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UltraTech Cement, an Aditya Birla group company, has taken over 3B Binani Glassfibre Sarl Luxembourg, a subsidiary of Binani Industries by taking over the pledged shares of the company from Bank of Ba ....
Mint Lite | Myanmar protests, Hong Kong money flow probe, Japan quake & more Premium (Photo: Reuters) Share Via Read Full Story Vast numbers of people all over Myanmar flouted orders against demonstrations Sunday to march again in protest against the military takeover that ousted the elected government of Aung San Suu Kyi. Large demonstrations were held in the major cities of Yangon, Mandalay and the capital, Naypyitaw, as well as in far-flung areas dominated by ethnic minorities. Protesters in Yangon again rallied outside the Chinese and US embassies. They accuse Beijing of propping up the military regime and applaud Washington’s actions sanctioning the military. For more updates, here’s Mint Lite ....
UltraTech net more than doubles on better realisation, lower cost January 23, 2021 Sales volume increased 14 per cent to 23 million tonnes (20 mt) on the back of strong recovery in demand. - REUTERS Sales volume increased 14 per cent to 23 million tonnes (20 mt) on the back of strong recovery in demand. - REUTERS× UltraTech Cement, an Aditya Birla Group company, has reported that its net profit more than doubled in December quarter to ₹1,585 crore against ₹711 crore logged in same period last year, largely due to higher realisation and lower cost. Revenue during the quarter was up ₹12,254 crore (₹10,439 crore). Sales volume increased 14 per cent to 23 million tonnes (20 mt) on the back of strong recovery in demand. Operating Ebitda was up 30 per cent to ₹1,330 a tonne. ....
Dewan Housing: Why insolvency resolution processes need a greater degree of certainty In November 2019, after reports of a large-scale financial scam, Dewan Housing Finance Corporation Ltd (DHFL) became the first non-banking financial company to be referred to the National Company Law Tribunal (NCLT) for insolvency proceedings. In February 2020, 24 applicants submitted expressions of interest for DHFL. Applicants were allowed to bid for either the entire company or parts of the business. The last date for submission of a resolution plan was April 16. The deadline was extended multiple times, including on account of the COVID-19 pandemic, until November 9. While the Adani group was reportedly among the initial 24 ....
Hungry for Stressed Assets Private equity and stressed asset funds continue to show interest in acquiring value assets undergoing insolvency proceedings despite delays and litigation Illustration by Raj Verma The battle for acquiring Dewan Housing Finance Ltd, the first financial service provider to go through insolvency proceeding, is intensifying with Adani group s last minute revised offer, taking other bidders, also called resolution applicants, by surprise. While others in the race - Piramal Enterprises and foreign distressed asset firms such as Oaktree Capital and SC Lowy - took umbrage at the last-minute change in Adani group s offer and threatened to pull out of the bidding process, Adani hit out at them for using the media to prevent maximisation of value for lenders and depositors. ....