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Air conditioning and <keyword id="17833175" type="General" weightage="20" keywordseo="engineering-services" botkeyword="" source="Denny">engineering services</keyword> provider <keyword id="21567326" type="General" weightage="20" keywordseo="Voltas-Ltd" botkeyword="" source="Denny" meta.keywordsubtype="org" meta.entityname="Voltas Ltd" meta.hostid="153" meta.entityid="Voltas Ltd">Voltas Ltd</keyword> on Tuesday reported a 22.75 per cent decline in <keyword id="20203162" type="General" weightage="20" keywordseo="consolidated" botkeyword="" source="Denny">consolidated</keyword> <keyword id="17985868" type="General" weightage="20" keywordseo="net-profit" botkeyword="" source="Denny">net profit</keyword> to Rs 110.64 crore in the fourth quarter ended March 31, 2024, impacted by higher <keyword id="18067946" type="General" weightage="20" keywordseo="expenses" botkeyword="" source="Denny">expenses</keyword>. The company had posted a consolidated net profit of Rs 143.23 crore in the same period previous fiscal, <keyword id="6354999" type="DOMAIN" weightage="20" keywordseo="voltas" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="voltas" meta.entityname="Voltas Ltd." meta.entityid="12815" meta.seoname="voltas-ltd">Voltas</keyword> said in a regulatory filing. Consolidated <keyword id="17915033" type="General" weightage="20" keywordseo="revenue" botkeyword="" source="Denny">revenue</keyword> from operations during the quarter under review stood at Rs 4,202.88 crore as against Rs 2,956.8 crore in the year-ago period, it added. Total expenses in the fourth quarter were higher at Rs 4,044.90 crore compared to Rs 2,761.45 crore in the corresponding period a year ago. In the fourth quarter the unitary cooling products business segment revenue grew by 44 per cent to Rs 2,955 crore as compared to Rs 2,049 crore in the corresponding quarter of the previous year on account of a better product mix enhancement approach, the company said. The engineering products and services division clocked revenue of Rs 156 crore as compared to Rs 142 crore in the year-ago period, it added. Similarly, electro-mechanical <keyword id="18084086" type="General" weightage="20" keywordseo="projects" botkeyword="" source="Denny">projects</keyword> and services segment comprising both domestic and international projects businesses grew by 38 per cent year-an-year due to a healthy carry forward order book position, it added. <keyword id="21544478" type="General" weightage="20" keywordseo="Voltas" botkeyword="" source="Denny">Voltas</keyword> said for the fiscal ended March 31, 2024, consolidated net profit was higher at Rs 248.11 crore as compared to Rs 136.22 crore in the previous year. Consolidated revenue from operations in FY24 was at Rs 12,481.21 crore as against Rs 9,498.77 crore in FY23. The company said it achieved the milestone of 20 lakh <keyword id="21211630" type="General" weightage="20" keywordseo="AC-sales" botkeyword="" source="Denny">AC sales</keyword> in 2023-24. Voltas said its board of directors has recommended a <keyword id="18713200" type="General" weightage="20" keywordseo="dividend" botkeyword="" source="Denny">dividend</keyword> of Rs 5 per share of the face value of Re 1 per share for the year 2023-24 subject to the approval of shareholders of the company. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/aadhar-housing-finance-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/109919298.cms" target="_blank">Aadhar Housing Finance IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-april-2024-tata-punch-continues-to-dominate/slidelist/109909744.cms" target="_blank">Top-selling cars in India in April 2024 – Tata Punch continues to dominate</a><a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/worldwide-tablet-shipments-grow-in-q1-2024-after-two-years-of-decline/articleshow/109876390.cms" target="_blank">Worldwide tablet shipments grow in Q1 2024 after two years of decline</a>

Voltas net profit declines 22% YoY to ₹110.64 crore in Q4 FY24

Shares of <keyword id="6354999" type="General" weightage="20" keywordseo="voltas" source="Orion">Voltas</keyword> Ltd fell by nearly 3 per cent on Thursday morning trade after the air conditioning maker reported a decline of 21.6 per cent in its consolidated net profit in the March 2023 quarter. The stock fell by 2.85 per cent to Rs 830.60 on the BSE. At the NSE, it declined 2.82 per cent to Rs 830.50. Voltas Ltd on Wednesday reported a decline of 21.6 per cent in its consolidated net profit at Rs 143.23 crore in the March 2023 quarter, due to provisions made on delayed collection in the international project business. The Tata group firm had posted a consolidated net profit of Rs 182.71 crore in the year-ago period, the company said in a regulatory filing. Revenue from operations of Voltas was up 11.5 per cent to Rs 2,936.76 crore during the period under review, as against Rs 2,633.72 crore a year ago. "Profit before and after taxes were impacted during the current quarter due to provisions made on delayed collection in the international project business," Voltas said in its earnings statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-q4-net-profit-zooms-43-to-2624-crore-beating-expectations-to-add-capacity-of-1-million-vehicles/articleshow/99790060.cms">Maruti Suzuki Q4 net profit zooms 43% to ₹2,624 crore beating expectations, to add capacity of 1 million vehicles</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/bajaj-finance-reports-30-jump-in-net-profit-to-3158-crore/articleshow/99792032.cms">NBFC giant Bajaj Finance reports 30% jump in Q4 net profit to ₹3,158 crore; books record new loans in FY23</a>

