 "Top headlines: SAIL posts Rs 3,897 cr profit in Q1; Amazon's big win in SC")
Sebi halves the post-IPO lock-in period for promoters to 18 months
The Securities and Exchange Board of India (Sebi) on Friday relaxed the lock-in period on pre-IPO shareholding and also approved the concept of ‘controlling shareholders.’ The regulator also eased the framework for issuance of stock options and increased the investment headroom for alternative investment funds (AIFs) in unlisted companies.
The regulator has halved the lock-in period to 18 months that promoters have to observe on 20 per cent of their shareholding following an initial public offering (IPO). READ HERE.
Amazon scores big win as Supreme Court stalls Future's $3.4 bn retail deal
E-commerce giant Amazon secured a major relief from the Supreme Court of India on Friday after the apex court allowed the appeal filed by the firm against a Delhi High Court order staying attachment of properties of Future Group companies and Kishore Biyani in relation to the Rs 24,713-crore ($3.4 billion) Future-Reliance deal.
The Bench of Justices Rohinton Fali Nariman and BR Gavai held that the order of an emergency arbitrator is enforceable in India, under Section 17(2) of the Arbitration Act. READ HERE.
SAIL posts Rs 3,897-crore net profit for June quarter
Domestic steel major SAIL on Friday returned to the black, posting a consolidated net profit of Rs 3,897.36 crore for the June 2021 quarter.
The company had posted a Rs 1,226.47-crore net loss in the year-ago quarter, Steel Authority of India Ltd (SAIL) said in a BSE filing. READ HERE.
Hindalco Q1 consolidated PAT at Rs 2,787 cr vs loss of Rs 709 cr a year ago
Hindalco Industries reported a consolidated net profit of Rs 2,787 crore in June quarter as against a loss of Rs 709 crore in the corresponding period last year on the back of increased revenue and a low base due to Covid-19 first wave hit last year.
The Aditya Birla Group company’s topline in the period under review stood at Rs 41,358 crore, up 63 per cent from same period last year with Novelis contributing strongly at Rs 28,428 crore. READ HERE.
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