Tag: barbeque nation ipo

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Market News Top 10 News

SC Rules in Favour of Tata Group, Sets Aside NCLAT Order – Top Indian Market News

Supreme Court upholds Tata Sons’ decision to sack Cyrus Mistry as chairman

The Supreme Court (SC) on Friday upheld the Tata Group’s decision to sack Cyrus Mistry as chairman of the group.  A three-judge bench of SC, led by CJI Justice S A Bobde, set aside the National Company Law Appellate Tribunal (NCLAT) order that had reinstated Mistry on Tata Sons’ board and had termed current Chairman N Chandrasekaran’s appointment as ”illegal”. The SC also refused to entertain Shapoorji Pallonji Group’s plea for fair compensation of their equity shares in Tata Sons. 

Read more here.

JSW Steel pays Rs 19,350 to complete acquisition of Bhushan Power & Steel

JSW Steel, on Friday, paid Rs 19,350 crore to the financial creditors of Bhushan Power & Steel Ltd (BPSL) towards implementation of the resolution plan for acquiring the insolvent company. With this move, Sajjan Jindal-led JSW Steel has closed the acquisition of BPSL. This marks JSW Steel’s entry into mineral-rich eastern India, which has so far been dominated by Steel Authority of India Ltd (SAIL) and Tata Steel.

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Bajaj Auto, Pierer Mobility to strengthen e-mobility cooperation

Bajaj Auto Limited said it is strengthening its strategic cooperation with Pierer Mobility AG for developing electric products in the two-wheeler sector. Both companies have decided to jointly explore zero tailpipe emissions, low maintenance, and long-lasting benefits of light electric vehicles (EVs) in urban settings and dense metropolitan areas. The first of these electric two-wheelers are set to hit the market in 2022.

Read more here. 

Barbeque Nation IPO subscribed 5.98 times on final day of bidding

The Rs 452-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 5.98 times on the final day of bidding. The IPO has received bids for 2.99 crore equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 13.13 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 3.1 times and that of qualified institutional buyers (QIBs) 5.11 times.

Godrej Properties sells over 275 flats worth Rs 475 crore at housing project in Noida

Godrej Properties Ltd said it has sold around 275 residences worth Rs 475 crore within one day at the launch of its housing project, Godrej Woods, in Noida. Located in Sector 43, Godrej Woods offers homes set amidst a lush green development with over 600 trees. The realty firm claims to have added 17 projects across five cities in the National Capital Region (NCR). Out of this, six projects have already been delivered.

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M&M board approves consolidation of Mahindra Electric Mobility

The Board of Directors of Mahindra & Mahindra Ltd has granted in-principle approval for the consolidation of Mahindra Electric Mobility Ltd (MEML) into the company. The consolidation will categorize electric vehicle (EV) operations into two focused verticals— Last-Mile Mobility and Electric Vehicle Tech Centre. M&M said simplifying the structure will drive improvements through innovation, execution excellence, efficiencies, and economies of scale.

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Tata Motors signs MoU with SBI for financing light commercial vehicles

Tata Motors has signed a three-year Memorandum of Understanding (MoU) with State Bank of India (SBI) to offer financial assistance for the purchase of the company’s range of small and light commercial vehicles. The collaboration with SBI will allow Tata Motors’ commercial vehicle (CV) customers to avail of loans in a hassle-free manner as well as access SBI’s unique technology-laden offerings.

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Power Grid acquires Bikaner-II Bhiwadi Transco from PFC

Power Grid Corporation of India said it has acquired Bikaner-II Bhiwadi Transco Ltd (BBTL), from Power Finance Corporation (PFC). BBTL is the special purpose vehicle (SPV) to establish a transmission system strengthening scheme for evacuation of power from solar energy zones in Rajasthan. The transmission company was acquired for an aggregate value of about Rs 20.50 crore, including 10,000 equity shares at Rs 10 per share, along with its assets and liabilities.

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Confidence Petroleum signs agreement with GAIL Gas to set up CNG stations in Bengaluru

Confidence Petroleum India Ltd has signed an agreement with GAIL Gas for setting up 100 compressed natural gas (CNG) stations in Bengaluru. The CNG stations will be set up on a Build-Operate (BO) basis over the next three years. This will significantly improve the accessibility of CNG auto fuel for cars, autorickshaws, buses, and heavy vehicles of Bengaluru.

