Companies and stocks to track today: October 9, 2020

LV Bank likely to see interest on non-binding offer

Lakshmi Vilas Bank on Thursday said it has received a non-binding proposal from Aion-backed non-banking finance firm Clix Group for a merger.

The capital-starved private sector bank has been searching for an investor and capital said the bank’s informed the exchanges that , “Further to the process of considering and evaluating the proposed amalgamation with Clix Capital Services, Clix Finance and Clix Housing Finance, we are glad to inform that the bank has received an indicative non-binding offer from the Clix Group.” The filing did not elaborate that.

The Clix Group is backed by the private equity major Aion Capital. Shareholders of the Chennai-based private sector bank on September 25 voted out seven directors of its board, including CEO S Sundar and promoters K R Pradeep and N Saiprasad.

Following this, the Reserve Bank of India appointed a three-member team to run the bank under Meeta Makhan as chairperson and Shakti Sinha and Satish Kumar Kalra as members.

Order win bodes well for Solar Industries, GOCL Corp

Solar Industries India Limited and its subsidiary Economic Explosives Limited have received orders from Singareni Collieries Company Limited (SCCL) for the supply of explosives and initiating systems worth Rs 447 crores, the company said in a notice to the stock exchanges. The orders have to be delivered over a period of two years, it further added.

The company had posted a profit of Rs 35.17 crore on revenues of Rs 300.63 crore the June quarter and Rs 213.40 crore and Rs 1,511.44 crore respectively for FY19-20.

Similarly, IDL Explosives Limited (IDLEL), a wholly-owned subsidiary of GOCL Corporation Limited, has bagged an order from Singareni Collieries Company Limited (Singareni), a PSU of Telangana State, for the supply of bulk explosives and accessories. The Order is worth Rs 186.78 crores to supply explosives and accessories over a period of 2 years (from October 2020 to October 2022).

Shareholders will closely monitor the execution and further developments concerning the orders.

JK Cement may build on new unit

JK Cement Ltd has successfully commissioned 0.7 million tonne per annum grey cement grinding capacity at JK Cement Works, Balasinor, Gujarat. It commenced commercial despatches from Thursday.

With this the company has successfully completed its Grey Cement capacity expansion of 4.2 mtpa comprising, it said in a statement to the stock exchanges.

The stock may react positively to the development.

Reliance Naval to come under more pressure

Shares of Reliance Naval and Engineering Ltd, which is under IBC may come under further pressure, on reports of three key parties opting out of the fray to buy the Anil Ambani company. Russia’s state-owned United Shipbuilding Corporation, Chowgule and Company Pvt Ltd and A P M Terminals Management B V have opted out of the bidding process, according to media reports.

Meanwhile, the National Company Law Appellate Tribunal (NCLAT) on Thursday directed to exclude the lockdown phase - March 25 to August 31, 2020 - while computing the insolvency resolution period for Reliance Naval and Engineering Ltd.

The NCLAT direction came after a petition filed by the resolution professional of Reliance Naval and Engineering, challenging the order of the Ahmedabad-bench of the National Company Law Tribunal (NCLT), a PTI report said.

The NCLT had on August 20, 2020, though granted extension of 90 days to the resolution professional to complete the Corporate Insolvency Resolution Process (CIRP) beyond 180 days, but declined to exclude the lockdown period on the ground that 90 days period of the extension was still in hand.

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