RIL Acquires Kandla GHA Transmission Ltd to Boost Green Energy Infrastructure

Reliance Industries Limited (RIL), led by Mukesh Ambani, announced on Friday the acquisition of a 100% equity stake in Kandla GHA Transmission Ltd (KTGL) from PFC Consulting Ltd (PFCCL). 

 

The acquisition strengthens RIL’s position in the energy transmission sector, particularly in supporting green hydrogen and ammonia production projects in Gujarat.

Complete Takeover of KTGL by Reliance Industries

Reliance Industries has acquired a 100% equity stake in Kandla GHA Transmission Ltd (KTGL), taking over the firm from PFCCL. This takeover is for a cost of ₹20 crore. After it has been acquired, KTGL will become a wholly-owned subsidiary of the Company, RIL said in a statement.

 

“This is in accordance with the terms of the tender awarded to the Company, for establishment of Turnkey Construction of 765/400kv GIS Substation at Kandla, including Transformers and Reactors, 765kV Transmission lines between Halvad and Kandla, 765kV Bay extension at Halvad and STATCOM,” it added.

Strategic Benefits for RIL’s Green Hydrogen Project

With this acquisition, the diversified conglomerate will be able to execute the Independent Transmission Project ‘Transmission System for Supply of Power to Green Hydrogen / Ammonia manufacturing potential in Kandla area of Gujarat (Phase-I: 3 GW)’. 

 

This initiative will enable RIL to support its green energy manufacturing plans by ensuring the necessary transmission infrastructure is in place.

 

Read More: ONGC, Reliance and BP Alliance Win Offshore Oil Block in Gujarat.

RIL Share Performance 

As of April 28, 2025, at 9:40 AM, Reliance Industries Limited share price is trading at ₹1,338.90 per share, reflecting a surge of 2.96% from the previous day’s closing price. Over the past month, the stock has surged by 5%.

Conclusion

The acquisition of KTGL marks a strategic expansion for Reliance Industries into critical energy infrastructure development. As KTGL becomes a wholly-owned subsidiary, RIL enhances its capacity to deliver on its green energy projects and support India’s transition towards sustainable energy solutions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Bengaluru Startup Sarvam Chosen to Develop India’s First Foundational LLM

In a significant move towards technological self-reliance, the Indian government has selected Bengaluru-based start-up Sarvam to develop the nation’s first homegrown large language model (LLM). This decision comes at a time when global AI landscapes are being reshaped by developments like China’s DeepSeek model. 

Government Support and Strategic Plans

Sarvam was chosen from among 67 applicants and will be supported by the government with vital computing resources to build the AI model from scratch. It is the first start-up to receive incentives under the IndiaAI Mission, a ₹10,370 crore initiative aimed at advancing the country’s AI capabilities.

 

As part of this support, Sarvam will gain access to 4,000 graphics processing units (GPUs) for a six-month period, provided through companies selected to establish AI data centres in India. A senior official noted that the model would not be open-sourced but would be fine-tuned, particularly for Indian languages.

Speaking on the innovation, IT Minister Ashwini Vaishnaw stated, “This (Sarvam’s) model will have 70 billion parameters and many innovations in programming as well as engineering. With these innovations, a 70 billion parameter (model) can compete with some of the best in the world.”

Development of Model Variants

Sarvam’s project involves the creation of three model variants: Sarvam-Large for advanced reasoning and generation, Sarvam-Small for real-time interactive applications, and Sarvam-Edge for compact on-device tasks. Co-founder Pratyush Kumar highlighted that the model would be capable of reasoning, optimised for voice, fluent in Indian languages, and ready for population-scale deployment.

The company emphasised that the model would be built, deployed, and optimised entirely within India, using local infrastructure and developed by Indian talent. In a press statement, Sarvam stated that the initiative would “promote strategic autonomy, accelerate domestic innovation, and secure India’s leadership in AI for the long term.”

Context and Broader Developments

This advancement occurs as DeepSeek, an open-source, low-cost AI model from China, gains momentum in the global AI arena, influencing companies such as Nvidia due to its cost-efficient yet accurate performance.

Co-founder Vivek Raghavan remarked, “This is a crucial step toward building critical national AI infrastructure. Our goal is to build multi-modal, multi-scale foundation models from scratch. When we do, a universe of applications unfolds. For citizens, this means interacting with AI that feels familiar, not foreign. For enterprises, this means unlocking intelligence without sending their data beyond borders.”

