Adani Enterprises, Trident and RattanIndia Enterprises to see some action today

Adani Enterprises’ (AEL) joint venture - AdaniConnex (ACX) has signed a Memorandum of Understanding (MoU) with Adani Power (APL) to acquire 100% equity shares of APL’s wholly owned subsidiary namely, Support Properties. The object of acquisition is to set up infrastructure facilities. The transaction is expected to complete by end of January, 2023. The acquisition will be done at an Enterprise Valuation of Rs 1,556.50 crore subject to adjustments on the closing date.

Trident has reported 12,136 metric tons production of paper in October, 2022. The company’s bath linen and yarn production stood at 4,111 metric tons and 7,121 metric tons, respectively, while bed linen production stood at 1.92 million metres during October. The company’s chemicals production stood at 3,173 metric tons.

RattanIndia Enterprises (REL) has acquired 100% stake of Neobrands consequent to which, it has become a wholly owned subsidiary company of REL. Neobrands intends to start wholesale and retail business on online E-commerce platforms inter-alia including creating private label businesses and export of goods from India.

Alkem Laboratories has received Form 483 with 3 observations from the USFDA for its manufacturing unit in St. Louis, USA. Earlier, the US health regulator had conducted a pre-approval inspection at the company's manufacturing facility during October 31 to November 9.

Oil India reported results for second quarter ended September 30, 2022. The company has reported over 3-fold jump in its net profit at Rs 1,720.53 crore for Q2FY23 as compared to Rs 504.46 crore for the corresponding quarter previous year. Total income of the company increased by 81.33% to Rs 6670.81 crore for the quarter under review as compared to Rs 3678.76 crore for the same quarter in the previous year. On the consolidated basis, the company has reported rise of 45.49% in its net profit at Rs 2,115.83 crore for the quarter under review as compared to Rs 1,454.28 crore for the same quarter in the previous year. Total income of the company increased by 41.02% to Rs 10463.87 crore for the quarter under review as compared to Rs 7420.13 crore for the same quarter in the previous year.

Veranda Learning Solutions has joined hands with IIM Shillong and the Society for Human Resource Management (SHRM) to launch a Post Graduate Certificate course in Human Resource Management. The one-year course is tailored for those seeking to specialize in the HR domain and will be conducted through the online format.

Kirloskar Brothers reported results for second quarter ended September 30, 2022. The company has reported rise of 17.82% in its net profit at Rs 20.50 crore for Q2FY23 as compared to Rs 17.40 crore for the corresponding quarter previous year. Total income of the company increased by 19.88% to Rs 598.90 crore for the quarter under review as compared to Rs 499.60 crore for the same quarter in the previous year. On the consolidated basis, the company has reported over 8-fold jump in its net profit at Rs 30.00 crore for the quarter under review as compared to Rs 3.80 crore for the same quarter in the previous year. However, total income of the company increased by 15.10% to Rs 868.00 crore for the quarter under review as compared to Rs 754.10 crore for the same quarter in the previous year.