Corporates News

25 May 2023, 18:23

Nykaa is going strong on physical stores as it aims for an ‘optimum offline-online mix’

Indian beauty and personal care e-tailer Nykaa intends to continue investing in physical stores to increase its online-to-offline mix. Despite the brand experiencing a 72% decline in profits after a Q4 surge in expenses, the company’s physical retail footprint has grown by 59% and 43% in the past two years, reaching 145 stores in 60 cities, and accounting for 26.4% of total gross merchandise value. Nykaa is looking to add another 50 stores in FY24. The company has doubled its physical store count since the end of the previous fiscal year, with the offline sales of beauty and skincare products exhibiting 47% growth.

25 May 2023, 17:53

Reliance Consumer Products completes acquisition of controlling stake in Lotus Chocolate

Reliance Consumer Products (RCPL), fast-moving consumer goods arm of Reliance Retail Ventures (RRVL), has completed the acquisition of 51 per cent controlling stake in Lotus Chocolate Company for an aggregate consideration of Rs 74 crore

25 May 2023, 17:12

DGCA advises Go First to submit revival plan within 30 days

The Directorate General of Civil Aviation (DGCA) on Wednesday advised Go First airline to submit a comprehensive restructuring plan for a sustainable revival of operations.

24 May 2023, 19:16

Nykaa’s Q4 net profit slips 72% YoY to ₹2.4 crore as expenses mount

For the fourth quarter, Nykaa’s gross merchandise value or GMV grew 36% on a YoY basis to ₹2,445 crore. But its expenses shot up by 33% ₹1,302 crore on a year on year basis, and Nayar admitted on the concall that they have been out of control. Its total income increased by 33.8% ₹1,302 crore as compared to ₹973 crore in the same quarter last year.

24 May 2023, 15:35

Hindalco Industries Q4 net profit falls 37% YoY to ₹2,411 crore

Hindalco Industries Ltd on Wednesday reported a 37 per cent fall in its consolidated net profit to Rs 2,411 crore for the March quarter. The company had posted a net profit of Rs 3,860 crore during the January-March quarter of 2021-22, the company said in a regulatory filing. Total income of the company was Rs 56,209 crore in the quarter under review against Rs 56,057 crore in the year-ago quarter.

23 May 2023, 19:36

GQG Partners’ Rajiv Jain doubles down on his Adani bet

GQG Partners’ Rajiv Jain has doubled down on his bet on the Adani group, increasing his holding in the apples-to-mining to energy conglomerate. Jain said that the Adani group has “the best infrastructure assets available in India.” According to a Bloomberg report, GQG Partners has increased its stake in the Adani group by about 10%, taking the total value of its investment in the group to $3.5 billion.

23 May 2023, 16:53

The West side story: Maharashtra, Gujarat account for 40% of wealth on Hurun India’s real estate rich list

India’s real estate sector has taken a hit due to the pandemic, with only three of the top 10 richest real estate billionaires from India seeing their wealth rise in the last year. However, entrepreneurs from Tier-2 cities made up almost 40% of the new entrants in the Grohe-Hurun India Real Estate Rich List 2023. DLF’s Rajiv Singh tops the list, despite losing 4% of his wealth. The commercial real estate entrepreneurs cumulatively added ₹3,000 crore of new wealth, showing the resurgence of the sector in India.

22 May 2023, 18:15

Analysts upbeat on Zomato’s profitability after company beats Q4 estimates

Analysts say that the positive guidance by Zomato’s management will aid in the recovery of the company’s battered share pric...

22 May 2023, 16:54

Jet Airways case: NCLAT to pass order on Jalan Kalrock Consortium's plea against SBI on May 30

The National Company Law Appellate Tribunal (NCLAT) said it will give a verdict on May 30 regarding Jalan Kalrock Consortium's plea that sought to prevent the State Bank of India (SBI), the lead lender for Jet Airways, from cashing in the performance bank guarantees worth INR 150 crore. There are continuing disagreements between lenders and the consortium over Jet Airways, which ceased operations in April 2019 after 25 years of flying. Despite gaining approval for the resolution plan in June 2021, its implementation has yet to commence.

