Adani Green Energy Cancels Wind Power Project in Sri Lanka

Adani Green Energy Ltd. has decided to withdraw from its $1 billion wind power project in Sri Lanka. The decision comes despite securing most necessary approvals, with the company citing delays, unresolved environmental clearances, and a pending Supreme Court case as reasons for stepping away.

Project Details and Investment

The project was planned to set up 484 MW wind farms in Mannar and Pooneryn, along with a 220 KV and 400 KV transmission network expansion. Adani Green had already spent $5 million on pre-development activities, including securing clearances and working on land acquisition. 

The company had also engaged in multiple rounds of discussions with the Sri Lankan government and electricity board officials regarding power tariffs.

Government Renegotiation and Delays

In May 2024, Adani Green entered a 20-year power purchase agreement with the Sri Lankan government for the project. However, last month, the government sought to lower the power costs from $0.08 per kilowatt-hour (kWh) to $0.06 or less. This led to further discussions, with another Cabinet Appointed Negotiations Committee (CANC) and Project Committee (PC) set to review the terms. 

Finally, the company decided to withdraw amid these renegotiation efforts, calling the project financially unviable.

Environmental and Legal Hurdles

Apart from financial concerns, unresolved environmental approvals in Mannar and an ongoing Supreme Court case added to the uncertainty. The company stated that these issues prolonged the process, making it difficult to move forward.

Statement from Adani Green

In a letter to Sri Lanka’s investment board, Adani Green said its board had deliberated on the situation and decided to withdraw while respecting the country’s sovereign rights. The company also stated that it remains open to future opportunities in Sri Lanka if the government proposes new projects.

Following the announcement, Adani Green Energy shares ended a five-day losing streak and rose 2.1% today, on Thursday. As of 2:56 PM, Adani Green Energy Ltd. is trading at ₹919.50, up ₹2.60 (0.28%) for the day. Over the past month, the stock has risen by 3.34%, but it has declined by 49.35% over the past year.

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

Shilpa Medicare Gains on Approval of Nor-Ursodeoxycholic Acid Tablets for NAFLD Treatment

Shilpa Medicare Limited has announced the approval of its Investigational New Drug (IND), Nor-Ursodeoxycholic Acid (Nor-UDCA) Tablets (500 mg), by the Subject Expert Committee (SEC) of the Central Drugs Standard Control Organisation (CDSCO). The SEC has also recommended granting marketing approval for this drug, specifically for treating Non-Alcoholic Fatty Liver Disease (NAFLD). This condition affects a significant portion of the global and Indian population and can lead to severe complications if left untreated.

Clinical Trial and Efficacy Results

Shilpa Medicare conducted a Phase 3 clinical trial of Nor-UDCA, enrolling 165 NAFLD patients in a multicentric, placebo-controlled, double-blind study. The trial aimed to assess the safety and efficacy of Nor-UDCA at a daily dose of 1500 mg over 24 weeks. The study met all primary efficacy endpoints, demonstrating a significant reduction in fatty liver stage. Additionally, 83.3% of patients showed a reversal of liver fibrosis, and 90% experienced normalisation of elevated alanine transaminase (ALT) levels within 12 weeks. The treatment was well tolerated, with no serious adverse events reported.

Significance and Future Prospects

The approval of Nor-UDCA is a major development in the treatment of NAFLD, as it offers advantages over existing therapies. The drug exhibits an enhanced choleretic effect, resistance to amidation, anti-inflammatory properties, and the ability to reduce fibrosis. Shilpa Medicare aims to launch Nor-UDCA in India in the upcoming financial year, with plans to seek regulatory approvals in the European Union and the United States. The company views this achievement as part of its broader mission to provide innovative and affordable healthcare solutions.

Shilpa Medicare Share Performance

As of February 13, 2025, at 1:54 PM, the shares of Shilpa Medicare are trading at ₹675.05 per share, reflecting a surge of 2% from the previous day’s closing price. Over the past month, the stock has increased by 8% and over the last year it has surged by 84.19%.

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.

