Evergrande debt: Hui Ka-yan's childhood dreams fuelled a debt binge and audacious goal that has left the world on tenterhooks

China Evergrande Group, , hit 1 trillion yuan, regulatory storm was gathering, People’s Bank of China, the spectre of capital flight, buy offshore trophies, CEFC, Dalian Wanda Group, HNA Group, for suspected “criminal offences, “off-exchange negotiations” with holders, HK$6.5 billion, China’s richest football club, Alibaba Group Holding, seven consecutive tournaments, raising US$3.35 billion in January, US$75 billion of market value, Dubbed the “three red lines, depending on prevailing market conditions, was broken into four separate businesses, Evergrande as China’s “Lehman moment

The first of a three-part series on the China Evergrande Group looks at how the world’s most indebted developer grew to its current size and how it avoided scrutiny when China’s authorities cracked down on debt in 2017. On an overcast Monday in early 2017, Hui Ka-yan chaired a staff meeting in Guangzhou, where he set an audacious goal for China Evergrande Group, one that would land the developer four years later in the eye of a storm that is ripping across the financial world.

Sitting on a raised podium with the most senior executives to his sides and behind him, Hui outlined Evergrandes’s growth and diversification plans in a speech that rambled on for three hours. Then headquartered in the Guangdong provincial capital, and bolstered by a 60 per cent revenue surge a year earlier, Evergrande wanted to hit 1 trillion yuan (US$154.8 billion) in sales by 2020, almost five times its 2016 turnover, according to a Xinhua News Agency report.

Outside Evergrande’s windows that February morning, a regulatory storm was gathering, as the Chinese overseers of banking, insurance and securities led by the People’s Bank of China came crashing down on the country’s most profligate asset buyers. Regulators were concerned that bank loans were mounting too quickly, raising the spectre of capital flight as onshore loans were used to buy offshore trophies without adding anything to China’s economy. Worse still, some companies were selling wealth management insurance products to the public, using them as financial war chests to fund their shopping sprees.

The crackdown intensified two months after Hui’s marathon speech, leading to the break-up and downsizing of four of China’s biggest private conglomerates: Anbang Group, CEFC Group, Dalian Wanda Group and the HNA Group. HNA’s founder Chen Feng and chief executive Adam Tan Xiangdong were detained by police for suspected “criminal offences,” the company said on Friday, without elaborating.

China Evergrande Group, , hit 1 trillion yuan, regulatory storm was gathering, People’s Bank of China, the spectre of capital flight, buy offshore trophies, CEFC, Dalian Wanda Group, HNA Group, for suspected “criminal offences, “off-exchange negotiations” with holders, HK$6.5 billion, China’s richest football club, Alibaba Group Holding, seven consecutive tournaments, raising US$3.35 billion in January, US$75 billion of market value, Dubbed the “three red lines, depending on prevailing market conditions, was broken into four separate businesses, Evergrande as China’s “Lehman moment

Hui Ka-yan (centre) chairing a staff meeting on February 13, 2017 in Guangzhou, where he laid out a three-year growth and diversification plan for China Evergrande Group to achieve 1 trillion yuan in sales by 2020. Photo: Xinhua

But Evergrande was mostly spared, except for a rap on the knuckles of its Evergrande Life unit for a failed attempt to take over rival developer China Vanke Group. It continues to sell wealth management products to this day after stepping into line with regulators’ instructions.

“2017 was not the time to take action on Hui, because he was not on the radar from the regulators’ point of view, thus he was able to continue to move forward” with his plans, said Tommy Wu, senior economist with Oxford Economics in Hong Kong. “But now it is the time” to act, seeing how big his business had ballooned, he said.

Evergrande, based in southern China’s technology metropolis of Shenzhen since August 2017, has the dubious honour of being the world’s most indebted developer, with US$300 billion in total liabilities, compared with 2.38 trillion yuan in assets. It is holding the world’s banks and capital markets on tenterhooks as it grapples with US$120 million in interest payments due this week, 30 per cent of which was postponed in “off-exchange negotiations” with holders of a smaller, onshore bond.

