Credit Suisse AG had filed a petition to wind up the company after claiming that it owed $24 million. The amount allegedly owed towards maintenance, repairing and overhauling of the aircraft engines and components. Madras High Court found these claims true and ordered the liquidation of the low-cost carrier.
Had the apex country not stayed the order, the official liquidator would have been forced to take over the assets. The stock jumped 6 per cent following this relief.
Coforge shines
The stellar performance by IT companies has continued.
Coforge joined its peers reporting a strong set of numbers, which led to heavy buying in the counter. The company said its revenue grew 39.3 per cent year-on-year while profit after tax gained 50.7 per cent year-on-year.
The firm said its executable order book for next 12 months crossed $700 million. The board also recommended an interim dividend of Rs 13 per share.
Coforge eventually ended up 7 per cent to Rs 4,690, but still remains below its 52-week highs at Rs 6,135.
Zomato’s puzzling acquisitions
After Indiamart Intermesh acquisition of a business accounting software company at a head-scratching valuation earlier in the week, market participants are now finding Zomato’s acquisition of Adonmo hard to digest.
Zomato on Thursday said it will acquire about 19 per cent stake for Rs 112 crore in the ad-tech startup, valuing it at about Rs 576 crore. Interestingly, the revenue of the company for last fiscal stood at mere Rs 3.27 crore. That means Zomato acquired it at 176 times its sales.
Market participants wondered what was the thought process behind buying part stake in the outdoor advertising startup, when it could have just availed its services at a fraction of the acquisition cost. It was not even clear if the ownership in the company means Zomato can use Adonmo’ services free-of-cost.
Shares of Zomato ended the day at Rs 90.20, down 0.33 per cent.
