Business News at 05:30 pm on 10th April, 2024

Let’s begin – While Adani Wilmar released its business update for the quarter ended March 31, 2024 earlier this month, stating that it has witnessed double-digit growth in both edible oils and foods businesses, Nuvama Institutional Equities estimated the FMCG firm’s Q4 revenue to dip 4% on-year. Abneesh Roy, Executive Director at Nuvama Institutional Equities, said they expect consolidated revenue to dip 4% YoY. However, EBITDA shall surge 43% YoY, Roy stated. Per the report, Adani Wilmar’s edible oils business is expected to contract 4% YoY by value due to price cuts in edible oil in the wake of softer RM costs. The Food & FMCG business, it added, is likely to grow 18% YoY, aided by its Kohinoor brand, whereas industry essentials suffered a double-digit decline.

Up next – The stock of One97 Communication, the parent firm of Paytm, dipped 4% to an intra-day low of Rs 388 after Paytm Payments Bank MD & CEO Surinder Chawla submitted his resignation. The company in an exchange filing said that Chawla tendered his resignation due to personal reasons. He also wants to “explore better career prospects.” Chawla will be relieved from his duties on June 26. Shares of One97 Communications have been seeing a free fall since RBI took action against the Paytm Payments Bank. Currently, the company operates as a third-party UPI service provider, just like its peers PhonePe and Google Pay. Paytm share price has fallen 4.5% in the last five days and over 58% in the last six months.

Moving on – Kolte Patil’s shares witnessed a remarkable surge of almost 10% on Wednesday, April 10. This surge followed shortly after brokerage firm Motilal Oswal initiated coverage on the stock, along with a bullish ‘buy’ recommendation. According to Motilal Oswal’s analysis, the target price for Kolte Patil has been set at Rs 700, indicating a potential upside of 34%. At the opening bell, Kolte Patil shares were trading at Rs 536, marking a notable uptick from its previous close of Rs 517.45. The rally continued as the stock quickly scaled to Rs 567.80 on the NSE. By 10 am, the shares were trading at Rs 561.65 apiece, reflecting an increase of 8.54%.

In another development – Women in tech have always been underrepresented and if we talk about this year, according to a report by Skillsoft, nearly 31% of women in the technology industry are considering leaving their organisation over the next 12 months. This, it added, is due to poor management, followed by a lack of training and for better compensation. In its annual Women in Tech Report, Skillsoft said that a top barrier facing women pursuing careers in tech is a lack of training, particularly surrounding advancing technologies like generative AI. When asked which tech-related topic they are most interested in learning about, 41% of the respondents said AI.

Meanwhile – Exide Industries achieved consecutive 52-week highs following a partnership deal with Hyundai Motors Company and Kia Corporation for electric vehicle battery production in India. On April 9, the two South Korean automotive giants announced a collaboration with Exide Energy Solutions Ltd, a subsidiary of Exide Industries, to localize EV battery manufacturing in India. This partnership marks a significant advancement in India’s EV sector, enhancing Exide Industries’ market presence and highlighting its vital role in meeting the growing demand for EV components in the country. The MOU underscores Hyundai and Kia’s commitment to localizing EV battery production, particularly focusing on lithium-iron-phosphate (LFP) cells, aligning with their ambitious EV plans for the Indian market.

In other news – Hyundai Motor India has announced that its best-selling SUV Creta has garnered over 1 lakh bookings in just 3 months of its launch. The Korean automaker had launched the 2024 Creta SUV on January 16, with prices starting price at Rs 10.99 lakh and going all the way upto Rs 19.99 lakh for the top-end model. The Creta SUV averaging sales of over 13,000 units a month has been one of the best sellers for Hyundai in India. In fact, as per estimates in FY2024, Hyundai Motor India sold over 150,000 Creta SUVs in the country. The Creta competes with the likes of the Kia Seltos, Tata Harrier, Maruti Suzuki Grand Vitara, Toyota Hyryder, and Mahindra Scorpio in India.

Lastly – The National Stock Exchange of India, on Wednesday, cautioned investors against deepfake videos of its chief executive office giving stock recommendations. In a release, the NSE said that it has identified deepfake investment and stock advisory videos that have used the face and voice of CEO Ashishkumar Chauhan and also the NSE logo. NSE said that its officials are not authorised to recommend or deal in any stocks. The video which is being circulated widely on social media platforms, contained false statements intended to mislead investors while also manipulating the stock market.