Episode 1231

Business News at 05:30 pm on 15th May, 2024

In today’s audio, we talk about IndiGo’s plans to buy up to 100 small planes, Jyothy Labs’ Q4 results, markets and more.

Today’s Latest Business News at 05:30 pm on 15th May, 2024.

[Disclaimer: This transcript is auto-generated]
===

Let’s begin with the major update, Accelerating its push into the domestic FMCG market a year-and-a-half after launching operations, Reliance Consumer Products, a Reliance Retail subsidiary, is aiming to increase its merchant base from over 1 million currently to 10 million in the next five years. This is over 80% of the country’s mom-and-pop or kirana store base (12 million).Over 1 million retailers cumulatively are now selling the company’s Campa Cola and Independence brands in states such as Tamil Nadu, Andhra Pradesh, Telangana, Gujarat and parts of north India, persons in the know said. An email sent to Reliance Consumer Products did not elicit a response till the time of going to press. HUL currently reaches over 9 million outlets. Moving on, The ministry of corporate affairs is unlikely to extend the deadline to provide feedback to the Draft Digital Competition Bill, 2024. Quote, We have received significant inputs from stakeholders, and the responses will be evaluated to prepare the final draft, unquote, said an official on condition of anonymity. The last date to submit the response is May 15 (Wednesday), and the ministry has already extended the deadline once by a month. The draft of the proposed legislation that aims to target Big Tech firms for their anti-competitive conduct through ex-ante regulations was released on March 12. The ex-ante regulations will supplement the existing Competition Act to ensure that the behaviour of large digital enterprises is proactively monitored. In other news, Colgate-Palmolive reported a consolidated net profit of Rs 379.82 crore for the March quarter (Q4FY24), a growth of 20.11% from the year-ago period. This was ahead of street estimates which forecast net profit at Rs 360 crore for the period. Revenue rose 10.35% year-on-year (y-o-y) to Rs 1,480.66 crore, rising 10.35% in the year-ago quarter, marginally ahead of street estimates of Rs 1,468 crore for the period. Earnings before interest, tax, depreciation and amortization (Ebitda) for the quarter stood at Rs 532 crore, growing nearly 18% versus the year-ago period. Bloomberg consensus estimates had pegged Ebitda at Rs 504 crore. Ebitda margins improved by 220 basis points (bps) y-o-y to 35.7%. Meanwhile, Shriram Finance expects the sale of subsidiary Shriram Housing Finance to be completed in the next six months. The board of Shriram Finance on Monday, approved the sale of the housing finance subsidiary to Warburg Pincus for Rs 4,630 crore — making it the largest deal in the affordable housing segment. The deal is valued at around 3.3x price-to-book. Warburg Pincus will acquire the stake through its affiliate Mango Crest Investment. Once the deal is completed, the private equity firm will infuse Rs 1,000 crore into the housing finance company. The assets under management of Shriram Finance stood at Rs 2.2 trillion as of March 31. The marquee commercial vehicle loan segment constitutes nearly 48% of the company’s loan book. Up next, States’ capital expenditure likely rose by over 19% on-year in 2023-24 compared with a 15% rise in 2022-23, supported by their robust revenue growth and the Centre’s interest-free capex loans. Going by the trends seen in a dozen states, in aggregate states might have invested substantially more in FY24 than the Rs 6.82 trillion in FY23. On the other hand, the Centre’s capex has met the FY24 revised estimate of Rs 9.5 trillion, official sources recently said. Central public-sector entities – companies and departmental agencies (CPSEs) – achieved 109% of their combined capital expenditure target for FY24 by investing Rs 8.05 trillion, an all-time high. Uttar Pradesh’s capex crossed Rs 1 trillion in FY24, up 17% on the year. Moving ahead, DLF has set a sales bookings target of Rs 17,000 crore for FY25.In FY24, the company’s sales bookings dipped by 2% to Rs 14,778 crore compared to Rs 15,058 crore, according to a presentation by the company. The company is planning to launch 11 million sq ft of projects in FY25 as against the earlier guidance of 10 million sq ft. Moreover, the company has revised sales potential estimates to Rs 36,000 crore in FY25, compared to earlier estimates of Rs 32,000 crore.The company launched 6 million sq ft of properties in FY24. The company is looking to launch a super-luxury project in Gurugram, luxury projects in New Gurugram and Goa and a premium project in Mumbai by the end of FY25. Lastly, let’s take a look at stocks to watch today. GIFT Nifty traded up by 58 points or 0.26% at 22,372 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex on Wednesday. Previously, on Tuesday, the NSE Nifty 50 ended up by 113.80 or 0.51% to settle at 22,217.85 while the BSE jumped 328.47 points or 0.45% to 73,104.61. Here’s a look at the key stocks to watch in trade – Cipla, Siemens, Bharti Airtel, Hero MotoCorp, Shree Cement, Colgate Palmolive, Oberoi Realty, Welspun Corp. Vinod Nair, Head of Research, Geojit Financial Services said that Volatility and range-bound trading are likely to persist in the near term, given the ongoing uncertainty surrounding the low turnout.

Show More
expresso business update fe wide