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Prestige Estates acquires 50% stake in JV partnership with DB Realty

Prestige Estate Projects, through its subsidiary- Prestige Falcon Realty Ventures, has invested through capital account contribution in Turf Estate Joint Venture LLP as a new partner with an equal share of profit/losses with DB Realty. The joint venture (JV) firm aims to develop a 2.6 million sq. ft. commercial project in Worli, Mumbai. The project would consist of two office towers.

Read more here.

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Market News Top 10 News

Petrol, Diesel Prices Cut for Second Consecutive Day – Top Indian Market News

Petrol, diesel prices cut for second consecutive day

State-run oil marketing companies (OMCs) cut petrol and diesel prices for the second consecutive day on Thursday. The price of petrol fell by 21 paise per litre to Rs 90.78 per litre in Delhi. Diesel price fell by 20 paise to Rs 81.10 per litre in the national capital. Global crude oil prices have fallen due to growing concerns over lockdowns to contain the increasing number of Covid-19 cases. 

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Welspun Enterprises to take over Rs 1,900 crore HAM project in Kerala

Welspun Enterprises has agreed to take over a Hybrid Annuity Mode (HAM) project in Kerala from Calicut Expressway Pvt Ltd through the harmonious substitution process of the National Highways Authority of India (NHAI). The project consists of six-laning the Kozhikode Bypass (Vengalam Jn. to Ramanattukara Jn.) of NH-66 in Kerala. The current estimated bid project cost is ~Rs 1,900 crore.

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Dilip Buildcon emerges lowest bidder for HAM project in Karnataka

Dilip Buildcon Ltd (DBL) has emerged as the lowest (L1) bidder for a new Hybrid Annuity Mode (HAM) project in Karnataka. The project consists of four-laning the Sannur-Bikarnakette section of NH-169 in Karnataka. The bid cost of the 45 km-long project is Rs 1,137 crore.

In other news, Repallewada Highways (a wholly-owned subsidiary of DBL) has received a letter of appointed date from NHAI for a project in Telangana. The bid cost of the 52.6 km-long project is Rs 1,140.50 crore.

Read more here.

Barbeque Nation IPO subscribed 1.98 times on second day of bidding

The Rs 452-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 1.98 times on the second day of bidding. The IPO has received bids for 98.75 lakh equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 9.66 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 10% and that of qualified institutional buyers (QIBs) 37%.

To know more about the IPO, click here.

Voltas executes business transfer agreement with Universal MEP Projects

Voltas Limited has executed a business transfer agreement with its wholly-owned subsidiary, Universal MEP Projects & Engineering Services Ltd (UMPESL), for transferring its domestic projects business. Voltas’ mechanical, electrical & plumbing (MEP), heating, ventilation & air-conditioning (HVAC), and water projects, mining & construction equipment (M&CE) divisions will be transferred to UMPESL. The transaction is expected to be completed by the end of September 2021. 

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Kirloskar Ferrous signs mining lease deed with Karnataka Govt

Kirloskar Ferrous Industries Ltd (KFIL) was declared as the preferred bidder in an e-auction for Bharath Mines & Minerals, based on the highest final price offer submitted by the company. KFIL said it has entered into the mining lease deed with the Department of Mines and Geology, Government of Karnataka, for conducting mining operations for a period of 50 years. The operations at the mine commenced on March 24, 2021.

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Wabco India’s promoter to sell 18.10% stake via OFS

Wabco India Limited said its promoter, ZF International UK, will offload an 18.10% stake in the company through an offer for sale (OFS). This consists of a base issue of 9.05% stake and an oversubscription issue (greenshoe option) of 9.05% stake. The floor price of the OFS has been fixed at Rs 5,450 per share, a discount of 11% compared to Wednesday’s closing price of Rs 6,102. The OFS will open for retail investors tomorrow (March 26).

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CG Power’s board approves liquidation of CG Sales Network Malaysia

The Board of Directors of CG Power and Industrial Solutions Ltd has approved a proposal to liquidate its step-down subsidiary— CG Sales Network Malaysia Sdn Bhd. The voluntary liquidation is subject to statutory and regulatory approvals. CG Power is engaged in the design, manufacturing, and marketing of products related to power generation, transmission, and distribution. The company is based in Mumbai and is part of the Murugappa Group.

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Govt offers 67 blocks in second tranche of commercial coal mine auction

The Central government, on Thursday, launched the second tranche of auctions for commercial coal mining. A total of 67 coal blocks have been put up for sale. This is the highest number of mines on offer in a particular tranche (round) after the commencement of the auction regime in 2014. Out of the total 67 mines offered, 37 have been fully explored, while the remaining have been partially explored. 

