JK Cement net down 62%

JK C ement Ltd on M onday reported a 62.25% decline in consolidated net profit at Rs 49.94 crore for the first quarter ended J une 2020 as company's opera tions and b usiness perf ormance w as impacted due to lockdown.

The company had posted a net profit of Rs 132.30 cr ore in April-June perio d a year ago, JK Cement said in a regulatory filing.

Its re venue f rom operations dec lined 2 7.91% to Rs 1,004.84 crore during the quarter under r eview as against Rs 1 ,393.92 cr ore in the year-ago period.

"The operations and perfor mance of the g roup during the quar ter ended J une 30, 2 020 was ad versely impacted due to the s hutdown of the group's plants at various locations on account of lockdown,” it said.

NEW D ELHI: Vedanta Ltd said it has tied up with Sta te Bank of India for a long-term syndicated loa nf acility worth Rs 10,000 crore.

A syndicated loan is offered by a g roup of lenders w ho work to gether to provide credit to a large borrower.

"Vedanta Ltd h as tied up a long-term syndicated loan facility for Rs 10,000 c rore with State Bank of India as facility agent and S BICAP Trustee

Company Ltd as the security trustee with door to doo r tenor of se ven years," Hindustan Zinc , a subsidiary of Vedanta, said in a filing to the BSE.

State Bank of India has given a commitment of Rs 5,000 crore as a lender, it said.

The f acility end use s tipulates refinancing of near - term debt ma turities of Vedanta and f or ca pital expenditure of the metals and mining giant, it said.

"This extends maturity profile, impr oves liquidity ra tio and r einforces t he commitment of lenders in the growth story of Vedanta Ltd," it said. Security is provided by wa y o f pledg e o ver the shares held b y the company in Hindustan Zinc Ltd, representing 14.82% of the paid-up share ca pital of HZL w hich will be r eleased i n a phased manner.