Comments
SH Kelkar may glow after Italian SpA acquisition
SH Kelkar & Company has informed the exchanges of the completion of the acquisition of Creative Flavours and Fragrances S.p.A. (CFF). The company had entered into a share purchase agreement in 2018, following the acquisition of 51 per cent equity stake upfront, to buy out the balance 49 per cent. It has now informed the exchanges that through its Italian subsidiary, Keva Italy Srl, it has acquired the balance 49 per cent equity in CFF on Tuesday for 16 million euros.
Incorporated in 2000, CFF is a leading fragrance company in Italy, and has a presence throughout Europe. The acquisition will broaden the group’s fragrance business, the company said.
Results watch: Bharti Airtel, CEAT, Dr Reddy’s, Heritage Foods, IEX, InterGlobe, Maruti Suzuki, TVS Motor
Some 75 companies will declare their quarterly results on Wednesday. Among them are Bombay Burmah, Bharti Airtel, CUMI, Ceat, Chambal Fertilizers, Colgate Palmolive, Dr Reddy's Laboratories, Glaxo Pharma, Heritage Foods, InterGlobe Aviation, Indian Energy Exchange, JMT Auto, JK Paper, Mahindra LifeSpace, Maruti Suzuki, Mastek, Nectar Lifesciences, Pricol, Rail Vikas NIgam, Phoenix Mills, Sasken Technologies, Sagar Cements, Thangamayil Jewellery, Snowman Logistics, TVS Motor Company and VIceroy Hotels.
Analysts expect Bharti Airtel to bring down its losses for the quarter, both sequentially and year-on-year; the expectation in respect of Dr Reddy's Lab is higher. Analysts will also focus on InterGlobe Aviation, which suffered heavily due to the lockdown. Maruti Suzuki and TVS Motor will also shape the eneral outlook on the auotmobile sector. For the first time since 2001, Maruti may post quarterly losses, of anywhere between Rs 150 crore and Rs 800 crore, reckon some broking houses.
Rating boost for Hindustan Copper
The rating committee of ICRA has revised the long-term rating of Hindustan Copper's Rs 1,600-crore Line of Credit (LOC) from [lCRA] AA+ to [lCRA] AA and revised the outlook on the long-term rating from 'Negative' to 'Stable'. However, lCRA has reaffirmed the short-term rating (Rs 100-crore commercial paper) LOC at [ICRA] A1+
Last week, the company posted a loss of Rs 514.43 crore for the quarter ended March 2020, on revenues of Rs 146.84 crore; for FY20, the loss stood at Rs 569.35 crore, on revenues of Rs 831.85 crore.
MT Educare: Retail window opens today for promoter's stake sale
The stake sale through offer-for-for sale, by Mahesh Shetty, the promoter of MT Educare, opened on Tuesday for Institutional investors; it opens for retail investors on Wednesday. The promoter proposes to sell up to 17,82,585 shares, representing 2.47 per cent of total paid-up equity share capital of MT Educare.
The floor price of the offer has been pegged at Rs 13 a share.
The move is aimed to meet the minimum public shareholding threshold of 25 per cent; currently, the promoters hold a 77.47 per cent stake in the company.
Shares of MT Educare jumped 4.35 per cent on Tuesday, to Rs 13.20 on the BSE.
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.