Both indices, <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> closed the day in the green. While Nifty closed at 24,800 points, up by 0.76%, Sensex inched up by 626.91 points to close at 81,343.46 points on 18th July, 2024. LTI Mindtree (up by 3.48%), ONGC (up by 2.99%), Wipro (up by 2.41%), Bajaj Finserv (up by 2.39%) and TCS (up by 2.84%) were amongst the top gainers of the day. On the other hand, Hero Moto Corp (down by 1.49%), Coal India (down by 1.48%), Asian Paints (down by 1.40%), Grasim (down by 1.25%) and Bajaj Auto (down by 0.86%) were amongst the leading laggards. Amongst broad market indices, Nifty next 50 closed in red, down by 1.09%. Nifty smallcap 100 dipped by 1.22%, while smallcap 250 shed 1.11% and smallcap 400 lost 1% during the day. Nifty microcap also closed the day in red, losing 1.04%. Amongst sectoral indices. <keyword id="6354185" type="General" weightage="20" keywordseo="IT" source="Orion">IT</keyword> inched up by 2.22%, while <keyword id="6354777" type="General" weightage="20" keywordseo="Media" source="Orion">media</keyword> was biggest loser, down by 3.57%. Realty, metal and consumer durables also closed the day in red, while FMCG, auto and pharma closed the day in green. Out of the 2,791 stocks traded during the day, 932 advanced while 1,793 declined. 66 stocks were unchanged. Around 145 stocks hit their 52-week high, while 19 stocks also hit their 52-week low prices. 87 stocks hit the upper circuit, or maximum permissible trading price during a single trading session, while 108 stocks remained in the lower circuit, or the lowest permissible trading price during a singular session. <keyword id="6354512" type="General" weightage="20" keywordseo="Infosys" source="Orion">Infosys</keyword>, <keyword id="6370462" type="General" weightage="20" keywordseo="Tata-Communications" source="Orion">Tata Communications</keyword> and <keyword id="186288" type="General" weightage="20" keywordseo="Persistent" source="Orion">Persistent</keyword> Systems also announced their Q1FY25 results during the day. Infosys saw a 7.1% YoY rise in its net profit, taking it to Rs 6,368 crore. The company's revenue from operations also jumped up 3.6% YoY to reach Rs 39,315 crore. On the other hand, Persistent recorded $328.2 Million as revenue for Q1 FY25, witnessing a 16% YoY and 5.6% QoQ growth. As for Tata Communications, the company's Q1 net profit dipped 13% to reach Rs 333 crore. However, its revenue for the quarter was up 18%, at Rs 5,633 crore. <h2> Expert outlook</h2>Osho Krishan, Senior Analyst, Technical &amp; Derivatives, Angel One Ltd noted that the Indian equity market experienced a remarkably positive trading day, with the Nifty50 benchmark index reaching a new milestone of 24,800. Despite initial concerns caused by weak global cues, the market demonstrated resilience and confidence as the day progressed. The latter half of the session saw a strong upward movement, and the Nifty soared to settle at the 24,800 mark, securing a gain of 0.76% "As far as levels are concerned, the 24,500 is now expected to provide strong support, before which some cushioning to upcoming blips could be seen around the 24,650 subzones. On the higher end, it's challenging to anticipate the exact resistance zone, but achieving the milestone of 25,000 is now seen as a significant target for the bulls, especially in the context of the pre-budget rally", he continued. Aditya Gaggar Director of Progressive Shares noted extreme volatility in the morning trade today, as index swung on both sides. "On a sectoral front, media was the top loser by ending the day with a loss of over 3% followed by metal. Recovery was seen in the broader markets as well but not enough to outperform the frontline index as mid and smallcap shed by 0.96% &amp; 1.22% respectively. By engulfing the previous candle, the Index has formed a big green candle which implies a strong comeback of bulls and now the psychological level of 25,000 will be considered as an immediate hurdle while on the lower side, 24,500 will serve as strong support", he highlighted. As Ajit Mishra – SVP, Research, Religare Broking Ltd notes, "Markets have been inching higher as expected, driven by rotational buying in heavyweight stocks. We are now eyeing the new milestone of 25,000 in the Nifty. However, the recent underperformance of the broader indices is tempering the overall buoyancy. Amid these mixed signals, we reiterate our recommendation to focus on stock selection and prefer hedged positions, given the anticipated rise in volatility due to the upcoming Union Budget and ongoing earnings season".

