UltraTech Cement's announcement that it would snap up a controlling stake in India Cements may only be a sign of more to come. In the wake of one of the country's most expensive deals in recent times, cement majors may slug it out to add smaller firms from the region to their portfolio. UltraTech's buy is the latest in the four deals the southern market has seen in less than a year, with Adani Cement being the other buyer.
"As long as there is a fire which caused the damage, the claim is maintainable, even if the fire is for a fraction of a second," the Supreme Court has said.
Corporate earnings grew in double digits during the April-June 2022 (Q1FY23) quarter but the momentum waned. Overall corporate earnings in the quarter were down sharply from their highs in FY22. The combined net profit of 2,981 listed companies across sectors in the Business Standard sample was up 22.4 per cent YoY to Rs 2.24 trillion in the June quarter, driven by a big jump in the earnings of banks, non-banking lenders, oil & producers, and FMCG companies. Also, earnings in the corresponding quarter a year ago were affected because of the second wave of the Covid pandemic, even though the numbers were a lot better than Q1FY21 when there was a nationwide lockdown.
Investors engaged in profit booking in the recent gainers at attractive and higher valuations.
Mallya intends to protect his shareholding in India's largest brewer in which Dutch brewer Heineken holds 37.5% stake.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
BSE Healthcare, Oil & Gas, Consumer Durable, TECk, Power and Metal indices declined between 0.5-1%.
At 15.05 PM, the 30-share Sensex was up 281 points at 28,238 and the 50-share Nifty gained 86 points at 8,577
'If your paper writes something you don't agree with, will you criticise it?' Nitin Gadkari asks Aditi Phadnis when quizzed about demonetisation.
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