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Published on 2/06/2020 10:50:18 AM | Source: SPA Securities Ltd

Key News Reliance Industries, Ashok Leyland, Maruti Suzuki, Max Healthcare and Adani Power by SPA Securities

Posted in Stock Market| #Stock Market #SPA Securities Ltd

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RIL's Rs 53,000 cr rights issue fully subscribed, closes on June 3

Reliance Industries’s Rs 53,125-crore rights issue has garnered fully subscription. The 422.6-million share offering had attracted bids for 460.5 million shares. The rights issue closes on June 3. Shares of RIL on Monday closed at Rs 1,520. The rights issue price has been fixed at Rs 1,257, a discount of 17.3 % to the last closing price.

 

Ashok Leyland domestic sales decline 90% at 1,277 units amid Covid-19

Ashok Leyland has reported domestic sales of 1,277 units in May, 2020, almost 90% lower YoY. The company resumed operations recently after the government relaxed the lockdown norms it has imposed to control Covid19 pandemic. The M&HCV trucks sales were of 151 units during the month compared to 7,325 units in same period last year. No M&HCV buses were sold in May, while the number was 1,310 units in May 2019. It has sold 1,126 LCV units compared to 4143 units in May, 2019, registering a decline of 73%.

 

Maruti Suzuki (MSIL) records 86% slump in total May sales at 18,539 units

MSIL reported a 86.23% decline in total sales at 18,539 units in May. Domestic sales declined by 88.93 %. The company exported 4,651 units last month, down 48.82 % from 9,089 units in May 2019. The company has resumed manufacturing operations post lockdown, strictly in accordance with the government regulations and guidelines, from May 12 at its Manesar facility and from May 18 at its Gurugram facility. Production also resumed at Suzuki Motor Gujarat, which manufactures cars on a contract basis for MSI, from May 25. Likewise, the company said its showrooms have also started opening in accordance with centre and state guidelines in a graded manner across different cities.

 

Max Healthcare says it will become second largest healthcare chain by revenue

Max India said that it has completed the process of demerging the hospital business under Max Healthcare and the subsequent merger of Radiant Life Care with it. This composite process of merger and demerger was approved by the National Company Law Tribunal’s (NCLT), the company said in a statement. It added that the merged entity would emerge as the second largest hospital chain in India in terms of revenue. Abhay Soi, the promoter of Radiant Life Care will be the chairman and managing director of the merged entity called Max Health Institute Ltd (MHIL). KKR will be the co-promoter of MHIL.

 

1,600-MW Jharkhand project delayed amid Covid-19 lockdown: Adani Power

Adani Power on Monday said its 1,600-megawatt (MW) thermal power project in Jharkhand has been delayed due to the coronavirus-induced lockdown. The project would supply 1,496 MW to Bangladesh Power Development Board after it is operational. In March last year, the government had approved a Rs 14,000-crore special economic zone (SEZ) project of Adani Power in Jharkhand, which will export power to Bangladesh. The project was approved by highest decision-making body on SEZ -- Board of Approval -- chaired by the commerce secretary, in its meeting on February 25, 2019.

 

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