Page 3 - Pfc

PFC pays Rs 462 cr final dividend for 2023-24 to govt; BHEL pays Rs 55 cr

State-owned Bharat Heavy Electricals Ltd (BHEL) on Wednesday said it has paid a final dividend of Rs 55 crore for 2023-24 to the government. To this effect, a cheque towards the final dividend on the equity (63.17 per cent) held by the Government of India, was presented to H. D. Kumaraswamy, Union Minister of Heavy Industries and Steel by K Sadashiv Murthy, Chairman and Managing Director, BHEL, a company statement said. The total dividend paid to the company's shareholders for 2023-24 amounted to over Rs 87 crore.

PFC, REC gain up to 3% as UBS initiates 'buy' rating on high growth outlook

UBS believe REC and PFC's growth drivers and trajectory will be similar, with REC growing slightly ahead of PFC.

Ajit Mishra of Religare Broking recommends buying these stocks on August 29

PFC has registered a decisive breakout from the intermediate falling resistance trendline with strong volumes.

Power Grid acquires two project special purpose vehicles from PFCCL

Power Grid Corp on Thursday said it has acquired 2 project special purpose vehicles from PFC Consulting Ltd. The two SPVs are Sirohi Transmission Ltd and Beawar-Mandsaur Transmission Ltd, a company statement said. Sirohi Transmission shall implement a system comprising establishment of new 765/400 kV sub-station near Sirohi in Rajasthan, 765kV & 400kV D/C transmission lines and associated bays extension works at existing substation in the state. Beawar-Mandsaur Transmission shall implement a system comprising establishment of 765kV D/C transmission line and associated bays extension works at existing sub-station in Rajasthan and Madhya Pradesh. Both transmission systems are to be commissioned in 24 months. According to the statement, the bid process coordinator for the two SPVs is PFC Consulting Ltd (PFCCL), which conducted a tariff-based competitive bidding. POWERGRID, through its various project SPVs, is implementing transmission system projects being constructed on build, own,

Nifty PSE off its all-time high; what's worrying the investors?

In the past two months, major PSE index constituents are experiencing profit booking. Here's how analysts view the space

PFC secures 25.5 bn yen loan from JBIC to finance wind energy project

State-owned Power Finance Corporation (PFC) on Thursday said that it has secured a loan of 25.5 billion Japanese yen (around Rs 147 crore) from Japan Bank for International Cooperation (JBIC) for a wind energy project. This loan is part of JBIC's Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) initiative, a PFC statement said. According to the statement, PFC has secured a long-term loan of JPY 25.5 billion from the JBIC. In addition to JBIC's contribution, the loan is co-financed by Sumitomo Mitsui Banking Corporation and other Japanese banks. JBIC will also provide a guarantee for the portion of the loan co-financed by these private financial institutions. The loan proceeds will be used to finance 300.3 MW Wind Energy Project of Ostro Kannada Power Private Ltd (OKPPL) in Karnataka, India.

State-owned PFC signs agreement with CVPPPL for Rs 1,870 crore term loan

State-owned PFC on Friday said it has signed an agreement with the Chenab Valley Power Project Private Limited (CVPPPL) to extend a term loan of Rs 1,869.265 crore. The CVPPPL is a 51:49 per cent Joint Venture of NHPC LTD and Jammu And Kashmir State Power Development Corporation Limited (JKSPDC), Power Finance Corporation (PFC) said in a statement. PFC signed an agreement with CVPPPL for Rs 1,869.265 crore term loan, it added. With this agreement, the financial closure for Kiru HEP (hydroelectric project) for Rs 3,738.53 crore has been achieved, PFC said. As per the agreement, the loan will be used to develop and construct the greenfield Kiru Hydro Electric Project (4x156 MW) on the river Chenab in the Kishtwar District of Jammu & Kashmir. PFC, under the Ministry of Power, is the largest non-banking financial company (NBFC).

