Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

<ul><li>The earnings showed a 7.4% increase in standalone profit after tax to ₹15.2 crore.</li><li>The company’s overall revenue from operations declined 14.3% to ₹109.4 crore. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>The Mumbai-based speciality chemical maker <keyword id="8830896" type="UNKNOWN" weightage="20" keywordseo="Rossari-Biotech">Rossari Biotech</keyword> just went through a super hot IPO, and an even better listing. However, its first quarterly earnings as a listed entity was much less exciting. Rossari recorded 14.3% fall in revenue to ₹109.4 crore but its net profit grew 7.4% to ₹15.2 crore as the cost of goods consumed in the making of its products fell by nearly a third. The input cost was the biggest saving in the latest earnings report. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rossari Biotech </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Standalone earnings </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> 7.4% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-14.30% </td></tr></tbody></table> Rossari makes popular household products like Vim, Rin, Ciff and Surf for the brand owners like Hindustan Unilever, Dabur, IFB, Arvind, Raymond, and many more to name a few. “In-home care, personal care and performance, we have 3 verticals. In one vertical, we make the ingredients, and these ingredients go into soap, detergents, paper, pulp, ceramic and tiles. They may constitute between 2-10% of the total product,” Rossari Biotech executive chairman and co-founder, Edward Menezes told Business Insider in a pre-listing conversation. <div type="image" title="Rossari Profit (1)" msid="77677315" hostid="261"></div> It was a bumper listing for Rossari, the shares made its debut on July 23, listing almost 57% higher on BSE against the issue price of ₹425. The IPO was held from <a href="https://www.businessinsider.in/stock-market/markets/news/rossari-biotech-share-price-could-touch-rs-600-after-grey-market-premium-of-over-40/articleshow/77108191.cms">July 13 to July 15 and was the first of its kind after </a>COVID impacted the Indian stock-market. Since then, shares have been riding on positive sentiments. It has gained nearly 8% since its listing and ended over 4% higher ahead of the earnings today. <div type="image" title="Rossari" msid="77676927" hostid="261"></div> The company was also a top mid and small-cap buy of mutual funds in July. <a href="https://www.livemint.com/mutual-fund/mf-news/pi-industries-rossari-biotech-were-top-mid-small-cap-buys-of-mutual-funds-11597882131864.html">According to reports</a>, the mutual funds also bought the newly listed speciality chemical stock Rossari Biotech worth ₹407 crore. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/heres-a-look-at-the-top-ipos-lined-up-to-hit-the-market-this-year/slidelist/77241351.cms">Here’s a look at the top IPOs lined up to hit the market this year</a> <a href="https://www.businessinsider.in/stock-market/markets/news/rossari-biotech-ipo-analysis-and-comparison-with-camlin-fine-srf-and-clariant/articleshow/76953016.cms">Rossari Biotech IPO⁠— 40 scientists, China, and other factors that make the share sale hot</a>

