Companies and Markets

Companies & Markets

Mergers boost finance sector consolidation

Within just two months after private lenders IDFC Bank and Shriram Capital announced an agreement to examine a merger to create one of the country's largest retail banks, private lender IndusInd Bank said that it has entered into an exclusivity agreement with Bharat Financial Inclusion Ltd (BFIL), formerly known as SKS Microfinance to explore the possibility of a merger – the announcement was made last week. Such transactions are a win-win for both entities with analysts giving a positive view on their stocks.

Sebi board to take stock of suspected shell cos today

Markets regulator Sebi will update its board on Monday on action being taken against suspected shell companies allegedly abetting routing of illicit funds through stock markets.

Those under scanner include over 300 listed companies as also hundreds of unlisted entities and individuals, suspected to be misusing the stock exchange platform for tax evasion, among other wrongdoings, a senior official said.

CMI reports Rs 603.16 lakh net profit for Q1

CMI, the leading speciality cables company, on Friday announced its Q1 results for 2017-2018. On a consolidated basis, the total income stood at Rs.14,427.91 lakh in Q1FY18 up from Rs 8,729.46 lakh in Q1FY17. The net profit was at Rs 603.16 lakh, up from Rs 151.10 lakh in Q1FY17. The earnings per share (EPS) in Q1FY18 stood at Rs 4.03, up from Rs 1.07 in Q1FY17.

On a standalone basis, the total income stood at Rs 10,582.09 lakh, up from Rs 8,740.15 lakh in Q1FY17.

Sebi for forensic audit of 3 more suspected shell firms

The Securities and Exchange Board of India (Sebi) has ordered forensic audit of Trinity Tradelink, Info-Drive Software and Edynamics Solutions, which also figure on the list of 331 suspected shell companies released on June 9 by the government.

These three firms are in addition to the market regulator ordering forensic audit of four other firms -- IRIS Mediaworks, Hit Kit Global Solutions, Kavit Industries and GV Films.

Suzuki to set up third plant, lithium ion battery unit in Gujarat

Japan's Suzuki Motor Corp on Thursday announced fresh investments of around Rs 3,800 crore in Gujarat to add a third car production plant.

The company along with its partners Toshiba and Denso will also invest around Rs 1,150 crore for a new unit to produce lithium ion batteries.

The new investment in enhancing capacity of the Hansalpur plant will take the company's total investment in the facility to around Rs 13,400 crore, where it has already put in Rs 9,600 crore on two plants along with another engine and transmission production unit.

Sand shortage and floods force cement makers to cut prices in northern markets

Cement makers are forced to cut prices by Rs 2-3 per 50-kg bag every week in north India due to lower demand, specially in flood-prone states like Uttar Pradesh, Bihar and West Bengal amid an acute shortage of sand, industry sources said.

"Currently, the wholesale price of one bag is Rs 295 for top brands like Ambuja, ACC and UltraTech in Uttar Pradesh and near-by areas, including Delhi. While the tier-2 companies like Shree Cement, JK Lakshmi Cement are selling the same bag at Rs 25 less," a marketing professional told TickerNews on condition of anonymity.