q1 results, earnings, companies, india inc, corporate

The company's digital revenue recorded growth of 58 per cent YoY

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Analysts expect the stocks to remain weak in the near-term as lower sales offtake will lead to companies missing their earnings estimates for the April-June quarter (Q1FY24)

BSE, stock market, sensex

CLOSING BELL: Gas stocks, including Mahanagar Gas and Indraprastha Gas, dropped up to 6 per cent after the government kept domestic gas prices unchanged

Orient Aero Slim smart fan

The company has appointed Rajan Gupta as Additional Director and the Managing Director & Chief Executive Officer of the company

Rakesh Khanna, CEO, Orient Electric

Orient Electric Ltd on Friday announced the appointment of Rajan Gupta as its Managing Director and CEO as the incumbent Rakesh Khanna resigned after having a stint of 8 years.
Orient Electric Ltd (OEL) at its meeting held on Friday appointed Rajan Gupta as Additional Director and the Managing Director & Chief Executive Officer of the company "for a period of 5 years effective from April 04, 2023, till April 03, 2028, subject to the approval of shareholders of the company," said a regulatory filing by the C K Birla Group.
While Khanna's resignation shall be effective from the close of business hours on April 03, 2023, it added.
Gupta joins OEL board as a full-time director and he will be based in New Delhi.
Prior to this, Gupta was with Hathway Cable and Datacom, where he was the MD and CEO, and Chairman of the Board, GTPL Hathway.
OEL Chairman C K Birla said: "We are deeply committed to making Orient Electric an industry leader in fans, lighting, appliances and switchgear as we .

The Orient Electric Cloud 3 is a novel pedestal fan good for spaces where coolers and air conditioners cannot be installed. It is, however, not an alternative to any of these

Orient Electric- Cloud 3 Fan

As summer sets in with predictions of harsh temperatures, CK Birla firm Orient Electric expects a good growth in revenue in FY24 from its fans and cooler business, MD & CEO Rakesh Khanna said.
With summer approaching, Orient Electric Ltd (OEL) expects a "natural drift" in growth coming from the fan segment, housing segment and the replacement market.
"Lighting will also grow well for us as in B2B, we are growing fast. Coolers, in the last three years, have faced headwinds because of COVID and this is the first year after COVID... Summer is likely to be very good, so cooler is going to do very well," Khanna told PTI.
Asked about early trends from its dealers and channel partners, he said for cooler, growth is taking place. "For fan, January was muted but now it is taking off."
OEL operates in consumer durables, lighting and switchgear products. In 2021-22, its revenue from operations was Rs 2,448 crore.
It has two segments, Electrical Consumer Durables (ECD), which contributed 73 .

Foreign Portfolio Investors

Bajaj Electricals and Whirlpool can see significant upside on follow-up buying, technical charts suggest. However, the overall market also needs to be positive for these stocks to gain further ground

Electricity, Power, bulb

The electrical appliances maker posted a net profit of about Rs 32 crore, while expenses fell nearly 9 per cent

Consumer goods companies, hike in consumer goods, crude oil prices, crude oil, metal prices, World Bank, fast movng consumer goods, FMCG, consumer durables, macro econmics, rupee depriciation, Indian currency, dollar price, commodity price, goods and

The company reported a nearly seven-fold jump in net profit at Rs 32.4 crore in Q2FY21.

orient

The CK Birla group company goes premium, partners with Tata Elxsi to enhance product design and performance

electronic, electronics

Out of an estimated 3 million units of fans exported from India, Orient Electric commands a 60 per cent market share

Image via Shutterstock

Company is looking at expanding its presence in fan market in South India

Overseas institutions are also a better bet for Adani. Tapping Indian banks, especially state-run lenders, would be a tad cheaper, but might invite greater political scrutiny ahead of general election