Stock market closing: Sensex climbs over 600 points to close in green, LTIM, ONGC amongst top gainers

New Delhi, Beer maker <keyword id="240103" type="General" weightage="50" keywordseo="united-breweries-ltd" source="Orion">United Breweries Ltd</keyword> has reported a 16.09 per cent decline in consolidated net profit at Rs 136.34 crore for the first quarter ended June 2023, as volumes were impacted by supply challenges, lower inter-state sales and persisting inflation. The company, controlled by Dutch multinational brewing company <keyword id="219798" type="General" weightage="50" keywordseo="heineken-nv" source="Orion">Heineken NV</keyword>, had posted a net profit of Rs 162.50 crore in the April-June quarter a year ago, United Breweries Ltd (<keyword id="240102" type="General" weightage="80" keywordseo="ubl" source="Orion">UBL</keyword>) said in a late-night regulatory filing on Friday. UBL's revenue from operations was almost flat to Rs 5,243.01 crore during the quarter under review. It stood at Rs 5,196.08 crore in the corresponding period of FY22. "Q1 volumes impacted by RTM (root to market) changes, supply challenges &amp; lower inter-state sales," said an earning presentation from UBL. It had a volume decline of 12 per cent in the June quarter driven by <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>, <keyword id="37102" type="General" weightage="50" keywordseo="andhra-pradesh" source="Orion">Andhra Pradesh</keyword>, Delhi and Haryana. In the premium segment, the volume decline was 21 per cent. "Gross Profit predominantly impacted by volume decline &amp; COGS (Cost of Goods Sold) inflation with GP margin 369bps down," it said. Besides, it has price increases in key markets including Rajasthan, <keyword id="6357713" type="General" weightage="50" keywordseo="uttar-pradesh" source="Orion">Uttar Pradesh</keyword> and Karnataka. UBL's total expenses were at Rs 5,072.96 crore, up 1.69 per cent in the first quarter of FY 2023-24, as against Rs 4,988.37 crore a year ago. Its total income in the June quarter was at Rs 5,253.43 crore. "Capex during the quarter was Rs 45 crore, primarily in supply chain initiatives," said UBL's earning statement. Over the outlook, UBL said inflationary pressure on the cost base is expected to soften in the near-term but volatility will remain. "We continue to focus on revenue management and cost initiatives, to drive margin accretion," it said. It is building further category growth while driving the share of premium in its portfolio remains a key focus "We remain optimistic on the long-term growth potential of the industry, driven by increasing disposable income, favourable demographics and premiumisation," said UBL.

United Breweries Q1 net profit dips 16% to ₹136.34 crore

Kicking off <keyword id="6360137" type="General" weightage="100" keywordseo="kingfisher" source="Orion">Kingfisher</keyword>'s 'Spread the Cheer' campaign, focused on celebrating this year as the 'Year of the Cheer', United Breweries Limited has signed actors <keyword id="3677061" type="General" weightage="50" keywordseo="rashmika-mandanna" source="Orion">Rashmika Mandanna</keyword> and <keyword id="383666" type="General" weightage="50" keywordseo="varun-dhawan" source="Orion">Varun Dhawan</keyword> as brand ambassadors for its iconic brand Kingfisher, the company announced today. Actor <keyword id="4928" type="General" weightage="50" keywordseo="varun" source="Orion">Varun</keyword> Dhawan said, "I am super excited to be the face of a brand as iconic as Kingfisher. For me, Kingfisher represents passion, enjoyment and living life to the fullest. The last two years have been tough for everyone because of the pandemic and now I hope we all spread the cheer with Kingfisher and come together to have a good time." "Kingfisher is one of the most iconic brands to have come out of India, enjoyed not just locally but across the world. I am very excited to be a part of the Kingfisher brand family and urge everyone to come together, spread the cheer and celebrate the joy of true togetherness", added actress Rashmika Mandanna. <keyword id="647639" type="General" weightage="50" keywordseo="debabrata-mukherjee" source="Orion">Debabrata Mukherjee</keyword>, Chief Marketing Officer, <keyword id="240103" type="General" weightage="50" keywordseo="united-breweries-ltd" source="Orion">United Breweries Ltd</keyword>, said: "Kingfisher has brought joy and energy to the lives of consumers over the years and has always been India's first choice of a social beverage. As we look back on this journey with humble pride, we also look ahead with renewed resolve to further strengthen our consumer connections, enhance the aspirational and iconic brand codes and dial-up differentiated consumer engagement experiences. The ever-evolving consumer landscape and the continuous tectonic shifts in the media platforms are energizing us to strive for more in the way we approach integrated marketing communications and how we build winning partnerships. We are thrilled that Rashmika and Varun are joining forces with us as our brand ambassadors as we embark on this invigorating voyage. They truly represent what the brand stands for - fun, happiness, optimism and cheer! We believe that they will help spread our brand message and uplift our brand experiences across the country and beyond." Kingfisher is a youthful, contemporary and fun brand, which constantly reinvents itself to engage with its consumers in new and exciting ways. The brand is associated with some of the best music, food and sporting events, and lives up to its name of 'The King of Good Times'. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/ceo-bonus-for-the-top-10-tech-giants-soared-400-amid-pandemic/articleshow/90949619.cms">CEO bonus for the top 10 tech giants soared 400% amid pandemic</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/netflix-has-lost-200000-subscribers-in-the-first-quarter-of-2022/articleshow/90950450.cms">Netflix share price tanks as the company records its first drop in users since 2011</a>

