Latest news with #VCL
New Indian Express
01-08-2025
- Business
- New Indian Express
VCL India to set up valve manufacturing unit in Odisha
BHUBANESWAR: Ambassador of Luxembourg to India Peggy Frantzen hailed Odisha as one of the most investor-friendly states in the country with huge potential for industrial growth and global partnerships. Speaking at the inauguration of the corporate office of VCL India Pvt Ltd here on Wednesday, Frantzen said the long-term partnership and cooperation in the steel sector, which started nearly 100 years ago, have been strengthened through VCL's presence in India. The VCL India Pvt Ltd is the Indian arm of the Luxembourg-based VCL Group, a market leader in Europe for specialised valves and equipment for the global iron and steel industry. It plans to expand its domestic operations and set up a manufacturing unit in the state in next two to three years. Additional chief secretary of Industries and I&PR Hemant Sharma briefed the visiting dignitaries on the state's evolving industrial profile and investment-friendly policies. He welcomed VCL's entry into Odisha as a part of the state government's focus on attracting FDI. 'Odisha offers a compelling proposition for investors. This investment signifies the deepening economic ties between India and Luxembourg. It reflects Odisha's growing stature as a preferred destination for global investments,' Sharma said. Chairman of VCL SA and CEO of SAB Group Mario Kratz said the decision to set up operations in Bhubaneswar was driven by the company's desire to stay close to its customers and contribute to the state's vibrant industrial landscape. Director of VCL India Aswini Khuntia said the company combines advanced engineering with precision manufacturing and it looks forward to replicating the same excellence in India. 'We are committed to delivering value to our clients, forging strong local collaborations and contributing to Odisha's industrial development,' he said. VCL's managing director and global head Rainer Zilliken and consul of the Grand Duchy of Luxembourg in India Rajat Dalmia were also present along with representatives from industry bodies including CII, FICCI, UCCI and ASSOCHAM.
Business Standard
18-07-2025
- Business
- Business Standard
Nuvoco Vistas Corp rallies on stellar Q1 results, PAT surges to Rs 133 crore
Nuvoco Vistas Corporation rose 2.90% to Rs 393.75 after the company posted strong Q1 FY26 results. On a consolidated basis, net profit surged 4,589% year-on-year to Rs 133.16 crore in Q1 FY26. Revenue from operations grew 8.96% YoY to Rs 2,872.70 crore during the quarter. Profit before tax zoomed 3861% YoY to Rs 201.60 crore, while EBITDA increased 53.16% YoY to Rs 533 crore, the company's highest-ever for a first quarter. In Q1 FY26, revenue from the cement segment rose 9.43% YoY to Rs 2,630.35 crore, while revenue from ready-mix concrete and others declined 0.64% YoY to Rs 254.45 crore. Cement sales volume stood at 5.1 million metric tonnes (MMT) in Q1 FY26. The company stated that its on track to achieve approximately 31 MMTPA cement capacity by Q3 FY27 post successful acquisition of Vadraj Cement (VCL), retaining its fifth-largest cement group position in India for the long term. While the company remains a leading player in East India, this acquisition aligns seamlessly with Nuvocos strategy of expanding its presence in the Western and Northern regions. It brings complementary capabilities to enhance geographic reach and create long-term value for stakeholders. Furthermore, the company remained committed to its deleveraging agenda, reducing like-for-like net debt by Rs 884 crore YoY to Rs 3,474 crore. Premium products continue to be a strategic priority for the company, with their share of trade volume rising to 41% in Q1 FY26. The company also achieved a robust trade mix of 76%the highest in the last 13 quarters. The sustained momentum of the NuvocoConcreto and NuvocoDuraguard product portfolio reflects growing recognition as trusted solutions for superior construction needs. The companys commitment to sustainability is evident as it continues to lead the industry with the lowest carbon emissions, further reducing emissions to 453.8 kg CO₂ per ton2 of cementitious materials, down from 457 kg CO₂ per ton in FY24. Jayakumar Krishnaswamy, managing director of Nuvoco Vistas Corp, said, The company witnessed healthy volume growth during the quarter. It maintained a sharp focus on premiumization and trade mix, which contributed to enhanced realizations and led to the highest-ever first-quarter consolidated EBITDA in the companys history. Looking ahead, we remain committed to driving sustained growth and expanding our market presence. He further added, Following the successful acquisition of Vadraj Cement, the company is fully geared up to operationalize the plants at Kutch and Surat by Q3 FY27 and at the same time expand its market footprint in the Western region. Alongside this, the Company will continue to prioritize initiatives around premiumization, geo-optimization, and cost efficiency to further strengthen its competitive edge. Nuvoco Vistas Corporation (NVC) is one of the largest cement companies and concrete manufacturers in India, with a consolidated capacity of 25 MMTPA. It offers a diversified range of products such as cement, ready-mix concrete (RMX), and modern building materials, i.e., adhesives, wall putty, dry plaster, cover blocks, and more.
