Trackpad

Mishtann Foods reported a strong quarterly performance for Q1FY23; net profit soared 216 per cent!

Mishtann Foods Ltd (MFL) is an Indian agro-product company that manufactures, processes & trades a wide range of rice, wheat, and other food grains with a major emphasis on branded basmati rice. The company recently announced its outstanding Quarterly Results.

The company recorded net sales and other operating income of Rs158.27 crore, which reported a growth of 118.71 per cent from Rs72.36 crore reported in Q1FY22. On the other hand, the operating profit was registered at Rs18.25 crore in Q1FY23 as compared to an operating profit of Rs6.10 crore in Q1FY22. Q1FY23 recorded a net profit of Rs11.03 crore in comparison with the net profit of Rs3.49 crore in the same quarter of the previous year, giving a strong rise of 216.05 per cent.

Considering the yearly performance, Mishtann Foods Ltd recorded a net profit of Rs31.21 crore as against the net profit of Rs0.73 crore during the previous year ended in March 2021, giving a strong rise of 4,175.34 per cent. Also, its net sales surged 42.02 per cent to Rs498.58 crore as against Rs351.07 crore during the previous year ended March 2021.

The company recently launched its rock salt in the retail sector under the name 'Mishtann' in 500 grams & one-kilogram packaging and marketed it across India via its retail network of roughly 72,000 retailers. This salt bagged multiple orders from major retail retailers and continues to receive positive feedback. Due to the presence of vitamin K, it helps in digestion, treating sore throats, stabilises blood pressure, promotes healthy skin, and boosts metabolism as well as the immune system. 

BSE signs MoU with Vidarbha Chamber of Commerce & Industry for deepening Commodity Market in India

BSE, India’s premier exchange and the world’s fastest stock exchange has signed a memorandum of understanding (MoU) with Vidarbha Chamber of Commerce & Industry, based in Akola, Maharashtra, for deepening the commodity markets in India on June 26, 2022.

These Vidarbha Chamber of Commerce & Industry represents over 1,700 members respectively, engaged across all sectors of trade, profession, service and industry. It is recognized as one of the most proactive associations across the state of Maharashtra. The MoU aims to facilitate cooperation between BSE and physical markets in areas such as knowledge sharing, education & training, events as well as to explore all areas of mutual interest. Shri Sameer Patil, CBO of BSE said "The government is making efforts to promote formal financial instruments and create a complete ecosystem of formal economy. Taking financial literacy to the remotest part of the country will help industry participants understand the various facets of the formal economy. This MOU is an affirmation and recognition of our efforts to bring physical market participants to the exchange platform and continuing our sustained campaign."

Shri Nikesh Gupta, president of Vidarbha Chamber of Commerce & Industry, said "We are very thankful of BSE for patronising Vidarbh Chamber of Commerce and Industry, and the session held by BSE at our AGM was very informative and successful. We have signed MoU with BSE and we are definitely looking forward for more ventures together in the future.” Shri Nitin Khandelwal, past president of Vidarbha Chamber of Commerce & Industry, said "We hold regular awareness sessions with BSE, and glad that our association has now culminated in a MoU, giving us the flexibility to work together for the development of industries based in the Vidarbha region".

BSE aims to organize seminars and awareness programmes on price risk management for manufacturers, farmers, traders and jewellers, and help them move to more organised forms of trading. Awareness about effective hedging tools such as derivatives contracts, including futures and 'options in goods' to face a volatile market would also be provided. BSE is India's first universal exchange and offers trading in a wide gamut of asset classes including equity, debt, currency, interest rates and commodities.

BSE, PTC India and ICICI Bank promoted Hindustan Power Exchange commences operations
Hindustan Power Exchange (HPX), promoted by Bombay Stock Exchange, PTC India and ICICI Bank, today commenced operations after receiving all necessary approvals from Central Electricity Regulatory Commission. Backed by the latest technology and a series of innovative features, the exchange promises to offer speed, transparency, and better price discovery in the execution of trades. The exchange will initially offer trading in Term Ahead Market, Green Term Ahead Market, and Renewable Energy Certificates. It will steadily increase its product portfolio and provide a wide range of contracts to address the demand of different segments of the electricity market.

Speaking on the launch, Akhilesh Awasthy, COO, Hindustan Power Exchange said, “The need for a third power exchange has been felt for quite some time now by the buyers and sellers for optimized price discovery and better efficiency in power purchase. HPX will be a seamless platform that has been built on the same technology, which makes Bombay Stock Exchange the fastest exchange in the world. The matching engine of the exchange is procured from one of the best technology providers in the world, which is also the technology provider for power exchanges in Europe. We will also gain from the significant experience of our promoters, who are leaders in their respective areas of operations.”