Kingfisher signs Rashmika Mandanna and Varun Dhawan as brand ambassadors

<ul><li> ₹CCI alleges <keyword id="81868" type="General" weightage="20" keywordseo="United-Breweries" source="Orion">United Breweries</keyword> Ltd., <keyword id="12167231" type="General" weightage="20" keywordseo="Anheuser-Busch-InBev-India" source="Orion">Anheuser Busch InBev India</keyword> Ltd., and <keyword id="174607" type="General" weightage="20" keywordseo="Carlsberg" source="Orion">Carlsberg</keyword> India Pvt. Ltd. indulged in beer cartelisation.</li><li>United Breweries Ltd.'s stock fell over 3% in trade to ₹1,554.50 per share on Monday.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>.</li></ul>United Breweries Ltd.'s stock fell over 3% in trade on Monday to ₹1,554.50 per share on news that <keyword id="139820" type="General" weightage="20" keywordseo="Competition-Commission" source="Orion">Competition Commission</keyword> of India (<keyword id="47183" type="General" weightage="20" keywordseo="cci" source="Orion">CCI</keyword>) has fined the maker of <keyword id="6360137" type="General" weightage="20" keywordseo="kingfisher" source="Orion">Kingfisher</keyword> beer, along with Carlsberg India Pvt. Ltd. for indulging in cartelisation in the sale and supply of beer in the country between 2009 and 2018. The total fine is to <a href="https://www.cci.gov.in/press-release">the tune of ₹870 crore</a>, CCI said in a press release dated Sep. 24, that alleged three beer manufacturing firms ⁠— United Breweries, Anheuser Busch InBev India Ltd., and Carlsberg India were involved in cartelisation. While brokerage firm Motilal Oswal maintained a 'Sell' rating on the United Breweries stock, it flagged off the CCI decision as a "key investment risk." "There are no changes to our forecasts as we await clarity on the timeline for penalty payment as well as the management’s eventual decision on whether to appeal against the penalty," it said in a Sep. 24 note. United Breweries, it said, had a cash of <a href="https://www.cci.gov.in/press-release"></a>₹470 crore (net cash of ₹354 crore) at the end of fiscal 2021. "As per our current forecasts, it may have a net cash to pay the penalty of ₹752 crore by the end of fiscal 2022 (assuming that is the timeline) or else it may have to raise debt. As we have highlighted in recent years, an adverse CCI decision is a key investment risk," it said. <div type="image" title="UB Stock" msid="86551816" hostid="261"></div> As per CCI, United Breweries and Carlsberg have been fined with penalties of ₹750 crore and ₹120 crore, respectively, besides a cease-and-desist order. These are the key beer brands sold by each company: <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><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;">Popular brands of beer </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;">United Breweries </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;">Kingfisher, Heineken, London Pilsner, Bullet </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;">AB InBev </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;">Budweiser, Magnum, Corona, Hoegaarden </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;">Carlsberg </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;">Carlsberg, Karhu, Saku On Ice, Falcon Special Brew </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> The cartelisation, CCI alleged, was also being carried out through industry body, <keyword id="12167232" type="General" weightage="20" keywordseo="All-India-Brewers-Association" source="Orion">All India Brewers’ Association</keyword> (AIBA), which represents 83 manufacturing breweries in India. AB InBev, however, got a 100% reduction in its penalty under Section 46 of the CCI Act, which allows it to impose lesser penalties if the party involved in a cartel has made full disclosure about the alleged violations. Earlier in 2020, Reuters had reported that the investigation was triggered by AB InBev’s disclosure to the CCI that the company had discovered a cartel when it acquired <keyword id="406325" type="General" weightage="20" keywordseo="SAB-Miller" source="Orion">SAB Miller</keyword>. ALSO WATCH: The business of making beer in India <div type="Youtube" id="IPNP7IgFf6s" title="The business of beer in India | Ankur Jain, Rahul Singh and Sucharita Tyagi | What's what Ep 4" thumbUrl="https://i.ytimg.com/vi/IPNP7IgFf6s/mqdefault.jpg"></div>

United Breweries stock falls over 3% as CCI fines beer ‘cartel’ of Kingfisher and Carlsberg

<img class="gwt-Image" src="/photo/57054942.cms" /><a href="http://www.businessinsider.in/searchresult.cms?query=VIJAY+MALLYA&amp;sortorder=effectivedate">Vijay Mallya</a> is no longer the non-executive chairman of the <a href="http://www.businessinsider.in/searchresult.cms?query=United+Breweries&amp;sortorder=effectivedate">United Breweries</a> as the company has asked him to step down with immediate effect. 
 
The decision came in the wake of an order by<a href="http://www.businessinsider.in/searchresult.cms?query=sebi&amp;sortorder=effectivedate"> SEBI,</a> saying Mallya cannot hold any directorship in any listed company. 
 <keyword id="81868" type="COMPANY" weightage="100" keywordseo="United-Breweries">United Breweries</keyword>' Company Secretary Govind Iyengar said that in the absence of any stay or vacation of the <keyword id="35210" type="ORGANIZATION" weightage="100" keywordseo="sebi">Sebi</keyword> order, the "board is compelled to request you to step down from the board" with immediate effect. 
 "The independent directors along with other directors present at the meeting held on February 6, 2017 had resolved not to send the notices and agenda relating to board meetings and/or other privileged information to <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> till such time he obtains stay of the Sebi order," the company added. 
 
SEBI has banned Mallya and six former officials of <a href="http://www.businessinsider.in/searchresult.cms?query=United+Spirits&amp;sortorder=effectivedate">United Spirits</a> Ltd (USL) from securities markets in a case related to illegal fund diversions.

United Breweries asks Vijay Mallya to quit as chairman over a SEBI order

<img class="gwt-Image" src="/photo/48754299.cms" /> 
<a href="http://www.businessinsider.in/searchresult.cms?query=%E2%80%8BUnited+Breweries">United Breweries</a> Ltd. snapped a 2-day fall on Tuesday on media reports that global giant <keyword id="81732" type="COMPANY" weightage="80" keywordseo="Heineken">Heineken</keyword> is seeking an additional 29 percent stake from the <a href="http://www.businessinsider.in/searchresult.cms?query=UB+Group">UB Group</a>, which earlier sold a controlling interest in the company. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Heineken">Heineken</a>, which already controls 42 percent equity in United Breweries, is interested in raising its stake in the price band of 950-975 rupees per share in UBL. Heineken will allow former owner <a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Vijay Mallya</a> to retain his seat on the board of United Breweries, the reports said. 
 
As a consequence, shares of UBL were the top gainers in the futures and options space. They rose 65.30 rupees, or 7.6 percent, to 924.95 rupees on the National Stock Exchange with 3.27 lakh shares traded compared with a 5-day average of 2.28 lakh shares. 
 
UBL's <a href="http://www.businessinsider.in/searchresult.cms?query=market+capitalisation">market capitalisation</a> gained 31 percent in the past one year to 22,615 crore rupees and the stock is trading at 11 times its book value of 74.60 rupees. 
 
