Sterlite Power sold almost 14.70% stakes in IndiGrid worth Rs. 840 crore:
Sterlite Power: It is one of the largest power transmission companies in India located in Mumbai. The company provides power transmission and distribution across India. However, the company also manufactures power conductors and cables. The present Managing Director (MD) of the company is Pratik Pravin Agarwal.
Meanwhile, the company board members on Friday, August 14th decided and approved to sell almost 14.70% stakes in India Grid Trust (IndiGrid) worth Rs. 840 crores. The company is the first infrastructure investment trust in the power sector.
Besides, the company sold its stakes of worth Rs. 840 crores in IndiGrid with a face value of Rs. 98 via the open market. The sale of its stakes is made due to institutional and high net worth individuals (HNI) investors of the company.
“Our company will focus mainly on the core business, as the developer of power transmission assets. We remain committed to executing asset transfers of worth Rs. 6,500 crores as per the agreement with IndiGrid,” said Sterlite Power Managing Director (MD), Pratik Agarwal.
On the other side, Sterlite Power is one of the sponsors to IndiGrid and also one of the shareholders of Sterlite Investment Managers (SIML). The company produces almost 13,700 circuit kms (ckms) and 24,800 MVA (Mega Volt-Amp) in India and Brazil.
However, the shares of Sterlite Power Limited reported a bullish trend in the stock market on Friday. The company is not listed in the BSE stock market. While in BSE, the company gained 0.05 points with a 0.35% increase and reached 14.50 INR.
Stock Market August 14th:
On Friday, both Sensex and Nifty continues its bearish trend in the stock market from the last two sessions. The Sensex is trading below 37,900 levels and Nifty is trading below 11,200 levels in the stock market. The Sensex lost 433.15 points with a 1.13% decrease and reached a 37,877.34 level. While Nifty lost 122.05 points with a 1.08% decrease and reached 11,178.40 level.
On the other side, the number of coronavirus cases in India reached 25,26,192 as of Saturday, August 15th, and deaths reached 49,036.
In the border market, the S&P BSE SmallCap reported a bullish trend in the stock market on Friday. It lost 84.46 points with a 0.61% decrease and reached a 13,855.18 level. The S&P BSE Midcap lost 149.17 points with a 1.02% decrease and reached a 14,433.58 level. While Nifty Bank lost 516.95 points with a 2.33% decrease and reached 21,679.40 level.
Top Gainers on August 14th: JSW Steel, Coal India, Sun Pharma, Cipla, and NTPC are the top gainers in today’s stock market.
Top Losers on August 14th: Eicher Motors, Tata Motors, Axis Bank, M&M, and SBI are the top losers in today’s stock market.