Earlier this year, the government selected 10 companies to supply 18,693 GPUs for developing AI models, exceeding the initial target of 10,000 GPUs under the IndiaAI Mission. The companies include Jio Platforms, Yotta, and Tata Communications, among others.

Read More: India to Unveil Its Own AI Model Within 10 Months, Says Union Minister

Conclusion

Sarvam’s selection for developing India’s first indigenous LLM marks a significant milestone in the country’s pursuit of AI independence. With government backing and an ambitious vision, Sarvam aims to position India as a formidable player in the global AI landscape.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

IndusInd Bank to Realign Senior Management Roles After Accounting Review

IndusInd Bank has announced that it is taking steps to realign senior management roles and fix accountability following an independent investigation into accounting discrepancies. The investigation, commissioned on March 20, 2025, was carried out by an external professional firm, which submitted its report to the bank on April 26, 2025.

The report identified a cumulative adverse accounting impact of ₹1,959.98 crore on the profit and loss account as of March 31, 2025. The primary cause was the incorrect accounting of internal derivative trades, especially in cases of early termination, which led to the recording of notional profits.

Measures to Address Discrepancies

The bank stated that the impact of the discrepancies will be reflected in its financial statements for FY 2024-25. IndusInd Bank also mentioned it would take steps to strengthen its internal controls. Internal derivative trades have been discontinued as of April 1, 2025.

Earlier, in April, the bank disclosed that the discrepancies would impact its net worth by approximately ₹1,979 crore, corresponding to around 2.27% of its net worth as of December 2024. The bank’s net worth at the end of December 2024 stood at ₹65,102 crore.

Changes in Leadership

The bank has relieved Arun Khurana of his additional responsibilities as Chief Financial Officer, effective April 18, 2025. Santosh Kumar has been appointed as Deputy CFO and Special Officer of Finance and Accounts.

IndusInd Bank’s board is also in the process of shortlisting candidates for the CEO position, with the current term of Sumant Kathpalia set to end in October 2025. As per the reports, a firm will be engaged for this process.

Read more: IndusInd Bank’s ₹1,500 Crore Forex Loss: What Went Wrong?

Share Price Update

As of 9:43 AM on April 28, 2025, IndusInd Bank share price was trading at ₹825, up 0.32%, with a 26.18% gain over the past month and a 22.26% decline over the past six months. The stock reached a 52-week high of ₹1,550 in June 2024 and a low of ₹605.40 in March 2025.

Conclusion 

The bank has also initiated an internal audit of its microfinance portfolio. EY is assisting with this audit, but no forensic audit has been commissioned.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Ministry of Cooperation Partners with Swiggy Instamart for Online Distribution of Products

The Ministry of Cooperation signed a memorandum of understanding (MoU) with Swiggy Instamart on April 25, 2025. The agreement was signed by Swiggy Instamart CEO Amitesh Jha and Joint Secretary of the Ministry D K Verma. Secretary of the Ministry, Dr. Ashish Kumar Bhutani, was present during the signing.

As of 9:40 AM on April 28, 2025, Swiggy share price was trading at ₹323.40, a 0.60% up, 2.98% lower over the past month, and 29.75% lower over the past six months.

To be Available Online

Following the MoU, products under the Bharat Organics brand and various cooperative dairy products will be listed on Swiggy’s e-commerce and quick-commerce platforms. A dedicated “Cooperative” category will be created on Swiggy, featuring items such as organic produce, dairy products, millets, and handicrafts.

Scope of Collaboration

Swiggy will work with the Ministry to support cooperative brands in areas including marketing, promotion, consumer technology, and capacity building. The agreement is intended to facilitate the onboarding of cooperative societies onto digital platforms and enable their products to be accessed by online consumers.

Recent Ministry Activities

Prior to the MoU signing, the Ministry of Cooperation inaugurated a new packaging facility for National Cooperative Organics Limited (NCOL) in Noida, Uttar Pradesh, on April 24, 2025. The facility focuses on packaging pulses and organic food products.

The Ministry stated that it has taken more than 60 initiatives to expand opportunities for cooperatives. Recent measures have included steps to improve market access for cooperative products, particularly in the organic produce segment.

