Spinnaker Developments is one step closer to building its $25.4 million apartment project in North Perth.

The Statutory Planning Committee, mainly comprising of Western Australian Planning Commission members, approved the Cottesloe-based developer’s application to build on 407- 409 Charles Street.

The development, dubbed Charles & Elizabeth House, comprises 52 apartments and communal facilities across a five-storey building, and 26 car parking bays.

City of Vincent mayor Alison Xamon, who presented at the committee meeting, said the recommended approval for the project was disappointing.

Ms Xamon said there were outstanding issues with the project’s lack of transition to the lower density areas and the shortfall in parking bays.

“The city requested either increased parking provisions or further evidence demonstrating that the shortfall would satisfy the relevant planning objectives including an assessment of available on-screen parking capacity but unfortunately no such assessment has been undertaken,” she said.

“The city’s preferred outcome is that the application be deferred to allow the western interface [transition] and associated parking matters to be resolved before determination.”

Committee members backed Spinnaker’s plan, with WAPC chair Emma Cole saying the development would be a positive addition to Charles Street.

“We’re looking at a site that’s about 3 kilometres from the CBD, it’s a transit corridor serviced by key bus routes,” she said at the meeting.

“It’s got really good amenities and facilities close by including the North Perth town centre, Angove Street shopping centre, parks… there’s a lot of amenity in the area in a walkable catchment.

“The car parking shortfall and the context of the location, the transit corridor, as well as accommodation for range of bicycle and motorcycle parking … is all accommodated and goes towards that reduction.”

Spinnaker’s project adds to a growing list of developments in North Perth, including an eight-storey apartment block at 299 Charles Street.

The $35 million plan to build 117 apartments at 299 Charles Street was approved in 2024.

Celsius Property Group’s $160 million proposal to build a nine-storey apartment building across six lots bound by Alma Road, Fitzgerald Street and Raglan Road was approved in early 2025.

The development will add 108 apartments to the area, as well as an office, retail and hospitality elements on the ground floor.

Shares of NLC India fell over 3% on Wednesday despite strong demand for the government’s Offer for Sale (OFS), which was oversubscribed on the first day. The offer opens for retail investors today.

Non-retail investors bid for over 13.03 crore shares worth Rs 4,158 crore, as against a base offer size of 2.49 crore shares reserved for them.

Shares of the Navratna PSU company tumbled more than 3% to trade at Rs 316.6 apiece on NSE.

NLC India announced on Monday that the government aims to sell 2% of the company’s total paid-up equity capital, or 2.78 crore shares, as part of the base offer.

The government also retained an oversubscription option to sell an additional 1% stake or 1.39 crore shares, taking the total potential offer size to 4.17 crore shares or 3% equity. At the floor price of Rs 303 per share, this would be worth around Rs 1,263.51 crore.

In an exchange filing released on Tuesday, NLC India said that the government will exercise the oversubscription option to sell up to 1.39 crore shares, in addition to the 2.77 crore shares that were part of the base offer. 10% of the equity shares offered in the OFS, which stands at nearly 41.52 lakh, will be available for retail investors today, subject to receipt of valid offers, the company said.
“Additionally, up to 25,000 equity shares may be offered to the eligible employees of the company…The eligible employees may apply for equity shares up to Rs 500,000. However, any bids by eligible employees will be considered for allocation, in the first instance, for an amount up to Rs 200,000 only,” it said.Also read: NLC India OFS over-subscribed 5 times, institutional buyers put in Rs 4,158 cr bids

NLC India, formerly known as Neyveli Lignite Corporation, is among India’s leading mining and power generation companies. It operates lignite mines and thermal power stations while also expanding its renewable energy portfolio. The company has emerged as a beneficiary of India’s rising power demand and the government’s focus on energy security. In recent years, the company has diversified beyond lignite mining into solar and other renewable energy projects as part of its long-term growth strategy.

NLC India shareholding pattern

The Central government owned a 72.20% stake in NLC India, according to data on the company’s shareholding pattern as on March 31, 2026. A total of 22 mutual funds held around 9.5% stake in NLC India, while Life Insurance Corporation of India (LIC) and SBI Life Insurance each held around 2% stake.

NLC India’s OFS comes as the government ramps up its disinvestment efforts. Recently, the government offloaded some of its stake in Coal India, NHPC and other PSU companies.

NLC India share price

NLC India shares have fallen around 8% in one week and 3% in one month. The stock is overall up around 25% in 2026 so far. In the longer term, the shares of the PSU have delivered 33% returns over one year, 220% over three years and 396% over five years. The company currently has a market capitalisation of nearly Rs 44,303 crore.

NLC India has maintained a track record of returning cash to shareholders through regular dividends. The company has declared 43 dividends since August 2000, and currently has a dividend yield of 1.6%, according to data on Trendlyne.

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Shares of Dixon Technologies (India) gained over 1% to Rs 11,738 on the BSE on Wednesday after its subsidiary, Dixon Electroconnect, entered into an agreement with Gemtek Technology to form a joint venture in India for manufacturing and supplying optical transceivers and other telecom products.

According to the company, the proposed venture will manufacture and supply Optical Transceiver-SFP (Small Form-Factor Pluggable), BOSA (Bidirectional Optical Subassembly), and other telecom products that the parties mutually agree upon from time to time.

The proposed transaction will use a mutually agreed structure where Dixon Technologies will hold 60% of Dixon Electroconnect’s total paid-up share capital, while Gemtek will hold the remaining 40% stake upon completion.

The transaction remains subject to executing definitive agreements, fulfilling customary conditions precedent, and receiving applicable statutory, regulatory and other required approvals.

In its statement, Dixon said the proposed joint venture would focus on manufacturing optical transceivers, BOSA modules and networking equipment. The company stated that the partnership combines Dixon’s manufacturing capabilities with Gemtek’s experience in optical modules, telecom infrastructure and networking technologies.

Gemtek, in its statement, said the joint venture is part of its expansion in optical communication and aims to address demand related to high-speed networks and data centre infrastructure.
The company also stated that Dixon Electroconnect’s participation as a beneficiary under the ECMS is expected to support the proposed venture. The partnership is intended to operate in segments linked to data centres, telecom infrastructure, optical connectivity, cloud computing, edge computing and networking applications.Dixon Technologies reported a consolidated net profit at Rs 256 crore in the March-ended quarter versus Rs 401 crore in the year-ago period, implying a 36% fall. The profit after tax (PAT) was attributable to the company’s owners. The company’s revenue from operations in Q4FY26 was up 2% to Rs 10,511 crore versus Rs 10,293 crore posted in the corresponding quarter of the previous financial year.

Meanwhile, the company’s total income grew 3% year-on-year to Rs 10,595 crore versus Rs 10,304 crore in Q4FY25. It included other income of Rs 84 crore compared to Rs 11 crore in the year-ago period.

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