Companies & Sectors
Amul says will not raise milk prices this year

 

In the last 2 years there have been price increases but this year due to surplus availability there is very little chance of a hike, Amul said

New Delhi: The Gujarat Cooperative Milk Marketing Federation (GCMMF), which sells milk and dairy products under the Amul brand, is unlikely to further increase milk prices this year on account of surplus availability, a top company official said, reports PTI.
 
"Milk prices this year will be very stable as the availability of milk is good," said RS Sodhi, managing director, GCMMF.
 
Amul, the country's leading milk supplier, had in April this year raised milk prices by upto Rs2 per litre in Mumbai, Gujarat and Delhi. In the last fiscal, GCMMF had announced a hike of around 14%-15% in milk prices.
 
"In the last 2 years there have been price increases but this year due to surplus availability there is very little chance of a hike," Sodhi added.
 
As per the National Dairy Development Board (NDDB), India is the largest milk producing nation in the world with an output of 121 million tonnes in 2010-11 fiscal and a global production share of about 17%.
 
According to government data, the per capita milk availability rose to 281 gm per day in 2010-11 against 278 gram per day in 2009-10 on account of growing output.
 
Amid surplus availability of milk, the government also lifted the ban on export of skimmed milk powder last month to improve finances of dairy firms and help milk producers.

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Lloyds Banking hikes stake in Essar Energy to 7.14%

 

Lloyds has bought 23.1 lakh shares in Essar Energy at an undisclosed price, taking the total to 9.32 crore shares

London: British entity Lloyds Banking Group on Monday said it has raised stake in Essar Energy to 7.14% after purchasing additional shares, reports PTI.
 
Lloyds has bought 23.1 lakh shares in Essar Energy taking the total to 9.32 crore shares according to information available with the London Stock Exchange.
 
With this transaction, which happened on 14th June, Lloyds' total stake in Essar Energy has increased to 7.14% , it added. However, the price at which shares were bought was not disclosed.
 
Prior to the transaction, Lloyds held 9.1 crore shares of Essar Energy, a Ruias-promoted Essar group company.
 
Shares of Essar Energy were trading at 118.10 pence on the London Stock Exchange, down 1.17% from the previous close.
 
Essar Energy, integrated energy company focused on India, has an assets worth USD 16 billion across the power and oil and gas industries.
 
Its power business currently has four operational power plants in India and one in Algoma, Canada, with a total installed generation capacity of 1,600 MW.
 
In the oil and gas sector, the company has 15 blocks and fields in the various stages of exploration and production of oil and gas in India, Indonesia, Madagascar, Nigeria and Vietnam.

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Jyothy Laboratories to merge Henkel India with itself

 

Henkel India shareholders will get 1 share of Jyothy Labs for every 8 shares subject to adjustment for impending issue of bonus shares in the ratio of 1:1 by Jyothy Labs

New Delhi: Fast-moving consumer goods (FMCG) company Jyothy Laboratories (JLL) on Friday said its board has approved the proposal for merger of Henkel India Ltd (HIL) with itself, reports PTI.
 
The board of directors today approved the amalgamation of Henkel India Ltd with itself, JLL said in a statement.
 
"As per the scheme of arrangement, shareholders of HIL will get 1 share of JLL for every 8 shares of HIL, subject to adjustment for impending issue of bonus shares in the ratio of 1:1 by JLL. The shares held by JLL in HIL will be extinguished post merger," it added.
 
The company said after the merger, the equity of JLL will increase by 2.87%.
 
Commenting on the development JLL chairman and managing director MP Ramachandran said: "We have been integrating operation of both JLL and HIL to derive synergies in cost, marketing and distribution. The merger is one more step towards reaping the benefits of our efforts."
 
Shares of Jyothy Laboratories today closed at Rs234.10 on the BSE, marginally down from its previous close.

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