Wednesday, May 22 2019 | Time 14:41 Hrs(IST)
  • Cop held for graft in Aurangabad
  • Nepal bans China’s Alipay and WeChat digital wallets
  • J&K Guv apologises to public on Kashmir highway ban, says decision taken in national interest
  • HP: Counting of votes from 0800 hrs on Thursday
  • One dies in bomb blast and 20 arrested in volatile Bhatpara; Repoll on at Jorasanko
  • Anti-Sterlite Protests: First anniversary of death of 13 people in police firing observed
  • Rahul cautions Congress workers, says next 24 hrs crucial
  • Austrian president consoles public in wake of coalition gov't collapse
  • Stage set for counting of votes in Telangana tomorrow
  • SC stays BJP candidate's arrest till May 28
  • Huge explosion rocks Mogadishu, casualties feared
  • Yemen's Houthi rebels launch fresh drone attack on Saudi Najran airport
  • Local Taliban leader among 16 militants killed in Afghanistan
  • No IED blast on LoC, soldiers injured in training event in Poonch: Army
  • Five militants killed in Eastern Afghan province airstrike
Business Economy

Kolkata, Mar 15 (UNI) Wire and cable manufacturer, KEI Industries Ltd, aims to close this financial year ending March 31, 2019 with over 20 per cent growth, stimulated by robust export growth at 10 per cent with continued demand for its products in national and international market.
The company is bullish on expansion with over 1400 dealers pan India by this fiscal end, almost a jump of 9 per cent from 1284 dealers as on March 31, 2018, according to a company release issued here today.
KEI’s net profit also soared by 28.36 % to Rs 121.94 crore during nine month period (April 1 2018 to December 31, 2018) from Rs 95 crore during the same period of 2018.
Elaborating on growth of Indian wire and cable industry, Chairman cum Managing Director Anil Gupta Said, “We have been able to expand and at the same time ensured our foothold across the market to which we cater. We do so with the help of strong financials and Capex, which has ensured our continuous growth. As our growth trajectory remains intact, we are very hopeful to clock 18%-20% during the next fiscal."
The first phase of Pathredi project of LT Power Cable had already been completed and the second phase, HT Power Cable expansion completed in the first week of March with the aim to expand capacity of HT Power Cable by Rs 200 crore, he said.
He further added that for KEI’s Silvassa project, the company had spent Rs 16 crore for land and the infrastructure developed on it. “This will add to our capacity of our House Wire manufacturing segment. We will spend another Rs 39 crore to Rs 44 crore, which will add on to enhancing our production capacity of Rs 300 crore. In the second phase, we intend to spend Rs 30 crore in the next financial year, which will add another capacity of Rs 300 crore for our House Wire segment,” Mr Gupta explained.
KEI’s retail sales has contributed 33 per cent (at INR 994 crore) of their turnover in terms of its total sales during nine months of this current fiscal, reporting a jump of 50% (at INR 663 crore) over the same period (April-December 2017-18). Its’ domestic sales as on December 31, 2018 stood at INR 2,578 crore, while its exports were at INR 390 crore during the nine month period starting April 1, 2018.
KEI’s Net Sales during Q3 of FY19 was INR 1087.48 crore from INR 888.66 crore, registering a growth of 22.37 %. Similarly, its Q2 net sales stood at Rs 996.79 crore from INR 748.82 crore during the same period in 2018, registering a growth of 33.11 %.
During Q1 FY19, KEI’s net sales was INR 883.90 crore from INR 777.97 during the corresponding period in 2018, registering 13.62 % growth.
The company is hopeful that with phenomenal growth in retail sales business will help push its growth in its House Wire and Cables segment. Besides, forward looking policies on affordable housing and with rise in the real estate business will also stimulate demand for KEI’s House Wire and Cables.
More News
Sugar rates steady in Kolhapur market

Sugar rates steady in Kolhapur market

22 May 2019 | 1:08 PM

Kolhapur, May 22 (UNI) The prices of M 30 and S 30 grades of sugar rates remained steady in Kolhapur sugar market on Wednesday at Rs 3280/3300 and Rs 3180/3200 per quintal respectively.

see more..

Panacea Biotec receives USFDA approval for manufacture, supply of Azacitidine for US market

22 May 2019 | 12:53 PM

Mumbai, May 22 (UNI) Pharma Major, Panacea Biotec said that company's Oncology Parenteral Formulation Facility at Baddi, Himachal Pradesh has received United States Food & Drug Administration (USFDA) approval for manufacture and supply of Azacitidine Injection, 100 mg/vial, for the US market.

see more..

Dynamic Cables Ltd bags two orders worth Rs 32 cr

22 May 2019 | 12:35 PM

Mumbai, May 22 (UNI) Dynamic Cables Limited on Wednesday said company has bagged two orders worth Rs 32 crores (inclusive of GST) from one of the largest domestic EPC company of India.

see more..

Chennai Oil Market Rates

22 May 2019 | 11:57 AM

Chennai, May 22 (UNI) Following are the rates in the
Chennai Oil Market here today.

see more..

Wholesale prices of Oils, Sugar, Commodities in APMC

22 May 2019 | 11:57 AM

Bengaluru, May 22 (UNI) Following were the wholesale prices in the
Bengaluru APMC here on Wednesday.

see more..