Shriram Transport issues clarification about merger
Vehicle finance company Shriram Transport, in a BSE filing,
clarified that it is not considering any merger proposals. The explanation was
in response to media reports stating that the group is planning to merge two of
its listed non-banking finance companies (NBFCs).
Meanwhile, the company, which has a network of 528 branches, is a
beneficiary of the on-going vehicle ‘super-cycle’. We expect good disbursements
growth going ahead in both, used and new vehicle finance, due to demand drivers
like the ban on overloading, increasing tonnage of vehicles, etc.
Tata Motors group global wholesales up 10% yoy in June 2018 on
strong CV volumes
Jaguar Land Rover (JLR), the British luxury carmaker owned by Tata
Motors Limited (TML), sold 1,00,135 vehicles globally in June 2018, up 10%
yoy. Sales were 7% lower than May 2018. The combined sales of Jaguar and
Land Rover were 37,490, 24% lower than June 2017, and 23% lower than May 2018.
Total passenger vehicle sales were 8% yoy lower and 16% mom lower
at 55,906 vehicles. Riding on a cyclical upswing, commercial vehicle sales were
46% yoy higher at 44,229 units, which was 8% mom higher.
Britannia may replace HPCL on Nifty
As per the expectations of Indian brokerages, biscuit-maker
Britannia Industries will probably make a position on the Nifty50 index soon.
These expectations indicate that the Bengaluru-headquartered company could
replace state-owned Hindustan Petroleum Corporation Ltd (HPCL).
Meanwhile, other expected substitutions include either JSW Steel
or Godrej Consumer Products for Lupin. The list announcing the
inclusion/exclusion of these firms is expected to come out in August this year,
and the stocks will most likely be included in the Nifty from the October
series onwards.
HCL Tech gains on buyback plan
Shares of HCL Technologies gained over 2% on the NSE and among top
Nifty gainers in today’s trade. The IT company has announced that its board
will be meeting on Thursday, July 12, 2018, to consider a proposal for buyback
of equity shares of the company. Price and the quantum of the buyback would be
announced post the board meeting.
The announcement was made after market hours yesterday, July 09,
2018.
UPL in talks to acquire Arysta LifeScience for more than $4bn
UPL Limited, a leading global generic agro-chemical company, is in
talks to buy the farm pesticide business of Arysta LifeScience, as per media
sources. The acquisition is expected to have a value of more than $4bn. The
deal is said to be one of the largest outbound deal by an Indian company.
The deal is expected to be a leveraged deal with UPL having
arranged funds from a consortium of lenders, including a Japanese bank. The
Arysta acquisition is expected to enhance UPL’s solutions towards local farming
needs. The acquisition will also boost UPL’s agrochemical and crop protection
business.
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