Today’s top morning headlines - 14th September 2023

Good morning,

Markets opened in the green today, with NIFTY50 trading near 20,100 level as of 11:00 am. Here are the top stories to start your day!

Tata Power arm signs MoU with SIDBI for MSME solar loans
Tata Power Solar Systems Limited (TPSSL), a wholly owned subsidiary of Tata Power, has signed an MoU with Small Industries Development Bank of India (SIDBI) to offer an easy financing option for MSMEs to encourage solar adoption.

Bombay Dyeing sells land parcel for ₹5,200 crore
Bombay Dyeing sold 22 acres land in Worli, Mumbai, to a group company of Japanese real estate developer Sumitomo Realty for ₹5,200 crore. Bombay plans to use the proceeds of the transaction to repay all its debt and declare dividend in the future.

Suven Pharma to get foreign investment of ₹9,589 crore
The Union Cabinet has approved the acquisition of 76.1% equity shares of Suven Pharma by Cyprus-based Berhyanda. After the acquisition, the total foreign investment in Suven Pharma will increase to 90.1%.

GMR Power wins smart metering project worth ₹2,470 crore
GMR Smart Electricity Distribution Private Limited (GSEDPL), erstwhile step-down subsidiary of GMR Power and Urban Infra Limited, has received a letter of intent to install, integrate and maintain 75.7 lakh smart meters in Uttar Pradesh. The total contract value is about INR ₹2,470 crore. The implementation tenure is expected to be 27 months from the date of execution of the contract.

Tesla plans to source components worth ~$1.9 billion from India
EV maker Tesla is planning to source auto components worth around $1.9 bn from India in the current year as compared to $1 bn worth of purchases made from India last year. India’s auto component industry, which accounts for 2.3% of the country’s GDP, is set to become the third-largest globally by 2025.