On a consolidated basis, Britannia Industries' net profit increased 25% to Rs 264 crore on 13% increase in (comparable) revenue to Rs 2510 crore in Q4 March 2018 over Q4 March 2017. Profit from operations increased 29% to Rs 355 crore in Q4 March 2018 over Q4 March 2017. The result was announced after market hours yesterday, 15 May 2018.
Indiabulls Real Estate announced that a meeting of the board of directors of the company will be held on Friday, 18 May 2018, to consider the proposal of buyback of equity shares. The announcement was made after market hours yesterday, 15 May 2018.
Reliance Communications (RCom) and two of its subsidiaries Reliance Telecom and Reliance Infratel, await the detailed orders of the National Company Law Tribunal (NCLT), Mumbai, allowing the Ericsson application for admitting the companies to debt resolution under IBC. The companies will decide the next course of action after studying the orders. The announcement was made after market hours yesterday, 15 May 2018.
EPC Industrie has announced a joint venture (JV) with an Israeli Greenhouse firm Top Greenhouses. EPC will hold 60% stake in the JV while Top will hold remaining 40%. The joint venture will bring out the best by combining the ingenuity of Israel to the big Indian market, the firm said. The announcement was made after market hours yesterday, 15 May 2018.
Shree Pushkar Chemicals & Fertilisers has acquired land aggregating to 40000 square meter at MIDC, Lote Parshuram, Ratnagiri, Maharashtra for future expansion purpose. The company has already made necessary payments to MIDC. The announcement was made after market hours yesterday, 15 May 2018.
Tata Steel announced that National Company Law Tribunal (Principal Bench, New Delhi) (NCLT), vide its order dated 15 May 2018, has approved the resolution plan submitted by Tata Steel for acquiring the controlling stake of Bhushan Steel (BSL) under the Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code 2016 (IBC). The announcement was made after market hours yesterday, 15 May 2018.
As per the terms of approved Resolution Plan, Bamnipal Steel (BNPL), a wholly-owned subsidiary of Tata Steel, will initially subscribe to 72.65% equity share capital of BSL at face value i.e. at Rs 2 per share, for an aggregate amount of Rs 158.89 crore. The financial creditors shall receive a total consideration of Rs 35200 crore for the settlement of the existing financial debt of BSL. The above settlement includes consideration for novation of a portion of the debt to BNPL.
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