Related Campaigns

The Ministry and Swiggy will also run an awareness campaign to promote cooperative products and organisations. This initiative is linked to the United Nations’ declaration of 2025 as the International Year of Cooperation.

Read more: Swiggy Allots ₹443 Cr Worth Shares to Employees Under ESOP!

Conclusion

The MoU between the Ministry of Cooperation and Swiggy Instamart provides for the listing of cooperative dairy and organic products on Swiggy’s online platforms and outlines areas for collaboration between the two parties.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

RailTel Corp Receives ₹90 Crore Work Order from the Institute of Road Transport

RailTel Corporation of India Ltd has secured a work order worth ₹90.08 crore from the Institute of Road Transport. The contract covers the design, development, supply, implementation, operations, and maintenance of an Enterprise Resource Planning (ERP) system for three transport corporations: MTC Ltd, Chennai, TNSTC-Coimbatore, and TNSTC-Madurai.

Timeline and Execution

The work order was received on April 25, 2025, at 7:40 PM. The project is expected to be completed by October 18, 2026. It is classified as a domestic order and will be executed across the specified transport corporations based in Tamil Nadu.

Other Details

RailTel confirmed that there is no connection between its promoters or group companies and the awarding entity. The transaction does not fall under related party transactions.

The total contract value, including applicable taxes, is ₹90,08,49,783. The work will include all phases from development to post-implementation maintenance.

Nature of the Contract

The order involves multiple deliverables over the next 18 months, covering implementation for large-scale public transport corporations. The scope includes full-cycle ERP setup and system maintenance support during the operational period.

Previous Orders

Earlier in March 2025, RailTel had received another order valued at ₹25.15 crore from Hindustan Petroleum Corporation Ltd. (HPCL), also a domestic company. That order involved separate deliverables unrelated to the current ERP project.

Stock Performance

As of 9:30 AM on April 28, RailTel Corporation of India share price was trading at ₹304.05, a 0.68% up, 3.18% lower over the past five days, and 25.69% lower year-to-date.

Read more: RailTel Share in Focus on Securing Major Contract for Railway Telecommunication Works

Conclusion

RailTel has added a new domestic project to its order book, with completion scheduled by late 2026.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

M&M Inks ₹555 Crore Deal to Acquire 58.96% Stake in SML Isuzu

Mahindra & Mahindra (M&M) announced on Sunday that it has signed an agreement to acquire a 58.96% stake in SML Isuzu Ltd. (SML) for ₹555 crore. The acquisition will be done at a price of ₹650 per share. As part of the deal, M&M will purchase the 43.96% stake held by Sumitomo Corporation and a 15% stake held by Isuzu Motors Ltd. In line with SEBI takeover regulations, M&M will also make an open offer to acquire up to 26% of SML’s public shareholding.

As of 9:15 AM, April 28, 2025, Mahindra and Mahindra share price was trading at ₹2,918.80, a 1.91% increase, with the stock up 3.02% over the past six months and 38.94% over the past year.

At the same time, SML Isuzu share price is trading at ₹1,596.10, a 10% down.

Approvals and Advisors

The transaction is subject to regulatory approvals, including clearance from the Competition Commission of India. Completion is expected within 2025.

Kotak Investment Banking is acting as the financial advisor for the transaction, and Khaitan & Co is providing legal advisory services.

Financials of SML Isuzu

SML Isuzu reported operating revenue of ₹2,196 crore and EBITDA of ₹179 crore for the financial year 2024. The company has a presence in the intermediate light commercial vehicle (ILCV) buses segment with a market share of approximately 16%.

SML Isuzu was incorporated in 1983 and is listed on the stock exchanges in India.

Read More: Mahindra Group Companies to Raise Funds Worth ₹4,500 Crore via Rights Issues

Market Impact

According to news reports, following the acquisition, Mahindra’s market share in the trucks and buses segment is expected to increase from 3% to 6%. The company has stated a target to raise its share further to around 10-12% by the financial year 2031.

Currently, Mahindra holds a 52% market share in the light commercial vehicle (LCV) segment for vehicles under 3.5 tonnes.

