NCLT allows CoC to consider revised bid of UltraTech
Twists and turns continue in the Binani Cement asset sale. On
Tuesday, the National Company Law Appellate Tribunal (NCLAT) allowed the
committee of creditors (CoC) of Binani Cement to consider the revised bid by
UltraTech Cement or that of Dalmia Bharat (if it revises its bid higher), as
per various media sources.
However, Dalmia Bharat is unwilling to revise its Rs6,589cr
takeover offer, which previously won the bid. Dalmia Bharat maintains status
quo on the offer, as it has followed the IBC and other legal procedures.
Further, it intends to move the NCLAT in the Supreme Court if the Kolkata bench
of the NCLT gives approval to the UltraTech Cement’s offer.
Gravita India up 3% after signing deal with Amara Raja Batteries
Gravita India, a leading recycling company, has signed a contract
with Amara Raja Batteries for lead acid battery scrap collection and recycling
arrangements. Under this contract, Gravita would collect/purchase lead acid
battery scrap from designated locations of Amara Raja. It is a joint initiative
towards environment protection and sustainability under which used batteries
would be recycled and pure lead/lead alloys will be supplied back to Amara
Raja.
Gravita targets supply of approximately 8,000 MT of lead to Amara
Raja under the said contract, which will help the company to strengthen its top
line in FY18‐19 coupled with cost-effective recycling and long-term business
association with Amara Raja. The supplies under this contract will be effected
during FY18‐19.
HPCL stock drops after Q4FY18 PAT declines
Hindustan Petroleum Corporation Ltd stock declined after the
company reported Q4FY18 results in-line with the estimates. Net comparable
revenue grew by 14.4% yoy to Rs66,350.88cr against Rs57,992.15cr in Q4FY17.
EBITDA stood at Rs2,922.64cr, up 4% yoy against Rs2,811.02cr of Q4FY17. EBIDTA
margin declined by ~45bps yoy to 4.4%.
Bata India gains on reporting strong Q4 earnings
Shares of Bata India were up by over 2% after the company reported
that its Q4FY18 standalone net profit rose 44.92% yoy to Rs52.08cr.
The company's revenue for Q4FY18 came in at Rs632cr, up 6.9% yoy
and down 6.2% qoq. EBITDA for the quarter came in at Rs82cr, up 45.1% yoy and
down 26.2% qoq. EBITDA margin expanded by 343bps yoy and contracted by 352bps
qoq to 13.02%. The adjusted net profit for the quarter stood at Rs52.08cr, up
44.9% yoy and down 23.6% qoq. Revenue, EBITDA and adjusted PAT came above
estimates of Rs625cr, Rs77cr and Rs49cr respectively.
Vedanta down 4% after Madras HC stays expansion plans
The Madras High Court passed a ruling today, staying Vedanta's
capacity expansion plans at the Tuticorin plant. This is a blow to the company
that was hoping to complete the expansion by Q3FY20.
Protests against its copper plant turned violent yesterday leading
to police firing, killing nine protestors. Vedanta’s copper plant in Tuticorin
has been closed since March 27 after it had not received clearance from the
Tamil Nadu pollution board. The pollution board had rejected Vedanta's license
to continue operations in April, citing that the company had not complied with
environmental laws. The Tamil Nadu pollution board has adjourned decision on
the plant to June 6.
The company had also planned to double capacity to 800k tonnes of
copper cathode.
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