Image credit: Indiatimes

United Breweries Ltd snapped a 2-day fall today

<img class="gwt-Image" src="/photo/48656934.cms" style="width: 800px; height: 600px;" /> <keyword id="219798" type="COMPANY" weightage="100" keywordseo="Heineken-NV">Heineken NV</keyword>, the world's third-largest brewer, is seeking to raise its stake in <keyword id="240103" type="COMPANY" weightage="100" keywordseo="United-Breweries-Ltd">United Breweries Ltd</keyword> to gain full management control as it bet on the country’s growing market for beer, sources with direct knowledge of the matter said. The Dutch brewer, the single largest shareholder in United Breweries with a 42.07 percent stake, plans to take that holding beyond 50 percent by buying shares from liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> and his group firms, the sources said. 

	The stake hike, a bet on one of the world's fastest growing beer markets, will be completed in a phased manner over the next couple of years, said the two sources, who declined to be named as the talks are private. 
 A spokeswoman for Heineken in <keyword id="22442" type="COMPANY" weightage="100" keywordseo="Amsterdam">Amsterdam</keyword> declined to comment. A spokesman for UB Group, Mallya's group holding company, said that there had been no discussions on a stake sale in United Breweries. 
	 
	(Image credits: Indiatimes)

Heineken seeking controlling stake in United Breweries

<img class="gwt-Image" src="/photo/51054646.cms" /> It’s been a few days that Punjab National Bank declared <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> a 'wilful defaulter', but the liquor tycoon Vijay Mallya has said that "PNB is not the only bank and he will do what he has to do". 
 
The man who is known for his flamboyance and hosting lavish parties even when his companies have been declared to be defaulters by lenders, Mallya said that he won’t comment on people’s "perception" about his lifestyle. 
 
He, however, said that he does want to settle his accounts with banks. 
 After United Bank of India and SBI, PNB is the third public sector bank to declare now defunct <keyword id="79245" type="COMPANY" weightage="100" keywordseo="Kingfisher-airline">Kingfisher Airline</keyword> and its two guarantors - United Breweries (Holdings) Ltd and Mallya - as wilful defaulters. 
 
He also refused to comment on RBI Governor Raghuram Rajan's recent comment on lavish birthday parties thrown by loan defaulters. 
 
<a href="http://www.sportstarlive.com/multimedia/dynamic/02604/31_SSLIVE_MALLYA_2604266b.jpg">Image source</a>

PNB not the only bank to declare me a defaulter, will do what I have to do: Mallya

<img class="gwt-Image" src="/photo/57064964.cms" /> 
 A request for extradition of absconding liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> has been handed to the <keyword id="120974" type="ORGANIZATION" weightage="100" keywordseo="British-High-Commission">British high commission</keyword> in New Delhi, Indian foreign ministry spokesman Vikas Swarup said on Thursday. Honouring the request will be seen as an act of cooperation between India and Britain, Swarup said. 
 Earlier today, the <keyword id="81868" type="COMPANY" weightage="20" keywordseo="United-Breweries">United Breweries</keyword> fired indebted <keyword id="6373968" type="PERSON" weightage="20" keywordseo="Mallya">Mallya</keyword> from his non-executive chairman role following an order from the country’s market regulator, it said in a stock exchange filing late Wednesday. 
The UB Group said the Securities and Exchange Board of India (SEBI) has barred Mallya from holding key managerial roles in any listed company. 
 
Mallya owes banks at least $1 billion, fleeing to Britain last March as pressure grew from banks to pay back the loans. 
Mallya has repeatedly failed to appear before investigators at the Enforcement Directorate, a financial crimes agency, who suspect him of misusing funds loaned by a state bank. 
 
The company’s decision follows Karnataka high court issuing a ‘winding-up’ order on United Breweries Holdings Ltd (UBHL), the firm through which Mallya controlled his once-sprawling business empire, directing an official liquidator to take over all assets. 
In January, an Indian court ordered a consortium of banks to start the process of recovering roughly $1 billion in loans from Mallya, who refuses to return home from exile. 
 Mallya, who remains a part-owner of the Force India <keyword id="42857" type="SPORT" weightage="20" keywordseo="Formula-One">Formula One</keyword> team, has come to personify India’s problems with bad debts that are piling up on the balance sheets of banks.

India asks British High Commission for extradition of Vijay Mallya

<img class="gwt-Image" src="/photo/48988324.cms" /> 
<a href="http://www.businessinsider.in/searchresult.cms?query=Vijay+Mallya">Vijay Mallya</a> led <a href="http://www.businessinsider.in/searchresult.cms?query=United+Breweries">United Breweries </a>said today they haven’t received any notice from the <a href="http://www.businessinsider.in/searchresult.cms?query=Serious+Fraud+Investigation+Office">Serious Fraud Investigation Office</a> (SFIO) in connection to alleged fund diversions by the group’s <a href="http://www.businessinsider.in/searchresult.cms?query=Kingfisher+Airlines">Kingfisher Airlines</a>. 
 