Conclusion

Mahindra & Mahindra’s acquisition of SML Isuzu is part of its expansion in the commercial vehicle segment. Further steps, including the open offer, are planned as per regulatory requirements.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

NTPC Green Energy and Honeywell UOP Collaborate on SAF Production Study

NTPC Green Energy Ltd (NGEL), a subsidiary of NTPC Ltd, signed a Memorandum of Understanding (MoU) with Honeywell UOP India Pvt Ltd on April 25, 2025. The MoU was exchanged between D M R Panda, Executive Director (Hydrogen) at NTPC, and Ranjit Kulkarni, Vice President and General Manager (ESS) at Honeywell UOP.

The companies will conduct a feasibility study to explore the production of Sustainable Aviation Fuel (SAF). The study will use Honeywell’s eFining™ technology, carbon dioxide captured from NTPC’s power plants, and green hydrogen generated through NTPC’s renewable energy projects.

SAF Production as Part of Pudimadaka Hydrogen Hub

The SAF production project is part of NTPC Green’s Green Hydrogen Hub at Pudimadaka, Andhra Pradesh. The hub covers around 1,200 acres and is being developed as an integrated centre for green chemicals and sustainable manufacturing.

The Pudimadaka hub plans to utilise 7 GW of renewable energy and export over 2.5 million tons of green chemicals annually once fully operational.

Technical Aspects

Honeywell UOP’s SAF can be produced from different sustainable feedstocks. The fuel, when blended up to 50% with petroleum-based jet fuel, is expected to reduce greenhouse gas emissions by 60-80% compared to conventional fuels. The feasibility study will help evaluate combining green hydrogen and captured carbon dioxide to produce SAF at the site.

Investment and Capacity Targets

The projects planned at the Pudimadaka hub are expected to attract investment of approximately ₹1,85,000 crore. They are also projected to contribute to India’s non-fossil energy target of 500 GW by 2030 and create employment opportunities in the region.

Read more: GE Power India Secures ₹382 Million Contract from NTPC!

Market Activity 

As of 9:32 AM on April 28, 2025, NTPC Green Energy share price was trading at ₹103.92, a 0.52% up, with a decline of 11.98% over the past six months and 2.07% over the past year.

Conclusion

The MoU between NTPC Green and Honeywell UOP is the beginning of a feasibility study for SAF production linked to NTPC’s Green Hydrogen Hub. Further developments will depend on the outcome of the study and subsequent project evaluations.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Bandhan Mutual Fund Declares Income Distribution for Aggressive Hybrid Fund

Bandhan Mutual Fund has announced income distribution for its Bandhan Aggressive Hybrid Fund under the Income Distribution cum Capital Withdrawal (IDCW) option. The declaration applies to both the regular and direct plans of the scheme.

IDCW Amount Details

The declared IDCW amount for the Bandhan Aggressive Hybrid Fund – Direct Plan is ₹0.120 per unit. For the Bandhan Aggressive Hybrid Fund – Regular Plan, the IDCW amount stands at ₹0.120 per unit.

Both distributions are based on the face value of ₹10 per unit.

Record Date

The record date for the IDCW distribution has been fixed as April 29, 2025. Investors whose names appear in the fund records as unit holders at the end of this date will be eligible for the payout. Units purchased after the record date will not be eligible for this distribution.

Scheme Background

Bandhan Aggressive Hybrid Fund is a hybrid fund investing across equity and debt instruments. The IDCW option allows investors to receive periodic payouts when such distributions are declared by the fund house.

Impact on NAV

Post the record date, the Net Asset Value (NAV) of the fund will be adjusted downward to the extent of the IDCW paid out. This adjustment reflects the reduction in the fund’s assets after the payout.

The IDCW distribution is subject to the availability of distributable surplus and approval from trustees of Bandhan Mutual Fund. It may also be subject to applicable taxes as per prevailing regulations.

Read more: NFO Alert: Bandhan Mutual Fund Launches CRISIL IBX 10:90 Gilt Plus SDL Index – Dec 2029 Fund!

Conclusion

Bandhan Mutual Fund has scheduled April 29, 2025, as the record date for its announced IDCW for the Aggressive Hybrid Fund. The declared amounts are ₹0.120 per unit for the direct plan and ₹0.107 per unit for the regular plan.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments in the securities market are subject to market risks, read all the related documents carefully before investing.

Canara Robeco AMC Submits Draft Papers to SEBI for IPO

Canara Robeco Asset Management Company Limited has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO).

