Welspun India posts Q4 loss of Rs 7843 cr

first_imgNew Delhi: Textile firm Welspun India Friday reported a consolidated loss of Rs 78.43 crore for the quarter ended March 31, due to exceptional expense of Rs 224.01 crore related to settlement of litigation in the US with regards to labelling and marketing of Egyptian cotton products. The company had posted a net profit of Rs 89.86 crore for the corresponding period of the previous financial year. Welspun India said the company and its subsidiaries, which have been facing litigation in the US surrounding its premium cotton home textile products, have entered into a settlement agreement in the US. Also Read – SC declines Oil Min request to stay sharing of documents “To avoid the burden, cost, and uncertainty of continued litigation in the United States surrounding the provenance of its premium cotton home textile products, the company and its subsidiaries have entered into a settlement agreement subsequent to year-end. “The settlement agreement provides monetary payments to settlement class members not to exceed an aggregate USD 36 million (about Rs 250 crore),” Welspun India said in a regulatory filing. Also Read – World suffering ‘synchronized slowdown’, says new IMF chief The company reported an exceptional item aggregating to Rs 224.01 crore for the quarter ended March 31, and it represented a provision for the settlement costs. “The settlement agreement is subject to approval by the appropriate courts in the United States and regulators, and is intended to resolve legal claims in the US concerning the past marketing and labelling of the company’s premium cotton home textile products,” the company added. In 2016, US retail giant Target Corporation had terminated contract with the Gujarat-based textiles maker over alleged lapses in its products supply. Target Corporation after an extensive investigation confirmed that Welspun substituted another type of on-Egyptian cotton when producing bed sheets and pillows between August 2014 and July 2016. Welspun India had, later, appointed consultancy firm Ernst & Young to look into the alleged lapses. Welspun India said it continues to deny the merits of these claims and does not admit to any liability in the settlement agreement. “Nonetheless, Welspun believes this settlement agreement, which is subject to approval by the appropriate courts in the United States and regulators, is in the best interest of all stakeholders,” it added. Welspun India’s total income during the quarter stood at Rs 1,600.94 crore, up 4.30 per cent as against Rs 1,534.92 crore in the year-ago period. The board of directors of the company has recommended a dividend at the rate of Rs 0.30 per share on equity share. Welspun India is part of the USD 2.3-billion Welspun Group. Shares of Welspun India Friday were trading 4.73 per cent higher at Rs 57.55 apiece on the BSE.last_img read more

Opioids pot and economics three ways politics touched Canadians this week

Opioids, pot and economics: three ways politics touched Canadians this week OTTAWA – It was the final week of Parliament before Christmas, and all through the House…. the Liberals did their best to make sure no one had any time to think about ethics or fundraising before heading home for the holidays.By the time MPs agreed Wednesday afternoon to rise until the end of January, the government had announced a new opioid strategy, ramped up negotiations with the provinces on health care funding, welcomed a complicated blueprint on how to legalize pot, set up a different system for new Canadians to bring in their parents and grandparents and launched a review of the assisted-dying law.None of that kept the criticism at bay, and Prime Minister Justin Trudeau repeatedly found himself being asked why he believes it’s acceptable to consort with — and accept $1,500 fees from — donors with vested interests.In a policy-heavy week, there were more than a few things worth pondering. Here are just three of the ways politics touched everyday lives, from how the government wants to control drugs to how the Conservatives deal with economics.OPIOIDSThe government has announced a two-pronged approach to confronting the opioid crisis.Health Minister Jane Philpott has tabled legislation that would give cities more leeway to open up supervised drug injection sites. The law would essentially remove the high bar set by the previous Conservative government, which required communities to meet 26 conditions in order to qualify. For now, there are only two safe injection sites in Canada, both in Vancouver.At the same time, Public Safety Minister Ralph Goodale proposed measures to crack down on illegal drugs and their ingredients coming over the border. Border guards would be allowed to examine very small suspicious packages and also restrict the import of equipment used to make drugs.In British Columbia alone, officials say there have been 622 fatal drug overdoses between January and October this year, of which about 60 per cent were linked to fentanyl.MARIJUANAEven as Ottawa moved to more strictly control opioids, it also got a step closer to legalizing pot. A government-appointed task force finally made public a blueprint that would allow those 18 and older to buy regulated marijuana from stores and through the mail.Taxes should be high enough to discourage too much toking, but low enough to undermine the black market, the task force recommended. And strict controls should be placed around distribution to keep pot out of the hands of children.Legislation is expected in the spring, but since the issues around legalization are complex and controversial, and a new regime has to be put in place, it could be quite a while before pot is available for legal sale in Canada.And while the Liberal government has made positive noises about the task force’s recommendations, the police are generally leery about their ability to deal with drug-impaired driving.ECONOMICSThere are some interesting indications in the Conservative leadership race that the once-unconventional is now fair game.Some of the wannabes have questioned publicly whether the next leader really needs to be able to speak both English and French. And economic planks put forward by a range of candidates this week suggests thinking outside the box doesn’t stop at language.On the traditional side of the ledger, we saw Erin O’Toole this week wanting to use tax breaks to help new graduates, especially for those who have skills that are in need. We also saw Deepak Obhrai propose tying old age security increases to salary hikes of MPs. And Lisa Raitt asked the parliamentary budget officer to study the economic impact of taxing health and dental benefits — something the Liberals have mused about.But Maxime Bernier, considered a front-runner in the campaign, is straying off the conventional path. Bernier is singling out the Bank of Canada governor for being too Liberal in his embrace of deficit-financed growth. He also wants the central bank to lower its inflation target to zero — instead of the traditional two per cent range. And instead of relying on monetary or fiscal policy to fuel growth, Bernier wants government to do everything it can to get out of the private sector’s way. by Heather Scoffield, Ottawa Bureau Chief, The Canadian Press Posted Dec 16, 2016 2:30 pm MDT Last Updated Dec 17, 2016 at 6:20 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email read more