Market Movers: A Roundup of Corporate News

Big Wins and Strategic Acquisitions

GE Vernova is celebrating a trio of wins, securing orders worth a staggering ₹500 crore from Power Grid Corp. Meanwhile, Power Grid itself emerged victorious, snagging three interstate transmission system projects on a BOOT (build, own, operate, and transfer) basis.

Welspun Specialty also joined the winner's circle, declared the lowest bidder (L1) for a substantial ₹231.77 crore project by BHEL. Not to be outdone, Adani Wilmar is set to expand its portfolio with the acquisition of G.D. Foods, the proud owner of the Tops brand.

In the tech sphere, ABB India is embracing the future with a strategic investment in AI startup UptimeAI.

Resource Discoveries and Infrastructure Development

Star Cement struck gold, landing the preferred bidder status for a limestone block in Assam boasting a massive 192.36 million tonnes resource. RVNL also secured a significant win, receiving a ₹729.82 crore contract from HPSEBL to develop distribution infrastructure in Himachal Pradesh's Central Zone.

Positive Ratings and Regulatory Approvals

Adani Ports received a boost from Sustainalytics, with its ESG risk rating upgraded from "Low" to "Negligible," achieving the second-highest ranking in the marine ports subindustry.

Biocon celebrated key regulatory milestones, securing final US FDA approvals for Lenalidomide Capsules and Dasatinib Tablets.

Shalby received a vote of confidence from ICRA Limited, earning reaffirmed/assigned credit ratings of [ICRA] A+ (Stable) for its long-term financial facilities.

Expanding Horizons: Electric Vehicles and Green Energy

Refex eVeelz is hitting the road, expanding its EV fleet by 1000 electric cars through a strategic partnership with a leading ride-hailing platform. In related news, PTC India is facilitating ONGC's expansion into renewable energy with a strategic acquisition.

Corporate Restructuring and Financial Updates

JSW Energy received a green light from the Competition Commission of India (CCI) for its acquisition of KSK Mahanadi Power Company. Meanwhile, Coforge's board approved a 1:5 stock split.

IKIO Lighting is rebranding itself as IKIO Technologies Ltd, effective March 4, 2025.

Neutral Developments and Routine Updates

Several companies announced routine updates, including new store openings (Avenue Supermarts), executive appointments (Pentagon Rubber), resignations (Saint-Gobain, Ashiana Ispat, Suryoday Small Finance, MEP Infrastructure), and project updates (Hubtown Ltd). Grasim Industries commenced commercial production at its new paints plant.

Navigating Challenges and Downgrades

Hinduja Global Solutions faced a setback with a credit rating downgrade from CRISIL A+/Stable to Crisil A/Stable. Ola Electric Mobility is addressing a milestone issue related to the PLI ACC scheme, working with authorities to resolve the matter.