Editorial     

Modi learns lesson in humility

The 2024 Lok Sabha elections have opened a brand new chapter that serves up several new lessons. The first and foremost lesson is the one that’s been taught to BJP supremo Narendra Modi — who apparently started believing in his divine infallibility, and that he could do no wrong, and that his word should be considered as final. The poll outcome has brought him down to earth and taught him that the country and democracy are much stronger than any individual.

Having ruled in his own one-man style, the 2024 poll has given him a stark wake-up call. Now, as Prime Minister of a coalition government, he will have to respect coalition ‘dharma’ and take his allies along in the decision-making process. He will have to curb the autocratic tendencies that were on display during the last 10 years.

While careful and slow deliberations may be good on the political front, reducing the speed of economic reforms may not be such a good thing. The economic reforms process will be very tough now and Mr Modi will have to deliberate much more before taking any radical steps on economic growth. All this will be totally different to the speed with which political and economic decisions were taken so far.

On another front, the so-called exit polls turned out to be the villain of the piece in these elections. ‘Interested’ parties presented exit polls that were miles away from the final reality. These exit polls painted a rosy picture of an absolute majority for the ruling party, which created a bullish environment in the stock market and pushed up stock prices to sky-high levels.

In fact, a TMC leader, Saket Gokhale, has complained to the Securities and Exchange Board of India (SEBI) , the regulator of the capital market, alleging that pollsters had manipulated the exit polls to influence the stock market and benefiting investors who made massive profits on June 3 after the market had shot up on the back of the exit polls. However, on June 4, when the actual results were announced, investors were stunned at the relatively poor showing of the ruling party vis-à-vis the rosy picture painted by the exit polls. Mr Gokhale has asked SEBI to investigate the scandal and take appropriate action against the culprits who misled the investing public by predicting a landslide victory for the BJP-led NDA.

The bigger question arises: If pollsters are going to show what is demanded by the ruling party, is there any real need for exit polls? If these polls are manipulated and misused, should they not be banned? Besides, there are complaints that pollsters don’t do their groundwork well and their conclusions are figments of the imagination. For example, Rajasthan has 25 Lok Sabha seats but one exit poll gave the BJP 33 seats! Likewise, in Uttarakhand, the total number of seats is 5 but a pollster declared BJP winning six seats!

As a political activist commented, in India exit polls have lost their relevance as they are manipulated and based on prejudice. These exit polls should be banned as they have proved totally wrong and misleading many a time. These polls are a wrong attempt to influence the people of the country, the administrative system and the election commission before the actual day of counting votes.

written by

Deven Malkan

Cover story     

The God that failed

THE freedom- and democracy-loving voters of India, in the form of ‘God’, have sent across a historic message to Prime Minister Narendra Modi by dashing his expectations of a humongous majority for both the BJP as well as the NDA in the just-concluded 2024 general elections.

Corporate Grapevine         

Tata Steel in revamp mode: focus on Europe operations

After the acquisition of Neelachal Ispat and Bhushan Steel, and the gradual turnaround of its loss-making European unit, Tata Steel is looking forward to expanding capacity at its Odisha plant and making a substantial investment in its UK plant.

Jiomart takes on BigBasket, Zepto

Mukesh Ambani’s Reliance Retail’s JioMart plans to introduce quick commerce services in India by delivering products within 30 minutes of order placed on its app by customers.

Modi-3 may not hurt Adani, Ambani stocks

With the NDA’s performance significantly weaker than in the 2019 elections, analysts are debating whether to bet on Ambani and Adani stocks.

Birla ditches plan to list Novelis

The Aditya Birla group has decided not to list Novelis, a subsidiary of Hindalco, citing bad market conditions.

Corporate Report     

King of cooling solutions

Ice Make Refrigeration Limited (NSE: ICEMAKE), a leading Indian provider of innovative cooling solutions and a prominent manufacturer of over 50 types of refrigeration equipment, has announced a 65.24% increase in net profit, reaching Rs 14.27 crore, compared to Rs 8.63 crore in the corresponding period of the previous fiscal year. This growth was primarily driven by strong sales.

Fortune Scrip     

Emergent Indian FMCG giant

The 2024 general elections are done and dusted, leaving behind the political uncertainties that could have disturbed the business environment for India Inc. This fortnight, we have picked Tata Consumer Products, a recently reconstructed FMCG company of the illustrious House of Tatas.

Portfolio Choice         

Targets Rs 28k cr data revenue by FY27

Tata Communications enables the digital transformation of enterprises globally, including 300 of the Fortune 500 – unlocking opportunities for businesses by enabling borderless growth, boosting product innovation and customer experience, improving productivity and efficiency, building agility and managing risk.

Rising star in cement firmament

Nuvoco Vistas Corporation (NVPL) is the fifth largest cement group in India and one of the leading players in East India in terms of capacity. Its businesses consist of cement, ready-mix concrete and modern building materials, which include a range of over 60 products which meet the needs of individual home builders and institutional infrastructure developers

Dairy queen of private sector

Parag Milk Foods, the largest private dairy FMCG company in India, is a leading manufacturer and marketer of dairybased branded products in India.

Money & Banking     

Earnings at all-time high in FY24

Pune-based Cosmos Co-operative Bank has put up a scintillating performance during fiscal year 2024 with the profit at net level shooting up to an all-time high of Rs 384 crore. Revealing this to newsmen, an elated CA Milind Kale, Chairman, added that the bank had performed extremely well in its various portfolios, including deposit mobilization, loan disbursement, pre-tax profit, net profit, CRAR, and net NPAs etc

Captains Speak         

Rolling plan to double business in next 5 years

Bank of Baroda, the country’s second largest public sector bank, is devising a rolling plan to double its total business (advances + credit) to Rs 48 lakh crore within the next five years. Revealing this at a conference call organised to discuss the bank’s performance during Q4FY24 and fiscal year 2024.