Sameer Patil, CBO, BSE said, “Hindustan Power Exchange (HPX) has been envisaged to promote market efficiency through advanced technology and to maximize value for the power market. The cutting-edge technology solutions, efficient price mechanism and the quality of service offered at HPX, would act as the differentiator in the Indian Power Market. With the technology set to be one of the key point-of-difference in the Indian Power Market, BSE looks forward in carving its footprint in the sector, thereby paving the way for a technology-led efficient power market through HPX.” The Indian power sector is at the cusp of a massive energy transition where the share of renewable energy is steadily rising in India’s power generation mix. Further, more variable power output from wind and solar plants is set to push short-term trading of energy, thereby giving more options to both buyers and sellers. HPX will play a pivotal role in bridging the gap between demand and supply and providing trading at an optimized cost.

VA Tech Wabag secured a repeat order worth Rs430 crore from Reliance Industries
VA Tech Wabag, a leading pure-play water technology company, secured a repeat order for engineering, procurement & construction (EPC) of a 53 MLD desalination plant at Jamnagar (Gujarat) worth about Rs430 crore from Reliance Industries Limited. The company has already executed a 24 MLD seawater reverse osmosis (SWRO) plant on the same premises earlier.

This plant is scheduled to be completed within a period of 21 months while the scope of work includes design, engineering, procurement, supply, construction, commissioning, and performance guarantee test run of the SWRO plant.

VA Tech Wabag Ltd is engaged in the business of the water treatment field. Its principal activities include design, supply, installation, construction, and operational management of drinking water, wastewater treatment, industrial water treatment & desalination plants.

Kalyan Jewellers announces aggressive network expansion plans in India pre-Diwali Kalyan

Jewellers, one of India’s largest jewellery companies, has announced plans to increase the brand’s retail footprint in India by another 8 per cent, before Diwali this year. This new lineup is planned in the non-South markets. The company will focus on scaling up operations within micro-markets of Tier-1 cities like Delhi and Mumbai, while aggressively expanding its presence in Tier-2 and Tier-3 markets.

Kalyan Jewellers will add ten outlets across key locations before the upcoming Diwali and wedding season. This includes three additional showrooms in Delhi NCR at Rajouri Gardens, Janakpuri, and Gurugram Gold Souk, three more in Uttar Pradesh by further strengthening presence in Lucknow with stores at Gomti Nagar and Lulu Mall, Golf City, and an outlet at Varanasi, the city of the Ganges. Two will be added to the Maharashtra tally with Ahmednagar & Dombivli (8th Showroom in Mumbai) and one each in Orissa and Chhattisgarh at Berhampur & Bilaspur respectively.

Kalyan Jewellers ventured into the Franchise model of business in June 2022, with the launch of its first-ever franchise-owned outlet in Aurangabad. The jewellery brand is confident that franchise operations will play a crucial role in enhancing the pace of expansion while making the process more capital efficient. Kalyan Jewellers currently has 127 showrooms in India, of these 77 are in the South and 50 in the non-South regions. In the Middle East, the company has 31 outlets.

With the addition of these 10 showrooms pre-Diwali, the brand will be present across 168 locations.

Star HFL announces Q1 results, registers 474 per cent increase in YoY PAT; gears up to expand presence towards AUM growth

Star HFL, a rural-focused housing finance company announces Q1 results. Registers 474 per cent increase in y-o-y pat (profit after tax). Gears up to expand presence towards AUM growth. The Board of Directors of Star Housing Finance Limited (Star HFL) has announced Q1 FY’2022-23 financial results for the period ending on June 30, 2022.

Operational Highlights :
✓ Highest Quarterly Disbursement: Q1 FY2022-23 disbursements stand at Rs22.56 crores (highest quarterly disbursement to date). Expansion across operational geographies in the form of physical offices with induction of employees across functions and locations to enable growth. Looking forward to growing the AUM with a CAGR of 100 per cent and a significant increase in the market cap of the company.
✓ Business strengthened through Co-Lending: Star HFL has operationalized co-lending tie-ups with Capital India Home Loans and Singularity Credit Pvt Ltd resulting in AUM growth across its centers. AUM stands at Rs116.32 crore with an annualized growth of 23% in Q1 FY2022-23. Discussions with select banks and financial institutions for co-lending tie-up are underway.
✓ Strengthening of Debt Profile: Star HFL has strong relationships with public sector banks (SBI, BoB, UBI, and IOB) and has received credit lines from the NHB. A strong funding pipeline from private sector banks, public sector banks, and financial institutions was developed to cater to the growth aspirations.
✓ Continued Strengthening of Net Worth: Star HFL continues strengthening its net worth. Post capital raise in Nov 2021, the company now has got board approval to raise fresh capital through preferential allotment on a private placement basis. This capital is to be infused post shareholder’s approval in the ensuing AGM on July 16, 2022, and other approvals
✓ Enabled Employee Ownership: ESOP I scheme for eligible employees to get vested from Aug 5, 2022, thereby enabling ownership and accountability. ESOP II scheme to be announced soon post getting necessary approvals from the board.
✓ Shifted Base to Mumbai: Now headquartered in the financial hub of the country, Mumbai. The registered office shifted to Mumbai post receiving all clearances. Star HFL now engages with all stakeholders including bankers, rating agencies, business associates, and vendors from its Mumbai headquarters. The presence in Udaipur is now a new commercial premise considering the business requirements and growth planned in the South Rajasthan region.