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Edelweiss Financial plans to slash wholesale book by half to Rs 5,900 crore

Edelweiss Financial Services plans to reduce its wholesale book from Rs 11,400 crore in March 2021 to Rs 5,900 crore in two years (2022-23, or FY23) as part of its strategy to follow an asset-light business model. The reduction in assets worth Rs 6,300 crore has happened in the last two years (2019-20 and 2020-21). The scaling-down work is expected to continue on the back of strong inflows. Edelweiss has pegged inflows of Rs 3,700 crore in the current financial year (2021-22) and Rs 3,800 crore in FY23.

Reliance Power to raise Rs 1,325 cr from RInfra via preferential allotment

Reliance Power Limited today announced that it will raise Rs 1,325 crore by issuing preferential shares and warrants to its parent, Reliance Infrastructure. Post conversion, combined stake of Reliance Infrastructure and other promoters will rise from the current nine per cent to around 38 per cent. Reliance Power will issue upto 59.5 crore equity shares and upto 73 crore warrants convertible into equivalent number of equity shares at Rs. 10 each by conversion of debt, to Reliance Infrastructure. The pricing is at a 21.5 per cent discount to Reliance Power's share price of Rs 12.74, as per Friday's closing on BSE

CG Power lines up Rs 135 cr capital expenditure in current financial year

CG Power and Industrial Solutions, acquired by the Tube Investments of India group company of Murugappa Group last year, has chalked out capital expenditure plans of Rs 135 crore during the current financial year, the company said. The capex plan would be utilised to improve production at its manufacturing facilities, CG Power and Industrial Solutions said in a statement. "The Board of Directors of the company have approved a capital expenditure programme of Rs 135 crore to be implemented in the current financial year.

DLF Q4 profit up 6.4% YoY to Rs 481 cr; firm appoints new CEO

Real estate major DLF today reported a 6.4 per cent year-on-year rise in its net profit for the January-March quarter. The Delhi-headquartered firm’s profit after tax rose to Rs 481 crore from Rs 452.3 crore in the corresponding quarter last year. During the period, DLF’s consolidated revenue from operations stood at Rs 1,713 crore, growing 1.1 per cent over the year-ago quarter. Lower cost of materials improved its bottom-line growth. In the quarter, its cost of materials consumed declined by 9.1 per cent to Rs 871 crore.

Lumax revenue up 30% at Rs 504 crore in Q4FY21

Automobile lighting major Lumax Industries has reported revenue of Rs 504 crore for Q4 FY21 as against Rs 387 crore in the same period of previous fiscal, marking a 30 per cent increase. For fiscal year 21, revenue dropped by 11 per cent to Rs 1,426 crore from Rs 1,602 crore in FY20 due to nationwide lockdown in the first quarter. The company reported consolidated earnings before interest, tax, depreciation and amortisation (EBITDA) of Rs 65 crore in Q4 FY21 as against Rs 38 crore for Q4 FY20, up by 73 per cent. This was due to one-time impact of subsidy income of Rs 12 crore. For FY21, the company reported consolidated EBITDA of Rs 125 crore against Rs 165 crore for FY20, down by 25 per cent. Profit after tax and share of associate stood at Rs 23 crore in Q4 FY21 as against Rs 16 crore in Q4 FY20, up by 39 per cent. For FY21, the same stood at Rs 18 crore as against Rs 72 crore in FY20.

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