"We would like to inform you that <a href="http://www.businessinsider.in/searchresult.cms?query=United+Breweries">United Breweries</a> Ltd (UBL) has not received any kind of notice from SFIO nor is aware of any development in this regard," the company said in a filing to the BSE. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=United+Breweries">United Spirits</a> had confirmed yesterday that the <a href="http://www.businessinsider.in/searchresult.cms?query=Serious+Fraud+Investigation+Office">Serious Fraud Investigation Office</a> (SFIO) has asked for information about the diversion of company funds. The company they have only received a letter from the SFIO. 
 
UBL's filing is in response to BSE’s instruction to clarify if funds were diverged to <a href="http://www.businessinsider.in/searchresult.cms?query=Kingfisher+Airlines">Kingfisher Airlines</a>. 
 Shares of <keyword id="81868" type="COMPANY" weightage="80" keywordseo="United-Breweries">United Breweries</keyword> fell 1.84% to Rs 851.45 on the BSE today. 
 
Image credit: Indiatimes

United
Breweries denies Fraud Investigation notice

<img class="gwt-Image" src="/photo/35680639.cms" /> Vijay Mallya-led <keyword id="81868" type="COMPANY" weightage="100" keywordseo="United-Breweries">United Breweries</keyword> reported more than elevenfold rise in net profit to Rs 67.71 crore in the last quarter of FY2013-14. 
 
The company had reported a net profit of Rs 5.85 crore during the corresponding period of FY2012-13. 
 
For FY2013-14, the company reported a net profit of Rs 226.02 crore as compared to Rs 172.11 crore in the previous fiscal (2012-13). 
 
"The fourth quarter performance was in line with expectations and similar to that in the previous quarter," the company said. 
 
“The positive development in revenue has been partly driven by price increases and partly through optimisation of sales mix,” it added. 
 
The Bangalore-based firm, which markets various beer brands, including Kingfisher and Zingaro, said its board has approved to acquire assets of Pacific Spirits for Rs 105 crore. 
 
The brewery is located at Shahjahanpur in Rajasthan. The acquisition is subject to due diligence and securing necessary approvals, United Breweries added. 
 
"The parties are in the process of completing various formalities for issue of statutory licenses and permissions in the name of United Breweries Ltd. Upon receipt of necessary approvals and completion of due diligence, requisite documents for sale of brewery assets shall be registered," it said.

United Breweries’ Q4 Net Profit Rises More Than
Elevenfold

<img class="gwt-Image" src="/photo/46066610.cms" /> <keyword id="6361490" type="CITY" weightage="100" keywordseo="diageo">Diageo</keyword> Plc, a British multinational alcoholic beverages company, has expressed confidence of retaining a majority stake in United Spirits Limited (<keyword id="136068" type="COMPANY" weightage="100" keywordseo="USL">USL</keyword>) even if it loses the legal battle pertaining to the purchase of shares of USL from United Breweries Holdings Ltd (<keyword id="6656246" type="COMPANY" weightage="100" keywordseo="UBHL">UBHL</keyword>). 
 
Last year, the Supreme Court had ordered status quo to be maintained in the case. The next hearing is scheduled to take place on April 21. Moreover, the Karnataka High Court, which had admitted six petitions against UBHL, will hear the case on February 26. 
 
“…Averse results for Diageo in the proceedings referred to above could, absent leave or relief in other proceedings, ultimately result in Diageo losing title to the 10,141,437 USL shares acquired from UBHL. Diageo believes it would remain in control of USL and be able to consolidate USL as a subsidiary regardless of the outcome of this litigation,” the London-headquartered company said. 
 
“There can be no certainty as to the outcome of the existing or any further related legal proceedings or the timeframe within which they would be concluded,” it added. 
 
