Shares of Reliance Industries (RIL) and Future group will be in focus. Reliance Retail Ventures (RRVL), subsidiary of RIL announced that it is acquiring the Retail & Wholesale Business and the Logistics & Warehousing Business from the Future Group as going concerns on a slump sale basis for lumpsum aggregate consideration of Rs 24,713 crore, subject to adjustments as set-out in the composite scheme of arrangement (Scheme).
The board of ITC will consider a proposal for amalgamation of Sunrise Foods, Hobbits International Foods and Sunrise Sheetgrah with the company. All three are wholly owned subsidiaries of ITC. The proposal will be taken up at a meeting fixed on 4 September 2020.
The board of directors of Indiabulls Ventures approved the preferential offer and issue of an aggregate of upto 3.36 crore equity shares, approx. 5.5% of the post preferential issue share capital of the company, at Rs 175 per share, for cash consideration, to certain foreign investors.
The board of L&T Financial Holdings on Friday (28 August) approved raising Rs 195 crore through allotment of non-convertible debentures (NCDs) on a private placement basis to the identified investor. The board approved allotment of 1,950 NCDs of face value Rs 10 lakh each at par aggregating to a nominal amount of Rs 195 crore.
Wockhardt reported a consolidated net profit of Rs 760.06 crore in Q1 June 2020 from net loss of Rs 44.98 crore in Q1 June 2019. Total income surged 173.36% to Rs 2,076.54 crore.
Vishwavir Ahuja, the managing director (MD) and chief executive officer (CEO) of RBL Bank, sold 18.92 lakh shares, or 0.37% stake, in the bank on 27th and 28th of August 2020 for about Rs 38.52 crore. Ahuja sold the shares to extinguish personal debt obligations and related servicing burden, undertaken over the last few years mainly to exercise & purchase vested ESOPs (and pay associated tax), as well as to take care of some pressing family commitments.
Credit ratings agency CARE Ratings has upgraded the rating of the credit facilities of Jindal Stainless (JSL) to 'CARE BBB' from 'CARE BBB-' with a stable outlook. "The revision in ratings assigned to the debt facilities and instruments of JSL factors in the steady growth in company's sales volumes and stable operating performance through the period FY18 to FY20, characterised by improving asset turnover and healthy per-tonne operating profits, which coupled with an improvement in gearing owing to reduction in debt levels, resulted in healthy cash accruals.
The board of J&K Bank approved raising of equity share capital upto Rs 3500 crore in one or more tranches through rights issue/preferential allotment/private placement/qualified institutional placement (QIP)/ESPSor any other approved mode. The board also approved raising upto Rs 1000 crore via non-convertible, redeemable, unsecured, basel III compliant, Tier 2 bonds in the nature of debentures on a private placement basis.
Time Technoplast reported a consolidated net loss of Rs 11.67 crore in Q1 June 2020 as against net profit of Rs 43.79 crore in Q1 June 2019. Revenue from operations declined 45.3% year-on-year (YoY) to Rs 475.20 crore during the quarter.
Inox Wind reported a consolidated net loss of Rs 73.27 crore in Q1 June 2020, higher than net loss of Rs 14.27 crore in Q1 June 2019. Net sales declined 63% to Rs 96.67 crore in Q1 June 2020 over Q1 June 2019.
Khadim India recorded consolidated net loss of Rs 27.76 crore in Q1 June 2020 as against net profit of Rs 3.35 crore in Q1 June 2019. Net sales slumped 72% to Rs 60.40 crore in Q1 June 2020 over Q1 June 2019.
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