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“After the temporary shutdown of the plant of the company situated at Padra (Unit 1), we would like to announce that the plant is restarted from today onwards on a regular basis after necessary equipment up-gradation and maintenance,” the company said in its BSE filing on Wednesday.

While the deft legal move shows the ingenuity of the tycoon and his dealmakers in clinching acquisitions — Adani’s entry into NDTV four months ago was also via an indirect route — it could invoke the regulator’s scrutiny on grounds that it is unfair to common shareholders.

“Coming to the Nifty, ex financials, some of the sectors which are more consumption driven are likely to see some kind of cuts in earnings versus expectations and hence we believe that Nifty could at most give mid teen kind of an earnings growth and that too helped by financials.”

The second half of the year started on a positive note with the Sensex jumping up c.8.8% in July making it the best month of 2022, followed by August closing with a positive gain

The stock traded at a P/E multiple of -18.56, while the price-to-book value ratio stood at -12.94.

The NCD proceeds from refinancing would be utilized for part takeout financing of the existing project loans obtained and provide a significant saving of over Rs 10 crore annually at a revised interest cost of 8.9%, it added.

The Nikkei closed flat at 26,094.50, after rising as much as 0.9% earlier in the session driven by overnight gains on Wall Street. The index dropped 9.4% for the year, its first loss since 2018.

Promoters held 62.9 per cent stake in the company as of 30-Sep-2022, while FIIs owned 4.34 per cent, DIIs 15.68 per cent.

​Techno Electric & Engineering Company, incorporated in the year 2005, is a Mid Cap company (having a market cap of Rs 3609.99 Crore) operating in Engineering sector.

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