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Bata India net profit up 22.5% in Q1FY20
Bata India, the nation leading footwear manufacturer and retailer, reported an increase in its net profit by 22.5% to Rs100.97cr in the quarter ended June 2019 as against Rs82.41cr during the previous quarter ended June 2018.The company sales also rose 10.62% to Rs882.76cr in the quarter ended June 2019 as against Rs798cr during the previous quarter ended June 2018.The growth is attributed to the successful execution of Sweeping Angela Off Her Feet strategy. This involves innovative campaigns which have helped to sustain profitable growth across categories and mindful up-gradation of stores to provide a world-class shopping experience to our loyal customers while keeping costs under control. Retail channel continued to grow at a steady pace and supported by double-digit growth in E-Commerce & Non-retail channel as well.
Natco Pharma reports successful completion of USFDA inspection; stock trades flat
Natco Pharma shares are trading flat in afternoon trade.The company announced the successful closure of inspection with the receipt of Establishment Inspection Report (EIR) from the US Food and Drug Administration (FDA) for the inspection conducted at its drug formulations facility in Kothur Village, Telangana.The inspection was conducted over May 30-June 5.
BHEL commissions additional 116MW pumping unit in Telangana
Bharat Heavy Electricals Limited (BHEL) has successfully commissioned one more pumping unit (Unit 5) of 116MW of the 7x116 MW Kaleshwaram Lift Irrigation Scheme (LIS) Package-6 in Telangana.BHEL has earlier commissioned 4 Units of the same project in April and May 2019. Significantly, the pump for each unit is designed to lift 89.16 cumecs (cubic metres per second) of water by 105.5 metres.Being developed by the Irrigation & CAD (I&CAD) department of the Government of Telangana, the Greenfield lift irrigation project (formerly known as Pranhita Chevella) is located in Peddapalli district of Telangana.
Nestle up 3% on plans to set up 9th factory in India at Sanand, Gujarat
Nestle India on Friday post market hours said that it would set up its ninth factory in the country at Sanand, Gujarat, with an initial investment of ~Rs700cr over two years.The company posted its results for the quarter ended June last week, i.e., Q1CY19. It reported a net profit of Rs437.84cr, up 10.8% from Rs395.03cr posted in the corresponding quarter last fiscal.Revenue from operations grew 11.2% to Rs3, 000.85cr.
RIL subsidiary RIIHL to acquire software firm Fynd
Reliance Industrial Investments and Holdings Limited (RIIHL), a wholly-owned subsidiary of Reliance Industries Limited (RIL) has entered into an agreement for acquisition of equity shares of Shopsense Retail Technologies Pvt. Ltd. (Shopsense or Fynd) for a cash consideration not exceeding Rs295.25cr.RIL on Friday in a press release post market hours said, "RIIHL has an option to further invest an amount of up to Rs100cr which is likely to be completed by December 2021. The total investment will translate into ~87.6% of equity share capital in Fynd on a fully diluted and converted basis."
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