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TOP CORPORATE NEWS- 10 AUG 2018

Corporate News

 

Shree Cement bags grade ‘G7’ coal linkage order

Shree Cement, an Indian cement manufacturing company, has won the e-auction for coal linkage (grade ‘G7’) from Coal India. The allocated quantity is 27,700-ton per annum at a notified price of Rs2,311/ton. This coal linkage would be used for its cement project at Raipur, Chattisgarh, Shree Cement said in a press release to the exchanges on Friday.
“The company has participated in the e-auction for coal linkage from Coal India and won the following coal linkage in the State of Chhattisgarh,” the company said in the release.

JLR volumes continue to slide in July 2018, down 22% yoy

Tata Motors Limited-owned British luxury carmaker, Jaguar Land Rover (JLR) continued to see a slide in sales volume in July 2018. JLR sold 10,992 Jaguars in July 2018, a 15% yoy and a 33% mom decline, respectively.
On the other hand, the company sold 25,152 Land Rovers in July 2018, a 24% yoy and a 30% decline, respectively. Sales declined in all of JLR geographies; China (down 47% yoy), Europe (down 26% yoy), UK (down 18% yoy), and North America (down 9.5% yoy). Only volumes in the overseas markets were up 9% yoy.

PC Jeweller, Kwality in focus as Vakrangee mulls making an open offer

Market regulator SEBI has asked IT service management company Vakrangee Holdings (VHPL) to make an open offer to acquire the shares of listed subsidiary Vakrangee within 45 days.
Interestingly, in the interim, Vakrangee had expressed its intention to do a buyback of shares and then changed its mind. Other companies who undertook a similar route were Delhi-based jewelry company PC Jewellers and dairy products processor Kwality. Now, after SEBI’s directive, all eyes are on these two companies, in anticipation of a similar offer.

Bhushan Steel up 1.6% after NCLAT upholds Tata Steel’s resolution plan

Debt-ridden auto-grade steel manufacturer Bhushan Steel rose 1.6% on Friday after the National Company Law Appellate Tribunal (NCLAT) upheld Tata Steel’s resolution plan. Earlier on Monday, the tribunal had directed all three bidders — Tata Steel, JSW Steel, and Liberty House — to submit unconditional bids to the court in a sealed envelope.
The Sanjay Singal-promoted company is part of a dozen companies that banks have referred to the bankruptcy court on the back of an RBI directive. Further, it faces claims of Rs49,264cr from financial creditors.

Tata Comm stock declines after Q1FY19 net loss

Shares of Tata Communications declined over 5% as the company posted net loss stood in Q1FY19 at Rs58.5cr against estimate of Rs43.4cr.
The EBITDA was in-line with estimates for Q1FY19, however profitability was lower than expected.
Also, the company’s revenue dropped 9.2% yoy to Rs3, 912cr (expectation Rs4, 011cr). EBITDA stood at Rs555cr, down 0.6% yoy, against estimates of Rs553cr. EBIDTA margin rose 123bps yoy to 14.2%.

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