LS Polls: Correction in mid, smallcap stocks may not be over, warn analysts

Going ahead, analysts see more pain in the offing for broader markets as stocks command extremely rich valuations, limiting upside in the near-term

PSU stocks climb up to 9% as exit polls predict landslide victory for BJP

Shares of state owned companies cracked the upper ceiling on the BSE in Monday's early trades. The BSE CPSE index was up 6.9 per cent at 4,389 levels

Vedanta secures 11-year Rs 3,900 crore loan from PFC, says report

Mining conglomerate Vedanta Ltd has secured an 11-year term loan of Rs 3,918 crore from Power Finance Corporation Ltd (PFC), sources said. The financial closure will enable Vedanta to expedite completion of its power projects. The group plans to increase the operating capacity of its power business in India to 4.8 GW by FY27, sources with knowledge of the matter said. The latest financing follows Vedanta group's takeover of Meenakshi Energy Ltd on December 28 in an NCLT-driven insolvency process. Meenakshi Energy has a coal-based power plant at Nellore, Andhra Pradesh, which Vedanta will use to supply power to merchants. Vedanta has acquired two plants -- Meenakshi Energy Ltd in Andhra Pradesh with a capacity of 1 GW, and Athena Power in Chhattisgarh with a capacity of 1.2 GW. It will primarily use the funds for these two of its key power plants, they said. The funding is part of the group's renewed focus on growing its energy portfolio in India and the financial closure will en

PFC partners with SACE to enhance cooperation between India and Italy

State-owned Power Finance Corporation (PFC) on Friday said it has become the first government firm to collaborate with SACE, an Italian export credit agency, to boost the cooperation between the two countries. PFC is partnering with SACE, the export credit agency of Italy, for an innovative ECA-backed financing facility under its 'Push Strategy' initiative, according to a statement. This proposed partnership will position PFC as the first government-owned entity in India to partner with SACE under this initiative. Through this structure, PFC will benefit from an 80 per cent guarantee from SACE, with HSBC acting as a coordinating bank, lead arranger and facility agent for the financing of up to 200 million euros. Further, the envisaged financing under the 'Push Strategy' will provide project owners across India an opportunity to access Italian technology and collaborate with Italian companies through business-matching activities. "PFC has always been at the forefront of exploring .

Power Finance Corporation Q3 result: Net profit rises 20% to Rs 6,294 crore

State-owned Power Finance Corporation on Thursday said it has posted an over 20 per cent rise in its consolidated net profit to Rs 6,294.44 crore in the December quarter, on the back of higher revenues. The company's consolidated net profit was Rs 5,241.10 crore in the quarter ended on December 31, 2022, according to a BSE filing. Total income in the quarter rose to Rs 23,593.40 crore from Rs 19,662.65 crore in the same period a year ago. The board, in its meeting on Thursday, approved the declaration of a second interim dividend at the rate of 35 per cent, of Rs 3.50 per equity share, subject to deduction of TDS, on the face value of the paid-up equity shares of Rs 10 each for FY 2023-24. The date of payment /dispatch of the interim dividend shall be on or before March 9, 2024, the filing said. In a separate statement, the company said it has registered a 19 per cent rise in consolidated loan asset book from Rs 8,04,526 crore as on December 31, 2022, to Rs 9,54,483 crore as on ..

PFC gets RBI nod to set up wholly-owned finance company in GIFT City

Power Finance Corporation (PFC) on Tuesday received approval from the Reserve Bank of India (RBI) to set up a wholly-owned finance company. The company is planning to set up a subsidiary at the International Financial Services Centre (IFSC) in GIFT City, Gujarat. PFC is in receipt of the no objection letter dated January 9, 2024, from the RBI for setting up a finance company (as a wholly-owned subsidiary) at IFSC in GIFT City, Gujarat. "PFC's entry into the IFSC is expected to open up new business opportunities and establish PFC's global presence," PFC said in a BSE filing. Under the Ministry of Power, PFC is an infrastructure finance company.

