Expansion plan bodes well for Cosmo Films

The board of directors of Cosmo Films on Tuesday approved resumption of further investment in the new line for Specialised BOPET Film at Aurangabad, Maharashtra. The project has been on hold since November 2018.

The revised project cost of Rs 300 crorewill be financed through a mix of internal accruals and loans, it said in a notice to the stock exchanges. Commercial production will commence by Q2 FY2022-23, it added.

Shareholders will closely monitor developments and the project completion.

Mukand: Rs 1,212-crore divestment of arm may add strength

The board of Mukand has approved a proposal to divest up to 51 per cent equity stake held in Mukand Sumi Special Steel Ltd for Rs 571.91 a share aggregating to Rs 1,212.95 crore, to a promoter group entity(ies), in one or more tranches, over a period of 12 months.

The decision is subject to the approval of shareholders and other regulatory approvals. Post receipt of requisite approvals, the company will enter into a definitive agreement to sell shares to the proposed buyer, Mukand said in a disclosure to the stock exchanges.

Post the sale, Mukand will continue to retain ownership of its alloy steel manufacturing assets in Ginigera, Karnataka, and income derived from the sale of products manufactured at Ginigera to the current processing and marketing joint venture, Mukand Sumi Special Steel Ltd.

Key Results: Coal India, Dish TV

Wednesday will see a host of companies declaring their quarterly results for the period ended June 2020. Among them are AVT Natural, Bannari Amman Sugars, Bhagwati Auto, Capricorn Global, Jubilant Food Works, Sadbhav Engineering, Shree Pushkar Chemicals and TGB Banquets and Hotels.