Maruti Suzuki India (MSIL) will issue equity shares on a preferential basis to parent Suzuki Motor Corporation (SMC) to acquire 100 per cent stake in the latter's Gujarat plant. This deal is expected to increase the share base of MSIL by about 4 per cent. And consequently, it will raise SMC's shareholding in Maruti by around 1.8 percentage point. "Whether it is in terms of PAT (profit after tax) or earnings per share (EPS) or dividend per share (DPS) of MSIL, the share-swap option will give shareholders a better deal than any other option such as cash payment," MSIL chairman RC Bhargava told reporters during a press conference.
Former managing director of Maruti Suzuki India, Jagdish Khattar, passed away on Monday morning following a cardiac arrest, according to people close to him. Khattar (79), a former bureaucrat, was considered as one of the most high profile leaders of the Indian automotive industry, laying the foundation for Maruti's future growth after the government began its disinvestment in 2002 and gradually exited from its joint venture with Suzuki Motor Corporation (SMC). He had joined the then Maruti Udyog Ltd in July 1993 as director (marketing) and went on to become executive director (marketing) in the next six years.
R C Bhargava says company's move on the Gujarat plant will be beneficial to its shareholders.
The 30-share Sensex surged 299 points to close at 28,736 and the 50-share Nifty gained 90 points to end at 8,723.
On the last day of FY!5, the Sensex ended lower by 18.37 points at 27,957.49.
Positive cues from Asian peers also uplifted the sentiment.
The 30-share Sensex ended 50 points lower at 28,112 and the 50-share Nifty declined 12 points to close at 8,531.
The 30-share Sensex ended 271 points higher to end at 28,930 and the 50-share Nifty climbed 76 points to close at 8,776.
I-T lens on current account deposits over Rs 12.5 lakh. All the news and more post demonetisation.
