Motherson Sumi tanks ~7% following weak Q2FY19 numbers
Shares of auto ancillary maker Motherson Sumi Systems Limited (MSSL) plunged ~7% after the company reported a weak set of numbers in Q2FY19.
Consolidated revenue was up 13% yoy at Rs15, 105cr, ahead of expectation of Rs14, 197cr.
EBITDA stood at Rs1, 300cr, up 6% yoy as lower raw material expenses (as % of sales) were offset by higher operating, manufacturing and employee expenses. EBITDA margin contracted 55bps yoy to 8.6%. EBITDA and EBITDA margin missed expectations of Rs1, 386cr and 9.8% respectively.
Sundaram Finance board approves 25.9% stake sale in general insurance arm
Shares of Sundaram Finance Ltd gained ~2% on the BSE as the company announced its plan to sell 25.9% stake in its general insurance unit Ageas for Rs984cr.
Ageas Insurance International N.V. (Ageas) and Sundaram Finance Ltd (SFL) along with other Indian shareholders announced today that they have signed an agreement whereby Ageas will acquire 40% of the share capital of Royal Sundaram General Insurance Co. Ltd (Royal Sundaram) for a total consideration of Rs1,520cr
Ultratech gets NCLAT nod to acquire Binani Cement
UltraTech’s bid for Binani Cement gets National Company Law Appellate Tribunal (NCLAT) nod, as per the media news. NCLAT has rejected Dalmia Bharat’s (DBL) bid on the ground that is was discriminatory to some of the creditors of Binani Cement.
DBL is expected to appeal the verdict in higher court. On May 02, 2018, NCLAT had allowed the committee of creditors (CoC) of Binani Cement to consider the revised bid by UltraTech or that of Dalmia Bharat (if it revises its bid higher, which DBL chose not to revise).
Apollo Tyres rises after promoters agree to 30% pay cut
India’s second-largest tyre-maker Apollo Tyres’ promoters Onkar Kanwar and his son Neeraj Kanwar agreed to a 30% pay cut for this financial year. This move comes amid a decision taken during the annual general meeting on December 12, wherein minority shareholders rejected Neeraj Kanwar’s appointment as managing director over claims of high compensation and subdued financial performance.
Further, the decision was taken by Apollo Tyres board’s nominations and remuneration committee (NRC). Moreover, the NRC’s revised proposal is also applicable to the compensation package that renews Neeraj Kanwar’s contract from May 2019. The board has “strongly” suggested that the agreement should be renewed under revised terms.
Tata Global Beverages signs LOI with Tata Steel to set up tea packaging unit in Orissa
Tata Global Beverages has signed an LoI with Tata Steel Special Economic Zone Limited, a wholly-owned subsidiary of Tata Steel, for setting up a Tea packaging unit in Gopalpur Industrial Park, Orissa.
The facility will be used for the manufacture and storage of tea. It will also be used as warehouse for all products of the company, including its subsidiaries, associates and joint-venture companies.
Financial Advisory Company in Indore, Stock Advisory Company in Indore , Equity Tips , Free Trading Tips , MCX Tips , sebi registered advisory company , Intraday stock tips , Free commodity tips
0 comments:
Post a Comment