Adani, Adani Group

Tensions have been high since Canadian PM Trudeau on Monday alleged that the Indian government was behind the fatal shooting of Hardeep Singh Nijjar

visa, Canada

Closing Bell on Thursday, September 21: The broad-based selling was led by public sector banks with the Nifty PSU Bank index sliding 2.3 per cent

bear market, sensex, nifty, loss, growth, investment

Adani Group on Thursday bagged two contracts worth Rs 13,888 crore from a state-owned discom to install smart meters.
A total of six tenders were awarded by the Maharashtra State Electricity Distribution Company Ltd (MSEDCL) to install smart meters, of which two have been bagged by the Adani Group, according to an official communiqu from the discom seen by PTI.
The diversified group, which has a sizeable presence in the power sector and had recently won a Rs 1,000 crore contract to install smart meters in the area serviced by BEST Undertaking in Mumbai, will act as an advanced metering infrastructure service provider for smart prepaid metering in MSEDCL, it said.
The two zones awarded to Adani include Bhandup, Kalyan and Konkan having 63.44 lakh meters, and Baramati and Pune having 52.45 lakh meters, it said.
Letter of Awards have been issued to the successful firms, as per the communiqu.
Officials from Adani Group were not immediately available for comment.
The group's transmiss

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Manipur

The government on Monday extended the due date for filing income tax returns by companies by one month till November 30.
Also, the due date for furnishing audit reports by companies who need to get their accounts audited has been extended by one month till October 31.
"The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is extended to 30.11.2023, the finance ministry said in a statement.

taxes, tax, taxing, audit

National Highways Logistics Management Ltd (NHLML), an NHAI subsidiary, has signed an agreement for the development of Multi Modal Logistics Park (MMLP) in Bengaluru at an estimated cost of Rs 1,770 crore.
The project -- to be developed under the public private partnership model -- is poised to become the first and largest MMLP to be implemented in the country under the PM Gati Shakti National Master Plan, according to an official statement on Monday.
The agreement has been signed between Bengaluru MMLP Pvt Ltd -- a government Special Purpose Vehicle (SPV) -- and concessionaire SPV M/s PATH Bengaluru Logistics Park Pvt Ltd.
A government SPV was incorporated between NHLML, Rail Vikas Nigam Ltd and Karnataka Industrial Area Development Board, the statement said.
The MMLP, to be developed in three phases, will be built on an area of 400 acres at Muddalinganahalli in Bengaluru rural district, as per the statement.
The first phase is expected to be completed in two years, it said, addi

construction

The Supreme Court on Monday directed the Maharashtra assembly speaker to spell out the timeline within a week for adjudication of the disqualification petitions filed against Chief Minister Eknath Shinde and Shiv Sena MLAs loyal to him who had tied up with the BJP to form a new government in June 2022.
A bench comprising Chief Justice D Y Chandrachud and justices J B Pardiwala and Manoj Misra referred to the May 11 verdict of the apex court on the Maharashtra political crisis and the direction issued by it to the speaker to decide the disqualification petitions within a reasonable time.
The speaker has to honour the dignity of the Supreme Court and abide by its verdict, the bench said.
It asked Solicitor General Tushar Mehta, appearing for the speaker, to inform it about the time frame being set by the House chair for disposal of the disqualification petitions.
We expect deference and dignity to the directions issued by the Supreme Court, the bench said and listed the plea by Shiv 

Supreme Court rules that Benami law cannot be applied retrospectively, says Supreme Court.

Supreme Court, Benami Act

The deficit is currently the highest in North-East India (-20% of LPA on September 14), followed by South Peninsula (-10%), central India (-8%) and North-West India (-1%)

wheat, crop, commodity

McCarthy immediately faced opposition from some GOP ultra-conservatives that could doom the plan

House Speaker Kevin McCarthy

The government introduced the Women's Reservation Bill in the Parliament almost three decades after it was first drafted

Parliament

Former RBI Governor Bimal Jalan said it is better if the person's expertise is considered than whether he/she is a bureaucrat or a private sector executive

TRAI

The fiscal burden of states will increase over time

pensions, funds, retirement, investments, investors, savings

Prime Minister Narendra Modi begins Whatsapp Channel following conclusion of the first day in the new parliament building

PM Modi on Whatsapp Channels (Photo: Whatsapp)