Inside Rossari Biotech earnings: Input cost falls twice as much as revenue

<ul><li><keyword id="8830896" type="UNKNOWN" weightage="20" keywordseo="Rossari-Biotech">Rossari Biotech</keyword> — the chemicals company that had a blockbuster IPO in 2020 — is planning to acquire its peer company <keyword id="11369058" type="COMPANY" weightage="20" keywordseo="unitop-chemicals">Unitop Chemicals</keyword> for ₹421 crore.</li><li>The company’s share price is up by 2.5% on June 3 after announcing its plans.</li><li>Operating in the same sector, Rossari can add Unitop Chemicals’ production capacity of 86,000 million tonnes per year to its own without having to make too many changes.</li><li>Rossari will be digging into its own coffers to fund the transaction with 65% equity being acquired on closure and the rest coming in over the next two years.</li></ul>Rossari Biotech — the maker of household products like Vim, Rin and Surf for brands owners like <keyword id="6365619" type="COMPANY" weightage="20" keywordseo="hindustan-unilever">Hindustan Unilever</keyword>, Dabur and others — has announced plans to acquire its peer Unitop Chemicals for a sum total of ₹421 crore. The company’s share price is up by 2.5% as of 12:30pm on June 3, after the announcement. "We believe the acquisition will be EPS [earnings per share] accretive for Rossari," said Edelweiss in its report dated June 2. Simply put, the financial services company believes that Unitop and Rossari are a good fit and the acquisition will result in gradual growth. <div type="image" title="infibeam share price(1)" msid="83198900" hostid="261" caption="&amp;lt;p&amp;gt;Rossari Biotech stock since the launch of its IPO in July 2020&amp;lt;/p&amp;gt;"></div> As per the plan approved by the board, Rossari will be buying up 100% of Unitop Chemicals’ equity capital. 65% of it will be acquired upon closure of the transaction and the rest will be balanced over the next two years. “Unitop Chemicals is a natural fit with our operations and brings with it immense synergies and complementary growth dimensions,” said Rossari’s executive chairman Edward Menezes and managing director Sunil Chari in a joint statement. <cmsannotation type="cmsannotation" annotationid="Here’s what Rossari will gain from Unitop" comment="subhead" text="Here’s what Rossari will gain from Unitop">Here’s what Rossari will gain from Unitop</cmsannotation> Since both companies are in the chemical manufacturing space, they use similar technology, require the same talent in their employees and dabble in the same verticals. For instance, Unitop Chemicals’ expertise is in manufacturing surfactants — the kind found in detergents, wetting agents, emulsifiers, and so on. This is one of Rossari’s four core chemistries. Moreover, Unitop Chemicals has three manufacturing sites and its main facility in Dahej is near Rossari’s existing facility in the area. Overall, Rossari will be able to capitalise on Unitop’s production capacity of 86,000 million tonnes per annum (MTPA) to boost its own output. And, while the two companies work in the same arena, there is little overlap in end-users. This means Unitop Chemicals' customers will be an entirely new set of clients for Rossari to monetise with cross-selling and will help expand the company's market reach. Wodehouse Capital was the exclusive financial advisor to Unitop Chemicals for the deal. Rossari does not plan on raising any debt for this transaction. It will be funding the investment using the cash it already has on its balance sheets. In April, Rossari raised ₹300 crore through the preferential issue of equity shares. This is after the company went public in July 2020 and was one of the hottest initial public offerings (IPO) of the year, listing at a premium of 59%. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/backed-by-mukesh-ambani-infibeam-expects-business-to-grow-manifold-to-100-billion-dollars/articleshow/83111869.cms">INTERVIEW: With a partner like Mukesh Ambani's Jio, Infibeam expects to hit $100 billion in online transactions in the next 5 years</a> <a href="https://www.businessinsider.in/stock-market/economy/news/indias-gdp-has-contracted-five-times-since-1947-but-never-as-bad-as-7-3/articleshow/83135455.cms">India’s GDP has contracted five times since 1947, but never as bad as 7.3%</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-new-insider-trading-case-shows-that-employees-made-rs-3-crore/articleshow/83144170.cms">Here's how Infosys employees shared insider information that turned a chunky profit of ₹3 crore</a>

