UltraTech Cement Ltd. Monday reported a sharp 36% year-on-year fall in its consolidated net profit for the September quarter to INR 8.2 billion, missing the Street's estimates by a wide margin. The company's net profit growth was hit badly as price realisations from cement sales fell 8.4% on year, which more than offset a 3% volume growth in the domestic business.Register to read
Cipla Ltd. could report the lowest profit growth in six quarters as its bottom line for Jul-Sept will reflect the slowdown in sales growth in India as well as the high-margin market of the U.S. Supply chain issues for a key peptide drug are likely to have hurt Cipla's US sales growth, while the company's domestic revenue growth has slowed down because of low demand for acute therapy medicines and the lingering impact of a change in the distribution model for trade generics, according to analysts. Register to read
Reserve Bank of India Governor Shaktikanta Das has seemingly looked to stub out expectations of an interest rate cut in December, saying that such a move at the current juncture would be "premature". "Growth is holding on, growth is steady, growth is resilient. Inflation is moderating with certain risks about which we have to be very vigilant. So therefore, rate cut at this stage will be very premature and can be very, very risky," Das said on Friday in Mumbai at an event hosted by Bloomberg.Register to read
The Group of Ministers on goods and services tax rate rationalisation met Saturday and discussed a host of rate rejigs, which will help the government to mop-up additional revenues to the tune of INR 220 billion per year, according to people aware of the development. The proposals will be presented to the GST Council during its upcoming meeting in November. The proposed changes aim to raise taxes on luxury and sin goods, on one hand, and provide relief on essential items, on the other.Register to read
The Centre has set a record foodgrain production target of 341.5 million tonnes for 2024-25 (Jul-Jun), Agriculture Minister Shivraj Singh Chouhan said Saturday. Last year, the government had set a food grain production target of 332.0 million tonnes and the country produced 332.3 million tonnes.Register to read
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