Canada said it was expelling a top Indian diplomat Monday as it investigates what Prime Minister Justin Trudeau called credible allegations that India's government may have had links to the assassination in Canada of a Sikh activist.
Trudeau said in Parliament that Canadian intelligence agencies have been looking into the allegations after Sikh leader Hardeep Singh Nijjar, a strong supporter of an independent Sikh homeland known as Khalistan, was gunned down on June 18 outside a Sikh cultural centre in Surrey, British Columbia.
Trudeau told Parliament that he brought up the slaying with Indian Prime Minister Narendra Modi at the G-20 last week, that he told Modi that any Indian government involvement would be unacceptable and that he asked for cooperation in the investigation.
Canadian Foreign Minister Mlanie Joly said the head of Indian intelligence in Canada has been expelled as a consequence. "If proven true this would be a great violation of our sovereignty and of the most basic

Hardeep Singh Nijjar

In a step towards enhancing last-mile connectivity with public transportation, Delhi govt has invited proposals for the deployment of 3,000 high-speed e-scooters, low-speed e-scooters, and e-cycles

Fire-safety norms for Li-ion battery could push up e-scooter prices by 10%

electric scooters, e-scooters, EV, Electric vehicles

DLF's rental arm DCCDL has raised Rs 1,100 crore through issuance of non-convertible debentures on a private placement basis.
In a regulatory filing on Thursday, DLF informed that the DLF Cyber City Developers Ltd (DCCDL) board has approved the allotment of debentures.
DCCDL said that the securities allotment committee of the Board of Directors has approved the allotment of 1,10,000 senior, listed, rated, secured, redeemable, transferable, rupee-denominated NCDs (Non Convertible Debentures) of the face value of 1 lakh each on a private placement basis to eligible investor(s).
The size of the issue is Rs 1,100 crore. These NCDs will be listed on the BSE. The coupon rate is 8.25 per cent per annum. The maturity is August 17, 2033.
DCCDL is a joint venture between DLF and Singapore sovereign wealth fund GIC.
DLF holds a 66.67 per cent stake while the GIC has a 33.33 per cent stake in the DCCDL.
DLF holds the bulk of its rental assets (offices and shopping malls) through DCCDL.  DCCD

More than five lakh Ayushman Bharat beneficiary cards have been made in just four days since the launch of the Ayushman Bhav campaign, Union Health Secretary Sudhansh Pant said on Thursday.
He further said that more than 20 lakh ABHA IDs have been generated while footfall of more than 20 lakh have been registered at the Ayushman Bharat-Health and Wellness Centres and Community Health Centres for availing free treatment and screening services, he said.
The Ayushman Bhav campaign, launched on September 14 by President Droupadi Murmu, is a comprehensive nationwide healthcare initiative that aims to provide saturation coverage of healthcare services in every village and town in the country.
It is being implemented during the 'Seva Pakhwada' (fortnight of service) which began on Prime Minister Narendra Modi's birthday on September 17 and will continue till October 2.
The three components of the Ayushman Bhav campaign -- Ayushman - Apke Dwar 3.0, Ayushman Melas at Health and Wellness ...

This revised health benefit package is expected to be rolled out from November this year, the health ministry said

Ayushman Bharat Health Centre

Akasa is suing some of the pilots for alleged contractual violations, and has warned in court that it might have to shut down if the exits continue

Akasa Air

PM referred to clearance of Women's Reservation Bill in LS yesterday as a 'golden moment of the Parliamentary journey of India' and credited all the members of all the parties and their leaders for it

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Orient Electric

Orient Electric Ltd Q1FY24 results: Net profit at Rs 19 cr; revenue up 13%

Untimely rains dent summer sales; to keep durable stocks in check: Analysts

Sensex ends choppy day 115 pts up, Nifty near 17,400; OMC, gas stocks slide

Orient Electric dips 5%, nears 52-wk low as MD & CEO Rakesh Khanna resigns

Orient Electric MD & CEO Rakesh Khanna resigns, Rajan Gupta to take over

Orient Electric Cloud 3 Fan review: Quite a mist-ical experience, literally

Orient Electric expects good growth from fans, coolers as summer approaches

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Cost controls power Orient Electric's six-fold jump in quarterly profit

Orient Electric rallies 9% on strong September quarter results

Orient switches to smart to keep the brand relevant, targets millennials

Orient Electric plans exports to US, Europe and other destinations

Orient Electric plans to set up manufacturing facility in South