Adani Enterprises | Abu Dhabi based International Holding Company PJSC has subscribed to 16 percent of Adani Enterprises' Further Public Offering (FPO) by investing a sum of $400 million. IHC CEO Syed Basar Shueb said that they are confident in the fundamentals of Adani Enterprises and that they see a strong potential for growth from a long-term perspective and add value to their shareholders.
Larsen and Toubro | The management during its earnings call said that the March quarter is seasonally strong in terms of order inflow and the order pipeline for the rest of the year looks encouraging. They further said that significant wage hikes in the services business added to the company's costs. Executing projects during the inflationary times kept margins of the infrastructure segment soft. The company's December quarter earnings missed estimates on most fronts.
UltraTech | Leading cement manufacturer on Monday, January 30, said it has entered into a share sale and purchase agreement with Seven Seas Company LLC, Oman for acquisition of 70 percent equity shares in Duqm Cement Project International, LLC, Oman for $2.25 million. The acquisition is being done for the purpose of raw material security. The target company does not have any revenue over the last three years. The acquisition will be completed in 90 days from the date of the share sale and purchase agreement.
BPCL | Earnings beat led by the refining segment. Reported GRMs of $15.5 per barrel were ahead of the $15 estimate. Marketing volumes were also up 12 percent sequentially, higher than the estimate of 8 percent growth. Petrol margin at Rs 10 per litre while it lost Rs 6 per litre on diesel. December quarter numbers were ahead of estimates on most fronts, barring revenue, which was marginally lower to in-line.
Aditya Birla Fashion and Retail Ltd | The company on Monday announced appointments of Ananyashree Birla and Aryaman Birla, children of its Chairman Kumar Mangalam Birla, as additional non-executive directors on its board.
Maruti Suzuki | Japanese auto major Suzuki Motor Corporation on Monday said its subsidiary Maruti Suzuki India has crossed 2.5 crore domestic sales milestone earlier this month. Maruti Suzuki India achieved the sales mark on January 9, 2023. Suzuki had signed a joint venture agreement with Maruti Udyog, the predecessor of Maruti Suzuki in 1982 and rolled out its first car -- Maruti 800 -- in December 1983.