Apollo Tyres drops ~2% after MD’s
reappointment rejected
The country’s second-largest tyre
manufacturer Apollo Tyres declined ~2% on Friday after its minority
shareholders rejected the reappointment of Neeraj Kanwar as managing director.
This was a major defeat for the company’s promoter. Incidentally, Kanwar is
also the vice-chairman of Apollo.
Reportedly, some Indian institutional
investors, which include mutual funds, may have voted against Kanwar on the
issue of high compensation.
Now, the Apollo Tyre's board of directors
will discuss the resolution in the next meeting and decide on the future course
of action, as per media reports.
L&T Construction bags orders worth
Rs1,477cr
Larsen and Toubro (L&T) Construction
has bagged orders worth Rs1,477cr, the infrastructure major announced on
Friday. The orders have been received under its Water and Effluent Treatment
and Buildings and Factories segments, L&T said in a filing to the exchanges
on Friday.
Under its Water and Effluent Treatment,
the company has received orders worth Rs1, 157cr on a turnkey basis from the
Public Health Engineering Department of Rajasthan. This is for the execution of
drinking water supply projects in districts of Pali, Dungarpur, and Banswara in
Rajasthan.
Kesoram surges ~4% as Karnataka
Government approves land acquisition proposal
Shares of Kesoram Industries were trading
~4% up in Friday's morning session after it received an approval from Karnataka
Government to acquire land.
The company’s proposal to acquire 675
acres of land for industrial purposes has received an approval under Karnataka
Land Reforms Act 1961, Kesoram said in a filling on Thursday after market
hours.
JM Financial to infuse Rs875cr in NBFC
subsidiary along with external investor
JM Financial Limited (JMFL) has entered
into a Subscription and Shareholders' agreement with JM Financial Credit
Solutions Limited (JMFCSL) and investors for a primary equity infusion of upto
Rs875cr.
In FY18, JMFL’s holding in JMFCSL stood at
50.01% (12.5lakh shares). JMFL has agreed to subscribe upto 89,268 equity
shares of JMFCSL including 19,837 partly paid-up equity shares of face value of
Rs10 each for an amount aggregating upto Rs225cr.
Can Fin Homes clarifies on liquidity
concerns
Can Fin Homes in its filling on Thursday
has given a clarification on media reports regarding liquidity issues. It
claimed that till date, Can Fin Homes has adequate liquidity in the form of
sanctioned and unavailed credit lines from banks.
According to the company, certain reports
on the analysis of liquidity positions of HFCs said that Can Fin Homes has an
asset borrowing gap of -22% as on March 2018 in the less than one-year bucket.
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