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Key results: Airtel, Tata Motors, Amara Raja, ICICI Pru Life, Nippon Life, TGV Sraac
Tuesday will see a host of most-actively tracked companies declaring their quarterly and half-yearly results. Among these are 63 moons technologies, Amara Raja Batteries, Bharti Airtel, Castrol India, CEAT, ICICI Prudential Life Insurance Company, JM Financial, KPR Mills, Man Industries, Mangalam Organics, Nippon Life India Asset Management, Network18 Media, Orient Bell, Savita Oil, Sanofi India, SKF India, Suven Life Sciences, TV18 Broadcast, and VST Industries.
Will power deal lift TGV Sraac?
The board of TGV Sraac (erstwhile Sree Rayalaseema Alkalies and Allied Chemicals) has taken notice of investment in Andhra Pradesh Gas Power Corporation Ltd (APGPCL) equity shares of 29.49 MW equivalent shares (1 MW = 2,68,000 shares) for a total consideration of ₹66.59 crore by the company by participating in the tender floated by APGPCL.
The company made this investment to be eligible to draw 29.49 MW power from APGPCL and to inform that the tariff rates of APGPCL are comparatively cheaper than other sources of power supply, it said.
The company had reported a profit of ₹6 crore on revenues of ₹236.65 crore for the quarter ended June 2020.
R ane Brake buyback offer opens today
The buyback offer to the shareholders of Rane Brake Lining Ltd will open for subscription on Tuesday. The company will acquire the shares at a maximum price of ₹825 apiece. The buyback is estimated to cost ₹22 crore. The buyback will be done through open market purchases.
The buyback will be made from all shareholders of the company other than the promoters and promoter group of the company, RBL said.
The company also reported a second quarter net profit of ₹11.5 crore, a 54 per cent growth from the year-earlier period. Total revenue, however, dropped 4 per cent to ₹107.7 crore on an 8 per cent decline in sales to OEM customers.
Coforge: Promoter cuts stake
A promoter entity of Coforge, erstwhile NIIT Technologies, on Monday sold 38 lakh shares for over ₹878 crore. According to bulk deal data available on the NSE and the BSE, the promoter entity Hulst BV offloaded a total of 38 lakh shares.
It offloaded nine lakh shares at an average price of ₹2,312.03 on the BSE and 29 lakh shares at ₹2,310.56 on the NSE.
Hulst BV is the promoter of Coforge Ltd and held 70.28 per cent stake in the company, as per the shareholding pattern in the September quarter.
Based on September quarter figures, the promoter has offloaded 6.27 per cent stake in the company.
However, buyers’ identity has not been revealed.
Shareholders will closely monitor further developments.
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