Business

ITC Ltd on Thursday reported net profit of Rs 5,020.20 Crore for the March 2024 quarter, down 10% on year-on-year basis.The FMCG major had reported a net profit of Rs 5086.86 in the year-ago period. On a sequential basis, the bottom-line was marginally flat at Rs 5,572.07 in the December 2023, quarter.ITC's revenue from operations cut down 1.4% to Rs 17,571.72 Crore in the fourth quarter of financial year 2023-24. Its income in the same quarter of the previous financial year was Rs 17,506.08 Crore. Its income for the quarter ending December 31, 2023 stood at Rs 17,224 Crore.Ebitda for the quarter was down 0.8% at Rs 6,162.6 Crore, while Ebitda margin declined 70 basis points year-on-year to 37.2%. Its earnings were hit by inferior cigarette sales and turn down in FMCG margins.The company ...

Power Grid Corporation of India Limited (POWERGRID) on Wednesday announced its financial results for the fourth quarter (Q4) of the financial year 2024 (FY24) ending March 31, 2024.The state-owned company reported a nearly 4 per cent decline in its consolidated net profit to ₹4,166.33 Crore in the March quarter, mainly due to a marginal decline in income. Its consolidated net profit in the same quarter a year ago was ₹4,322.87 Crore.In a stock exchange filing, Power Grid said that its total income declined to ₹12,305.39 Crore in the fourth quarter, compared to ₹12,557.44 Crore in the same period a year ago.For the full fiscal year 2024, Power Grid’s consolidated net profit rose to ₹15,573.16 Crore from ₹15,419.74 Crore a year ago. POWERGRID said that its board of directors has recom...

Cherrapunji Eastern Craft Gin, a distinct spirit from Meghalaya, has clinched the top honour at the Global Spirits Masters competition, triumphing over 110 brands from 55 countries. This recognition was bestowed at the prestigious London Wine Fair on May 21, 2024, bringing the unique flavors of Northeast India into the limelight of the global spirits industry. Crafted from rainwater, Cherrapunji Eastern Craft Gin is a harmonious blend of 12 native botanicals, created through the collaboration of the company’s master distiller and a Dutch counterpart. This exquisite gin features Kaji Nemu from Assam, Khasi Mandarin from Meghalaya, smoked tea from Manipur, cardamom from Sikkim, and juniper from the eastern Himalayas, making it a true representation of the region’s rich terroir.Currently ...

CLEAN & CLEAR®, the leading name in teen skincare, is making waves with its latest digital film launch under the banner of the "Pimple Hi Toh Hai" campaign. This initiative aims to redefine the narrative surrounding teenage acne, urging adolescents to reclaim their confidence in the face of unexpected skin issues. The digital film, a pivotal component of the campaign, illuminates the disruptive nature of pimples in a teenager's life. By challenging societal norms and promoting self-assurance, CLEAN & CLEAR® endeavors to empower teens to navigate their skincare journey with resilience and confidence.At the heart of the campaign lies the unveiling of the new and enhanced CLEAN & CLEAR® Foaming Facewash®, clinically proven to combat pimples in just one week. With an increased ...

Oriflame, the pioneering Swedish wellbeing brand, has announced the appointment of Edyta Kurek as its first female head in India. This significant leadership change marks a new chapter for Oriflame as it focuses on empowering the next generation with wellbeing and financial freedom. At a recent seminar held at the Jio Centre in Mumbai, Oriflame celebrated its brand partners' achievements and launched a strategic initiative targeting India's vibrant youth. Over 1,200 brand partners attended, highlighting the success of Oriflame's innovative social selling model. This model promotes micro-entrepreneurship by providing necessary skills and training, tackling social issues like unemployment and income disparity. Edyta Kurek, Senior Vice President and Head of India and Indonesia, emphasized...

Paytm's revenue from operations declined 2.8 percent year-on-year (YoY) to Rs 2,267.1 Crore from Rs 2,464.6 Crore in the same quarter of FY23.According to the company's regulatory filing, fintech firm One97 Communications Ltd, owner of Paytm, has widened its loss to Rs 550 Crore in Q4FY22. The company had incurred a consolidated loss of Rs 167.5 Crore in the same period a year ago.Paytm's revenue from operations declined 2.8 percent year-on-year (YoY) to Rs 2,267.1 Crore from Rs 2,464.6 Crore in the same quarter of FY23.However, the company's loss narrowed to Rs 1,422.4 Crore in FY24 compared to Rs 1,776.5 Crore in FY23. For FY24, Paytm's annual revenue grew by nearly 25% to Rs 9,978 Crore from Rs 7,990.3 Crore in FY23.The company has estimated a loss of Rs 300-500 Crore due to the Reserv...

Data shared by the Ministry of Commerce and Industry on Monday showed that the maximum residue level (MRL) for EtO in Singapore was 50 mg/kg, while in the EU it was 0.02 to 0.01 mg/kg and in Japan it was 0.01.The Spices Board of India is carrying out inspections at several MDH and Everest processing plants in the country to ensure that spice exports meet the requirements of the respective export destination, senior government officials said on Monday, adding that they have also suggested corrective action such as the use of steam sterilization, Also added actions. The focus is on technology and tracking of the food supply chain to prevent future rejections.This comes after Hong Kong on April 5 asked its citizens not to consume four products from Indian manufacturers MDH and Everest Food P...

Upstox, a leading wealth management platform in India, has announced its expansion into the insurance distribution sector. Upstox, known for its stock, F&O, and mutual fund offerings, has expanded its wealth-building platform with the introduction of Insurance. Today, Upstox is a one-stop-shop for a wide array of financial instruments including Stocks, IPOs, F&O, Commodities, Currencies, Fixed Deposits, P2P Lending, Government Bonds, T-Bills, NCDs, Gold, Insurance and much more. Upstox is launching a platform to revolutionize India's insurance market by providing a simplified, transparent, and customized insurance experience. The platform currently offers Term Life Insurance and plans to roll out Health, Motor, and Travel Insurance soon. HDFC Life is among the first insurers to...

United Breweries Limited (UBL), a prominent player in the beverage industry and a subsidiary of the HEINEKEN Company, has announced its latest offering, Queenfisher Lager Beer, in the burgeoning markets of Assam and Meghalaya. Building on its successful debut in Goa earlier this year, Queenfisher aims to tap into the vibrant culture of these northeastern states, celebrating the essence of sisterhood and inclusivity. The official launch event, held on May 18th at the prestigious Exotica Green in Guwahati, marked a significant milestone for Queenfisher's expansion strategy. Attendees were treated to a glimpse of the brand's unique calendar, now known as The Galendar, which showcases authentic stories of women captured by acclaimed photographer Avani Rai. Each page of The Galendar feature...

Brokerage firm Elara Securities has upgraded defense PSU stock Hindustan Aeronautics Limited (HAL) to 'Buy' from 'Accumulate'. The company has upgraded Hindustan Aeronautics Limited (HAL) to 'Buy' from 'Accumulate'. -Its net profit for the fourth quarter results (Q4 FY24) increased year-on-year to ₹4,308.7 crore. The brokerage firm has also raised the target price of the PSU defense stock to ₹5,590 from ₹4,100. “As we move forward, we progress to buy from Accumulate, with a higher TP of Rs 4,100 to Rs 5,590 based on 45x (from 35x) March 2025E P/E. Our revised TP is driven by a new stream of export business, growth in inflows to Rs 1.6 trillion, expanding margins and expectations of sustained double-digit earnings growth, Elara Securities said in a note. It said that, “We believe in ...