* IDFC First Bank: The merger between IDFC Limited and IDFC First Bank seems to be progressing well with shareholders' approval and the meeting convening by the National Company Law Tribunal (NCLT). Mergers like these often aim to streamline operations, enhance synergies, and create a stronger entity in the market. It'll be intriguing to see how this amalgamation unfolds and what it means for the banking landscape in India.
* Bandhan Bank: The bank’s net profit fell by 94% to ₹54.6 crore in Q4FY24, compared to ₹808.3 crore in the same period last year. However, its net interest income rose by 16% to ₹2,866 crore.
* Oil India: In Q4FY24, Oil India reported a 10% sequential decline in consolidated net profit to ₹2332.94 crore, but a 17% YoY increase. The company’s revenue from operations rose by around 16% YoY to ₹10,166 crore. OIL’s board recommended a 1:2 bonus share issue and a final dividend of ₹2.50 per equity share (post-bonus) for FY24, in addition to the interim dividends already paid.
* RITES: The signing of a contract with Bangladesh Railways to supply 200 broad-gauge passenger carriages marks a significant development for the company and the transportation sector in Bangladesh. This deal strengthens bilateral ties and underscores RITES' expertise in providing high-quality rail solutions.
* Patanjali Foods: The company has clarified that it has no connection with the unsafe Patanjali Soan Papdi issue, as the food business was incorporated into Patanjali Foods only in July 2022.
* Solara Active Pharma Sciences: The US FDA completed an inspection at Solara’s Visakhapatnam-based API manufacturing facility, declaring it in an “Acceptable State of Compliance" with no Form 483 observations.
* Vodafone Idea: The telecom company is in advanced discussions with its vendors to start offering 5G services within the next six months. The company has completed the minimum rollout obligations mandated by the government in four circles.
* The milestone of the total market capitalization of all BSE-listed companies reaching $5 trillion is remarkable, reflecting the strength and resilience of the Indian stock market. This significant climb of over $633 billion since the start of the year demonstrates investor confidence and optimism in the Indian economy and its companies.
* A group of Byju’s employees is planning to take the company to the National Company Law Tribunal, where the tech firm is already embroiled in legal battles with seven of its stakeholders.
* Orient Green Power Company: They plan to raise ₹250 crore through the issue of equity rights to its existing shareholders. The company has not disclosed the rights issue ratio, price of each share, and the record date, said Sumedha Fiscal Services Ltd and Saffron Capital Advisors Pvt Ltd, the lead managers to the issue, citing the draft letter of offer (DLOF) dated May 17, 2024.
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