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Indian lenders sold the entire 12 per cent stake held by Vijay Mallya in Mangalore Chemicals and Fertilisers as part of their efforts to recover their dues from the head of UB Group. The shares were sold in the stock markets and the proceeds will be used to retire part of bank dues. The current promoter of MCF, the Adventz Group, is steadily increasing its stake in the company. MCF stocks closed 10% up at Rs 68 apiece on Thursday. The complete exit of Mallya from MCF brings an end to a decades long relationship between the UB Group and MCF. The company came into UB Group in the 90s and after a stint in the BIFR, the UB Group revived the company by late nineties. For the December quarter, the company reported revenue of Rs 327 crore and a net profit of Rs 80 lakh. ....
Market-cap of India Inc’s top groups soars with the market February 06, 2021 46 business houses out-perform Sensex’s 90% gains from March 2020 lows With the Sensex closing convincingly above the 50,000-point mark, it is interesting to see which business houses created the maximum wealth for shareholders. A study of over 60 business groups, with least ₹10,000-crore market capitalisation, shows that their combined m-cap has more than doubled to ₹108-lakh crore, riding as they did the rip-roaring rally in the stock market from the Covid nadirs less than 11 months ago. In this march, as many as 46 groups (70 per cent) out-performed the blue-chip index, the Sensex, in terms of the rise from the market lows. The benchmark has gained 90 per cent between March 24, 2020 and February 5, 2021. ....
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Covid – 19 Vaccine – An opportunity for India to seek greatness December 10, 2020, 3:36 PM IST Saroj served in the Indian Army as a technical officer for 23 years and opted for premature retirement in 1991. Operational service includes 1971 India-Pakistan war in high altitude sector and two years in counterinsurgency operations in northeast. LESS. MORE It is indeed very heartening to see the giant strides that India is taking in the development of the vaccine against COVID – 19. The recent visit of sixty-four foreign diplomats to Bharat Biotech and Biological E facilities in Hyderabad aimed at acquainting them on the progress of the vaccine development was a step in the right direction. The government and Indian pharma sector deserved credit for this move. ....