Shares of billionaire Mukesh Ambani s Reliance Industries (RIL) rose 2 per cent to hit an intra-day high of Rs 2,048.70 on the BSE after the company said it has begun the process of carving out the O2C business into an independent subsidiary and expects to get the necessary approvals for the same by the second quarter of the next financial year.
The company said the O2C business will be turned into a separate entity that will be 100 per cent owned by RIL and will result in no change in the company s shareholding.
It further added that it will focus on new energy and new materials business “towards its vision of clean and green energy development.” RIL plans to go net carbon zero by 2035.
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Shares of Security Intelligence Services (SIS) vaulted 9 per cent to Rs 465 on the BSE in Tuesday s intra-day session after the company on Monday, post market hours, announced a share buyback offer worth Rs 100 crore.
The company in an exchange filing on February 15, 2021, said that it would buyback 18,18,181 equity shares, representing 1.24 per cent of the total paid-up equity capital as on March 31, 2020.
The firm has set the buyback price at Rs 550 per share which is 29 per cent higher than its previous close of Rs 426.15.
The Board of Directors noted the intention of the promoters and members of the promoter group of the company to participate in the proposed buyback.
A continued increase in in-home consumption and demand for packaged food along with festive season is likely to have driven the growth for fast-moving consumer goods (FMCG) maker Nestle India during the December 2020 quarter, according to analysts, who see a nearly 10-13 per cent growth in revenue on a yearly basis. However, on a sequential basis, the sales growth is likely to be flat or may dip marginally between 1-2 per cent, they believe. Gross margins are likely to expand, led mainly by lower-cost inventory of milk which in turn is likely to drive the operating margins for the FMCG major. The profit for the period is expected to grow between 16-19 per cent on a yearly basis but could contract by 6 per cent sequentially.