Business News at 05:30 pm on 26th October 2023

Let’s begin – Asian Paints on Thursday posted profit for the quarter ended September 2023 at Rs 1,232.39 crore, up 53.3 per cent in comparison to Rs 803.83 crore during the corresponding quarter of last year, marginally higher from the estimates. It posted revenue from operations at Rs 8,451.93 crore, up 0.3 per cent as against Rs 8,430.60 crore during the second quarter of FY23. The company EBITDA stood at Rs 1,717 crore. According to a CNBC TV18 poll, Asian Paints was expected to post Q2 profit at Rs 1,230 crore and revenue at Rs 8,900 crore. The company also announced an interim dividend of Rs 5.15 per equity share of the face value of Re 1 each for the financial year ending March 31, 2024. Moving on – The Department of Homeland Security, through U.S. Citizenship and Immigration Services, published a Notice of Proposed Rulemaking (NPRM) that would modernize the H-1B specialty occupation worker program by streamlining eligibility requirements, improving program efficiency, providing greater benefits and flexibilities for employers and workers, and strengthening integrity measures. The H-1B program helps U.S. employers hire the employees they need to meet their business needs and remain competitive in the global marketplace, while adhering to all U.S. worker protections under the law. The H-1B nonimmigrant visa program allows U.S. employers to temporarily employ foreign workers in specialty occupations, defined by statute as occupations that require highly specialized knowledge and a bachelor’s or higher degree in the specific specialty, or its equivalent. In another development – Honasa Consumer, the parent company of Mamaearth, is scheduled to open its IPO for public issue on Tuesday, October 31, 2023 and it will close on Thursday, November 2, 2023. The price band for its public issue at Rs 308-324 per equity share of face value Rs 10 each. The IPO comprises a fresh issue of shares aggregating up to Rs 365 crore and an offer-for-sale, with promoters offloading 41,248,162 shares. The lot size of the Honasa IPO is of 46 shares with subsequent bids in multiple lots of 46 equity shares each. The minimum amount of investment required by retail investors is Rs 14,904. The Basis of Allotment is scheduled for Tuesday, November 7, 2023, and the initiation of refunds will take place on Wednesday, November 8, 2023. Next up – Air cooler maker Symphony Limited on Thursday posted second quarter profit at Rs 35 crore, up 45.8 per cent as against Rs 24 crore during the second quarter of FY23. It posted revenue from operations for the quarter ended September 2023 at Rs 275, down 8.9 per cent in comparison to Rs 302 crore during the corresponding quarter of FY23. The company’s domestic sales were recorded at Rs 191 crore despite ‘erratic summer season’. The company EBITDA stood at Rs 41 crore, up 10.8 per cent on-year. While the total income for the quarter in review was at Rs 286 crore, total expenses for the period stood at Rs 243 crore. In other news – The Central Board of Secondary Education has announced to extend the deadline for the submission of class 9 and class 11. As per the revised schedule, schools affiliated with CBSE can submit the registration of class 9 and class 11 till November 10. Schools can register online through the official website of Pariksha Sangam portal, parikshasangam.cbse.gov.in. The authorities decided to extend the deadline after receiving various school recommendations. The official notice states that the deadline for submitting the fees is November 10, 2023. The window will open on November 11 and last until November 18, 2023, with late fines. Earlier, October 25, 2023, was the deadline for submitting the information. Meanwhile – The rupee stayed on downward track for the third consecutive session and depreciated by 6 paise to 83.23 against the US dollar in early trade on Thursday, tracking a firm American currency and negative equity market sentiment.Forex traders said the Indian currency was also pressured due to massive selling of equities by foreign investors even as the crude oil prices hovered close to USD 90 a barrel amid geopolitical tensions in the Middle East. At the interbank foreign exchange market, the local unit opened weak at 83.19 and then touched the lowest level of 83.23 against the greenback, registering a loss of 6 paise from its previous close.” Lastly – Westlife Foodworld Limited, formerly known as Westlife Development and the owner-operator of McDonald’s restaurants across west and south India, on Thursday announced its Q2 earnings with profit at Rs 22.37 crore. The Q2 profit dropped by 29.1 per cent on-year in comparison to Rs 31.54 crore during the corresponding quarter of last year. It posted revenue from operations at Rs 614.73 crore, up 7.4 per cent as against Rs 572.42 crore during the second of FY23. Westlife Foodworld’s operating EBITDA grew 7 per cent YoY in H1FY24.