Tag: business

SpiceJet soars 15% as net profit jumps five-fold to Rs 107 crore in Q3

SpiceJet soars 15% as net profit jumps five-fold to Rs 107 crore in Q3
Friday, February 24, 2023
Shares of Airline operator SpiceJet moved higher by 15 percent to Rs 40.75 on the BSE in Friday's intra-day trade after the company’s standalone net profit jumped five-fold to Rs 107 crore in the December quarter (Q3FY23). It posted a profit of Rs 23.28 crore in the year-ago quarter (Q3FY22). The profits have been driven by a strong performance in both, passenger and cargo businesses. The company's revenue from operations jumped 2.4 percent to Rs 2,316.8 crore as against Rs 2,262.6 crore in the year-ago period. In Q2 FY23, the company reported a loss of Rs 833 crore on revenue of Rs 1,954 crore. Earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (Ebitdar) stood at Rs 591 crore against a loss of Rs 387 crore in the previous quarter (Q2FY23). Read more

L&T Technology Services declines 5% on plans to buy SWC biz from parent L&T

L&T Technology Services declines 5% on plans to buy SWC biz from parent L&T
Friday, January 13, 2023
Shares of L&T Technologies Services (LTTS) dipped 5.5 percent to Rs 3,441 on the BSE in Friday’s intra-day trade after the company informed the stock exchanges that it agreed to acquire the Smart World & Communications business (SWC) of its parent company Larsen & Toubro (L&T) which was founded in 2016 to cater to the demands in smart cities, smart utilities, and digital infrastructure. by way of a slump sale for a consideration of Rs 800 crore. The acquisition will be completed in three months, subject to satisfaction of conditions precedent identified under the agreement. According to LTTS, SWC business generated Rs 1,098 crore in annual revenue for FY 2021-22. SWC is an intelligence solution provider operating in three segments – communications, safe and smart solutions, and cybersecurity. With the acquisition, LTTS plans to combine synergies and take offerings in next-gen communications, sustainable spaces, and cybersecurity to the global market. Read more

Titan shares jump on strong Q2 growth

Titan shares jump on strong Q2 growth
Friday, October 7, 2022
Shares of Titan Company rallied 6 percent to Rs 2,744.30 on the BSE in Friday’s intra-day trade after the Tata Group firm said its witnessed healthy double-digit growth across most businesses with overall sales growing 18 percent year-on-year (YoY) in the September quarter (Q2FY23). Titan’s mainstay jewelry business has emerged as a shining star during the quarter. Excluding the sale of bullion, jewelry revenues grew by 18% year-on-year, surpassing expectations. Gold jewelry clocked low double-digit growth whereas studded sales were higher than the overall division driven by good activations and better contributions from high-value purchases, the company said. Titan said the outlook for the festive season continues to be optimistic and is visible in positive consumer sentiment across categories. Read more

Gautam Adani becomes world’s third-richest person

Gautam Adani becomes world’s third-richest person
Tuesday, August 30, 2022
Gautam Adani is now the third richest person in the world, according to the latest Bloomberg Billionaires data. The Indian businessman, a college dropout who first tried his luck as a diamond trader before turning to coal, this week became the world’s third-richest person. Adani, who runs one of India's top conglomerates, is now believed to be worth approximately $137 billion, the tracker shows. While Telsa chief Musk has a net worth of $251 billion, Amazon founder and CEO Amazon - Jeff Bezos - has a total worth of $153 billion. Gautam Adani has surpassed French business magnate Bernard Arnault, the co-founder of LVMH Moet Hennessy Louis Vuitton, commonly known as LVMH, a world leader in luxury fashion. Adani, 60, has spent the past few years expanding his coal-to-ports conglomerate, venturing into everything from data centers to cement, media, and alumina. Read more

JK Cement slips 9% on board nod for Rs 600 cr investments in paint venture

JK Cement slips 9% on board nod for Rs 600 cr investments in paint venture
Monday, March 7, 2022
Shares of JK Cement Ltd. logged the worst day in 14 years, slipped 9 percent to Rs 2,395, also its fresh 52-week low, on the BSE in Monday’s intra-day trade as analysts raised concerns about the company's "aggressive" investment plan to enter the paints business. The company said its board approved an investment of Rs 600 crore into the painting venture, which will be infused over a five-year period.“The subsidiary would undertake manufacturing, selling, trading, importing and exporting and otherwise dealing in all types of paints and allied products and services,” the company said in a stock exchange filing. Consumer preference for existing brands and infrequent purchase cycle could also make it difficult for JK Cement to gain share in the mid-to-premium emulsions business, they said. Read more

