Sunday, September 13
The worst is over for Novelis on several fronts, said Satish Pai, managing director of Hindalco Industries. "By the second half of this year, you should start to see a very positive turn for Novelis," he said on Tuesday.Hindalco Industries, which reported consolidated earnings on Tuesday, posted a 30% rise in consolidated net profit for the June quarter at ₹4,004 crore, with consolidated revenue from operations up 13% at ₹64,232 crore.Novelis, the wholly-owned US-based subsidiary, saw a 36% drop in net income for the June quarter at $96 million, while adjusted EBITDA per tonne of aluminium was $432, down 18% year-on-year. Structurally higher scrap prices dented performance during the quarter, Novelis said on Monday."Scrap spreads have started to improve, particularly in the US. So, we
Mumbai: Indian luxury fashion brand Sabyasachi, founded by designer Sabyasachi Mukherjee, is going online.The Aditya Birla Fashion & Retail-owned label has partnered with Tata CLiQ Luxury to sell its fine jewellery on the ecommerce platform, which also hosts global names like Bvlgari.“I always wanted to create access,” Mukherjee told ET. “In India, because of infrastructure, sometimes it's impossible to build physical stores, and I think the best way and the smartest way to access India is digital.”The boutique goes live on August 21, 2025, on Tata CLiQ Luxury.The price range starts from Rs 55,000 for a necklace crafted in one gram of 18k gold, featuring the Sabyasachi Calcutta Bengal Tiger insignia, going up to Rs 9 lakh for pearl chandeliers.The fine jewellery category on Tat
Solar photo-voltaic company Vikram Solar has fixed a price band of Rs 315-322 for its upcoming initial public offering (IPO), which will open for bidding next week, on August 19.The issue comprises a fresh component aggregating up to Rs 1,500 crore and an offer for sale component, which will include the selling shareholders offloading 17,450,882 shares in the company.At the upper range of the price band, the selling shareholders’ portion aggregates to Rs 579.36 crore, taking the total IPO size to Rs 2,079.36 crore. Investors can place bids for a minimum of 45 equity shares and in multiples of 45 thereafter.Gyanesh Chaudhary, Vikram Capital Management Private Limited, and Anil Chaudhary are the selling shareholders in the issue.The floor price for the issue has been set at 31.50 times the
Shares of FSN E-Commerce, which operates the Nykaa brand, climbed as much as 5.4% on Wednesday to Rs 215.95 on the BSE after brokerages reaffirmed bullish views and raised price targets following the company’s first-quarter results.Nuvama maintained its Buy rating on Nykaa with a target price of Rs 235, implying a 15% upside from the stock’s last traded price. The brokerage said market share gains remain a strategic priority, with strong momentum in the Beauty & Personal Care segment and improving growth in Fashion.It expects around 20% GMV growth and margin expansion, supported by narrowing losses in the Fashion and eB2B businesses. However, Nuvama trimmed earnings estimates for FY26 and FY27 by 10% and 12%, respectively, due to higher tax assumptions.JM Financial reiterated its B
The Solar Energy Corporation of India (SECI) on Tuesday cancelled two offshore wind energy tenders-a 500 MW project under the viability gap funding scheme and a 4,000 MW sea-bed lease rights allocation. According to two people familiar with the development, the tenders were cancelled because of "lack of response from developers". The company had invited proposals for setting up a 500 MW inter-state transmission system-connected offshore wind project in Gujarat on build-own-operate basis where it would enter into a power purchase agreement with the successful bidder for 25 years. The successful bidder would have had to undertake surveys of seabed and associated development activities required for validation of available data sets towards financial closure. However, the SECI may float a revi