Voltas shares decline nearly 3% after March quarter earnings announcement

<ul><li>After the lockdown froze the sales of the cooling products last summer, Voltas witnessed a good come-back during the festive period due to pent-up demand.</li><li>Pradeep Bakshi, Managing Director and CEO, Voltas Limited is confident that this trend will continue in 2021 and help them achieve a double digit growth.</li><li>He shares how the brand has managed to stick to its leadership position despite the curveballs that COVID has sent its way and his plan to expand its market share this year.</li></ul> The onslaught of sweltering summer and the extention of working from home for most people has had an obvious, positive impact on the air conditioning industry. As people try to make their homes more comfortable during the summer as they spend more time indoors, the direct effect has been higher demand for air conditioning and cooling products. Anticipating the increased demand for its products, leading AC manufacturer Voltas has outlined a 360-degree marketing plan to further increase its market share. It is confident of witnessing double-digit growth this summer, which is its peak season as it brings in more than 50% of its room AC sales. According to Motilal Oswal Research study, Indian Room AC market has grown at ~10% CAGR (in volume) over FY10–20 and Voltas is the leading player in the market. <div type="image" title="Indian AC market" msid="82035328" hostid="261"></div> <div type="image" title="ac players" msid="82035336" hostid="261"></div> The Indian AC industry is sized at Rs 180–200 billion. According to Tech Scientific data, it is projected to grow at a CAGR of more than 17%, to surpass $ 11 billion by 2023. However, the air conditioning and cooling products market was adversely affected in the first half of last year due to the nation-wide lockdown, with sales coming to a grinding halt during the category’s peak season. AC is a highly seasonal sales product and it sees its peak during the March-June period. However, despite the Covid-induced speedbump, Voltas was able to maintain its leadership position in the AC category, thanks to the resurgence of demand during the festive season. “We are delighted to report that despite the pandemic situation, we maintained our market leadership with a 26% market share in the room air conditioners category. The Cooling Products business made good recovery, post easing of the lockdown situation. As of last quarter, we achieved a YoY growth of 46% over the same quarter (non-covid period) of the previous year,” shared Pradeep Bakshi, Managing Director and CEO, Voltas Limited. Voltas earned Rs 28,516 million revenue last year, as per Motilal Oswal. The brand maintained its leadership position, followed by Daikin at Rs 26,166 million. Voltas is hoping to see a similar momentum this year as well. Sharing his outlook for this year, Bakshi added, “The performance of the Air cooler vertical too has been satisfactory with a growth of 11% over the previous year. Based on latest market share figures, we are now at the number two position overall. We expect this momentum to continue in the next few quarters. Overall, I am optimistic about double-digit industry growth this summer.” Elaborating on why Voltas is optimistic about seeing a double digital growth, Bakshi said, “This summer, we are already witnessing a robust demand for Room Air Conditioners and our range of Cooling products like Air Coolers and Commercial Refrigeration products. This is due to the India Meteorological Department’s (IMD) forecast of a strong summer this year, across most regions of India. The work-from-home hybrid routine is expected to continue for some more time, thus leading consumers to continue looking for home appliances and cooling products that help with the burden of household chores, and make their work-from-home scenario more comfortable." Marketing strategy this year In line with the motto of ‘Keeping India Cool’ since 1954 and being the ‘cooling experts of India,’ Voltas recently launched its Air Cooler <a href="https://twitter.com/myvoltas/status/1374591244500750338" data-type="tilCustomLink">campaign </a>‘Ab Garmi Ke Mazey Lo, Bina Garmi Ke.’ The campaign taps into the emotions of Indian summer and highlights that with Voltas’ Air Fresh Coolers, the consumers can enjoy all the good things that summer season brings along, and say goodbye to heat, humidity and sweat. And this year, Voltas is spending 25% of its marketing monnies on digital media. To increase its affinity and sales further, Voltas will stick to a 360-degree approach. “We, at Voltas, believe in having a holistic 360° strategy, where we focus on being accessible to our customers in multiple formats. As part of this, we have adopted an Omni-channel strategy with an emphasis on offline as well as online channels. This largely helps us customise our approach to suit the different markets in the rural, as well as urban areas, across the country. With consumers at the centre of our universe, our marketing initiatives have always included campaigns that can easily identify with consumers. We have a record of demystifying technologies and creating meaningful campaigns, which stay relevant for the consumers for years. We will continue to have the highest Share of Voice in the Cooling products category, with a heavy presence across electronic media. Further, keeping in mind the trend of consumer media habit consumption, over 25% of our Advertising spends will be on Digital,” said Bakshi. Vision for 2021 According to Motilal Oswal research study, India’s AC industry is highly competitive, with 35–40 brands playing the penetration story in India. The Top 6 players enjoy 75–80% market share. So, there’s still a huge scope for Voltas to grow further. It also outsources 40% of its services and Indian companies are working towards minimising their dependence on external sources and imports. Sharing the brand’s strategy to increase its market share this year, Bakshi said, “Voltas has strengthened its market leadership with close to 26% market share in the Room Air conditioners. And we are not just ramping up production in our existing factories in Pantnagar, Waghodia and Sanand but also working towards enhancing the production capacity of Air Conditioners through another plant in the Southern region of the country. So, for the upcoming summer season, we expect more traction in urban and mini-metros, due to the high level of penetration of branded cooling products in these markets. To address this growing demand, we have taken some key steps like shifting stocking focus to high demand goods, penetration in more rural, less affected zones and increasing the manufacturing capacities. As the pace of electrification increases and the expected trickle-down effect on consumer durables is likely to be witnessed, given the increasing disposable incomes, demand from rural as well as Tier 2 and 3 cities will also increase.” The brand has opened new shops in Tier II and III cities. It aims to drive the highest distribution reach and market share across all Tiers of population strata and strengthen its leadership position in urban and semi-urban areas this year.

Air conditioner and cooling brand Voltas India eyes double digit growth this summer

