Northland Electrical power Inc. (TSE:NPI – Get Rating) – Equities scientists at Nationwide Lender Fiscal reduced their Q2 2022 earnings estimates for Northland Electricity in a investigate report issued to consumers and buyers on Wednesday, Might 11th. Countrywide Lender Money analyst R. Merer now expects that the solar electricity supplier will article earnings per share of $.07 for the quarter, down from their previous estimate of $.13. National Lender Financial also issued estimates for Northland Power’s Q3 2022 earnings at $.07 EPS and Q4 2022 earnings at $.29 EPS.
A amount of other analysts have also not long ago weighed in on NPI. Credit history Suisse Team elevated their selling price target on Northland Power from C$50.00 to C$51.00 and gave the enterprise an “outperform” rating in a investigate observe on Wednesday, April 20th. Tudor Pickering & Holt set a C$43.00 focus on value on Northland Power and gave the inventory a “buy” ranking in a study take note on Thursday, February 10th. CIBC upped their price tag concentrate on on Northland Power from C$43.00 to C$44.00 and gave the corporation an “outperform” ranking in a report on Thursday, April 21st. CSFB lifted their price tag goal on shares of Northland Ability from C$50.00 to C$51.00 in a report on Wednesday, April 20th. Lastly, Scotiabank upped their focus on cost on shares of Northland Power from C$42.25 to C$46.25 in a report on Friday, April 8th. One particular analyst has rated the stock with a keep score and eleven have issued a obtain ranking to the stock. In accordance to knowledge from MarketBeat, the corporation presently has an normal rating of “Buy” and a consensus target rate of C$46.63.
Northland Energy stock opened at C$37.71 on Friday. The enterprise has a present ratio of 1.01, a quick ratio of .76 and a debt-to-equity ratio of 276.77. The firm has a fifty day straightforward going ordinary of C$40.57 and a 200-day straightforward moving ordinary of C$38.68. The inventory has a market place cap of C$8.56 billion and a P/E ratio of 46.16. Northland Electrical power has a 12-month very low of C$34.95 and a 12-thirty day period large of C$44.11.
Northland Power (TSE:NPI – Get Score) past issued its quarterly earnings results on Thursday, February 24th. The solar power supplier claimed C$.27 earnings for every share (EPS) for the quarter, lacking analysts’ consensus estimates of C$.31 by C($.04). The enterprise experienced profits of C$640.09 million for the quarter, in contrast to the consensus estimate of C$557.00 million.
The business enterprise also a short while ago introduced a regular dividend, which was compensated on Monday, April 18th. Stockholders of report on Monday, April 18th ended up issued a $.10 dividend. This represents a $1.20 dividend on an annualized foundation and a dividend produce of 3.18{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. The ex-dividend date was Wednesday, March 30th. Northland Power’s payout ratio is at the moment 110.16{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
Northland Power Inc, an independent electrical power producer, develops, builds, owns, and operates clean up and green electricity jobs in North America, Europe, Latin The usa, and Asia. The enterprise makes energy from renewable assets, these kinds of as wind, solar, or hydropower, as perfectly as clean up-burning purely natural gas and biomass for sale less than power order agreements and other profits arrangements.
See Also
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Editor’s take note: Read through the latest developments in this tale right here.
With freezing weather sweeping into Texas late this 7 days, subsidiaries for a main pipeline business are threatening to lower off pure gas to the state’s most significant electric power generator — which could influence the energy source for hundreds of hundreds of prospects — about a economic dispute stemming from final February’s lethal wintertime storm.
Vistra Corp. subsidiary Luminant on Wednesday requested the Railroad Fee of Texas, which regulates the state’s oil and gasoline business, to reduce Electrical power Transfer LP from chopping off gasoline to 5 Vistra energy crops, which create enough electric power to electricity 400,000 Texas homes, enterprises and critical infrastructure these types of as hospitals and faculties.
Railroad Commission officers have not responded to queries about irrespective of whether the company will act.
The providers under Power Transfer, the pipeline enterprise, have informed Vistra that gas will quit flowing to five Vistra electrical power plants on Monday unless of course Vistra pays Power Transfer $21.6 million, in accordance to the filing.
