ONGC reports first quarterly loss, Bharti Airtel to sell stake in data arm | Top headlines
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1. JSPL to sell Oman subsidiary to Templar Investments Ltd for $1Bn to bring down its debt -Jindal Steel and Power Ltd has accepted an offer to sell its entire stake in Jindal Shadeed Iron and Steel Co LLC (JSIS Oman) to promoter company Templar Investments Ltd. Templar Investments Ltd was one of the highest bidders for the deal. The value of the deal is over $1 billion. This deal will be done to bring down the existing debt of the company and leverage the current balance sheet. "This sale is in-line with our vision to reduce debt and create a much healthier balance sheet for our investors and stakeholders. We firmly believe and aim to be a part of India growth story," said VR Sharma, MD, JSPL. Listen in! 2.Carlyle to acquire 25% stake in Bharti Airtel's Airtel's data centre business Nxtra -ET Now newsbreak about the Airtel-Carlyle deal has now been confirmed. US-based global investment firm Carlyle Group will be buying for about 25 per cent stake in Nxtra Data Ltd, a wholly-owned subsidiary of Bharti Airtel engaged in the data centre business. Airtel will continue to hold the remaining stake of approximately 75 per cent, confirmed by Airtel Bharti. The post-money enterprise valuation of Nxtra is approximately $1.2 billion and Carlyle will hold a stake of approximately 25 per cent in the business after the deal will be completed. Bharti Airtel is also expected to raise its scale in the ongoing data sale business. Listen to know more details. 3. Hindustan Unilever's 87th AGM ; Decision to rebrand 'Fair and lovely' an evolutionary logical step -Here are the top takeaways from the HUL's 87th AGM: -Decision to rebrand 'Fair and lovely' an evolutionary logical step -Imports RM, Packaging material worth ₹429 crore from China -Open to localisation for collaboration -Economic fallout of COVID-19 crisis is inevitable -Currently operating at 90-100% manufacturing capacity -Seeing demand for non-essentials like hair and skin care -Launched over 50 new products during COVID lockdown -Commited to net zero emissions by 2039 -100% of its packaging will be recyclable by 2025 -Opted remote working a week before the national lockdown Watch the video to know more details. 4. ONGC Q4 results 2020: First quarterly standalone net loss of Rs 3,098.26 crore reported -Oil & Natural Gas Corporation (ONGC) reported a standalone net loss of Rs 3,098.26 crore for the quarter ended March 31 due to exceptional item towards impairment loss of Rs 4,899 crore. This was the first ever quarterly loss reported by the company. It had posted a net profit of Rs 4,000 crore in the corresponding quarter last year.This has come out as a big shocker in the market despite the company being under pressure amid the lockdown. The company has taken an impairment adjustment of Rs 5000 crore in Q4 FY20 to factor into estimated future crude oil and natural gas prices. Had it not been the impairment adjustment, the company would have delivered profits this year too. Listen to know more details. 5. Auto sales in June 2020 to revive on recovery seen in May amid COVID gloom? -The month of June is expected to shape up better when it comes to auto sales amid the COVID gloom. The auto June volumes may further build on the recovery which has been seen in the month of May. The easing of lockdown and improvement in economic activities are expected to push the auto sales volumes. The OEM's increasing capacity utilisation as a value chain is ramping up the operations. Maruti 18,539 units in the month of May whereas it is expected to grow till 60,000 units in June. M&M on the other hand sold 24,341 farming units and is expected to makes sales for 32,000 units in the month of June. Listen in to ET Now's Karunya Rao to what we can expect from the auto industry in the month of June. Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com
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