HUL Q2 results:Numbers good, revenue slightly higher than estimated: Experts

HUL Q2 results:Numbers good, revenue slightly higher than estimated: Experts
Tuesday, October 19, 2021
HUL could be gaining market share in the fabric care business. So that is happening right now and probably would continue in the forthcoming quarters, say experts. According to the prima facie, the HUL numbers are upbeat. In their estimates, both profit, as well as the EBITDA numbers, look higher than what is estimated. Even the revenue number is slightly higher than what they estimated. So the numbers overall look good. We will have to look at it in terms of the volume numbers and the second important factor will be the gross margins. "We were estimating around 5% volume growth for the quarter but the number could probably be slightly higher or in line. We will have to wait and watch out for the volume numbers but our estimate was 5% for the quarter" they say. Read more

Piramal Enterprises down 5 percent on demerger plan of pharma business

Piramal Enterprises down 5 percent on demerger plan of pharma business
Friday, October 8, 2021
Shares of Piramal Enterprises were down 5 per cent to Rs 2,727.80 on the BSE in Friday's intra-day trade on profit booking after the company's board approved the demerger of the pharmaceuticals business and simplification of the corporate structure."The board of directors of Piramal Enterprises on October 7, approved a composite scheme of arrangement providing for the demerger of the pharmaceuticals business from Piramal Enterprises and simplification of the corporate structure to create two industry-focused listed entities in financial services and pharmaceuticals," company said in its release. While the financial services, including the recently acquired DHFL, will remain under Piramal Enterprise Ltd (PEL), the pharmaceutical operations will be carved out into a separate entity called Piramal Pharma Limited (PPL). Existing shareholders of PEL will get four shares of PPL for one share of PEL. Read more

Shoppers Stop sells Crossword stores for Rs 41.6 cr

Shoppers Stop sells Crossword stores for Rs 41.6 cr
Wednesday, September 1, 2021
Shares of Shoppers Stop surged 5.6 percent to Rs 254.5 apiece on the BSE in the intra-day trade on Wednesday after the company sold its wholly-owned subsidiary Crossword Bookstores to the owners of Agarwal Business House (ABH) for approximately ₹41.6 crores, as it seeks to focus on its core business, the company said on Tuesday.“Shoppers Stop has closed the sale of a controlling stake of its 100 percent subsidiary, Crossword Bookstores Limited to M/s. Dinesh Gupta, Aakash Gupta and Family (Owners of Agarwal Business House), Pune, pursuant to the share purchase agreement between Shoppers Stop and ABH signed on August 31, 2021,” the company said. Shoppers Stop expects to complete the divestment of a 51% stake within 15 days, and another 39% over the next 12 months, it added. Read more

RIL gains on reports of Aramco eyeing stake buy in its O2C business

RIL gains on reports of Aramco eyeing stake buy in its O2C business
Monday, August 16, 2021
RIL shares were up nearly 3 percent at Rs 2,202 on the BSE in intra-day trade today(16th August 2021) on a report that Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in the company’s oil refining and chemicals (O2C) business. The stock of the Mukesh Ambani-led RIL was trading at its highest level since June 24, 2021. It had hit a record high of Rs 2,368.80 on September 19, 2020. The Middle Eastern energy firm is discussing the purchase of roughly 20 percent stake in the Reliance unit for about $20 billion to $25 billion in Aramco’s shares, Bloomberg reported quoting the people with knowledge of the matter. RIL could reach an agreement with Aramco as soon as the coming weeks, the report suggested. Meanwhile, in the past week, the stock of RIL has outperformed the market by gaining 5.5 percent, as compared to a 2.2 percent rise in the S&P BSE Sensex.

Cabinet Clears amendments for privatisation of general insurance firm

Cabinet Clears amendments for privatisation of general insurance firm
Thursday, July 29, 2021
The cabinet has approved an amendment to the General Insurance Business (Nationalisation) Act, 1972 paving the way for privatisation of one state-run general insurer. At present, there are four state-run general insurance companies - National Insurance Company Limited, New India Assurance Company Limited, Oriental Insurance Company Limited, and the United India Insurance Company Limited. According to reports, NITI Aayog which was to recommend suitable candidates for privatisation has suggested the name of United India Insurance to the Core Group of Secretaries on Disinvestment headed by the Cabinet Secretary. Read more

Titan shares dips 3 percent after June quarter business update

Titan shares dips 3 percent after June quarter business update
Wednesday, July 7, 2021
Shares of Titan Company dipped 3 percent to Rs 1,717.55 on the BSE in intra-day trade on Wednesday after the watch-to-jewelry maker released a business update for the first quarter of FY22. The company recorded revenue growth of around 117 percent year-on-year (YoY), excluding bullion sales, in the April-June quarter of the financial year 2021-22 (Q1FY22), with revenue contribution of nearly 50 percent 10 percent and 40 percent coming from April, May and June months, respectively. The company’s sales were hit amid the second COVID-19 wave, which led to temporary closures of stores in key states. Jewellery division in Q1FY22 grew by around 107% (excluding bullion sales), compared to last year, primarily due to zero sales in April of last year. The watches and wearables division grew by around 280% over Q1FY21. Eye Wear division grew by around 117% over Q1FY21. Read more

