Source: Kotak Research Report
Category: Observations
Categories
RKEC Projects: How we got swindled
Source: DRHP Filings of RKEC Projects
Categories
Sysco: No smoke without fire?
Source: Exchange Filings of Sysco Industries
Categories
Centrum: Kabhi Core, Kabhi Non-Core
There was an article today in the TOI about Centrum’s sale of its forex business
Nasdaq-listed Ebix Inc is set to acquire India’s leading airport foreign exchange provider CentrumDirect in a deal estimated at about $200 million, or Rs 1300 crore, people directly aware of the matter said.
Atlanta-headquartered software and e-commerce company Ebix has made an offer to buy 100% stake in the foreign exchange business unit of Centrum Group, a homegrown financial services firm promoted by Chandir Gidwani and Jaspal Bindra, which is awaiting formalities.
The divestment move is part of Centrum’s plans to exit non-core businesses. Former Standard Chartered honcho Bindra, who emerged as Centrum’s copromoter, has pursued a business streamlining exercise at Centrum. The sale of forex unit would provide Centrum with adequate capital to grow its NBFC operations focused on housing finance, SME and microfinance lending.
Amusingly this “non core” business was the largest revenue generator for Centrum as per their Annual Report !
This post belongs to my This is India ! series
NMDC held a Board Meeting on 17th March, 2018 and decided not to issue an interim dividend
The market reacted very badly and the stock crashed by around 7% the next trading day.
So imagine the market’s surprise when less than 10 days later NMDC offered a whopping interim dividend of Rs.4.3 (Dividend Yield of 3.5%)
The fact that the dividend is proposed to be paid before 31st March, 2018 betrays the fact that the Co was arm twisted by its largest shareholder (the Govt of India) who will gain around 1,340 Crores from the dividend.