Top 3 Small-Cap Mutual Funds That Delivered Over 30% Returns in 5 Years

Small-cap mutual funds have garnered significant attention for their ability to generate high returns by investing in companies with strong growth potential. Despite market fluctuations, these funds have continued to attract investors looking to capitalise on emerging opportunities within the small-cap space.

According to the Association of Mutual Funds in India (AMFI), inflows into small-cap funds surged in January, demonstrating investors’ confidence in this segment. Small-cap funds recorded net inflows of ₹5,721 crore, up from ₹4,667.7 crore in December, despite broader market volatility.

Top-Performing Small-Cap Mutual Funds

Among various options in the market, three small-cap funds have consistently outperformed over the past 5 years, delivering annualised returns of more than 30%. 

Below is their performance:

Scheme Name AUM ₹s in Cr NAV in ₹ Invested Amount in ₹ Current Value in ₹ Annualised return for 5 year
Quant Small Cap Gr Dir 24,812.54 248.11 1,00,000 5,33,733 39.74
Bank of India Small Cap Dir Gr 1,555.78 46.04 1,00,000 3,77,997 30.43
Nippon India Small Cap Dir Gr 57,009.70 167.66 1,00,000 3,76,485 30.32

Key Insights from the Performance Data

  • Quant Small Cap Fund has emerged as the top performer, delivering a 39.74% annualised return over 5 years. An investment of ₹1,00,000 in this fund would have grown to approximately ₹5.34 lakh.
  • Bank of India Small Cap Fund generated 30.43% annualised returns, with the same investment growing to ₹3.78 lakh.
  • Nippon India Small Cap Fund followed closely with a 30.32% annualised return, turning ₹1,00,000 into ₹3.76 lakh.

While small-cap funds have historically delivered impressive returns, they also come with higher risks due to market volatility. Investors must carefully assess their risk appetite before considering allocations to this segment. Past performance does not guarantee future returns, and it is always advisable to conduct thorough research or consult a financial advisor before making investment decisions.

Curious about your SBI SIP returns? Get accurate estimates of your investment growth using our SBI SIP Calculator and stay ahead of your financial goals.

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.

Spright Agro Hits Upper Circuit After Dismissing Rumours Related Insider Trading

Spright Agro Limited, formerly known as Tine Agro Limited, has firmly denied recent allegations of speculative trading and insider trading. The company, in an official statement, has condemned these accusations as misleading and damaging to its hard-earned reputation.

Over the past few days, certain individuals and media outlets have circulated unverified reports suggesting Spright Agro’s involvement in improper trading activities. The company asserts that these claims have been made without seeking clarification or verification, causing unwarranted concerns among stakeholders.

The share price of Spright Agro has hit an upper circuit on BSE as of 2:09 PM on February 13, 2025. 

Commitment to Integrity and Long-Term Growth

In response to these rumours, the company has reaffirmed its commitment to ethical business practices, sustainable growth, and long-term wealth creation. Managing Director Akshaykumar N. Patel reassured stakeholders that Spright Agro remains focused on delivering value through its core agricultural business.

“We are not, in any way, involved in speculative or insider trading. These reports are baseless, and we are taking every necessary step to protect our reputation,” stated Patel.

The company also highlighted its recent financial growth, attributing it to strong business fundamentals rather than speculative market activities.

Future Outlook and Strategic Plans

Despite the negative publicity, Spright Agro remains optimistic about its future. The company has several upcoming projects aimed at strengthening its position in the agricultural sector, with further details to be announced in the coming months.

Spright Agro is also taking proactive measures to identify the sources of misinformation and ensure that stakeholders continue to receive transparent and accurate updates.

A Strong Stand Against Misinformation

To safeguard its credibility, Spright Agro is actively addressing the situation and reinforcing its focus on long-term business sustainability. The company has urged stakeholders to rely on verified information from official sources and not be influenced by misleading speculation.

Spright Agro Limited’s firm stance against misinformation and its unwavering commitment to transparency and ethical business conduct highlight its dedication to responsible corporate governance.

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.

