DLF says IL&FS default crisis, India credit market turmoil will help its home sales; here’s how
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The turmoil in India’s credit markets, brought on by defaults at a major infrastructure financier, will benefit the nation’s largest developer, allowing it to sell homes while peers struggle to get money to finish their projects.
Gurugram-based DLF has adequate liquidity and access to capital to meet all of its obligations on time. It believes that it is well placed to grab opportunities, the company said Thursday at the release of its second-quarter results A unit of DLF and Hines have agreed to jointly develop a commercial project in Gurugram, near New Delhi. The 51:49 partnership will result in more than 2.5 million square feet of commercial space.
The transaction is expected to be closed in the current quarter, DLF said Thursday Hines is a U.S.-based privately owned global real estate investment, development and management firm with $116.4 billion of assets under management Net consolidated profit at DLF more than doubled to 3.8 billion rupees ($51.7 million) in the quarter ended September 30.
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Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
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Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
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Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
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Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
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National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
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