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Posted On:
08-07-2024

PC Jewellers gets PNB clearance for one-time settlement of outstanding dues

PC Jeweller Ltd on Sunday said that Punjab National Bank has given its approval for one-time settlement of its outstanding dues. In a regulatory approval, PC Jeweller informed that "Punjab National Bank, the third largest bank after State Bank of India amongst consortium banks of the company in terms of its exposure, has conveyed its approval to the One Time Settlement (OTS) proposal submitted by the company." PC Jeweller had opted for OTS to settle the outstanding dues with a consortium of banks.The terms and conditions of approved OTS include cash and equity components payable under settlement, release of securities and mortgaged properties etc, the filing said. PC Jeweller did not mention the outstanding dues with all banks and also the details of OTS. In an investor presentation in late May, PC Jeweller mentioned that the withdrawal of the petition from the National Company Law Tribunal (NCLT) by SBI and favourable consideration of its OTS proposal by the banks are positive developments. "The company has again started focusing on increasing its brand presence and has started its marketing initiatives for the same, which is having a visible impact in the ongoing quarter," it had said.
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Posted On:
08-07-2024

LIC's residual stake value surges in top groups on stock market boom

Life Insurance Corporation of India (LIC) has made the most of the stock market boom by reducing stakes in all its top conglomerates during the financial year 2023-2024 (FY24). However, even after reducing exposure, the value of its remaining stake has gone up substantially across all groups, according to data collated from stock exchange filings.LIC has the highest exposure in Mukesh Ambani-owned companies, followed by Tata and Adani groups, according to the shareholding data till March this year. As of Friday closing, LIC investments in top conglomerates is worth Rs 4.39 trillion, up 37.5 per cent over last financial year.LIC reduced its stake in RIL group companies to 6.19 per cent from 6.37 per cent. The insurer also cut its stake in Tata group companies to 4.05 per cent as of March this year but saw its value rising to Rs 1.29 trillion. Shareholding data for June quarter is not available as yet. LIC, which is now listed on the stock exchanges, also reduced its stake in Adani group companies to 3.76 per cent from 4.27 per cent. The value of its stake went up to Rs 64,414 crore as on Friday, a surge of 49.2 per cent.
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Posted On:
08-07-2024

Nykaa expects consolidated revenue to increase 22-23% in Apr-Jun quarter

FSN E-Commerce Ventures, the parent company of Nykaa, on Sunday forecast a year-on-year consolidated revenue growth of around 22-23 per cent in the first quarter of 2024-25 (FY25) with a matching growth momentum for beauty vertical but flagged "muted" demand environment in the fashion industry. In a BSE filing on its quarterly revenue update for the April-June quarter of FY25, the company said for the consolidated entity, the GMV (Gross Merchandise Value) growth for the quarter is seen to be in the mid-20s year-on-year .FSN E-Commerce Ventures also informed that it is commencing vertical-wise segmental reporting, beginning this quarter. "Nykaa - FSN E-Commerce Ventures Limited along with its subsidiaries, that is the consolidated entity expects its revenue growth to be around 22-23 per cent YoY in Q1 FY2025," the company said. The Beauty vertical revenue growth for the quarter is expected to be around 22-23 per cent YoY, similar to the consolidated entity's revenue growth. "GMV growth is expected to be higher, in the high twenties YoY, in line with long-term BPC (Beauty and Personal Care) industry growth-trajectory. This is despite relatively slower growth in our physical retail business which was impacted by elections as well as heatwaves across North India," it said.
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Posted On:
09-07-2024

Hindustan Zinc releases report on nature-related risks, climate change

Vedanta group firm Hindustan Zinc Ltd on Monday said it has released a report that helps in identifying nature-related risks and assists the company in creating sustainable strategies to tackle climate change. The Taskforce on Nature-related Financial Disclosures (TNFD) report outlines nature-related dependencies, impacts, risks and opportunities and allows for an assessment of the company's direct operations and upstream critical supply chain on nature, it said.It helps in identifying nature-related risks and assists the company in creating sustainable strategies, which is based on the dual approach of mitigating and adapting towards climate change, Hindustan Zinc said in a statement."The launch of the country's first TNFD report underscores our commitment to responsible nature conservation. We are actively pursuing decarbonization and environment conservation efforts, as evidenced by our nature protection initiatives. By integrating sustainability into every aspect of our operations, we aim to create long-term value for stakeholders while contributing to a healthier planet," Hindustan Zinc CEO Arun Misra said.
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Posted On:
09-07-2024

Nestle India investors clear royalty payments to parent co at existing rate

FMCG firm Nestle India on Monday said its shareholders have approved to continue paying royalty to its parent firm at the current rate of 4.5 per cent of the net sales. Earlier in May this year, the shareholders of the company had rejected a proposal to increase payment of royalty to parent Socit des Produits Nestl S.A (licensor) by 0.15 per cent per year for the next five years thereby enhancing it to 5.25 per cent of net sales.Subsequently, last month the board of directors of the company at its meeting approved continuation of payment of general licence fees (royalty) at the existing rate of 4.5 per cent to Socit des Produits Nestl S.A. and recommended to the members of the company for their approval.The members of the company at its AGM (annual general meeting) held on July 8, 2024 have approved the ordinary resolution to continue the payment of general licence fees (royalty) at the existing rate of 4.5 per cent with 99.54 per cent of valid votes in favour and 0.46 per cent against it, Nestle India said in a regulatory filing.
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