Supreme Court Ruling: Only States Can Tax Lotteries, Not Centre

In a significant ruling, the Supreme Court of India has reaffirmed that only state governments—not the Centre—have the authority to impose taxes on lotteries. A bench comprising Justices BV Nagarathna and Satish Chandra Sharma dismissed appeals filed by the central government, which had sought to levy service tax on lottery distributors under the Finance Act. The court ruled that lotteries fall under “betting and gambling” as per Entry 62 of the State List in the Seventh Schedule of the Constitution, placing them under the exclusive domain of state legislatures.

Lotteries as Betting and Gambling

While lottery tickets are categorised as actionable claims, the Supreme Court held that operating a lottery scheme qualifies as betting and gambling. This classification has significant legal implications, as taxation on betting and gambling falls strictly within the legislative competence of states. The ruling effectively nullifies multiple attempts by the Centre to impose a service tax on lottery distribution, reinforcing the constitutional separation of powers.

State-Specific Regulation and the Lotteries Act, 1998

India has a fragmented approach to lottery regulation. While states such as Maharashtra, Sikkim, Kerala, Nagaland, and West Bengal allow lotteries as a revenue-generating mechanism, others, including Uttar Pradesh, Gujarat, and Bihar, have banned them due to concerns about addiction and social consequences. This selective governance is enabled by Entry 34 of the State List, which gives states the discretion to regulate or prohibit lotteries under the Lotteries (Regulation) Act, 1998.

Centre’s Attempts to Levy Service Tax on Lotteries

The central government has long sought to bring lottery-related activities under the service tax net. Through amendments to the Finance Act in 2010, 2012, 2015, and 2016, it aimed to categorise the distribution, promotion, and marketing of lotteries as “business auxiliary services.” However, the Supreme Court ruled that these amendments did not change the fundamental nature of the transaction between states and lottery distributors.

The court clarified that for an activity to be classified as a taxable service, it must meet two conditions:

  1. It must be carried out by one party for another.
  2. It must involve a consideration in exchange for the service.

Since the lottery business operates on a principal-to-principal basis rather than a principal-agent relationship, it does not constitute a service, making it ineligible for service tax.

SC Ruling Upholds Prior High Court Decisions

This ruling aligns with earlier decisions by the Sikkim High Court, which had struck down multiple service tax levies on lottery-related activities between 2012 and 2017. Companies such as Future Gaming & Hotel Services (Private) Limited and Summit Online Trade Solutions Private Limited had challenged the Centre’s imposition of service tax and secured relief from the high court. The Supreme Court has now upheld this stance, reinforcing that lotteries are actionable claims, not goods, and are beyond the scope of service tax.

Implications of the Judgment

This verdict serves as a landmark precedent in India’s taxation and regulatory framework. It not only clarifies that states alone have the power to tax lotteries but also restricts the Centre from categorising them as taxable services. Additionally, the ruling highlights the importance of maintaining federal balance in taxation policies, ensuring that constitutional boundaries are upheld.

With this decision, the ongoing debate over lottery taxation has reached a decisive legal conclusion, preventing further legislative attempts to impose central taxes on lottery-related activities.

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.

Redington Share Price Hits Fresh 52-Week High: Key Factors Behind the Surge

Redington Ltd, a leading distributor and provider of supply chain management solutions for IT and consumer products, saw its share price reach a fresh 52-week high of ₹246.80 on the National Stock Exchange (NSE) on February 13, 2025. At 1:46 PM, the stock was trading up by 4.09% at ₹238.41, marking a 15% gain in February so far.

Strong Financial Performance Fuels Rally

The surge in Redington’s share price follows the company’s highest-ever quarterly revenue and profit. For the latest quarter, Redington reported:

  • Revenue: ₹26,764 crore (14% YoY growth)
  • Net Profit: ₹400 crore (17% YoY growth)
  • PAT Margin: 1.5%

This profit growth outpaced revenue expansion, demonstrating improved operational efficiency. The company’s performance was driven by strong execution across business segments and geographies.

Geographical and Business Segment Highlights

From a regional perspective, the company’s revenue growth was led by:

  • UAE: 26% growth
  • India: 18% growth
  • Saudi Arabia: Showing signs of profitable growth recovery
  • Africa: Continuing its growth momentum over multiple quarters

Among business verticals, Cloud services emerged as the top performer, achieving a remarkable 42% growth. This was fuelled by continued success in the Hyperscaler business and subscription-based software services.

