Infosys announced on Thursday that Karnataka’s Goods and Services Tax Department has withdrawn the pre-show cause notice issued to it. The company was asked to provide additional responses to the Directorate General of GST Intelligence’s central authority regarding the matter, though no further details were provided in its statement to the exchanges.
JSW Group has announced plans to transform its infrastructure arm, JSW Infrastructure, into a complete logistics solutions provider. It also plans to increase its cargo handling capacity by 2.4 times.
The board of Tata Motors (TML) has approved proposal of demerger scheme of its commercial vehicle (CV) arm, which will eventually lead to two separate listed entities, and expected to be completed within 12-15 months. The Tata Motors board approved a composite scheme of arrangement among TML, TML Commercial Vehicles Ltd (TMLCV), Tata Motors Passenger Vehicles Ltd (TMPV) and their respective shareholders. As part of the scheme, TML will demerge its commercial vehicles undertaking involving the commercial vehicle business (all the assets, liabilities and employees relating to the commercial vehicle business) and all its related investments into TMLCV. The existing passenger vehicle business in TMPV will be merged into TML, the existing listed entity. Shareholders of TML will receive “one share of TMLCV of face value ₹2 fully paid-up for every one fully paid-up share of ₹2 held in TML of the same class”, the company said.
The Adani Enterprises (AEL) board, on Thursday approved the demerger of its food FMCG business to Adani Wilmar (AWL) along with AEL’s strategic investment in Adani Commodities, a move that will bring Adani Wilmar directly under the control of the Adani promoter group, paving the way for a potential stake sale. The food FMCG business has become self-sustaining, is performing well and is poised for further growth under Adani Wilmar, the company said. For Adani Enterprises, this restructuring will not only “unlock value for shareholders, but also allow focused strategy for sustainable growth in its incubating businesses,” it added. Shareholders of AEL will receive 251 shares of AWL for every 500 shares held. AWL is already a listed entity and AEL holds 43.94 per cent stake in it. With the demerger, AEL shareholders, including promoter and promoter group shareholders, will hold shares of Adani Wilmar directly and it will cease to be a joint venture entity of AEL.
Plutus Wealth Management has offloaded 1.44 crore shares, amounting to a 2.89 per cent stake in Restaurants Brands Asia (RBA). HDFC MF purchased more than 1.24 crore shares or a 2.5 per cent stake in RBA. The shares were offloaded at an average price of ₹113.
Plutus Wealth has also disposed of 10 lakh shares or 2.44 per cent stake in Ami Organics. SBI Mutual Fund (MF) acquired 11.62 lakh shares or a 2.8 per cent stake in Ami Organics. The shares were purchased at an average price of ₹1,350.
Godrej Agrovet (GAVL) has signed an agreement with Tyson India Holdings -- an affiliate of Tyson Foods Inc. -- to buy the latter’s 49 per cent stake in Godrej Tyson Foods Ltd (GTFL). Following the completion of the transaction, GAVL will now hold 100 per cent stake in GTFL, further consolidating its business, GAVL said in a statement. In 2008, GAVL had entered into a joint venture with the Tyson Foods Inc. affiliate to manufacture and market processed poultry and vegetarian products. Apart from selling products under brands ‘Real Good Chicken’ and ‘Yummiez’, GTFL is also engaged in the sale of live poultry birds in the market.
Nestle India Ltd. has invested ₹705.5 crore in a joint venture with Dr Reddy’s Laboratories Ltd that caters to nutritional health solutions. The company subscribed 70.55 lakh equity shares of Dr. Reddy’s and Nestlé Health Science Ltd. on a rights basis, according to an exchange filing on Thursday. Nestle India owns 49 per cent of the JV.
Results Calendar: Allcargo Gati, Aeroflex, Archean Chemical Industries, Mrs Bector Food, Britannia, CAMS, Dalmia Sugar, Delhivery, Dhanuka Agritech, Glaxosmithkline Pharmaceuticals, Hindustan Zinc, IDFC, Infibeam, Ion Exchange, Kirloskar Brothers, LIC Housing Finance, Medplus Health Services, Mold-Tek Packaging, NIIT, PSP Projects, Rane Holdings, Saregama India, Sheela Foam, Shree Renuka Sugars, Sharda Motors, Sudarshan Chemical Industries, Taj GVK Hotels, Tamilnad Mercantile Bank, Titan Company, TTK Healthcare, UPL and Zydus Wellness