crore, he told IANS.

"In a time when the world is moving towards automation, khadi is one of the few handcrafted products. In the future, the only khadi will survive and nothing else," Saxena said at the Lakme Fashion Week Winter/Festive edition being held here.

The Day 3 of the week-long fashion event was dedicated to sustainable fashion where designers showcased their collection made out of sustainable fabrics. Three designers namely Anuj Bhutani, Pallavi Dhyani and Gaurav Khanijo collaborated with KVIC to create sustainable fashion wears that were showcased on the ramp.

Saxena said that the khadi industry has seen an average growth of 28 per cent in the last four years as compared to the growth rate of 6.18 per cent in 2004-2014.

"Cloth mills are producing 12,000 metres in a day but khadi which is handspun is produced only 12 metres. Despite that, from Rs 889 crore turnover in 2004-2014, we have reached Rs 3,215 crore turnover in just four years. There has also been a change in the production pattern. Till 2014, the total production of khadi was 103. 66 million square metres but in four years we have jumped 70 per cent," he told IANS.

To protect khadi which is a "heritage" of India, many designers have come on board and joined the movement, he said, which will make the industry thrive in future. Expanding the colour palette, westernizing the cuts, and creating new trends in itself, the Khadi fabric has transcended itself as a sustainable fabric of the Future, he said.

"Khadi has become a stylish narrative that is now popularly embraced by designers. A versatile fashion fabric, khadi has been used as a tool to navigate India through its hard-won independence.

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The stock fell 23 percent in three straight sessions to Rs 138.30, the lowest level since January 31, 2017

Shares of real estate major DLF fell 19.4 percent intraday on August 22 to hit its 31-month low on August 22 after getting a notice from the Supreme Court for non-disclosure of key information in Qualified institutional placement (QIP).

The stock fell 23 percent in three straight sessions to Rs 138.30, the lowest level since January 31, 2017. It was quoting at Rs 144, down Rs 27.60, or 16.08 percent on the BSE at 0952 hours.

Petitioner KK Sinha, on whose complain SEBI had earlier barred DLF promoters from markets and imposed a penalty, told SC that DLF failed to mention key cases regarding the violation of the Haryana Land Ceiling Act, 1972, where adverse orders were passed by the Punjab and Haryana High Court, and the matter is pending with the SC, reported BusinessLine.

The report said the court had ordered directed investigation into DLF group companies and its admitted subsidiaries for violation of land ceiling laws and other laws, matters concerning Benami purchases, licensing, stamp duty payment and transfer pricing issues.

But Ashok Tyagi, Wholetime Director of DLF said in an interview to CNBC-TV18, "All material disclosures had been made in the QIP and complaint is about 5-6 acres of land by a co which is not company's arm.".

He further said, "DLF has received the notice from Supreme Court a month ago and SC notice does not ask us for any disclosures. SC has asked DLF & SEBI whether the complainant should be impleaded in the case."

The report said if there is an adverse decision by the apex court then it could impact DLF investors as petition prays that the company be asked to return more than Rs 5,000 crore that it raised via two qualified institutional placements (QIPs), one of which was in 2019.

In addition, DLF patriarch K P Singh has stepped down as whole-time director but will continue to be its non-executive Chairman, the realty firm said on August 19.

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Indian shares fell on Thursday as investors fretted over the chances of a fiscal stimulus and anxiously awaited the U.S. Federal Reserve chairman's speech later this week for clues on future rate cuts

Real estate stocks were among the top losers, with the Nifty real estate index shedding 7.2%, its biggest intra-day dip since late 2016, as DLF Ltd slumped 19.6%.

A report in the Hindu BusinessLine newspaper said https://www.thehindubusinessline.com/companies/supreme-court-issues-notice-to-dlf-sebi-on-non-disclosure-of-key-information-in-qip/article29204691.ece the Supreme Court had issued a notice to the real estate developer for allegedly suppressing material information from shareholders.

The broader NSE Nifty was down 0.42% at 10,873.00 as of 0445 GMT, while the benchmark BSE Sensex was lower by 0.34% at 36,933.80.

The minutes of the Fed's July meeting showed policymakers deeply divided over rate cuts, while hopes for a fiscal stimulus dimmed as President Donald Trump said he was not looking at cutting payroll taxes.

Much now depends on how dovish Fed Chair Jerome Powell chooses to be in his speech on Friday.

MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.35%. [MKTS/GLOB]

Meanwhile, markets awaited news on an economic stimulus from the Indian government amid a bruising slowdown that has hammered industries including the crucial automotive sector, leading to production cuts and job losses.

"The disappointment factor is increasing day by day because we've not heard anything from the government," said Rusmik Oza, head of fundamental research at Kotak Securities in Mumbai. "Earnings have also been a big disappointment."

June-quarter net profits for India Inc grew at a moderate pace of 6.6% year-over-year, compared with 24.6% a year earlier, CARE Ratings said on Wednesday, based on an analysis of 2,976 companies.

The Nifty metals index fell 2.13%, with miner Vedanta Ltd declining 3.9%.

The Nifty FMCG index, which tracks manufacturers of fast-moving consumer goods, was the lone gainer with a rise of 1.17%.

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This project is funded by the Department of Telecom (DOT), Government of India and BSNL has been appointed as the nodal agency by the DoT for project execution

Shares of Himachal Futuristic Communication (HFCL) surged 8.5 percent intraday on August 20 after the company received purchase order worth Rs 2,467 crore.

The company has received a purchase order worth Rs 2,467 crore from Bharat Sanchar Nigam for setting up the converged nationwide IP /MPLS backbone & access network for armed forces under the network for spectrum (NFS) programme of the government.

The scope of work also includes operation and maintenance for a period of 10 years including 3 year warranty period for which Rs 862 crore will be paid by the Indian Defence Services after the warranty period is over.

This project is funded by the Department of Telecom (DOT) and the Government of India. BSNL has been appointed as the nodal agency by the DoT for project execution.

Himachal Futuristic Communication was quoting at Rs 19.85, up Re 1, or 5.31 percent on the BSE.

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The company said it plans to conduct a detailed forensic investigation to establish the accountability of wrongdoings

Shares of CG Power and Industrial Solutions were locked at 20 percent lower circuit intraday on August 20 after the company recognised irregularities in its financial statements. unauthorised transactions

The scrip has hit a new 52-week low of Rs 14.75.

The company in a regulatory filing on August 19 said that an internal probe has uncovered some irregularities in the financial statements of the company.

"While working on one of its priority tasks of seeking refinancing of certain facilities and as a part of conducting financial analysis in this regard, the Operations Committee was made aware of some unauthorised transactions by certain employees of the company," the BSE filing said.

An independent legal firm appointed by the board of directors to probe financial wrongdoings pointed out certain misrepresentation in financial statements of the company and unauthorized financial transactions.

The company plans to conduct a detailed forensic investigation to establish the accountability of wrongdoings and will take requisite legal actions to protect its interest.

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The share price jumped 26 percent in the last 1 month

Shares of Cupid rose more than 8 percent intraday on August 19 after the company received an order worth Rs 14 crore.

"The company has received an order worth Rs 14.1 crore from UNFPA to supply male condoms to Uganda," the company said in a release.

'We are excited to receive this valuable order”, said Omprakash Garg, CMD, Cupid.

Cupid was quoting at Rs 133.45, up to Rs 5.95, or 4.67 percent on the BSE.

The share touched its 52-week high Rs 210.67 and 52-week low Rs 101 on 20 August 2018 and 22 July 2019, respectively.

Currently, it is trading 36.65 percent below its 52-week high and 32.13 percent above its 52-week low.

The share price jumped 26 percent in the last 1 month.

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Damani sold 40 lakh shares of Avenue at Rs 1,404.10 per share, as per bulk deals data available on the BSE on August 9

Avenue Supermarts, the operator of D-Mart retail chain August 9 said Founder Radhakishan Shivkishan Damani has completed the sale of 0.998 percent stake in the open market to adhere to minimum public shareholding norms.

The stock closed at Rs 1,452.85, up to Rs 22.55, or 1.58 percent on the BSE on Friday.

"Promoter, Radhakishan Shivkishan Damani, has completed the sale of 62.3 lakh equity shares of the company (constituting 0.998 percent of the paid-up equity share capital), on August 9, in compliance with the requirements of SEBI regulations in the process of achieving minimum public shareholding," the company said in its BSE filing.

As per the minimum public shareholding rule, every company has to have at least 25 percent public shareholding.