Here's why Rossari Biotech bought Unitop Chemicals for ₹421 crore

<ul><li>Rossari Biotech will remain open till July 15 with a fixed price band of ₹423-425 per equity share.</li><li>The recent Indo-China border standoff also provides a great opportunity for the company to double-up its reach.</li><li>Rossari Biotech has over 300 customers from a diversified product portfolio of home, personal care to animal health and nutrition products.</li><li>The company has a large market share in the home care products and personal care market. According to the ICICI Direct report, the market is expected to grow at a rate of 5.4% to US$308 billion. </li></ul>The Mumbai-based speciality chemical maker Rossari Biotech’s ₹496 crore initial public offering has been subscribed 33.65% on July 13, day one of bidding. Rossari Biotech will remain open till July 15 with a fixed price band of ₹423-425 per equity share. The company has also raised ₹148.87 <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/rossari-biotech-raises-rs-148-87-cr-from-anchor-investors-top-3-mfs-key-investors/articleshow/76896657.cms">crore from anchor investors on Friday </a>(July 10) including SBI Mutual Fund, HDFC Mutual Fund and ICICI Prudential Mutual Fund. Here's why the IPO is hot! Rossari Biotech is a specialty chemicals manufacturing firm and the sector is among the street's favourite The 17-year old Rossari Biotech is part of a sector that has most recently created a new billionaire. The $1.1 billion Shri Ram Group of Companies (SRF), which manufactures chemical raw materials was one of the rare exceptions that made money when coronavirus pandemic led to bloodbath in the stock markets. One of the primary reasons behind the SRF increase was a sudden spike in all Indian chemical stocks. During the pandemic, Indian companies ditched Chinese suppliers and were looking for cheaper alternative options in India — leading to a sudden spike in the share price. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stocks </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Price gains since March 31 </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Clariant Chemicals India </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">113.65% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Omkar Specialty </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">73.68% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Poddar Pigments Ltd. </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">56.39% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gulshan Polyols </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">46.63% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BASF India Ltd. </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19.17% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SRF Ltd </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.62% </td></tr></tbody></table>*As of July 14 9:20 am The tensions between India and China may continue the trend in favour of chemical makers like Rossari “China continues to be a major competitor in this space for Rossari and <a href="https://www.businessinsider.in/business/news/need-to-turn-covid-crisis-into-opportunity-to-create-atmanirbhar-bharat-pm-modi/articleshow/76316665.cms">any trade decision to reduce Chinese imports</a> would certainly play out well for the company in the long run,” said Emkay Research. The company is also setting up another manufacturing facility at Dahej in Gujarat with a proposed capacity of 132,500 million tonnes per annum. Rossari’s own imports from China are less than 5% of its needs. <div type="image" title="Capture1" msid="76953026" hostid="261"></div> A strong line-up of customers and an impressive history of earnings Rossari Biotech’s profit has grown 78% in the last four years from ₹18.1 crore in 2017 to ₹84.3 crore in 2020. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Profit before tax </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY17 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹18.1 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹38.5 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY19 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹62.5 crore </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹84.3 crore </td></tr></tbody></table> The reason for the strong growth is a wide variety of customers ranging from FMCG and apparel, to poultry and animal feed industries to companies that make home and personal care products. Some of the significant customers include HUL, Panasonic India, RSPL Ltd, IFB Industries Ltd. and Millennium Papers. Apart from India, the company has its operations spread over 17 other nations, including Vietnam, Bangladesh and Mauritius. 11% of its revenue in FY20 came from exports. Not just that, the specialty chemicals sector itself is set for an explosion in growth. The global market is expected to grow at a rate of 5.4% to $308 billion by 2023 from $237 billion in 2018, according to broking firm ICICI Direct. <div type="image" title="Capture 2" msid="76953047" hostid="261"></div> The growing health consciousness among will boost demand for home and personal care products and Rossari may be a direct beneficiary Nearly half of the company’s revenue comes from home, personal care and performance chemicals. The increased awareness about health &amp; hygiene as well as a considerable increase in disposable income has helped the company in recent years, and is likely to continue. <div type="image" title="Capture 3" msid="76953068" hostid="261"></div> It spends on research and development Rossari has two R&amp;D facilities – one within the Silvassa facility and another one in Mumbai and a dedicated team of 22 employees in the R&amp;D facilities According to Rossari, managing director, Sunil Chari, the company does a lot of work on intelligent chemistry. “We have a lab in IIT Mumbai. We are probably the only chemical company which has such a centre in IIT and we have 40 scientists working there and we will continue to come up with a lot of solutions,” he<a href="https://economictimes.indiatimes.com/markets/expert-view/we-are-successful-with-differentiation-and-will-continue-this-strategy-rossari-biotech/articleshow/76937318.cms"> told The EconomicTimes</a>. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/godutch-india-answer-to-splitwise-raises-funds-from-matrix-partners-tinder-and-twitch-co-founders-among-others/articleshow/76952791.cms" data-type="tilCustomLink">GoDutch – India's answer to Splitwise – raises funds from Matrix Partners, Tinder and Twitch co-founders among others</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-earnings-what-to-expect-and-comparison-with-tcs/articleshow/76952717.cms" data-type="tilCustomLink">The key thing to watch out for during Infosys earnings will be the size of the new deals</a>

Rossari Biotech IPO⁠— 40 scientists, China, and other factors that make the share sale hot