Diageo had acquired a stake of 14.98% in USL for Rs 3,130 crore in July 2013. On July 2, 2014, it bought more shares and increased its stake to 54.78%. 
Image: Indiatimes

Diageo Exudes Confidence Of Retaining Majority Share In United Spirits

New Delhi, May 4 () Several manufacturing companies, ranging from auto to textiles, breweries to chemical and fertilizers, have resumed manufacturing operations after getting permission from the respective state governments under the third phase of the lockdown, which begins from Monday.The manufacturers have informed the bourses about partial resumption of their manufacturing facilities with adherence to the safety precautions mandated by the government and the local authorities, and are also waiting for the approval/nod for other units.The development comes after a recent notification from the Union Home Ministry, which had last week permitted companies to resume manufacturing operations in red, green and orange zones with certain riders. Commercial vehicle maker SML Isuzu has got permission from Punjab government to start its manufacturing plant situated in district Shahid Bhagat Singh Nagar in Punjab."We wish to update that the Company has got the State Government permission to restart manufacturing operations at its Plant with limited workforce effective from today - 4th May, 2020," the company said in a regulatory filing adding "Work from Home Policy" will continue as per the government directions from time to time".Rajasthan-based Chambal Breweries and Distilleries has also informed the exchanges about resumption of operations. "As per the orders and directions issued by the Government of India and respective State Governments for lockdown to prevent the spread of coronavirus , now the operations at the Company have started," it said in a regulatory filing. Automotive and industrial lubricant manufacturing company Castrol India has also started operations at its plant in Silvassa in Dadra and Nagar Haveli."The operations at Silvassa are being carried out in complete compliance with the precautionary measures, conditions and directions as mentioned in the guidelines / orders from respective Government authorities regarding the COVID-19 safety advisories," it said.Hardware manufacturer Cerebra Integrated Technologies said that the company has resumed its manufacturing operation after receiving the required permission from the local authorities."The Company has resumed its manufacturing operations at its facilities located in the States Peenya Industrial Area Bangalore and Narasapura KIADB Industrial Area Kolar District in the state of Karnataka and will gradually scale up its production," it said.Pune-based process and project engineering company Praj Industries has also resumed operations in certain areas. "The Company has obtained permission from the Office of the Development Commissioner, Kandla Special Economic Zone (SEZ) regarding partial resumption of operations at Company's SEZ Unit II and Unit I at Kandla with effect from 21st April, 2020 and 22nd April, 2020 respectively," it said.Similarly, Amines and Plasticizers Ltd, the largest producer of Ethanolamines, Alkyl Alkanolamines, Morpholine Derivatives, has also partially resumed operations. "We are pleased to inform that the Company has partially resumed its operations after receiving required permissions and having ensured all health and safety measures as prescribed by the local authorities and State Government," it said.Ferro alloys manufacturer Nava Bharat has resumed operations (Power and Ferro Alloys) at plants situated in Paloncha, Telangana and Dhenkanal, Odisha, after receiving the "permissions with restrictions" from the respective state governments."However, the operations of our subsidiary, Nava Bharat Energy India Limited (150 MW Unit) at Paloncha, Telangana continue to be under shutdown, as there is no bilateral contract and there being no alternative viable market on the power exchange," it said.Integrated Printing, Logistics and Courier solutions provider DJ Mediaprint &amp; Logistics has also informed exchanges that it has got permission from Maharashtra government to start factory in few shifts from Monday."We have received the Permission for Commissioning of Factory under lockdown from the Government of Maharashtra, Department of Industries , Enery &amp; Labour started few shifts effective from today with limited manpower adhering to all compliances as mentioned in the permission as well as various Central/State/District Authority Orders," it said.Export-oriented terry towels and tufted rugs manufacturer Riba Textiles has also got the nod to start manufacturing operation. "We are pleased to inform that the Company has partially resumed its operations after receiving required permissions and having ensured all health and safety measures as prescribed by the local authorities and State Government," it said.On Friday, the Home Affairs Ministry issued new guidelines to regulate different activities in this period based on risk profiling of all the districts into Red (hotspot), Green and Orange zones.India is under a lockdown since March 25 to prevent the spread of the coronavirus. On Friday, the government extended it for two weeks from May 4 with certain relaxation.According to the latest updates from the Health Ministry, the number of cases from COVID-19 has climbed to 42,533 and death toll risen to 1,373 in the country. KRH RKL ANUANU

Lockdown 3.0: Several firms resume manufacturing after getting nod from local authorities

<img class="gwt-Image" src="/photo/52291210.cms" /> <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who is under immense pressure from Indian state-run banks to repay the loans worth Rs 9000 crores that he had taken for the now defunct Kingfisher Airlines, has stated that he wishes to honour his commitments, and has <a href="http://www.businessinsider.in/Vijay-Mallya-makes-another-attempt-this-time-he-is-offering-Rs-6000-crore-settlement/articleshow/51822342.cms">offered a new settlement</a> to the main lender SBI. In a United Breweries Ltd board meeting that he attended by a video-conference, he also stated that he hopes to make a quick progress on the matter. 
 
