Diversified entity ITC Ltd on Monday said it will demerge its hotels business by incorporating wholly-owned subsidiary ITC Hotels Ltd, paving way to attract appropriate investors and strategic partners. With the company's hotels business maturing over the years, the company said the vertical is ready to chart its own growth path as a separate entity in the fast-growing hospitality industry. "The Board of Directors of ITC Ltd at its meeting held on July 24, 2023, evaluated and discussed various alternative structures for the hotels business.
Days after the disbanding of Group Executive Council set up by Tata Sons ousted chairman Cyrus Mistry, N S Rajan and Nirmalya Kumar have resigned from their respective board positions at Indian Hotels Company and Tata Chemicals.
FMCG major Hindustan Unilever on Wednesday reported a 1.53 per cent decline in consolidated net profit to Rs 2,561 crore for the fourth quarter ended March 31, 2024 due to factors such as deflation and softening of commodity prices. The company had posted a net profit of Rs 2,601 crore in the year-ago period, according to a regulatory filing from HUL. Net sales of Hindustan Unilever Ltd (HUL) were almost flat to Rs 15,013 crore in the March quarter.
The National Democratic Alliance government is weeding out independent directors on the boards of public-sector undertakings (PSUs).
The merger of ZEE Entertainment and Sony has reached an advanced stage of completion, and the issues faced by promoters with Sebi should not become a problem for the company, debarred ZEEL MD Punit Goenka has said in a letter to employees, according to sources. Goenka, who along with his father Subhas Chandra, was denied any interim relief against a Sebi order that barred them from holding the position of director or key managerial post in any listed company, in the letter ZEE Entertainment Enterprises Ltd (ZEEL) staff asserted that the merger of Culver Max (earlier known as Sony Pictures Networks India) is at a very important juncture. With the Securities Appellate Tribunal (SAT) restricting him from holding a directorial or key managerial position in a listed company, Goenka told the employees that the ZEEL board has constituted an interim committee of senior executives to ensure smooth operations and day-to-day functioning.
Private equity major Carlyle group on Friday sold shares worth over Rs 4,800 crore in SBI Cards and Payment Services and its nominee stepped down from the company's board. CA Rover Holdings (CARH), a subsidiary of Carlyle group, offloaded more than 4.7 crore shares of SBI Cards and Payment Services Ltd (SBI Card) worth about Rs 4,811 crore through open market transactions on BSE and NSE. With the latest sale of shares, the group's shareholding in the company fell below 10 per cent, following which its nominee director on SBI Card's board -- Sunil Kaul -- stepped down.
Mistry is presently also the chairman of loss-making Forbes & Company Ltd listed on the Bombay Stock Exchange.
ITC's move to demerge the hotel business into a new entity, ITC Hotels Ltd, is a step in the right direction and will allay investor's concerns on the company's capital allocation strategy in the medium-to-long term, said analysts at Morgan Stanley in a note. According to the company, the board of directors has approved in principle the demerger of the hotels business, wherein ITC will hold a 40 per cent stake in the new entity, and the remaining 60 per cent will be held directly by shareholders. The scheme of arrangement shall be placed for approval of the Board at its next meeting to be convened on 14th August 2023.
The capital market regulator has to recover Rs 64.85 lakh (Rs 6.48 million) from Ranbaxy's former independent director V K Kaul and Rs 12.97 lakh (Rs 1.29 million) from his wife Bala Kaul.
Baba Ramdev-led Patanjali Ayurved Ltd will sell its food retail business to group firm Ruchi Soya Industries Ltd for Rs 690 crore as part of its strategy to focus on non-food, traditional medicine and wellness business.
Sebi has restructured its advisory committee on market data that recommends policy measures pertaining to areas like securities market data access and privacy. Rejigging its market data advisory committee, Sebi has said the panel will now have 21 members, as per the latest information with the regulator. Earlier the committee had 20 members. The committee is chaired by M S Sahoo, Professor at National Law University, Delhi and former chairperson, Insolvency and Bankruptcy Board of India (IBBI).
Amid an existential crisis facing the firm over Rs 50,000 crore unpaid dues towards the government, billionaire Kumar Mangalam Birla on Wednesday stepped down as the chairman of Vodafone Idea Ltd. Birla -- who had in June offered to give away his holding in the joint venture with Britain's Vodafone to the government -- will cease to be a director and non-executive chairman of the company at the end of business hours on Wednesday, VIL said in a filing to the stock exchanges. It did not give any reason for Birla's decision. He will be replaced by Himanshu Kapania (who was earlier managing director and CEO of Birla's Idea Cellular) as the new chairman of Vodafone Idea Ltd.
