Tata Steel: Tata Steel Ltd’s consolidated net profit plunged 84% from a year earlier in the March quarter weighed down by tepid global steel prices and the weak performance of its European unit. Profit in the three months ended 31 March declined to ₹1,566.24 crore from ₹9,835.12 crore a year earlier. The performance, however, marked a rebound from a net loss of ₹2,502 crore in the December quarter. Consolidated revenue from operations fell 9.1% from a year earlier to ₹62,962 crore though it grew 10.3% sequentially.

Bharti Airtel: Telecom operator Bharti Airtel on Tuesday said it entered into an agreement with Axiata Group to merge its Sri Lanka operations with Dialog Axiata. Dialog Axiata Plc, Axiata Group Berhad and Bharti Airtel have entered into a binding term sheet to combine operations of Bharti Airtel Lanka, Airtel's wholly-owned subsidiary with Dialog, a subsidiary of Axiata Group Berhad, Airtel said in a regulatory filing. Airtel will get a stake in telecom operator Dialog under the proposed transaction which will represent the fair value of Airtel Lanka.

Minda Corporation/Pricol: Auto parts maker Minda Corporation on Tuesday sought the Competition Commission of India’s (CCI) approval to buy a 24.5% stake in rival Pricol Ltd, according to a regulatory filing. Minda had in February bought a 15.7% stake in Pricol for ₹400 crore in a surprise move that triggered a confrontation with the promoter group of the target company led by managing director Vikram Mohan. The deal may lead to further consolidation in the instrument clusters market, where Pricol has a 40-50% share with Minda holding 15%.

Vedanta/Hindustan Zinc: Hindustan Zinc Ltd's proposal to buy certain zinc assets from Vedanta Group for $2.98 billion in cash has lapsed as the Indian miner did not get shareholders' approval within the stipulated time limit, said two government sources. The deal was announced in mid-January, after which Hindustan Zinc had three months to call an extraordinary general meeting to seek approval from its minority shareholders, according to Indian rules for listed companies. The issue is dead because three months have lapsed," said the first government official.


Source - MInt