Reliance Industries (RIL):
An overseas listing may be on the cards for Jio Platforms, the digital and telecommunications subsidiary of Reliance Industries (RIL). According to sources aware of the development, work in this regard may commence soon after RIL sells 20-25 per cent in Jio Platforms and the government issues direct listing guidelines. READ MORE
Bharti Airtel: Bharti Telecom Limited, the promoter company of Bharti Airtel, on Tuesday sold 2.75 per cent stake in Bharti Airtel to institutional investors through an accelerated book building process in the secondary market. The allocation was done to over 50 accounts with top 10 getting 2/3rd of overall allocation. The total sale proceeds of over Rs 8,433 crore was over-subscribed multiple times with healthy mix of all categories of investors, long only and hedge fund investors across geographies in India, Asia, Europe and the United States of America (US), it said in its press release.
Due to the lockdowns and restrictions imposed on economic activities to prevent Covid-19 spread, jewellery-to-watches maker Titan has deferred the launch of two of its jewellery collections till a time that most of the stores are re-opened.
Earnings today: A total of 22 companies, including Dabur India, Sun Pharma, and United Spirits are scheduled to announce their results later in the day.
The auto major, on Tuesday, said its board has approved issuance of non-convertible debentures (NCDs) on private placement basis to raise Rs 1,000 crore.
Net profit of Praj Industries declined 25.48 per cent to Rs 24.86 crore in the quarter ended March 2020 as against Rs 33.36 crore during the previous quarter ended March 2019.
Max Financial: Max Financial Services on Tuesday reported a steep 96 per cent plunge in consolidated profit after tax to Rs 6.67 crore for the January-March quarter 2020 due to the impact of a tax dispute settlement and the coronavirus pandemic.
Biocon: The company informed that Biocon Biologics has received DCGI approval for emergency use of CytoSorb to treat critical Covid-19 patients.
VIP Industries: Net profit of VIP Industries declined 62.34% to Rs 9.52 crore in the quarter ended March 2020. Sales declined 28.42 per cent to Rs 311.34 crore in the quarter ended March 2020 as against Rs 434.98 crore in the year-ago period.