India’s best-performing stock funds have bet on companies that produces chemical substances

India’s best-performing stock funds have bet on companies that produces chemical substances
Wednesday, June 16, 2021
For three funds that have delivered the biggest returns, this year Chemicals producers make up at least 14% of the portfolio according to the data available. Those bets have paid off thanks to the rising global appetite for specialty chemicals in industries such as automobiles and cosmetics amid a recovery from the pandemic. India is emerging as a hub for specialty chemicals, helped by favorable policy measures that include decisions such as imposing anti-dumping duty on some imports and a proposal for production-linked incentives. Producers have also benefited from a ‘China-plus-one’ strategy that has made companies around the world diversify their supply chains from the Asian superpower amid geopolitical concerns. Read more

Top loss-making firms created Rs 2.3L cr wealth for investors in just over a year

Top loss-making firms created Rs 2.3L cr wealth for investors in just over a year
Tuesday, June 15, 2021
Ten top loss-making companies, created an aggregate wealth of Rs 2,30,000 crore for investors since April 1, 2020, as investors put big bets on them in hopes of a turnaround in businesses. These have a combined loss of over Rs 82,000 crore in FY21. Bharti Airtel narrowed its losses to Rs 23,328 crore in FY21 from Rs 32,955.30 crore in FY20, data compiled from corporate database AceEquity showed. Its shares have added Rs 56,691.89 crore in notional wealth since April 1, 2020. Post Airtel’s March quarter earnings in May, Goldman Sachs said the market was under-appreciating a ‘market share re-allocation scenario and believes one of the two outcomes - tariffs moving up or market share re-allocation – is highly likely in the near term. CLSA has a target of Rs 730 on the stock while Citi sees it at Rs 685. Read more

Bosch Q4 net profit jumps 5x to Rs 483 crore

Bosch Q4 net profit jumps 5x to Rs 483 crore
Thursday, May 20, 2021
Shares of Bosch gained 9 percent to Rs 16250 after Company posted a standalone net profit of Rs 482 crore in the January-March quarter (Q4FY21), up nearly 5 times from Rs 81 crore logged in the year-ago period. Total revenue of Bosch's Mobility Solutions Business sector increased by 56.6 percent in the quarter ending on March 31, 2021. The total revenue of the Powertrain Solutions division increased by 65.6 percent. Its revenue from operations, meanwhile, came in at Rs 3,217 crore for the quarter ending March 31, 2021, an increase of 44 percent from the revenue of Rs 223,6 crore clocked in the same quarter last year. The company announced a dividend of Rs 115 per share for the financial year 2020-21. The company said it has seen a significant increase in demand from the agriculture sector, mainly tractor business. It has also seen growth in the power tools segment, especially in construction and e-commerce. Read more

Spike in Covid-19 cases takes toll on business recovery:NIBRI

Spike in Covid-19 cases takes toll on business recovery:NIBRI
Tuesday, March 9, 2021
Nomura Global Markets Research flagged that the sharp resurgence in pandemic cases in some states and the expected spike due to upcoming elections in five states may have a deeper effect if mobility gets affected. The Nomura India Business Resumption Index (NIBRI) fell to 95.2 for the week ended March 7 versus 98.5 in the week before as both the Apple driving index and the Google retail and recreation indices took a hit while power demand and labour participation rates fell as Covid cases rose. “However, in our view, this threatens near-term normality equilibrium, rather than triggering more serious economic damage,” the research firm said. Read more

Jio and Facebook to help India's small businesses

Jio and Facebook to help India's small businesses
Tuesday, December 15, 2020
Mukesh Ambani, Chairman, Reliance Industries Limited (RIL) has said that the partnership between Jio and Facebook is great for India, Indians and small Indian businesses. Even Facebook CEO Mark Zuckerberg on Tuesday said at the first Facebook Fuel for India 2020 event that its partnership with Jio Platforms will help support millions of small businesses in India." At Facebook, we are in the business of serving small businesses. And nowhere is this more true than in India," the Facebook CEO said. He also said that supporting small businesses has become more important in view of the Covid-19 induced impact on the economy.“With more than 60 million small businesses and millions of people around the country relying on them for jobs - these small businesses form a big part of what our partnership with Jio can serve here. This is especially important because small businesses in India will be a key part of the global economic recovery going forward. And we're focused on making sure we build. Read more