The government has not set up any committee to probe allegations a US short seller labelled against the Adani Group, but stock market regulator SEBI is investigating market allegations against the group, the Lok Sabha was informed on Monday. A separate investigation into imports of Indonesian coal by the conglomerate hasn't reached finality, Minister of State for Finance Pankaj Chaudhary said. Lok Sabha saw several questions being put by MPs to the government on the Adani issue, which were replied through written responses by the minister.
ITC Ltd on Friday reported a 23.09 per cent increase in consolidated net profit at Rs 5,070.09 crore for the third quarter ended December 2022, helped by growth momentum across its operating segments. The diversified company had posted a net profit of Rs 4,118.80 crore during the October-December quarter of the previous fiscal, ITC said in a regulatory filing. Its revenue from operations was up 3.56 per cent to Rs 19,020.65 crore during the quarter under review, as against Rs 18,365.80 crore in the corresponding period of the previous fiscal.
Vysya Bank Ltd has informed BSE that the Board of Directors of Vysya Bank Ltd at their meeting held on January 30, 2003
K V K Seshavataram has been elected as the chairman of the board of directors of GMR Tech.\n\n
Glenmark Pharmaceuticals Ltd has informed BSE that the Board of Directors of the company at its meeting held on February 14, 2003 has approved divesting its wholly-owned subsidiary Glenmark Laboratories Ltd, including sale of its manufacturing Plant
Cranes Software International Ltd has informed BSE that the Board of Directors of the company at its meeting held on January 30, 2003
The Adani Group on Friday said it has acquired 27.26 per cent equity stake in NDTV from Prannoy Roy and his wife Radhika Roy -- founders of the news broadcaster. "RRPR, an indirect subsidiary of the company and member of the promoter/promoter group of NDTV, has acquired a 27.26 per cent equity stake in NDTV from Prannoy Roy and Radhika Roy by way of inter-se transfer...," said a regulatory filing from Adani Enterprises. On December 23, Prannoy Roy and Radhika Roy had announced to sell 27.26 per cent out of their remaining 32.26 per cent shareholding in the NDTV to the Adani Group.
Gujarat NRE Coke Ltd has informed BSE that the Board of Directors at its meeting held on January 18, 2003 has recommended issue of bonus shares in the ratio of 1:2.
No reason was given for his resignation.
The board of directors has taken in-principle decision to merge IDBI Bank Ltd with IDBI, the financial institution informed the Bombay Stock Exchange on Thrusday.
Prima Plastics Ltd has informed BSE that a meeting of the board of directors is scheduled on January 22, 2003, inter alia, to consider and approve sale of machinery and other unproductive assets.\n\n\n\n
A meeting of the Board of Directors of Raasi Refractories Ltd will be held on January 31, 2003 to consider the proposal for merger of Raasi Enterprise Solutions Ltd with the company.
Indo Green Projects Ltd has informed BSE that the Board of Directors, at its meeting held on February 10, 2003, has resolved to commence the new activities in the field of Textiles and Yarn related business.
Cummins India will not consider declaration of interim dividend due to uncertainties in the proposed tax structure.
Cadila Health, to merge with German Remedies
IBP's strong presence in the northern markets will complement IOC's marketing strengths and therefore, on a consolidated basis, the combined entity will benefit (but in FY05, the merger is likely to affect IOC's profitability marginally). \n
The company had posted a consolidated net profit of Rs 453.55 crore (Rs 4.53 billion) in the same quarter last fiscal, Wockhardt Ltd said in a filing to the BSE.
Wipro Ltd has informed BSE that the Board of Directors of the company vide the circular resolution effective February 13, 2003 resolved to issue and allot 2945 equity shares of Rs 2 each pursuant to exercise of stock options by eligible employees.
Hind Lever Chemicals Q3 results on Jan 30, 2003
The board of directors of Siemens Ltd, the Indian unit of the German electronics giant Siemens AG, has deferred a proposal to buy back its shares, the Bombay Stock Exchange said on Thursday.\n\n\n\n\n\n\n\n
Dabur to consider demerger of pharma biz
On the equity volume front, 7.66 lakh shares of the company were traded on BSE and over 91 lakh shares changed hands at NSE during the day.
IBP Co Ltd has informed BSE that a meeting of the Board of Directors of the company is scheduled on January 24, 2003 to consider Unaudited Financial Results of the Company for the third quarter ended December 31, 2002 of the Financial Year 2002-03.\n\n
The Board of Directors of Panchmahal Steel Ltd will meet on January 31, 2003 to consider increase in share capital.
The open offer is slated to commence on June 17 and close on June 28
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