Optimistic Outlook for Q4

Management remains optimistic about Q4, citing multiple factors that could drive further growth:

  • Fiscal year-end budget spending by corporates and the government
  • The backlog of deals carried over from Q3
  • Continued momentum in Cloud and Technology Solutions Group
  • Favourable growth trends in AI and digital transformation

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.

ATDC and SECL Sign MoU to Train 400 Unemployed Youth in Chhattisgarh and MP

A significant step towards skill development and employment generation was taken as the Apparel Training & Design Centre (ATDC), Gurugram, signed a Memorandum of Understanding (MoU) with South Eastern Coalfields Limited (SECL), a subsidiary of Coal India Limited (CIL). The initiative, under the Ministry of Coal’s jurisdiction, aims to empower underprivileged youth from Chhattisgarh and Madhya Pradesh through vocational training.

MoU Signing and Key Attendees

The MoU was formalised in a ceremony held at Shastri Bhawan, New Delhi, in the presence of key dignitaries, including Ms. Rupinder Brar, Additional Secretary, Ministry of Coal, and Ms. Santosh, Deputy Director General, Ministry of Coal. The Additional Secretary commended the SECL CSR team for their proactive efforts in implementing this skill development initiative in collaboration with ATDC.

The event also witnessed the presence of:

  • Shri Biranchi Das, Director (P), SECL
  • Shri Rakesh Vaid, Senior Vice Chairman, ATDC
  • Dr. Vijay Mathur, Director General and CEO, ATDC
  • Shri Alok Kumar, General Manager (Civil/CSR), SECL
  • Officials from both SECL and ATDC

Objective and Financial Allocation

The training programme is a part of SECL’s Corporate Social Responsibility (CSR) initiatives, aimed at equipping 400 candidates with vocational skills to enhance their self-employment prospects. A total of ₹3.12 crore has been allocated to support this initiative.

Training Centres and Programme Details

Under the agreement:

  • 300 candidates will receive training in a non-residential self-employed tailor programme at centres set up across SECL Bishrampur, Sohagpur, and Korba areas.
  • 100 candidates will undergo a fully residential training programme at the ATDC centre in Chhindwara, Madhya Pradesh, with free boarding and lodging facilities.
  • The selection of candidates will be limited to individuals residing within a 25-kilometre radius of SECL’s operational areas.

Impact and Vision

This initiative aligns with the Ministry of Coal’s vision of empowering communities residing in coalfield regions. By providing vocational training, the programme aims to bridge the skill gap, enhance employment prospects, and contribute to the broader goal of Viksit Bharat (Developed India).

The collaboration between SECL and ATDC is expected to create sustainable livelihood opportunities for economically weaker sections, fostering self-reliance and economic growth in the region.

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.

NPCI Introduces New Chargeback Rule for UPI Transactions From February 15

The National Payments Corporation of India (NPCI) has introduced a new chargeback rule for Unified Payments Interface (UPI) transactions, effective from 15 February 2025. The rule aims to streamline dispute resolution by automating chargeback acceptance or rejection based on Transaction Credit Confirmation (TCC) and return requests (RET).

Understanding Chargebacks in UPI Transactions

A chargeback is the reversal of a completed UPI transaction due to fraud, disputes, or technical errors. When a payer’s bank initiates a chargeback request, the amount is refunded if the request is approved. Under the current system, remitting banks can initiate chargebacks from T+0 onwards, often before beneficiary banks have reconciled transactions. This sometimes results in return requests being rejected or chargebacks being automatically accepted, leading to penalties imposed by the Reserve Bank of India (RBI).

To address these inefficiencies, NPCI has revised the dispute resolution framework. The updated system ensures that chargebacks will only be processed based on TCC or RET raised by the beneficiary bank in the subsequent settlement cycle, allowing sufficient time for reconciliation.

Implementation and Impact on Banks

From 15 February, the UPI Dispute Resolution System (URCS) will automatically accept or reject chargebacks based on TCC and RET. This new rule applies exclusively to bulk uploads and the Unified Dispute Resolution Interface (UDIR) but does not affect front-end dispute resolution mechanisms.

