Bain Capital, Advent International, and CVC Capital are among the private equity funds that are competing to buy Shriram Housing Finance Ltd (SHFL), an arm of Chennai-based non-banking finance company Shriram Finance. The shortlisted bidders are currently conducting due diligence, with binding bids due in a fortnight. SHFL expects a valuation of Rs 6,500 crore for the business, while the initial offers have been in the Rs 5,000-5,500 crore range.
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Reliance Industries Ltd reported a 9.3% YoY growth in consolidated net profit to Rs 17,265 crore for Q3. The better-than-expected results were supported by strong performances from the digital and retail businesses, which offset weakness in the oil-to-chemicals segment. The company’s quarterly results have exceeded market expectations, providing optimism for investors on Dalal Street.
Reliance Industries Ltd is expected to see year-on-year growth in earnings for the quarter ended December, but the growth is expected to be in single digits due to a weak performance by the oil-to-chemicals business. The digital business, housed under Reliance Jio Infocomm, is expected to have continued its good performance, while the retail business is also expected to have performed well in the last quarter.