Rising temperatures in India have made air conditioners a necessity for every household. Be it the living room, bedroom, or commercial space such as a shop, an effective AC is something we all need. Voltas is one of the most preferred and reliable brands when it comes to ACs. They are equipped with different sets of features like air filters, turbo mode, economical mode, variable fan speed, digital display, WiFi connectivity and more. However, buying an air conditioner can be confusing as there are a plethora of options available in the market. To help you out, we have curated a list of some of the best Voltas Split and Window ACs that you can buy. But first, here are a few things to consider before buying an air conditioner in 2022. <cmsannotation type="cmsannotation" annotationid="Type of AC – Window or Split" comment="subhead" text="Type of AC – Window or Split">Type of AC – Window or Split</cmsannotation> Window ACs are cheaper and easy to install when compared to split ACs. However, Window ACs are noisier when compared to split ACs. Split AC provides better air distribution and they are more beautiful to look at. Also, they provide faster cooling and are reliable for long-term use. Before choosing the AC type, consider your usage, room size and budget because Split ACs are more expensive than Window ACs. <cmsannotation type="cmsannotation" annotationid="Air quality" comment="subhead" text="Air quality">Air quality</cmsannotation> No matter which AC you choose, it must improve the indoor air quality. It should have filters to provide clean air by trapping impurities, smoke and unpleasant smell. If the AC has a dehumidification unit then it's a bonus as it reduces humidity in the air, which is useful in coastal areas, and in the monsoons. So before buying any type of air conditioner make sure it has the capability of improving air quality. <cmsannotation type="cmsannotation" annotationid="Installation and maintenance" comment="subhead" text="Installation and maintenance">Installation and maintenance</cmsannotation> Some air conditioners are easy to install but require heavy maintenance. For example, Split ACs come with a compressor unit which makes it difficult to install whereas Window ACs do not have any extra unit, they are simply attached to the window. <cmsannotation type="cmsannotation" annotationid="Speed" comment="subhead" text="Speed">Speed</cmsannotation> Today, air conditioners are available with a thermostat and multiple speed options allowing you to achieve variable fan speed and swing. It is worth considering the speed factor before buying AC as it will allow you to set fan speed and swing according to your needs. <cmsannotation type="cmsannotation" annotationid="Energy efficiency" comment="subhead" text="Energy efficiency">Energy efficiency</cmsannotation> Before you buy an AC, make sure there is a star rating for energy efficiency labeled on it. Higher the star rating, the better the energy efficiency of the AC. <cmsannotation type="cmsannotation" annotationid="Best Voltas AC that you can buy right now" comment="subhead" text="Best Voltas AC that you can buy right now"><keyword id="14801229" type="General" weightage="20" keywordseo="best-voltas-ac" source="Orion">Best Voltas AC</keyword> that you can buy right now</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Voltas 1 Ton 3 Star Window AC" comment="subhead" text="Voltas 1 Ton 3 Star Window AC">Voltas 1 Ton 3 Star Window AC</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B00LWRFC1W" comment="amazoncard" text="B00LWRFC1W">B00LWRFC1W</cmsannotation> This Voltas AC is compact in size yet durable making it an ideal pick for small rooms. The AC has a louvre design that gives higher airflow and cools the room in a short period. In addition, it maintains ideal room temperature by eliminating excessive cooling. Further, you can avail instant 10% on selected bank cards, no-cost EMI, and cashback by using the Amazon Pay ICICI credit card. <cmsannotation type="cmsannotation" annotationid="Voltas Inverter 1.5 ton split air conditioner" comment="subhead" text="Voltas Inverter 1.5 ton split air conditioner">Voltas Inverter 1.5 ton split air conditioner</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B09WDP2DLF" comment="amazoncard" text="B09WDP2DLF">B09WDP2DLF</cmsannotation> This Split AC from Voltas features an anti-dust filter making it suitable for living rooms, bed rooms, commercial spaces and more. Currently, you can avail an instant 10% discount on this AC by using selected bank cards. Also, you can buy it at no-cost EMI and save ₹5,070 on exchange. <cmsannotation type="cmsannotation" annotationid="Voltas 2 Ton 5 Star Inverter Split AC" comment="subhead" text="Voltas 2 Ton 5 Star Inverter Split AC">Voltas 2 Ton 5 Star Inverter Split AC</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B089WBWNS1" comment="amazoncard" text="B089WBWNS1">B089WBWNS1</cmsannotation> This Voltas 2 Ton 5 Star Inverter Split AC is equipped with a variable speed compressor that adjusts the power depending on the heat load. It offers a capacity of two tons and is suitable for large-sized rooms. The AC uses copper condenser coils that are efficient and durable. It comes with an active dehumidifier that removes excess moisture from the air. It comes with a five star energy efficiency rating, ensuring that your bills are not too high. <cmsannotation type="cmsannotation" annotationid="Voltas 1.5 Ton 3 Star Window AC" comment="subhead" text="Voltas 1.5 Ton 3 Star Window AC">Voltas 1.5 Ton 3 Star Window AC </cmsannotation> <cmsannotation type="cmsannotation" annotationid="B00NBM4LJ0" comment="amazoncard" text="B00NBM4LJ0">B00NBM4LJ0</cmsannotation> The Voltas 183CYA/183 CZP Window AC comes with a capacity of 1.5 ton and is equipped with a 100% copper condenser which is durable and offers efficient cooling. It comes with a high ambient cooling feature that offers instant cooling even at 50-degree temperatures. It is equipped with an active dehumidifier that monitors indoor humidity. It comes with a 2-stage filtration process that removes dust, allergens, odours and other harmful particles from the air. <cmsannotation type="cmsannotation" annotationid="Voltas 1.5 Ton 5 Star Inverter Split AC" comment="subhead" text="Voltas 1.5 Ton 5 Star Inverter Split AC">Voltas 1.5 Ton 5 Star Inverter Split AC</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B088SR7NWW" comment="amazoncard" text="B088SR7NWW">B088SR7NWW</cmsannotation> This split AC from Voltas has a modern design and is equipped with a BLDC twin rotary compressor. It is said to cover 16.72 sq.m seamlessly. Besides this, it comes with a rated cooling capacity of 5200 Watts, giving perfect cooling results. Currently, by using Amazon Pay ICICI credit card buyers can avail rewards worth ₹1700. Other than this, by using selected bank cards get an instant discount of 10%. <cmsannotation type="cmsannotation" annotationid="Panasonic 1.5 Ton 5 Star Wi-Fi Inverter Smart Split AC" comment="subhead" text="Panasonic 1.5 Ton 5 Star Wi-Fi Inverter Smart Split AC">Panasonic 1.5 Ton 5 Star Wi-Fi Inverter Smart Split AC</cmsannotation> <cmsannotation type="cmsannotation" annotationid="B0BRJ1973T" comment="amazoncard" text="B0BRJ1973T">B0BRJ1973T</cmsannotation> The Panasonic 1.5 Ton 5 Star Wi-Fi Inverter Smart Split AC has a cooling capacity of 1.5 tons, making it suitable for medium-sized rooms. The air conditioner has a 5-star rating, indicating high energy efficiency. It also comes with a Wi-Fi connectivity feature, allowing remote control and access via a smartphone app. The AC uses an inverter compressor, which adjusts the compressor speed according to the room's cooling requirement, resulting in energy savings. The air conditioner also has an air purification system, which filters out dust, pollutants, and allergens, making it a good option for those with respiratory issues. The AC has a sleep mode, which gradually adjusts the temperature for a comfortable sleep experience. DISCLAIMER: The Insider Picks team writes about stuff we think you'll like. Business Insider has affiliate partnerships, so we get a share of the revenue from your purchase.

Best Voltas split and window ACs to buy in 2023

<ul><li>At 7:50 am, the SGX Nifty was up 0.52%, indicating a positive start for Nifty50. </li><li>Here’s a list of stocks to watch 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 7:50 am, the SGX Nifty was up 0.52%, indicating a strong start for Nifty50. Other Asian markets were also trading in green such as — Hang Seng Index up over 1.1%, Nikkei 225 up 2% and Shanghai Composite Index was also up over 1%. These are the stocks to watch out for during the trading session today: Cipla The pharma giant Cipla reported a 38.95% jump in its consolidated net profit to ₹659.35 crore for the quarter ended September 30, led by the robust sales in all markets. The company said a sustained focus on cost optimisation during the quarter helped deliver an EBITDA (earnings before interest, taxes, depreciation, and amortization) margin of over 23%. The shares of Cipla ended 0.62% lower on Friday. ITC On Friday, Consumer staples-to-hospitality major ITC reported an 18.23% drop in its consolidated net profit to ₹3,413.44 crore. The drop came despite a 2.18% growth in its revenue from operations to ₹13,147.81 crore during the period under review. Its FMCG segment delivered a decent sales growth of 15.4% (YoY), but wasn’t enough to offset the volume decline of 12% in its cigarette segment. The shares of ITC ended 0.54% lower on Friday. Divi’s Labs Drug firm, Divi’ ’s Laboratories, reported a 45.63% rise in its consolidated net profit to ₹519.59 crore for the quarter ended September 30, mainly on account of robust sales. Consolidated total income stood at ₹1,762.94 crore compared to ₹1,492.60 crore for the same period a year ago. The shares of Divi’s Labs ended 0.40% higher on Friday. Biocon Kiran Mazumdar Shaw-led Biocon’s subsidiary, Biocon Biologics, had received a ₹1,125 crore investment from Goldman Sachs. This capital injection will enable Biocon Biologics to make prudent investments in R&amp;D, high-quality manufacturing, as well as, establish a global commercial footprint, the company said. The shares of Biocon ended 0.17% higher on Friday. Lakshmi Vilas Bank Private sector Lakshmi Vilas Bank (LVB) reported a net loss of ₹397 crore in the second quarter ended September 30 due to a rise in bad loans and provisions. Sequentially, the loss widened against ₹112.28 crore in the June quarter of this fiscal. The<a href="https://www.financialexpress.com/industry/banking-finance/made-significant-progress-with-clix-group-says-lakshmi-vilas-bank/2123468/"> bank also said</a> that despite logistical challenges arising due to the COVID-19 situation, the bank has made significant progress with Clix group for the proposed amalgamation of Clix Capital Service and Clix Finance India into the bank. The shares of Lakshmi Vilas Bank ended 0.64% higher on Friday. Voltas Electronics major Voltas reported 25.74% decline in consolidated net profit to ₹79.66 crore for the quarter ended September 30. The company also decided to restructure its business; it would transfer 100% of the B2B businesses to its wholly-owned subsidiary — Rohini Industrial Electricals Ltd (RIEL). The shares of Voltas ended 1% higher on Friday. Vedanta Vedanta reported a 61.8% decline in consolidated net profit to ₹824 crore for the quarter ended September 30, on the back of one-time tax expense. The decline came despite the stellar 33% growth in its revenue to ₹20,804 crore during the quarter under review. The shares of Vedanta ended 0.21% higher on Friday. Tata Consumer Products Tata Consumer Products reported an 18% rise in consolidated net profit to ₹234.33 crore for the quarter ended September 30, helped by an increase in domestic sales and volumes. Its revenue from operations was up 18.50% to ₹2,781.34 crore during the quarter under review. The shares of Tata Consumer Products ended 0.64% higher on Friday. IndiaMART InterMESH, Equitas SFB and VIP Industries IndiaMART InterMESH, Equitas SFB and VIP Industries are slated to report their second-quarter earnings today. SEE ALSO: <a href="https://www.businessinsider.in/science/news/the-world-has-surpassed-50-million-confirmed-coronavirus-cases/articleshow/79116745.cms">The world has surpassed 50 million confirmed coronavirus cases</a> <a href="https://www.businessinsider.in/politics/world/news/this-is-the-time-to-heal-in-america-president-elect-joe-biden-uses-his-victory-speech-to-address-a-fractured-country/articleshow/79108211.cms">'This is the time to heal in America': President-elect Joe Biden uses his victory speech to address a fractured country</a>