22 May 2023, 16:27

NCLAT upholds NCLT order allowing Go First's voluntary insolvency proceedings

The National Company Law Appellate Tribunal (NCLAT) has upheld an NCLT order allowing Go First's voluntary insolvency resolution proceedings, despite protests from several aircraft lessors. The four lessors, which own around 22 aircraft operated by the Wadia Group, filed four petitions opposing the proceedings. NCLT had put Go First under moratorium and suspended its board and creditors from taking coercive action. So far this month, several lessors have approached aviation regulator DGCA for deregistration and repossession of Go First's 45 planes. The airline has over 7,000 employees.

22 May 2023, 14:33

ONGC, Oil India in talks for 50% stake in $3.4 bn Kenya oilfield

ONGC Videsh has partnered with Oil India to acquire a 50% share in Tullow Oil's oilfield project in Kenya. The move comes as fellow state-owned IndianOil delayed its contribution, leaving the door open for Chinese firm Sinopec to enter the fray. The deal would leverage Kenya's south Lokichar fields in blocks 10BB and 13T and projected production of 6 million tonnes per annum. If secured, the project would make Indian state-backed firms joint operators of the venture, joining Tullow with its 50% stake in the sector.

19 May 2023, 18:02

Zomato net loss narrows to ₹188 crore in Q4, revenue rises 70% YoY

Online food delivery platform Zomato on Friday said that its consolidated net loss narrowed to about ₹188 crore in the March quarter. In the same quarter last year, it posted a net loss of ₹360 crore. In the third quarter, its net loss was at ₹345 crore. The company reported consolidated revenue at ₹2,056 crore, a 70% jump from ₹1,212 crore in the year-ago period.

19 May 2023, 15:40

Hindenburg row: SC appointed panel finds no evidence of regulatory breach by Adani, Sebi wants to search some more

The six-member Supreme Court appointed committee has found that the Adani Group has not violated any existing securities laws. However, Sebi wants more time to investigate if there was any violation of its norms on minimum public shareholding and related party transactions. The report says that Sebi is seeking more time to effect more investigations. This is a matter between Sebi and the Hon'ble Supreme Court.

18 May 2023, 17:29

IndiGo reports a net profit of ₹919 crore in Q4, revenue soars 76% YoY

IndiGo operator InterGlobe Aviation reported a net profit of ₹919 crore in Q4. This is the second consecutive profitable quarter for India’s largest airline. In the same period last year, the airline reported a loss of ₹1,682 crore. Despite this, IndiGo’s bottomline missed analyst estimates of a net profit of ₹1,418 crore. The airline’s revenue however landed in line with analyst estimates at ₹14,161 crore, growing by 76% YoY.

17 May 2023, 18:01

Airtel expects capex intensity to come down from FY25, telco deploys team to look into use cases of Artificial Intelligence

Bharti Airtel's wireless capex is slated to come down in FY25 as 5G rollouts are likely to get done this fiscal. Slowing shipments of smartphones and lesser use cases around 5G to limit investments next fiscal, says company's CEO Gopal Vittal. Airtel appoints a team to look into disruptive technologies like ChatGPT and how they can be incorporated into regular business functions.

17 May 2023, 17:10

Solicitor General Tushar Mehta clarifies in Supreme Court SEBI’s 2016 GDR probe had nothing to do with listed Adani cos

The Solicitor General of India has clarified that the markets regulator, Securities and Exchange Board of India (SEBI), is not investigating the Adani group in relation to the allegations made in the Hindenburg Research report. SEBI has instead approached 11 overseas regulators under the Multilateral Memorandum of Understanding (“MMOU”) with the International Organization of Securities Commissions. The status report on the investigation into these allegations has been submitted to the Supreme Court-appointed expert committee.