<ul><li>At 7:55 am, the SGX Nifty was up 0.35% at 8.71 points pointing towards a tepid start for Nifty50.</li><li>Here’s a list of <keyword id="73648" type="PERSON" weightage="20" keywordseo="Stocks-to-watch">stocks to watch</keyword> for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Monday, on the back of positive cues from the Asian peers. At 7:55 am, the SGX Nifty was up 0.35% at 8.71 points pointing towards a higher start for Nifty50. These are the stocks to watch out for during the trading session today: Indiabulls Housing Finance Indiabulls Housing Finance reported a 65.5% drop in its net profit to ₹272.5 crore for the quarter ended June. The company said it expects its loan book to start growing from here on, as it believes the phase of reduction in loan book and AUM (assets under management) is over. The shares of Indiabulls Housing Finance ended nearly a percent lower on Friday. Mindspace Business Parks REIT Public unit holder of the Mindspace Business Parks, BREP Asian SG Pear Holding created an encumbrance of 5.43 crore units amounting to a 9.16% stake in favour of certain overseas financial institutions availed for a credit facility availed by the trust. “The volume-weighted average price of the Units over which the Encumbrance was created was ₹300.63 as on August 18, 2020,” the company said in a release to the stock-exchanges. The shares of Mindspace Business Parks REIT ended 2% higher on Friday. Tata Power Tata Power announced that the Mumbai bench of the National Company Law Tribunal (NCLT) approved the withdrawal of the scheme of arrangement between the Company, Tata Power Renewable Energy, Supa Windfarm, Nivade Windfarm, Tata Power Green Energy and their respective shareholders and creditors. The shares of Tata Power ended nearly a percent higher on Friday. Dixon Technologies The Board of Dixon Technologies at a meeting held on August 22, has approved raising of funds up to an aggregate amount not exceeding ₹200 crores by way of issuance of any instrument or security, including equity shares, fully / partly convertible debentures, non-convertible debentures, foreign currency convertible bonds, warrants, or any combination thereof, in one or more tranches. The shares of Dixon Tech ended nearly a percent higher on Friday. Reliance Industries RIL concludes amalgamation and merger amongst its wholly-owned subsidiaries Reliance Holdings USA into Reliance Energy Generation and Distribution. Merger entity Reliance Energy and Distribution has further merged into RIL. The shares of RIL ended nearly a percent lower on Friday. IIFL Finance Limited The board of Finance Committee of IIFL Finance Limited will meet on August 26, to consider and approve the offer document and other terms and conditions of the issue and allotment of Non-Convertible Debentures on private placement basis. The shares of IIFL Finance Limited ended 2% lower on Friday. Future Enterprises The board was expected to discuss the merger of three group companies- Future Lifestyle, Future Supply Chain, and Future Retail- in a meeting on Saturday. However, the company announced that it had postponed its board meeting to be held on August 22, by a week to August 28. The shares of Future Enterprises ended 5% higher on Friday. Future Retail Also watch out for Future Retail in trade today. It faces a debt repayment deadline after missing an interest payment of $14 million in July. The 30-day grace period also ended on August 22. The shares of Future Retail ended nearly 4% lower on Friday Rossari Biotech Rossari recorded 14.3% fall in revenue to ₹109.4 crore, but its net profit grew 7.4% to ₹15.2 crore as the cost of goods consumed in the making of its products fell by nearly a third. The input cost was the biggest saving in the latest earnings report. The shares of Rossari Biotech ended 4% higher on Friday. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/markets/news/ril-airtel-and-futures-expiry-will-put-pressure-on-nifty-this-week/articleshow/77705972.cms" data-type="tilCustomLink">RIL, Airtel and futures expiry will put pressure on Nifty this week</a> <a href="https://www.businessinsider.in/stock-market/news/stock-investors-are-the-most-bullish-theyve-been-in-15-years-one-measure-shows/articleshow/77705715.cms" data-type="tilCustomLink">Stock investors are the most bullish they've been in 15 years, one measure shows</a>

Top stocks to watch on Monday— Indiabulls Housing Finance, Future Enterprises, RIL, Tata Power, Dixon Tech, Rossari Biotech and more