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Ramco Systems wins order from a global tech company

Ramco Systems Limited said it has signed a contract with a global technology company to unify and transform its payroll operations across Japan, China, Philippines, and Malaysia. The tech company will leverage Ramco’s managed payroll services (including last-mile services on public cloud) to streamline and digitally transform its payroll operations across the four countries in Phase-1.

Read more here.

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Market News Top 10 News

Barbeque Nation IPO Subscribed 1.33 Times on Day 1 – Top Indian Market News

Barbeque Nation IPO subscribed 1.33 times on first day of bidding

The Rs 452.87-crore initial public offering (IPO) of Barbeque Nation Hospitality Limited was subscribed 1.33 times on the first day of bidding. The IPO has received bids for 66.46 lakh equity shares against an offer size of 49.99 lakh shares. The portion reserved for retail investors was subscribed 6.14 times. The portion set aside for non-institutional investors (NIIs) saw a subscription of 7% and that of qualified institutional buyers (QIBs) 37%.

To know more about the IPO, click here.

Adani Green to acquire 75-MW solar projects from Sterling & Wilson

Adani Green Energy Ltd (AGEL) said it will acquire 75 megawatt (MW) operating solar projects of Sterling & Wilson for Rs 446 crore. The company has signed definitive agreements with Sterling & Wilson for acquiring a 100% stake in two special purpose vehicles (SPVs) that own the 75 MW solar projects in Telangana. With this acquisition, AGEL’s operating renewable capacity will increase to 3,470 MW, with a total renewable portfolio of 15,240 MW.

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Rajya Sabha returns Finance Bill 2021; Parliamentary approval for Budget completed

The Rajya Sabha, on Wednesday, returned the Finance Bill 2021 without any new amendment. This marks the completion of the Parliamentary approval for Union Budget 2021-22. The Upper House debated and amended Finance Bill 2021 that was approved by the Lok Sabha (Lower House) on Tuesday. The two houses of Parliament had previously approved the Appropriation Bill, which authorizes the spending (or expenditure) of government funds.

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Prestige to take over $1.4 billion Mumbai housing project from bankrupt Ariisto Developers

Prestige Estates Projects Ltd will take over a Mumbai housing project from bankrupt Ariisto Developers Pvt Ltd, following a court decision on Tuesday. The company estimates revenues of more than $1.4 billion (~Rs 10,162 crore) from the 7.5 million square feet under development. Prestige Estates plans to launch the first phase of the project by May and the second phase towards the end of the year. It will be the developer’s largest project in Mumbai.

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Adani Enterprises’ subsidiary secures Rs 1,040 crore road project from NHAI

Adani Road Transport Ltd (ARTL) has received a Letter of Award (LoA) from the National Highways Authority of India (NHAI) for a road project in Telangana. The project consists of four-laning the Kodad-Khammam section of NH-365A in Telangana on a Hybrid Annuity Mode (HAM). The company’s bid project cost is Rs 1,039.90 crore. ARTL is a wholly-owned subsidiary of Adani Enterprises Limited.

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IndiGo pays Rs 1,030 crore as refund for flight cancellations during lockdown

InterGlobe Aviation Ltd (IndiGo) said it has paid out refunds worth Rs 1,030 crore to customers, following a Supreme Court order that asked airlines to refund fares for flight bookings made during the government-imposed lockdown last year. The airline has processed 99.95% of the total money owed to its customers.

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L&T-built offshore patrol vessel ICGS Vajra commissioned into Indian Coast Guard

Larsen & Toubro (L&T) announced the commissioning of ICGS Vajra, its sixth vessel in the series of seven offshore patrol vessels (OPVs) being built by the company under a contract with the Defence Ministry. ICGS Vajra was delivered by L&T ahead of schedule. The seventh vessel, ICGS Vigraha, was launched in October 2020 and will soon undergo sea trials.

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Escorts to hike prices of tractors from April 1

The Agri Machinery division of Escorts Limited has announced a hike in prices of all its tractors with effect from April 1, 2021. The increase in prices would vary across models and variants. Escorts stated that the rising commodity prices necessitate a price hike to offset the impact of inflation. 

On Tuesday, two-wheeler maker Hero MotoCorp said it will increase the prices of its motorcycles and scooters by up to Rs 2,500 from next month. 

Read more here.

