Domestic textile market to remain subdued in 2020 – Arvind Ltd

Arvind Ltd, one of India’s biggest textile and garment manufactures, said its business revenue was down about 37% in August compared to the previous year due to the impact of the Coronavirus lockdown and it expects domestic market to remain subdued till early 2021. Revenue in August was at Rs 414 cr in August, compared […]

No COVID impact: Fertilizer maker Coromandel posts strong quarter

Coromandel International Limited, which makes the famous GROMOR brand of fertilizers, reported strong financial performance for the Apr-Jun quarter, indicating that farming activity in South India continued apace even during the COVID-19 lockdown. The company reported a whopping 51% jump in its revenue for the Apr-Jun quarter compared to the same three months of 2019. […]

HUL Q1 ad spend down a third, merger protects top line

Hindustan Unilever, the biggest advertiser in India, protected its profit margins during the Apr-Jun period by slashing its advertising budget by about 32%. Given that this is after merging GSK’s consumer healthcare business with itself, the actual decline in advertising is likely to have been in the 35% range. Even after adding GSK CH numbers, […]

Dixon Tech to help ramp up ‘disruptive’ COVID-19 test production

Dixon Technologies, the NOIDA-based contract manufacturer of electronics, said it has entered into a contract with Bangalore-based Molbio Diagnostics to manufacture a disruptive RT-PCR COVID-19 test that can give a major boost to India’s Coronavirus containment efforts. It has entered into a Rs 30 cr deal to manufacture 1,000 Qattros, a viral testing machine that […]

Uttar Pradesh completes evacuation of migrant workers

The Uttar Pradesh government has completed the task of bringing back stranded and jobless migrant workers from various places like Mumbai, Delhi and Gujarat, chief minister Yogi Adityanath said today. “The whole country is grateful [for the way in which] decisions were taken by the Prime Minister during the global pandemic, and for the systematic […]

ABB India expects no ‘significant adjustments’ due to COVID-19

ABB India, the local unit of the Swiss-Swedish machinery and equipment maker, said it does not “anticipate any significant adjustments” due to the impact of the COVID-19 pandemic and the subsequent lock down. “The Company has evaluated the liquidity position, recoverability, carrying value of its assets and does not anticipate any significant adjustments at this stage […]

COVID reforms to boost mobile manufacturing – Dixon Technologies

Dixon Technologies, India’s biggest contract manufacturer of electronic items, has lauded the recently announced incentive scheme for mobile manufacturing in India, and said it is already able to sense strong interest from global smartphone manufacturers. From being a consuming state, India has — over the last 10 years — managed to get the majority of […]

Maruti Suzuki announces ‘car cabin separator’ for COVID-19 times

Maruti Suzuki has come out with a range of health-related products and car accessories keeping in mind the ongoing COVID-19 pandemic. The most interesting of these is the ‘car cabin separator’, a PVC shield that can be kept behind the front seats to seal off the front and back sections of the car. “The car […]

COVID-19 PACKAGE: Govt offers Rs 3 lakh cr worth of MSME loans

The central government has started giving out the details of its 20 lakh crore ($250 bln) stimulus-cum-rehabilitation package announced in the wake of the COVID-19 pandemic. Prime Minister Narendra Modi had announced the program yesterday, and said that Finance Minister Nirmala Sitharaman will announce the details in coming days. Sitharaman said she would announce plans […]

Dabur explores online sales, sees material COVID-19 impact

Dabur, one of India’s largest manufacturers of daily essentials such as toothpastes, nutraceuticals and so on, said it saw a material impact on its its finances from the ongoing COVID-19 impact, and said it was exploring online options to boost sales. “On account of Covid-19 and consequent lockdown since March, the impact on our production […]

CORONAVIRUS: Kerala to allow online sales of liquor

With a 21-day lockdown on people movement coming into place overnight, the Kerala government has taken an in-principle decision to allow the sale of liquor via the Internet. A decision in this respect was taken at today’s meeting of the council of ministers headed by Chief Minister Pinarayi Vijayan, according to local media reports. Liquor […]

Indian companies shut factories, issue profit warnings

A large number of manufacturing companies in India have informed that they are shutting down their plants in accordance to the government’s action plan to combat Coronavirus COVID 19, with some warning that this will impact earnings. “The domestic industry is being impacted in unprecedented ways with increasing levels of uncertainty,” said Polycab Industries, one […]

Japan-based Kubota takes strategic stake in Escorts

Escorts Ltd, one of India’s oldest motor and equipment makers, said Japan-based Kubota Corporation, one of the top tractor makers in the world, will take a 10% stake in the Indian company for Rs 1,042 cr. The partnership, which will go beyond equity participation, will “integrate and deepen their relationship towards achieving their mutual ambition […]

Dixon Tech starts making TVs for Samsung in India

Dixon Technologies, which commenced making smartphones for Samsung in India in November, has expanded its relationship with the Korean company to now make flat-panel TVs in India for the Korean giant. Dixon is a contract designer and manufacturer of electronic and lighting goods, including LED bulbs, washing machines, TVs and mobile phones. It is famous […]

No proposal to privatize BHEL – Govt

Government of India today said that its list of public sector companies scheduled to be sold to private entities did not include Bharat Heavy Electricals Ltd. The company, abbreviated BHEL, has with operations in multiple locations such as Bhopal in Madhya Pradesh and Trichy in Tamil Nadu and is India’s largest suppliers of heavy electrical […]

Voltas Beko to launch more items; Sanand plant starts output

Turkish durables player Arçelik and Tata Group’s Voltas have started operations at their first production facility in India at Sanand in Gujarat. The facility will be operated by Voltbek Home Appliances Pvt Ltd, the 50:50 joint venture between the two groups, and will gradually be scaled up to 2.5 million units of annual production by […]

Ramco Cements faces demand slowdown in Q3, profit slips

Ramco Cements, one of India’s biggest cement manufacturers, reported poor demand for cement during the three months ended December. The Chennai-based company, which gets most of its revenues from South India and Eastern India, reported a revenue growth of just 6% for the third quarter, compared to a growth of 12.6% for the first half […]

Havells India hit by slowdown, sales down 10%

Havells India, one of the country’s top cable makers, reported a 10% fall in its revenue, blaming an overall slowdown in economic activities in the country. The company, however, managed to maintain margins through cost cuts. “The deterioration in economic macros, sectoral liquidity challenges and slowdown in infrastructure segment has disproportionately impacted demand for industrial […]