<ul><li>At 7:45 am, the SGX Nifty was down 1% at 8.56 points pointing towards a lower start for Nifty50.</li><li>Here’s a list of <keyword id="73648" type="PERSON" weightage="20" keywordseo="Stocks-to-watch">stocks to watch</keyword> for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock-market indices are likely to open in green on Friday, on the back of positive cues from the global markets. At 7:45 am, the SGX Nifty was down 1% at 8.56 points pointing towards a lower start for Nifty50. US stocks finished higher on Thursday, buoyed by strong gains in tech shares. Nasdaq ended at a record high. Asian markets too have opened on a positive note. These are the stocks to watch out for during the trading session today: Future Retail and RIL <a href="https://www.business-standard.com/article/companies/future-enterprises-board-likely-to-discuss-merger-plan-on-saturday-120082100066_1.html">According to reports</a>, the board of Future Enterprises is likely to discuss the proposal to merge other listed group entities, such as Future Lifestyle, Future Retail, and Future Supply Chain Solutions, with itself on Saturday. After completing the process, Ambani’s owned Reliance Industries will be investing ₹8,500 crore in the merged entity by way of additional capital, said the report. The shares of RIL ended nearly 2% lower, whereas Future Retail was up 4% yesterday. Divi’s Lab and SBI Life Insurance SBI Life Insurance and Divi’s Lab will enter benchmark index Nifty50 on September 25, the stock-exchange said on Thursday. It will replace Zee Entertainment and Bharti Infratel on the index. The shares of Divi’s Lab ended nearly a percent higher, whereas SBI life Insurance tanked nearly 2% yesterday. Wipro Wipro has set up a blockchain-based gas trading platform for Uniper Global Commodities SE. The platform is built in collaboration with Uniper Global utilises a consortium model for all ssLNG market participants to help transform the trading market space, which will result in significant market efficiencies and cost savings for traders. The shares of Wipro closed nearly 2% lower yesterday. Indian Overseas Bank The Indian Overseas Bank posted a net profit of ₹121 crore for the first quarter ended June 30, mainly due to fall in bad loans. Total income of the bank during April-June 2020-21 rose to ₹5,233.63 crore from ₹5,006.48 crore in the same period of the previous fiscal, mainly due to an increase in treasury income, it said. The shares of IOB closed nearly 5% higher yesterday. Premier Explosives Premier Explosives won an order from Israel Aerospace Industries Limited. The company also added that the order is expected to be delivered within 9 months. The shares of IOB closed over 1% lower yesterday. Future Enterprises Kishore Biyani-led Future Enterprises Ltd (FEL) on Thursday said it has defaulted on interest payment of non-convertible debentures. "The company is unable to service its obligations in respect of the interest on non-convertible debentures (NCDs) due on August 16, 2020, since August 16, 2020 was holiday, interest was due on 17 August 2020," Future Enterprises said in a filing to stock-exchanges. The shares of Future Enterprises closed over 5% higher yesterday. Hindalco Hindalco Industries has signed an MoU with UltraTech Cement to deliver 1.2 million metric tonne of bauxite residue annually to the cement company’s 14 plants located across seven states. Hindalco claims to be the world’s first company to achieve 100% red mud (bauxite residue) utilisation, across three of its refineries. The shares of Hindalco closed nearly a percent higher yesterday. Punjab National Bank, Oil India, Indiabulls Housing Finance, Coffee Day Enterprises, Rossari Biotech These companies are slated to report their first-quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/indias-e-commerce-is-now-even-better-than-before-smaller-cities-add-to-the-bounty-while-metros-continue-to-lead/articleshow/77655199.cms" data-type="tilCustomLink">India’s e-commerce is now even bigger than pre-COVID – smaller cities add to the bounty while metros continue to lead</a> <a href="https://www.businessinsider.in/finance/news/rbi-governor-wants-keep-indias-monetary-war-chest-dry-for-future-use/articleshow/77656482.cms" data-type="tilCustomLink">RBI Governor wants keep India's monetary war chest dry for future use</a>

Top stocks to watch today— Wipro, Future Retail, RIL, Divi’s Lab, SBI Life Insurance, Hindalco, Rossari Biotech and more

