Companies and Markets

Companies & Markets

Century Textiles to merge cement biz with UltraTech

In a long-awaited deal, Century Textiles and Industries, owned by Birla patriarch Basant Kumar Birla, will carve out its cement business and merge it with UltraTech Cement, owned by grandson Kumar Mangalam Birla, in an all-stock deal, the two companies said.

The board of UltraTech on Sunday approved a scheme of arrangement amongst Century Textiles and its respective shareholders and creditors, the Aditya Birla Group firm said in a statement.

Govt shelves plan to bring FDI into ageing fields of ONGC and OIL

The government has shelved the plan to privatise several old and ageing fields of ONGC and OIL. It has been decided to give one more opportunity to the public sector oil and gas exploration companies to increase production from these depleting fields by bringing in modern technology and stepping up investments.

NuMetal offers Rs 37K cr for Essar Steel, wants 2nd round of bids opened

Russia's VTB Capital-based NuMetal on Thursday told the National Company Law Appellate Tribunal (NCLAT) that it has offered over Rs 37,000 crore for Essar Steel in the second-round of bidding, which should be opened and the highest bidder be selected from it.

ArcelorMittal, the only other bidder to have put in a bid for Essar Steel in the first round in February, however, opposed the opening of the second round of bids and wanted only the first round of bids to be considered.

Collateral damage Rains & storms leave AC market cold in summer

Unseasonal rains, thunderstorms and dust storms have dampened the room air-conditioner (RAC) business in the key markets of north and south India. This is notwithstanding the fact that the domestic RAC, estimated to be nearly 50-55 lakh units a year, and had grown by 10 per cent last year, started the year on a bullish note.

DHFL to issue NCDs with 8.9-9.1% coupon

Dewan Housing Finance Corporation (DHFL) is coming out with a non-convertible debentures (NCD) issue for raising Rs 3,000 crore, with a green shoe option of Rs 9,000 crore. The NCDs, opening for subscription on May 22, will have coupon rates of 8.9 per cent to 9.10 per cent and tenor varying from 3-10 years.

The secure redeemable NCDs of face value of Rs 1,000 each have been rated AAA by Care Ratings and Brickwork Ratings. The minimum application amount is Rs 10,000 while retail investors can apply up to a maximum amount of Rs 10 lakh.

Downward trend in market may continue

The market witnessed huge selling as investors got nerves about rising crude prices. 

The Sensex fell 238 points to close at 35,149 on Thursday, while the Nifty declined 58 points to settle at 10,682. Declines were led by FMCG and energy stocks, with the NSE's sectoral indices dropping 1.3 and 0.8 per cent, respectively. 

Global fund managers bet on tech and commodities

Global fund managers are getting bullish on the banking and technology sectors and are increasing allocation to commodities even as their expectations for faster global growth fell sharply, shows a  survey. Significantly, fund managers also say only US bond yields above 3.6 per cent would prod them to rotate funds from equities back into bonds. They also think a global recession is far off, at least not until late 2019.

Fortis EGM to vote on removal of four directors

An extraordinary general meeting (EGM) of Fortis Healthcare will vote on the removal of four directors. The EGM will be held on May 22.

Minority shareholders East Bridge Capital and Jupiter India Fund have sought the removal of four members from the board alleging that they have not exercised their duties in evaluating the bids. The investors have sought the removal of Brian W Tempest, Harpal Singh, Lt Gen Tejinder Shergill and Sabina Vaisoha from the board.