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Business Standard
15-05-2025
- Business
- Business Standard
Sebi bans Varyaa Creations from securities mkt over IPO proceeds diversion
Markets regulator Sebi has restrained SME company Varyaa Creations Ltd (VCL) from accessing the securities market for alleged diversion of funds raised through its initial public offering (IPO). Additionally, the regulator has barred Inventure Merchant Banking Services Pvt Ltd from taking up any new assignment relating to merchant banking activities in the securities market till further directions. Also, the shareholdings of seven promoter group entities have been frozen until further directions, according to an interim order passed by Sebi on Wednesday. Varyaa Creations, which is primarily engaged in wholesale trading of precious metals, and manufacture and sale of jewellery, came out with its Rs 20.10-crore IPO and got listed on the SME platform of the BSE on April 30, 2024. The Securities and Exchange Board of India (Sebi) carried out a routine inspection of the activities of the Inventure and noticed certain irregularities in the IPO process of VCL and initiated an inquiry into the matter. During the inquiry, Sebi noted that more than 70 per cent of the issue proceeds (Rs 14 crore) were transferred to three entities -- Kaveri Corporation, Maruti Corporation, and Overseas Metal and Alloys Pvt Ltd -- on April 30, 2024, the day of the listing on the instructions of the lead manager Inventure. The stated purpose of the transfers was to cover issue management fees, underwriting and selling commissions, registrar fees, and other IPO-related expenses. Sebi said these transfers, purportedly made to cover issue-related expenses, were disproportionate to the issue-related expenses disclosed in the IPO's prospectus. The regulator sought explanation from VCL and Inventure regarding transfers, however, VCL failed to give a satisfactory response, citing the unavailability of its accounts team and statutory auditor. The lead manager stated that transactions were in line with objects of the issue stated in the prospectus -- purchase of inventory and general corporate purposes. After further investigation, Sebi, prima facie, found certain discrepancies in the use of the funds. "...it, prima facie, appears that Rs 9 crore from the IPO proceeds was credited to the bank account of Kaveri Corporation and withdrawn in cash on April 30, 2024 -- the very day the company was listed," Sebi said. Accordingly, Sebi has restrained Varyaa Creations "from accessing the securities market, either directly or indirectly, in any manner whatsoever until further orders. Besides, Noticee 2 (Inventure Merchant Banking Services) shall not take up any new assignment relating to merchant banking activities in the securities market till further directions from Sebi". Besides, the regulator directed the appointment of a monitoring agency for any pending assignments of Inventure. On freezing the holding of seven entities, Sebi noted that a lock-in period applicable to a portion of the promoters' shareholding expired on May 14, and there is a risk of the promoters offloading the shares held by them in VCL, while the inquiry into the end-use of IPO proceeds is ongoing. Over the past year, Sebi intervened in many cases, especially in the SME segment, where IPO proceeds were misutilised or siphoned off.
