Friday, November 29
Colgate-Palmolive India reported a 22.31% increase in net profit for Q2 2023-24, reaching Rs 340.05 crore. The rise was driven by pricing and efficiencies. Sales were up 6.09% to Rs 1,462.38 crore. CPIL's EBITDA margins also improved, up 120 bps compared to the previous quarter and up 340 bps from the same quarter last year. The company's domestic growth remains strong, with toothpaste segment witnessing higher single-digit growth. CPIL's board declared a first interim dividend of Rs 22 per equity share.
Siemens Energy is in discussions with the German government regarding state guarantees, following significant losses in its wind division. Quality issues in the wind unit Siemens Gamesa have resulted in major setbacks for the company. Siemens Energy fears it will struggle to secure guarantees from banks, leading it to approach the government and Siemens for a guarantee framework. The German state is expected to assume liability for 80% of an initial 10 billion euro funding tranche, while banks would be liable for the remaining 20%. Siemens Energy's financial results in 2023 are expected to align with previous guidance.
Shares of Tech Mahindra dropped nearly 5% after the IT company reported a 61% decline in consolidated net profit for the July-September quarter. The company's net profit fell to Rs 505.3 crore, mainly due to reduced client spending. Consolidated revenue from operations also declined by 2% to Rs 12,864 crore. The communications, media and entertainment vertical saw the highest decline, followed by banking, financial services and insurance, and retail, transport, and logistics.
Boeing reported a $1.64 billion loss for the third quarter on Wednesday as it delivered fewer copies of its best-selling plane and sunk more money into building two new Air Force One presidential jets. The aircraft maker lowered its forecast of 737 Max production to between 375 and 400 planes this year, down from a previous estimate of 400 to 450. Boeing said production and deliveries of 737s will be slowed as it does inspections and additional work to fix a pressure-sealing section of the planes.
The Bombay high court has recently quashed an order passed by the Income-tax Appellate Tribunal (ITAT), which had upheld addition of ‘unaccounted income’ of Rs. 90 lakh in the hands of Naresh Manakchand Jain, who was purported to be engaged in rigging of prices of a few select scrips and in money laundering by providing bogus entries – such as of tax exempt long term capital gains, to other parties. The main reasons for quashing the order was that the ITAT’s order was passed ex-parte (without giving an opportunity to Jain of being heard).
Amazon has revealed that it has over 181 million users in the European Union and employs over 150,000 people in the region. This information was disclosed in the company's first store transparency report as required by the EU Digital Services Act (DSA). The report also stated that Germany is Amazon's largest market with over 60 million monthly active users, followed by France with 35 million users. In addition, Amazon took 274 million actions to remove policy-violating content in the first half of 2023 and received 8,863 legal requests for user information from EU governments.
Luxury automaker Lexus is betting on hybrid vehicles for sustainable growth in the Indian market till it rolls out its first battery-electric vehicle in the country in 2026, a top company executive said on Wednesday. In an interaction on the sidelines of the Japan Mobility Show here, Lexus International President Takashi Watanabe said the automaker would even look at expanding the hybrid technology till the introduction of battery-electric vehicles in the market. Lexus showcased the next-generation BEV concept car LF-ZC, which it plans to launch in 2026.
Most markets rose Wednesday after China unveiled plans for $137 billion in extra debt to boost infrastructure spending, while oil extended losses on hopes that Israel will scale back its plans for a Gaza ground invasion. After another painful start to the week, Hong Kong led gains Wednesday after China approved a plan to issue 1 trillion yuan ($137 billion) in sovereign bonds to be distributed to local governments to support national disaster prevention and recovery.
Germany is expected to overtake Japan as the world's third-largest economy in 2023, according to projections from the International Monetary Fund. The weakening of the yen against the dollar and the euro has contributed to this shift. The yen's weakness is attributed to differences in monetary policy, with the US and European central banks raising interest rates while the Bank of Japan maintains stimulus measures. The figures highlight Germany's steady long-term growth, which is a concern for Japanese policymakers as they consider their latest economic package.