Top stocks to watch — ITC, Biocon, Tata Consumer, Cipla, Divi’s Labs, Voltas, IndiaMART, Equitas SFB, and others

<ul><li>The 30-share BSE index Sensex was up 341 points, and the NSE Nifty was trading 0.74% higher at 9:50 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing 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 Sensex rebounded in opening trade on Friday, led by intense buying in banking and IT stocks. The 30-share BSE index Sensex was up 341 points, and the NSE Nifty was trading 0.74% higher at 9:50 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BPCL </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndusInd Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tech Mahindra </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nestle India </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HDFC Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asian Paints </td></tr></tbody></table>*as of October 16, 10:00 am These are the top stocks in news today. IDBI Bank shares gain 10% The shares of IDBI Bank were up 10% after<a href="https://economictimes.indiatimes.com/markets/stocks/news/lic-keen-to-divest-its-stake-in-idbi-bank-report/articleshow/78683359.cms?from=mdr"> news reports </a>surfaced that the Life Insurance Corporation of India (LIC) which holds 51% stake in IDBI is keen to divest its stake. HCL Tech cracks 5% The shares of IT giant HCL cracked 5% during the early trading hours after its consolidated sales stood at ₹17842 crore down 4% from the previous quarter and down 8.61% from the year-ago quarter. United Phosphorus down 6% The shares of United Phosphorus cracked 6% after KPMG, Mauritius resigned as the auditor of UPL Corporation, effective October 8. However, UPL clarified that “the auditors viz. KPMG, Mauritius had in their letter to UPL Corporation Limited noted that there are no circumstances connected with its resignation which it considered should be brought to the notice of the members.” Voltas, Symphony, Amber Enterprises and Blue Star trade in green The shares of Voltas, Symphony, Amber Enterprises and Bluestar were trading in the green after the Indian government banned the import of air conditioners with refrigerants. This move aims to push domestic manufacturing of such goods under a self-reliant India programme. Voltas and Blue Star shares were up 4%, Symphony was up over 1%, and Amber Enterprises gained over 8%. Mindtree cracks 8% post-second-quarter results The shares of Mindtree cracked 8% after opening in green as the second quarter revenue remained flat at ₹1,926 crore compared to the same period last year. However, there was 88% jump in its net profit to ₹253.7 crore AstraZeneca Pharma India up 1% The shares of AstraZeneca Pharma India gained over a percent after the drug major said it would launch its Acalabrutinib 100 mg capsules under the brand name ‘Calquence’ on October 21 — the drug is used for the treatment of various types of blood cancers. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/dow-jones-ends-lower-for-third-day-as-weak-jobless-claims-stimulus-impasse-weigh-on-sentiment/articleshow/78692395.cms" data-type="tilCustomLink"> Dow Jones ends lower for third day as weak jobless claims, stimulus impasse weigh on sentiment</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-second-quarter-to-see-a-boost-from-cloud-adoption-analysts-expect-it-to-breach-3-5-revenue-growth-guidance/articleshow/78685100.cms" data-type="tilCustomLink">HCL Tech's second quarter to see a boost from cloud adoption — analysts expect it to breach 3.5% revenue growth guidance</a> <a href="https://www.businessinsider.in/defense/news/border-infrastructure-is-not-the-cause-of-friction-between-india-and-china-says-mea-spokesperson/articleshow/78681546.cms" data-type="tilCustomLink">Border infrastructure is not the cause of friction between India and China, says MEA spokesperson</a>

Top stock movers — IDBI Bank, HCL Tech, Voltas, Amber Enterprises, Blue Star, Hero MotoCorp and others

