Tarmat Ltd has seen a significant change in its shareholding pattern as Arton Global acquired a 2.02% stake in the company. This acquisition marks Arton Global's entry into Tarmat's shareholder base, as they previously held no shares in the company.

Acquisition Details

The transaction involved the purchase of 485,961 shares through open market operations on both the BSE and NSE stock exchanges. This acquisition represents a notable portion of Tarmat's total share capital, which stands at 2.40 crore shares.

Transaction Breakdown

Regulatory Compliance

In compliance with SEBI regulations, specifically Regulation 29(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, Arton Global has duly filed the required disclosure. This transparency ensures that all market participants are informed about significant changes in shareholding patterns of listed companies.

Market Implications

While this acquisition does not represent a controlling stake, it is substantial enough to warrant attention from market analysts and other investors. The move by Arton Global, a non-promoter entity, to acquire a 2.02% stake could be seen as a vote of confidence in Tarmat's future prospects or current valuation.

It's important to note that this transaction does not affect Tarmat's promoter or promoter group holdings, as Arton Global is not affiliated with these categories. The acquisition purely represents a change in the public shareholding pattern of the company.

Investors and market watchers will likely keep a close eye on any further developments or potential increases in Arton Global's stake in Tarmat. Such movements can sometimes precede larger strategic shifts or indicate changing market sentiments towards a company.

Tarmat Ltd , a prominent player in the infrastructure sector, has released its unaudited financial results for the first quarter ending June 30. The company has shown growth in both revenue and profitability compared to the same period last year.

Financial Performance

Tarmat Ltd reported a revenue from operations of Rs 2,493.56 crore for Q1, marking a 14.5% increase from Rs 2,178.35 crore in the corresponding quarter of the previous year. The company's net profit saw a significant rise of 25.5%, reaching Rs 69.38 crore, up from Rs 55.28 crore in the same period last year.

Here's a breakdown of the key financial metrics:

The company's basic earnings per share (EPS) improved to Rs 0.30, compared to Rs 0.27 in the same quarter last year, representing an 11.1% increase.

Annual General Meeting and Other Corporate Updates

Tarmat Ltd has announced that its 40th Annual General Meeting (AGM) will be held on September 30, through video conferencing. The company has set the following dates for AGM-related activities:

• Register of Members and Share Transfer Books closure: September 23-30 (both days inclusive)
• E-voting cut-off date: September 24

In other corporate developments, the Board of Directors has appointed M/s. P. Diwan & Associates as the Secretarial Auditor for five consecutive years, subject to shareholder approval at the upcoming AGM.

Auditor's Observations

The company's statutory auditors have raised a concern regarding Tarmat's investment in the Backbone-Tarmat-Al Fara'a joint venture, valued at Rs 783.02 crore. Due to the unavailability of financial information for this joint venture, the auditors were unable to determine its fair value or comment on the carrying value of the investment.

Ongoing Inspection

Tarmat Ltd noted that a BSE inspection, which commenced on July 15, remains incomplete due to technical issues. The company is awaiting a new date from BSE to complete the remaining portion of the Standard Due Diligence (SDD) inspection.

As Tarmat Ltd continues to navigate the challenges in the infrastructure sector, the company's improved financial performance in Q1 suggests a positive trajectory. However, the unresolved matters highlighted by the auditors and the ongoing BSE inspection warrant attention from investors and stakeholders alike.