The “threat to terminate service in the center of winter season is illegal and grossly irresponsible and need to be prohibited by this Commission,” Vistra explained in the grievance to the Railroad Commission.
Vistra known as the move by Vitality Transfer, run by billionaire Kelcy Warren, “a kind of professional extortion.”
Railroad Fee Chair Wayne Christian expressed his worry Thursday on Twitter: “I am paying out shut focus to this. @EnergyTransfer and @VistraCorp ought to arrive with each other to take care of this problem so that no Texans eliminate fuel or electric powered assistance in the course of cold weather. Do what’s proper for Texans.”
All through very last year’s winter storm — which caused the close to-total collapse of the state’s electricity grid, still left thousands and thousands devoid of ability for days and induced hundreds of fatalities — Vistra invested approximately $1.5 billion for purely natural gasoline, “twice its prepared organic fuel cost to gasoline its whole Texas fleet for a full 12 months,” the submitting claimed. Vistra paid out Strength Transfer additional than $600 million during the storm, “which is far more than 96{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of all quantities invoiced by [Energy Transfer].”
The value for organic gas soared throughout the storm, when a combination of freezing temperatures throughout the state and skyrocketing need shut down natural fuel facilities and ability crops, which rely on every single other to retain energy flowing.
While numerous providers shed money throughout the storm, Electricity Transfer designed $2.4 billion. Electricity Transfer did not straight away reply to a ask for for remark.
Readers are referred to the section “Forward-Looking Statements” at the end of this release. All figures are expressed in Canadian dollars.
Power continues to simplify corporate structure
Power Corporation sells its 13.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} interest in ChinaAMC to IGM Financial
Transaction to be partially funded through sale by IGM of common shares of Great-West Lifeco to Power Corporation
Further opportunity to support Power share buyback program
MONTRÉAL, Jan. 5, 2022 /CNW Telbec/ – Power Corporation of Canada (Power Corporation or Power) (TSX: POW) today announced that it has entered into an agreement under which the Power Corporation group of companies’ current combined 27.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} equity ownership stake in China Asset Management Co., Ltd. (ChinaAMC) will be consolidated at IGM Financial Inc. (IGM) (TSX: IGM). Under the agreement, Power will sell its 13.9{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} ownership stake to Mackenzie Financial Corporation, a wholly owned subsidiary of IGM, for aggregate consideration of $1.15 billion in cash. Power shareholders will continue to participate in ChinaAMC through Power’s 64.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} economic interest in IGM.
To partially fund the transaction, IGM has agreed to sell 15,200,662 Great-West Lifeco Inc. (Great-West Lifeco) (TSX: GWO) common shares to a subsidiary of Power Financial Corporation (Power Financial or PFC), for aggregate consideration of $575 million, representing a price of $37.83 per share which is equivalent to the 5-day volume-weighted average price of the Great-West Lifeco common shares as at the close of business on January 5, 2022 (the Great-West Lifeco Share Transfer).
“We continue to execute on our strategy to simplify and streamline Power and to deliver value for our shareholders,” said R. Jeffrey Orr, President and Chief Executive Officer of Power Corporation. “We look forward to continued participation in ChinaAMC through our ownership of IGM. We also believe this is an attractive opportunity to both increase our ownership in Great-West Lifeco and support our share buyback initiatives.”
Power Corporation expects to return a portion of the net cash proceeds from the transaction to its shareholders, after factoring in the purchase of Great-West Lifeco common shares, through share repurchases over time pursuant to a normal course issuer bid of Power. The transaction is expected to be accretive to Power’s net asset value.
Timing and Regulatory Approvals
The sale of Power’s interest in ChinaAMC will be subject to, among other things, approval by the China Securities Regulatory Commission and by certain other Chinese regulatory authorities.
The acquisition by Power of the Great-West Lifeco common shares is conditional on the closing of the sale of the ChinaAMC shares.
The transactions are expected to close in the first half of 2022.
Advisors
BMO Capital Markets and Morgan Stanley are acting as financial advisors to Power. Blake, Cassels & Graydon LLP, and Baker McKenzie are acting as Power’s legal advisors.