<ul><li>The US stocks ended lower on Thursday as hopes of a US coronavirus stimulus deal and US jobless claims weighed heavy on the market. </li><li>Here’s a list of stocks to watch 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>Amidst mixed sentiments from the global markets, the Indian equities are likely to open flat on Friday. In the Asian market, the SGX Nifty was trading 0.73% higher at 7:51 am, indicating a positive start for Nifty50. However, the US stocks ended lower on Thursday as hopes of a US coronavirus stimulus deal and US jobless claims weighed heavy on the market. The Dow Jones Industrial Average slid 19.80 points, whereas the S&amp;P 500 fell 0.15%. These are the stocks to watch out for during the trading session on October 16: Mindtree Larsen &amp; Toubro (L&amp;T) owned Mindtree posted an 88% jump in its net profit to ₹253.7 crore for the second quarter ended September 30. The company’s revenue for the quarter stood at ₹1,926 crore, marginally up 0.6% year-on-year. The shares of Mindtree ended over 7% lower yesterday. IndiaMart InterMesh The Indian e-commerce company IndiaMart InterMesh has clarified that the media reports claiming potential investment opportunities from Tata Group were incorrect and purely speculative in nature. The shares of IndiaMart InterMesh ended flat yesterday. Persistent Systems The technology services company Persistent Systems said it has entered into an agreement to acquire the US-based CAPIOT Software for $6.34 million (₹465.42 million). The shares of Persistent Systems ended 6% lower yesterday. AstraZeneca Pharma India The drug major AstraZeneca Pharma India said it would launch its Acalabrutinib 100 mg capsules under the brand name ‘Calquence’ on October 21 — the drug is used for the treatment of various types of blood cancers. The shares of AstraZeneca Pharma India ended flat yesterday. Dhanuka Agritech The agrochemical company Dhanuka Agritech’s ₹100 crore buyback will open on October 20 and remain open until November 2. The shares of Dhanuka Agritech ended 2% lower yesterday. Sun Pharma The drug major Sun Pharma clarified to stock exchanges that it had not received any information or notice either from SEBI or anyone regarding the news of SEBI probe of its ex-board member Ashwin Dani. The shares of Sun Pharma ended 3% lower yesterday. Bharti Airtel Competition Commission of India approved completion of the first closing of the telecom giant Bharti Airtel subsidiary Nxtra Data to the Carlyle Group. The shares of Airtel ended 4% lower yesterday. Voltas, Symphony, Bluestar, among others The shares of Voltas, Symphony, Bluestar will also remain in focus during the trade today as the Indian government has banned the import of air conditioners with refrigerants. This move aims to push domestic manufacturing of such goods under a self-reliant India programme. HCL Technologies, Federal Bank, Tata Communications, Bajaj Consumer Care and others <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-second-quarter-to-see-a-boost-from-cloud-adoption-analysts-expect-it-to-breach-3-5-revenue-growth-guidance/articleshow/78685100.cms">HCL Technologies,</a> Federal Bank, Tata Communications, Bajaj Consumer Care among others are slated to report their second-quarter earnings today. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/news/dow-jones-ends-lower-for-third-day-as-weak-jobless-claims-stimulus-impasse-weigh-on-sentiment/articleshow/78692395.cms" data-type="tilCustomLink" style=""> Dow Jones ends lower for third day as weak jobless claims, stimulus impasse weigh on sentiment</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-second-quarter-to-see-a-boost-from-cloud-adoption-analysts-expect-it-to-breach-3-5-revenue-growth-guidance/articleshow/78685100.cms" data-type="tilCustomLink" style="">HCL Tech's second quarter to see a boost from cloud adoption — analysts expect it to breach 3.5% revenue growth guidance</a> <a href="https://www.businessinsider.in/defense/news/border-infrastructure-is-not-the-cause-of-friction-between-india-and-china-says-mea-spokesperson/articleshow/78681546.cms" data-type="tilCustomLink">Border infrastructure is not the cause of friction between India and China, says MEA spokesperson</a>

Top stocks to watch — HCL Tech, Airtel, IndiaMart, Mindtree, AstraZeneca Pharma, Sun Pharma, Voltas, and others

New Delhi, Feb 7 () Shares of Tata Group airconditioner maker Voltas Ltd on Friday rose by nearly 3 per cent after the company reported a 12.64 per cent increase in consolidated net profit in the third quarter ended December 2019. The scrip went up by 2.65 per cent to close at Rs 701.60 on the BSE. During the trade, it jumped 3.51 per cent to Rs 707.50. On the NSE, it gained 2.37 per cent to close at Rs 699.50. The company on Friday reported a 12.64 per cent increase in consolidated net profit at Rs 87.95 crore in the third quarter ended December 2019. The company had posted a consolidated net profit of Rs 78.08 crore in the same quarter last fiscal, Voltas said in a regulatory filing. Revenue from operations during the period under review stood at Rs 1,492.51 crore as against Rs 1,491.78 crore in the year-ago quarter, the company said. SUM RUJ

Voltas' shares gain nearly 3 pc after Q3 results

New Delhi, Feb 7 () Tata group airconditioner maker Voltas Ltd on Friday reported a 12.64 per cent increase in its consolidated net profit at Rs 87.95 crore in the third quarter ended December 2019. The company had posted a consolidated net profit of Rs 78.08 crore in the same quarter last fiscal, Voltas said in a regulatory filing. Revenue from operations during the period under review stood at Rs 1,492.51 crore as against Rs 1,491.78 crore in the year-ago quarter, the company said. Voltas said its revenue from unitary cooling products for comfort and commercial use segment increased 14 per cent at Rs 601 crore as compared to Rs 526 crore in the corresponding quarter last year. Air Coolers and other products also witnessed increased traction and healthy growth. The company's electro-mechanical projects and services segment had a revenue of Rs 808 crore as compared to Rs 875 crore in the year-ago quarter primarily due to slow pace of execution of projects. Carry forward order book of the segment was higher at Rs 7,024 crore, including major orders booked in water projects as compared to Rs 4,994 crore in the corresponding quarter last year, Voltas said. Engineering products and services segment revenue remain unchanged at Rs 83 crore as compared to the previous year, the company added. RKL SHWSHW

Voltas Q3 net profit up 12.64% at Rs 87.95 cr

KOLKATA: Voltas established a clear lead in air-conditioners sold through multi-brand outlets in the past fiscal year, dethroning <keyword id="6356116" type="CITY" weightage="80" keywordseo="LG">LG</keyword>, the first time in almost 14 years that a local manufacturer was able to topple South Korean companies in any major segment in the fiercely competitive Rs 50,000-crore consumer electronics market. 
 
This follows a year in which Voltas emerged as a front-runner in the category, fighting LG for ascendancy. The performance by Voltas came in the face of scepticism that success in FY13 had been a flash in the pan and that no domestic brand could make a dent in the dominance of the multinationals in multi-brand outlets, where 90% of total industry sales take place. 
 The <keyword id="6383291" type="COMPANY" weightage="40" keywordseo="ACS">ACs</keyword> made by the <keyword id="6355725" type="CITY" weightage="40" keywordseo="Tata-Group">Tata Group</keyword> unit had a 20% share in multi-brand outlets followed by LG at 18% and Samsung at 10.8% in the April 2013-February 2014 period, according to the latest data from market researcher GfKNielsen that tracks sales in the durables industry. Voltas is ahead by value as well at 18.9%, followed by LG at 17.9% and Samsung at 10.6%. 
 
This was the first full year in which Voltas sustained its leadership throughout, with LG having fought back to the top in some months in FY13. 
 
However, LG is still the market leader when counting sales in multi-brand outlets and its own exclusive stores. 
 
As per GfK-Nielsen, LG India has a 22% share by this measure, with Voltas at 18%, followed by Samsung at 14%. Since multi-brand outlets account for the dominant share of AC sales, it's a fair measure of competition, said Pradeep Bakshi, president and COO, unitary cooling products business group. 
 
“We are targeting more than 25% share this year. For this, we have launched more than 90 models,” he said. LG India seemed to reject the reasoning offered by Voltas. 
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	“We would like to mention that LG is market leader in AC segment and figures mentioned in the mail are representing manipulative and incorrect form of market share,” it said in an email without responding on other queries sent as part of a detailed questionnaire.
To be sure, as a delayed summer gets under way, LG will be more than ready to unleash the might of its vast marketing machine. Voltas will have a tough task as LG has been pushing back hard with higher margins this season, said a senior executive of a leading electronic retail chain. 
 
“Another area where Voltas has not worked hard is to increase the appeal of the brand among younger consumers, for whom Hitachi and Daikin are the preferred brands and may settle for a LG or Samsung if budget does not permit,” he said. 
 
