Page Industries stock soars; Reliance IndustriesAnnual Report | Top Headlines
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Top Headlines of the Day 1. Nifty hovers around 10,500. Sensex is just up about 20 points at 35.448. Markets are relatively outperforming but the quantum of gains is very insignificant bot small and mid-cap gaining 0.2% each. PSU bank index is up by 1%. Nifty Auto is gaining. FMCG is up by 1%. Nifty Pharma down 1.2%. Nifty Bank & IT down by a percent. Indusind Bank, ICICI bank down by 2% each respectively. Cipla, Sun Pharma, Power Grid technologies, HCL, BPCL, Axis Bank, Bharti Airtel are down 2. Asian Paints reported a 2.1 per cent decline in net profit after non-controlling interest in the quarter ended March, while revenues from operations dropped 7.1 per cent. It said its net profit after non-controlling interest decreased by 2.1 per cent to Rs 461.89 crore as compared to Rs 471.65 crores in the previous corresponding period. Asian paints Q4 results - Saw double-digit volume growth in the first 2 months of the quarter - Lockdown impacted decorative business sales - Home improvement category continue to be impacted - International business in Ethiopia, Egypt, UAE & Nepal did well. 3. Pleasantly surprised by the demand in post COVID era. See very strong growth over the long term; Have topline aspiration of $1 bn in about 5 years. Look to double mfg capacity over next 4-5 yrs. Page's vols are 10x that of a nearest competitor; Affordable premium wear proposition is helping Page grow much faster vs peers. Athleisure growing rapidly & is the new engine of growth in last 5-6 years. Potential of the under-penetrated market in India keeps us optimistic; Targeting tier 3 & 4 cities & opening new EBOs in metros. Some investments may have to be deferred to protect cash flow; Will look at opex depending how Q2 & Q3 pan out. Online platform seeing robust traction in Q1; E-commerce space looks very promising right now, says Chandrasekhar K, CFO of Page Industries. 4. Major Highlights Reliance Industries Annual Report - To achieve more in the next 10 years than the last 4 decades - To make India leading 'DIGITAL' nation in the world - Managed 'A black swan event' COVID the RIL way - Aim to complete a strategic partnership with Saudi Aramco - To transform traditional retail by JIOMart digital e-commerce - To further strengthen the JIO platform, World's best tech ecosystem - JIO connectivity to promote Adoption of MZ Azure cloud - Refining business witnessing A Black Swan Event - Weakness in refining business accentuated by COVID impact - Expect to Petchem demand to improve in the second half of 2020 Watch the full video! Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com
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