Early Warning Disclosure
PFC currently beneficially owns, including through its controlling interest in IGM, an aggregate of 657,587,165 Great-West Lifeco common shares, representing approximately 70.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the issued and outstanding Great-West Lifeco common shares (69.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} on an economic basis). Excluding Great-West Lifeco common shares beneficially owned by IGM, PFC currently owns 620,250,032 Great-West Lifeco common shares, representing approximately 66.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the issued and outstanding Great-West Lifeco common shares.
On closing of the Great-West Lifeco Share Transfer, PFC will indirectly acquire 15,200,662 additional Great-West Lifeco common shares (representing approximately 1.6{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the issued and outstanding Great-West Lifeco common shares) such that PFC will beneficially own an aggregate of 635,450,694 Great-West Lifeco common shares, excluding those beneficially owned by IGM, representing 68.3{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the issued and outstanding Great-West Lifeco common shares. The Great-West Lifeco Share Transfer will not impact the aggregate beneficial ownership of Great-West Lifeco common shares by PFC, which shall remain at 70.7{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the issued and outstanding Great-West Lifeco common shares (including indirect beneficial ownership through its controlling interest in IGM). PFC’s economic interest will increase to 69.8{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. PFC and its subsidiaries will continue to own, in the aggregate, voting securities representing approximately 65{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of the votes attached to all voting securities of Great-West Lifeco.
PFC holds the Great-West Lifeco common shares for investment purposes and, in accordance with applicable securities laws, may increase or decrease its investment in Great-West Lifeco depending on market conditions and then relevant factors. PFC relies on Part 5 of National Instrument 62-103 in respect of aggregation relief relating to any securities that may be held by Great-West Lifeco and its subsidiaries, IGM and its subsidiaries, and any investment fund managed by entities within the Power Corporation group of companies.
About Power Corporation
Power Corporation is an international management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. To learn more, visit www.PowerCorporation.com.
Power Financial, a wholly owned subsidiary of Power Corporation of Canada, is an international management and holding company with interests in financial services and asset management businesses in Canada, the United States and Europe. It also has significant holdings in a portfolio of global companies based in Europe. PFC is continued under the Canada Business Corporations Act and its head office is located at 751 Victoria Square, Montréal, Quebec H2Y 2J3. To learn more, visit www.PowerFinancial.com.
About China Asset Management Co., Ltd
Founded in 1998 as one of the first fund management companies in China, China Asset Management Co., Ltd. (ChinaAMC) has maintained a market leading position in China’s asset management industry with total AUM of approximately RMB¥1.607 trillion ($309 billion) at June 30, 2021. The company currently serves over 75,000 institutional clients and 184 million retail investors. ChinaAMC boasts one of the industry’s strongest investment teams with over 250 dedicated investment professionals. CITIC Securities is the largest shareholder of ChinaAMC. To learn more, visit fund.chinaamc.com for more information.
About IGM Financial Inc.
IGM Financial Inc. is one of Canada’s leading diversified wealth and asset management companies with approximately $270 billion in total assets under management and advisement at November 30, 2021. The company provides a broad range of financial planning and investment management services to help more than two million Canadians meet their financial goals. Its activities are carried out principally through IG Wealth Management, Mackenzie Investments and Investment Planning Counsel. To learn more, visit www.igmfinancial.com.
About Great-West Lifeco Inc.
Great-West Lifeco Inc. is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. It operates in Canada, the United States and Europe under the brands Canada Life, Empower Retirement, Putnam Investments, and Irish Life. To learn more, visit www.greatwestlifeco.com.
Forward-Looking Statements
Certain statements in this news release, other than statements of historical fact, are forward-looking statements based on certain assumptions and reflect Power’s and PFC’s current expectations, or with respect to disclosure regarding Power’s and PFC’s public subsidiaries, reflects such subsidiaries’ disclosed current expectations as disclosed in their respective MD&A. Forward-looking statements are provided for the purposes of assisting the reader in understanding the Power’s and PFC’s financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management’s current expectations and plans relating to the future and the reader is cautioned that such statements may not be appropriate for other purposes. These statements include, without limitation, statements regarding the anticipated benefits of the disposition of Power’s equity ownership stake in ChinaAMC and the Great-West Lifeco Share Transfer, the timing of the completion of the disposition of Power’s equity ownership stake in ChinaAMC and the Great-West Lifeco Share Transfer, the timing for the receipt of the required regulatory and other approvals, the interest of PFC in Great-West Lifeco following the Great-West Lifeco Share Transfer, repurchases pursuant to a normal course issuer bid of Power, and the effect of the disposition of Power’s equity ownership stake in ChinaAMC and the Great-West Lifeco Share Transfer on Power’s and PFC’s future operations, financial conditions and share price performance. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.
