Diageo currently has no intention of selling off any of its beer labels.
Axios disclosed on December 5th that the British beverage behemoth is exploring the sale of a group of beer assets while aiming to keep Guinness, its primary brand in that sector.
Unnamed insiders informed Axios that, with the exception of Guinness, Diageo’s beer labels have a negative impact on the company’s overall profit margins.
Upon reaching out to Diageo for a response to the report, a company spokesperson stated, “We do not provide comments on market speculation.”
For the fiscal year ending on June 30th, the world’s largest spirits company garnered £3.36 billion ($4.23 billion) in beer sales. The total group sales amounted to £23.51 billion, with net sales (excluding excise duties) reaching £17.11 billion.
At the core of Diageo’s beer operations is Guinness, marketed in over 100 countries.
The primary brewery for the company is located at the St James’s Gate site in central Dublin. Diageo possesses breweries in five African nations and the Seychelles. Additionally, the group, in collaboration with partner breweries, is in the process of constructing another brewery in Ireland.
Diageo recorded a 9% growth in net sales from beer for the twelve months ending in June. On an organic basis, net sales also experienced a 9% increase, although volumes saw a decline of 7%.
Guinness witnessed a 17% surge in net sales. On an organic basis, the net sales for Guinness saw a 16% growth, accompanied by a 1% increase in organic volumes.
Earlier this year, Diageo secured regulatory clearance to acquire an additional 14.97% stake in Kenya’s East African Breweries, bringing the Smirnoff maker’s shareholding in the Nairobi-based brewer to 65%.
In July last year, Diageo completed the sale of its Guinness brewing operation in Cameroon to the France-based peer Groupe Castel.
The group issued a profit warning just last month due to challenges affecting its business in Latin America.
The owner of Johnnie Walker anticipates a decrease in organic operating profit during the first half of its 2024 financial year.
Diageo highlighted a significantly diminished performance outlook for its operations in Latin America and the Caribbean. This division constituted 11% of its annual net sales in the previous fiscal year.
In discussions with reporters following the profit warning, Diageo CEO Debra Crew mentioned that the entire spirits industry was experiencing sales pressure in Latin America, as consumers were leaning towards more affordable products. She noted that Diageo had been successful in gaining market share despite these challenges.
South Korea’s food, cosmetics, and retail enterprises, which heavily depend on domestic sales, are reducing their workforce significantly to endure an extended downturn in domestic spending. This is perceived by some industry observers as potentially marking the most severe sequence of job cuts since the 2008 global financial crisis.
They are grappling with the triple challenge of reduced consumption due to persistent inflation and elevated interest rates, competition from inexpensive Chinese products, and government insistence to control price increases.
The string of workforce reductions in sectors centered on domestic sales may result in a subsequent decline in private spending, posing a risk of Asia’s fourth-largest economy getting caught in a detrimental cycle, caution business experts.
Since the end of last month, Lotte Mart Co. has been receiving voluntary retirement applications from employees with more than 10 years of tenure with the company, as reported by the food and distribution industry on Sunday.
In the year 2021, the supermarket chain permitted 200 employees to opt for voluntary retirement.
Over the past six years, a total of 5,600 employees have left the company through early retirement programs at its affiliate, Lotte Shopping Co.
This year, several other companies oriented toward domestic sales have either initiated workforce reductions through voluntary retirement or are currently in the process of implementing such measures.
Among them are LG H&H Co., formerly known as LG Household & Healthcare; AmorePacific Corp., a renowned cosmetics brand; Lotte Home Shopping Inc.; Maeil Dairies Co.; Paris Croissant Co., a bakery and dessert chain; and 11Street Co., an online shopping platform.
LG H&H and AmorePacific, prominent manufacturers of cosmetics and bath products in the country, experienced a 20-40% decline in operating profit during the first nine months of this year compared to the corresponding period last year. Lotte Home Shopping reported a financial loss during the same period.
The Bank of Korea predicts a modest 1.9% year-on-year increase in private spending for 2023, marking the lowest figure since the 4.8% decline observed in 2020 during the peak of the COVID-19 pandemic.
The Korea Chamber of Commerce & Industry said in its recently published “2024 Consumer Market Outlook Survey” that domestic retail sales are predicted to grow 1.6% on-year, about half the estimated 2.9% in 2023 due to deteriorating consumer sentiment and increased household debt.
