Top headlines: Modi to meet global funds; 104 firms' Q2 net profit up 9.8%

From PM Modi meeting 15 of the world's largest funds to promote investments to Swiss food and beverages giant Nestle recording strong mid-single-digit growth in India, here are the top headlines today

Modi to meet 15 global funds as India seeks investment to lift economy

Prime Minister Narendra Modi is set to meet 15 of the world’s largest funds to promote investments in capital-starved sectors like infrastructure. The main purpose of the meeting is to assess their views on reforms that are required to attract long-term capital into the country. The development comes at a time when capital expenditure has seen a significant fall in view of the Covid-19 pandemic, with companies going slow on their new projects. Read More

Early bird results show unlocking gains, net profit of 104 firms rises 9.8%

The gains from the unlocking of the Indian economy are visible in the early bird results for the September 2020 quarter (Q2). The combined net profit of 104 companies that have declared results so far is up 9.8 per cent year-on-year (YoY) in Q2, a sharp turnaround from the earnings contraction seen in the previous two quarters. The combined net profit of the sample companies was down 3.4 per cent during Q1FY21, while it had grown by 20.1 per cent in the September 2019 quarter. As cities opened for businesses, it benefitted the top line of companies. Read More

FMCGs, retailers continue to forge direct consumer link as lockdown eases

Consumer-facing businesses have had to reorient themselves during the Covid-19 pandemic and target their audiences directly since people have been wary of stepping out to shop. While tie-ups with online platforms such as Swiggy, Zomato, Dunzo, Flipkart and Domino’s for last-mile delivery gained currency during the lockdown, many of these initiatives have now reduced as businesses normalise. Read More

Yoga, music breaks help Flipsters pull off first virtual BBD sales

Manjari Singhal, director (brand marketing) of Flipkart, did not sleep for more than 3 hours a day during the past week, while the company’s Big Billion Days (BBD) sale unfolded. Never did she, however, feel a burn-out or lack of spirit, she claims. “We were given breaks for 15 minutes four times a day, which were meant to refuel and re-energise the employees,” says Singhal. Read More

Bajaj Finance Q2 profit down 36% to Rs 877 crore on increased provisioning

Bajaj Finance’s standalone net profit for the second quarter ended September 30 (Q2FY21) declined 36 per cent to Rs 877 crore, from Rs 1,377 crore in the corresponding period last financial year, because of the rise in loan loss provisions. Its net interest income (NII) was up 5 per cent to Rs 3,922 crore in Q2FY21, against Rs 3,746 crore in Q2FY20. Read More

Mid-single digit growth in India market in July-Sept quarter: Nestle

Swiss food and beverages giant Nestlé recorded strong mid-single-digit growth in India during the July-September 2020 quarter. Buoyed by the demand for ready-to-cook items during the pandemic, it witnessed higher demand for Maggi, Nescafé, and KitKat, the company informed its investors during an earnings call on Wednesday. Its performance remained better than the previous quarter, when it had posted a meagre 2.6 percent rise in sales in the country. Read More

After Mumbai's power outage, Tata power to upgrade city's islanding system

Following the power outage in Mumbai earlier this month, Tata Power has suggested that the unique ‘islanding power system’ of the city needs to “be relooked”. The review is also required because the power generation mix is changing due to increased renewable generation and rising power demand. Executives from Tata Power were speaking at the suo-motu hearing conducted by Maharashtra Electricity Regulatory Commission (MERC) on the power breakdown that gripped Mumbai and adjoining areas on October 12. Read More

Decoded: What Punjab Assembly intends by bringing its own farm Bills

The Punjab State Assembly yesterday passed three Bills that seek to limit the power and scope of the Centre’s farm laws, which were enacted last month. Punjab’s farm amendment Bills also intend to ensure that farmers are not compelled to sell wheat and paddy below the minimum support price (MSP) in the state. Here’s a look at what the Punjab government has done and how it has interpreted its role and powers. What are the three new Bills that Punjab has cleared? Read More

Stuck NTPC Talcher thermal project losing relevance amid muted demand

NTPC’s Talcher project in Odisha, where bidding for a boiler turbine generator (BTG) contract was conducted way back in July 2018 with BHEL as sole bidder, is a classic case of how thermal projects have lost steam in the country. It is not just that the Odisha government delayed environment clearance, which finally came less than a year back. Read More