By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, many of which are beyond Power’s and PFC’s and their respective subsidiaries’ control, affect the operations, performance and results of Power and PFC and their respective subsidiaries and their businesses, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. These factors include, but are not limited to: the impact or unanticipated impact of general economic, political and market factors in North America and internationally, fluctuations in interest rates, inflation and foreign exchange rates, monetary policies, business investment and the health of local and global equity and capital markets, management of market liquidity and funding risks, risks related to investments in private companies and illiquid securities, risks associated with financial instruments, changes in accounting policies and methods used to report financial condition (including uncertainties associated with significant judgments, estimates and assumptions), the effect of applying future accounting changes, business competition, operational and reputational risks, technological changes, cybersecurity risks, changes in government regulation and legislation, changes in tax laws, unexpected judicial or regulatory proceedings, catastrophic events, man-made disasters, terrorist attacks, wars and other conflicts, or an outbreak of a public health pandemic or other public health crises (such as COVID-19), Power’s and PFC’s and their respective subsidiaries’ ability to complete strategic transactions, integrate acquisitions and implement other growth strategies, the disposition of Power’s equity ownership stake in ChinaAMC and the Great-West Lifeco Share Transfer not occurring as expected, including failure of any condition to the disposition of Power’s equity ownership stake in ChinaAMC and the Great-West Lifeco Share Transfer, or the failure to achieve the anticipated benefits of the disposition of Power’s equity ownership stake in ChinaAMC and the Great-West Lifeco Share Transfer and Power’s or PFC’s and their respective subsidiaries’ success in anticipating and managing the foregoing factors.
The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. Information contained in forward-looking statements is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management’s perceptions of historical trends, current conditions and expected future developments, that the required approvals for the disposition of Power’s equity ownership stake in ChinaAMC will be received, as well as other considerations that are believed to be appropriate in the circumstances, including the availability of cash to complete purchases under normal course issuer bid, and that the list of factors in the preceding paragraph, collectively, are not expected to have a material impact on Power or PFC and their respective subsidiaries. While each of Power and PFC consider these assumptions to be reasonable based on information currently available to management, they may prove to be incorrect.
Other than as specifically required by applicable Canadian law, each of Power and PFC undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results, or otherwise.
Additional information about the risks and uncertainties of Power’s and PFC’s business and material factors or assumptions on which information contained in forward-looking statements is based is provided in their disclosure materials, including each of Power Corporation’s most recent Management’s Discussion and Analysis and Annual Information Form, filed with the securities regulatory authorities in Canada available at www.sedar.com.
Non-IFRS Financial Measures and Presentation
This press release presents and discusses a financial measure which is not in accordance with International Financial Reporting Standards (IFRS). Net Asset Value presents the fair value of the net assets of Power, expressed on a per share basis. Net Asset Value presents the fair value of the net assets of Power and is used to assist in assessing value, on a per share basis. This non-IFRS financial measure does not have a standard meaning and may not be comparable to similar measures used by other entities. Reconciliations of the Net Asset Value and the non-IFRS basis of presentation with the presentation reported in accordance with IFRS are included in Power’s most recent Management’s Discussion and Analysis.
Each and every 12 months appears to be to move by more rapidly than the past. For a fantastic quantity of advisors, expressing goodbye to 2021 is bittersweet, due to the fact despite the ongoing shadow of the pandemic, several established new profits records, although concurrently acquiring inventive techniques to serve consumers and deal with their business enterprise life.
In element 1 of our 2-section collection, A Glimpse Again at 2021: 7 Trends That Point out it’s a Seller’s Sector, we explored the developments that described the yr. This report looks at the basis that was set around the final 12-months and how we expect specific gatherings and actions to form the new calendar year for advisors and their organizations.