“The series of job cuts could place our economy at risk of falling into a vicious circle, pushing consumption further lower, as domestic companies see greater employment effects than other industries,” said Seo Yong-gu, a professor at Sookmyung Women’s University.
E-Mart Inc., South Korea’s leading supermarket chain, has maintained stagnant operating profit margins, hovering around 1% since 2019. To put it differently, the company has been earning only 10 won or less from the sale of 1,000 won worth of goods.
This figure is below Walmart’s 4.4%, the average profit margin over the past five years, and Aeon’s 2.2% in Japan.
FnGuide’s consensus forecast anticipates that in 2023, E-Mart’s operating profit margin will decline further to 0.3%, compared to the previous year’s 0.4%.
“Domestic companies, already in the low-margin business structure, are now being pushed to their limits, hit by a decline in consumption and competition from low-priced Chinese products,” said a retail industry official.
AmorePacific recently implemented voluntary retirement for its door-to-door salesforce following a third-quarter operating profit that significantly fell short of market expectations. It recorded an operating profit of 17.2 billion won in the third quarter, approximately 52% below the consensus forecast of 36.6 billion won.
“It is beyond an earnings shock. It seems to be on the brink of a cliff,” said another industry official.“It is beyond an earnings shock. It seems to be on the brink of a cliff,” said another industry official.
AmorePacific is projected to record its lowest-ever operating profit in history, amounting to 133.3 billion won in 2023.
In June, LG H&H implemented workforce reductions via voluntary retirement, marking the first instance of the beauty and health brand conducting job cuts in the midst of a year.
The projected operating profit for 2023 is anticipated to be less than half of the 1.2 trillion won recorded in 2020.
CJ CHEILJEDANG Corp. and Daesang Corp., the top two food companies in South Korea, are no different. Both firms are expected to announce a decline in operating profit ranging from 12-21% in 2023 compared to the figures from 2022.
This stands in stark contrast to U.S. food manufacturers like Conagra Brands and Kellanova, which have consistently reported double-digit growth in operating profit.
“The increase in raw material prices and labor costs have substantially reduced our profitability,” said a food industry official.
“But we can’t pass on them to customers due to government pressure,” he said, referring to the Korean government’s requests that food companies join the government’s efforts to tame inflation.
On the other hand, duty-free shops, once considered among the primary beneficiaries of China’s relaxation of travel restrictions this year, have suffered a setback due to a lower-than-anticipated number of visitors from China.
From January to September of this year, the average monthly number of Chinese tourists visiting South Korea, as per the Hyundai Research Institute, stood at 144,000.
This figure is notably below the monthly average of 416,000 recorded between 2017 and 2019, a period during which Chinese group tours to Korea were prohibited in response to China’s objection to Seoul’s deployment of terminal high altitude area defense (THAAD) missile systems.
As per the Korea Duty Free Shop Association, sales to foreigners at domestic duty-free stores experienced a sharp decline of 34% in October, falling to $810 million compared to the corresponding period last year.
Despite discouraging domestic sales figures, some industry observers suggest that consumer sentiment appears to have reached its lowest point. This coincides with the recovery in the shipments of semiconductor chips, which constitute the country’s primary export.
Nevertheless, the predominant perspective is that domestic demand is unlikely to recover unless central banks transition away from their current tightening stance.
When individuals relocate from China to other countries, one aspect they often long for is the convenience offered by food delivery applications. Over the last nine years, Fantuan, a company based in Vancouver, has dedicated itself to recreating the essence of Chinese food delivery platforms in Western regions. Recently, the company secured additional funding to enhance its mission of delivering genuine Asian cuisine to a global audience.
Fantuan, translating to “rice balls” in Chinese, secured $40 million in a Series C funding round spearheaded by Celtic House Asia, a venture capital firm specializing in investments in first-generation immigrants. GrubMarket, the food supply chain upstart that achieved a valuation exceeding $1 billion in 2021, also played a significant role in leading the funding round.
Additional contributors in the funding round encompass Vision Plus, a venture capital firm founded by Eddie Wu, recently appointed as the chief executive officer at Alibaba, and boutique private equity firm JSD Capital. The company opted not to reveal its valuation following the successful fundraising.