Infibeam Avenues’ board approves allotment of 66.55 crore bonus shares

The Board of Directors of Infibeam Avenues has approved the allotment of 66.55 crore equity shares by way of a bonus issue in the ratio of 1:1. The company’s total paid-up equity share capital after the bonus issue will increase to 133.10 crore shares of Re 1 each. [A bonus issue of 1:1 means that existing shareholders will get one extra share for every one share held]

RBI entends validity of authorization issued to Vakrangee for setting up White Label ATMs

Vakrangee Ltd said that the Reserve Bank of India (RBI) has extended the validity of authorization issued to the company to set up, own, and operate White Label ATMs (WLAs) in India. The validity has been extended till March 31, 2022. The central bank had assigned a target of a minimum of 1,000 ATMs to be deployed by Vakrangee for every calendar year starting 2020 for an initial period of three years. [WLAs are ATMs owned and operated by non-banking firms]

ICICI Bank launches instant EMI facility on its internet banking platform

ICICI Bank has announced the launch of an instant EMI (Equated Monthly Instalments) facility on its internet banking platform. The bank’s “EMI @ Internet Banking” facility aims to offer increased affordability to millions of pre-approved customers. It enables customers to convert their high-value transactions up to Rs 5 lakh into easy monthly installments. The facility has been enabled for over 1,000 merchants in categories like online shopping portals, insurance, travel, etc.

Read more here.

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Editorial

Barbeque Nation IPO: All You Need to Know

Barbeque Nation is one of the most well-known restaurants in India. If you have visited their outlet you would be aware of the free birthday cake they serve you! It is a restaurant with great cuisines with a lot of variety. But why suddenly are we talking about delicious food? Well, Barbeque Nation has decided to take the public route and their IPO will hit the market on 24th March 2021. Let’s see in-depth how great the company is and if you should invest in this IPO or not. Ultimately, visiting a restaurant to have food and investing your money is a completely different ballgame.

Company Profile – Barbeque Nation

Barbeque Nation Restaurants was incorporated in 2006 and the first Barbeque Nation Restaurant was established in 2008. Since then, it has developed into one of the leading casual dining restaurant chains in India. Barbeque Nation has a unique concept where they allow guests to grill their own barbecue’s right at their tables. They offer various types of cuisines which attract customers of all ages. They are known for their delightful food, lovely ambience and satisfying service.

The number of Barbeque Nation Restaurants has grown steadily over the years. In 2013, they had 32 restaurants which increased to 79 by 2017. Currently, they are present in 77 cities in India and in 3 other countries. They own and operate 138 outlets in India, 5 outlets in UAE, 1 outlet in Malaysia and 1 outlet in Oman. Barbeque Nation has diversified into another brand which is called “Red Apple.” This brand operates 10 Italian restaurants in 2 cities of India (Bengaluru and Chennai).

Barbeque Nation has 70% of its outlet in metro cities. The rest 30% of the outlets are present in Tier-1 or Tier-2 cities. According to CEO Rahul Agrawal, the company would prefer to expand further keeping this ratio more or less constant. Jubilant FoodWorks is one of the financial investors in Barbeque Nation. They reportedly acquired around 10% of the total stake in Barbeque Nation very recently. Not only Jubilant FoodWorks, but Rakesh Jhunjhunwala is also one of Barbeque Nation’s financial investors. His investment firm Alchemy Capital holds close to a 2% stake or 575,000 shares in Barbeque Nation Hospitality.

About the IPO

Barbeque Nation Hospitality’s IPO will open on 24th March 2021 and will close on 26th March 2021. The total issue size of the IPO is Rs 452.87 crore. The total issue comprises of two parts: A Fresh Issue and an Offer for Sale. The fresh issue and the Offer for sale aggregate up to Rs 180 crore and Rs 272.87 crore respectively. The price band of the IPO is Rs 498 – Rs 500 per equity share. The allotment date and listing date for the IPO are 1st April 2021 and 7th April 2021 respectively. 

An investor has to apply for a minimum of one lot which is equal to 30 shares. The maximum number of lots an investor can apply for is 13 or 390 shares. If the issue is oversubscribed, the maximum number of lots you will get is one. The minimum investment required by an investor is Rs 15,000. The maximum investment one can make is Rs 1,95,000. 

