ITC's results for the January-March quarter (Q4) were strong, with robust growth in the fast-moving consumer goods (FMCG) segment and a good performance in hospitality. The tobacco division's performance was on expected lines, with double-digit volume growth, helped by reclaiming of market share from the smuggled trade. There was 60 per cent growth in non-cigarette earnings before interest and tax (Ebit), despite a relatively weak performance in paperboards.
Liverpool's chief executive says the 60-70-million-pound cost of redeveloping the Anfield Road end of the club's iconic stadium is difficult to justify as a business deal. Ian Ayre told a meeting of Liverpool Supporters' Committee (LSC) that it could take 15 years to pay back, which he said was "not a smart investment for the business". Liverpool opened their redeveloped Main Stand earlier this season, raising seating capacity to more than 54,000, and have outline planning permission to extend Anfield Road by a further 4,800.
The stock of commercial vehicle (CV) company Ashok Leyland is up 46 per cent in the past three months, gaining despite worries about a slowdown in sales volume. Brokerages have a mixed view on the country's second-largest medium and heavy commercial vehicle manufacturer. The company reported steady March quarter results and its valuation, focus on growth and medium-term prospects are positive, but some brokerages are cautious, given near-term demand concerns and the risk of competition increasing in the industry.
SAIL and RINL at present produce about 18 million tonnes of the commodity. Navratna mining giant NMDC is in the process of setting up a three million tonnes per annum (MTPA)-steel unit in Chhattisgarh. Despite the prevailing economic slowdown, the expansion programmes of these public sector entities are going on full swing, Rastogi said, adding that SAIL is likely to hit the capital market to raise funds for the capacity augmentation.
India's manufacturing sector growth climbed to a 16-year high in March on the back of the strongest increase in output and new orders since October 2020, amid reports of buoyant demand conditions, a monthly survey said on Tuesday. The seasonally adjusted HSBC India Manufacturing Purchasing Managers' Index (PMI) surged to a 16-year high of 59.1 in March, from 56.9 in February, reflecting stronger growth of new orders, output and input stocks as well as renewed job creation. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Mumbai airport, which has limited capacity for expansion, is being expanded to handle 40 million passengers annually by 2010.
Private sector arm of the World Bank, IFC will invest Rs three billion in Max Healthcare over next four years through purchase of equity and preference shares to fund the company's capacity expansion.
'While lower steel prices may impact a part of the quarter, this will be offset by softer raw material prices.'
'Our factories are world-class and are becoming increasingly attractive for our global business leaders to use to serve other markets.'
Adani Ports and Special Economic Zone Ltd (APSEZ) on Tuesday announced the acquisition of a 95 per cent stake in Gopalpur Ports in Odisha from Shapoorji Pallonji Group and Orissa Stevedores Ltd at an equity value of Rs 1,349 crore. In Gopalpur Ports, Shapoorji Pallonji Group (SP Group) firm SP Port Maintenance Pvt Ltd has a 56 per cent stake and Orissa Stevedores Ltd (OSL) has a 44 per cent stake. Gopalpur Port is an all-weather deep-water berthing port with a capacity of 20 million tonnes per annum (MTPA) situated in Ganjam district of Odisha.
'Modi knows the people here are opposed to this project, but he is using the might of government to push this port down our throats.'
Steel Authority of India Ltd (SAIL) has accorded its in-principle approval to the expansion plan of Rourkela Steel Plant (RSP) at a cost of Rs 9,869 crore (Rs 98.69 bn), the sources said.
Bharat Petroleum Corporation Ltd is looking at 600 to 800 strategic sites across the country for its retail outlets expansion, a top official of the company said on Wednesday.
Diversified entity ITC Ltd on Thursday reported a 22.66 per cent rise in consolidated net profit at Rs 5,225.02 crore in the fourth quarter ended March 2023, led by a strong growth momentum across operating segments. The company had posted a net profit of Rs 4,259.68 crore a year ago, ITC Ltd said in a regulatory filing. Its revenue from operations increased 7 per cent to Rs 18,799.18 crore in the period under review against Rs 17,754.02 crore in the year-ago period.
