Tata Power shares in focus after $490 million SIAC award to Kleros Capital Partners
Shares of Tata Power Company Ltd will be in focus today after the company disclosed that it has been ordered to pay $490.32 million in damages to Kleros Capital Partners Limited by an arbitral tribunal under the Singapore International Arbitration Centre (SIAC) rules.
In an exchange filing dated July 2, 2025, Tata Power said it received the tribunal's award after business hours on July 1. The arbitration, initiated by Kleros in November 2020, alleged breach of confidentiality and non-circumvention clauses under a Non-Disclosure Agreement linked to a proposed Russian coal mining project.
The tribunal, through a 2:1 majority decision, partially upheld Kleros's claims and directed Tata Power to pay: $490.32 million in damages along with simple interest of 5.33% per annum from November 30, 2020, until payment,
$8.29 million towards legal costs with interest from July 1, 2025.
Tata Power said it is reviewing the award and evaluating all available legal options, including a possible challenge to the decision.
Strong operational performance in Q4FY25
For the fourth quarter ended March 2025, Tata Power reported a 24% year-on-year jump in consolidated net profit at ₹1,306 crore, supported by a 7.9% rise in revenue to ₹17,096 crore. EBITDA surged 39.2% YoY to ₹3,245 crore with operating margins improving to 19%.
The company's board has recommended a final dividend of ₹2.25 per share for FY25, subject to approval at the AGM on July 4, 2025.
With both the arbitration outcome and upcoming AGM in play, Tata Power stock is expected to see heightened investor interest today.
Ahmedabad Plane Crash
Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
San Francisco Chronicle
3 hours ago
- San Francisco Chronicle
ExxonMobil and partner Qatar Energy find new natural gas deposit off Cyprus
NICOSIA, Cyprus (AP) — A consortium made up of ExxonMobil and partner Qatar Energy International has made a second natural gas discovery beneath the seabed south of Cyprus, the government said Monday, a find that bolsters the region's potential as an energy exporter. New natural gas discoveries in the eastern Mediterranean could help Europe lessen its dependence on Russian hydrocarbons by diversifying its energy supply and help buttress a budding energy partnership between Cyprus, Greece and Israel, said John Sitilides, a senior fellow at the Foreign Policy Research Institute and geopolitical strategist at Trilogy Advisors in Washington. 'Washington and Brussels would be wise to support this hydrocarbon network to develop a greater measure of critical energy independence for Europe's hopeful re-industrialization,' Sitilides said. Cypriot government spokesman Konstantinos Letymbiotis said in a written statement that the ExxonMobil's vice president, John Ardill, briefed Cypriot President Nikos Christodoulides about the discovery at the Pegasus-1 well during a teleconference. The well was discovered about 190 kilometers (118 miles) southwest of Cyprus at a depth of 1,921 meters (6,302 feet) of water. No estimates of the quantity of natural gas were given. The statement said more assessments will be conducted in the coming months to evaluate the results. The ExxonMobil-Qatar Energy consortium holds exploration licenses for two areas — or blocks — inside Cyprus' exclusive economic zone. In 2019, the consortium discovered the Glaucus-1 well inside the same Block 10 where the Pegasus-1 well is located. Cypriot authorities say Glaucus-1 is estimated to contain 3.7 trillion cubic feet of gas. Overall, Pegasus-1 is the sixth natural gas deposit to be discovered inside Cyprus' economic zone in the last 14 years. Other deposits include the Zeus, Cronos and Calypso wells, which lie inside Block 6 that is operated by a consortium made up of Italy's Eni and Total of France. Cronos is estimated to hold 3.1 trillion cubic feet of gas and Zeus 2.5 trillion cubic feet. Calypso is still being evaluated. The Eni-Total consortium holds exploration licenses for four blocks. The earliest field to be discovered, Aphrodite, is estimated to hold 5.6 trillion cubic feet of gas. The field is inside Block 12, which is operated by a consortium made up of Chevron, NewMed Energy and Shell. Agreements with Egypt foresee gas from the Cronos and Aphrodite fields to be sent to Egypt via a pipeline for either domestic use or to be processed at Egyptian facilities for export to Europe and other markets. Cyprus' Energy Minister George Panastasiou also said that ExxonMobil, Eni and Total could partner up to jointly develop their gas deposits found in close proximity to each other.
Business Upturn
3 hours ago
- Business Upturn
Network18 assigns voting rights in Eenadu Television, ETPL ceases to be an associate
By Aditya Bhagchandani Published on July 7, 2025, 22:26 IST Network18 Media & Investments Limited announced on Monday, July 7, that Eenadu Television Private Limited (ETPL) has ceased to be an associate of the company following the assignment of its voting rights in ETPL. In a regulatory filing, Network18 stated that in line with the Competition Commission of India's order dated August 27, 2024, approving the merger of the entertainment businesses of Viacom18 (now Studio18 Media) and Star India (now JioStar India), the company has assigned its voting rights on its 24.5% stake in ETPL to ETPL's promoter. While Network18 continues to hold the economic interest in the 24.5% equity shares, it no longer exercises voting control, resulting in ETPL no longer being considered an associate company under applicable regulations. The company clarified that the promoter of ETPL is not part of Network18's promoter or promoter group, and the transaction does not qualify as a related party transaction. As of March 31, 2025, ETPL contributed 32.61% of Network18's consolidated net worth, but the company noted that there will be no reduction in its consolidated net worth, as the investment in ETPL will now be recorded at fair value in accordance with accounting standards. The assignment agreement was executed at 2:06 PM IST on July 7, 2025. The disclosure was signed by Shweta Gupta, Company Secretary & Compliance Officer. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Business Upturn
3 hours ago
- Business Upturn
Asian Granito India receives NCLT order for composite scheme of arrangement
By Aditya Bhagchandani Published on July 7, 2025, 21:44 IST Asian Granito India Limited (AGIL) on Monday, July 7, informed stock exchanges that it has received the National Company Law Tribunal (NCLT) Ahmedabad Bench order approving the composite scheme of arrangement among itself, Adicon Ceramica Tiles Private Limited, and Adicon Ceramics Limited, along with their respective shareholders and creditors. In its filing to BSE and NSE, AGIL said it had filed a Miscellaneous Application — Mis.A/5(AHM)2025 in C.A.(CAA)/45(AHM)2024 — seeking the NCLT order dated June 19, 2025. The order was pronounced by the NCLT on July 4, 2025, and the web copy of the order was uploaded and made available to the company on July 7, 2025. The company has also uploaded the web copy of the order on its website for public access. This development relates to what the company refers to as 'Scheme II', which involves a composite scheme of arrangement between the three entities and their stakeholders. Asian Granito assured that this disclosure is in compliance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The filing was signed by Dhruti Trivedi, Company Secretary and Compliance Officer. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