China Evergrande Group, , hit 1 trillion yuan, regulatory storm was gathering, People’s Bank of China, the spectre of capital flight, buy offshore trophies, CEFC, Dalian Wanda Group, HNA Group, for suspected “criminal offences, “off-exchange negotiations” with holders, HK$6.5 billion, China’s richest football club, Alibaba Group Holding, seven consecutive tournaments, raising US$3.35 billion in January, US$75 billion of market value, Dubbed the “three red lines, depending on prevailing market conditions, was broken into four separate businesses, Evergrande as China’s “Lehman moment

Hui Ka-yan (standing, third right) and his wife Ding Yumei (standing, third left) with townsfolks and kin at his old home in Henan, during a visit on December 15 – 16, 2018. Photo: Securities Times.

Hui, also known as Xu Jiayin on the mainland, was born in a village in Gaoxian, a town of fewer than 50,000 residents in central China’s Henan province. Raised by his paternal grandmother, Hui studied metallurgy at what was then the Wuhan Institute of Iron and Steel, before finding work in the local steel mill.

In 1987, a groundbreaking policy was enacted in a fishing village near Hong Kong, under the capitalist market reforms ordered by the paramount leader Deng Xiaoping. Local authorities in Shenzhen sold the first land-use rights to a state-owned company, setting the precedent for communal land to be used for private housing. A year after Shenzhen’s pioneering move, a national law was enacted to officially define the concept of “economically affordable housing” and “commodity housing,” or privately owned homes in today’s parlance.

Attracted by the reforms, Hui quit his steel job in Wuhan in 1992 and headed for southern China. He first landed a job in trading, where he rode the wave of China’s growing commerce with the world, and the rising tide of entrepreneurship that was replacing almost every aspect of communal ownership with private holdings.

China Evergrande Group, , hit 1 trillion yuan, regulatory storm was gathering, People’s Bank of China, the spectre of capital flight, buy offshore trophies, CEFC, Dalian Wanda Group, HNA Group, for suspected “criminal offences, “off-exchange negotiations” with holders, HK$6.5 billion, China’s richest football club, Alibaba Group Holding, seven consecutive tournaments, raising US$3.35 billion in January, US$75 billion of market value, Dubbed the “three red lines, depending on prevailing market conditions, was broken into four separate businesses, Evergrande as China’s “Lehman moment

A snapshot of China Evergrande Group's assets and liabilities. Source: Goldman Sachs

Four years later, Hui founded Evergrande in Guangzhou, where he went about building high-rise apartments, selling them to buyers in a housing market that was barely 10 years old.

In the late 1990s before China joined the World Trade Organization (WTO), the property industry was dominated by large state-owned developers with the capital and access to the best locations. Apartments were large, and priced beyond the affordability of all but the wealthiest buyers.

Hui focused instead on building affordable homes for the mass market, delving deep into his own memory as a village kid dreaming of city life. He borrowed to build at low costs, selling his apartments off-plan, and using the high turnover to generate cash flow to fund his growth.

“Developers like Evergrande raked in billions relying on the presale scheme and high leverage in the early days of China’s economic reforms, and there’s a historical reason for allowing that,” said Gan Li, a professor at Southwestern University of Finance and Economics. “Now times have changed. What the government needs is not highly leveraged companies or billionaires, but for the sector to return to rational growth.”

China Evergrande Group, , hit 1 trillion yuan, regulatory storm was gathering, People’s Bank of China, the spectre of capital flight, buy offshore trophies, CEFC, Dalian Wanda Group, HNA Group, for suspected “criminal offences, “off-exchange negotiations” with holders, HK$6.5 billion, China’s richest football club, Alibaba Group Holding, seven consecutive tournaments, raising US$3.35 billion in January, US$75 billion of market value, Dubbed the “three red lines, depending on prevailing market conditions, was broken into four separate businesses, Evergrande as China’s “Lehman moment

Hui Ka-yan being chased by the media during the annual meeting of the Chinese legislature in Beijing in 2012. Photo: Weibo

Still, Hui’s strategy worked. Twelve years after its establishment, Evergrande went public in a HK$6.5 billion initial public offering (IPO) in Hong Kong.

By the time Evergrande turned 21 in 2017, it was already the world’s biggest property developer by sales, surpassing its long-time, crosstown rival Vanke. Hui topped the 2017 Forbes China Rich List, with his wealth estimated at US$42.2 billion.