<ul><li>The Kishore Biyani-led company has repaid $14 million interest on foreign bonds to investors </li><li>With this repayment, Future Retails has averted a default and concerns over rating downgrade </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a></li></ul><keyword id="375475" type="COMPANY" weightage="20" keywordseo="Future-Retail">Future Retail</keyword> has averted a default as it repaid around $14 million (around 100 crore) interest on foreign bonds to investors. The company had to pay the interest on bonds worth $500 million due in 2025. The company was given a grace period of 30 days, which officially ended on Saturday, but being a holiday, Monday (August 24) will be considered as the last day. <keyword id="44949" type="CITY" weightage="20" keywordseo="Future-group">Future Group</keyword> runs the Big Bazaar chain of stores. "Today, we are pleased to inform that the Company has made the payment of said interest for the half year ended for an amount of $14 million on above USD Notes," the company said in a regulatory filing. The shares of Future Retail took a hit and fell by 5% on the back of debt repayment deadline concerns. <div type="image" title="future retail new (1)." msid="77713106" hostid="261"></div> The board of Future Group was set to assemble on Saturday, for an important meeting on the acquisition. However, that meeting has been postponed by a week, according to <a href="https://www.business-standard.com/article/companies/future-enterprises-board-meet-on-group-firms-merger-postponed-by-a-week-120082200178_1.html">reports.</a> The group has debts of over $2 billion. And while Biyani and his family hold a 33.5% stake in Future Group, almost all of it has been pledged to lenders. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage of pledged stake </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Lifestyle </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">99.78% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Supply (FSCL) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97.62% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Consumer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">92.97% </td></tr></tbody></table> The already-weak Future Group businesses, too have been hit by the COVID-19 pandemic, which has forced malls and retailers to shut down. Earlier in July, the company had sought an extension on its earnings reports, which has already been pending for two quarters. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-on-monday-indiabulls-housing-finance-future-enterprises-ril-tata-power-dixon-tech-rossari-biotech/articleshow/77712262.cms">Top stocks to watch on Monday— Indiabulls Housing Finance, Future Enterprises, RIL, Tata Power, Dixon Tech, Rossari Biotech and more</a>

Kishore Biyani-led Future Retail averts a default — settles $14 million interest payment to investors

