Piramal Enterprises signs pact with Canada Pension plan
Piramal Enterprises signed a Memorandum of Understanding with Canada Pension Plan Investment Board, a Canadian pension fund, to co-sponsor renewable energy-focused Infrastructure Investment Trust. With an initial corpus of US$600mn, and the option to scale further, the InvIT would seek to acquire up to 1.5-2GW of stable and cash generating renewables assets on a hold-to-maturity basis, with a firm focus on diversification of both asset type as well as off-taker profile. Both PEL and CPPIB will act as Co-Sponsors of the proposed InvIT and hold up to 75% of the units (with CPPIB committing US$360m and holding up to 60%; PEL committing US$90m and holding 15%) and seek to raise capital from other like-minded investors for the remaining 25%. In the interim and prior to its launch, PEL and CPPIB will jointly warehouse seed assets for the proposed InvIT. PEL would act as the sole Investment Manager as well as Project Manager for the proposed InvIT.
VIP Industries Q4FY19 PAT down 28%; stock falls 3%
VIP Industries has reported a decline of 28% in net profit at Rs25.3cr for Q4FY19 as against Rs35cr in the year-ago period. The company revenue from operations increased by 20% to Rs435cr against Rs362.6cr in the corresponding period last fiscal. The Board of Directors in its meeting held today, have recommended for the approval of members a final Dividend of Rs2 (100%) per equity share of Rs2 each for the financial year 2018-19. The company had paid an Interim dividend of Rs1.20 (60%) per equity share of Rs2 each for the financial year 2018-19 in February 2019. Accordingly, the total Dividend declared by the company for the financial year 2018-19 is Rs3.20 (160%) per equity share of Rs2 each.
Jyothy Laboratories Q4FY19 net profit up 11% at Rs67cr; stock slips 4%
Jyothy Laboratories Ltd (JLL), the Indian FMCG company, today reported a net profit at Rs67cr as against Rs60.35cr in the corresponding quarter previous year; up by 11.1% yoy. The net revenue came in at Rs504.29cr for the quarter ended March 31, 2019, up by 6.3%. The Operating EBIDTA margin for the quarter stood at 16.4% as against 18.5% in Q4FY18. The company reported Basic EPS (Non-annualized) of Rs1.84 as against Rs1.66 in the corresponding quarter of last year.
Yes Bank acquires 12.79% stake in CG Power via pledge invocation
Yes Bank, pursuant to invocation of the pledge of shares has acquired 8cr equity shares having a nominal value of Rs2 per share, constituting 12.79% of the post-issue paid-up share capital as at March 31, 2019, of a listed company, namely, CG Power and Industrial Solutions Limited. Shares acquired on the invocation of pledge subsequent to default/breach of terms of the loan to Oyster Buildwell Private Limited and accordingly proceeds from the sale of shares will be utilized to reduce the loans secured by such shares, the bank said in the filing. Shares have been acquired upon invocation of the pledge of shares and this is a one-time transaction.
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