ITC reported an 11.7% net profit growth at Rs4,196 crore For the March 2022 quarter
For the March 2022 quarter, ITC reported 11.7% net profit growth at Rs4,196 crore. Revenues for the quarter were up by 15.3% at Rs17,754 crore for Q4FY22. Th performance was driven by the cigarettes, FMCG, Hotels and Paperboard verticals. The FMCG business managed to improve EBITDA margins by 75 bps despite input cost headwinds. Cigarette volumes were back to pre-pandemic levels but like in recent quarters, cigarettes continue to account for over 80% of EBITDA. Hotels finally saw a business turnaround.
Aether Industries, a specialty chemicals company, will open its IPO on 24th May and close on 26th May
Aether Industries, a specialty chemicals company, will open its IPO on 24th May and close on 26th May. The IPO will comprise of a fresh issue of Rs627 crore and an offer for sale of 28.2 lakh shares. The fresh issue portion will be used for its greenfield project in Surat as also to repay debt and for working capital needs. The company focuses on advanced intermediates and specialty chemicals involving complex and differentiated chemistry. It also has a CRAMS facility. Aether Industries has net profit margins of 18.74%.
Jack Ma and Ant Financials selling their stake in Paytm Mall back to Paytm for Rs42 crore
With Jack Ma and Ant Financials selling their stake in Paytm Mall back to Paytm for Rs42 crore, indicative valuations of Paytm Mall fell from Rs21,000 crore in 2020 to just Rs100 crore in 2022. The valuation of Rs21,000 crore in 2020 was based on the last round of funding for Paytm Mall. Due to the burgeoning losses of Paytm Mall, Alibaba and Ant Financial had opted to exit their holdings. Paytm Mall is expected to make a strategic comeback on the government Open Network for Digital Commerce (ONDC) platform.
Union Cabinet approved the National Biofuel Policy with amendments
Union Cabinet approved the National Biofuel Policy with amendments. One key change was advancing the blending target of 20% ethanol in petrol to FY26. The idea is to reduce dependence on imported fuel by 10%. While approving the 2018 National Biofuels policy, cabinet allowed more feedstocks for production of biofuels. These biofuels will also be promoted under Make in India program, by units located in SEZs and EOUs. The National Biofuel Coordination Committee (NBCC) has members from 14 ministries.
SEBI has simplified the procedure and standardized documents for the transmission of securities
SEBI has simplified the procedure and standardized documents for transmission of securities in order to make it more efficient. Transmission happens by operation of law on the demise of the holder. SEBI has also outlined procedures in case of transmission with nomination, transmission without nomination and in case of heirs named in succession certificate or probate of will. In addition, the limit for simplified and quick transmission of securities in demat mode will be enhanced from the current Rs5 lakhs to Rs15 lakhs.