Maytas Infrastructure Limited has reported a net loss of Rs 251.86 crore for the year ended March 31, 2010, compared with a net loss of Rs 473.54 crore last year. Its net revenues declined 33.19 per cent to Rs 1,098.87 crore from Rs 1,644.65 crore in the previous year.
Zudio was the standout performer as it tapped into the pentup demand in small-town India, at a pace never seen before, notes Indrajit Gupta, co-founder and director, Founding Fuel.
It would perhaps make more sense if the finance ministry gave greater emphasis on the need for a similar exercise to phase out exemptions and concessions in indirect taxes like customs and excise.
Oil and Natural Gas Corp (ONGC) has said its net profit will drop by over 47 per cent to below Rs 10,000 crore (Rs 100 billion) this fiscal if the government forces it to shell out a higher fuel subsidy.
Sun Pharmaceutical Industries (Sun Pharma) reported a turnaround in the January-March quarter of the 2022-23 financial year (Q4FY23), declaring a profit after tax (PAT) of Rs 1,984 crore versus a loss of Rs 2,277 crore in Q4FY22. However, that loss in FY22 was due to several exceptional one-time items -- with Rs 3,723.15 crore allocated to settlement of lawsuits in the US and other Exceptional Items adding up to Rs 3,935.75 crore. Adjusted for exceptional items, PAT in Q4FY22 amounts to Rs 2,155 crore, which is a year-on-year (YoY) growth of about 36 per cent.
Since their highs in September, chemical stocks have underperformed the benchmarks and broader indices over the past month with larger players witnessing a 9-22 per cent fall during this period. Expectations of weak September quarter results amid high inventory, demand woes and weak realisations have led to the underperformance.
BCCI president Sourav Ganguly on Wednesday left for Dubai to oversee preparations for a bio-secure IPL, beginning on September 19.
The airline had made a three-year turnaround plan in 2009-10.
The loss before tax shot up 262 per cent to Rs 492 crore for the financial year ended March 2016.
'Indian single malts have a very specific character.' 'They are sweet when you take a frontal palette approach and change significantly with the addition of water.'
The changes in the domestic and global economy following the outbreak of the Covid-19 pandemic are altering the corporate profit league table in India. Reliance Industries (RIL), which topped the India Inc profit chart for more than a decade, lost out to State Bank of India (SBI) in the 2023-24 (FY24) April-June quarter (first quarter, or Q1). India's biggest lender reported a consolidated net profit (adjusted for exceptional gains and losses) of Rs 66,860 crore during the trailing 12-month (TTM) ended in June this year, ahead of RIL's TTM adjusted net profit of Rs 64,758 crore in the quarter.
Most of the services of the postal department are incurring losses.
Hotels are using a combination of platforms to reach out to the guests. These include online travel agents among others. hotels in India are offering guests an option to pay now and stay later.
This was the companies' highest loss in two years.
The stock of the retail chain Avenue Supermarts (Dmart) was the biggest loser in the BSE 100 Index shedding 4.35 per cent on Thursday and added to these losses on Monday by falling an additional 1.3 per cent. The Street was reacting to lower than expected operational performance by the company in the March quarter. The country's largest listed retailer by market capitalisation reported a 20 per cent year-on-year (y-o-y) growth in its top line to Rs 10,337 crore.
The government is contemplating slapping penalty on four foreign telcos, including AT&T, MCI and BT, for allegedly circumventing licence norms that may have caused revenue loss to the government.
A number of US MNCs, including Apple, Google, Amazon and Starbucks have faced criticism for tax avoidance.
In a significant win for the Adani group, the Supreme Court on Wednesday refused to transfer the probe into allegations of stock price manipulation by the Indian corporate giant to a special investigation team or the CBI, saying market regulator SEBI was conducting a "comprehensive investigation" and its conduct "inspires confidence".
The Congress leader told reporters that the Punjab government is 'preparing to challenge the Bills in the apex court on two counts'. "First, it is a state subject and the Union government has no right to enact a legislation on it. "Besides, the federal government cannot destroy the economy of states. Due to the Bills, losses will be too much for a small state like Punjab," he said.
Among the biggest winners of a successful IPO would be co-founder Evan Williams with a 12 per cent stake.
The stalemate over compensating states for the shortfall in GST collections continued on Monday with a meeting of the GST Council ending without reaching any consensus. The panel, which is the highest decision-making body on indirect taxes, for the second time in a week failed to reach a consensus on the Centre's proposal of states borrowing against future GST collections to make up for the shortfall.
Private sector banks reported a robust profile with healthy growth in net interest income (NII), credit offtake and reduction in provision burden for the fourth quarter ended March 2023 (Q4 of FY23). However, as a pack, their net profit declined by 9.7 per cent year-on-year (YoY) at Rs 25,317 crore in Q4. This is because Axis Bank posted losses due to its one-time hefty charge for the acquisition of Citibank India's consumer business.
Petroleum secretary RS Pandey said the ministry explained the revenue losses that state run companies were incurring on sale of petrol, diesel, domestic LPG and kerosene.
The IMG meeting will be convened shortly.