Sayaji Hotels Limited, Sayaji Housekeeping Services Limited, Kayum Dhanani, Raoof Dhanani, and Suchitra Dhanani are the promoters of Barbeque Nation Hospitality Limited. Currently, the promoters of the company have 60.21% of the total holdings. The company plans to use the net proceeds from the IPO in two ways. Their first objective is to make prepayment or repayment of all or a part of the company’s outstanding borrowings. The remaining sum of the money will be used to meet general corporate purposes.

Financial Overview

*30 Nov 2020 31 March 2020 (FY20)
31 March 2019 (FY19)31 March 2018 (FY18)
Total Assets908.58955.45819.08723.16
Total Revenue236.60850.79742.54590.44
Profit/Loss After Tax-100.64-32.92-38.38-5.8
(Values in Rs crore)

Barbeque Nations is a popular name as mentioned earlier but is still making a lot of losses. Their revenue has zoomed up from FY18 to FY20 but so have been their losses. This clearly shows that the revenue the company is generating is not enough to cut off the cost they are incurring. This fiscal year, their revenue collection has also decreased massively.

Till 30th November 2020, Barbeque Nations generated revenue worth Rs 236.60 crore which is one-fourth of what they collected in FY20. The major reason behind this is the lockdown due to Covid-19 which forced the restaurants to shut down completely. This has forced their losses to increase to Rs 100 crore by November 2020. Not a great sight at all!

As the company is a loss-making company, its net profit margin of -42% does not surprise me at all. Also, their debt-to-equity ratio is also 14%, which is considered to be very high. To sum up, Barbeque Nation looks very weak financially and their short-term future, amidst Covid-19, also does not look promising.

Risk Factors

  • Covid-19 has had a damning effect on Barbeque Nation. The lockdown induced by the national government forced their restaurants to shut down completely. Even after the lockdown, the restaurants were told to operate at 50% capacity. This has decreased revenue collection massively.
  • Barbeque Nation depends on third party delivery aggregators for a huge portion of their food delivery services. Any deterioration of their relationship with these third party companies can affect them immensely.
  • Being in the food business, the company has to continuously focus on people’s changing taste and preferences. Any failure to judge what their customers want can negatively impact their financials.
  • Barbeque is not exactly a premium restaurant but its prices are still on a higher side. Thus, at this price, they won’t be able to attract customers from small cities.
  • Due to the pandemic, the company’s expansion plans have taken a huge hit. The opening up of new restaurants was paused but they are hopeful of gathering the pace up again.

IPO Details in a Nutshell

IPO DateMarch 24, 2021 – March 26, 2021
Issue TypeBook Built Issue IPO
Face ValueRs 5 per equity share
IPO PriceRs 498 to Rs 505 per equity share
Lot Size30 Shares
Issue SizeAggregating up to Rs 452.87 crore
Fresh Issue (goes to the company)Aggregating up to Rs 180 crore
Offer for Sale (goes to promoters)Aggregating up to Rs 272.87 crore
Allotment DateApril 1, 2021
Listing AtBSE, NSE
Listing DateApril 7, 2021

Conclusion

Till now, Barbeque has been a service-oriented business. They just started to explore the delivery business and still need to do a lot more to reap benefits. Rahul Agrawal has stated that even though they are predominantly in a casual dining business, they are focussing a lot more on the delivery space. The company is backed by some strong investors which give great positive signals to the investors before the IPO. But, we can’t forget the financial performance of the company and risk factors associated with their business in the current situation.

The huge losses incurred by the company is worrying. The surge in Covid-19 cases in a few states also adds to my worry. This demotivates me from thinking of this IPO as a perfect investment. But the current IPO frenzy is helping many investors to record profits. Being a popular brand name is always great for a company. Can this factor aid this IPO to be oversubscribed? We will find it out very soon!

IIFL Securities Ltd., Axis Capital Ltd., Ambit Capital Pvt. and SBI Capital Markets Ltd. are the book-running lead managers to the issue. I will wait till the end of 24th March and see how much the IPO is subscribed to. Do your own analysis about the company and let us know in the comments section if you find any other interesting information. You can find Barbeque Nation red herring prospectus here.

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Market News Top 10 News

Govt to Establish National Bank for Infra Investments – Top Indian Market News

Govt in the process of setting up National Infra Bank: Finance Minister

Union Finance Minister, Nirmala Sitharaman, said that the government is in the process of setting up a national bank for funding infrastructure investments. She stated that creating institutional structures, big thrust on monetising assets, and enhancing the share of capital expenditure in central and state budgets were three concrete steps taken by the government for building infrastructure. The minister is expected to introduce the National Bank for Financing Infrastructure and Development Bill, 2021, in Parliament next week. 

