TejiMandi Newsletter: Vehicle demand, Adani acquisition and another big cheque for Reliance

Tata Motors Q2 total sales surge 5% led by festive season, pent-up demand

Tata Motors on Thursday reported a 5.09% increase in total sales to 110,379 units in the 2nd quarter of the current fiscal. Additionally, total domestic sales were up 13% to 106,888 units from 94,454 units in July-September period last year.

Despite challenges owing to rising COVID-19 cases across the country, supply-side has been progressively improving.

Total commercial vehicle sales, on the other hand, stood at 52,094 units, down 24% from 68,556 units in the same period of the 2019-20 fiscal for Tata Motors.

Adani Green completes acquisition of 205 MW solar assets from Essel

Adani Green Energy has completed the acquisition of 205 megawatt (MW) operating solar assets from the Essel Green Energy and Essel Infraprojects for Rs 1,300 crore.

The assets are located in Punjab, Karnataka and Uttar Pradesh. They have long-term Power Purchase Agreements (PPAs) with various state electricity distribution companies.

This is another step towards taking Adani Green closer to its targeted footprint of 25 gigawatt of renewable power by 2025.

Mubadala to invest Rs 6,247.5 crore in Reliance Retail

Abu Dhabi’s sovereign fund, Mubadala Investment Co, would invest Rs 6,247 crore in Reliance Retail Ventures. It became the latest fund in a pool of global funds injecting billions of dollars in the holding entity of India’s largest retailer.

The deal will give Mubadala a 1.4% stake, valuing Reliance Retail before the investment at Rs 4.28 lakh crore.

The latest deal has taken the total overseas investments announced in Reliance Retail in the past three weeks to Rs 24,850 crore, for a 5.65% stake.

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Free Press Journal