In his capacity as the CFO, S Ranganathan will be looking after all financial functions in the Edelweiss Group
Edelweiss Capital Ltd said it has appointed S Ranganathan as the chief financial officer (CFO). In his capacity as the CFO, Mr Ranganathan will be looking after all financial functions within the Edelweiss Group.
Mr Ranganathan's last assignment, prior to joining Edelweiss, was as the CFO and director, Bank of America Merrill Lynch. A member of the Institute of Chartered Accountants of India, Institute of Company Secretaries of India and Institute of Cost and Works Accountants of India, Mr Ranganathan has worked with several Indian and global firms during his two decade long career.
Asian Paints has temporarily shut down operations at its two production units in Egypt in the wake of the ongoing political crisis in the country
India's leading paint company, Asian Paints said it has temporarily shut down operations at its two production units in Egypt in the wake of the ongoing political crisis in the country.
"Due to the unprecedented situation and prolonged curfew in Egypt, the company's subsidiary, SCIB Chemicals SAE has temporarily shut operations of its two plants from 29 January 2011," Asian Paints said in a filing to the Bombay Stock Exchange.
The company has taken all necessary steps to protect employees and assets, it added and the decision to restart the plants will be taken once the situation returns to normalcy, it added.
Yesterday, two other leading FMCG companies, Dabur and Marico had also said they have shut down their plants in Egypt temporally, while Emami is keeping an eye on the situation.
According to analysts, the shut down is unlikely to have any major impact on Asian Paints' sales as it is a temporary closure.
"There could be a decline in revenues for one quarter, but that could be recovered by the company later. There will not be any major affect of this shut down on the company's overall performance," Elara Securities India, Research Analyst Anand Shah said.
He said, Egypt contributes significantly to the sales in the Middle East region for Asian Paints. The ME region witnessed a turnover of Rs650 crore, out of the total international revenues of Rs1,215 crore registered by the company in 2009-2010.
Last fiscal, the company's consolidated revenue was Rs5,125 crore.
In 2002, Asian Paints had acquired controlling stake in SCIB Chemicals, one of the top five paint companies in Egypt.
Currently, thousands of protesters have taken to the streets of Cairo and other cities of the country demanding the end of President Hosni Mubarak's 30-year rule.
On Thursday, Asian Paints ended 0.64% down at Rs2,471 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.98% to 18,449.31 points.
In the December 2010 quarter, ICSA’s net income from operations increased 12.24% to Rs365.21 crore from Rs325.38 crore in the same period last year
ICSA (India) Ltd said its profit after tax (PAT) for the third quarter ended 31 December 2010 stood at Rs31.59 crore, a rise of 7.30%, as against Rs29.41 crore in the corresponding period of the last fiscal.
The company's net income from operations increased 12.24% to Rs365.21 crore from Rs325.38 crore.
On Thursday, ICSA ended 1.84% up at Rs132.75 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.98% to 18,449.31 points.