🇮🇳 India Daybook: Adani Enterprises Bags Landmark Rating Upgrade, Ola Electric Clears ₹1,000-Cr Rights Issue

📍 EARNINGS & PREVIEWS

• Tata Consultancy Services (TCS): The IT bellwether will report its second-quarter financial results today, October 8. Analysts expect modest sequential revenue expansion along with healthy year-on-year growth. The board will also consider the declaration of a second interim dividend for shareholders.

📍 CREDIT RATINGS

• Adani Enterprises: CARE Ratings upgraded the company's long-term credit rating to 'CARE AA; Stable' from 'CARE AA-; Stable'. The upgrade represents the highest-ever rating in the company's corporate history. The agency also reaffirmed its short-term rating at 'CARE A1+'.

📍 CAPITAL RAISING & FUNDING

• Ola Electric Mobility: The board has approved raising up to ₹1,000 crore via a rights issue of partly paid-up equity shares. The company will issue 37,02,72,665 partly paid-up equity shares at ₹27 per share (including a premium of ₹17 per share), pegging the total issue size at ₹999.74 crore.

📍 JOINT VENTURES & PARTNERSHIPS

• Dixon Technologies: The electronic manufacturing services provider signed a joint venture agreement with Gemtek Technology. Dixon will own 60% and Gemtek 40% in the venture, which will design and manufacture optical transceivers (such as SFP and BOSA products) and other telecom products in India.
• Tata Power: Partnered with Norway-based Ocean Sun to introduce proprietary membrane-based floating solar technology to the Indian market, boosting its clean energy offerings.

📍 ORDER WINS

• Silver Touch Technologies: Secured a purchase order valued at ₹35.63 crore from ITI for the supply and 3-year warranty maintenance of 80 high-performance enterprise servers for a defence project commissioned for the Indian Army.

📍 BUSINESS UPDATES & EXPANSIONS

• Tata Steel: Reported a 10% YoY growth in domestic crude steel production to 6.21 million tonnes for Q2, while India deliveries climbed 8% YoY to 5.97 million tonnes.
• HCLTech: Formally launched its new South Africa headquarters along with a dedicated Artificial Intelligence (AI) Centre of Excellence to expand digital and AI services in the African region.
• Senco Gold: Logged robust Q2 operational metrics with consolidated revenue rising 31% YoY, supported by 29% retail sales growth and a 19% same-store sales growth (SSSG). Half-year revenue crossed the ₹5,000-crore mark, pushing trailing 12-month sales past ₹10,000 crore.
• Rathi Steel & Power: Delivered Q2 revenue surpassing ₹200 crore, reflecting over 30% YoY growth, backed by a 28.86% surge in sales volumes to 32,028 metric tonnes.

📍 REGULATORY & CONTRACTUAL DEVELOPMENTS

• Torrent Power: Its subsidiary terminated a 300 MW wind power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) due to prolonged grid connectivity and GNA delays alongside force majeure events.
• Midwest: The Directorate General of Mines Safety (DGMS) slapped a prohibitory order prohibiting mineral extraction and employment at the Chimakurthy granite mine following a slope-collapse incident.

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