ITI may flare up on Rs 7,796-crore Defence order
ITI, which had been declared LI holder for the Ascon Phase IV Project in 2017, on Thursday received a communication from Ascon working group, Integrated HQ of MoD (Army), that necessary approval for project has been obtained and the contract is expected to be signed very shortly.
The value of the bid is approximately Rs 7,796 crore (including taxes), it informed the exchanges. ITI had posted a profit of Rs 36.46 crore for the quarter ended June 2020 on revenues of Rs 650.48 crore; the corresponding figures for FY20 are Rs 150.86 crore and Rs 2,058.87 crore.
Shareholders will closely monitor the execution and the time line of the projects very closely.
Demerger: NCLT nod may lift Panacea Biotec
Shares of Panacea Biotec will remain in focus, as the National Company Law Tribunal, Chandigarh Bench on Thursday approved its demerger proposal. The company had proposed to demerge real estate unit into Ravinder Heights.
To enable the company to focus on its core business and raise necessary resources for respective businesses independently, the real estate business may be demerged into Radhika Heights Ltd, a separate listed company," the company had then said.
With the clearance of NCLT, the demerger process will take a fast move.
Shareholders of Panacea Biotech will closely monitor further developments on this front.
The promoter group currently holds 73.59 per cent stake in the company and the remaining 26.41 per cent is with the public.
Will Info Edge feed on Zomato fund raise?
Indian food delivery company Zomato has raised $160 million from US hedge fund Tiger Global Management LLC and a unit of Singapore's Temasek Holdings, Info Edge (India) Ltd said in a filing to stock exchanges on Thursday.
The transaction pegs the food delivery startup at a post-money valuation of $3.3 billion, according to the filing.
The primary fundraiser consists of $100 million from Tiger Global and $60 million from MacRitchie Investments Pte, a subsidiary of Temasek Holdings.
Info Edge said its effective stake on a fully diluted basis in Zomato now stands at 22.2 per cent.
Meanwhile, there is a buzz in media, that Zomato plans initial public offering in first half of next year to raise funds
YES Bank in focus as it repays liquidity funds to RBI
YES Bank on Thursday said that it has fully repaid Rs 50,000 crore of special liquidity that it availed itself from the Reserve Bank of India, Chairman Sunil Mehta said at the bank's annual general meeting today.
The repayment done on Tuesday was "well before the due date", Mehta said.
In March, emergency credit line was made available by the RBI when the bank was under a moratorium that restricted deposit withdrawals at Rs 50,000.
The moratorium, imposed on March 5, was lifted two weeks later after consortium of eight lenders led by State Bank of India bailed out YES Bank by infusing Rs 10,000 crore.
The stock may react positively to the development.
Gokul Refoil buyback offer opens today
The buyback offer of Gokul Refoils And Solvent will open for subscription on Friday and end on September 24. The company plans to buyback 3.29 crore shares at Rs 12 a share for an aggregate amount of Rs 39.48 crore.
As the offer is through the tender offer process, equity shareholders whose name had appeared on the company book as on August 14, are only eligible to participate in the buyback.
WIth the stock being quoting around Rs 15.90, analysts and shareholders will closely monitor the response to the issue.
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.