Page 86 - Companies

Ford Motor's shares tumble as CEO says $2 bn profit left 'on table'

Ford shares fell as much as 11% Friday in New York, the biggest intraday decline since September 20

Marico Q3 net profit rises 5% to Rs 333 cr; revenue up 2.6% to Rs 2,470 cr

Home-grown FMCG major Marico Ltd on Friday reported a 5.04 per cent increase in consolidated net profit at Rs 333 crore in the third quarter that ended December 31, 2022. The company had posted a net profit of Rs 317 crore in the October-December quarter a year ago, Marico said in a regulatory filing. Its revenue from operations was at Rs 2,470 crore, up 2.61 per cent during the quarter under review, as against Rs 2,407 crore a year ago. In the third quarter of FY23, revenue from operations grew "with underlying volume growth of 4 per cent in the domestic business and constant currency growth of 8 per cent in the international business," said Marico in an earnings statement. Marico's total expenses were at Rs 2,067 crore, up 2.22 per cent in the third quarter of this financial year. Its revenue from the domestic market was up 1.87 per cent to Rs 1,851 crore in the third quarter of FY23. It was Rs 1,817 crore a year ago. "During the quarter, the FMCG sector in India showed some s

S&P Global Ratings revises outlook on Adani Ports, Electricity to negative

S&P Global Ratings on Friday revised outlook on Adani Ports and Adani Electricity to negative from stable while affirming the rating. A US short-seller report alleging significant governance issues for the Adani Group, many of which relate to disclosures and actions at the shareholder level, has triggered a sharp fall in Adani Group entities' equity and bond prices. The company has responded to the allegations and also decided to return funds from a fully subscribed USD 2.4-billion offer of shares in the promoters' flagship company Adani Enterprises Ltd due to market volatility. "There is a risk that investor concerns about the group's governance and disclosures are larger than we have currently factored into our ratings, or that new investigations and negative market sentiment may lead to increased cost of capital and reduce funding access for rated entities," S&P said in a statement. As a result, it revised the rating outlook to negative from stable on Adani Electricity and .

Adani rout eases, some relief after companies' market value almost halves

Friday was a relatively less damaging day in the stock rout that's wiped out about $112 billion from 10 Adani Group firms since US-based Hindenburg report

Centre asks Vodafone Idea to convert govt dues into equity worth $2 billion

Troubled Indian mobile service provider Vodafone Idea Ltd said the govt ordered the company to convert into equity all the interest related to payments for spectrum and other dues owed to the govt

ITC Q3 PAT up 12% to Rs 5,031 cr, declares interim dividend of Rs 6/share

Revenue from operations increased by 0.8% to Rs 17,122.15 crore from Rs 16,971.18 crore in the previous fiscal quarter

Kansai Nerolac Paints net profit falls 13% to Rs 108.97 cr in Dec quarter

Kansai Nerolac Paints Ltd on Friday reported a 13 per cent decline in consolidated net profit at Rs 108.97 crore in the December quarter, impacted by higher expenses. The company had posted a consolidated net profit of Rs 125.32 crore in the year-ago period, it said in a regulatory filing. Consolidated revenue from operations during the quarter under review stood at Rs 1,826.81 crore as against Rs 1,810.35 crore in the corresponding period last fiscal, it added. Total expenses were higher at Rs 1,684.74 crore as compared to Rs 1,648.39 crore in the same quarter last year. "The quarter witnessed good demand in automotive coatings. Demand in decorative was impacted on account of early Diwali, extended monsoons and higher than normal channel stocking due to price increases during October 21 and November 21," Kansai Nerolac Paints Managing Director Anuj Jain said. Raw material prices showed a decline during the quarter, which continued to witness a high exchange volatility with the ru

Cognizant Q4 net profit down 9.6% YoY, meets annual guidance for FY22

IT services firm reports rise in headcount, says voluntary attrition declining

No immediate impact from Hindenburg on Adani firms' credit profiles: Fitch

Rating agency will be monitoring group firms closely for major changes in their access to finance, the cost of financing, regulatory/legal developments and ESG-related matters

DTH companies say they will raise prices gradually, not in one go: Report

Broadcasters have been complaining that the price of TV content has not seen any increase since 2019

Tata Sons exploring ways to get out of upper layer NBFC list: Report

Since the collapse of IL&FS in 2018, the RBI has been gradually tightening the regulatory framework for NBFCs

The decision on FPO will not have any impact on our operations: Adani

Adani Enterprises to review capital raising plans once shares stabilise

Apple once again dominates smartphone profit, collects record 85% share

The smartphone industry churns on notoriously thin margins for handset manufacturers - eliminating storied but uncompetitive brands like Nokia, BlackBerry, Palm and HTC over the years

No near term respite for Jubilant FoodWorks, stock down 11% over 2 sessions

Weak consumer sentiment, higher inflation is hurting sales

Google workers stage rallies against job cuts, low wages on US coasts

The protest in New York, which drew about 50 employees outside a Google store on Ninth Avenue, began just minutes after parent company Alphabet Inc. reported fourth-quarter results

Gautam Adani in talks to prepay share pledges to boost confidence: Report

The move would see lenders release some of the stock in Adani Group companies that was pledged as collateral, according to the person

Gautam Adani backers from New York to Tokyo dissect and limit exposure

The billionaire's interests, which include ports, power plants and coal mines, have fallen in value by more than $100 billion since Hindenburg Research's fraud allegations last week

Adani's $108 billion crisis shakes foreign investors' faith in India

The Adani Group has shed $108 billion in market value since Hindenburg Research accused it of stock manipulation and accounting fraud in a Jan. 24 report

Budget 2023: Tax on high-premium policy may hit life insurers' top line

The stocks of life insurance companies reacted sharply to the announcement of the finance minister on Wednesday, with most scrip witnessing around 10 per cent fall in a day

Sebi bans FFSPL, its directors from securities markets for 3 years

Sebi on Thursday barred Finassure Financial Services Pvt Ltd (FFSPL) and its directors from the securities market for up to three years for providing unauthorised investment advisory services. The directors of FFSPL are Amit Sharma and Saket Sharma. In addition, they have been asked to refund Rs 61.39 lakh collected from their clients as fees in respect of their unregistered investment advisory services "jointly and severally". In its order, Sebi found that noticees (FFSPL, Amit and Saket) were providing investment advisory services without obtaining a registration certificate from the regulator, which was in violation of the provisions of Investment Advisers (IA) rules. The order revealed that Rs 61.39 lakh were credited in the accounts of FFSPL between February 2014-2017. "I find that FFSPL through its website was carrying out investment advisory activities without having a valid certificate of registration from Sebi. Therefore, FFSPL has violated the IA regulations," Sebi's ...