Google India to launch 'Namaste Digital' show on DD to empower SMBs

Google India to launch 'Namaste Digital' show on DD to empower SMBs
Wednesday, September 30, 2020
Google India on Wednesday said that it will launch a new show in partnership with Doordarshan named as Namaste Digital as part of its new multi-pronged effort to assist small and medium-sized businesses (SMBs) steer the challenging economic environment. The "Namaste Digital" show will provide as a mass media programme for SMBs to learn about the Internet and help them grow their business, Google said. Keeping the needs of different businesses in mind, Google has also associated with Zoho and Instamojo to help small and medium businesses build a digital presence. and delivery services providers Dunzo and Swiggy to fast track the onboarding process, with both partners committing to provide additional support to small businesses to start accepting orders online and enable delivery logistics. Under the new initiative, small businesses will be able to create business websites using Zoho inventory and sell online through Zoho Commerce for free till March 31, 2021. Read more

Wockhardt locks 5 % down post Q1 profit

Wockhardt locks 5 % down post Q1 profit
Monday, August 31, 2020
Shares of Wockhardt were locked in the 5 per cent lower circuit band at Rs 312.55 on the BSE on Monday despite reporting a consolidated net profit of Rs 759.75 crore for June quarter. The company had posted a net loss of Rs 36.88 crore for April-June 2019-20. The main reason for reporting profit is on account of exceptional items in connection with the transfer of a business comprising 62 products and Baddi facility to Dr Reddy's Laboratories. Total income stood at Rs 606.22 crore in the quarter under review. It was Rs 733.66 crore in the year-ago period, the filing added. Wockhardt launched a new chemical entity (NCE) during the quarter in the Indian pharma market. Products have been launched under the tablet and injection category under the brand name 'Emrock O and Emrock'.It said that divestment of business undertaking to Dr Reddy's Laboratories was accomplished during the quarter and Rs 1,483 crore has been received towards the same. Read more

Coming soon:Single e-compliance window for India Inc

Coming soon:Single e-compliance window for India Inc
Friday, August 21, 2020
GOI is planning to develop a single online compliance framework for India Inc to enable companies to comply with different regulatory requirements at one go, according to sources. This will reduce compliance burden,” as per the source.The corporate affairs ministry has initiated discussions with various regulators including the RBI, Sebi, and the Department for Promotion of Industry and Internal Trade, on the possibility of creating a single platform or compliance forms with common data sources, the official said. Coming after other key initiatives such as one nation one tax, and faceless assessment under income tax, the move is expected to significantly boost ease of doing business in the country. Read more

Microsoft may strike a deal to buy all of TikTok’s global business

Microsoft may strike a deal to buy all of TikTok’s global business
Friday, August 7, 2020
Microsoft may strike a deal to buy all of TikTok’s global business, including the viral video app’s operations in India and Europe. The value of Tik-Tok’s India business may be as much as $10 billion. On Sunday (2nd August 2020) Microsoft had said that it was in negotiations with ByteDance, the Chinese owner of TikTok and the world’s largest startup, to explore a purchase of the TikTok service in the US, Canada, Australia, and New Zealand. Since then, Microsoft has also pursued a plan that will include all countries where TikTok operates.It does not operate in China, and such a deal would not extend to its China-facing sister app Douyin. Read more

Bandhan Bank tanks 7% as Amphan cyclone hit business

Bandhan Bank tanks 7% as Amphan cyclone hit business
Friday, May 22, 2020
The Private sector lender, Bandhan Bank shares tanked 7.28 per cent to Rs 195.4 on the BSE on Friday after the bank said its services have been impacted in some areas of West Bengal and Odisha due to Amphan and the cyclone is likely to impact the business of around 65,000 of micro banking borrowers, worth Rs 260 crore. Cyclone Amphan struck five districts of West Bengal and coastal Odisha on May 20 and lasted till the wee hours of May 21 The major impact has been in the district of South 24 Parganas..“As per the initial assessment, in our areas of operations, 49 banking units (micro banking outlet) in five districts were impacted of which 45 are operational today,” the Kolkata-headquartered Bandhan Bank said in a BSE filing. It further informed that the bank will not be able to continue services in five branches due to issues inaccessibility. Read more

Amazon enters India's food delivery biz

Amazon enters India's food delivery biz
Friday, February 28, 2020
Amazon is all set to start its food delivery business in India from Bengaluru next month, as per a Economic Times report. The launch of the service, which would be offered as part of either Amazon’s Prime Now or Amazon Fresh platform, may happen almost in a month. Amazon will have to compete with estabished players such as Zomato and Swiggy. This will be a joint venture between Infosys cofounder NR Narayana Murthy’s Catamaran Ventures and Amazon India.Amazon's entry in the food delivery business comes at a time when Zomato and Swiggy have started cutting back on discounts.Last month, Bezos told the audience at an Amazon event in New Delhi that the company plans to invest $1 billion in India.

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