In addition to institutional investors, Fantuan also raised capital from several powerbrokers in China’s retail tech space. This group includes the co-founders of Ele.me, a food delivery pioneer gobbled up by Alibaba in 2018; Bianlifeng, an unmanned convenience store chain; Qunar, a GGV-backed travel booking site acquired by its bigger rival Ctrip; and Dianping, the more powerful Chinese counterpart of Yelp owned by food delivery giant Meituan.
Inspired by the growing prominence of food delivery applications in China, Randy Wu founded Fantuan in 2014 while pursuing an economics degree at Simon Fraser University. Initially managing the business single-handedly, Wu took on multiple roles, even personally delivering food across Vancouver. Eventually, he made the decision to leave college and dedicate himself full-time to what he saw as his opportunity to replicate the success of Chinese models, with Meituan serving as his primary reference point.
Shortly after the establishment of Fantuan, Randy Wu found a partner in Yaofei Feng, whom he had connected with online through their shared interest in playing Dota. Impressed by Wu’s entrepreneurial initiative, Feng decided to take a bold step, leaving his position as a software engineer at Amazon in Seattle and relocating to Vancouver to join the venture.
The founders placed their bets on the increasing demand for top-notch Asian cuisine in Western nations, driven by the migration of millions of Chinese individuals abroad. According to a 2020 report by the International Organization for Migration, the global count of international migrants of Chinese origin had reached approximately 10 million.
“Having food from one’s homeland serves as a form of spiritual solace when living abroad,” expressed Wu. “I distinctly recall my first Chinese meal, three months into my relocation to Saskatchewan, where Chinese cuisine was notably scarce.”
Fantuan aspires to go beyond merely providing delivery services. Drawing inspiration from Meituan’s model, the comprehensive platform for local services in China, the company aims to evolve into the ultimate destination for overseas Chinese, offering a one-stop solution for discovering and accessing various leisure activities.
Its collaboration with GrubMarket mirrors Meituan’s vertical expansion strategy, wherein the food delivery platform facilitates connections between restaurants and ingredient suppliers. By linking farmers with prominent customers such as Whole Foods and Costco, GrubMarket might view Fantuan as a pathway to potentially reach small, local restaurants in the future.
Within two years of its inception, Fantuan emerged as a leading Chinese food delivery platform in Vancouver and attained net profitability. Sustaining profitability for an additional five years, the company embarked on an ambitious expansion into the U.S. amid the challenges of the COVID-19 pandemic. Projections indicate that its annual revenue is expected to approach $100 million this year.
According to Wu, delivering Chinese food poses challenges due to the intricate cooking process, which is often time-consuming. Unlike platforms that cater to various cuisines, concentrating solely on one category results in a lower density of restaurants, consequently leading to extended delivery times. Nonetheless, Wu asserted that Fantuan has successfully maintained an average delivery time of 40 minutes across cities such as Vancouver, Toronto, London, San Francisco, and Sydney.
The availability of drivers impacts delivery times, especially in costly cities like San Francisco, where recruitment efforts may face challenges. Fantuan, preferring Chinese-speaking drivers for effective communication with immigrant restaurant owners, encounters difficulties in securing an adequate number of drivers. Wu noted that drivers are attracted to Fantuan due to the nearly “double” average order value from Chinese restaurants compared to mainstream food delivery platforms, resulting in higher tips.
At present, Wu indicates that Fantuan maintains a user retention rate of approximately 90% after five orders within a 24-month period. Out of its total of two million registered accounts, 1.2 million qualify as “active” users.
Wu asserts that one of Fantuan’s notable strengths lies in its capacity to onboard a diverse array of authentic Chinese and other Asian restaurants. The platform employs the on-the-ground sales approach frequently employed by Chinese tech firms dedicated to digitizing traditional retail. This strategy involves physically visiting customers and establishing in-person relationships.
“Our business development specialists would each manage around 80 restaurants and pay frequent visits to these customers, teaching them tips like how to do marketing and how to pack more efficiently for delivery,” said Wu.
Currently, Fantuan has a global workforce of approximately 500 individuals. Earlier this year, Yinfeng Lu, who previously served as a sales executive at Meituan, joined the company as its Chief Operating Officer.
DP Eurasia N.V. characterized the proposal from Jubilant FoodWorks Limited to acquire the company as ‘unsolicited and opportunistic’.
The statement comes after Jubilant raised its stake in DP Eurasia to 53.52%.
