Comments
KNR Constructions likely to build on new order
KNR Constructions Ltd has received a Rs 1,157.47-crore order from the Tamil Nadu Government’s Highways Department for the construction of an elevated highway along Avinashi Road in Coimbatore City.
The order has to be completed within 48 months from the appointed date, it said in a notice to the stock exchanges.
The company reported a profit of Rs 39.79 crore for the quarter ended June 2020 and revenues of Rs 479.37 crore.
Shareholders will closely monitor execution of the order and further order flows.
CCI clearance may lift JB Chem
The Competition Commission of India has approved global private equity firm Kohlberg Kravis Roberts’ proposal to acquire up to 64.9 per cent stake in JB Chemicals & Pharmaceuticals Ltd. With this hurdle to the takeover getting cleared, the stock may remain positive.
KKR will make the investment through its Singapore-based indirect wholly-owned subsidiary Tau Investment Holdings Ltd.
In June, the promoters had signed an agreement with KKR to sell 54 per cent stake for Rs 3,100 crore.
KKR will make an open offer to buy an additional 26 per cent stake in JB Chemicals at Rs 745 a share. As on June 30, the promoter and promoter group collectively held 55.91 per cent stake, according to BSE data.
With the current market price ruling around Rs 790, shareholders expect a revised offer.
Will stamp duty cut boost real estate stocks?
Shares of Maharashtra-based real estate companies such as Godrej Properties and Mahindra Lifespace and others that have a big business presence in the State may remain in focus, as the state has decided to temporarily reduce stamp duty on housing units from 5 per cent to 2 per cent until December 31, 2020. Stamp duty from January 1, 2021, until March 31, 2021, will be 3 per cent.
The decision was taken to boost the stagnant real estate market hit by Covid-19. Real estate developers have been seeking a reduction in stamp duty across the country to give the industry a boost.
Ree Automotive deal may power up M&M
Mahindra & Mahindra and REE Automotive on Tuesday signed a memorandum of understanding (MoU) to explore development and manufacture of electric commercial vehicles for global markets. The strategic collaboration will leverage REE's electric vehicle corner module and platform technology of integrating power train, suspension and steering components in the arch of a vehicle wheel. This, coupled with Mahindra's established vehicle design, engineering, sourcing capability and manufacturing assets, is set to be a win-win strategic partnership for both companies.
The partnership will support REE's global customer need for 200,000-250,000 electric commercial vehicle units over a few years, including potentially Mahindra's domestic and international volumes. Production would be scaled up further to support additional volume in the global and Indian market.
Shareholders and investors will closely monitor further developments, especially with regard to investments.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.