Vodafone Idea Q4 net loss widens, Sunil Singhanias Abakkus buys stake in IIFL Finance; click to know more!

Indian Oil Corporation: Indian Oil’s board accords Stage-1 approval for setting up the first-ever Styrene Project in India with a Capex of Rs 4,495 crore.  

CreditAcess Grameen: The company has received a demand notice along with an assessment order dated June 25, 2021, for the payment of a total of Rs 2,333 crore (approximately) as Income Tax (including surcharge & cess) for the assessment year 2018-19, from National Faceless Assessment Centre of Income Tax Department. The company’s assessment based on legal advice is that the demand notice is based on incorrect interpretations of law by the assessing officer. The company is fully confident of defending its legal position before the appropriate tax authorities and to ensure that inaccurate basis for arriving at the Income Tax demand is rectified based on facts/merits/evidence.  

Vimta Labs: The company has entered into a long-term public-private partnership (PPP) agreement with Food Safety & Standards Authority of India (FSSAI), Government of India, to set up, operate and transfer National Food Laboratory at JNPT, Navi Mumbai.   

Stovekraft: The company has entered into a share purchase agreement (SPA) with Suresh Solanki (acquirer), to sell & transfer the entire equity shareholding i.e., 74,250 shares (45 per cent of shareholding) of Megasun Solar Tech Private Limited held by the company. Pursuant to the execution of the SPA and transfer of shares, Megasun Solar Tech Private Limited would cease to be the associate of the company.  

MOIL: The prices of all grades of Ferro, SMGR grades (Mn 30 per cent & Mn 25 per cent), fines, and chemical grades have been increased by 7.5 per cent w.e.f. July 01 on the prices prevailing since June 01.   

Agro Tech Foods Ltd (ATFL): The company has completed the purchase of land in Kothur (Telangana) and it will be utilised for continued expansions of the company’s manufacturing operations.   

IIFL Finance: Sunil Singhania-owned Abakkus Emerging Opportunities Fund-1 bought 20 lakh shares of the company. 

In other news, the committee of the board of directors (of IIFL Finance) has approved the allotment of 5,000 NCDs of the face value of Rs 10 lakh each, for cash at par, aggregating to Rs 500 crore on a private placement basis.   

NLC India: Around 3,000 numbers of commercial paper of a face value of Rs 5,00,000 each, aggregating to Rs 150 crore, have been issued & allotted.  

Dish TV: The company reported a standalone net loss during the quarter, which stood at Rs 876.48 crore as compared to the net loss of Rs 1,304.15 crore in the previous year's quarter. The net revenue of the company declined moderately by 13.68 per cent at Rs 360.05 crore in January-March quarter of this fiscal as against Rs 417.09 crore in the corresponding period last year. During January-March quarter, operating expenses dropped by 0.96 per cent to Rs 218.43 crore from Rs 220.54 crore in the year-ago period.  

Vodafone Idea: The company reported a consolidated net loss of Rs 7,022.8 crore against the loss of Rs 11,643.5 crore in the corresponding quarter of the previous fiscal year. In the quarter ended December 2020, the company’s loss stood at Rs 4,532.1 crore.  

Spice Jet: The company plans to seek approval of the shareholders of the company for raising fresh capital of up to Rs 2,500 crore.   

Auto stocks: Keeping the sales data of June into consideration, it can be said that the auto stocks are likely to remain in focus today.