Citizens' Issues
Apex consumer forum to hear suit against Nestle on Tuesday
An apex consumer court posted for Tuesday the hearing of the Rs.640-crore class action suit filed by the Indian government against Nestle's Indian arm regarding its Maggi instant noodles.
 
A bench of the National Consumer Disputes Redressal Commission of Justice V.K. Jain and Justice B.C. Gupta on Monday posted the matter for November 24 after the government counsel requested to allow 31 more noodle samples to be tested. 
 
After a five-month ban on its marquee product Maggi instant noodles by the national food watchdog Food Safety and Standards Authority of India, Nestle relaunched its product in the market on November 9. 
 
The class action suit was filed by the government, accusing the company of unfair trade practices
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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SKRISHNAN

1 year ago

As a consumer and on behalf of Consumer Online Foundation, representing consumers, we are not interested in the Court case as Reported before the Apex Consumer Court. However we as consumers are glad that Govt ( Consumer Affairs Ministry) has itself gone on a class action.
What is worrying is for the Consumer to be assured that Maggi is safe or not. After so much hallo ballu and media hype about Maggi not being safe it ahs made a come back, when it is still banned in several States. As consumers we have a right to know from the Food Safety and Standards Authority of India (FSSAI)an authoritative Statement based on scientific and reliable laboratory tests whether or not Maggi is safe. This controversy has hardly died when another brand Noodles has hit the headlines and is mired in controversy! As consumers we are confused. The question is what happens in the interim before tha matter is settled one way or the other in the Apex Consumer court? Do we as consumers( especially children) continue to be in risk? WHO WILL ANSWER THE QUESTION?
S. Krishnan, Advisor Consumer Online Foundation
email: [email protected]

SKRISHNAN

1 year ago

As a consumer and on behalf of Consumer Online Foundation, representing consumers, we are not interested in the Court case as Reported before the Apex Consumer Court. However we as consumers are glad that Govt ( Consumer Affairs Ministry) has itself gone on a class action.
What is worrying is for the Consumer to be assured that Maggi is safe or not. After so much hallo ballu and media hype about Maggi not being safe it ahs made a come back, when it is still banned in several States. As consumers we have a right to know from the Food Safety and Standards Authority of India (FSSAI)an authoritative Statement based on scientific and reliable laboratory tests whether or not Maggi is safe. This controversy has hardly died when another brand Noodles has hit the headlines and is mired in controversy! As consumers we are confused. The question is what happens in the interim before tha matter is settled one way or the other in the Apex Consumer court? Do we as consumers( especially children) continue to be in risk? WHO WILL ANSWER THE QUESTION?
S. Krishnan, Advisor Consumer Online Foundation
email: [email protected]

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Eclerx, Blue Star, Tata Elxsi, Zensar, Hinduja Global and Mindtree performed the best in September quarter

Smaller Software and IT-enabled services fare far better than the big guns


The consolidated revenues reported by software companies have risen by 11.30% while the operating profit has risen by 13.94% in the September quarter. The consolidated net profits have risen by a stellar 22.40%.

 

Out of the 57 companies tracked by Moneylife, 50 companies have declared their results. Out of these, six have delivered revenue growth more than 20%. These are  Eclerx Services, Blue Star Infotech, Tata Elxsi, Zensar Technologies, Hinduja Global Solutions and Mindtree. 

 

On the operating profit front, 15 companies have delivered a growth of more than 10%, out of which nine have delivered a growth of more than 20%. The relatively bigger names which have reported operating profit growth of more than 20% are Zensar Technologies, Persistent Systems, Tata Elxsi and Hinduja Global.

 

Eclerx Services Ltd. has shown the highest revenue growth in the sector with its revenues rising 33.57% from 201.78 crore to 269.52 crore. The markets seem to have rewarded this growth with its market capitalisation having gone up by 38.11% from November 13, 2014 to November 15, 2015. However, it has registered a modest operating profit growth of 5.25% and a net profit decline of 10.27%. 

 

Tata Elxsi has been a star performer with its market cap having almost tripled during the period. Its revenues have risen by 28.06% from 205.88 crore to 263.66 crore while its operating profits have risen by more than 50% from 40.38 crore to 61.28 crore. The other notable performers are OnMobile Global and Ramco Systems, whose market-cap has doubled during this period. 

 

Among the Nifty 50, there are five major software companies – TCS, Infosys, Wipro, HCL Tech and Tech Mahindra. These have delivered a consolidated revenue growth of 12.91% and an operating profit growth of 11.78%. All of them reported growth in revenues, while HCL Tech was the sole company which reported decline in operating profit. TCS led the pack with the company reporting 17.6% growth in sales and 19.5% growth in operating profit. CMC results are merged with TCS during the period. 

 

The consolidated market-cap of companies in the software sector has fallen marginally by 1.71% from 13 November 2014 to 13 November 2015. This fall in market capitalisation coupled with rise in profitability has led to valuations becoming attractive in some cases. The consolidated valuations, measured by MC/OP, declined from 18.56 times as on 13 November, 2014 to 16.01 times as on 13 November, 2015. PE has fallen to 16.22 times from 20.18 times a year ago. 

 

Though this article presents a consolidated picture of the software industry, some caution is needed while interpreting quarterly growth in net profit, which has risen by 22.40%. The reason is that these numbers are heavily influenced by growth in net profit of two tech majors – Infosys and Tech Mahindra. Infosys' profits have jumped by 87.4% from 3365 crore to 6306 crore largely due to an exceptional gain of Rs3,036 crore relating to transfer of business of EdgeVerve Systems Ltd., its wholly owned subsidiary. Tech Mahindra's corresponding profits have jumped by 62.4% from 589.47 crore to 957.27 crore. 

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