Business
Cosmo Films Q2 net profit up 84% to Rs 53 crore
Cosmo Films Ltd has announced a 83.65 percent expansion in united net benefit to Rs 52.71 crore in the subsequent quarter finished September. The organization had posted a combined net benefit of Rs 28.70 crore in July-September quarter a year back, Cosmo Films said in a BSE documenting.
Its income from tasks was at Rs 559.78 crore, up 0.69 percent, during the quarter under survey as against Rs 555.91 crore in the relating quarter of the past monetary.
The organization posted most elevated ever EBITDA (profit before interest, charges, devaluation, and amortization) of Rs 99 crores during Q2 FY21 on the rear of higher forte deals and better working edges from a year ago, said Cosmo Films.
Deals volume, which was affected in Q1 FY21 because of COVID-19, standardized during Q2 FY21 and is relied upon to remain so in the accompanying quarters, notwithstanding unanticipated conditions because of the pandemic, it added.
Remarking on the standpoint, Cosmo Films CEO Pankaj Poddar stated: “The organization is set to additionally develop the claim to fame films business as we are empowering some enormous creation lines to make strength items from Q4FY21. Changeover may possibly affect the creation volume in Q3FY21.
We keep on gaining great ground on the supportability ventures began in the past quarter which will contribute towards the improvement of the climate and cost legitimization in the coming quarters,” he added. Cosmo Films’ absolute costs in Q2 FY21 was at Rs 493.68 crore as against Rs 522.68 crore, down 5.54 percent.
Cosmo Films is a main arrangements supplier in the bundling, cover, naming and manufactured paper sections.
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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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