IGI Logo

Key News

Nestle India March qtr profit up 14.6% on double-digit sales growth

Packaged food major Nestle India reported a 14.6 per cent jump in its net profit for the January-March quarter, backed by double-digit growth in domestic sales and muted rise in raw material costs compared to the corresponding quarter last year. The firm’s net profit for the quarter stood at Rs 602 crore, up from Rs 525 crore in 2020. Its net sales surged 8.9 per cent year-on-year to Rs 3,600 crore from Rs 3,306 crore. Domestic sales that contribute to over 94 per cent towards its revenue, grew 10.2 per cent to Rs 3,442 crore but exports declined 13 per cent, dragging its top-line growth to single digit.

The company said it registered a broad-based growth during the quarter, largely driven by volume and mix. Key products like Maggi Noodles, Kitkat, Nescafé Classic, Maggi Sauces, Milkmaid, Maggi Masala-Ae-Magic, among others, delivered robust performance and achieved double-digit growth as in-home consumption surged, said Suresh Narayanan, chairman and managing director at Nestle India. While demand from out-of-home channels improved further, it continues to be impacted by the Covid-19 pandemic

Gateway Rail Freight, Maersk jointly flag automotive express service

Gateway Rail Freight and Maersk have jointly flagged their first automotive express service from Gurugram to APM Terminals Pipavav (Gujarat Pipavav Port). The train started from GatewayRail’s flagship terminal its Inland Container Depot (ICD) at Gurugram on Tuesday. This terminal is connected to the Western Dedicated Freight Corridor.

“This will be an exclusive Maersk service to cater to the automotive sector in the National Capital Region (NCR) by providing assured connection to the westbound MECL Service of Maersk from APM Terminals at Pipavav Port,” a statement from GatewayRail said.

Adani Enterprises incorporates wholly-owned arm MPL

Adani Enterprises on Tuesday announced incorporation of a wholly-owned arm 'Mundra Petrochem Ltd' (MPL). In a filing to BSE, the company said MPL is yet to commence its business operations.

"MPL is incorporated with the object to set up various feedstocks (coal, petcoke, coke, limestone, salts, sand, tar, oil, LPG, LNG, Ethane, LPG, green fuels etc.) based refinery, petrochemical and chemical plants in a phased manner in India and to undertake all such activities associated with land acquisition, design and engineering, procurement...and other related undertakings," the filing said. MPL is incorporated in India and was registered with the Registrar of Companies, Gujarat at Ahmedabad on Monday, it added.

Private lender DCB purchases 9% stake in NBFC Techfino Capital

DCB Bank said it has acquired 9 per cent stake in non-banking financial company Techfino Capital which is engaged in providing technology-based education and healthcare loans. DCB Bank has acquired a minority equity stake of approximately 9 per cent in Techfino Capital Private Limited (TCPL), the lender said in a release. Techfino is a Bengaluru based nonbanking financial company (NBFC) which using its modern technology platform to provide customised consumer loans in education and healthcare sectors. It is present in key metros and tier II cities across India, said the new generation private sector bank.

To Read Complete Report & Disclaimer Click Here

Above views are of the author and not of the website kindly read disclaimer