Relaxed norms for open offer, buyback extended

NEW DELHI: Markets regulator extended r elaxation in procedural requirements for listed en tities with r espect to open and buyback offers till December 31 amid coronavirus pandemic.

The regulator, in May, had granted one-time r elaxations f rom strict enforcement of SAST (Substantial Acquisition of S hares and Takeovers) R egulations and nor ms f or buyback of securities through open and b uyback tender of fers opening till July 31.

"Based o n representations r eceived fr om the market par ticipants, t he validity of relaxations...is further extended and sha ll be a pplicable for open o ffers and b uy-back through tender offers opening up to December 31, 2020," the Securities and Ex change

Board of India (Sebi) said.

Under the relaxation, service of the letter of offer, tender form and other offer related material to shar eholders ma y be under taken by electronic tran smission as already provided under th e takeover and buyback regulations.

This relaxation is subject to certain conditions , including that the acquirer or the company would have to publish the letter of offer and tender f orm on the websites of the compa ny, registrar, stoc k ex changes and the manager to offer.

NEW DELHI: F arm equipment and engineering major Escorts Ltd on Monday reported a 6 % increase i n consolidated net profit to Rs 92.58 cro re i n the quarter ended on June 30, 2020.

The company had pos ted a consolidated net profit of R s 87.66 cro re in the same period last fiscal, Escorts Ltd said in a regulator y filing.

Consolidated revenue from operat ions during the quarter under review stood at Rs 1,089.26 crore as comp ared to Rs 1,440.45 crore in the year-ago period, it added.

Revenue from the agri machinery segment stood at Rs 976.71 crore in the first quarter of 2020-21 as compared to Rs 1,105.71 crore in the same p eriod a year ago.

Construction equipment segment posted revenue of Rs 52.40 crore as compared to Rs 212.20 crore in the year-ago period, while the railway equipment vertical had a revenue of Rs 54.91 crore as against Rs 118.1 0 crore in the same period last fiscal, it added.

Due to the unprecedented COVID-19 pandemic situation during this period, the financials for th e quarter do not r epresent normal operations and to that exten t are no t comparable with an y normal quarter, it said.

MUMBAI: FMCG fir m Marico Ltd o n Monday reported a 23.17% increase in its consol idated net pr ofit to Rs 388 crore for the first quarter ended June 30, help ed b y in crease in o perating margins.

The company had posted a net profit of Rs 315 cr ore in April-June quarter a year ago, Marico said in a BSE filing.

However, i ts re venue f rom o perations fell 11.12% to Rs 1,925 crore during the quarter under review, as against R s 2,166 cr ore in the co rresponding quarter previous year.

"EBITDA was up 1%, led b y 300 bps expansion in opera ting margins which was attributable to softer input costs, rationalisation of A&P (ad vertising and promotions) spends in dis -