Business Daily from THE HINDU group of publications
Sunday, Jun 28, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Sunday, Jun 28, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Corporate
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Announcements Markets - Stocks Our Bureau Kolkata, June 27The promoter holdings in the B.K. Birla group companies are going to be increased through the creeping acquisition route. This was indicated by Mr B.K. Birla himself at the AGM of Century Enka here on Saturday. In Century Enka, the promoters have 24.5 per cent stake. Combined holding of the promoter group in other major listed group companies, such as Century Textiles & Industries (40.32 per cent), Kesoram (26.36 per cent), Jay Shree Tea (41.86 per cent) and Mangalam Cement (27.07 per cent) are less than 50 per cent. In the 12 months preceding March 31, 2009, the promoters were not active in the stock market to pick up stocks. SEBI allows promoters to hike stake up to 5 per cent of the paid-up capital of a company in a year through market purchases. In B.K. Birla group companies, crossholding is a prominent feature. Pilani Investments — once the holding company of the Birla families and now majority of its stake is being held by B.K. Birla faction — still has some shares of M.P. Birla and K.K. Birla families. Apart from Pilani Investments, Kesoram, Century Textiles and Jay Shree Tea have holdings in other family controlled companies. Back in operationThe production of nylon tyre fabric at Century Enka has remained unaffected so far in the current fiscal as offtake by tyre companies has returned to normal. A reduced off-take had earlier forced the company to partially reduce production of nylon cord fabrics operation, so much so that in last December and January, the company cut production between 35 per cent and 40 per cent. The overall yearly drop in production, however, was around 10 per cent. Jayshree Mohta mops up 2.22% voting rights in Jay Shree Tea Birla group not to divest its stake in Century Textiles Century Enka aims to cut energy costs to offset falling profits B.K. Birla to remain in charge of Kesoram for now More Stories on : Announcements | Stocks
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