Top headlines: Ather Energy plans IPO, ED and CBI chiefs' jobs extended

EV startup Ather Energy is planning to go for an IPO within two years. More on that story in our top headlines this morning.

India’s top listed companies record their best-ever quarterly net profit of Rs 2.39 trillion in Q2. The government uses an ordinance to give the chiefs of the Central Bureau of Investigation and the Central Bureau of Investigation more time in office.

India Inc earnings hit record Rs 2.4 trillion in September quarter

India’s top listed companies reported their best-ever quarterly net profit of Rs 2.39 trillion in the September quarter of FY22, up 46.4 per cent year-on-year. The earnings were driven by a big surge in the profitability of banks, non-banking financial companies & insurance (BFSI), oil & gas, and metal & mining firms. Read more

Tenure of ED, CBI chiefs extended to up to 5 years through Ordinances

Days before the winter session of Parliament, the government on Sunday passed two Ordinances extending the tenures of the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) chiefs to up to five years.

The chiefs of the central agencies currently have a two-year tenure. The Ordinance is clearly aimed to ensure the continuance of current ED chief S K Mishra, who is already on an extension, having reached 60 in 2020. His term would have come to an end on November 17. Read more

Teething issues remain for Hindustan Petroleum and ONGC merger

Public sector undertakings (PSUs) Oil and Natural Gas Corporation (ONGC) and Hindustan Petroleum Corporation (HPCL) have been developing synergies since the former bought the government stake in HPCL in a Rs 36,000-crore deal over three years ago.

Unresolved issues, however, continue to remain with the two PSUs, which work under the administrative control of the Union Ministry of Petroleum and Natural Gas. Read more

Price hike not enough to cushion FMCG companies' margin pain

Fast-moving consumer goods (FMCG) companies have taken price hikes in the previous quarter and announced further price hikes and/or grammage reductions to mitigate commodity inflation. But this may not be enough to cushion operating profit margins in the ongoing quarter.

Consumer companies and analysts believe some relief may be seen in the January-March quarter, but margins will continue to remain under pressure in the October-December quarter as commodity costs continue to remain high.  Read more

Two-wheeler EV startup Ather Energy to go for IPO in 24 months

Two-wheeler electric vehicle (EV) startup Ather Energy is planning to go for an IPO within 24 months, advancing its earlier plan to do it in four to five years. The company is targeting an annual revenue run rate of $3 billion in two years and also expects to be the first EV startup to break the mould globally by going for an IPO backed by EBIDTA positive financials.

Ather has also come to an understanding with its key investor, Hero MotoCorp, which has a 35 per cent stake in the startup. Read more