And for 2022, an overarching theme has now emerged: The notion of “more.” A person factor has grow to be specified: Every person needs much more.

Customers want far more from their advisors.

Advisors want a lot more from their companies.

Corporations want extra from their advisors.

It’s the constant force in direction of one thing “better” that’s driving alter and paving the way for the fastest evolution the prosperity management business has ever observed.
Even though purchasers may well seem to be to be at the prime of the food chain when it comes to the thrust, it’s actually advisors who are foremost the charge—because they are currently being pushed from both equally sides.
And clever business owners are in the labs updating their choices and building new designs at a frenetic speed to maintain up with the constantly growing will need.
That is fantastic news for advisors, their purchasers and the industry at-huge simply because it’s a advancement cycle that reveals no signal of stopping, fueling chance for all constituents. And it is the incredibly gas that will retain the seller’s marketplace burning very well into 2022.
At the identical time, there are 8 impactful traits and outcomes that we be expecting will build as a outcome:
1. Advisor motion will remain at or in close proximity to document concentrations.
Advisor motion in 2021 was at report ranges, and we expect 2022 to keep on that trend—driven by the drive of continuing limitations at the wirehouses, but a lot more so by the pulls toward new products that solve for so much of what advisors and their customers want. That is, “more,” which is well inside reach as new types are born at a swift pace and can satisfy just about each advisor’s model of Utopia.
At the exact time, we can’t ignore the ongoing effects of the pandemic, with advisors performing from dwelling, supplying the privacy and time to mirror on their small business life.
2. Corporations will continue to push retire-in-place deals, heading towards “commit-for-life” retention plans.
Corporations want to keep advisors from cradle-to-grave—and will come across means to motivate them to do so.
Historically, large companies would use retire-in-put systems as a way to incent near-to-retirement lifers to sign on for the equilibrium of their professions. Surely, a great way for these advisors to monetize all they have worked for if they entirely hope to retire from their company at the stop of the day. But companies have regarded that they can lock-in advisors for far lengthier by featuring these plans to those previously in their professions, asking them to commit for what could be the upcoming 10 or 20 many years.
But as a lot more advisors get locked into these systems, the huge companies will have higher latitude to drive additional changes. While we assume that quite a few advisors will indication-on, the for a longer period-term result might be buyer’s remorse.
We are viewing blockbuster earnings studies from the significant banks and brokerage firms, and advisors are hoping that recruiting specials will improve as a outcome. But we don’t be expecting them to automatically share their riches.
What we could see as a substitute are raises to backend bogies connected to recruitment specials, making the headline numbers sexier, but over-all more challenging to hit.
4. Merrill will pull out of Protocol—finally.
Even though our supposition is purely anecdotal, we assume 2022 is the year Merrill will eventually pull out of the Protocol for Broker Recruiting. The reality is, we’re astonished they’re even now in it.
Based upon the fact that the organization is not recruiting aggressive expertise and acknowledges file concentrations of attrition, we have been expecting Merrill’s exit.
So the message is this: If you are a Merrill advisor and consider there is a transfer in your long run, it does not provide you to hold out. It is a lot easier to move with Protocol defense than without having, still advisors at UBS and Morgan Stanley have proven that leaving a non-Protocol organization can be completed, supplied you have the appropriate counsel and direction.
5. New disruptive brands will enter the prosperity management place.
Armed with a tale that fills a hole, and resonates with advisors and shoppers alike, new players will enter the photograph, and make waves in the landscape. Rockefeller Cash Management continues to present evidence of notion for this, demonstrating that a potent price proposition and a sexy model can push interest and disrupt the standing quo.
But we’re contemplating the following massive splash will be from really regarded firms that participate in adjacent to prosperity administration like Blackstone, BlackRock or Lazard. And the excitement all-around Amazon or Google may possibly get louder as they make much more of a thrust into the retail prosperity administration place.
6. Goldman’s custody support will be a match-changer.
A prediction we manufactured a year in the past has come to fruition: Goldman Sachs set the phase with their acquisition of Folio Fiscal (a lesser, additional boutique custodian).