After Air India and Jet slashed ticket prices, low-cost carriers respond with 5-20 per cent cuts; likely to spur air travel market's sluggish growth.
The headline for corporate profit growth has been very encouraging in the July-September quarter (Q2) of 2023-24 (FY24), with the combined net profit of listed companies up by 38 per cent year-on-year. However, the earnings distribution has been very lopsided, with most of the growth coming from public-sector oil-marketing companies (OMCs), banks, non-bank lenders, automobile (auto) companies, and cement producers. By comparison, companies from information technology services, fast-moving consumer goods (FMCG), retail, and consumer durables were disappointed, experiencing a sharp slowdown in net sales growth and a relatively muted increase in reported net profit.
SEL will also be setting up an innovation centre in Denmark, which will focus on concepts beyond design and development-related R&D.
Due to unseasonal rains, the second quarter of financial year 2023-24 (Q2FY24) was disappointing for the room-air conditioner (RAC) segment and Q3FY23 was also slow. While general consumption demand was low in Q3FY24, the low base and the pent-up demand from the first half of financial year 2023-24 (H1FY24) seem to have driven an off-season demand for RACs.
'Our objective is to reach a localisation rate of 50% in the span of five years.'
Maruti Suzuki, which crossed the one-million car production mark last year, will have to produce at least 100,000 additional units this year to meet the demand.
The PSU steel major has now set a target of completing the mega project--aimed at augmenting its annual production capacity to 23.46 million tonne from the present 14.6 MT-- to 2012-13 from the earlier deadline of 2011-12.
Tata Motors, India's third-biggest carmaker, on Wednesday said it would invest a little over Rs 800 crore (Rs 8 billion) this fiscal for capacity expansion, product development and marketing.
Having signed up teen tennis sensation Sania Mirza as brand ambassador for its Getz model, Hyundai Motor India on Monday
Companies are approaching them again with capacity expansion proposals, suggesting a more durable basis for an economic turnaround.
Bajaj Auto Ltd would spend Rs 150 crore for new products and capacity expansion, enabling it to surpass the 10-12% two-wheeler industry sales growth expected this year and set up an assembly plant in Indonesia, a top company official said.
Cadbury India said it will start local manufacturing of parent Kraft Foods' orange drink Tang, while it will also embark on a capacity expansion for its confectionery products.
Domestic air traffic demand in India grew by around 14 per cent with the airlines enjoying an average load factor of almost 79 per cent in May compared to last year, even as the global traffic rose by 6.8 per cent.
Villagers and activists had long been alleging over-exploitation and pollution of groundwater and soil by the unit.
The third-quarter financials didn't excite market watchers. But equity investors can still make money if they invest in the right stocks.
The court observed that the criterion is absolutely arbitrary and outrageous and a clear dent on a woman's dignity and right to privacy guaranteed under Articles 14 and 21 of the Constitution of India.
Manufacturing sector activities in India moderated for the second straight month in July as rates of expansion in output and new orders eased slightly, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Manufacturing Purchasing Managers' Index (PMI) eased to 57.7 in July from 57.8 in June. Despite the fall, the Indian manufacturing sector maintained strong growth momentum at the start of the third quarter amid ongoing buoyant demand, the survey said.
This is largely on the back of Tata Steel's expansion at Kalinganagar, as well as JLR's in China and Brazil
Private carrier Jet Airways is expected to further consolidate its international operations into a major revenue grosser in FY09, to overcome the growing turbulence in the domestic sector. The general economic scenario does not bode well for capacity expansion on domestic routes, with some of these struggling on account of overcapacity, and only yesterday some airlines were pushed to hike fares to make up for higher aviation turbine fuel prices.
The home loan top-up, a kind of secured multipurpose personal loan, is on the regulator's radar, points out Tamal Bandyopadhyay.
'We have not done budgeting yet for the coming year.'