Still, the turnaround at Voltas is big news at Bombay House, the Tata group headquarters, considering the many Indian brands that lost out after LG and Samsung entered the Indian market in the late 90s. 
 Homegrown brands such as BPL, Videocon, Onida, <keyword id="6369697" type="COMPANY" weightage="40" keywordseo="Godrej">Godrej</keyword> and Voltas lost lustre starting 2000-01, with the South Koreans kicking off their marketing thrust. IFB was one of the few Indian brands to maintain its grip on the market in the niche front-loading washing segment until about four years ago, when LG took over as leader. 
 LG India has built the country's largest network of company-branded exclusive stores in the durables industry, with more than 1,800 such franchisees. As per estimates, such stores account for around 20% of LG India's sales, the highest contribution from this category in the industry. However, AC makers including Hitachi, Daikin, Voltas and <keyword id="345443" type="COMPANY" weightage="40" keywordseo="Carrier">Carrier</keyword> have not focused on setting up exclusive stores since most AC sales take place in multi-brand stores such as local outlets, regional chains and modern retail. 
 
The executives most credited with the Voltas turnaround are Bakshi and managing director Sanjay Johri. The process started eight years ago when Bakshi was given the task of turning around the air-conditioner business by the board, with the condition that if he failed, the business may be sold. At the time Voltas was at a negligible 6-7th position in the market, with accumulated losses of Rs 140 crore. 
 
“Regaining market leadership has indeed been a Herculean task, considering LG was a tough market leader and the AC category has been one of the most penetrated with more than 25 international and domestic brands jostling for their share of the wallet,” said Bakshi, who joined Voltas after stints at Electrolux and Godrej Appliances. Bakshi’s strategy involved launching India’s first energy efficient air-conditioner in 2007, three years before the government made energy ratings mandatory, pricing the models Rs 2,000-3,000 higher than LG and Samsung. Advertisements said energy efficiency would lower electricity bills. 
 
He also shut two factories that could not produce such models. In 2012, Voltas launched its biggest success to date -- the all-weather AC range. He also employed one of LG's strategies to great success. “The AC business was traditionally done by dealers who would specialise in this field. LG had changed the game by selling AC in the general trade and we too decided to follow suit. We currently have more than 9,400 such outlets where our products are sold. This changed the game for us too,” said Bakshi. 
 
The air-conditioner business is now the highest contributor toward profitability for Voltas, encouraging Bakshi to draft a blueprint to expand the brand into household appliances such as refrigerators and washing machines with a target to expand revenue to Rs 5,000 crore in five years. The business is the second-largest revenue contributor for Voltas, after electro-mechanical projects and services, with sales of Rs 1,835 crore in 2012-13 with a profit of Rs 173 crore. Total net sales for Voltas in 2012-13 amounted to Rs 5,514 crore . 
 
The brand lends itself very strongly to the domain of air and water, said Deba Ghosal, head of marketing and key accounts. “If you add our pedigree of cooling expertise, leadership position, and the trust factor of a Tata brand, the possibilities to expand into other categories are immense,” he said. 
 
Bakshi acknowledges challenges ahead such as increasing appeal to younger consumers. “But we are on the way. For instance, this year we have launched a smartphone app to control the AC and are also targeting social media,” he said. 
 
Bakshi is also betting on his new team, which consists of seasoned talent from the industry. This includes Rahul Jain, who joined from LG to head service, Ghosal, another ex-LG India executive, and Manish Desai, who moved from Onida to head finance.

Voltas Topples LG, Samsung In Consumer Electronics; Grabs No 1 Spot In ACs

If there is one player that wins in every match that is played in the Indian Premier League, it’s the official broadcaster <keyword id="6411012" type="COMPANY" weightage="100" keywordseo="Sony-Pictures">Sony Pictures</keyword> Networks India. 
 
This year as well, the channel is all set to win big in terms of advertising revenue, with a target of Rs 1,300 crore in advertising revenues from this year's Indian Premier League, as against Rs 1,100 crore that it earned in the last season. 
 
Also read: <a href="http://www.businessinsider.in/This-is-what-IPL-teams-would-have-been-called-if-they-were-named-honestly/articleshow/51825365.cms">This is what IPL teams would have been called if they were named honestly</a> 
 
Sony is close to achieving this target, having signed three more associate sponsors - Voltas, Havells and MakeMyTrip, making the total number of sponsors to 12, so far, with Vivo, Vodafone, Amazon as co-presenting sponsors and CEAT Tyres, Vimal Pan Masala, Yamaha Motors, Parle Agro's Frooti, Yes Bank and Polycab as associate sponsors. 
 
Also read: <a href="http://www.businessinsider.in/meet-mohammed-siraj-hyderabad-auto-drivers-son-bought-by-sunrisers-hyderabad-for-rs-2-6-crore-in-ipl-auction/articleshow/57267925.cms">Meet Mohammed Siraj, Hyderabad auto driver's son, bought by Sunrisers Hyderabad for Rs 2.6 crore in IPL auction</a> 
 
"We have locked in 12 sponsors now and talks with a couple of categories like payment gateways, auto and FMCGs are still going on," Rohit Gupta, president of network sales and international business at Sony Pictures Networks (SPN), told ET. "We have also got Reliance Jio and Oppo as large spot buyers, committing for more spots than even the associate sponsors. Between sponsors and spot buyers, we have 75% of the inventory already sold," he continued. 
 Last year, SPN had sold the entire advertising inventory even before <keyword id="6354312" type="CITY" weightage="100" keywordseo="IPL">IPL</keyword> began; however, this time at least 15-20% of the available spots will be kept aside to be used later. Another change in this year’s strategy would be an increase in the price, taking it to Rs 6,25,000 per 10 seconds from the earlier Rs 6 lakh. 
 
Also read: <a href="http://www.businessinsider.in/ipl-2017-msdhoni-is-no-more-the-captain-of-rising-punesupergiants-heres-who-replaced-him/articleshow/57234303.cms">IPL 2017: MS Dhoni is no more the captain of Rising Pune Supergiants. Here’s who replaced him</a> 
 
Sony has been officially broadcasting IPL since its inception in 2008, and this is the last year of the 10-year rights cycle. 
 
(Image source: Wikimedia)

Sony set to ‘win’ in all matches this IPL; aims for Rs 1,300 crore advertisement revenue

