IGI Logo

Key News

Coffee Day stares at bankruptcy as asset sale fails to make headway

The lenders to Coffee Day Enterprises Ltd (CDEL), which owns and operates a café chain, are considering sending the company to the National Company Law Tribunal (NCLT) for debt resolution after the firm announced that it had defaulted on its loans in the March 2021 quarter. Attributing the delay in debt servicing to a liquidity crisis, the company said its total indebtedness was Rs 518 crore.

Steady rise in metal prices is a big risk for the automotive industry

The steady rise in metal prices is set to raise raw material costs for automakers and reverse the gains in margins accrued to the industry in the past few years from benign commodity and energy prices. The pressure on the industry’s operating margins was already visible during 9MFY21. Analysts expect more pain for automakers since prices of steel and nonferrous metals, such as copper, aluminium, and zinc, have increased further in three months.

Remdesivir output to be ramped up as Covid-19 cases rise sharply

Drug majors are stepping on the gas to produce more doses of key antiviral drug remdesivir as India witnesses a new peak in daily Covid-19 cases. At least four companies — Hetero, Cadila Healthcare (Zydus Cadila), Mylan, and Cipla — confirmed to Business Standard that they are working to raise production of this drug soon. Pankaj Patel, chairman of Zydus Cadila, said they were planning to double their production of remdesivir from 30,000 vials daily. “In the next few weeks, we will double the current production. We are making 30,000 vials daily now,” Patel said.

Titan continues to see strong growth momentum in Q4

Watches-to-jewellery maker Titan has said that it recorded a revenue growth of 60 per cent for the fourth quarter of FY21 with the second half of March impacted by the emerging Covid situation. The company recorded strong revenue growth for the overall March quarter because of low base of March 2020, with revenue growth of over 36 per cent in the comparable January and February months, said Titan in a BSE filing. The revenue growth was aided by a large B2B gold coin order that contributed to 8 per cent of the growth.

Cabinet approves Rs 6,238 crore PLI scheme for air-conditioners, LED lights

The Union Cabinet today approved the production-linked incentive (PLI) scheme for air conditioners (ACs) and light-emitting diode (LED) lights with an aim to boost the local component supply ecosystem for these items. Under the new PLI, a sum of Rs 6,238 crore has been approved as incentives to selected manufacturers over a five-year period starting 2021- 22. As per the government's initial estimates, the scheme has the potential to attract Rs 7,920 crore of additional investment into the two sectors, creating 400,000 jobs, directly and indirectly. These are expected to translate into Rs 168,000 crore of incremental production of goods, including Rs 64,000 crore worth of exports with 2019-20 as the base year.

Vedanta open offer subscribed just 58% after failed delisting bid

Over 377 million shares were tendered in the voluntary open offer launched in Anil Agarwal-owned Vedanta. After a failed delisting bid, promoter Vedanta Resources offered to buy up to 651 million shares (17.5 per cent equity) at Rs 235 apiece from the public shareholders of the company. However, it could mop up only 58 per cent of the maximum shares it intended to buy through the open offer.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer