Securities and Exchange Board of India has let off Reliance Industries Ltd and its chairman and managing director Mukesh Ambani and his brother Anil, who is vice-chairman and MD, from charges of insider trading
Grasim Industries Ltd has submitted an alternate proposal to Larsen & Toubro before the engineering major decides to demerge its cement business at its board meeting
Larsen & Toubro Ltd on Monday posted a massive jump in its second quarter net profit at Rs 371.98 crore (Rs 3.71 billion) as against Rs 81.26 crore (Rs 810 million) in July-September 2003.
Grasim Industries has reported a 24 per cent increase in net profit at Rs 130.49 crore (Rs 1.3 billion) for the quarter ended June 30, 2003 when compared with Rs 105.47 crore (Rs 1.05 billion) in Q1FY03.
India's third biggest cement maker, Grasim Industries, said on Tuesday its January-March net profit, after taking into account extraordinary expenses, was Rs 4.9 million.
The first spending item on the chopping block is capital expenditure, followed by operating costs and overheads, including sales and marketing expenses.
Grasim Industries Ltd, whose attempt to acquire larger conglomerate Larsen & Toubro Ltd has been delayed by regulators, has challenged L&T's plans to hive off its cement division, a spokeswoman said.
Larsen & Toubro Ltd will shortly file with the Bombay Stock Exchange its plans for a trust scheme for its employees to pick up 15 per cent stake of Grasim Industries Ltd.
Grasim Industries Ltd has raised $50 million through a five-year loan at 93 basis points over the London Inter-Bank Offered Rate, or LIBOR, a spokeswoman for the company said on Friday.
Anil Manibhai Naik, managing director and CEO, Larsen & Toubro, has stayed away from the media glare ever since the A V Birla-owned Grasim Industries Ltd made an open offer for the engineering and cement major about six months back.
Grasim Industries Ltd said it submitted an alternate proposal to L&T for a vertical demerger of L&T's cement business into a separate company
Grasim Industries Ltd, an Aditya Birla group flagship company, has posted a 68 per cent rise in its net profit at Rs 219.2 crore for the first quarter ended June 30, 2004 as against Rs 130.5 crore in the corresponding quarter last fiscal.
Grasim Industries group has posted a 131.29 per cent rise in consolidated net profit at Rs 738.26 crore (Rs 7.38 billion) for the fiscal ended March 31, 2004, compared to Rs 319.18 crore (Rs 3.19 billion) in the previous year.
Both Grasim and L&T were boosted in early trades on Monday after Sebi cleared Grasim of charges of violating the Takeover Code while acquiring L&T.
Shares of cement companies rallied on Tuesday on hopes of improved quarterly results.
Market cap of government companies has remained unchanged in the past 8 years.
While UltraTech Cement has been the biggest value creator adding nearly Rs 99,000 crore to its market capitalisation, Grasim Industries has added around Rs 27,000 crore to its market cap.
Together, the top 10 business groups reported a pre-tax loss of Rs 19,342 crore during the January-March 2020 quarter, as against a profit before tax of around Rs 48,500 crore in the year-ago period and Rs 39,600 crore during the December quarter. While Vedanta was the worst hit. others included Aditya Birla, Bharti, Adani, Mahindra, and Tata.
In Friday's market rally post the corporate tax cut, the country's top business promoters recouped more than two-thirds of the losses that they suffered in the post-Budget sell-off in equity markets.
Richest 10 account for 41% of promoter wealth, up from 33% in December 2018, says Krishna Kant.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries
The surge in deal value is largely due to the $12.9 bn Essar-Rosneft deal
Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country's import bill burden, eases inflation and current account deficit concerns.
Consumer businesses come to the rescue of large conglomerates in the midst of a meltdown in commodities.
SBI was the top gainer after it reported lower-than-expected rise in bad loans
Markets gained for the fifth straight session to end the customary 'Muhurat' trading session held to usher in the new year Samvat 2071 on a firm note post the slew of reforms announced by the government over the past few days.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
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