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Key Results: Allcargo, SpiceJet, Vedanta, Manpasand, MTNL, VA Tech Wabag
Around 550 companies will declare their quarterly results on Tuesday. Among them are Allcargo Logistics, Andhra Cement, Autolite, Auto Riders Finance, Cantabil Retail, DB Realty, Future Enterprises, Gammon India, Gujarat Apollo, ITD Cementation, Jagatjit Industries, Jain Irrigation, Kanchi Karpooram, Liberty Shoe, Manpasand, Mercator, MTNL, Pilani Investment, Rajesh Exports, Rolta India, Shakti Sugars, SpiceJet, Valecha Engineering, VA Tech Wabag, Vedanta, Williamson Magor and WS Industries.
New vessel deal may buoy GE Shipping
Great Eastern Shipping Company Ltd on Monday signed a contract to buy a second-hand Very Large Gas Carrier of about 77,922 cbm. The 2002 Japanese built vessel is expected to join the company's fleet in Q3-FY21.However, the company did not provide pricing details.
GE Shipping's current fleet stands at 46 vessels, comprising 33 tankers (11 crude carriers, 17 product tankers, 5 LPG carriers) and 13 dry bulk carriers with an average age of 12.37 years aggregating 3.70 mn dwt. The company has already contracted to sell its 1996 built Very Large Gas Carrier Jag Vidhi, which will be delivered to buyers in Q3-FY21.
ICICI Bank, insurance arms to remain in focus, on Centre’s notification
The Centre has allowed ICICI Bank to hold above 30 per cent stake in ICICI Lombard General Insurance Co Ltd and ICICI Prudential Life Insurance Co Ltd for three years from the date of notification, the private sector lender informed exchanges.
As on June 30, the bank held 51.89 per cent stake in ICICI Lombard General Insurance Co, and 51.37 per cent in ICICI Prudential Life Insurance Co.
In August, ICICI Lombard General Insurance Co Ltd entered into a definitive agreement to acquire Bharti AXA General Insurance Co Ltd. If the transaction goes thorugh, it would result in reduction of ICICI Bank's shareholding in ICICI Lombard General Insurance Co below 50 per cent.
"The exemption during its operation may permit both ICICI Lombard General Insurance Company Ltd and/or ICICI Prudential Life Insurance Company Ltd to consider strategic options such as mergers and acquisitions or capital raise, which have the potential of reducing the bank's shareholding," the bank said.
There are no current plans for ICICI Bank to divest to less than 50.0 per cent shareholding in ICICI Prudential Life Insurance Company Ltd. There would be no impact on the current distribution arrangements, it further said.
Shareholders will closely monitor further developments.
New order may lift Artson Engineering
Artson Engineering Ltd has received a work order of Rs 17.97 crore excluding GST from Tata Projects Ltd. The order is for manufacture & supply of Process Vessels & SS Tanks for NFC Kota Powder Plant Project.
The order has to be executed within 11 months. Tata Projects is the holding company of Artsons Engineering.
For the quarter ended June 2020, the company had posted a loss of Rs 4.52 crore on revenues of Rs 20.90 crore.
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