Finolex Industries fell 5.7% to Rs 81.90 shortly before noon, after the company said its fiscal year's net profit plunged over 62%.
Unresolved succession plans and informal ownership structures are fuelling bitter family fights across India's corporate boardrooms.
At the immediate heart of the dispute is an inheritance that involves Rs 1,500 crore of shares that were bequeathed on a gift deed on a Rs 500 non-judicial stamp paper.
After cement, billionaire Gautam Adani's group and Kumar Mangalam Birla's Aditya Birla Group are set for a face-off in the wires and cable business with both conglomerates announcing forays into the high double-digit growth sector.
Finolex Cables Ltd has posted a net profit of Rs 47.10 million for the quarter ended December 31, 2002 as compared to Rs 262.70 million in the quarter ended December 31, 2001.
Finolex Industries Ltd has posted a net profit of Rs 12.863 crore (Rs 128.63 million) for the quarter ended December 31, 2002 as compared to Rs 22.683 crore ( Rs 226.83 million) in the quarter ended Jan 31, 2002.
Punit Goenka, the former director of Zee Entertainment Enterprises, is not the only one who lost his board seat due to shareholders' activism last fortnight. In recent past, institutional shareholders of several companies, including Nestle and Wipro, have pushed back against board proposals by taking an aggressive stance while voting.
Across the board, brands use influencers like a Bhuvan Bam or Kusha Kapila as the second or third rung of their strategy. The first rung is always a celebrity that has been created outside the Internet, through mainstream media.
Future Gaming and Hotel Services whose director is the lottery magnate Santiago Martin is the top purchaser of electoral bonds having purchased bonds worth Rs 1,368, according to data uploaded by the Election Commission of India on its website on Thursday.
Prahlad Chhabria, chief of Finolex Group, has been honoured with a silver platter in recognition of his contribution to 'entrepreneurship' at the prestigious Institute of Directors in London. He also released his autobiography 'There's no such thing as self-made man' on the ocassion. About 220 dignitaries from the diplomatic, political and business community attended the function hosted by SriChand and Gopichand Hinduja, chairman & president respectively of the Hinduja Group.
'Business families like the Godrej group are increasingly realising that an amicable settlement is better.' 'Else, the wealth of all shareholders gets destroyed.'
'Focus on 19,400/64,900 as the key resistance levels for the Nifty/Sensex.'
If they are made accountable, bad loan cases will shrink dramatically, recoveries will rise, and the NCLT process will be more manageable, asserts Debashis Basu.
With raw material prices rising sequentially in Q4 FY23, margins of fast moving electrical goods (FMEG) companies could witness pressure as they refrain from hiking prices and demand remains soft. Transition to a new regulatory regime-fans moved to new BEE standards from January 1-poses additional risk for firms. Business depends on volume trends in summer for key sub-segments, which account for a significant chunk of the sector's overall sales pie.
Notwithstanding expectations of a pick-up in construction activity during a seasonally strong January-March quarter (fourth quarter) of 2022-23 (FY23), analysts are cautiously optimistic about the building material sector - encompassing paints, pipes, wood panels, tiles, metals, and cement - as volatile input costs, coupled with fears of a global slowdown, are making demand projections uncertain. Against this backdrop, analysts suggest investors stay selective and pick stocks of companies with stronger brand recall, expanding distribution network, diversified product profile, healthier balance sheet, and sustainable cash flow. "The government's various proposals under Budget 2023-24 (FY24) may lead to the building material segment growing between 8 per cent and 12 per cent for the next five years.
After a stellar run that saw the frontline indices - the S&P BSE Sensex and the Nifty 50 - clock gains of around 21 per cent and 24 per cent respectively in calendar year 2021 (CY21), the year gone by in real sense belonged to the mid-and small-cap segments. Thus far in CY21, the mid-and small-cap indexes on the BSE have far outpaced the run in the frontline indices and notched up a gain of around 38 per cent and 61 per cent, respectively during this period. Though analysts expect the outperformance to continue in 2022, they caution against the multiple headwinds in the year ahead that may dent the overall market sentiment.
When a Hindi film does well in Chennai, it's time to sit up and take notice, says A Ganesh Nadar.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
While the private companies have to spend Rs 8-12 crore (Rs 80 to Rs 120 million) on building and other infrastructure for each school, the government would provide 30-50 acre land free of cost to the developers of these schools.
Ajit Mishra, vice president, research, Religare Broking, answers your queries.
The government has approved 15 foreign technology collaboration proposals including that of Finolex Industries and Tata Motors.
Cable producers enjoy strong demand prospects but volatile raw material prices are a key concern.
The markets are lackluster today due to lack of buying interest. At this juncture, which stocks and sectors do experts feel one should invest in?
Ajit Mishra, vice president, research, Religare Broking, answers your stockmarket queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Nifty50 surged 87 points to end at 8,157, highest closing levels since Oct 29, 2015.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Forex dealers said besides continued demand for the American currency from importers, increased capital outflows by foreign funds kept pressure on the rupee.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
But the company should take extra steps to prevent pollution.
Sustained growth only if domestic manufacturing rises
The S&P BSE Sensex shed 42 points to close at 25,838 and the Nifty50 lost 13 points to end at 7,899.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
