Vedanta, IIFL Finance, Lemon Tree, Astron Paper and others

Actions to watch on Monday: Nifty futures on the Singapore Stock Exchange traded 318.5 points, or 1.97%, at 15,866.50, signaling Dalal Street was heading for a negative start on Monday. The bears regained control on Dalal Street after a day’s break and sent benchmarks down nearly 2% as inflation and growth concerns rattled sentiment over the past session. The Sensex plunged 1,017 points, or 1.8%, to 54,303, while the Nifty corrected 276 points, or 1.7%, to 16,202.

Vedanta

Billionaire Anil Agarwal’s iron and steel segment, owned by Vedanta, has ventured into iron ore mining operations in Liberia, West Africa through its subsidiary Western Cluster (WCL) with the groundbreaking ceremony held at Bomi Iron Ore Mine on June 8th. WCL is a wholly owned subsidiary of Bloom Fountain (BFL), which in turn is a wholly owned subsidiary of Vedanta. WCL had signed a mining development agreement with the government of Liberia for three iron ore mining concessions in Bomi, Bea and Mano in 2011. However, operations were unable to start due to the Ebola outbreak.

IIFL Finances

British International Investment Plc (formerly known as CDC Group Plc) sold 1.6 crore of shares in the company through open market transactions on June 10. Thus, his stake in the company is reduced to 3.557% against 7.772%. However, Max Life Insurance Company acquired 24.6 lakh shares of the company and Nomura India Investment Fund Mother Fund bought 44,74,548 shares at an average price of Rs 325.1 per share.

Krishna Institute of Medical Sciences

Mirae Asset Mutual Fund acquired 1,08,472 shares of the company through open market operations on June 9. Thus, his stake in the company increased from 8.1% to 8.236%.

Lemon Tree Hotels

The company has signed a licensing agreement for a 44-room hotel in Gajuwaka, Visakhapatnam, Andhra Pradesh under its “Keys Lite by Lemon Tree Hotels” brand. The hotel is expected to be operational by March 2023. Carnation Hotels Private Limited, a subsidiary and the hotel management arm of the company, will operate the property.

Infravit Trust

The company proposes to acquire the entire share capital of five special purpose entities – three toll road infrastructure assets (Simhapuri Expressway, Rayalseema Expressway, Mumbai Nasik Expressway) and two annuity infrastructure assets (Kosi Bridge Infrastructure Company and Gorakhpur Infrastructure Company) – of BIF India Holdings Pte Ltd and Kinetic Holdings I Pte Ltd. Both entities (BIF and Kinetic) are owned by funds managed by Brookfield Asset Management Inc and its affiliates. The payment for the proposed transaction is based on an aggregate gross enterprise value of Rs 8,940.9 crore.

Bank of Jammu and Kashmir

The bank said its board had approved the appointment of Pratik D Punjabi as chief financial officer.

Astron Paper and Board Mill

The company recorded a sharp drop in its consolidated profit to Rs 0.32 crore for the quarter ended March 2022 from a profit of Rs 6.8 crore in the same period last year, marred by muted revenue and a decline in other income. Revenue fell to Rs 143.2 crore from Rs 143.8 crore during the same period.

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Garland K. Long