Brokerages have maintained their ratings and target prices on FSN E-Commerce Ventures, the parent company of Nykaa, after the fashion and beauty online retailer posted in-line numbers during the October-December quarter (Q3) of financial year 2023-24 (FY24). They have, however, cut earnings before interest, tax, depreciation, and amortisation (Ebitda) estimates after weak demand weighed across line items in Q3. “While revenue growth was healthy at 22 per cent year-on-year (Y-o-Y), gross margins declined 90 basis points (bps), weighed by higher discounting in own brands and lower ad income.
Posts tagged Rediff
‘Rural areas been stressed for many FMCG companies’ (15-02-2024)
‘In staples, we have still managed in rural areas.’
Tax poser in the way of Hyundai local arm listing (15-02-2024)
South Korean auto giant Hyundai Motor Company is considering tax implications of listing its Indian unit before taking a final call, according to sources privy to the development. Hyundai Motor is mulling an initial public offering (IPO) for its Indian arm to raise around $3 billion (at a valuation of up to $30 billion), and talks are in the early stages between the company and bankers, banking sources revealed. Hyundai Motor India Ltd (HMIL), however, declined to comment on the development.
FPIs’ investment value rises 13% to $738 bn in Q3 (14-02-2024)
The value of FPIs (Foreign Portfolio Investors) holding in Indian equities reached $738 billion in the three months ended December 2023, marking a surge of 13 per cent from the preceding quarter, driven by the strong performance of the domestic stock market, according to a report by Morningstar. The value of FPIs investment was at $651 billion in the September quarter of the current fiscal. On a year-on-year basis, the value of such investments rose 26 per cent from $584 billion in December 2022.
Infosys’ US arm accused of data breach (14-02-2024)
Bank of America has named Infosys McCamish Systems as a source of a data breach that it said affected 57,028 customers, as per documents submitted to the Maine Attorney General in the US. Infosys McCamish Systems (IMS) is an Infosys’ step-down subsidiary. The notification, penned on behalf of Bank of America, describes the breach as an “external system breach (hacking)”, while the information acquired has been mentioned as “name or other personal identifier in combination with: social security number”.
Airlines cancel flights due to Mumbai’s congestion (14-02-2024)
Indian carriers are cancelling hundreds of flights till March 30 following the directive issued by the Airports Authority of India (AAI) to the Mumbai airport to ease runway congestion. Akasa Air on Tuesday announced it was cancelling 90 Mumbai flights till the end of next month. SpiceJet told Business Standard that it has complied with the government’s directive, but did not specify the number of flights it was cancelling.
Sensex gains 268 points on fag-end buying (14-02-2024)
State Bank of India was the biggest gainer in the Sensex pack, rising 4.24 per cent, followed by Tata Steel, Axis Bank, Maruti, NTPC, PowerGrid, ITC and Nestle India. Reliance jumped 1.15 per cent to end at Rs 2,962.60 apiece on BSE.
Jan sees double-digit growth in PV sales (14-02-2024)
Domestic passenger vehicle wholesales rose 14 per cent year-on-year to 393,074 units last month, the best-ever figure for January, amid robust demand for utility vehicles, industry body SIAM said on Wednesday. As per the latest data issued by the Society of Indian Automobile Manufacturers (SIAM), dispatches of passenger vehicle from manufacturers to dealers stood at 346,080 units in January 2023.
Wholesale inflation eases to 0.27% in January (14-02-2024)
The wholesale price index (WPI)-based inflation eased in January to 0.27 per cent, mainly due to moderation in prices of food items. WPI inflation was at 0.73 per cent in December 2023. The WPI inflation was in the negative zone from April to October and had turned positive in November at 0.39 per cent.
Decline in volume, revenue growth drags FMCG players (14-02-2024)
The slowdown in private consumption in the economy is taking a toll on the growth of fast-moving consumer goods (FMCG). The net sales growth of listed FMCG companies hit a 14-quarter low of 2.5 per cent in October-December 2023 (Q3FY24). This is the lowest revenue growth for the industry since the June 2020 quarter, when the FMCG firms in the Business Standard sample had reported a 13.2 per cent Y-o-Y decline in combined net sales owing to the lockdown.