Indian Oil: V. Satish Kumar, who has been serving as the Director of Marketing for Indian Oil Corporation Ltd (IOCL) since October 2021, has taken on additional responsibilities as the Chairman of the company. This follows the completion of Shrikant Madhav Vaidya's tenure as Chairman. Notably, Kumar also held the additional charge of Director of Finance for a year starting in October 2022, during a period marked by geopolitical challenges due to the Ukraine war.
Reliance Capital: Lenders to the struggling Reliance Capital Ltd (RCAP) have accused IndusInd International Holdings Ltd (IIHL) of using delaying tactics that are hindering the implementation of the resolution plan. However, IIHL, a Hinduja Group entity, has denied these allegations, asserting that it is adhering to due process. IIHL emerged as the successful bidder for the acquisition of Reliance Capital and has refuted the claims as false and an attempt to disrupt the resolution process.
PVR INOX: Multiplex chain PVR INOX plans to close down 70 underperforming screens in FY25 as part of its strategy for profitable growth. According to its latest annual report, the company will exit these non-performing screens to enhance profitability. Additionally, PVR INOX is considering the monetization of non-core real estate assets in cities like Mumbai, Pune, and Vadodara. Despite the closures, the company plans to add 120 new screens in FY25.
Maruti Suzuki: Maruti Suzuki India reported a nearly 3.9 percent decline in sales for August 2024, with a total of 181,782 units sold compared to 189,082 units in August 2023. Domestic sales were particularly affected, dropping 8.4 percent to 143,075 units from 156,114 units in the same month the previous year. The company also exported 26,003 units in August 2024.
Tata Motors: Tata Motors reported an 8 percent decrease in sales for August 2024, with 70,006 units sold compared to 76,261 units in the same period last year. The company’s commercial vehicle sales saw a significant drop of 15 percent, totaling 27,207 units in August 2024, compared to 32,077 units in August 2023. Passenger vehicle sales also declined by 3 percent year-on-year, with 44,142 units sold in August 2024 compared to 45,513 units in the previous year.
Adani Power: Adani Power Ltd has approached the Supreme Court seeking a refund of ₹280 crore from the Himachal Pradesh government related to the 969-megawatt Jangi Thopan Power Project in Kinnaur district. The company is challenging a Himachal Pradesh High Court decision that overturned an earlier ruling which had favored Adani Power's refund claim. The Supreme Court bench, comprising Justices M.M. Sundresh and Aravind Kumar, is expected to hear the case soon.
Emami: Kolkata-based FMCG giant Emami has acquired the remaining 49.6 percent stake in Helios Lifestyle, the parent company of the premium male grooming brand 'The Man Company.' This acquisition makes Emami the full owner of Helios Lifestyle, which had been a subsidiary since Emami held a 50.4 percent stake. Harsha V Agarwal, Vice Chairman & MD at Emami, highlighted the strategic value of this acquisition, emphasizing that it aligns with the company's goal to tap into new growth opportunities in emerging consumer segments driven by digitalization.
Eicher Motors: Royal Enfield motorcycle sales witnessed a 5 percent decline in August 2024, with total units sold dropping to 73,629 compared to 77,583 in the same period last year. Exports also saw a slight dip, falling 2 percent to 8,006 units from 8,190 units. On the commercial vehicle front, VE's sales increased by 1 percent to 6,543 units, up from 6,476 units a year ago. While domestic sales for VE commercial vehicles rose by 2 percent to 6,028 units, exports experienced a significant decrease of 23.25 percent, dropping to 255 units from 332 units in the corresponding period.
NBCC India: The board of directors at NBCC India has approved a bonus share issue, offering one bonus share for every two equity shares held. The record date for this bonus issue has been set for October 7.
Krishna Institute of Medical Sciences: The company has completed the acquisition of a 100 percent equity stake in Chalasani Hospitals, Visakhapatnam, for a total consideration of ₹28 crore. Chalasani Hospitals, established in 1995, is a 200-bed facility.
TVS Motor Company: The company's total sales surged by 13 percent in August 2024, reaching 3,91,588 units compared to 3,45,848 units in the same period last year. Two-wheeler sales jumped 14 percent to 3,78,841 units, while exports rose 14 percent to 99,976 units. Additionally, electric vehicle sales increased by 4 percent, totaling 24,779 units compared to 23,887 units in the year-ago period.
HDFC Asset Management Company: Life Insurance Corporation of India (LIC) has reduced its stake in HDFC AMC from 4.91 percent to 2.88 percent between July 1 and August 29.