Even though introducing extra opposition to the custody area among stalwarts like Schwab, Fidelity and Pershing, what will make this a authentic gamechanger is finding the focus of wirehouse advisors who would search at the Goldman brand name as a action up and a way to appeal to ultra-higher-internet-well worth clients. This may possibly give the impetus for numerous would-be business owners to go independent.
7. We’ll see much more IPOs of independent wealth firms.
Back in 2018, Emphasis Economic broke new floor as the to start with substantial IPO in the RIA place. CI Economical, the massive Canadian asset manager which is been on a shopping for spree throughout U.S. wealth administration, submitted to go public earlier in ‘21. Tiedemann, a $20 billion as well as multi-spouse and children place of work, went community via a SPAC offer many months back.
With desire for IPOs on the maximize, we expect extra later on-stage, mature multi-billion dollar RIA corporations to sign up for the fray. Some names to look at for contain Hightower Advisors, Mercer Advisors or even Dynasty Economical Companions.
8. Fascination in recommending crypto for shoppers will push higher attraction to the RIA room.
It’s not shocking that cryptocurrency has been the rage amongst quite a few advisors and their clientele. Yet for people in the brokerage environment, it will continue to be a subject matter of discussion, and not an investment decision they can provide their clientele.
Presently, Fidelity is at the main edge of the crypto growth in wealth administration, but we assume other custodians, fintech companies and even organizations like Coinbase to make their way in—and rather immediately.
So as crypto results in being extra well-liked and the engineering continues to acquire, we count on that the desire to recommend it will maximize as well—and make it a person of the motorists for advisors looking at independence.
Whilst the chase to accomplish much more will travel progress for advisors and companies alike, the real winners will be the purchasers who will advantage from an business prepared to respond to their every beck and call.
nsurance behemoth LIC on Friday said B C Patnaik has taken charge as the managing director (MD) of the company, PTI reported.
He was appointed as Managing Director vide a government notification dated July 5, 2021, LIC said in a statement.
Prior to taking charge as MD of LIC, Patnaik was the Secretary General, Council for Insurance Ombudsman, (CIO) Mumbai, it said
11:55 A.M.
India coal crisis brews as power demand surges
Indian utilities are scrambling to secure coal supplies as inventories hit critical lows after a surge in power demand from industries and sluggish imports due to record global prices push power plants to the brink, Reuters reported.
Over half of India’s 135 coal-fired power plants have fuel stocks of less than three days, government data shows, far short of federal guidelines recommending supplies of at least two weeks.
Prices of power-generation fuels are surging globally as electricity demand rebounds with industrial growth, tightening supplies of coal and liquefied natural gas. India is competing against buyers such as China, the world’s largest coal consumer, which is under pressure to ramp up imports amid a severe power crunch.
11:45 A.M.
Piramal Capital & Housing Finance acquires DHFL
Piramal Enterprises said its subsidiary, Piramal Capital & Housing Finance Limited (PCHFL), has merged with debt-ridden Dewan Housing Finance (DHFL) after paying Rs 34,250 crore to the creditors of the troubled housing finance company, PTI reported.
PCHFL has merged into DHFL with effect from September 30, 2021 pursuant to the reverse merger as contemplated under scheme of arrangement provided under the resolution plan, Piramal Enterprises said in a regulatory filing.
“Consequent to the Reverse Merger, DHFL shall issue such number of equity shares to the shareholders of PCHFL i.e. to Piramal Enterprises Limited (PEL), in accordance with the scheme of arrangement provided under the resolution plan,” it said.
11:30 A.M.
Nissan reports over three-fold increase in domestic sales in September
Automaker Nissan India said its domestic wholesales rose over three fold to 2,816 units in September, up from 780 units in the same month of last year, PTI reported.
The company said its exports last month stood at 5,900 units, compared with 211 units in September 2020.
In the first half of the current financial year, the automaker said it has achieved domestic wholesales of 18,591 units with a growth of 459 per cent over last year.
11:20 A.M.
Paras Defence lists with over 171{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} premium
Shares of Paras Defence and Space Technologies made a dream debut and jumped over 171{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} against its issue price of Rs 175, PTI reported.