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The Sensex gained 463.69 points to end at 37,581.91, while Nifty ended at 11,109.7, up 112.35 points last week

Indian markets ended on a positive note in the volatile week ended August 9 amid June quarter earnings, RBI monetary policy, and fresh concerns over Sino-US trade worries.

Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) reduced repo rates by another 35 basis points to 5.4 percent in the August Policy review while maintaining an accommodative stance. It now stands at the lowest level since April 2010.

The Sensex gained 463.69 points to end at 37,581.91, while Nifty ended at 11,109.7, up 112.35 points last week.

The S&P BSE Midcap index rose 1.26 percent, Smallcap Index added 1.10 percent and S&P BSE Largecap index was up 0.68 percent last week.

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In a major blow to the defaulting company IL&FS' auditors Deloitte and BSR and Associates, the Mumbai bench of the National Company Law Tribunal (NCLT) on Friday said that it has jurisdiction over these firms and the authority to ban them under the Companies Act for their alleged role in financial misappropriation

Deloitte Haskins and Sells (Deloitte) and global advisory firm KPMG arm BSR had challenged the NCLT's jurisdiction to prosecute the companies and ban them after the Corporate Affairs Ministry (MCA) had sought such a five-year ban on them. 

The tribunal said that the order is "appealable" and it was aware of the fact that the case could move ahead to the National Company Law Appellate Tribunal and the Supreme Court. 

Both the audit companies have been under the MCA's scanner after the probe by the Serious Fraud Investigation Office (SFIO) found that Deloitte had disregarded the Reserve Bank of India's (RBI) regulations and turned a blind eye to the defaulting firm IL&FS Financial Service Ltd's (IFIN) "evergreening" of loans, and never cross-checked any of the certificates used by the company to mislead lenders. 

BSR too was found to be involved in such gross negligence and violation of norms.

Reacting to Friday's order, a Deloitte spokesperson said: "The NCLT's ruling is unfortunate. While we need to review the written order before determining our further course of action, we continue to believe the NCLT lacks the jurisdictional authority to adjudicate this matter."

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Capital goods maker Thermax Ltd has proved it can be resilient during tough times in the economy. The firm’s execution skills were reflected in the strong revenue growth during the June quarter, though macroeconomic issues weighed on profitability and order flows

Net consolidated revenue of 1,392 crores zoomed past the 17-broker average forecast on Bloomberg by about 17%. It was 34% higher on a year-on-year (y-o-y) basis. Even the stand-alone revenue of 1,167.7 crores was up 37.5% y-o-y, for which analysts said the credit goes to the company’s better-than-expected execution.

Strong revenue and stringent cost-control in spite of higher raw material costs translated into 43.5% y-o-y growth in Ebitda (earnings before interest, tax, depreciation and amortization).

“The key takeaway was the consistency in execution trend, which led to revenue growth, giving some green shoots for the company to return back to the growth path," said analysts at ICICI Securities Ltd. This also explains why the stock rose 3.8% to 1,087.75 on the National Stock Exchange on Thursday.

Yet, there were pressures on operating cost due to the liquidity crunch and delays in projects from the customer’s end, at times. This, along with provisions made towards its Chinese subsidiary, in which operations were discontinued, weighed on profitability. Ebitda margin widened by 40 basis points to 7.1% but was lower than what the Street had pencilled.

That’s not all. Challenges are mounting in the economy, particularly for the capital goods sector. A few quarters ago, there was an increase in order flows that brought in optimism for this universe, especially for front-rung companies, such as Thermax, and well-managed global firms including Cummins India Ltd, Siemens Ltd and ABB India Ltd. However, the situation has turned grim since the general election, with core sector growth falling and weakness in almost all sectors of the economy.

For Thermax, consolidated order flows fell 26.3%, while the order book at the end of the June quarter was 18% lower from a year ago. M.S. Unnikrishnan, managing director and chief executive of Thermax, said: “Even after elections, we did not see many pick-ups in orders. With capacity utilization in most sectors below the optimal level, most companies are deferring capex plans. Even short-cycle orders are slow as most managements are cautious."

To be sure, Thermax’s resilience is the key reason for the stock’s outperformance compared with benchmark indices, such as the Nifty Midcap 100. However, analysts reckoned that the pain will continue for several quarters.

Given the inertia even in private sector capex, Thermax’s shares may be range-bound, as its price-to-earnings ratio of 28 times estimated FY21 earnings factors in all positives.

