Several companies, including GAIL, Vedanta, and Bharti Airtel, are expected to see active trading today, July 10, based on recent corporate developments and news.
GAIL India Secures Long-Term Gas Deal
State-owned GAIL India has extended its gas sale and purchase agreement with Oil India for an additional 15 years. This agreement, effective from July 1, involves the supply of up to 900,000 standard cubic meters per day of natural gas.
The gas will originate from Oil India’s Bakhri Tibba block in Rajasthan and be supplied to a power plant operated by the state’s electricity generation company.
Vedanta Under Scrutiny from Short Seller
Shares of Vedanta Ltd will be closely watched after US short seller Viceroy Research released a critical report. The report alleges that billionaire Anil Agarwal’s mining conglomerate is “financially unsustainable” and poses a significant risk to its creditors.
Viceroy has stated it is shorting the debt stack of Vedanta Resources, which is the parent company and majority owner of the Mumbai-listed Vedanta Ltd.
RailTel Wins Major Connectivity Contract
RailTel Limited has secured a substantial order valued at Rs 17.47 crore from the General Administration Department (GAD) of Chhattisgarh. Under this contract, RailTel will be responsible for network connectivity, operation and maintenance (O&M), and hardware procurement.
The project also includes the commissioning and implementation of a revamped integrated communication WLAN LAN EPBAX Infrastructure across the state.
Enviro Infra Engineers Forms New Joint Venture
Enviro Infra Engineers Ltd has entered into a joint venture (JV) agreement with AltoraPro Infrastructure Private Limited. This new JV has already clinched a significant contract.
The joint venture was awarded a contract valued at Rs 395 crore by the Maharashtra Industrial Development Corporation (MIDC).
Reliance Power Subsidiary Gets High Court Relief
Reliance Power’s subsidiary, Reliance NU Suntech Private Limited, recently challenged a notice from Solar Energy Corporation of India Limited (SECI) in the Delhi High Court. The subsidiary sought a stay on the proposed termination of its power purchase agreement.
The High Court granted a “status quo” order between the parties, restraining SECI from taking any coercive actions against Reliance NU Suntech Private Limited.
Bharti Airtel Partners with Ericsson for FWA Expansion
Bharti Airtel and Ericsson have announced a new agreement aimed at bolstering Airtel’s rollout of Fixed Wireless Access (FWA) services across India. This partnership deepens their long-standing collaboration.
The deployment will enhance Airtel’s core network capabilities and capacity for FWA, ultimately improving the customer experience for Airtel FWA users.
Prestige Estates Reports Record Quarterly Sales
Realty firm Prestige Estates Projects Ltd has reported an impressive four-fold jump in its sales bookings for the first quarter of this fiscal year. The company recorded sales of Rs 12,126.4 crore, a significant increase from Rs 3,029.5 crore in the same period last year.
This remarkable 300 percent growth marks the company’s strongest quarterly performance to date, driven primarily by robust demand for its housing project in Ghaziabad.
Crizac Makes Strong Market Debut
Shares of Crizac Ltd, a student recruitment solutions provider, made a strong debut on the stock market. The stock opened at Rs 280 on the BSE, representing a 14.28 percent jump from its issue price.
It later surged to Rs 307.95, finishing its first day of trading at Rs 307.45 apiece, up 25.48 percent from its issue price.
- GAIL India secured a 15-year gas supply extension with Oil India.
- Vedanta faces allegations of being “financially unsustainable” from a US short seller.
- Prestige Estates reported its best-ever quarterly sales, jumping 300 percent.
Investors will be monitoring these developments as the companies navigate their respective market challenges and opportunities.
