Tue, Jul 2, 2024 9:33 AM
Jaiprakash Associates recovery may be hard for creditors
A Flip by Riya Sharma
Vedanta Ltd reported a 3% increase in aluminium output to 596,000 tonnes, 2,62,000 tonnes of zinc saleable metal, and a 10% rise in saleable steel output to 356,000 tonnes in the June quarter. Meanwhile, zinc international mined metal output fell to 38,000 tonnes, and oil and gas output decreased by 17%. The company's promoters sold 2.6% equity via banks, reducing their stake to around 90%.
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3M India has announced a dividend of Rs 685 per share, comprising a final dividend of Rs 160 and a special dividend of Rs 525, with July 5 as the record date. This means that investors who buy shares before today will be eligible for the dividend payment. The company has previously declared three dividends, including a final dividend of Rs 100 in July 2023.
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UltraTech is in advanced talks to acquire Orient Cement, offering a premium of Rs 350-375 per share, translating to an enterprise value of Rs 7,300-7,800 crore ($840-$938 million) or $109-110 per ton. The deal, if successful, will help UltraTech consolidate its position in southern and western markets and accelerate its plan to achieve a 200 million tons per annum capacity by 2027.
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