SEBI has barred Shree Sai Spaces and Creations and its directors from mobilising funds from investors and launching various collective investment schemes
Market regulator Securities and Exchange Board of India (SEBI) has asked Shree Sai Spaces and Creations Ltd and its directors not to collect funds from investors for its existing project or scheme. SEBI also barred the company from launching any new scheme, to dispose any properties and assets it purchased from public funds and to divert any funds which are kept in bank accounts or in the custody of the company.
The company had launched various collective investment schemes without obtaining certificate of registration from SEBI.
In an order, SEBI said, Shree Sai Spaces and Creations was found to be engaged in fund mobilising activity from public by floating ‘collective investment schemes’ as defined in Section 11AA of the SEBI Act.
SEBI also barred the company and its directors Shree Sai Spaces and Creations and its directors, Suresh Srivastav, Laxmi Shrivastav, Ritesh Shrivastav, Vivek Kumar Suresh Srivastav and Rajkumar Laxman Konde, for contravening the provisions of Section 12(1B) of the SEBI Act and Regulation 3 of the SEBI (Collective Investment Schemes) Regulations, 1999.
During the December quarter, Maruti Suzuki posted 36% jump in its net profit to Rs681.15 crore due to fall in raw material cost
Maruti Suzuki India Ltd (Maruti Suzuki), the country's largest carmaker reported a 36% jump in its third quarter net profit due on lower raw material cost.
For the quarter to end-December, the unit of Japanese Suzuki Motor Corp, said its net profit rose to Rs681.15 crore from Rs501.29 crore even as its total revenues, including sales, declined 3% at Rs10,619.68 crore from Rs10,956.95 crore, same period a year ago.
“Higher localisation, favourable foreign exchange and cost reduction initiatives by the company contributed significantly to net profit,” the carmaker said in a regulatory filing.
During the quarter, Maruti Suzuli said its raw material costs reduced by 16% to Rs7,020.36 crore compared with Rs8,376.04 crore a year ago period, due to lower commodity prices but some of it was offset by weaker rupee.
The company said during the December quarter, its sales remained under pressure in both domestic and exports markets. While its exports fell 38%; there was a slight gain in automotive market share in India, which moved up 2.5% to 42.8%.
During the December quarter Maruti Suzuki sold 2.88 lakh units, 4% fewer than 30.1 lakh units a year ago period. While its exports fell 38% to 19,966 units from 32,496 units a year ago period.
Maruti Suzuki India closed Tuesday 8.12% down at Rs1563.20 on the BSE, while the Sensex closed marginally down at 20,683.
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Hindustan Unilever’s net profit during the December quarter grew to Rs1,062.31 crore on robust sales and double digit growth in its domestic consumer business
Hindustan Unilever (HUL), the fast moving consumer goods (FMCG), company reported a 22% higher net profit during the third quarter on robust sales and double digit growth in its domestic consumer business.
For the quarter to end-December, the FMCG company, a unit of Unilever, said its net profit rose to Rs1062.3 crore from Rs871.4 crore while total revenues, including sales, increased 9% to Rs7037.8 crore from Rs6433.7 crore, same period last year.
“Our growth has been competitive and profitable and the results are a reflection of how we dynamically managed the business despite the headwinds in the environment.
Looking forward, we are conscious of the uncertain macro context but remain positive on the mid to long term opportunities in our sector. We are determined to stay the course on our strategy and will continue to invest in the business for the long term,” said HUL chairman, Harish Manwani.
HUL said, during the December quarter, its domestic consumer business grew at 10% with 4% underlying volume growth.
Soaps and detergents segment
Skin cleansing delivered another quarter of volume-led growth. The category performance was driven by Dove, Pears, Lifebuoy and Breeze.
‘Pears’ was re-launched and the liquids portfolio saw accelerated growth led by Lifebuoy Handwash.
In laundry, Surf growth was buoyed by the robust performance in ‘Surf Excel’ while, Rin saw good growth on the bars portfolio. ‘Wheel’ was re-launched and ‘Comfort’ fabric conditioners continued to lead market development with sustained high growth. Household Care delivered another strong quarter with both Vim and Domex growing in double digits.
Skin care grew in a slowing market. The Fair & Lovely, Lakme and Dove grew well and the facial cleansing portfolio registered strong growth, driven by a range of differentiated innovations launched earlier in the year.
Hair care sustained its strong growth momentum with broad based double digit volume growth. Dove led the category performance with accelerated growth while Sunsilk, Clinic Plus and TRESemmé continued to make very good progress.
In oral care, both Pepsodent and Close Up delivered stepped up double digit growth in a competitive market.
Colour Cosmetics maintained its strong innovation led growth momentum across both Lakme and Elle 18. Lakme continues to strengthen its position in premium make up driven by a range of exciting and contemporary offerings from Absolute and 9 to 5.
Tea delivered another quarter of broad based growth with Taj Mahal, Red Label, 3 Roses and Taaza growing in double digits, driven by a strengthened mix and focused in-market activities. In the slowing coffee market, Bru continued to drive category premiumisation, led by Bru Gold.
Packaged foods segment
Knorr had a good quarter particularly on instant soups which more than doubled volumes while the growth in Kwality Walls was driven by sharper in-market execution and the robust performance of Cornetto and Creamy Delights.
HUL closed Tuesday marginally down at Rs570.15 on the BSE, while the 30- share benchmark too closed marginally down at 20,683.
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