Adani Power to acquire DB Power

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⭐ Adani Power to acquire DB Power

Adani Power is set to acquire DB Power in a deal worth ₹7,017 crore. DB Power owns and operates a 2x600 megawatt thermal power plant in Chhattisgarh. The acquisition is likely to help Adani Power expand its footprint and operations in the thermal power sector in the state. As per the agreement, Adani Power will have 100% shareholding control over Diligent Power Private Limited, which is the holding company of DB Power. 

⭐ PharmEasy withdraws its DRHP

Citing volatile market conditions, PharmEasy has decided to put its IPO plan on hold. It has withdrawn its draft red herring prospectus (DRHP) filed with SEBI. The company now plans to raise funds through a rights issue. which will be open for a period of 30 days, starting from the first week of September. In June 2021, PharmEasy bought a 66% stake in diagnostic major Thyrocare in a deal worth ₹4,546 crore.

⭐ Car demand unaffected by rate hike

A senior official of Maruti Suzuki has said that the recent interest rate hikes have not yet affected the demand for vehicles. However, he said that the true picture will be clear when the semiconductor shortage is addressed and production is normalised. Owing to the launch of two new SUVs, Maruti's pending orders have gone up to 3.87 lakh units, from around 2.8 lakh in the last quarter. In May-July 2022, the company’s production was at 95% of its overall capacity, up from 40% in September 2021.

Global markets (at 7:30 AM today)

Fact of the day

Inflation in Zimbabwe rose to an eye-popping 257% in July from 191% in June.

Source: Economic Times