Offer Details

The IPO will consist of an offer for sale (OFS) of up to 4.98 crore equity shares with a face value of ₹10 each. Canara Bank plans to sell up to 2.59 crore shares, and ORIX Corporation Europe N.V. plans to sell up to 2.39 crore shares. No fresh issue of shares is proposed. The equity shares are intended to be listed on both the BSE and the NSE.

SBI Capital Markets Limited, Axis Capital Limited, and JM Financial Limited are the book-running lead managers for the IPO.

Company Overview

Canara Robeco Asset Management Company is jointly promoted by Canara Bank and ORIX Corporation Europe N.V. It is the second-oldest asset management company in India, based on a CRISIL report. In December 2024, Canara Bank received approval from the Reserve Bank of India (RBI) to divest a 13% stake in the company.

The company manages 25 schemes as of December 31, 2024, which include 12 equity schemes, 10 debt schemes, and 3 hybrid schemes. The quarterly average assets under management (QAAUM) stood at ₹1.08 lakh crore as of the same date.

Growth and Distribution

Between March 31, 2022, and March 31, 2024, the company’s QAAUM grew at a compound annual growth rate (CAGR) of 34.75%, compared to the industry average of 18.8%, according to CRISIL.

Canara Robeco distributes its products through third-party distributors, its own branches, and digital platforms.

Read more: Upcoming IPO: SEBI Approved Continuum Green Energy ₹3,650 Crore IPO

Listed Peers

According to the DRHP, comparable listed asset management companies include HDFC AMC (P/E 50.17), Nippon Life India AMC (P/E 38.25), Aditya Birla Sun Life AMC (P/E 24.69), and UTI AMC (P/E 18.85).

Conclusion

Established in 1993 as Canbank Mutual Fund, Canara Robeco MF is the second-oldest mutual fund in India. Following a partnership with Robeco (now part of Orix Corporation) in 2007, it adopted its current name. The IPO is subject to regulatory approvals and market conditions.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

HDFC and DSP Mutual Fund New Fund Offers Open for Subscription

HDFC Mutual Fund and DSP Mutual Fund have announced the launch of New Fund Offers (NFOs)  scheduled to open for subscription on April 28, 2025. The schemes focus on short-term debt exposure and silver investments, respectively.

HDFC CRISIL-IBX Financial Services 3-6 Months Debt Index Fund

HDFC Mutual Fund has launched the HDFC CRISIL-IBX Financial Services 3-6 Months Debt Index Fund. The New Fund Offer (NFO) will open for subscription on April 28, 2025, and close on May 5, 2025. Units will be offered at a face value of ₹10 each.

The scheme’s objective is to generate returns that correspond, before expenses, to the performance of the CRISIL-IBX Financial Services 3-6 Months Debt Index, subject to tracking difference. There is no assurance that the objective will be achieved.

This is an open-ended scheme classified under the Debt – Income Funds category. It follows a Growth investment plan and is marked as low to moderate risk based on the Riskometer. Both Direct Plan and Regular Plan options are available. The expense ratio and any exit load applicable have not been disclosed yet.

The minimum investment amount for the scheme is ₹100, and subsequent investments can also be made starting from ₹100. There is no specified multiple for additional investments. Stamp duty charges will apply as per regulatory requirements. The allotment of units is scheduled for May 5, 2025.

DSP Silver ETF Fund of Fund

DSP Mutual Fund has announced the launch of the DSP Silver ETF Fund of Fund. The NFO will open on April 28, 2025, and close on May 9, 2025.

This open-ended fund will primarily invest in units of the DSP Silver ETF, which tracks the domestic price of physical silver based on the London Bullion Market Association (LBMA) daily silver spot price. The scheme aims to generate returns that correspond to the performance of its benchmark but does not guarantee results.

The minimum investment amount is ₹100. There are no entry or exit loads applicable. The fund will be managed by Mr. Anil Ghelan and Mr. Diipesh Shah. NAVs will be updated daily on the AMC and AMFI websites. At the time of launch, units will not be listed on stock exchanges, although listing may be considered later.

Read More: NFO Alert: SBI Mutual Fund Launches New Arbitrage-Based Fund of Fund

Conclusion

Both HDFC Mutual Fund and DSP Mutual Fund have announced new fund offerings opening on April 28, 2025. Investors interested in either scheme are advised to review the respective scheme information documents for detailed terms and conditions.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

Mutual Fund investments in the securities market are subject to market risks, read all the related documents carefully before investing.