United Phosphorus spreads its wings in Brazil by acquiring a 51% stake in an agrochemical company with revenues of Rs 580 crore revenues. Investor reaction is mild.
Chambal Fertilisers and Chemicals is demerging its shipping business to a subsidiary, which will be listed. Existing shareholders will own shares in new company, but promoters will effectively control three-fourth of the new company’s shareholding.
United Phosphorus’ revenues may increase by about Rs 250 crore after it acquired a 50% stake in Sipcam Isagro Brazil, a company that sells crop protection chemicals.
EPC Industrie’s stock was up by 20% as investors reacted to Mahindra & Mahindra’s stake acquisition. Lowering of debt, scale expansion and wider distribution will be some benefits of this acquisition for EPC.
Jain Irrigation Systems is issuing bonus ‘differential voting rights’ shares to investors. Its share price was down 5% despite a good performance in the December quarter.
Tata Chemicals will buy more shares in Rallis India, taking up the Tata group stake to 50.2%, through a preferential allotment. It will spend about Rs 85 crore in this transaction.
After a smart revival, the Southwest monsoon is playing truant again. In the coastal regions, where crops like paddy depend on adequate water, poor rainfall was recorded.
India’s rainfall is expected to be below normal this year, which may affect agricultural output. A bad monsoon will affect agricultural output and may throw economic growth projections off track
The Indian meteorological department has, in its first forecast of the South West Monsoon, predicted a near normal monsoon. It expects rainfall to be 96% of the long term average, with a model error of plus or minus 5%
Tata Motors is seeking to make use of JLR’s rising cash flows by leveraging its balance sheet, and refinance existing debt and potentially lower interest costs too.
State Bank of India’s reaction to the credit policy was swift, in a move which will see short term deposit rates spike and all loans will become expensive.