In the first quarter of 2008, the company had a net loss of $4.3 million, Orient Express said. The net loss from continuing operations for the period was $13.6 million compared with a net loss of $2.4 million in the first quarter of 2008.
On December 31, SpiceJet's accumulated losses had grown to Rs 3,233 crore.
The finance ministry is looking at a reworked proposal from mobile device makers on how to fight the rampant and growing smuggling of very high end phones. The proposal suggests reducing the basic customs duty (BCD) on phones which have a CIF (cost, insurance and freight or price at landing in the port) value of over Rs 35,000-Rs 40,000. The retail value of these phones is upwards of Rs 70,000.
The drop in international oil prices has resulted in revenue loss of Indian Oil, Bharat Petroleum and Hindustan Petroleum dip to Rs 400 crore per day from Rs 450 crore (Rs 4.5 billion) a fortnight back. The basket of crude oil India buys averaged $111.09 a barrel in the second fortnight of August as compared with $117.37 per barrel in the first fortnight of the month.
IndiGo has restored annual increments for more than 4,500 pilots as a financial turnaround helped the airline make a profit in Q3 FY23 after three quarters of loss. An email from the airline's management last week informed pilots of the restoration from April. "The component of annual increment for Indian captains (Rs 10,000 per month) and Indian first officers (Rs 5,000 per month) on the Airbus and ATR fleet which was stopped due to Covid will restart from April 1, 2023," the airline's senior vice president (flight operations) Ashim Mitra said in the staff email.
The ruling United Progressive Alliance's political leadership is holding consultations on options like raising diesel and LPG prices to cut an unprecedented Rs 160,000 crore (Rs 1,600 billion) revenue loss expected from selling auto and cooking fuel below cost this fiscal.
Funding winter and corporate governance woes separated the men from the boys in the country's startup space in 2023 that saw funds into the segment tapering to just around $8 billion. All said, investors are hopeful of strong growth of the maturing startup ecosystem in the new year. Edtech and health tech segments that grew exponentially during the pandemic plunged into an abyss of financial uncertainties, with several firms shuttering their business, and valuation of prominent players like BYJU'S and PharmEasy plummeting 85-90 per cent.
The Congress alleged that the Bharatiya Janata Party was shying from debate on 2G issue as its top leadership was involved in taking "wrong" decisions on spectrum allocation when NDA was in power which led to huge revenue losses to the country.
India captain Virat Kohli and his team mates would be ready to spend two weeks in quarantine in Australia if that helped the tour go ahead as planned later this year, a top official of the Board of Control for Cricket in India said. A cash-strapped Cricket Australia (CA) is banking heavily on the series, reportedly worth A$300 million ($195 million), to help it cope with an acute financial crisis triggered by the coronavirus pandemic.
Things are looking up for engineering firms and Siemens is likely to be one of the leading beneficiaries. Apart from the generic revival in activity, which is expected to continue through the 2023-24 financial year (FY24), the Budget has a strong infrastructure thrust, which works in Siemens' favour. The company reported a standalone Ebitda (earnings before interest, tax, depreciation and amortisation) of Rs 550 crore (up 66 per cent year-on-year or YoY) in Q1FY23 (Siemens follows the October-September accounting year).
At Rs 919 crore, InterGlobe Aviation, the parent firm of low-cost airline IndiGo, posted its best-ever fourth quarterly net profit in the January-to-March quarter (Q4) of financial year 2022-23 (FY23). The bottom-line, however, was lower than the Street's expectations where estimates ranged from Rs 1,160 crore to Rs 2,180 crore. On the bourses, shares of IndiGo have added just 30 paise (0.01 per cent) since the announcement of the Q4-FY23 results on May 18.
About a dozen states cutting across party lines on Wednesday pitched for extending the mechanism to compensate states for revenue lost from the implementation of GST beyond June 30, but no decision was taken. Briefing reporters about deliberations at the two-day meeting of the GST Council in Chandigarh, Union Finance Minister Nirmala Sitharaman said finance and other ministers of 16 states spoke on the compensation issue. Of the 16 states, 3-4 spoke of evolving their own revenue stream to break from the compensation mechanism, she said.
Info Edge (India) reported a good fourth quarter for the 2022-23 financial year (Q4FY23) given depressed conditions in the Key IT segment. The billing growth of 13.7 per cent year-on-year (YoY) in recruitment was well ahead of market expectations. There was solid growth in realisations (up 5.5 per cent) as well as unique customers (up 7.7 per cent).
Domestic-focused agricultural chemical (agrochem) companies could face near-term headwinds, given the worries on the El Nio effect on monsoons, higher inventory, and pressure on margins. Some of these were reflected in the October-December quarter (third quarter, or Q3) results of companies and may impact them in the current quarter (fourth quarter, or Q4) as well. Nuvama Research pointed out that the sector witnessed mixed performance during the quarter as global agrochem and domestic fertiliser companies maintained growth momentum, while adverse agronomical conditions and excess channel inventory weighed on domestic market volume offtake.
The auto major said profit was impacted by an exceptional item of asset impairment in its British arm Jaguar Land Rover.
After securing Congress support for a rise in the foreign investment cap in the insurance Bill, this is another key reform Bill where the Centre has managed a broad consensus.
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