The other day I took a late-afternoon walk around the building formerly known as the headquarters of the <a target="_blank" class="" href="https://www.businessinsider.com/twitter-director-esther-crawford-sleeping-in-office-photo-employee-burnout-2024-8">company formerly known as Twitter</a>.From the front door of X, which is <a target="_blank" href="https://www.businessinsider.com/twitter-x-closing-san-francisco-office-bay-area-elon-musk-2024-7">closing up shop in San Francisco</a> on Friday, Market Street runs straight through downtown to the bay. In 1905 the famed urban planner Daniel Burnham called this spot "the center of the city." He wanted to make it a concourse intersected by an array of grand boulevards, like the spokes of a wheel. The 1906 earthquake put the kibosh on that idea.Now the city is living through a <a target="_blank" class="" href="https://www.businessinsider.com/san-francisco-doom-loop-fix-american-city-housing-transit-2023-7">different kind of earthquake</a>.On the first floor of X's abandoned headquarters, a high-end food hall stands mostly empty, its grocery shelves half-stocked. Most of the eat-in counters have "for rent" signs. The surrounding streets are pockmarked by boarded-up storefronts, many of them fronted by puddles of urine. The Whole Foods that opened down the street in March 2022 is <a target="_blank" class="" href="https://www.businessinsider.com/whole-foods-closes-flagship-san-francisco-store-year-after-opening-2023-4">already gone</a>, and the <a target="_blank" class="" href="https://www.businessinsider.com/bank-financing-urban-planning-pandemic-retail-apocalypse-vacant-storefront-2023-10">commercial vacancy rate</a> in the neighborhood is a whopping 46%. Behind the HQ, young techies in workout gear share the street with folks living in tents. In July, Elon Musk tweeted that he'd "had enough of dodging gangs of violent drug addicts just to get in and out of the building." The <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-moving-spacex-x-texas-headquarters-california-law-2024-7">neighborhood was too scary</a>, the <a target="_blank" class="" href="https://www.businessinsider.com/26-billionaires-paid-fraction-in-taxes-average-american-owes-2022-5">taxes too high</a>, and the <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-david-sacks-dinner-anti-biden-hollywood-hills-2024-4">state too woke</a>. So he was <a target="_blank" href="https://www.businessinsider.com/san-francisco-opinion-elon-musk-x-relocation-texas-california-2024-8">packing up X</a> and <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-twitter-fail-collective-superintelligence-2022-11">moving it to Austin</a>.It wasn't supposed to play out this way. Back in 2010, when Twitter was threatening to flee San Francisco and move to the suburbs, the city put considerable effort into getting the company to stay put. In what became known as the Twitter Tax Break, it waived millions of dollars in taxes for the company to induce it to set up shop in a gritty building on Market Street. The goal was to spur other tech companies to follow suit. By attracting young, oversalaried nerds to downtown, along with the upscale shops and restaurants they liked, the city hoped to remake the neighborhood into a utopian Tomorowland. It was an audacious neoliberal plan: fix Market with the power of the market. <a target="_blank" href="https://www.businessinsider.com/its-official-twitter-is-staying-in-san-francisco-2011-4">Twitter went for it</a>, and by 2012 it had moved into its <a target="_blank" href="https://www.businessinsider.com/twitter-brand-new-office-high-res-photos-2012-6">shiny new headquarters</a>.It <a target="_blank" href="https://www.businessinsider.com/look-how-much-twitters-neighborhood-has-changed-in-3-years-2014-11">kind of worked</a>. And then it didn't. Now, as X leaves its spot, Market Street is still suffering from all the same problems it had before Twitter. After handing over millions of dollars in tax breaks to one of the world's wealthiest corporations, San Francisco has nothing to show for it. So what happened? Why didn't Twitter make the kind of difference the city was looking for?Twitter got its start in South Park, the downtown-adjacent neighborhood that has served as the heart of San Francisco's tech culture since the early days of the web. But by 2010, the company had a problem: It was getting really, really successful.At the time, San Francisco was the only city in California that taxed companies for their payrolls. It wasn't much — a paltry 1.5%. But back in 2010, it provided the city with its second-largest source of revenue — some $345 million.The problem was, the city didn't just tax salaries. It taxed all compensation, including stock options. Which meant that a booming tech company like Twitter would have to pay supersized taxes when its employees exercised their skyrocketing options. So maybe it wasn't a coincidence that Twitter started thinking about moving down Highway 101 to the town of Brisbane, where the rents were cheap and the taxes were Texas-style.To keep that from happening, San Francisco cooked up what was officially known as the Central Market Street and Tenderloin Area Payroll Expense Tax Exclusion. At the time, <a target="_blank" href="https://sf.streetsblog.org/2009/03/23/will-we-ever-get-market-street-right">the neighborhood was an urban wasteland</a>. Drug dealing and homelessness were everywhere; even the peep shows were going out of business. And smack in the middle was a mostly vacant furniture showroom. Getting Twitter into it, city officials believed, would be the key to taking the neighborhood <a target="_blank" href="https://time.com/14335/twitter-tax-break-san-francisco/">from scuzzy to glossy</a>. According to their calculations, if the company's relocation spurred other businesses to occupy the more than 2 million square feet of commercial real estate on the verge of going vacant across the city, then granting Twitter a massive tax break would actually fuel payroll-tax growth — to the tune of $2.7 million a year."The large office properties in mid-Market hadn't been occupied, even through the dot-com boom of the late 1990s," Ted Egan, the city's chief economist, tells me. "It was sort of inducing tech companies to use office space that no one had used."<div type="image" title="Twitter HQ in San Francisco" height="683" width="1024" msid="113291889" hostid="261" sizebytes="125216"></div>The Twitter Tax Break was wildly controversial; locals didn't want the city to gentrify downtown with a bunch of techies with fleece vests and iPods. But at first, it worked. Once Twitter got its big light-up sign installed on its shiny new headquarters, more tech companies moved in nearby: Square, Uber, Zendesk, Dolby. Construction cranes started arriving. An empty lot across the street turned into a glass tower; others went up, too, full of housing for the kind of people who expect WiFi to be included in their utility bill. And the restaurants! The neighborhood grew thick with the kinds of places that boast seasonal menus and ambitious cocktail programs — AQ, Alta, Oro, Bon Marché, Dirty Water, Fénix, Cadence, Corridor, Volta, Kaya, The Perennial. It was a time.Even better, the tax deal required Twitter to contribute money, staff, and expertise to benefit the community. In 2014 alone, the company pledged nearly $1 million in purchases, grants, and donations to neighborhood groups, including a local center for low-income women and children and an arts program for disadvantaged youth. The Bay Area Video Coalition, a longtime hub for media makers in the Bay Area, received more than $130,000 in cash and in-kind donations from Twitter between 2014 and 2021 — including 25 Apple laptops that the organization gave to kids for remote schooling during the pandemic. "They were great community partners," says Paula Smith Arrigoni, the group's executive director. "They made the grant process easy, and they trusted our expertise."But the good times were short-lived. By 2019, all those restaurants I mentioned had closed. Some of them didn't even last a year. Part of it was the neighborhood: Then, as now, restaurateurs complained about homeless people and drug-related crime. But mostly they griped about an unexpected problem. All the techies who worked at places like Twitter and Uber and Dolby didn't go out to eat in the neighborhood. Instead, they sat at their desks and enjoyed all the free food their companies served up in-house. They might work in the Tenderloin, but they ate their tenderloin at work. "A lot of people, us included, missed our projections regarding how much foot traffic these offices would bring," one <a target="_blank" href="https://www.sfchronicle.com/restaurants/article/Mid-Market-s-restaurant-scene-pending-boom-8376942.php">restaurant owner explained</a> at the time. "Our likely clientele are staying in their offices and getting really high-quality food that's free." SF's Eater reported that the cafeterias in Square, Dolby, Uber, and Twitter <a target="_blank" href="https://sf.eater.com/2018/9/19/17862118/central-market-tax-exclusion-restaurants-post-mortem-future">served 10,000 people every day</a>. That's a lot of people not going out for lunch.So the Twitter Tax Break turned out to be a whiff. In 2019, Egan wrote a report for the city that looked at what happened. Over the six years the payroll-tax exemption was in effect, he found, the city gave up $70.1 million in tax revenue. But even though it lost money, it succeeded, at least briefly, in attracting hundreds of new businesses to Market Street. "The neighborhood grew faster than the surrounding city as a whole," Egan says. "It was a neighborhood that really didn't have any economy at all, and then sort of did have one."But those days are over. And we can't blame the city's doom loop entirely on COVID. Even before the pandemic struck, the Twitter boom had already gone bust. Dolby's headquarters is still on Market, but Square moved to Oakland in 2020. Uber decamped to the shiny new Mission Bay neighborhood. And now Twitter, the original migrant, is X-ing out as well. The tech companies may have moved to the inner city, but they never actually inhabited it. Instead, they holed up inside shiny glass fortresses, enjoying their sushi and their kombucha on tap, while the neighborhood continued to crumble around them.The local officials who wooed X to Market Street have responded to the company's departure like a scorned lover. In August, the county supervisor who cosponsored the Twitter Tax Break told The New York Times that his <a target="_blank" href="https://www.nytimes.com/2024/08/24/technology/elon-musk-x-san-francisco.html">attitude about being jilted by Musk</a> was "good riddance."But the city's mistake was to assume that it was in an actual relationship with Twitter. In reality, it paid for what is known in the sex trade as a "girlfriend experience." It was transactional, and when the transaction ended, the girlfriend moved on.I keep remembering a work trip I took to San Francisco in 1999, a few years before I moved here. Glitzy restaurants were opening in the once sketchy South Park to serve all the newly arrived web workers. It seemed like every old industrial building was stuffed with CD-ROM startups; everyone had an expensive light-up sign with a fancy logo. Sony had even opened what was essentially a reinvention of the shopping mall. It was called the Metreon, and it featured the country's first Microsoft store, a video arcade, movie theaters, and high-end restaurants. It was designed to be a neon-drenched symbol of the dot-com era, a mecca of high-tech fun.Like the Twitter boom on Market Street, the Metreon's techie glamour didn't last long. By 2006, Sony had sold it to a mall developer. Today it's mostly a Target. It was part of the never-ending cycle of tech booms and busts. Things were great! Then they weren't. Then they were again! And now they aren't.<div type="image" title="A city street, looking slighly uphill, narrow, lined with multistory buildings and the sidewalks blocked with unhoused people and their tents and makeshift shelters" height="683" width="1024" msid="113291893" hostid="261" sizebytes="91854"></div>So what's to be done about Market Street? It's not all bleak, to be sure. A big new Ikea has set up shop, complete with a nice food hall. The city is working on streetside improvements, like trees and plazas. Mayor London Breed, facing a tough reelection fight amid concerns about retail crime and homelessness, is betting big on street festivals. But those approaches don't exactly seem sufficient to escape San Francisco's persistent doom loop.I asked Breed's press representative how the mayor is thinking about X's departure, and the rep sent me a list of "what we're excited about." Social media? Never heard of it. Have you met our new savior, artificial intelligence? AI companies, the rep told me, have leased 4 million square feet of commercial real estate in the city. And 21 of America's top 50 AI companies are based in San Francisco. "Our focus remains on working with and supporting the many businesses that call San Francisco home," the statement reads.It's a revealing response. If the history of tech busts teaches us anything, it's that you can't build a stable city on such an inherently shaky industry. It's not entirely San Francisco's fault; California's screwed-up governance forces the city to chase booms. Taxes on homeowners are capped in weird ways, putting severe constraints on the state's budget. So taxes on local businesses are to cities in the 21st century what gold and silver mines were to the 19th. The only solution is for the state to revamp its tax code so businesses don't have to shoulder the entire tax burden.But economics is only part of the problem. In San Francisco, chasing after tech and its booms is also a kind of addiction. Railroads, shipping, banks, dot-coms, search giants, social media, AI — whenever a boom goes bust, as it has with Twitter, the city goes looking for new tech, like a junkie looking for a fix. When gold puts you on the map, you never stop craving the rush.<a target="_blank" href="https://www.businessinsider.com/author/adam-rogers">Adam Rogers</a> is a senior correspondent at Business Insider.