In a stock exchange filing last week, Jubilant proposed acquiring all the issued and outstanding ordinary share capital of DP Eurasia at a market value of up to 85 pence per share.
In response, DP Eurasia’s board expressed profound disappointment that Jubilant chose to pursue this unsolicited and opportunistic approach without initially attempting to negotiate terms that the board could support as being in the best interests of all stakeholders.
In November, the rate of inflation in British groceries decelerated once more. Industry data revealed on Tuesday that the increase in the cost of a typical Christmas dinner is also notably lower than the overall inflation rate.
Consumers, the Bank of England assessing interest rate trends, and lawmakers are closely monitoring the recent decline in food inflation. This scrutiny is particularly relevant in light of Prime Minister Rishi Sunak’s commitment to reducing overall inflation by half this year, especially with a likely national election in 2024.
According to market research firm Kantar, the annual inflation in grocery prices stood at 9.1% for the four weeks ending on November 26, a slight decrease from the 9.7% reported in the previous month. During the same period, grocery sales experienced a year-on-year increase of 6.3%, with 28.4% of the sales occurring through promotional offers, marking the highest figure in over two years.
The researcher reported that the average expense for a frozen turkey Christmas dinner serving four, inclusive of all the accompaniments, Christmas pudding, and sparkling wine, increased by 1.3%, reaching £31.71 ($40.00). However, Brussels sprouts and the pudding were more affordable compared to the previous year.
Kantar noted that prices are experiencing the most rapid increase in markets such as eggs, sugar confectionery, and frozen potato products. This data offers the most current snapshot of grocery inflation in the UK.
The latest official data indicated that annual food inflation stood at 10.1% in October, peaking at over 19% in March, the highest since 1977. Kantar reported that discounters Lidl and Aldi, along with Ocado, Sainsbury’s, and the market leader Tesco, were the top performers in the 12 weeks leading up to November 26.
Kantar observed that Sainsbury’s, the second-largest player, achieved its most substantial market share increase in over a decade, gaining an additional 0.4 percentage points. Kantar predicts that grocery sales in December will surpass 13 billion pounds for the first time, reflecting the ongoing impact of price inflation.
On a different note, data released on Tuesday by the British Retail Consortium revealed that retail sales growth stayed sluggish in November, even with Black Friday deals. The persistent cost-of-living pressure led consumers to restrain spending on non-essential items.
Patanjali Foods is targeting INR 1,000 crore in sales within the masala business, viewing this category as the next frontier for growth.
Baba Ramdev, serving as a non-executive director at Patanjali Foods, expressed the company’s intent to develop the biscuits and edible oil business. This strategic focus aims not only to stimulate growth but also to establish favorable profit margins.
The company has enlisted former cricketer M S Dhoni as the ambassador for its edible oil brand, Mahakosh.
During the investor day, Ramdev refrained from commenting on the merger, demerger, or acquisition plans the company was contemplating.
“While we will enter the nutraceuticals business, we are still discussing the name under which we will launch our product, which also includes Nutrela,” said Ramdev.
According to the investor presentation, the company introduced 22 products and 35 stock-keeping units in the nutraceuticals segment under the Nutrela brand.
He mentioned that the top 10-20 brands of Patanjali Foods would persist in their growth trajectory and further expand in size over the coming years.
Within the food sector, the company has introduced premium offerings, encompassing a range of dry fruits, cereals based on millets, and health-oriented cookies.
The company highlighted in its presentation that it is expanding its outreach through various channels, including modern trade, e-commerce, quick-commerce, and direct-to-consumer. Additionally, it is extending its presence to new geographic areas, particularly in South India.
The company outlined six key areas of focus, which encompass boosting its presence in the food and fast-moving consumer goods sector, swiftly adapting to changing markets through prompt product launches, realigning marketing and branding strategies, expanding distribution through omnichannel channels, driving premiumization across various business segments, and sustaining growth in the oil palm business.
In the first half of this fiscal year, the company foresees 28% of its revenue originating from its food business, marking a significant rise from the 20% reported in FY23. Moreover, its dependence on edible oils has diminished to 72%, down from 80% in the previous fiscal year.