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If the index breaks below 10,782 then further decline towards 11,580 and 10,450 levels is possible. Maximum open interest for Put is seen at strike price 10,800

Indian equity markets shrugged off weak global cues immediately after opening lower and witnessed steady gains through the day to touch intraday high of 11,018 on August 6

But, profit booking in the last hour of trade saw the Nifty closing off its high at 10,948, up by 0.79 percent. The broader market indices outperformed the benchmark as BSE Midcap and Smallcap gained 1.4 percent and 1.7 percent, respectively, for the day.

The market breadth on the NSE was positive with eight advancing stocks versus three declining. Following August 5 Hammer candle, the Nifty has formed a bullish engulfing pattern on the daily time frame that suggests buying at lower levels.

However, if the index breaks below 10,782 then it may decline further towards 11,580 and 10,450. In the Nifty weekly options, maximum open interest for Put is seen at strike price 10,800 followed by 10,700; while for Call maximum open interest is seen at 11,200 followed by 11,000. The index bounced back after touching a low of 10,782. If the index crossed and sustained above 11,020, the index could see a pullback towards 11,150-11,200.

India VIX closed for the day at 16.12, down 2.77 percent. VIX is at higher levels after a sharp bounce from lower levels suggesting volatility to continue.

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Domestic net interest margin contracted 10bps sequentially and 29bps YoY to 2.85 percent in the quarter ended June 2019

Indian Bank shares rallied 6.7 percent intraday on August 6 after lower provisions and other income lifted June quarter profitability 75 percent year-on-year, but slippages remain elevated on a sequential basis.

The stock has fallen nearly 50 percent in the last one year, but August 6 gain was in addition to the 3.5 percent upside seen in the previous session. It was quoting at Rs 199.75, up to Rs 9.85, or 5.19 percent, on the BSE at 1049 hours.

Profit in the June quarter increased sharply by 74.6 percent year-on-year to Rs 365.4 crore, but net interest income fell 1.2 percent YoY to Rs 1,785.4 crore due to higher cost of funds and elevated slippages in Q1.

Slippages for June quarter stood at Rs 1,077 crore, rising 7.2 percent sequentially, though declined more than 22 percent year-on-year. Annualised slippage ratio jumped to 2.34 percent in Q1 against 2.14 percent in the previous quarter.

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Revenue jumped 15.7 percent to Rs 1,716.5 crore versus Rs 1,483 crore

Shares of Berger Paints India touched a 52-week high of Rs 350, rising 5 percent intraday August 6 after the company reported robust numbers in the quarter ended June 2019.

The company's Q1FY20 net profit rose 32 percent at Rs 176.8 crore versus Rs 133.9 crore in the same quarter last fiscal.

Revenue jumped 15.7 percent to Rs 1,716.5 crore versus Rs 1,483 crore.

Earnings before, interest, tax, depreciation and amortization (EBITDA) was up 27.5 percent at Rs 305.1 crore against Rs 239.3 crore and the margin was up 170 bps at 17.8 percent against 16.1 percent.

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Sterling and Wilson Solar Ltd’s initial public offering (IPO) will test investor appetite for large issues

After receiving an approval to raise 4,500 crores, the promoters of the company have decided to sell shares worth 3,125 crores.

At the higher end of the price band of 780, the price-to-earnings ratio works out to about 20 times FY19 earnings. As such, there are no direct listed peers for Sterling and Wilson in India. Nonetheless, these valuations are similar to Larsen and Toubro Ltd (L&T), and significantly higher than KEC International Ltd, both of which derive sizeable overseas revenues from EPC (engineering procurement and construction) work, although from different sectors.

Even so, Sterling and Wilson’s shorter execution cycles limit the working capital requirement, thereby offering superior returns. Furthermore, sizeable revenues come from overseas, where execution risks are comparatively lower. The promoters’ presence in a number of markets, industry relationships and project management expertise helps Sterling and Wilson Solar, which partly explains the IPO valuations.

“It is not easy for a normal EPC company to build such capability," says Deepak Agrawala, executive director (investment banking) at Elara Capital (India) Pvt. Ltd.

Revenue and profit, on average, have grown 44-72% per annum in the last three fiscal years. The robust growth and steady profitability underscore Sterling and Wilson’s competitive advantage in utility-scale projects.