Twitter's last day in San Francisco

<ul class="summary-list"><li>Eat Just is running an full-page ad for its plant-based egg scramble in The New York Times.</li><li>The ad, slated to run on Sunday, positions the product as an alternative to chicken eggs.</li></ul>Plant-based egg brand Just Egg is letting consumers frustrated with rising eggs prices know they have another option.The brand plans to run a full-page ad in the upcoming Sunday edition of the New York Times, <a href="https://adage.com/article/marketing-news-strategy/just-egg-run-ads-amid-bird-flu-related-egg-shortage/2463291" target="_blank" rel="noopener">AdAge previously reported.</a>Just Egg's ad includes bottles of Just Egg plant-based eggs on a refrigerator rack and the phrase "Plants don't get the flu." The brand will also advertise its products on screens at roughly 800 Volta Charging stations for electric vehicles starting this weekend. The stations are located in grocery store parking lots.The ad comes as avian flu decimates flocks of egg-laying chickens, leading to some shortages and making <a href="https://www.businessinsider.com/avian-flu-has-made-organic-eggs-cheaper-than-conventional-ones-2022-12">normal eggs more expensive than </a>organic eggs<a href="https://www.businessinsider.com/avian-flu-has-made-organic-eggs-cheaper-than-conventional-ones-2022-12">.</a> As many as 58 million chickens have been affected by the disease, according to the <a href="https://www.aphis.usda.gov/aphis/ourfocus/animalhealth/animal-disease-information/avian/avian-influenza/hpai-2022/2022-hpai-commercial-backyard-flocks" target="_blank" rel="noopener">US Department of Agriculture.</a>The product featured in Just Egg's ad is the brand's 12-ounce bottle of plant-based egg scramble, which is derived from Mung beans. One bottle is the equivalent of about eight eggs and has an average retail price of $4.30. The company noted that its unit velocity in retail is higher than it has ever been, and it has expanded distribution. The average price for a dozen <a href="https://fred.stlouisfed.org/series/APU0000708111" target="_blank" rel="noopener">large, Grade A eggs</a> in December was $4.25, according to the US Bureau of Labor Statistics.<div type="image" title="Just Egg ad" height="3150" width="1733" msid="96978168" hostid="261"></div>Just Egg is one of the products made by Eat Just, the company formerly known as Hampton Creek, which are sold at specialty food stores and major retailers like Walmart, Kroger, and Target. In addition to eggs, Eat Just is developing meat that can be grown in a lab instead of by raising animals. Eat Just's lab-grown chicken became the first lab-grown meat to win regulatory approval in the world in late 2020 when Singapore signed off on the product.The company is private and does not disclose details of its finances. But an <a href="https://www.businessinsider.com/eat-just-slashed-its-2021-revenue-forecast-leaked-presentation-shows-2022-4">Eat Just investor presentation</a> obtained by Insider last year showed that the company had slashed its 2021 revenue forecast by almost 50%. Before it dropped the Hampton Creek name in favor of Eat Just in 2017, the company reportedly bought its own products to hike sales figures, <a href="https://www.bloomberg.com/news/articles/2016-08-04/food-startup-ran-undercover-project-to-buy-up-its-own-products?sref=p7zS9UoY" target="_blank" rel="noopener">Bloomberg reported.</a> A federal investigation never assigned any wrongdoing to Hampton Creek, and CEO Josh Tetrick said at the time that the purchases were quality checks.

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