Here is a collection of our most important stories this morning:
- Mamaearth open to exploring tactical and strategic opportunities to outgrow markets: CEO
Honasa Consumer expects that organic expansion will drive its future growth. Simultaneously, it maintains its commitment to exploring opportunities, both tactical and strategic, to continue outperforming the market.
In a pre-IPO interview, the management, including CEO, Varun Alagh, and Chief Innovative Officer, Ghazal Alagh, highlighted that Honasa is the brand in the BPC (Beauty and Personal Care) ecosystem that has grown from zero to Rs 1,000 crore in just six years. Read more.
2. MCA allows direct listing of public companies on foreign stock exchanges
In what could be termed as a move to make Indian companies global, the Ministry of Corporate Affairs (MCA) recently released a notification permitting certain classes of public companies to directly list on foreign stock exchanges.
The amendments to sections of the Companies Act, which came into effect on October 30, were proposed in September 2020. The amendment says, "Such class of public companies may issue such class of securities for the purposes of listing on permitted stock exchanges in permissible foreign jurisdictions or such other jurisdictions, as may be prescribed". Read more.
3. European blues may have driven Tata Steel into red in Sept quarter
Week performance in European operations is likely to have driven Tata Steel Ltd into losses in the September quarter. The steel major will report its earnings on November 1.
Consolidated loss for the quarter, according to five analysts polled by Moneycontrol, will be at Rs 700 crore as against a profit of Rs 1,533.90 crore a year ago, while the net revenue is likely to fall 10 percent each on-quarter and on-year to Rs 5,4138.60 crore. Read more.
4. LPG price hike: Govt increases commercial cylinder rates
State-run oil marketing companies Indian Oil Corporation (IOC), Bharat Petroleum Corporation, and Hindustan Petroleum Corporation have revised the prices of commercial 19kg LPG cylinders up to Rs 101.5 in the four metros with effect from November 1, 2023.
After the revised rate, a 19-kg commercial LPG cylinder will now cost Rs 1,833 instead of Rs 1,731 in Delhi. In Mumbai, it will be available at Rs 1,785.50. In Kolkata, it will be priced at Rs 1,943 per cylinder and Rs 1,999.50 per cylinder in Chennai. Read more.
5. Indians splurge big on festive season sales, buoying economy
India’s festive season spending is booming as consumers splurge on cars, smartphones and TVs, buoying growth in one of the world’s fastest-expanding economies.
Sales at online platforms like Amazon.com Inc., and Walmart Inc.-owned Flipkart was up by almost a fifth in the first week of the festive sales from a year ago. Digital transactions recorded by Unified Payments Interface surged about 40% in October from a year earlier. Read more.
6. Q2 Earnings review: The worst-performing private bank stock of October has a bad loans hangover
As far as the September earnings season goes, Bandhan Bank is turning out to be a story of extremes.
The Kolkata-based lender has clocked the second highest on-year jump in Q2 net profit among banks so far. It also boasts of the highest gross NPA ratio in its league. Read more.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