The fastest-growing mutual fund

Nippon Life India Asset Management is in fine fettle. The company has continued to increase its marketshare for the fourth straight quarter ended March 2024. The marketshare in the equity segment shot up over 9 bps in Q4 FY2024 and 58 bps in fiscal year 2024 to 6.76 per cent.

Targeting double-digit EBITDA this year

Delhi-based KEI Industries, a leading manufacturer of electrical wires and power cables, aims at 15-16 per cent growth in revenue during the current fiscal year ending March 2025. The company targets an EBITDA (earnings before interest, taxes, depreciation and amortization) margin of 11 per cent for fiscal 2025.

Corporate Feature         

Bags order for supplying 500 MT of Rice from the prestigious ITC group’s Agri Division

Integra Essentia Ltd, has received its first ever order from the prestigious ITC group’s Agri Division for supplying 500 MT of rice. This present trial order will make way for the company being a long-term associate supplier with the Conglomerate.

Robust earnings show for FY24: Crosses Rs. 1,000 Cr revenue mark

Paramount Communications Ltd., established in 1955, a leading player in India’s wire and cable industry, has announced its earnings for the quarter and year ended 31 March 2024. The company recorded a Robust order book of Rs. 4,951.6 Mn, coupled with Strong performance across product range.

Revenues spurt 56% to Rs. 61.7 cr. strategic investment in Patel Container

ported 56% growth in the total income to reach Rs. 61.7 crore in FY24. Board of Director of Ahmedabad based Sellwin Traders Ltd has approved the proposal to make strategic investment in Patel Container India Pvt Ltd. The company will acquire 36% stake in Patel container which is extendible up to 51% over the next two years.

Rs. 38.83 cr. rights opened on May 24 to close on June 11

Rs. 38.83 crore rights issue of Gujarat based Franklin Industries Ltd (BSE – 540190) engaged in the trading of agriculture commodities and providers of contract farming services has opened for subscription on May 24, 2024.

Robust earnings show for Q4FY24: Net Profit jumps 108% YoY

Sigachi Industries Limited., a leading pharmaceutical company engaged in active pharmaceutical ingredients, quality excipients, vitamin mineral nutrient blends, and O&M services, in its board meeting held on 27 May 2024 announced its audited financial results for the quarter and year ended 31 March, 2024.

Solid earnings for Q4FY24: PAT shoots up 880% YoY

Nandan Denim Ltd. (BSE: 532641, NSE: NDL), a leader in the denim industry, has reported solid earnings for the quarter and year ended 31 March 2024. For the quarter ended 31 March 2024, the company reported revenue from operations at Rs. 579.12 crore, a growth of 26.68% YoY.

Move to acquire 100% of the equity of EBIX INC., USA

Eraaya Lifespaces Limited (BSE : ERAAYA) has announced that a consortium of members led by Eraaya has submitted a term sheet to the independent directors of Ebix, Inc. USA to acquire 100% of the equity of Ebix which, if accepted by the company, would be effectuated under a Chapter 11 Plan.

Board approves 3:1 bonus issue: Robust earnings for FY24

Remedium Lifecare Ltd. (BSE: 539561), engaged in trading API intermediates (KSMs and CRMs) and various other raw materials essential to API trading, has come out with robust performance for the quarter and year ended 31 March 2024. Enthused by this performance, the board of directors has recommended.

Stellar earnings show for FY24: Net profit jumps 380% YoY

Standard Capital Markets Ltd., a leading player in the financial services sector, has announced its earnings for the quarter and year ended 31 March 2024. For the quarter ended 31 March 2024, the company reported revenue from operations at Rs. 1069.67 Lakhs, a growth of 200.31% YoY. The EBITDA jumped 273.94% YoY.

Board approves allotment of shares against conversion of warrants

The board of directors of Lorenzi Apparels Ltd. (BSE: 540952, NSE: LAL), a prominent player in the realm of manufacturing, designing, and marketing readymade garments, has approved the conversion of 2,47,230 warrants into 2,47,23,00 equity shares of face value of Rs. 1/- each.

Reports robust earnings for Q4FY24: Net profit Jumps 154% YoY

North Eastern Carrying Corporation Ltd. (NECC) (BSE: 534615, NSE: NECCLTD), a leading player in domestic, international, commercial, and industrial goods transportation, has announced its earnings for the quarter and year ended 31 March 2024.

February 15, 2025 - First Issue

Industry Review

VOL XVI - 10
February 01-15, 2025

Formerly Fortune India Managing Editor Deven Malkan Assistant Editor A.K. Batha President Bhupendra Shah Circulation Executive Warren Sequeira Art Director Prakash S. Acharekar Graphic Designer Madhukar Thakur Investment Analysis CI Research Bureau Anvicon Research DD Research Bureau Manager (Special Projects) Bhagwan Bhosale Editorial Associates New Delhi Ranjana Arora Bureau Chief Kolkata Anirbahn Chawdhory Gujarat Pranav Brahmbhatt Bureau Cheif Mobile: 098251-49108 Bangalore Jaya Padmanabhan Bureau Chief Chennai S Gururajan Bureau Chief (Tamil Nadu) Ludhiana Ajitkumar Vijh Bhubaneshwar Braja Bandhu Behera

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