Latest news with #034
Gulf Today
21-07-2025
- Business
- Gulf Today
Shisha company employee fined Dhs1.13 million for stealing daily revenues in Dubai
Dubai Civil Court has ordered a former employee of a Shisha service company to repay Dhs1,034,000 as embezzled amounts besides Dhs100,000 in compensation for material and moral damages incurred by the company. The case dates back to the time when the company discovered financial discrepancies and unrecorded cash amounts in the daily sales data at one of its Dubai branches. The company reportedly suspected the female employee who was the sales manager and cashier, after inconsistencies were noted between actual collections and registered amounts. The branch manager initiated an investigation and identified two financial transactions for which no receipts had been issued so a comprehensive review of sales transactions from 2020 to 2024 was conducted, leading to the employee's admission of regularly misappropriating funds from daily revenues. The company filed a complaint with the Public Prosecution, which referred the case to the Dubai Criminal Court that issued a final verdict, ordering the employee to repay the embezzled amount.
Hans India
19-07-2025
- Business
- Hans India
Milk sales, procurement drive Heritage Foods to highest-ever Q1 revenue
Hyderabad: Heritage Foods Limited, a leading Indian dairy brand, reported its highest-ever quarterly revenue of Rs11,368 million for the first quarter of FY26, registering a 10% year-on-year growth despite headwinds from unseasonal rainfall across its key markets. The company, which is celebrating 34 years of operations, attributed its strong performance to steady progress in milk procurement, resilient milk and value-added product (VAP) sales, and its continued focus on quality, innovation, and farmer empowerment. Heritage also unveiled its 'Vision 2030' strategy to become India's most admired dairy nutrition brand. During the quarter ended June 30, 2025, milk procurement increased 9.9% YoY to 17.8 lakh litres per day, while milk sales rose 2.8% to 11.6 lakh litres per day. Average milk selling prices also improved by 2.9% to Rs56.4 per litre. Although the early arrival of monsoon rains in April and May muted demand for VAPs like curd, buttermilk, and ice cream—resulting in a slight drop in VAP contribution to overall revenue from 37.5% to 36.1%—the segment recovered in June, with Q1 VAP sales rising 5.5% YoY to Rs4,034 million. Including Ghee and Butter, total VAP revenue reached Rs4,540 million, up 7.4% YoY, contributing 40.6% to total revenue. The company also saw cost pressures, as raw milk prices increased by 4.74% YoY. Blended revenue per kg rose by 4.1%, but a lower VAP mix and selective pricing strategies caused margin compression, with EBITDA dropping 21% YoY to Rs739 million and profit after tax (PAT) falling 31% to Rs405 million. Strategically, the board approved increasing its stake in Heritage Novandie Foods Pvt Ltd (HNFPL) to 94.4%, enhancing control over the yogurt supply chain. Capital investments in an upcoming greenfield ice cream facility and other VAP projects are expected to accelerate growth in the coming quarters. Subsidiary Heritage Nutrivet Limited posted standout results, with revenue rising 26% YoY to Rs533 million and profit before tax jumping 130% to Rs67 million. The company also rolled out a 360° marketing campaign and launched a refreshed range of Heritage Livo flavored milk and high-protein yogurts, targeting health-conscious consumers. Additionally, Heritage was recognized among 'India's Best Workplaces in FMCG' by the Great Place to Work Institute. Executive Director Brahmani Nara expressed confidence in the company's trajectory: 'This quarter's performance, despite inclement weather, reflects the strength of our brand portfolio and robust procurement system. With rising consumer loyalty, expanding networks, and innovation-led momentum, we are poised for strong growth in the rest of FY26.' Heritage Foods will host an earnings call on July 18, 2025, at 11:00 AM IST to discuss results. Details are available on the company website.
New Indian Express
12-07-2025
- Business
- New Indian Express
‘Sticker shock' jolt ousts home buyers
Absurdly high prices for residential property have got to a point where consumers are pushing back. Both home sales and fresh construction have taken a hit in the first 6 months of the current calendar, and the downward trend is likely to continue for some time. In what industry pundits are calling the 'sticker shock', first-time home buyers are flabbergasted by the high prices being quoted by builders. Preferring to withdraw from the market, some continue on rent; others lick their wounds and save their fight for another day. Sample these: The Aditya Birla Group's Niyaara project in Worli, Mumbai – three residential towers on land which was once Century Textile Mills – has priced two-bed apartments under 1,000 sq ft between Rs 6.5 and 10 crore. A broker's flyer sent to this writer quoted a Niyaarafour-bed,3,034 sq ft duplex flat at Rs 30.82 crore! Jasdan Heights, a Prestige Group project near Mahalaxmi, is pegging a three-bed apartment at Rs 8.5 crore. Effectively, these under-construction projects, cost an outrageous Rs 65,000 to Rs 1 lakh a square foot. Pune, which has a robust middle income residential property market, has recently been in the news for falling sales. From January to June this year, there were just 33,510 units sold – a 29 percent drop from the 44,135 units sold in the same January-June period of 2024. Calling it a 'sticker shock', Pune developer Rohit Gera likened it to going to buy a bottle of shampoo, but then walking away after seeing a price tag of Rs 1,200. Falling sales
Time of India
09-06-2025
- Business
- Time of India
Life insurance industry's new business premiums up 13% in May 2025
The life insurance industry recorded nearly 13% year-on-year rise in new business premiums (NBP) in May 2025 to Rs 30,463 crore, up from Rs27,034 crore a year earlier, according to data released by the Life Insurance Council . The month saw a 10.4% fall in the number of life insurance policies sold by the companies as the industry continued to navigate the new surrender value guidelines that kicked in October last year. The growth was primarily driven by the private sector insurer, which reported a 16.6% increase in NBP to Rs12,058 crore. State-run Life Insurance Corporation ( LIC ) posted 10.3% increase to Rs18,405 crore, the data showed. Among listed private players, HDFC Life reported a 33% jump in premiums to Rs3,022 crore, while SBI Life 's total premiums grew over 25% to Rs2,950 crore. ICICI Prudential Life reported a near 7% growth to Rs1,407 crore. 'Typically, the first quarter is a weak season for the life insurance segment as it immediately comes after the fiscal end, where most retail customers rush to buy policies. In May, the YoY growth has come down compared to 15.1% in the same month a year ago mainly because of the impact of revised surrender value guidelines,' said Saurabh Bhalerao Associate Director – BFSI Research, CARE Ratings . In May, the overall industry growth was led by group business, whereas individual business reported a muted number. The growth was led by group single premium, which grew 13% YoY to Rs18,068 crore. The month also saw a fall in volume of policies sold. The fall in the individual non-single segment, which is the regular premium paid by retail customers, was at over 10% with LIC and private life insurers reporting a fall of 14% and 2%, respectively. However, despite the fall in volume in individual non-single premium segments, private insurers reported a premium growth, indicating that they have moved to higher value policies amid changes in surrender value regulations, Bhalerao said. The Life Insurance Council data shows that LIC's individual non-single premium income fell to Rs2,060 crore in May compared to 2,236 crore in the same month a year ago. Meanwhile, the premium income in the same segment for private life insurers stood at 5,025 crore compared to Rs4,681 crore a year ago. Economic Times WhatsApp channel )
Daily Maverick
23-04-2025
- Business
- Daily Maverick
After the Bell: Everybody is hedging with gold — should you?
