HUL's food & refreshment biz to get a 'boost' as board approves GSK Consumer merger deal
The board of Hindustan Unilever (HUL) has approved the scheme of amalgamating the company and GlaxoSmithKline (GSK) Consumer Healthcare Ltd (GSKCH), subject to further approvals.
The transaction is an all-equity merger with 4.39 shares of HUL being allotted for every share in GSKCH, implying a total equity value of Rs31, 700cr for 100% of the latter. This merger includes the totality of operations within GSKCH, including the selling contract to distribute GSKCH’s OTC and Oral Health products (Crocin, Eno, and Sensodyne) in India.
L&T Construction bags orders worth Rs1,127cr;
Larsen & Toubro (L&T) said its construction arm has won orders worth Rs1,127cr across two of its business segments.
In the metallurgical and material handling business, the company bagged contracts worth Rs755cr, the company said in the filing.
An order has been secured from Hindustan Zinc Ltd for the construction of a 1.5 MTPA Lead Zinc Beneficiation Plant at R D Mines, Rajasthan, thereby continuing to build customer confidence and leadership position in this segment, the company added.
RCom spurts 15% after subsidiary clears payment of corporate guarantee to DoT
Shares of Reliance Communications were trading 15% higher on Monday after a media report said that the company’s arm Reliance Realty has a cleared Rs1, 400cr corporate guarantee to the Department of Telecommunications (DoT) in line with the Supreme Court (SC) directive.
The completion of the payment paves the way for Reliance Communication’s pending spectrum sales to Mukesh Ambani’s Reliance Jio, an ET report said. On Friday, the SC has asked the DoT to clear the company's spectrum sale to Reliance Jio Infocomm on a corporate guarantee of Rs1, 400cr.
Ashok Leyland stock tanks nearly 5% as November volumes disappoint
Ashok Leyland Limited (ALL) reported 9% yoy volume decline (13% mom volume decline) for the month of November 2018. Total sales were 13,121 units in November 2018 vs. 14,457 units in November 2017 and 15,149 units in October 2018. The volume number missed BloombergQuint poll estimate of 14,000 units for October 2018. The volume decline came on a strong base of November 2017 (volume growth of 51% yoy, 12% mom). The stock is trading nearly 5% lower at the lowest point of the day so far.
Sun Pharma dives 7% on report of likely re-opening of insider trading case
Shares of Sun Pharma plummeted 7% in Monday’s morning session after a media report said that the Securities Exchange Board of India (Sebi) is likely to re-open an insider trading case against the company.
As per a PTI report, the update comes after the market regulator received an application that claims various irregularities by the company, its promoter Dilip Shanghvi, and others. The managing director of the company Dilip Shanghvi and nine other entities, in August 2017, settled an insider trading probe on payment of Rs18 lakh towards settlement charges.
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