COST Financial News

Hindalco Industries tanked 14% to the day's low of Rs 501.10 on the NSE on Tuesday after its US-based subsidiary Novelis lowered its returns guidance for Bay Minette project to double digits from an earlier mid-teens. The company also announced an additional capex for the project which came as a shocker for the Street. On Monday, Novelis reported net income at $174 million which was up 81% year-on-year (YoY) though it excluded special items, the company filing said. The adjusted EBITDA was reported at $454 million which was up 33% YoY. The company reported net sales at $3.9 billion for the third quarter of fiscal year 2024, which decreased 6% versus the prior year period driven by lower average aluminum prices as shipments were in line with prior year levels.

Hindalco Industries saw its stock price decline by 10% in morning trades on Tuesday post its US subsidiary Novelis posted its December quarter performance. While the financials were in line with the expectations its the Capex guidance and timeline that disappointed said analysts Novelis’ 3QFY24 adjusted EBITDA came in line with our estimates, with demand outlook improving in America, whereas Europe and Asia remain under pressure, said analysts at Kotak Institutional Equities.

Infosys, were seen enjoying simple pleasures. Dressed in casual attire, they were photographed with their ice cream, a scene resonating deeply with onlookers online. Feedback on platforms like X (formerly Twitter) highlighted the humility and approachability of the Murthys.

Hindalco Industries Ltd is slated to release its earnings for the December quarter later today, and the print is likely to look better led by a robust show by arm Novelis Inc. On Monday, Novelis reported a strong 33% year-on-year (YoY) growth in operating profit, which drove the profit multifold. The company posted a net income of $121 million for the quarter, compared to $12 million a year ago.

earnings on Tuesday with Street tracking the results of Hindalco Industries, Bharat Heavy Electricals (BHEL), Nuvama Wealth Management and Indian Railway Catering and Tourism Corporation (IRCTC). Among other important results will be those by Arvind Fashions, Antony Waste Handling Cell, Bombay Burmah Trading Corp,, Bosch, Coffee Day Enterprises, Gujarat Gas, Hindalco Industries, Hindustan Copper, Inox India, MTAR Technologies, Mahanagar Telephone Nigam, National Aluminium, Info Edge, NBCC (India), Ltd, OIL, Panacea Biotec, Praveg, Prestige Estates Projects and Sula Vineyards.

Coal India: The company reported a 17% increase in its consolidated net profit at ₹9,069 crore for the quarter ending on December 31, 2023, compared to ₹7,755 crore recorded in the corresponding period last year. Revenue from operations experienced a modest 3% year-on-year growth at ₹36,154 crore in Q3FY24, as opposed to ₹35,169 crore reported during the same period last year. The board has also announced a second interim dividend of ₹5.25 per share for FY24.

Tata Digital is exploring the integration of the operational structures of key group assets such as BigBasket, 1mg, and Tata Cliq to streamline operations, reduce costs, and enhance market responsiveness, said people familiar with the matter. The flagship digital asset, BigBasket, is also looking to raise up to $100 million in funding from parent Tata Sons. It is likely to float a proposal for the same later this week as part of its annual operating plan, the people told ET.

If your loved one is expecting chocolate this Valentine's Day, celebrating it may prove not-so-sweet for your wallet.

(Reuters) — Apparel retailer Express is preparing for debt restructuring and a possible bankruptcy within weeks, the Wall Street Journal reported on Monday, citing people with knowledge of the matter.

(This Feb. 8 column has been corrected to change the type of company to 'an employer with fewer than 20 workers' instead of 'an employer with 20 or fewer workers,' in paragraph 6)

By Allison Lampert and Rajesh Kumar Singh

Kesoram Industries, which is merging its cement business with UltraTech Cement, is looking to refinance the ₹1,500-crore debt borrowed at 20% from Goldman Sachs, Cerberus and Edelweiss, and is in talks with Tata Capital for it, two people aware of the development said. The company is looking for a one-year finance before the asset moves to UltraTech following regulatory clearances, they said, adding that Kesoram is looking to refinance the debt at 12-13%. Talks for the new loan could close by the end of this month, they added. «Kesoram is in talks with Tata Capital to raise debt as the 'make whole' for the existing debt will get over in March this year,» said one of the sources. «The loan will be used to refinance existing lenders and will help Kesoram reduce interest cost by as much as 7-8%.» «Make whole» is the call option on a bond given to an issuer to pay off the remaining debt.

