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Adanis commit $75 million in Borouge's $2-billion IPO, says report

The Adani family has committed $75 million towards the $2-billion initial public offering of Borouge, set to be the biggest ever listing in the emirate. Seven cornerstone investors have agreed to subscribe for $570 million worth of shares in the IPO, including the Adani family, Abu Dhabi wealth fund ADQ, which will buy shares worth $120 million, and Alpha Dhabi Holding, which has committed $100 million.

Indian Hotels to stay the course on asset monetisation for growth

Indian Hotels will focus on monetising and unlocking value from its assets to earn profits as it follows a three-year plan called Avhaan 2025, said on Monday the hospitality arm of the Tata Group. Indian Hotels Co Ltd (IHCL) will be part of efforts to simplify the holding structure of group companies as it follows chairman N Chandrasekaran’s 'S philosophy' of simplification, synergy and scalability.

SAIL Q4 net slips 29% to Rs 2,479 cr, firm declares dividend of Rs 2.25

State-owned Steel Authority of India on Monday reported 29% decline in consolidated net profit at Rs 2,479 crore for the quarter ending March 31, 2022. It reported consolidated net profit of Rs 3,470 crore in the year-ago period. However, on sequential terms, the company's net profit rose 62% in Q4FY22.

SAIL's consolidated revenue from operations rose 32% to Rs 30,759 crore as against Rs 23,285 crore in Q4FY21. The company declared final dividend of Rs 2.25 per equity share for FY22.

Marico acquires 54% stake in breakfast & snacks brand True Elements

FMCG major Marico on Monday said it has acquired a majority 54 per cent stake in the digital-first healthy breakfast and snacks brand True Elements for an undisclosed amount.

The homegrown firm has acquired a 54 per cent equity stake in HW Wellness Solutions, which owns brand True Elements, through primary infusion and secondary buyouts, said a company statement. True Elements' existing leadership team will continue to run the brand independently and build synergies, it added.

Zomato net loss triples to Rs 360 crore in Q4, revenue rises 75%

Food delivery firm Zomato said on Monday its consolidated net loss for the quarter ended March widened to Rs 360 crore compared to Rs 134.2 crore the same time last year. Revenue from operations were at Rs 1,211.8 crore, up 75.01 per cent compared to Rs 692.4 crore in the same quarter last year.

Deepinder Goyal, Zomato’s co-founder and chief executive officer, said the firm had a low QoQ (quarter-on-quarter) growth in Q3FY22 as dining-out and travel opened up post-Covid.

ONGC becomes 1st gas producer to trade on IGX; firm to expand volume slowly

State-owned Oil and Natural Gas Corporation (ONGC) on Monday said it has become the first gas producer to trade domestic gas on the Indian Gas Exchange, trading unspecified volumes from its eastern offshore KG-DWN98/2 block. In a statement, ONGC said it will increase volumes slowly.

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