Net profit declined by more than half in the first quarter of the financial year hit by lower sales volume on account of softer public spending on infrastructure as well as weak demand from the automotive and consumer durables sectors.
Engineering and farm equipment maker Escorts on Friday reported a 27.59 per cent fall in its consolidated net profit to Rs 87.66 crore for the first quarter ended June 2019.
The mining major said consolidated attributable profit fell 12 per cent year-on-year to Rs 1,351 crore in the June quarter compared with Rs 1,533 crore in the corresponding quarter last year.
The world's second largest soda ash manufacturer has received green nod for expansion of its soda ash plant in Gujarat at an estimated cost of Rs 1,042.07 crore, according to official documents.
The whole-time director Abhishek Singh, CFO Paresh Thakkar and Harshvardhan Singh were granted bail by Gujarat High court on July 25. The investigation is almost concluded, sources told Reuters.
Net loss narrowed to Rs 4,873.9 crore for the April-June quarter, helped by a change in accounting standard and lower operating costs, but its revenue fell dropped below rival Reliance Jio’s for the first time, as some subscribers left and others moved to lower tariff plans.
The NBFC said it has called off plans to sell stake in its subsidiary IDFC Financial Holding Company to The Chatterjee Group (TCG).
Dr Reddy's Labs:
The drugmaker will announce its June quarter results on Monday. DLF, BEL, Kansai Nerolac, RNAM and SPARC will be some other companies annoncing their quarterly results today.
The drugmaker said its manufacturing plant at Ankleshwar in Gujarat has completed inspection by the US health regulator with no observations.
Indiabulls Housing Finance:
BJP Leader Subramanian Swamy sent a letter to PM Modi, accusing the Indiabulls group of Rs 1 lakh crore worth fraud. The company has denied any wrongdoing.
Daily Market Update: