Mary Dawson

Proposal to settle with the bank deposited in NCLAT, said the former Supertech

The previous management of Realty Firm Supertech Limited informed the Supreme Court on Wednesday that it had filed a settlement proposal with the financial creditor Union Bank of India to settle the arrears with the National Company Law Appellate Tribunal (NCLAT).

Senior advocate S Ganesh told a bench of Justices DY Chandrachur, Surya Kant and PS Narasimha that they had submitted the proposal in favor of the previous management and asked the court to direct the NCLAT to consider it.

The bench said, “You kept it. They (NCLAT) will consider it. We should not issue any such directive for consideration. It is not right for us to give them instructions. “

Initially, Amicus Curiae Advocate Gaurav Agarwal told the court that the matter was scheduled for hearing on May 17 before the NCLAT but it was adjourned.

The counsel appearing on behalf of the Interim Resolution Professional (IRP) appointed by the NCLT submitted that the previous management had issued checks to several home buyers, which have now been dishonored due to insufficient funds and they have now initiated legal proceedings against it.

The bench said it had to protect the IRP and directed that no such action be initiated against it.

A lawyer for home buyers said the legal process for check bounces is prohibited by restrictions and if they do not start such activities within a specified time, they will lose the remedy under the Negotiable Instruments Act.

The bench, then exercising its powers under Article 142 of the Constitution, extended the period of limitation till further order.

Earlier, on May 6, the troubled real estate chief Supertech Limited informed the apex court that the financial creditors were in talks with the Union Bank of India to resolve the dispute over the payment of arrears.

The apex court was further informed by Agrawal that the company Supertech Limited did not have sufficient funds in its account to reimburse home buyers for demolishing the Twin Towers in the Noida Emerald Court project.

The bench told Agarwal that the court directed that the buyers of the Twin Towers house should find a way to pay.

On April 4, the apex court said it would protect the interests of buyers of a 40-storey twin-tower home in the emerald court project of real estate developer Supertech Limited, which has now been declared bankrupt by the NCLT and ordered to file by April 15. Claim them for a refund.

The realty firm told the apex court that it would file an appeal against the order of the National Company Law Tribunal (NCLT) in an application filed by Union Bank of India for non-payment of about Rs 432 crore. Arrears

Amicus had earlier said that the Twin Towers had a total of 711 home buyers out of which the company had settled 652 home buyer claims.

On February 28, NOIDA authorities informed the apex court that the demolition work of a pair of Supertech 40-storey towers had begun in its Emerald Court project, which was found to be illegal for violating the rules, and would be completely demolished.

Authorities said in a status report that after the massive structure was demolished, the entire wreckage would be cleared from the site by August 22.

The apex court asked all stakeholders, including NOIDA and Supertech Limited, to adhere strictly to the deadline given in the status report and listed the matter for the next hearing on May 17.

On August 31 last year, the apex court, along with NOIDA officials, ordered the demolition of Supertech Ltd’s twin 40-storey towers under construction within three months for violating building rules “internationally”, saying illegal construction must be dealt with severely. To ensure compliance with the rule of law.

NOIDA authorities received a rap on its counterfeit because the apex court cited multiple cases of collusion of its officials with Supertech Limited in the Emerald Court project and multiple incidents of violation of rules by Realty Major in the construction of the Twin Towers.

The apex court directed that home buyers would be reimbursed the full amount at 12 per cent interest from the time of booking and Rs 2 crore would be paid to RWA of the Emerald Court project for the harassment caused by the construction of the Twin Towers. Existing residents of the housing project adjacent to the national capital were blocked from sunlight and fresh air.

Follow the rules or leave India, the government tells VPN service providers

Virtual private network service providers who are not ready to comply with the new guidelines have the only option to leave India, State Minister for Electronics and IT Rajiv Chandrasekhar said on Wednesday.

The Minister, while releasing the Frequently Asked Questions (Frequently Asked Questions) about the recent guidelines on reporting incidents of cyber violations, said that every good financial institution or organization understands that a secure and reliable internet is going to help it.

“No one has the opportunity to say that we do not follow the rules and regulations of India. If you do not have logs, start maintaining logs If you are a VPN that wants to hide and anonymize the people who use its VPN and if you do not want to follow these rules, if you want to get out, to be honest you have no choice but to withdraw. . He said.

The Ministry of Electronics and IT has required cloud service providers, VPNs (virtual private network) companies, data center companies and virtual private server providers to store user data for at least five years.

Some VPN companies have claimed that the new rule could lead to cyber security flaws in the system – an argument that was rejected by the minister.

Chandrasekhar said the government was not going to make any changes to the rules forcing companies to report cyber violations on their systems within six hours of learning about it.

“Crime and cyber incidents, nature, type, shape, form are very complex. They have a very evil element behind it. There are many state actors who are using vulnerabilities. Those who violate this can proceed very quickly. Immediate reporting is fundamental to investigations, forensic analysis, situational awareness of the nature of events, “he said.

The US-based technology industry body ITI, which has members from global technology companies such as Google, Facebook, IBM and Cisco, has sought an amendment to the Indian government’s directive on reporting cyber security breaches.

ITI said the provisions under the new order could adversely affect companies and harm cyber security in the country.

The industry body has asked for greater stakeholder consultation with the industry before finalizing the guidelines.

The Indian Computer Emergency Response Team (CERT-In) issued a directive on April 28, requiring all government and non-government organizations, including Internet service providers, social media platforms and data centers, to report cyber security breaches within six hours. Them

The new circular issued by CERT-In obliges all service providers, intermediaries, data centers, corporates and government agencies to activate logs of all their ICT (information and communication technology) systems and maintain them safely for 180 days rolling period, and the same Indian Will be maintained within the jurisdiction.

The ITI has expressed concern over the need to enable logs of all ICT systems and maintain them under Indian jurisdiction for 180 days, the additional definition of reportable incidents and the need to connect to the companies’ servers, mandatory reporting of incidents of breach within six hours. Government of India

Airtel tariff hike: Subsequent hike will help the company cross the Rs 200 ARPU mark, MD says

Telecom operator Bharti Airtel on Wednesday said it expects to reach the target of Rs 300 per user in five years while the next tariff hike, which remains unresolved this year, will help the company surpass Rs 200.

Gopal Vittal, MD and CEO of Bharti Airtel India and South Asia, said during an investor call that the company was also able to gain 4G subscribers due to rising smartphone prices due to shortage of electronic chips. The number of postpaid subscribers has crossed 200 million.

“My own idea is that we should start seeing some tariff increases this year. I believe tariffs at that level are still very low. The first port of call is at Rs 200 which will be the minimum required. One round of tariff hike,” Vittal said.

Airtel’s ARPTelecom players have been raising the price of mobile calls and data for the past two years. U, a key metric for all telcos, came in at Rs 178 for the quarter, which increased from Rs 145 in the March 2021 quarter to “healthy flow” through year-round tariff revisions and strong 4G subscribers. “

All the three private players increased the price of mobile plans by 18-25 per cent between November-December 2021.

Vittal says the price of entry-level smartphones has risen from Rs 7,000 to about Rs 10,000 due to the lack of chips, which has hampered mobile phone upgrades.

“I believe this is a temporary phenomenon and the reason is that people tend to get used to a new normal. I think the initial shock will stop in the next few months. And much more. All of this clearly affects consumers and wallets. Let’s see how it works, “says Vittal.

In India, Airtel’s mobile subscriber base grew by just 1.5 per cent year-on-year to 32.6 crore in March 2022 from 32.1 crore a year ago.

In response to a question about Airtel’s vision for the next five years, Vittal said the company’s non-mobility business should grow during this period, including B2B business and broadband business.

“ARPUs on mobility should be close to Rs 300. In fact, in the next five years it should be close to that level,” Vittal said.

The company has more than doubled its consolidated net profit for the March quarter to Rs 2,008 crore a year, boosted by average revenue growth per user and an exceptional profit.

The profit after tax for the January-March quarter was 2.5 times higher than the Rs 759 crore recorded a year ago.

Airtel’s revenue from operations increased by 22.3 per cent to Rs 31,500 crore in March 2022 from Rs 25,747 crore in the year-ago period.

FY22 For the full year, Sunil Mittal-led telco reported a net profit of Rs 4,255 crore, as against a loss of Rs 15,084 crore in the previous fiscal (FY21), marking a change in performance in a market where significant announcements have been made.

Bharti Airtel earned Rs 116,547 crore for FY22, up from Rs 100,616 crore recorded in the previous financial year. That translates to a 16 percent topline increase for the full year. The company has invested Rs 25,661.6 crore in 2021-22.

Vittal said Capex is expected to be in the same range as last year and there could be some increased costs for 5G services.

He declined to comment on the 5G auction after sector regulator TRAI recommended the price as “very disappointing”. The Telecom Regulatory Authority of India (TRAI) has planned a mega auction of over Rs 7.5 lakh crore at a base price across multiple bands for radiowaves allocated for more than 30 years.

Overall, the Telecom Regulatory Authority of India (TRAI) has recommended a reduction of about 39 per cent in reserve or floor price for spectrum sales for mobile services, including the latest 5G offer, as it matches revenue expectations with industry financing. Power

Watchdog has recommended a mega auction plan of over Rs 7.5 lakh crore for 1 lakh MHz spectrum if the government allocates it for 30 years.

In 20 years, the total value of the proposed spectrum auction will stand at a reserve price of around Rs 5.07 trillion, according to back-of-the-envelope calculations.

With a lot of spectrum unsold in the last two auctions, TRAI sells airwaves in all existing bands of 700 MHz, 800 MHz, 900 MHz, 1800 MHz, 2100 MHz, 2300 MHz and 2300 MHz, 2300 MHz, 2300 MHz, 800 MHz, 900 MHz. Has recommended the government to do. 600 MHz, 3300-3670 MHz and 24.25-28.5 GHz.

The auction is expected to be held in late June or early July.

Drones can save lives by providing healthcare in rural India: WEF report

As government agencies, businesses and healthcare providers address the urgent need for better access to healthcare in rural India, a new pilot program launched by the World Economic Forum (WEF) has shown that drones can be used to bring quality healthcare to people living in remote areas. Area of ​​India.

The results of the trial, “Medicine from the Sky, India: How Drones Can Make Primary Health Care Accessible to All” report, provide a realistic approach to providing essential medicines to citizens who lack access to basic healthcare, the WEF said in a statement. Statement

At the event, held in the southern state of Telangana’s Vikarabad district, eight healthcare centers with a population of over 300,000 people took part in a 45-day trial where health workers provided vaccines, samples and medical products using more than 300 COVID-19 test drones.

Interestingly, Vikarabad district was chosen because some of its communities live in the dense forests of the Anantagiri hills. The trial involved 45 days.

The WEF called it the first successful trial of long-range vaccine delivery in Asia, adding that “it shows how drone technology can be extended across India to meet emergency healthcare needs in remote areas.”

Meanwhile, Aviation Minister Jyotiraditya Scindia said, “With the recent liberalization of drone rules and numerous government incentives for the drone sector, India has set the stage for the development of this innovative technology. To that end, the Medicine from Sky initiative has shown that no one lags behind in access to primary health care to ensure that the country can successfully use state-of-the-art drone technology. We are hopeful that the next steps in this initiative will bring drones into the healthcare system. “

The trial was conducted as part of a larger program, Medicine from the Sky, led by WEF’s ‘Center for the Fourth Industrial Revolution India’ event, in partnership with the Telangana government, the NITI Commission and Apollo Hospital’s Healthnet Global.

Sangeeta Reddy, Joint Managing Director, said the organization’s goal was to “enable access to world-class quality healthcare services using state-of-the-art technology.”

“We look forward to continuing this project with the World Economic Forum, the Telangana government and other states across the country, which I am sure will usher in a new era in improving the healthcare delivery chain,” he said.

The program aims to work with policy makers, businesses and communities to use drone technology to expand urban-grade healthcare in remote areas of India. Several stakeholders have been consulted, including health workers, the local community, local police, district-level administrators and local air traffic control, the WEF said in a report.

Rajnath Singh embarked on a P-8I anti-submarine warfare aircraft

During a visit to Mumbai, Defense Minister Rajnath Singh underwent a voyage of Indian Navy P-8I long-range maritime recovery and anti-submarine warplanes, a Navy spokesman said on Wednesday.

The defense minister launched the voyage just hours after launching two Indian Navy frontline warships at the Mazagan Docks Limited (MDL) in Mumbai on Tuesday.

“The P8I ship is conducted by eyewitness, young and dynamic men and women, naval air operations. With the experience of Long Range Maritime Surveillance and ASW capabilities, I am confident that our maritime interests are in the safe hands of a ready, credible and integrated #IndianNavy for a war, ”Singh tweeted on Wednesday.

Indian Navy spokesman Commander Vivek Madhawal said the flight crew consisted of seven naval-air operations officers, including two pilots and three female officers.

During the mission, search and rescue capabilities were demonstrated by deploying long-range surveillance, electronic warfare, image intelligence, anti-submarine combat missions and state-of-the-art mission suits and sensors, he said.

The P-8I aircraft has proven to be an important asset to the Navy with its superior maritime surveillance and reconnaissance capabilities and operational readiness.

Commander Madhawal said that the incorporation of P8I aircraft since 2013 has significantly improved the Indian Navy’s “continuous surveillance activities in the Indian Ocean Territory (IOR)”. The P-8I is powered by twin jet engines and can be equipped with air-to-ship missiles and torpedoes.

The Indian Navy was the first international customer of the P-8 aircraft, produced by U.S. space chief Boeing.

The aircraft is also operated by the US Navy, the Royal Australian Air Force, the United Kingdom’s Royal Air Force and the Royal Norwegian Air Force.

Instagram Update: This big change will come with the feature of the story

Instagram, a meta-owned photo-sharing platform, is testing a new storage layout that hides additional posts. Users can now post up to 100 stories at once.

Although this number should remain the same despite the change, users who have received the update will have to tap the “Show All” button to see the rest of the stories. Otherwise, Instagram jumps into the next person’s stories.

“According to 9To5Mac, Phil Russell, a Brazilian Instagram user, noticed that the Instagram app now shows three of the stories shared by other people,” the IANS report said.

The report goes on to say that this is a significant change in the way Instagram Store works. Since some people are accustomed to tapping the screen to see all the stories from one account at a time, this will no longer be possible after the update. For creators, this means that the view of any post after the third story will be less.

At the same time, limiting the number of stories displayed in the app will allow users to see more people’s posts faster if they are not interested in that content.

Currently, it appears that only a small group of users have received updates with the new storage layout, so according to reports, Instagram is still testing these changes before rolling out to all users.

India, the world’s largest buyer of Russian weapons, wants to diversify suppliers

India is looking to domestic companies for military gear and ammunition and to Eastern European countries, as Russia’s world’s largest buyer of arms is looking for alternative suppliers at a time when Moscow is at war with Ukraine and facing sanctions.

New Delhi has long spoken of diversifying suppliers to its huge armed forces and even building more equipment at home, achieving new emergency targets since the Russian invasion, two government officials and a defense source said.

India has identified Rs 25.15 billion ($ 324 million) worth of defense equipment that domestic companies want to build and avoid buying abroad this year, according to an online platform where the defense ministry lists its needs.

“The current world order and geopolitical scenario, which is extremely turbulent, has also taught us a lesson,” said Air Marshal Vivas Pandey, who is in charge of maintenance operations for the Indian Air Force.

“If we want to ensure security and stability … the only option is to establish a fully self-sufficient or self-sustaining supply chain system within the country,” Pandey told defense manufacturers in New Delhi.

However, he did not specifically mention the conflict in Ukraine, which Moscow called a “special military operation.”

The Indian Air Force is looking for equipment like ejection pods for Russian-designed Sukhoi fighter jets and propellers for Ukrainian-made Antonov transport aircraft, another document shows.

Within three years, Pandey said, the Air Force’s goal was to source all tires and batteries for critical aircraft fleets from domestic companies like MRF.

A senior government official, speaking on condition of anonymity, said India wanted to bring home more than half of its defense equipment.

The Defense Ministry did not immediately respond to requests for comment on whether there were concerns over India’s reliance on Moscow for military hardware and the war in Ukraine and Russia’s slow progress.

Brahma Chelani, a defense and strategic affairs analyst in New Delhi, says Russian equipment has served India well in the past, although in recent years it has increased purchases from countries such as the United States, France and Israel.

“Defense transfers are always a slow evolutionary process. You can’t change suppliers overnight,” he said.

India employs 1.38 million people in its armed forces and is one of the world’s largest arms importers, spending $ 12.4 billion between 2018 and 2021, compared to Russia’s $ 5.51 billion, according to the SIPRI arms transfer database.

The Indian Army is equipped with Russian tanks and Kalashnikov rifles. Its air force uses Sukhoi fighter jets and Mi-17 transport helicopters, while the navy’s aircraft carrier INS Vikramaditya was formerly part of the Russian navy.

In recent months, some of India’s western partners, including Britain and the United States, have indicated their willingness to increase their defense proposals in New Delhi.

Three-way approach

The military, which has spent considerable effort defending India’s long border with China and Pakistan, has fought both neighbors, working in a three-pronged approach to maintaining readiness, a second government official said.

The government is examining whether Eastern European countries can use weapons and platforms like the Indian military and supply extra supplies and ammunition.

“If (Russian) supply lines are cut off, we have alternatives,” said the official, who declined to be named because the matter was sensitive.

Indian authorities are also urging Russian counterparts for some key projects already agreed upon, the official added.

These include the supply of S-400 missile systems and a contract to build more than 600,000 Kalashnikov AK-203 assault rifles at a new plant in northern India.

Some Indian companies are already feeling the effects of the pressure of diversification and nationalization.

In the PLR ​​system, a joint venture between Adani Group and Israel Weapon Industries, which makes small arms in India, has increased the search for assault rifles since the Ukraine conflict, an industry source said.

The PLR ​​system offers Israel-designed Galilee ACE assault rifles as a replacement for Russian Kalashnikov weapons.

“The demand for rifles is also from the states and the Central Armed Police Force,” the source said, referring to the talks as private. “Right now, none of them can get it from outside.”

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US Stocks: Increased Stock Assemblies Decline as Wall Street Slides; The target slumps

U.S. stock indexes fell on Wednesday as a rally of rising stocks faded and retailers fell short of the target after being the latest victims of rising prices.

Shares of Target Corporation fell 25.1% after the S&P 500’s first-quarter profit halved, and the company warned of a big margin injury on rising fuel and freight costs.

Shares of other retailers such as Walmart Inc, Gap Inc, Kohl’s Corp, Nordstrom Inc, Costco, Best Buy, Macy’s Inc and Dollar General Corp fell 4.1% to 11.8%.

All of the 11 major S&P sectors declined in morning trade, with consumer-led and consumer-focused sectors down 3.5% each.

“Input costs are very important to retailers. Until the supply chain is disrupted and labor costs are reduced, we’re going to see retailers struggle,” said Brooke May, managing partner at Evans May Wealth in Indianapolis.

Rising inflation, the conflict in Ukraine, protracted supply chain snarls, an epidemic-related lockdown in China and the possibility of the central bank tightening aggressive policies have recently weighed on the market, raising concerns about the global economic downturn.

Federal Reserve Chairman Jerome Powell told the Wall Street Journal on Tuesday that the US Federal Reserve would continue to “push” on the rate hike until it sees inflation come down in a “clear and credible way”, if not, it will not hesitate to move more aggressively. Will happen

Traders are set to raise interest rates by 50 basis points by the Fed in June and July.

“The market is very concerned about the high rates and the potential overshooting of the Fed and the softening of the economy,” May said.

“The higher rates will obviously eat up retail costs in addition to corporate profits and the market is just trying to digest it.”

The S&P 500 is still down 15.6% in 2022 and the Nasdaq is down more than 24%, affected by rising stocks.

Rate-sensitive big tech and growth companies such as Microsoft Corp, Apple Inc., Google Owners – Alphabet Inc, Meta Platforms, Tesla Inc and fell sharply from 1.7% to 4% after leading sharp rebounds on Wall Street in previous sessions.

At 10:09 am ET, the Dow Jones Industrial Average was down 488.86 points, or 1.50%, at 32,165.73, the S&P 500 was down 69.72 points, or 1.71%, at 4,019.13, and the Composite, 2016 points, or Nas, was down 30,30%. %, At 11,781.44.

Lowe’s Cos Inc fell 2.1% after reporting expected-to-expected declines in same-store sales, as demand for its home improvement equipment and construction materials fell from the height of the epidemic.

However, TJX Cos Inc’s 11% rise helped annual profit prices rise after discount store operator forecasts.

The CBOE Volatility Index, also known as the Wall Street Fear Measure, rose to 27.84 points after falling for six consecutive sessions.

The 2.76-to-1 ratio on the NYSE and the 1.94-to-1 ratio on the Nasdaq have outperformed the declining numbers.

The S&P index recorded a new 52-week high and 30 new lows, while Nasdaq recorded 26 new highs and 90 new lows.

Q4 Results 2022: JK Lakshmi Cement, Aditya Birla Fashion, Westlife Development,

Q4 Results 2022: Listed companies including JK Lakshmi Cement, Aditya Birla Fashion & Retail, Westlife Development and Arvind Ltd. reported their March quarter results. Here are the main highlights of the results of these companies

JK Lakshmi Cement’s Q4 profit rises 18.3% to Rs 188.36 crore, revenue rises 12.3%

JK Lakshmi Cement on Wednesday increased its consolidated net profit by 18.36 per cent to Rs 188.36 crore for the fourth quarter ended March 2022, contributing to improved operational efficiency and higher volume.

The company had earned Rs 159.13 crore in the January-March period a year ago, JK Lakshmi Cement said in a regulatory filing.

Its revenue from operations increased by 12.32 per cent to Rs 1,599.83 crore in the quarter under review from Rs 1,424.32 crore in the year-ago period.

“Despite the relentless rise in petrochemical and diesel prices, which are at all-time highs, JKLC can achieve healthier profits through efficient operation, energy consumption, good product mix and continuous improvement,” the company said in a revenue statement.

The total cost of JK Lakshmi Cement was Rs. 1,367.69 crore, which is 13.31 per cent higher than Rs.

For the financial year ended March 2022, JK Lakshmi Cement reported a 13.40 per cent increase in its consolidated net profit of Rs 477.58 crore. It reported a net profit of Rs 421.12 crore in the previous year.

Its revenue from operations in 2021-22 was Rs 5,419.89 crore. This is an increase of 14.64 per cent over Rs 4,727.44 crore in the same period a year ago.

Meanwhile, JK Lakshmi Cement in a separate filing said that in a meeting held on Wednesday, its board recommended a 100 per cent dividend of Rs 5 / – per equity share for the financial year ending March 21, 2022.

Shares of JK Lakshmi Cement Ltd settled at Rs 393.80 on the BSE on Wednesday, down 0.29 per cent from the previous close.

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ABFRL earned Rs 31.90 crore for January-March, sales increased by 25.3%

Aditya Birla Fashion and Retail Ltd. reported a consolidated net profit of Rs.

Aditya Birla Fashion and Retail Limited (ABFRL) said in a regulatory filing that the company had incurred a net loss of Rs 195.86 crore in the January-March quarter of the previous fiscal.

Its revenue from operations during the quarter under review increased by 25.32 per cent to Rs 2,282.83 crore from Rs 1,821.58 crore in the same period of the previous fiscal.

“Despite the effects of the third wave of epidemics, a rapid revival of demand across the segment has led to a strong quarterly performance. Investments in e-commerce and minimal channel expansion have resulted in a growing consumer-friendly approach to our brands,” the ABF said in a statement.

The total cost of ABFRL was Rs 2,266.06 crore, an increase of 15.58 per cent over Q4 / FY 2021-22, compared to Rs 1,960.47 crore.

The revenue from the Madura Fashion and Lifestyle segment rose 32.28 per cent to Rs 1,660.11 crore from Rs 1,254.99 crore in the same quarter last year on the back of a revival of wholesale business and a strong retail sales.

“Product innovation and expansion into new segments have driven the growth of our brand franchise. The business has continued to expand into the small town market as well, built on successful pilots earlier this year,” it says.

Pantaloons’ revenue rose 13.12 per cent to Rs 674.86 crore from Rs 596.54 crore in the same quarter last year, despite disruptions in large format stores due to the third wave of Covid.

“The e-commerce channel YoY grew 81%, Pantaloons.Com grew 63% over the previous year. Pantaloons doubled its aggressive network expansion agenda by opening 18 stores this quarter,” it says.

For the fiscal year ended March 2022, ABFRL reduced its consolidated net loss by Rs 118.36 crore from Rs 736 crore in the previous year.

Its revenue from operations in 2021-22 was Rs 8,136.22 crore. This is 55 per cent more than last year’s Rs 5,248.92 crore. ABFRL said the onset of the third wave of the epidemic had an effect early in the fourth quarter. However, March 2022 saw a strong return to business with a 50 percent increase in sales compared to last year.

“We hope that this momentum will continue into the coming quarter of this year,” he said.

Meanwhile, in a separate filing, ABFRL said in a meeting held on Wednesday that its board had re-appointed Ashish Dixit as the company’s managing director for the next five years starting February 1, 2023.

It has re-nominated Vikram Rao as an independent director for five years starting May 18, 2022.

ABFRL, part of the Aditya Birla Group, has an elegant bouquet of top fashion brands and retail formats.

In addition to the Fast Fashion Store Pantaloons, the company has a repository of leading brands such as Louis Philippe, Van Heusen, Allen Solly and Peter England. As of March 31, 2022, the company has a network of 3,468 stores across 28,585 multi-brand outlets.

Its international brand portfolio includes – The Collective, India’s largest multi-brand retailer of international brands and long-term monopoly partnerships with select brands such as Ralph Lauren, Hackett.

London, Ted Baker, Fred Perry, Forever 21, American Eagle and Reebok.

Shares of Aditya Birla Fashion and Retail Limited settled at Rs 280.60 on the BSE on Wednesday, up 0.21 per cent from the previous close.

Westlife Development’s net profit is Tk 15 crore; Sales up 26.5%

Westlife Development Limited, the owner of Hardcastle Restaurant, the master franchise of McDonald’s restaurants for West and South India, posted a consolidated net profit of Rs 15.06 crore for the fourth quarter ended Wednesday, March 2022.

Westlife Development Ltd said in a BSE filing that the company had a net loss of Rs 6.03 crore in the January-March quarter a year ago.

Its sales increased by 26.50 per cent to Rs 443.90 crore during the period under review from Rs 350.89 crore in the same quarter last fiscal.

“Facing inflationary pressures and the challenge of omicon waves, the company’s operating EBIDTA rose 46 per cent from YOY to 16 per cent. Its single-store sales growth (SSSG) for the quarter stood at 23 per cent YOY,” it said.

The total operating cost and expenditure of Westlife Development was Rs 353.48 crore, an increase of 25.53 per cent over the fourth quarter of 2021-22, compared to Rs 281.59 crore during the previous year.

In the fourth quarter of FY22, the company opened 12 new McDonald’s restaurants. In addition, Westlife now has a total of 326 restaurants and 262 McCafফেs in 47 cities.

Amit Jatia, Vice Chairman, Westlife Development, said: “Our strong performance was influenced by our omni-channel strategy, menu innovation and cost optimization practices, and it was a testament to our scale and agility. Elastic and our goal is to continue to provide seamless customer experience for all our stakeholders by leveraging our momentum to drive long-term, sustainable growth. “

For the fiscal year ended March 2022, the combined net loss of Westlife Development was Rs 3.38 crore. It reported a net loss of Rs 99.21 crore in the previous financial year.

Its sales in 2021-22 stood at Rs 1,556.08 crore. This is 59.55 per cent more than Rs 975.25 crore in the same period a year ago.

Shares of Westlife Development Ltd fell 3.17 per cent to Rs 464 on the BSE on Wednesday.

Arvind Ltd’s fourth quarter profit rises 74% to Rs 6 crore

Leading textile maker Arvind Ltd reported a 64.22 per cent increase in consolidated net profit of Rs 87.60 crore for the fourth quarter ended March 2022, which was supported by strong volume and price growth during the period.

The company had a net profit of Rs 53.34 crore in the January-March period a year ago, Arvind said in a regulatory filing.

The revenue from operations was Rs 2,203.50 crore as against Rs 1,654.87 crore in the corresponding period of the previous year.

Its fabric and garments volume was strong in both domestic and export markets, Arvind said in an earnings statement.

The amount of clothing this quarter was the highest ever and the amount of clothing was healthy, it says.

“As cotton prices continued to rise, margins were under pressure, and other input costs were higher. Although price increases helped offset cost growth, the number of margins appears lower than in the past,” it says.

The total expenditure for the quarter was Rs 2,081.22 crore, up from Rs 1,566.36 crore a year ago.

Revenue from textiles increased by Rs 1,824.11 crore from Rs 1,331.16 crore in the year-ago period.

Revenue from improved materials was Rs 267.08 crore as compared to Rs 198.65 crore in the March quarter of 2020-21.

For the financial year ended March 2022, the consolidated net profit was Rs 241.58 crore. It reported a net loss of Rs 27.39 crore in the previous year.

The revenue from activities in the last financial year was Rs 8,033.73 crore as against Rs 5,072.98 crore in the previous year.

“Arvind Ltd has closed its financial year with a net debt of Rs 1,682 crore, which is Rs 268 crore less than the March 2021 level. Long-term debt has declined by Rs 415 crore during this period,” it said.

Shares of Arvind Ltd fell 1.01 per cent to close at Tk 107.90 on the BSE.

7 lakh crore investment arrears in Assam from 2018-19

Investment projects worth Rs 7,67,518.72 crore are in arrears in Assam from 2018-19, as against Rs 6,49,313.63 crore projects implemented during the same period, a new study has found.

A report by MSME Export Promotion Council, jointly with knowledge firm BillMart FinTech, reveals that Assam is increasingly emerging as a hub for investment in both public and private sectors.

According to the report, in the current financial year, Assam could create more than one lakh direct and indirect jobs if the Kovid-19 epidemic subsides.

It also highlights the situation regarding pending projects worth several lakh crores, which delays Assam’s much-needed economic impetus.

According to CMIE, the number of outstanding investment projects in 2018-19 was Rs 2,60,675.25 crore, Rs 2,59,974.05 crore in 2019-20 and Rs 2,46,869.4.2 crore in 2020-2020 MSMEs. DS Rawat told a press meet.

On the other hand, investment projects under implementation in 2018-19 were worth Rs 2,17,511.2 crore, Rs 2,14,692.66 crore in 2019-20 and Rs 2,17,109.77 crore in 2020-21, he added.

Rawat suggested setting up a “high-powered committee” headed by the chief minister to expedite the approval and implementation of projects to avoid cost overruns.

The survey submitted to the state government said that most of the private investment flows into agro-industries such as food processing, horticulture, organic, MSME and petroleum based units.

“These sectors create more jobs, and promote start-ups, ensuring inclusive growth and sustainable livelihoods,” it added.

The survey found that in 2018-19, Assam attracted new investment projects worth Rs 11,620.26 crore and completed projects worth Rs 15,335.16 crore. In 2019-20, the cost of new projects was Rs 3,233.84 crore as against Rs 7,447.83 crore for completed projects.

Jigish Sonagara, co-founder and CEO of Bilmart Fintech, said that in 2020-21, projects worth Rs 690.23 crore were received and the cost of completed projects was Rs 3,398.66 crore.

The report found that the MSME sector is the fastest growing in Assam in terms of output, investment, number of units and job creation. Compared to other north-eastern states, the sector is dominant in the state with 61.48 per cent units concentrated in Assam and the remaining 38.52 per cent in other states.

Assam has an estimated 67,000 industries, of which 88 per cent are small, 11.5 per cent small and medium. Recently, the central government has sanctioned over Rs 1,536 crore for setting up small, medium and medium enterprises under the Self-Reliance India campaign.

“There are many threats and challenges to the survival and growth of MSMEs. The growth rate of jobs and wealth in Assam cannot keep pace with this high rate of population growth, creating problems of unemployment, poverty and income inequality in the region.

“It has been observed that the biggest challenge for MSMEs is timely availability of capital and as a result, they either shrink operations or liquidate the enterprise. However, liquidity can be resolved if there is an alternative way of organizing. Timely competitive lending,” Sonagara said.

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