India's annual capital spending on developing oilfields will fall from next year, shrinking by about a fifth by 2030 in the absence of major discoveries, which will lead to a drop in domestic oil production and expand dependence on imports, according to the International Energy Agency (IEA). Capital expenditure on developing oil projects is estimated to drop below $3.5 billion in 2030 from around $4.3 billion in 2024. The estimates are based on the current pipeline of upstream projects, said Toril Bosoni, the head of oil markets at IEA. «It's possible that there will be finds, and new project developments will come online, but most of the time, the lag between discovery and production is beyond this time frame,» said Bosoni, referring to the IEA study which factors in capacity till 2030.

education industry finds itself at the forefront of AI-led social transformation, with a wide array of college degrees that lead to entry-level office jobs losing current gatekeeping functions. AI will change both supply of, and demand for, college education by impacting costs and wages. Machine-assisted education can improve supply and, thereby, lower the financial burden of acquiring it.

Andhra Pradesh, Telangana and Karnataka collectively owe the Indian Railways more than ₹9,000 crore as their cost share for projects executed in these states. Kerala and Tamil Nadu do not have any such arrears, but land acquisition has been slow hurting projects in these states, said officials aware of the matter. According to officials, railway projects face the most delays in states where political regimes change frequently.

: Vedanta, the largest aluminium producer in India, will soon become the lowest cost producer of the silver-white metal in the world as the company works on backward integration of its supply chain, including acquisition of more coal mines, according to John Slaven, the chief executive of the company’s aluminium business. The company also has firm plans of expanding its production capacity to 3 million tonnes (MT) a year from 2.4 MT at present in 18-24 months. It is also working on expanding capacity “significantly beyond that," Slaven said.

New York: The U.S. government said it is spending more than $7 million a year to maintain a superyacht it seized from a sanctioned Russian oligarch, and urged a judge to let it auction the vessel before a dispute over its ownership is resolved. Authorities in Fiji seized the 348-foot (106-meter), $300 million Amadea in May 2022, pursuant to a U.S.

Mint explains: Beginning January, farmers from several member-nations of the European Union (EU)—Belgium, Bulgaria, France, Germany, Hungary, Italy, Poland and Spain—invaded cities with their tractors, burning tyres, dumping manure, raiding supermarkets, blocking access to ports and highways and choking city centres. They are protesting subsidy cuts, high energy prices, cheap grain imports from Ukraine, beef imports from Latin America, growing clout of big agribusiness and climate policies limiting the use of chemical inputs. It is a profitability crisis—due to higher farming costs and low produce prices.

₹3.5 trillion to ₹13.5 trillion. This value does not include banks’ investment in NBFC securitisation transactions, non-convertible debentures (NCDs), commercial papers, co-lending arrangements, etc. Moreover, many banks reached their sectoral limits of lending to NBFCs.

Bank does not need to dampen the euro zone's economy even more to get inflation under control because demand is still weak, ECB board member Piero Cipollone said on Monday. While cautious, Cipollone's first remarks on monetary policy since joining the ECB late last year likely placed him in the dovish tradition of his predecessor and fellow Italian, Fabio Panetta.

Tata Motors and MG Motor India that are reporting high demand for electric cars from this tiny southern state that accounts for only about 4% of all passenger vehicles sold in India. Kerala has emerged a frontrunner in adoption of the technology, trailing only Maharashtra in lapping up electric cars like Tata Tiago EV to MG Comet, launched at affordable price points in the mass market in the past 12-18 months. It is followed by Karnataka and Gujarat. Together, the three states accounted for about 35% of the 82,000-odd electric cars sold in the country in CY2023. Greater consumer awareness, lower cost of operations and wider spread of charging infrastructure have been driving up sales in these states, senior industry executives told ET.