NPCI has instructed all UPI member banks to update their internal processes accordingly. The revised system is expected to enhance reconciliation efficiency, minimise penalties, and improve the overall dispute-handling process.

Conclusion

The introduction of an automated chargeback decision-making process in UPI transactions aims to create a more structured and efficient dispute resolution system. By giving beneficiary banks adequate time for reconciliation, NPCI seeks to reduce discrepancies and improve transaction reliability.

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. 

Mahindra Finance Announces ₹3,000 Crore Rights Issue

Mahindra & Mahindra Financial Services Limited (MMFSL) has announced a rights issue to raise ₹3,000 crore. The decision, taken at a board meeting on 13th February 2025, aims to strengthen the company’s financial position and support future growth. This move aligns with its strategy of maintaining capital adequacy while expanding its asset base.

Strategic Importance of the Rights Issue

The rights issue is a key initiative to enhance MMFSL’s Tier 1 capital by over 200 basis points. With a strong balance sheet, the company aims to leverage India’s economic expansion, particularly in the rural and semi-urban financial services sector. The additional capital will enable MMFSL to sustain its asset growth while ensuring financial stability.

The company has consistently maintained asset quality, with Gross Stage 3 (GS3) assets remaining below 4% and credit costs staying under 2%. This capital infusion will further solidify its ability to provide diverse financial products, including vehicle financing, SME loans, and fixed deposits.

Growth Prospects and Market Position

MMFSL, a leading non-banking financial company (NBFC), has shown a compounded annual growth rate (CAGR) of 21% in its secured asset portfolio over the last 21 months. It serves over 10 million customers, with an asset under management (AUM) exceeding USD 13.7 billion. The company operates across 1,375 locations, reaching rural and semi-urban India.

As a AAA-rated NBFC, MMFSL is well-positioned to benefit from India’s growing domestic consumption and infrastructure development. The capital raised through the rights issue will support its long-term strategy of sustainable expansion while maintaining asset quality.

MMFSL Share Performance

As of February 13, 2025, 11:50 AM, the shares of MMFSL are trading at ₹283.10 per share, reflecting an upside of 2.55% from the previous day’s closing price. Over the past month, the stock has registered a gain of 7.56%. The stock has a 52-week high and low of ₹343.00 and ₹246.20 respectively.

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 Secures Multiple Orders Across Various Sectors

RailTel Corporation of India Ltd, a Navratna PSU, has recently secured multiple high-value contracts across various sectors, reinforcing its position as a key player in digital infrastructure and connectivity solutions. The company has been awarded contracts from the North Frontier Railway, Bihar Education Project Council, and the Airports Authority of India, among others. As a result, the share price of RailTel has gained 2.13% as of 12:54 PM. 

Enhancing Security Infrastructure for North Frontier Railway

RailTel has secured a contract from the North Frontier Railway to provide a Video Surveillance System at 340 stations under the D and E category. The project, valued at ₹49.67 crore (including tax), aims to bolster security and surveillance at railway stations. The contract is expected to be executed by May 5, 2026.

Supporting Education Initiatives in Bihar

RailTel has also been awarded three contracts by the Bihar Education Project Council (BEPC), collectively amounting to over ₹123.13 crore. These include:

  • Supply of Additional Student Kits for Classes VI to XII, valued at ₹16.97 crore, to be executed by February 28, 2025. 
  • Supply of Additional Teaching Learning Materials for Classes I to V, worth ₹36.95 crore, scheduled for completion by February 28, 2025
  • Supply, Installation, and Training for Operationalisation of ISM Labs for BEPC schools, a project valued at ₹69.21 crore, set for completion by April 4, 2025

These projects reinforce RailTel’s role in supporting digital education infrastructure across Bihar.

Strengthening Airport Surveillance Systems

RailTel has also been entrusted with a contract by the Airports Authority of India (AAI) in Chennai, valued at ₹14.72 crore. The scope of work includes the Supply, Installation, Testing, and Commissioning (SITC) of servers, storage, software, and networking equipment for the SCCTV System at Chennai Airport. The project is scheduled for completion by July 14, 2025, and includes a three-year onsite warranty and comprehensive maintenance contract (CAMC). 

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.