17 May 2023, 14:24

Can't give indefinite extension, submit report on Adani-Hindenburg probe by Aug 14: SC to SEBI

The Supreme Court on Wednesday asked the Securities and Exchange Board of India (SEBI) to submit an updated status report on August 14 on its probe into the Adani-Hindenburg controversy. The apex court also directed that the copies of the report submitted by the Justice Sapre panel will be given to the parties in the meantime to enable them assist in further deliberations. A bench headed by the Chief Justice of India, D.Y.

17 May 2023, 13:45

ONDC not an immediate risk for Zomato and Swiggy as lower prices are due to discounts

Food delivery app Zomato’s stock price has been languishing between ₹52 and ₹64 for the last one year as its losses continued to widen in FY23. The latest threat to the food delivery company stems from the rise of ONDC (Open Network for Digital Commerce), often touted as the slayer of e-commerce players in India.

16 May 2023, 17:02

IndianOil posts 69% drop in its standalone net profit for 2022-23

The oil marketing company has reported revenue from operations of Rs 9,34,953 crore for 2022-23 as compared to Rs 7,28,445 crore in FY22.

16 May 2023, 15:14

Here’s a diesel variant that can not only save ₹1 lakh a year but can also help clean your engine

Jio-bp has launched a high octane diesel variant in India that promises to improve fuel economy and engine performance for commercial vehicles. The fuel is priced at the same level as normal diesel and contains customized additives designed for Indian driving conditions. The new variant claims to yield annual savings of up to ₹1.1 lakh ($1,482) per vehicle to truckers, reducing operating costs and the risk of unscheduled maintenance caused by dirt build-up. According to Jio-bp CEO Harish C Mehta, the new diesel variant gives and manages power and minimizes diesel engine pollution and deposits.

16 May 2023, 13:19

The changing contours of cinema-goers & underperforming Hindi movies weigh down PVR Inox

India’s largest multiplex chain PVR Inox is hurting due to lacklustre Hindi movie box-office collections and fewer Hollywood releases during the March quarter. The changing contours of the Indian cinemagoer is further weighing down PVR Inox. Despite a strong start to the quarter with Pathaan and Avatar: Way of Water, which continued to do well post its December release, moviegoers shunned the theatres due to a weaker movie line-up in February and March.

16 May 2023, 12:55

Amazon India lays off 400-500 employees as part of global restructuring

Amazon India has laid off up to 500 employees from Amazon Web Services (AWS) and the HR and support verticals, as part of CEO Andy Jassy's announcement to cut 9,000 jobs globally in March. The cuts were part of a move to focus the company's resources on its key priorities. In January, the e-commerce giant eliminated 18,000 positions, and announced a second phase of cuts in March because "we completed the second phase of our planning this month," Jassy wrote.

15 May 2023, 17:57

Adani-Hindenburg row: Supreme Court adjourns hearing

Solicitor General Tushar Mehta informed the SC that SEBI is seeking an extension of time for conducting the probe and needs six months to reach any conclusion.

15 May 2023, 15:13

Vedanta appoints Sonal Shrivastava as CFO

Vedanta Ltd on Monday announced appointment of Sonal Shrivastava as its Chief Financial Officer (CFO) effective June 1, 2023. A bachelor's in chemical engineering from BIT, Sindri and an MBA from the Jamnalal Bajaj Institute of Management Studies, she comes with over 26 years of financial leadership experience across sectors, the mining major said in a statement.

15 May 2023, 09:31

Go First's insolvency flight leaves trail of concerns for aircraft lessors

At least 50 leasing companies have requested the return of leased planes from two Indian airlines in less than two weeks, adding to concerns over increased risk premiums for leasing aircraft for domestic carriers. Lessors are worried this could drive up leasing costs and even ticket prices, making it more difficult for Indian airlines to compete with their international rivals. With regional airline Star Air CEO Simran Singh Tiwana noting lessors are "ruffled" by the issue, some may even request the deregistration of planes they have leased to other airlines for fear of becoming embroiled in litigation.

View All Latest