The Leela Palaces, Hotels and Resorts, a prominent luxury hotel brand in India, has recently announced the signing of a management agreement for a 140-room hotel in Ranka, Sikkim. This move signifies the brand’s entry into Northeast India. The project, named Leela Sikkim and owned by the SIBIN Group, is situated approximately 10 kilometers from the capital city on a 17-acre plot with scenic views of Gangtok Hill. Expected to open its doors in December 2026, The Leela Sikkim is nestled in the serene Himalayan backdrop and aims to redefine the hospitality scene in the region with its inspiring design, thoughtful programming, and the brand’s renowned signature services.
Commenting on the announcement, Anuraag Bhatnagar, Chief Executive Officer, The Leela Palaces, Hotels and Resorts stated, “We are delighted to introduce The Leela brand into Northeast India with the project Leela Sikkim. Sikkim remains a pristine destination with the right blend of urbanization, rich cultural heritage and unexplored natural beauty. This expansion is in lockstep with the growing demand from the discerning global leisure traveller to experience meaningful and transformative journeys that are an authentic expression of a region’s natural beauty, heritage, cuisine, and culture.”
Speaking on the occasion Neel Chhetri, Proprietor, Sibin Group stated, “I am excited to partner with The Leela Palaces, Hotels and Resorts to bring this uber luxury brand to Sikkim. We are confident that with this partnership and the investments we are making, the project Leela Sikkim will soon emerge as one of the most sought-after leisure and wellness destinations in the country and will help us to showcase the hidden Himalayan treasure to the world.”
The Leela Sikkim is set to provide guests with a serene and opulent experience, offering a comprehensive array of leisure and wellness facilities and carefully curated services. The resort will boast 35 independent luxury villas, comprising 20 wellness villas, 13 twin villas, and a 6-room double-storey villa, in addition to 88 luxury rooms in a hotel block. Various dining options, including an all-day dining restaurant, a specialty restaurant, a wellness restaurant, and a lounge bar, will be available. Guests can indulge in a state-of-the-art wellness center, a casino, and a variety of both indoor and outdoor activities.
In heralding its entry into the Northeast, The Leela proudly presents Sikkim—an enchanting Himalayan destination for leisure travelers. With a commitment to authenticity, The Leela aims to immerse guests in the genuine culture, art, wellness, flavors, and natural beauty of this undiscovered region, ensuring unforgettable experiences. This strategic expansion underscores the company’s dedication to growing in pivotal leisure and resort destinations throughout the country.
Roxie, the renowned eatery and bar situated in Bangalore, is delighted to introduce the most extensive gourmet pizza menu in the country. This remarkable collection comprises 52 distinct Italian-inspired pizzas, elevating the pizza experience to unprecedented levels. Roxie maintains authenticity by directly sourcing premium ingredients from Italy, such as Caputo Mill flour from Naples, tomatoes from Naples, artichokes from Rome, semolina from Sicily, and olives from Puglia.
From the timeless Margherita pizza, featuring Italian mozzarella, tomato sauce, and basil leaves, to the elegant Maliziosa, adorned with tossed prawns, salsa semplice, mozzarella, garlic butter on crust, olives with pits, and the innovative Black Gold Pizza with its distinctive black dough, confit cherry tomatoes, stracciatella cheese, edamame beans, and balsamic cream, Roxie’s pizza menu guarantees a gastronomic voyage through the varied flavors of Italy.
The artisanal establishment will offer an enticing assortment of 52 pizza variations, each adorned with high-quality ingredients like mushrooms, artichokes, lamb pepperoni sausages, honey wood-smoked baby bacon, Parma prosciutto, shrimps, arugula, jalapenos, pistachio cream, Cossantena pork mortadella slices, calamari, anchovies, eggplant, zucchini, tuna, and additional flavorful options.
Starting December 5th, pizza enthusiasts and connoisseurs can treat themselves to Roxie’s Napolitana pizzas, available in a 12-inch size, with prices starting from INR 650. The expansive pizza menu is designed to cater to diverse palates, ensuring a delightful experience for all.
In November, orders placed with fast-moving consumer goods companies by kiranas or local neighborhood stores, which account for over 85% of their sales, experienced a 7.5% decline compared to the same period last year.
The surplus inventory from pre-Diwali orders has led to this situation, as retailers find themselves with unsold stock that did not generate sufficient demand, particularly in rural areas.
According to Bizom, which analyzes data from orders at almost 7.5 million kirana stores, there was a 3.5% decline in orders compared to the preceding month, October.
