Mumbai-based Supreme Industries Limited, one of India’s leading manufacturers of plastic products, has reported robust growth in the second quarter of fiscal 2023-24. According to the company’s press release, Supreme Industries registered a 23% increase in plastic goods sold during Q2 FY24 to 137,763 MT, compared to 111,803 MT in Q2 FY23. Total income grew […]
Real estate developer Lodha Group reported its best ever quarterly pre-sales of Rs. 35.3 billion for the second quarter of FY2024, registering a 12% year-on-year growth despite Q2 being traditionally the weakest quarter. The company’s strong performance comes on the back of improving real estate market conditions since the Covid-19 pandemic. Lodha has rebounded strongly […]
Dr. Reddy’s Laboratories Ltd (DRL) announced a decent set of numbers for the second quarter of fiscal year 2024, reflecting continued growth momentum for the Indian pharma major and improved numbers from the US. DRL reported total revenues of Rs 68,802 million in Q2 FY24, a growth of 9% over the same quarter last year. […]
Dixon Technologies, India’s largest electronics manufacturing services company, is making a decisive push into laptop and tablet manufacturing to capitalize on the massive market opportunity arising from the government’s increased impetus on domestic electronics production and import curbs on foreign brands. During its recent quarterly earnings call, Dixon Technologies stated that it has filed an […]
Even as the housing markets in major economies such as the US, China, the UK and Canada seem to have entered their worst phase in 15 years, things couldn’t be different in India. In the South Asian nation, housing demand never really recovered fully after the COVID-19 pandemic, but are starting to revive now. According […]
Motilal Oswal Financial Services has come out with a list of five stocks that can help investors ride the wave of growth as India emerges as a derisking option to China in the manufacturing supply chains of American, Japanese and Korean companies. These companies have been forced to look for an alternative to China after […]
Care Ratings has upgraded the credit rating of Federal Bank’s bonds from AA to AA+ on continued improvement in the bank’s overall business, diversification of loan portfolio, better profitability and stable asset quality. Federal Bank is one of the oldest private sector banks in India with over 80 years of operating history and is a […]
The Reserve Bank of India (RBI), the country’s central bank and banking regulator, today announced major policy decisions taken at its bi-monthly monetary policy review meeting held during 3rd to 5th October. While the RBI’s Monetary Policy Committee (MPC) kept key rates unchanged in its rate setting review, the policy measures announced cover significant areas […]
Indian pharmaceutical company Panacea Biotec Ltd announced today that it has received notice of an arbitration proceeding initiated by Canadian firm Apotex Inc. The dispute relates to a 2014 collaboration agreement between the two companies for the development and supply of a pharmaceutical product aimed at the US market. Apotex has claimed damages of $118.14 […]
The central government’s steps to rein in rising food inflation through initiatives like weekly auctions of wheat and rice under the Open Market Sale Scheme (OMSS) met with lukewarm response for rice, even as wheat saw brisk off-take. In the 15th e-auction held on October 4, Food Corporate of India received bids for only 0.05 […]
Mumbai-based jewellery company Renaissance Global Limited (RGL) posted a strong 23% year-on-year growth in its direct-to-consumer (D2C) business revenue to Rs 53.8 crore in the second quarter of fiscal 2024 (Q2 FY24), compared to Rs 43.9 crore in Q2 FY23. The Q2 FY24 results mark the fifth straight quarter of 20%+ D2C growth for RGL, […]
Credit rating agency CARE Ratings upgraded Yes Bank’s long-term debt instruments citing improved operating metrics, including the recent restructuring of the banks shareholding. The rating agency has revised the ratings on Yes Bank’s infrastructure bonds and Tier II bonds to ‘CARE A; Positive’ from ‘CARE A-; Positive’. CARE said the revision factors in continued growth […]
The affordable housing finance market in India continues to see healthy demand but faces intense competition, according to a new report by Incred Capital. The report highlights that while demand for affordable housing loans is expected to remain strong in Q2FY24, heightened competition between banks, small finance banks (SFBs) and non-banking financial companies (NBFCs) has […]
Mumbai-based footwear retailer Metro Brands Ltd plans to pursue a multi-channel, multi-brand strategy for growth in coming quarters, the company told analysts from Nuvama Institutional Equities. Metro Brands operates over 600 stores across India for its flagship Metro branded outlets and other brands like Mochi, Walkway, Da Vinci and J Fontini. The company listed on […]
After months of sluggish growth, India’s logistics industry finally saw some brighter signs in August with key indicators pointing to an uptick in activity. According to a report by Nuvama Institutional Equities, generation of e-way bills, an important gauge of domestic trade, rose 19% year-on-year in August to cross its previous all-time high. Breaking it […]
Maruti is gearing up to enter the space in 2025. The company is developing its first EV model at its Gujarat plant, with plans to launch six EV models by 2031 that would comprise 15-20% of total sales
Cement companies across India have announced significant price hikes for September 2023 following a decline seen in cement prices in August compared to July levels, said IIFL Securities after talking to dealers. According to the broker, cement manufacturers have indicated price increases of around Rs 35 per bag in the Eastern markets. Other regions like […]
Kotak Institutional Equities has reiterated its sell rating on diversified metals & mining company Vedanta Ltd, citing significant leverage concerns for the parent Vedanta Resources Ltd (VRL). In a note on Tuesday, Kotak trimmed the fair value estimate for Vedanta to Rs 200 per share from Rs 215 earlier. The stock is trading at around […]
Kotak Institutional Equities has laid out a cautiously optimistic view on emerging market (EM) equities in its latest strategy report, arguing that select countries could benefit from favorable demographics and improving economic fundamentals. However, EMs will need to manage risks from democracy and disruption to realize their long-term potential. India will hold a pivotal position […]
HDFC Securities has upgraded its rating on Mahanagar Gas Ltd (MGL) to Buy from Add, citing an attractive valuation for the city gas distribution company in light of recent correction in its price. HDFC Sec has set a target price of Rs 1,210 per share on MGL, about 18% higher than the current market price […]