That said, given the short execution cycles of solar power projects, it is crucial that the order book is replenished quickly. Note that excluding other income, the company’s profitability has remained stable despite the steady decline in tariffs across the globe. This was helped by high exposure to overseas projects, which are more remunerative than projects in India.

Even so, Sterling and Wilson’s Ebitda margin (excluding other income) of 7.8% is lower than 11.6% clocked by L&T and 10.5% by KEC for FY19. Ebitda is short for earnings before interest, tax, depreciation and amortization.

Further, as projects in the overseas markets are increasingly being awarded through competitive bidding, suppressing tariffs, analysts fear the profitability of the industry stakeholders will be compressed or capped.

According to one domestic market observer, the pressure ultimately comes on EPC. “We are living through a revolution in the costs of renewable power technology. Lower costs will boost wind and solar generation’s share of the power mix from the current 6% to a much higher level in the coming years. This will create both opportunities and disruption in the industry," Alex Whitworth, research director at Wood Mackenzie, said in a recent note on renewables in Asia-Pacific

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Indian shares sank to a fresh five-month low, led by losses in metals and public sector bank stocks, following a global sell-off as investor fears were piqued by the escalating Sino-U.S. trade war in the broader Asian markets

The Chinese yuan broke below the psychological 7-per-dollar threshold after U.S. President Donald Trump abruptly decided on Thursday to slap 10% tariffs on the remaining $300 billion in Chinese imports. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.7%.

The rupee hit its weakest level since Mid-May at 70.49 rupees per dollar.

Domestic investor sentiment in equities, which seemed to be upbeat on Friday after reports said the government was looking into foreign portfolio investors' tax concerns, returned to being bearish due to the escalating trade war.

The broader Nifty was down 1.62% at 10,819.55 as of 0447 GMT, while the benchmark BSE Sensex was 1.55% lower at 36,537.09.

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At a time when investors are edgy about fast-moving consumer goods’ (FMCG) outlook given the consumption slowdown, Marico Ltd’s June quarter results are comforting

The company, popular for its Parachute coconut hair oil brand, has clocked 6% domestic volume growth in the last quarter. Considering that volume growth in the base June 2018 quarter was relatively high at 12%, the current year’s performance doesn’t look that bad.

Marico’s volume performance in the June quarter was helped by good growth in Parachute rigid packs (blue bottles), which saw volume market share gain. That’s nothing to sneeze at especially when copra, a key raw material, is in a downcycle. On the other hand, Saffola edible oil’s performance continues to be an area of pain.

Meanwhile, copra prices fell sharply by 25% year-on-year during the June quarter. This has helped the company benefit on the profit margin front. On a consolidated basis, Marico’s Ebitda (earnings before interest, taxes, depreciation and amortization) margin for the June quarter expanded 323 basis points year-on-year to 21.3%. This is despite a sharp increase in advertisement and sales promotion expenses.

“The company has not passed on lower copra prices through price cuts in this downcycle given much stronger brand franchise and relative competitive position versus local and regional brands in wake of liquidity crunch and wholesale channel disruption since GST," said Varun Lohchab of Jefferies India Pvt. Ltd in a report on 2 August.

Marico has told analysts that there might be an increase in copra prices in the second half of the fiscal year. As such, analysts don’t seem perturbed as of now and, in general, margins are broadly expected to improve in FY20. “We model Ebitda margin expansion in the financial year 2020 (+160 basis point year-on-year) driven by benign input cost environment said ICICI Securities Ltd.

At a time when demand woes are clouding sentiments for FMCG stocks, Marico appears to be enjoying a cushy spot. Currently, the stock trades at about 43 times FY20 estimated earnings, not as expensive as some of its peers.

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Private sector thermal power producer Adani Power on Friday said that it has completed the acquisition of GMR Chhattisgarh Energy (GCEL)

According to the company, the acquisition of GCEL has concluded at an enterprise valuation of approximately Rs 3,530 crore.

GCEL owns and operates a 1,370 MW supercritical power plant at Raikheda village in Chhattisgarh's Raipur district.

GCEL presently supplies power to Gujarat under a short term, 1000 MW Case 4 PPA with the Gujarat Urja Vikas Nigam Ltd.

"The addition of 1,370 MW capacity, along with the recently concluded acquisition of the 600 MW Korba West Power Co. Ltd., solidifies APL's position as India's largest private-sector thermal power producer, with aggregate operating capacities of 12,450 MW," the company said in a statement.

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