Lakshmi Vilas Bank: Government approves merger with DBS Bank India. Moratorium imposed on the bank will be lifted on November 27. Trading in the bank's shares will be suspended from November 26 and shares will be delisted on November 27. All branches will now operate as branches of DBS Bank India.
Laurus Labs: To acquire 72.55% stake in a biotech company called Richcore Lifesciences for Rs 246.67 crore. The acquisition will mark the company's foray into the broader biologics and biotechnology segments, providing access to its high growth areas in India and globally. The acquisition will be funded through internal accruals.
Fine Organic Industries: New facility in Patalganga, Maharashtra has started its operations from November 25.
Future Consumer: Rajnikant Sabnavis has resigned as the CEO of the company.
Vakrangee: Board has withdrawn the scheme of amalgamating its wholly-owned arms Vakrangee Logistics and Vakrangee Finserve with the company, due to substantial changes in business environment in last few months. Scheme is presently pending with NCLT.
Astral Poly Technik: Board approves entry into the business of manufacturing and trading of plastic water storage tanks and add new capacity with a total investment not exceeding Rs 75 crore. The company will also acquire assets from Shree Prabhu Petrochemicals for up to Rs 51 crore.
Kesoram Industries: Consortium of lenders have given their in-principle approval to the resolution plan of the company formulated under the Reserve Bank of India’s guidelines.
Siemens Q4 Year-End September: Revenue down 8.9% to Rs 3,546.8 crore while net profit is largely flat, down 1.1% to Rs 330.2 crore.
Ebitda up 5.5% while margins expand 180 basis points year-on-year to 12.9% from 11.1%. Lower cost of material and lower other expenses aid margin performance. The company has also declared a dividend of Rs 7 per share.
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