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Truck and bus maker Ashok Leyland has increased its market share to about one-third from one-fourth in the past few years in the medium and heavy commercial vehicle (M&HCV) market.
Ashok Leyland’s profit stood at Rs111 crore in first quarter ended 30 June, compared with Rs291 crore a year earlier
Hinduja group flagship firm Ashok Leyland has reported a standalone net profit of Rs 111.23 crore for the first quarter ended June 30, 2017.
Ashok Leyland, an automobile manufacturing company, on Tuesday announced that under the scheme of amalgamation of Hinduja Foundries with Ashok Leyland, the company has allotted 806,58,292 equity share of face value Rs 1 each, fully paid-up to the equity shareholder of Hinduja Foundries as on record date of June 7 2017.
Shares of Hinduja Foundries will remain in focus, as they will turn ex-date on Tuesday for its merger. The automobile component firm will be merged with Ashok Leyland. Hinduja Foundries shareholders will get 40 shares of Ashok Leyland for every 100 equity shares held in the company. Investors who wish to receive ALL shares have to buy Hinduja Foundries shares by Monday, as the company has fixed June 7 as the record date to identify eligible shareholders.
Trading members of the Exchange are hereby informed that, pursuant to the Scheme of Amalgamation as sanctioned by the Chennai Bench of the Hon’ble National Company Law Tribunal between Hinduja Foundries Limited and Ashok Leyland Limited, Ashok Leyland Limited has intimated the Record Date to determine the entitlement of shareholders of Hinduja Foundries Limited to equity shares of Ashok Leyland Limited.
Hinduja Foundries on Friday said that the National Company Law Tribunal has approved its merger with commercial vehicle maker Ashok Leyland. “...the National Company Law Tribunal, Chennai, vide their Order dated April 24, 2017, has approved the Scheme of Amalgamation of Hinduja Foundries with Ashok Leyland,” Hinduja Foundries said in a BSE filing. The scheme with appointed date of October 1, 2016, will be effective upon filing the certified true copy of the order with the Registrar of Companies, Chennai, it said.
Boards of about two dozen companies will meet on Friday to consider October-December quarterly results. These include Adani Power, Alkali Metals, Atul, Canara Bank, Hinduja Foundries, Hindustan Organic Chemicals, Indiabulls Housing Finance, JSW Energy, Jyothy Laboratories, Maral Overseas, NIIT, Orient Paper, Precot Meredian, Rallis India, Rane Brake Lining, RBL Bank, SBBJ, Sintex Industries and VST Industries.
About 100 firms including Aarti Drugs, Apollo Tyres, Bosch, Cipla, Godrej Properties, Hinduja Foundries, IMPAL, Indian Bank, Jamna Auto, JK Tyre, J&K Bank, Karnataka Bank, Kesoram, L&T Infotech, Lupin, Max India, NCC, Oracle Financial, Orchid Pharma, Orient Cement, Oriental Bank, Pidilite, Polaris Consulting, Power Finance Corp, PowerGrid, Ramco Systems, RECL, TBZ, UCO Bank, Ujjivan, Voltamp and Zandu Realty will announce their Q2 results on Tuesday.
Last month, Ashok Leyland announced the merger of loss-making Hinduja Foundries with itself. Until Thursday’s close, the company’s stock was down 4.43 per cent on the Bombay Stock Exchange since it first announced the proposal. The tumble reflects the growing fear among investors that the merger would negatively impact the functioning of Ashok Leyland, the country’s second largest commercial vehicle manufacturer, which has just completed a three-year restructuring exercise to cut its debt from Rs 6,400 crore to around Rs 1,595 crore.
The burden on Ashok Leyalnd's EPS and valuation will be felt by the minor investors post this merger as short term gains are nowhere to be seen.
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