Market Update for 24 March 2021 – Adani Green to buy solar project in Telangana

Anupam Rasayan makes weak market debut

  • Shares of the Gujarat-based specialty chemicals maker listed at ₹520, a discount of 6.3% on their issue price of ₹555, amid a weak market.
  • The ₹760-crore issue, which concluded last week was subscribed 44 times. The stock closed marginally weaker at ₹518.5.

Rossari Biotech slips on preferential issue

  • Specialty chemicals company Rossari Biotech (-3.7%) announced a ₹300 crore preferential issue. The issue’s floor price of ₹996 is about 7% lower than today’s closing price.
  • The company will use the proceeds to diversify its product portfolio, expand its geographical reach, and enter new industrial applications.

Adani Green to buy solar project in Telangana

  • Adani Green will fully acquire 75MW operating solar projects in Telangana from Sterling & Wilson (S&W) for ₹446 crore. S&W is a subsidiary of the Shapoorji Pallonji Group.
  • As per reports, Adani Green has been acquiring solar projects in Telangana. With this acquisition, Adani Green will have an operating renewable capacity of 3,470 MW. Shares of both Adani Green (-1.2%) and S&W (-4.9%) closed in the red.

Prestige Estates acquires housing project in Mumbai

  • The Bengaluru-based developer will take over a 7.5 million sq.ft. housing project in Mumbai from a bankrupt company, following a court decision.
  • As per reports, Prestige expects a revenue of nearly ₹10,000 crore from this project, of which the first phase will be launched in May. Its shares rose 3.7% intraday and closed 0.5% higher in an otherwise weak market.