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Havells India hits 52-week low on weak December quarter results
Posted on 22nd January 2020
Shares of Havells India slipped 5 per cent to hit a 52-week low of Rs 589 on the BSE in Wednesday's early morning deals after the company reported a weak operational performance for the third quarter ended December 2019 (Q3FY20).

The company’s standalone EBITDA (earnings before interest, tax, depreciation, and amortization) declined 8 per cent year on year (YoY) to Rs 267 crore. Net revenue was down 10 per cent YoY at Rs 2,269 crore during the quarter. However, the standalone net profit during the quarter remained flat at Rs 200 crore against Rs 196 crore in the previous year quarter, due to lower tax provision.

Despite softness in revenues, contribution and EBITDA margins have been maintained owning to cost rationalization and increased cost consciousness at each level. EBITDA margin improved marginally from 11.6 per cent to 11.8 per cent during the quarter.

EBITDA margin surprise is attributed to cost-cutting measures. Employee expenses were up just 4.1 per cent YoY (down 8.4 per cent QoQ) to Rs 220 crore – the lowest increase in past many years. Advertisement spends were down 15.5 per cent YoY to Rs 77 crore.

The company said the deterioration in economic macros, sectoral liquidity challenges, and slowdown in infrastructure segment has disproportionately impacted demand for industrial cables, professional lighting and industrial switchgear.

At 11:06 am, the stock had recovered from its early morning losses and was trading 1 per cent lower at Rs 613 on the BSE. A combined 9.5 million shares have changed hands on the counter on the NSE and BSE so far.

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Indian CEOs need to build their own inclusive tech solutions: Nadella
Posted on 24th February 2020

Microsoft chief executive Satya Nadella on Monday urged Indian business leaders to build technology capabilities that are inclusive in nature.

Beginning his three-day visit to India, Nadella was addressing Microsoft's Future Decoded CEO Summit here.

TCS, DLF seek govt nod to set up IT SEZs in Haryana, Uttar Pradesh
Posted on 24th February 2020

Software firm TCS and realty major DLF have sought government nod to set up special economic zones (SEZ) for IT sector in Haryana and Uttar Pradesh.

These proposals will be taken up by the Board of Approval, the highest decision-making body for SEZ, in its meeting on February 26 here. The inter-ministerial body is chaired by the commerce secretary.

Maruti launches petrol version of Vitara Brezza, priced at Rs 7.34 lakh
Posted on 24th February 2020

The country's largest carmaker Maruti Suzuki India on Monday launched the petrol version of its popular compact SUV Vitara Brezza priced between Rs 7.34 lakh and Rs 11.4 lakh (ex-showroom Delhi).

The BS-VI petrol Vitara Brezza is powered by 1.5 litre K-series engine with 5-speed manual and automatic transmission options with smart hybrid, the company said in a statement.

Hero MotoCorp shares slip to over 5-year low, tumble 12% in February
Posted on 24th February 2020
Shares of Hero MotoCorp (HMCL) slipped 2 per cent intra-day to hit an over five-year low of Rs 2,192 on the BSE on Monday amid concerns that the volume weakness might continue in the next 2-3 quarters due to inventory correction with dealers and notable price increases as a result of the BSVI transition. The two-wheeler major's stock was trading at its lowest level since May 2014.

Malaysia PM Mahathir Mohamad submits resignation to king amid turmoil
Posted on 24th February 2020

Malaysian Prime Minister Mahathir Mohamad, at 94 the world's oldest leader, submitted his resignation to the king Monday after a bid by his allies to bring down the government and block the succession of leader-in-waiting Anwar Ibrahim.

The shock move followed 24 hours of political drama which saw an attempt by Anwar's rivals within his own Pact of Hope coalition, which stormed to a historic election victory in 2018, and opposition politicians to form a new government.

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