“Demand has been challenging over the past few months and last month’s decline may have been triggered by uncertainty in consumer sentiment, especially in states where elections were due. Recovery will be seen only when there are visible greenshoots in rural markets,” said Sushil Kumar Bajpai, president, RSPL Group, which makes Ghari detergent and Venus soap.
FMCG companies had suggested that the ongoing decrease in rural markets had ceased in the September quarter. However, insufficient rainfall, coupled with a surge in food prices, impacted the latter part of the quarter. According to Bizom, sales in villages experienced a year-on-year decline of 9.6% in November, surpassing the 3.5% decline in cities. Bizom anticipates that the recovery in rural consumption might take a bit longer.
“As we move deeper into the winter, we expect to see winter products such as skin creams, room and water heaters, hot beverages, etc across categories to build up greater stock at stores as consumers start lapping them up with falling temperatures,” said Akshay D’Souza, chief of growth and insights at Mobisy Technologies, which owns Bizom.
The month-long festive season from Navratri till Diwali, covering Durga Puja, Dussehra, Karva Chauth, and Dhanteras, is the largest consumption period in India. It accounts for a third of annual business for most consumer electronics companies.
According to industry estimates, sales of home appliances like refrigerators, washing machines, and air-conditioners showed a sequential growth of 15-16% in both value and volume in November. This increase is attributed to Diwali purchases and elevated sales in the mid-to-premium segment, particularly in urban and semi-urban markets.
Nevertheless, there was no sequential growth in sales for mass and entry segment products.
In terms of year-on-year comparison, the categories experienced an 80-85% growth, but this figure is not directly comparable due to Diwali occurring a month earlier in October last year. However, in comparison to 2020, when Diwali fell in mid-November, the overall market remained stagnant this year, with sales of entry-level mass segment products declining by approximately 8-10%, as reported by industry executives.
Fireside Ventures, an early backer of the D2C unicorn Mamaearth, sold 60.89 lakh shares in the company, representing a 1.89% stake, in a bulk deal on Tuesday.
On Monday, there were reports indicating that the venture capital fund intended to offload 61 lakh shares in the company, valued at INR 230 crore, with a per-share price ranging from INR 368.7 to INR 384.1. Contrary to expectations, the shares were ultimately sold at INR 378 each, resulting in a transaction totaling nearly INR 230.2 crore.
After the NSE transaction, Honasa Consumer’s shares concluded the day’s trading session with a 4.4% decline, closing at INR 367.15. Similarly, on the BSE, the shares finished 5.1% lower, settling at INR 363.85.
It’s worth mentioning that the VC fund sold 79.7 lakh shares of Mamaearth during its IPO. With the stake divestment yesterday, Fireside has now realized a profit exceeding 4,600% from its investment in the company.
Mamaearth got listed on the bourses earlier last month. As per SEBI’s regulations, alternate investment funds (AIFs) of Category I or Category II with more than 20% of the pre-offer share capital are under a six-month lock-in period.
According to a Moneycontrol report, Category I AIFs with a stake of less than 20% of the pre-offer share capital are excluded from this lock-in requirement. This exemption exposes Mamaearth to a significant private equity overhang, given that some key holders are not subject to a lock-in period.
According to BSE data, Fireside’s Mamaearth shareholding amounted to 2.43 crore shares post-listing. Following yesterday’s share divestment, its holding is expected to be 1.83 crore shares, representing a 5.68% stake in Mamaearth. Meanwhile, Stellaris Venture, another Category I AIF, holds a 5.78% stake in the company.
The direct-to-consumer (D2C) unicorn had a subdued entry on the Indian stock exchanges in the previous month. Although it debuted with nearly a 2% premium on the NSE, the shares experienced a flat opening on the BSE, trading at INR 324 each.
After announcing its September quarter earnings on November 22, the Mamaearth stock reached an all-time high of INR 475.1 Cr on the BSE. Nevertheless, the share price plummeted subsequently due to profit booking.
Commenting on the stock’s performance, independent research analyst Ambareesh Baliga remarked that Mamaearth’s valuation was steep, and this was evident in the subdued response and listing.
“Sentimentally positive but I believe the spike was unjustifiable… An INR 15 Cr jump in net profit pushes up the market cap of the company by INR 5,000 Cr and that’s not sustainable,” Baliga said.
Regardless of this, the stock concluded yesterday’s trading session with a 12.3% increase from its listing price on the BSE.
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