<ul><li>Indian IT behemoth <keyword id="10862" type="CITY" weightage="20" keywordseo="Wipro">Wipro</keyword> touched the ₹3 lakh crore market cap milestone on June 3.</li><li>Thursday’s high comes after the company announced its new partnership with Finastra, a fintech giant that serves 90 of the top 100 banks globally.</li><li>With Wipro focusing on the banking sector, the company’s stock has rallied by over 31% with TCS, <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, HCL Tech and Tech Mahindra showing muted share price movement in the last two months.</li></ul>The Indian information technology (IT) giant, Wipro, touched the ₹3 lakh crore ($41 billion) market cap milestone in early trade on June 3. In the last two months, its stock has far outperformed its peers. <div type="image" title="wipro share price chart" msid="83223480" hostid="261" caption="&amp;lt;p&amp;gt;Wipro&amp;#39;s share price from 1 April 2021 to 3 June 2021&amp;lt;/p&amp;gt;"></div> Wipro’s share price has rallied by over 31% since April 1, whereas the stocks of other IT companies — Tata Consultancy Services (TCS), Infosys, HCL Tech and Tech Mahindra — have, more or less, stagnated. Among top five IT players in India, HCL Tech was the worst performing with its share price dipping by nearly 6%. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Increase in share price since 1 April 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">31% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.5% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.2% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-0.4% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.9% </td></tr></tbody></table>Source: Compiled using BSE data <cmsannotation type="cmsannotation" annotationid="Wipro is expected to bring in more revenue than its peers this year" comment="subhead" text="Wipro is expected to bring in more revenue than its peers this year">Wipro is expected to bring in more revenue than its peers this year</cmsannotation> In the fourth quarter, Wipro net profit grew by 27% as compared to the same three months the year before. This was the company’s best result in nearly a decade. The last time it delivered double-digit growth in its quarterly net profit was in FY16. Barring Wipro, most IT companies have seen muted share price movement since the results of the previous financial year came out. <div type="image" title="it share price chart" msid="83223517" hostid="261" caption="&amp;lt;p&amp;gt;Performance of the top 5 Indian IT companies over the last two months&amp;lt;/p&amp;gt;"></div> However, all five of the top IT companies in India are bullish about their prospects in the ongoing financial year. Riding the wave of outsourcing and cloud adoption, IT players are aiming for double-digit revenue growth. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue guidance (in constant currency terms) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Operating margin guidance </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Does not issue guidance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Does not issue guidance </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12-14% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22-24% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Double-digit growth </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">19-21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8-10% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Double-digit growth in enterprise, and single digit growth in telecom </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Less than 15% </td></tr></tbody></table> With its focus on growing the banking, financial services and insurance segment (BFSI), expected recovery in manufacturing, and lead in healthcare, analysts predict that Wipro will deliver higher revenue growth than its peers over the next two years. <div type="image" title="it cos Fy22 fy23 expected revenue increase" msid="83223553" hostid="261" caption="&amp;lt;p&amp;gt;Expected revenue growth of top 5 Indian IT companies in India in FY 22 and FY 23&amp;lt;/p&amp;gt;"></div> Wipro management disclosed they don’t see overall spending coming down anytime soon, during the fourth-quarter earnings call. Cloud solutions account for 25% to 30% of Wipro’s revenue and it is growing much faster than the average growth of the company. <cmsannotation type="cmsannotation" annotationid="What is driving Wipro’s share price rally?" comment="subhead" text="What is driving Wipro’s share price rally?">What is driving Wipro’s share price rally?</cmsannotation> Wipro has seen a flurry of activity this week. The jump in Wipro’s share price comes after the IT giant announced its new partnership with Finastra — a fintech giant that serves 90 of top 100 banks globally — to help its client banks with their digital transformation. Wipro said that the new partnership is focused on its clients in the Asia-Pacific region. This includes India’s largest public sector bank — the State Bank of India (SBI) — and ING Australia, the fourth biggest bank on the island nation. The company also sold its entire stake in Denim Group, a application security firm, for a consideration of $22.42 million. That’s triple what Wipro paid for its 33.33% stake back in march 2018. Furthermore, the enterprise picked up a minority stake in Squadcast, an incident response platform that helps software engineers do on-call scheduling, for $1.2 million. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/indusind-bank-shares-slide-as-a-year-old-cayman-islands-order-against-hinduja-bank-resurfaces/articleshow/83197693.cms">IndusInd Bank shares slide as a year-old Cayman Islands order against Hinduja Bank resurfaces</a> <a href="https://www.businessinsider.in/science/health/news/the-indian-government-is-doling-out-1500-crore-to-reserve-300-million-of-biological-es-covid-19-vaccine-doses/articleshow/83196362.cms">The Indian government is doling out ₹1500 crore to reserve 300 million of Biological-E’s COVID-19 vaccine doses</a> <a href="https://www.businessinsider.in/business/corporates/news/rossari-biotech-to-acquire-peer-unitop-chemicals-for-421-crore-this-will-ramp-up-its-production-capacity-by-86000-million-tonnes-a-year/articleshow/83176380.cms">Here's why Rossari Biotech bought Unitop Chemicals for ₹421 crore</a>

Wipro outshines TCS, Infosys and others with a 31% jump in share price over the last two months

