Top headlines: HUL Q2 net profit, India considers trade deal with Taiwan

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HUL Q2 net up 9% YoY to Rs 2,009 crore; announces interim dividend of Rs 14

Hindustan Unilever (HUL) on Tuesday reported an 8.7 per cent year-on-year (YoY) rise in its net profit at Rs 2,009 crore for the second quarter of the current fiscal year (Q2FY21). The company had logged a profit of Rs 1,848 crore in the year-ago period. On a sequential basis, numbers grew 6.8 per cent. Read more here. 
 

Ties with China in a pickle, India considers turning to Taiwan for trade

Support is growing within India’s government to formally start talks on a trade deal with Taiwan as both democracies see relations with China deteriorate. Taiwan has sought trade talks with India for several years, but Prime Minister Narendra Modi’s government has been reluctant to move ahead because it would involve a messy fight with China once any pact is registered at the World Trade Organization, according to a senior Indian government official who asked not be named, citing rules for speaking with the media. Read more here.
 

Verdict on Amazon arbitration plea over Future-RIL deal expected soon

A one-man arbitration panel heard the plea of Amazon and Future Group last week and a verdict is expected in a few days, according to sources. A hearing of the arbitration took place at the Singapore International Arbitration Centre on October 16 after Amazon had slapped a legal notice on Future Group, alleging that the retailer's Rs 24,713 crore asset sale to Reliance Industries (RIL) violated an agreement with the e-commerce giant. Read more here.
 

HDFC Bank has sufficient financial heft to withstand economic shocks: S&P

Global rating agency Standard and Poor’s has said that India’s largest private lender, HDFC Bank, has sufficient financial headroom to withstand downside risks from tough operating conditions in India. “HDFC Bank’s result for the first half of 2020-21 (the financial year that will end on March 31, 2021) are resilient and in line with our expectations,” S&P said in a statement. Read more here.
 

Moody's places Vedanta Resources CFR under review for downgrade

Moody's Investors Service today placed Vedanta Resources Limited's B1 corporate family rating (CFR) under review for downgrade. Concurrently, Moody's has placed under review for downgrade the B3 ratings on the senior unsecured bonds issued by Vedanta and those issued by its wholly-owned subsidiary, Vedanta Resources Finance II Plc, and guaranteed by Vedanta, affecting $4.2 billion in outstanding debt. Read more here.