State-owned PFC commits Rs 25,000 cr for power sector projects in Gujarat

State-owned Power Finance Corporation has inked an initial pact with the Gujarat government to provide comprehensive financial backing for the state's generation, transmission, and distribution projects. Power Finance Corporation (PFC) signed an MoU with the government of Gujarat on January 3, 2024, according to a company statement issued on Wednesday. The MoU was signed by Parminder Chopra, CMD PFC and Jai Prakash Shivhare, MD (GUVNL) in the presence of Bhupendra Patel, Chief Minister of Gujarat. The chief objective of this MoU is to provide comprehensive financial backing for the state's generation, transmission, and distribution projects. The MoU, signed in Gandhinagar, marks a significant step towards bolstering various projects undertaken by the Gujarat Urja Vikas Nigam Limited (GUVNL), Gujarat State Electricity Corporation Limited (GSECL), Gujarat Energy Transmission Corporation Ltd (GETCO), Dakshin Gujarat Vij Company Ltd (DGVCL), Madhya Gujarat Vij Company Ltd (MGVCL), Pasc

PFC signs MoU with Gujarat govt for power projects worth Rs 25,000 crore

'The collaboration will not only focus on the expansion of power infrastructure, but also help create employment generation of up to 10,000 in Gujarat,' said the Ministry of Power

Lanco Amarkantak Power creditors to vote on Adani Power's Rs 4,100 cr bid

An unsolicited bid of Rs 3,650 crore was submitted by Adani Power, which was later improved to Rs 4,100 crore

Polycab India, Lodha, Shriram Finance, and PFC may migrate to largecaps

Further, Mazagon Dock, Suzlon Energy, Lloyds Metals and SJVN could migrate from smallcap universe to midcap universe, as per an analysis done by Nuvama Alternative & Quantitative Research

Serentica Renewables secures Rs 5,600 crore funding from REC, PFC

Serentica Renewables on Monday said it has raised Rs 5,600 crore funding from state-owned firms REC and PFC. It has raised Rs 3,000 crore debt funding from REC and Rs 2,600 crore debt funding from PFC, the company said in a statement. This transaction is in line with REC's expanding role in funding green projects and position itself as the focal agency for energy transition," Vivek Kumar Dewangan, Chairman & Managing Director, REC said. Pratik Agarwal, Director, Serentica said, "With the funding secured, we will be accelerating the development of our first phase of projects, which will bring clean energy to hard-to-abate energy intensive industrial consumers and help them move towards a net-zero future." Serentica is committed to developing 4GW of renewable energy capacities across the country to deliver round-the-clock green energy needs of its customers. The overall portfolio will supply more than 9 billion units (BUs) of clean energy annually, offsetting 8.5 million tonne of ...

SJVN inks pact with PFC to get finance for projects worth Rs 1.18 trn

State-owned power producers SJVN Ltd on Wednesday said it has inked an initial pact with Power Finance Corporation (PFC) to get finance for its projects worth Rs 1.18 lakh crore. "PFC and the company have signed a Memorandum of Understanding (MOU) for financial assistance to various diversified portfolio of projects, including majorly Renewable Energy projects and thermal generation projects to be set up at a total project cost of about Rs 1,18,826 crore," a BSE filing said. The term loan financial assistance is tentatively proposed at 70 per cent of the project cost, which may be increased for renewable energy projects as per project requirements, it stated. In a separate statement, PFC said, "PFC and SJVN Ltd have signed an MoU for providing financial support to various projects, including massive Renewable Energy ventures (Solar, Hydro, and Pumped Storage) totalling 12,178 MW capacity, along with a 660 MW thermal generation project for an estimated project cost of approximately R

PFC gets shareholders' nod to issue bonus shares in proportion of 1:4

State-owned Power Finance Corporation (PFC) has received shareholders' approval to issue bonus shares by capitalising up to Rs 660.02 crore in its securities premium account. "All business items proposed for the 37th AGM of the company have been approved with requisite majority," a BSE filing said. The PFC had proposed to issue bonus shares by capitalising securities premium account to the extent that each shareholder is entitled to a new equity share of Rs 10 each for every four equity shares of Rs 10 each. The proposal was listed for the annual general meeting (AGM) held on September 12. The PFC's board, at its meeting on August 11, recommended issuing bonus shares to shareholders in the proportion of 1:4 by capitalising Rs 6,60,02,03,520 in the securities premium account. The company also got shareholders' approval to appoint Parminder Chopra as its Chairman and Managing Director (CMD). Pursuant to the Ministry of Power order on August 14, 2023, the board of directors, on the