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Emami ups stake to 46% from 33% in male grooming company Helios Lifestyle

FMCG firm Emami Ltd has upped its stake in Helios Lifestyle, known for its male grooming brand, The Man Company (TMC). Emami said on Monday that it had increased its existing strategic stake of 33.09 per cent to 45.96 per cent in Helios Lifestyle (Helios) and with the investment, it had further consolidated its position as the largest shareholder of TMC. Emami’s 33.09 per cent holding in the company was acquired in two tranches-–in December 2017 and then, February 2019.

Central Coalfields awards Rs 9,294 crore mining project to Power Mech

Power Mech Projects Limited, a Hyderabad based industrial services and construction company said on Monday, it has received a contract of Rs 9,294 crore for Mine Development & Operation (MDO) project from Central Coalfields Limited (CCL). As part of the Centre's asset monetisation drive, the ministry of coal along with national miner Coal India Ltd (CIL) and Neyveli Lignite Corporation (NLCIL) will offer 60 projects worth Rs 41,042 crore for private investment. This includes 17 MDO projects to be offered to private companies, this paper reported recently.

Domestic gas price to be raised by 60% from Oct: ONGC's Subhash Kumar

India’s natural gas producers expect some cheer as the domestic gas price is set to rise after having fallen for two consecutive years. “The price of domestically produced natural gas will increase by 50-60 per cent for the October 2021-March 2022 period,” ONGC Chairman and Managing Director Subhash Kumar said. This will offer relief to exploration companies that have found it hard to sustain profitability in the face of low domestic price. At present, the domestic gas price is $1.79 per mBtu (million British thermal units). The maximum sale price that is allowed for gas produced from high pressure high temperature, deepwater, and ultra-deepwater areas (collectively called difficult discoveries) is $3.62 per mBtu.

NCLAT declines US firm's plea against Piramal group's bid for DHFL

The appellate insolvency tribunal NCLAT on Monday declined a plea by USbased Prudential International Insurance Holdings (PIIHL) challenging an NCLT order approving the Piramal group’s bid for the debt-ridden Dewan Housing Finance Corporation (DHFL). The NCLAT termed the plea “premature”, given that it approached the appellate tribunal without getting a decision on its petition filed before the Mumbai Bench of the NCLT, which is scheduled to hear the matter on Wednesday (June 30). The NCLAT added that PIIHL, which was a 49 per cent shareholder in the joint venture firm Pramerica Life Insurance, has liberty to raise issues before it after a decision is taken by NCLT.

Sebi keeps approval to Go Air's Rs 3,600-crore IPO in abeyance

The Securities and Exchange Board of India (Sebi) has kept the approval of Go Airlines (India)’s Rs 3,600-crore initial public offering (IPO) in abeyance. While the airline denied receiving any communication from the stock market regulator, Sebi’s website shows that it had sought clarifications from ICICI Securities, the lead banker for the pre-issue, on June 11. The issuance of observations on the airline’s draft red herring prospectus has been kept in abeyance, it said. The Wadia-group owned airline was rebranded as Go First, positioning itself as an ultra-low-cost airline and filed papers last month to raise Rs 3,600 crore through a share sale. It plans to use the proceeds to meet its debt obligations, pay oil companies, replace letters of credit given to aircraft lessors towards lease rent, and future maintenance of aircraft.

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