Economic Times
15-05-2025
- Business
- Economic Times
Sebi bans SME firm Varyaa Creations from securities market over IPO proceeds diversion
Markets regulator Sebi has restrained SME company Varyaa Creations Ltd (VCL) from accessing the securities market for alleged diversion of funds raised through its initial public offering (IPO). Additionally, the regulator has barred Inventure Merchant Banking Services Pvt Ltd from taking up any new assignment relating to merchant banking activities in the securities market till further directions. ADVERTISEMENT Also, the shareholdings of seven promoter group entities have been frozen until further directions, according to an interim order passed by Sebi on Wednesday. Varyaa Creations, which is primarily engaged in wholesale trading of precious metals, and manufacture and sale of jewellery, came out with its Rs 20.10-crore IPO and got listed on the SME platform of the BSE on April 30, 2024. The Securities and Exchange Board of India (Sebi) carried out a routine inspection of the activities of the Inventure and noticed certain irregularities in the IPO process of VCL and initiated an inquiry into the matter. During the inquiry, Sebi noted that more than 70 per cent of the issue proceeds (Rs 14 crore) were transferred to three entities -- Kaveri Corporation, Maruti Corporation, and Overseas Metal and Alloys Pvt Ltd -- on April 30, 2024, the day of the listing on the instructions of the lead manager Inventure. The stated purpose of the transfers was to cover issue management fees, underwriting and selling commissions, registrar fees, and other IPO-related expenses. ADVERTISEMENT Sebi said these transfers, purportedly made to cover issue-related expenses, were disproportionate to the issue-related expenses disclosed in the IPO's prospectus. The regulator sought explanation from VCL and Inventure regarding transfers, however, VCL failed to give a satisfactory response, citing the unavailability of its accounts team and statutory auditor. ADVERTISEMENT The lead manager stated that transactions were in line with objects of the issue stated in the prospectus -- purchase of inventory and general corporate purposes. After further investigation, Sebi, prima facie, found certain discrepancies in the use of the funds. ADVERTISEMENT "...it, prima facie, appears that Rs 9 crore from the IPO proceeds was credited to the bank account of Kaveri Corporation and withdrawn in cash on April 30, 2024 -- the very day the company was listed," Sebi said. Accordingly, Sebi has restrained Varyaa Creations "from accessing the securities market, either directly or indirectly, in any manner whatsoever until further orders. Besides, Noticee 2 (Inventure Merchant Banking Services) shall not take up any new assignment relating to merchant banking activities in the securities market till further directions from Sebi". ADVERTISEMENT Besides, the regulator directed the appointment of a monitoring agency for any pending assignments of Inventure. On freezing the holding of seven entities, Sebi noted that a lock-in period applicable to a portion of the promoters' shareholding expired on May 14, and there is a risk of the promoters offloading the shares held by them in VCL, while the inquiry into the end-use of IPO proceeds is ongoing. Over the past year, Sebi intervened in many cases, especially in the SME segment, where IPO proceeds were misutilised or siphoned off.
Time of India
15-05-2025
- Business
- Time of India
Sebi bans SME firm Varyaa Creations from securities market over IPO proceeds diversion
Markets regulator Sebi has restrained SME company Varyaa Creations Ltd (VCL) from accessing the securities market for alleged diversion of funds raised through its initial public offering ( IPO ). Additionally, the regulator has barred Inventure Merchant Banking Services Pvt Ltd from taking up any new assignment relating to merchant banking activities in the securities market till further directions. Also, the shareholdings of seven promoter group entities have been frozen until further directions, according to an interim order passed by Sebi on Wednesday. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Discover how to go from draft to done in a few clicks—not a few hours. Grammarly Install Now Undo Varyaa Creations, which is primarily engaged in wholesale trading of precious metals, and manufacture and sale of jewellery, came out with its Rs 20.10-crore IPO and got listed on the SME platform of the BSE on April 30, 2024. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. The Securities and Exchange Board of India (Sebi) carried out a routine inspection of the activities of the Inventure and noticed certain irregularities in the IPO process of VCL and initiated an inquiry into the matter. During the inquiry, Sebi noted that more than 70 per cent of the issue proceeds (Rs 14 crore) were transferred to three entities -- Kaveri Corporation, Maruti Corporation, and Overseas Metal and Alloys Pvt Ltd -- on April 30, 2024, the day of the listing on the instructions of the lead manager Inventure. Live Events The stated purpose of the transfers was to cover issue management fees, underwriting and selling commissions, registrar fees, and other IPO-related expenses. Sebi said these transfers, purportedly made to cover issue-related expenses, were disproportionate to the issue-related expenses disclosed in the IPO's prospectus . The regulator sought explanation from VCL and Inventure regarding transfers, however, VCL failed to give a satisfactory response, citing the unavailability of its accounts team and statutory auditor. The lead manager stated that transactions were in line with objects of the issue stated in the prospectus -- purchase of inventory and general corporate purposes. After further investigation, Sebi, prima facie, found certain discrepancies in the use of the funds. "...it, prima facie, appears that Rs 9 crore from the IPO proceeds was credited to the bank account of Kaveri Corporation and withdrawn in cash on April 30, 2024 -- the very day the company was listed," Sebi said. Accordingly, Sebi has restrained Varyaa Creations "from accessing the securities market, either directly or indirectly, in any manner whatsoever until further orders. Besides, Noticee 2 (Inventure Merchant Banking Services) shall not take up any new assignment relating to merchant banking activities in the securities market till further directions from Sebi". Besides, the regulator directed the appointment of a monitoring agency for any pending assignments of Inventure. On freezing the holding of seven entities, Sebi noted that a lock-in period applicable to a portion of the promoters' shareholding expired on May 14, and there is a risk of the promoters offloading the shares held by them in VCL, while the inquiry into the end-use of IPO proceeds is ongoing. Over the past year, Sebi intervened in many cases, especially in the SME segment, where IPO proceeds were misutilised or siphoned off.
