Tata Power in focus after MERC nod to extend BEST, Tata Power PPA

Tata Power will be watched. Maharashtra Electricity Regulatory Commission (MERC) has allowed Brihanmumbai Electric Supply and Transport Undertaking (BEST) to extend its existing Power Purchase Agreement (PPA) with The Tata Power Company (TPC-G) for 677 MW supplied from its Trombay Thermal and Hydro plants for a period of five years from 1 April 2019 to 31 March 2024. BEST and Tata Power have agreed for an extension of PPA with existing terms and conditions. The announcement was made after market hours yesterday, 2 January 2019.

State-run banks will be watched. The Union Cabinet chaired by Prime Minister Narendra Modi has approved the scheme of amalgamation of Bank of Baroda, Vijaya Bank and Dena Bank, with Bank of Baroda as the transferee bank and Vijaya Bank and Dena Bank as transferor banks. The amalgamation will be the first-ever three-way consolidation of banks in India, with the amalgamated bank being India's second largest public sector bank. The scheme shall come into force on 1 April 2019. The announcement was made after market hours yesterday, 2 January 2019.

Advanced Enzyme Technologies announced that it received an email dated 2 January 2019 from Mr. Piyush Rathi, chief business officer (also designated as key managerial personnel by the board) tendering his resignation from the services of the company. The said resignation shall be placed at the ensuing Board meeting of the Company scheduled to be held on 8 January 2019. The announcement was made after market hours yesterday, 2 January 2019.

Equitas Holdings announced that Equitas Small Finance Bank has revised the interest rates on it savings account with effect from 1 January 2019. Equitas Small Finance Bank offers 5.5% per annum (pa) interest on SB deposits for balance up to 1 lakh. Above Rs 1 lakh and up to Rs 10 lakh, the interest rate is 6% pa. Above Rs 10 lakh and up to Rs. 1 crore the interest rate is 6.50% pa. Above Rs 1 crore and up to Rs 5 crore, the interest rate is 7% pa. Above Rs 5 crore and up to Rs 30 crore the interest rate is 7.25% pa. Above Rs 30 crore and up to Rs 50 crore, the interest rate is 7.50% pa. The announcement was made after market hours yesterday, 2 January 2019.

Bank of India announced that its board approved hiking authorized capital from Rs 3000 crore to Rs 6000 crore. The board also approved obtaining approval of the shareholders through postal ballots for issuing shares to Government of India through preferential issue in respect of share application money of Rs 10,086 crore received on 31 December 2018. Further, the board also approved capital raising plan for issue of equity shares and tier-I and tier-II capital bonds to be raised at appropriate times in future. The announcement was made after market hours yesterday, 2 January 2019.

Autoline Industries said it has entered into an investment agreement with IndiaNivesh Renaissance Fund (Category II alternative investment fund) managed by IndiaNivesh First Bridge Fund Managers and executed the agreement and other required documents on 2 January 2019. IndiaNivesh Renaissance Fund is investing fund of Rs 35 crore in the company by way of subscribing convertible share warrants pursuant to the shareholders' approval received on 16 November 2018. The announcement was made after market hours yesterday, 2 January 2019.

Jindal Steel and Power (JSPL) announced appointment of Mr. Sudhanshu Saraf as the chief executive officer of steel business. The appointment of Mr. Sudhanshu Saraf as CEO - Steel Busmess comes alongwith the elevation of Mr. Naushad Akhter Ansari as joint managing director (JMD) of JSPL. The announcement was made after market hours yesterday, 2 January 2019.

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