Titan Company in its quarterly update for Q4 March 2020 said that consequent to the serious disruptions in operations in March, revenue growth for the quarter and consequently for the year has been impacted severely. The company is working out its strategy to manage this crisis with particular focus on ensuring adequate liquidity is available till normalcy returns.
Marico said that in the India business, early signs of improvement across categories seen until early March were more than offset by disruptions in the last 12 days, due to lockdowns in some states culminating into a first-ever national lockdown, to contain the outbreak of COVID-19. During the impacted period, the Company could register sales largely in the Edible Oils and Foods portfolio. Overall, the India business posted a low single-digit volume decline in the quarter, with very skewed high growth in the Saffola portfolio.
IDBI Bank said that the Board of Directors, at its meeting held on Wednesday, 8 April 2020, has approved in principle the proposal to sell IDBI Bank's stake in IDBI Federal Life Insurance Company (IFLI) to the extent of 23-27%.
Manali Petrochemical said production of Propylene Oxide, feedstock for Propylene Glycol which is a pharmaceutical input, has recommenced on 7th April 2020 at plant 1. Decision on resumption of production of the other products will be decided in due course.
NLC India informed that the mining operations of Neyveli Mines has resumed from Wednesday, 8 April 2020.
Astron Paper & Board Mill informed that it has received permission from Government of Gujarat (vide Collector of Bhuj, Gujarat) regarding commencement of Unit-2 located at Bhuj, Gujarat.
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