Read more here.

Bharti Airtel to acquire 7.48% stake in Sandhya Hydro

Bharti Airtel Ltd said it will acquire 17.43 lakh equity shares (or 7.48% stake) in Sandhya Hydro Power Project Balargha. The cost of the acquisition is Rs 1.74 crore. Sandhya Hydro owns and operates a small hydro project of 9 megawatt (plus 10% continuous overload) in Kullu district, Himachal Pradesh. It is a subsidiary of Continuum Energy, Singapore.

Read more here.

Adani Green Energy to acquire 50 MW solar asset from SkyPower Global

Adani Green Energy has signed definitive agreements with Toronto-based SkyPower Global to acquire a 100% stake in a special purpose vehicle (SPV) that owns a 50 megawatt (MW) operating solar asset in Telangana. The cost of the acquisition is based on the enterprise value of Rs 317 crore. The SPV, Surajkiran Renewable Resources, was commissioned in October 2017. It has a long-term Power Purchase Agreement (PPA) with the Southern Power Distribution Company of Telangana at Rs 5.37 per kilowatt-hour (kWh). 

Read more here.

Power Grid to acquire 74% stake in Jaypee Powergrid for Rs 351.64 crore

Power Grid Corporation of India Ltd (PGCIL) has signed an agreement with Jaiprakash Power Ventures Ltd (JPVL) to acquire 74% stake in Japyee Powergrid Ltd (JPL) for Rs 351.64 crore. JPL is a joint venture (JV) between Power Grid and JPVL. After the acquisition, JPL will become a wholly-owned subsidiary of PGCIL. The transmission JV has a 214 km transmission link to supply electricity from the Karcham-Wangtoo hydropower project in Himachal Pradesh to Himachal Pradesh, Haryana, Punjab, Uttar Pradesh, and Rajasthan

Read more here.

Failure at NSE clearing arm led to February outage: RBI

The Reserve Bank of India (RBI) said that shutting down of the system at NSE Clearing Limited (NCL) had led to the day-long trading blackout in the stock exchange on February 24, 2021. NCL is responsible for the clearing and settlement of all trades executed on the NSE, as well as risk management functions. “The major issue faced on Feb 24th was the ineffectiveness of inter-operability because of the shutting down of NCL”, said RBI in its State of the Economy bulletin. Another failure was the inability to switch NSE’s operations to the disaster recovery site.

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Barbeque Nation Hospitality IPO to open on March 24; price band fixed at Rs 498-500 per share

Barbeque Nation Hospitality Ltd will open its initial public offering (IPO) on March 24. The price band for the IPO has been fixed at Rs 498 – Rs 500 per share. The IPO comprises a fresh issue of shares worth Rs 180 crore and an offer for sale (OFS) of 54.57 lakh equity shares by existing shareholders. Net proceeds aggregating up to Rs 54.62 crore will be used for setting up 26 new Barbeque Nation Restaurants during financial years 2022 and 2023. 

Read more here.

India’s crude oil processing hit 4-month low in February

India’s crude oil processing fell to its lowest level in four months in February 2021. According to provisional data released by the government, crude oil processing in February declined by 8.8% year-on-year (YoY) to 4.87 million barrels per day. On a monthly basis, crude oil throughput fell by 5.6%. Fuel consumption in the country also fell to a five-month low last month as higher retail prices affected demand.

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Future Group to challenge Delhi HC order on Biyani over RIL deal: Report

As per a report from Mint, the Future Group has decided to challenge the Delhi High Court (HC) order directing detention of its founder Kishore Biyani and attachment of his assets, while restraining the debt-ridden group from taking any step towards its proposed Rs 24,713 crore asset sale deal with Reliance Industries Ltd (RIL). The report states that an appeal challenging the order may be filed on Monday or Tuesday. On March 18, a single-judge bench of the Delhi HC ordered Future Retail not to go ahead with its deal with RIL, as it had willfully violated Singapore International Arbitration Centre’s emergency order.

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Govt receives Rs 747 crore from GAIL’s share buyback

The Central government has received Rs 747 crore from share buyback by GAIL (India) Ltd, said DIPAM Secretary Tuhin Kanta Pandey. The total share buyback size was Rs 1,046 crore. The government’s current holding in the company stands at 51.45%. To meet revenue targets, the Centre wants public sector undertakings (PSUs) to either meet their targets for capital expenditure or reward its shareholders in the form of dividends or share buybacks.

Read more here.