<ul><li>The company had missed the payment of $14 million due on foreign currency convertible bonds worth $500 million</li><li>The ₹5,600 crore ($750 million) retailer ⁠— with a debt of nearly $2 billion⁠— that operates the Big Bazaar chain of multi-brand department stores is on the brink of bankruptcy with huge debt and declining fortunes</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider. </a></li></ul>The shares of Future Retail took a dive of as much as 4% on Thursday (July 23) morning after reports that the company had missed the payment of $14 million due on foreign currency convertible bonds worth $500 million. It’s not a default yet because the company gets a <a href="https://economictimes.indiatimes.com/markets/bonds/future-retail-missed-payment-of-rs-100-crore-bond-dues-sp/articleshow/77118362.cms?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=Marketnewsletter&amp;ncode=a5ac7b13cca2a539099c8159781874b1" data-type="tilCustomLink" target="_blank">30-day grace period to cough up the sum</a>. <div type="image" title="future share price" msid="77120832" hostid="261" caption="&amp;lt;p&amp;gt;Future Retail share price has lost 70% of its value this year&amp;lt;/p&amp;gt;"></div> The ₹5,600 crore ($750 million) retailer ⁠— with a debt of nearly $2 billion⁠— that operates the Big Bazaar chain of multi-brand retail stores is on the brink of bankruptcy with massive debt and declining fortunes. While the operating profit has seen healthy growth in the last two years, the finance cost at the end of December 2019 was 1.5 times the net profit. Future Retail is yet to declare the earnings for the two quarters gone by this year. <div type="image" title="future retail." msid="77120899" hostid="261" caption="&amp;lt;p&amp;gt;While Future Retail&amp;#39;s operating profit has seen healthy growth in the last two years, the finance cost at the end of December 2019 was 1.5 times the net profit. &amp;lt;/p&amp;gt;"></div> The net worth of Kishore Biyani and his family is down to less than a third of what it was about a year ago. It was a clear case of stretching themselves too thin. “We got into so many categories of business….We didn't have that kind of bandwidth and we didn't have that kind of resources and we have done too many things," Kishore Biyani admitted last year. Biyani and his family hold a 33.5% stake in Future Group, but almost all of it has been pledged to lenders. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Percentage of pledged stake </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Lifestyle </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">99.78% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Supply (FSCL) </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">97.62% </td></tr><tr><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Future Consumer </td><td style="border-left:solid #000000 0.9960975000000001pt;border-right:solid #000000 0.9960975000000001pt;border-bottom:solid #000000 0.9960975000000001pt;border-top:solid #000000 0.9960975000000001pt;vertical-align:top;background-color:#ffffff;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">92.97% </td></tr></tbody></table> Future Retail operates 1,500 retail stores that cover over 16 million square feet of retail space in 400 cities. This includes its flagship Big Bazaar chain aside from EasyDay Club and Heritage Fresh. But before he could correct his mistakes, the COVID-19 pandemic struck. Now, the only hope for the founder-promoter Kishore Biyani seems to be a white knight, which <a href="https://www.businessinsider.in/business/news/future-group-in-advance-talks-with-ril-to-sell-stake-in-future-retail-other-units-sources/articleshow/76449270.cms" data-type="tilCustomLink" target="_blank">according to reports</a> could be the country’s richest man Mukesh Ambani who has his eyes set on the retail throne. On the other hand, Reliance Retail operates a network of 11,784 stores covering 28.7 million square feet and reported a revenue of Rs 38,211 crore in the January-March quarter. SEE ALSO: <a href="https://www.businessinsider.in/business/news/future-retail-promoter-kishore-biyani-net-worth-falls-sharply-as-debt-rises/articleshow/75861065.cms" data-type="tilCustomLink" target="_blank">Once India’s ‘retail king’, Future Retail promoter Kishore Biyani is straddling high debt, coronavirus and negative ratings⁠⁠— and nearly his entire stake is already pledged</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-next-goal-seems-to-be-the-retail-king-of-india/articleshow/76953716.cms" data-type="tilCustomLink" target="_blank">Mukesh Ambani’s next goal seems to be the ‘retail king of India’</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/10000-worth-rossari-biotech-shares-bagged-in-ipo-are-worth-over-13700-on-listing/articleshow/77120638.cms">₹10,000 worth Rossari Biotech shares bagged in IPO are worth over ₹13,700 on listing</a>

You Searched For "Rossari Biotech earnings" and got 8 results

Inside Rossari Biotech earnings: Input cost falls twice as much as revenue

Navdeep Yadav

Here's why Rossari Biotech bought Unitop Chemicals for ₹421 crore

Prabhjote Gill

Rossari Biotech IPO⁠— 40 scientists, China, and other factors that make the share sale hot

Navdeep Yadav

Top stocks to watch on Monday— Indiabulls Housing Finance, Future Enterprises, RIL, Tata Power, Dixon Tech, Rossari Biotech and more

Navdeep Yadav

Top stocks to watch today— Wipro, Future Retail, RIL, Divi’s Lab, SBI Life Insurance, Hindalco, Rossari Biotech and more

Navdeep Yadav

Kishore Biyani-led Future Retail averts a default — settles $14 million interest payment to investors

Sanchita Dash

Wipro outshines TCS, Infosys and others with a 31% jump in share price over the last two months

Prabhjote Gill

Future Retail shares dive after the Big Bazaar operator skips a foreign currency payment

Sriram Iyer

Popular Keywords

Buying Guides