The stock listed at Rs 475, a jump of 171.42{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} from the issue price on BSE. It further soared 185{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} to Rs 498.75. On NSE, it listed at Rs 469, rallying 168 per cent from the issue price.
The company commanded a market valuation of Rs 1,945.13 crore on the BSE.
11:10 A.M.
India’s power consumption up 1.83{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in September
India’s power consumption grew 1.83{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} in September to 114.49 billion units (BU), showing subdued recovery according to power ministry data, PTI reported.
In the entire month of September last year, the power consumption was 112.43 BU, higher than 107.51 BU in the same month in 2019.
Experts say the recovery in power demand and consumption in September 2021 remained subdued mainly because of heavy rains in the month.
11:00 A.M.
Toyota Kirloskar posts 14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} growth in domestic sales
Toyota Kirloskar Motor (TKM) reported 14{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} growth in its domestic wholesales to 9,284 units in September as compared with same month last year, PTI reported. The carmaker had dispatched 8,116 vehicles in September 2020.
“Demand in the personal mobility segment continues as we step into the festive months. Customer orders have been on a constant rise and we are witnessing a steady growth, ever since the second wave,” TKM Associate General Manager (Sales and Strategic Marketing) V Wiseline Sigamani said in a statement.
Crysta and Fortuner continue to dominate their respective segments, both garnering huge customer interests and orders, he added.
10:45 A.M.
India’s factory activity improved in Sept
India’s factory activity improved last month as a recovery in the economy from the pandemic-induced slump boosted demand and output, according to a private survey, Reuters reported.
That recovery might continue for at least a few months, supported by ultra-easy monetary policy and continued fiscal spending.
A hike in the Reserve Bank of India’s key interest rate looks to be a rare possibility until at least next fiscal year and India’s government said earlier this week it would continue with its borrowing-backed spending to revive the economy.
10:35 A.M.
Rupee slumps 12 paise to 74.35 against US dollar
The Indian rupee declined 12 paise to 74.35 against the US dollar in opening trade, tracking strength of the American currency in the overseas market and a muted trend in domestic equities, PTI reported.
At the interbank foreign exchange, the rupee opened at 74.33 against the dollar, then fell further to 74.35, registering a fall of 12 paise over its previous close. On Thursday, the rupee had settled at 74.23 against the US dollar.
10:00 A.M.
Ola Electric raises over $200 million
Ola Electric said it has raised over $200 million from Falcon Edge, SoftBank Group and others at a valuation of $3 billion.
In a statement, the company the funding will strengthen Ola’s Mission Electric which urges the industry and consumers to commit to electric and ensure that no petrol two wheelers should be sold in India after 2025.
“Ola will accelerate development of other vehicle platforms including electric motorbike, mass market scooter and its electric car,” Ola said.
9:25 A.M.
Sensex, Nifty open lower
The Indian benchmark equity indices, Sensex and Nifty opened the October series on a negative note. At 9:17 IST, the Sensex fell 0.67{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} or 394.26 points to 58732.10 and the Nifty was down 0.62{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} or 110 points at 17508.20 points.
About 807 shares advanced, 981 declined and 117 remain unchanged.
9:15 A.M.
Oil slips as OPEC+ weighs output boost
Oil prices dropped on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, Reuters reported.
U.S. West Texas Intermediate (WTI) crude futures slipped 5 cents to $74.98 a barrel, though the contract remained on track to post its sixth consecutive week of gains.
Brent crude futures fell 7 cents, or 0.1{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, to $78.24 a barrel, but was still heading for a small rise on the week, marking a fourth straight week of gains.
9:00 A.M.
Asian stocks extend global slide
Asian equities followed Wall Street sharply lower as risk sentiment soured amid growing worries that inflation may persist even after global growth has peaked, Reuters reported.
Japan’s Nikkei tumbled 1.86{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}, while the broader Topix slid 1.95{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Australian stocks slumped 2.05{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} and South Korea’s Kospi lost 1.51{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}.
An MSCI index of Asia-Pacific stocks dropped 1.07{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}. Chinese markets are closed for a week from Friday for the Golden Week holiday.
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