Future Lifestyle and its lenders execute a one-time resolution plan freepressjournal.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from freepressjournal.in Daily Mail and Mail on Sunday newspapers.
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India’s Covid count touching a grim record of over 3.16 lakh daily cases, highest for any country, and Maharashtra imposing stricter restrictions to control infections may not go down well with Dalal Street. That said, the Prime Minister’s plea to states to avoid complete lockdowns should help assuage some concerns as would the rebound in Asian markets after Wednesday’s big slump.
Here s breaking down the pre-market action:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 115 points, or 0.82 per cent, higher at 14,194.50 in signs that Dalal Street was headed for a positive start on Thursday.
Read more about Market Ahead Podcast, April 22: Top factors that could guide markets today on Business Standard. Cyient, Tata Elxsi and 10 other companies will release their quarterly earnings on April 22
Nestle India: The FMCG major on Tuesday reported a 14.6 per cent year-on-year (YoY) growth in its net profit at Rs 602 crore for the quarter ending March 2021. It was Rs 525 crore in the year-ago period.
Future Retail, Future Enterprises: The Reserve Bank of India (RBI) mandated KV Kamath committee has approved banks proposal to restructure loans to Future Retail and Future Enterprises the two main arms of the Kishore Biyani-led group, a media report said.
Earnings Today: Cyient, Tata Elxsi and 10 other companies will release their quarterly earnings on April 22.
Voltas: Life Insurance Corporation of India acquired 46,000 equity shares or 0.02 per cent of paid-up equity in Voltas on April 19. LIC had increased its stake in the company to 5.01 per cent from 4.99 per cent earlier.
Kamath committee approves Future Retail, Enterprises restructuring
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This is the second large restructuring approved by the five member Kamath committee. Late last month it had approved a Rs 10,900 crore restructuring plan for the Shapoorji Pallonji Group.
Reuters
Future Enterprises which holds its supply chain; and Future Lifestyle Fashions which houses apparel brands like Central and Brand Factory, the total debt of the group stands at about Rs 21,000 crore.
Banks will now implement the restucturing plan before the end of the week. The plan has been approved and we will have to complete the legal and other formalities by April 24 the last date for the restructuring according to RBI norms. April 24 will then be date for implementing the plan, said one of the two people cited above.