Indian Overseas Bank’s MD and CEO visit to Kolkata and loan distribution programme
MD and CEO Partha Pratim Sengupta made his visit to Kolkata and visited the Indian Overseas Bank (IOB) Regional Offices (I and II) on February 5, 2021 after assuming charge as MD and CEO of IOB. He interacted with Branch Managers of both regions and handed over loans sanctioned to various customers under government sponsored schemes like PM SVANidhi, Stand Up India, MUDRA, PMEGP, PMAY etc. and MSME loans to the tune of `825 lakhs (91 accounts). Chief Regional Managers, AGMs, Regional Office staffs and Branch Managers of both the regions have participated.IOB has also released the Q3 of present FY's result that said, profit for the quarter has been `213 crore as against `148 crore than the earlier quarter. Total business stood at `458276 crore as against `459933 crore in the same quarter of the previous year.
Financial Results of Jindal Stainless for the Quarter ended on December 31, 2020
Jindal Stainless Limited (JSL) announced the financial results for Q3 FY21. A V-shaped recovery in stainless steel demand in the domestic markets bolstered JSL’s sales volume to 250,562 tonnes. The Company’s profit after tax (PAT) and EBITDA stood at `152 crore and `445 crore respectively. The interest cost went down by 16% over corresponding period last year (CPLY) to `117 crore. Total debt stood at `2,765 crore. The consolidated revenue stood at `3,585 crore, up by 9% (YoY). Abhyuday Jindal, MD, JSL said, “Buoyed by increasing demand in auto, P&T and hollowware sectors, the outlook for the domestic stainless steel market remains strong. However, the recent budget announcement for suspension of trade remedial measures will allow free flow of subsidised stainless steel products in the Indian market, which is a big setback for the domestic industry, which is already operating at 60% of its capacity.”
Ward wizard Innovation inaugurates India’s one of largest electric two-wheelers plant
Wardwizard Innovations and Mobility Ltd. inaugurated a new state-of-the-art facility at Vadodara, Gujarat for manufacturing electric two-wheelers. Company has invested around `45 crore in the new plant with a capacity to manufacture over one lakh electric two-wheelers per year in the first phase in one shift. Virtual inauguration ceremony of the new plant was conducted by Amit Shah, Minister for Home Affairs. Yatin Gupte, Chairman and MD, Wardwizard Group said, “We intend to manufacture all the parts and components of the electric bikes right from the chassis to batteries. With the growing demand for electric bikes, we expect to grab 25% market share of the overall EV two-wheeler segment by the year 2025. In the next three-four years our company has set a revenue target of `500-600 crore and will also be launching electric three-wheeler.”
Garware Polyester’s financial results of Q3 FY20
The Company has recorded consolidated revenues of `287.31 crore for Q3 FY21 as against `205.23 crore for Q3 FY20 and `710.65 crore for 9M FY21 as against `713.79 crore for 9M FY20. The consolidated profit before tax was `64.29 crore for Q3 FY21 as against `17.04 crore for Q3 FY20. The consolidated profit after tax was `42.78 crore for Q3 FY21 as against `11.37 crore for Q3FY20. S.B. Garware, Chairman and MD, GPL said, “PAT has increased by 217% (QoQ) underscoring our focus on world-class execution and operational excellence. Emphasis towards specialty products has fuelled additional growth in the margins which has resulted in PBDT Margin reaching 22.75% in Q3 FY21.”
ITC accelerates efforts to make kirana stores ready for ‘next generation retail’
To strengthen the local ecosystem of neighbourhood grocers, ITC Ltd. organised a virtual summit on ‘Digital Enablement for Kirana Outlets’ to educate and up-skill retailers on best practices in retail management and usage of digital ecosystem. The virtual summit saw participation from one thousand five hundred and four retailers from across the country. ITC Ltd. has already developed digital tools like Virtual DS, Unnati App and Store Locator to support its retailers. ITC Sunfeast YiPPee! also launched another differentiated instant noodle variant in its portfolio, Sunfeast YiPPee! Saucy Masala.
Purplle.com rolls out 300 new beauty products every month
Online beauty destination Purplle.com rolls out 300 new beauty products every month. With the idea of ‘Beauty for All’, Purplle.com has launched the #GoPurplle campaign featuring its first brand ambassador Sara Ali Khan. The brand has authentic product ranges from 6000 makeup products to its 5000 natural product offerings with exotic ingredients; all under `400. On the announcement Manish Taneja, Co-founder and CEO, Purplle.com said, “We are delighted to have Sara as the face of Purplle. She is expressive, authentic and extremely comfortable in her skin, making her a powerful role model for young girls. Sara will lend her voice to inspire consumers to embrace their own unique journey, to make beauty reach the comfort of every home.”