Potential gold investors might have missed the big rise, but the bus is not too far down the road. If you run fast enough, you might still catch it. What's the opposite of trying to catch a falling knife? The phrase is often used when investors see the price of an equity falling, think it has to now be a bargain, only to experience the joy of it falling further. The opposite, I suppose, is chasing a rally; if you see an asset rising fast, when do you jump in? The experience can be the same, but the description is not as graphic. If you are trying to be cynical, you could say, well, I didn't chase the rally; I enthusiastically overpaid because I like the feeling of temporary euphoria followed by longer-term disappointment. Often, what happens if you try to chase a rally, is that you end up being slapped with a restraining order. But with gold now, the choice is really tough because, on the one hand, the chances that the seas will get less rough seem very distant. On the other hand, gold's price rise has been so dramatic, it's hard to avoid the feeling that much of the race has been run. The sheer dimensions of the rush into gold are so weird. The gold price is not just dramatically up; it's double its previous record high. It's not that gold hasn't risen faster or by as much in history. Gold is up about 29% over the past four months, which is about 6.25% per month. That's not as fast as 1979/80, when it rose 276% in 12 months, which is about 30% per month. The difference is that this time, the nominal price is a record, around $3,330 (R62,034) today, and the previous rallies in 1973 and 1979 were caused by huge surges in inflation. This time, the rally's speed is taking place in the context of much less extreme economic conditions. Interest rates have been more or less static for the past year, which means the rise is not being driven by rising interest rates, which typically suppress the gold price. Gold has risen faster and more in the past, particularly during 1979-1980 (276% in 12 months, 30% monthly) and 1973-1974 (200% in 24 months, 8.3% monthly) rallies, driven by extreme inflation and systemic shifts. The 2025 rally (25% in four months, 6.25% monthly) is rapid, but not the fastest and, while its magnitude is significant, it's dwarfed by earlier surges in percentage terms. However, the nominal price ($3,300+) is a record and, inflation-adjusted, it may have edged out the 1980s peak, a milestone not seen in 45 years. The current rally's speed and level are notable, given less extreme economic conditions, reflecting unique drivers like central bank diversification and geopolitical risks. Obviously, that means investors are not looking for an inflation hedge, but are responding to what are politely described as 'geopolitical risks'. That's econ-speak for the possibility that US President Donald Trump will do something else entirely bonkers. But even that is not a complete description, because the equity markets have typically bounced back, as they did yesterday, when Trump retracted his last bout of being a stable genius. Trump now claims that he has no plans to fire Federal Reserve chair Jerome Powell and that tariffs on Chinese goods would 'come down substantially'. That perked up the equity markets, and gold did lose some of its value. But if you just compare the rise in the gold price with the decline in stock prices, it's obvious gold is rising much, much faster than stock prices are falling. Ergo, there is more going on here than just political gyrations. There are other indicators too. The most obvious is that global central bank gold purchases are now becoming really substantial: they exceeded 1 000 tonnes in 2024, breaking the all-time record set just one year earlier. China, Türkiye and India led the charge. Gold-backed exchange-traded funds (ETFs) saw record inflows of $10-billion (R186-billion) in Q3 2024 and $21.1 billion (R393-billion) in Q1 2025, which to me suggests a much longer-term change in mentality. Essentially, investors around the world are now thinking they should have a little bit of gold in their portfolios just as a mitigator against volatility and much deeper geopolitical tensions than relatively trivial issues like the ongoing Trump circus. The third interesting thing is that investment in gold companies has now caught up with the gold price. Over the years, the gold price and the value of gold companies have tracked each other (sort of), as you might expect. But increases in the gold price often provide industrial leverage for gold companies opening up their margins. So you would expect the value of gold companies to run ahead of the price of the metal in the good times. That wasn't happening until recently, but now it's happening meaningfully. That means investors expect the gold price to stay higher for longer. The big winners, by the way, have been Gold Fields and AngloGold, the two ex-South African companies that have for years been the cheapest and therefore the most natural buying targets. I guess what I'm building up to is that potential gold investors might have missed the big rise, but the bus is not too far down the road. If you run fast enough, you might still catch it.