Enforcement Directorate of India is looking forward to <a href="http://www.businessinsider.in/UK-refuses-to-deport-debt-laden-Vijay-Mallya-money-lenders-grope-in-dark/articleshow/52217798.cms">extradite Mallya from the United Kingdom</a>, the country that he fled to, but in the meeting, he said that the chairman of UBL has the support of the board and strategic partner Heineken. 
 
Also read: <a href="http://www.businessinsider.in/Parliaments-Ethics-Committee-wants-to-expel-Vijay-Mallya/articleshow/52107381.cms">Expel Vijay Mallya, Parliament’s Ethics Committee says on receiving his resignation</a> 
 
"We expressed concerns over the various issues and Mallya has assured us that he is in serious negotiations with the banks to repay the loans as soon as possible. He has said he is willing to return to India to answer all questions but he has to be assured of his safety and freedom," said Kiran Mazumdar-Shaw, an independent board member. 
 
"Performance of the company has been extremely good and there is no corporate governance issue that has impacted it owing to Mallya," he added. 
 
Executives aware of the matter said that Heineken has chosen to stand by Vijay Mallya in his tough times. 
 
"Mallya told us he has been <a href="http://www.businessinsider.in/Vijay-Mallya-safe-in-UK/articleshow/52041381.cms">wrongly accused</a> and has every intent to repay loans," said Sunil Alagh, also an independent board member. "For now, the board stands by him and sees no corporate governance issues and would monitor progress until the next (board) meeting in August." 
 
Mallya told the board he had been wrongly accused of money laundering and there was no evidence to justify the allegations. He said he was willing to return immediately if he was assured of<a href="http://www.businessinsider.in/SC-says-Vijay-Mallya-will-have-to-declare-all-his-assets-to-the-Banks-including-that-of-his-wifes-and-childrens/articleshow/51994174.cms"> safe passage</a>. "We all unanimously expressed our concerns to Mr Mallya and he told us that he is making serious efforts to repay the banks," said CY Pal, independent board member. 
 
"He also told us he had tried to repay Kingfisher Airlines' employee dues through United Breweries Holdings but was delayed since the Karnataka High Court has frozen accounts and assets." He expressed his keenness to return to India if safe passage was assured, Pal added. 
 
<a href="http://www.newsx.com/sites/default/files/field/image/Vijay-Mallya-Net-Worth.jpg">Image source</a>

You Searched For "United Breweries Ltd" and got 15 results

Stock market closing: Sensex climbs over 600 points to close in green, LTIM, ONGC amongst top gainers

Ira Alok Puranik

United Breweries Q1 net profit dips 16% to ₹136.34 crore

PTI

Kingfisher signs Rashmika Mandanna and Varun Dhawan as brand ambassadors

IANS

United Breweries stock falls over 3% as CCI fines beer ‘cartel’ of Kingfisher and Carlsberg

Ridhima Saxena

United Breweries asks Vijay Mallya to quit as chairman over a SEBI order

BI India Bureau

United Breweries Ltd snapped a 2-day fall today

Shailendra Bhatnagar

Heineken seeking controlling stake in United Breweries

BI India Bureau

PNB not the only bank to declare me a defaulter, will do what I have to do: Mallya

BI India Bureau

India asks British High Commission for extradition of Vijay Mallya

BI India Bureau

United Breweries denies Fraud Investigation notice

BI India Bureau

United Breweries’ Q4 Net Profit Rises More Than Elevenfold

BI India Bureau

Diageo Exudes Confidence Of Retaining Majority Share In United Spirits

BI India Bureau

Lockdown 3.0: Several firms resume manufacturing after getting nod from local authorities

PTI

Vijay Mallya will return to India but only if his safety and freedom are ensured

BI India Bureau

Apple, Amazon, Google, and hundreds of businesses vowed to meet Paris climate goals on their own 'in the absence of leadership from Washington'

Biz Carson