The company has entered into a pact for acquisition of up to 43,972 equity shares and for subscribing up to 63,200 Series A compulsorily convertible cumulative preference shares of ZipZap Logistics in tranches. The acquisition would result in the company holding, in aggregate, up to 60 percent of share capital of ZipZap Logistics, on a fully diluted basis.
The specialty chemicals company has recommended bonus equity shares for its shareholders and employee stock options scheme for its employees in the 50th year of its operations. The company will issue one bonus share for every four shares held by shareholders and also issue 2 lakh options to eligible employees.
The company will sell the pharmaceutical formulations brands of its subsidiary to Mankind Pharma. The total value of the transaction is Rs 1,872 crore.
Ethnic wear brand Manyavar operator clocked 24 percent YoY growth in consolidated profit at Rs 127.8 crore while revenue grew 28 percent YoY to Rs 384.8 crore.
The packaging solutions firm posted a loss of Rs 13.52 crore for the December 2021 quarter against a profit of Rs 5.08 crore in the corresponding period of the last fiscal. But the topline grew nearly 19 percent YoY to Rs 661.6 crore in Q4CY21.
Lemon Tree Hotels
The company has signed a license agreement for 41 room hotel at Mukteshwar, Uttarakhand. The hotel is expected to be operational in July 2022. The hotel is owned by The Alpine Chalet Resort. Its subsidiary Carnation Hotels and the hotel management arm will be operating and marketing of this hotel.
The company and the Ministry of Defence have signed a contract for the retro-modification of Commander Sight of Battle Tanks-T90 for the Indian Army. The total value of the contract is Rs 1,075 crore.
Ashok Leyland’s total sales in February were up 7 percent YoY while Mahindra and Mahindra’s total sales jumped 89 percent on year. Maruti Suzuki India’s total sales were largely unchanged as compared to CNBC-TV18’s poll estimate and last year’s figure, and Tata Motors’ total sales were up 27 percent YoY. Total sales for Eicher Motors rose 7 percent on year but tanked nearly 46 percent YoY for Escorts. Others are expected to announce their monthly sales numbers today.
The company’s subsidiary Routesms Solutions has successfully completed the acquisition of MR Messaging. With this, MR Messaging has become a wholly-owned subsidiary of Routesms Solutions and a stepdown subsidiary of Route Mobile
The Supreme Court has allowed the real estate company to develop land in Mumbai. The decision makes freehold 22,000 square meters in a commercial zone in Mumbai available to its subsidiary Esteem Properties for development. The company intends to develop the land into a 2 million square feet (leasable area) Grade A office space over the next three years.