Along with Hui’s wealth and Evergrande’s size came the baubles and trophies. Evergrande bought a football team in 2010, spending lavishly to sign international players. Guangzhou Evergrande FC, China’s richest football club and half-owned by this newspaper’s owner Alibaba Group Holding, won an unprecedented seven consecutive tournaments in the Chinese Super League that year.

The company branched out into the capital-intensive business of making electric cars, raising US$3.35 billion in January for its China Evergrande New Energy Vehicle Group unit. Seven months later, with US$75 billion of market value wiped out, the unit is yet to produce a single car.

China Evergrande Group, , hit 1 trillion yuan, regulatory storm was gathering, People’s Bank of China, the spectre of capital flight, buy offshore trophies, CEFC, Dalian Wanda Group, HNA Group, for suspected “criminal offences, “off-exchange negotiations” with holders, HK$6.5 billion, China’s richest football club, Alibaba Group Holding, seven consecutive tournaments, raising US$3.35 billion in January, US$75 billion of market value, Dubbed the “three red lines, depending on prevailing market conditions, was broken into four separate businesses, Evergrande as China’s “Lehman moment

Fans of the Guangzhou Evergrande FC during their team’s AFC Champions League group match with Eastern SC (HKG) in Guangzhou on 22 February 2017. Photo: K.Y. Cheng

Real estate is one of China’s most tightly regulated industries, overseen by a plethora of regulators from the central bank to the economic planner, over concerns of its impact on the economy and the banking system. Every few years, authorities would step in with a potent mix of monetary policies and administrative rules to deflate any signs of a housing bubble, and to deter speculation.

The latest campaign, summed up by the Chinese president’s 2017 edict that “homes are for living in, not for speculation,” culminated in a central bank crackdown in August 2020 on unbridled borrowing. Dubbed the “three red lines,” the plan caps developers’ loans until 2023.

“That forced Evergrande to boost its capital and cash through price cutting,” said Bondcritic’s managing director Warut Promboon, who has been monitoring the developer’s debts for 10 years in Hong Kong. “The three red lines really tipped the balance.”

China Evergrande Group, , hit 1 trillion yuan, regulatory storm was gathering, People’s Bank of China, the spectre of capital flight, buy offshore trophies, CEFC, Dalian Wanda Group, HNA Group, for suspected “criminal offences, “off-exchange negotiations” with holders, HK$6.5 billion, China’s richest football club, Alibaba Group Holding, seven consecutive tournaments, raising US$3.35 billion in January, US$75 billion of market value, Dubbed the “three red lines, depending on prevailing market conditions, was broken into four separate businesses, Evergrande as China’s “Lehman moment

Hui Ka-yan at Tiananmen Square in Beijing on July 1, 2021. Photo: Sohu.com

This was not Hui’s first brush with a liquidity crunch. When home prices slumped across China’s major cities in 2015, Evergrande received a 100 billion yuan lifeline from Bank of China and the Agricultural Bank of China.

Chinese banks were ordered in June to stress test their balance sheets for exposure to Evergrande after it defaulted on commercial bills. Hui, who turns 63 next month, was spotted and photographed on July 1 by the media as he appeared in Tiananmen Square in the Chinese capital as a guest to watch the celebrations of the Communist Party’s centenary.

“The situation now is far different from what we expected in June,” said Zhou Chuanyi, a credit analyst at Lucror Analytics in Singapore.

Each time he had to sell an asset, Hong Kong magnate Joseph Lau Luen-hung, the founder of Chinese Estates Holdings, was there as the buyer, according to a timeline of the deals between the two going back to 2009.

China Evergrande Group, , hit 1 trillion yuan, regulatory storm was gathering, People’s Bank of China, the spectre of capital flight, buy offshore trophies, CEFC, Dalian Wanda Group, HNA Group, for suspected “criminal offences, “off-exchange negotiations” with holders, HK$6.5 billion, China’s richest football club, Alibaba Group Holding, seven consecutive tournaments, raising US$3.35 billion in January, US$75 billion of market value, Dubbed the “three red lines, depending on prevailing market conditions, was broken into four separate businesses, Evergrande as China’s “Lehman moment

Chinese Estates Holdings’ former chairman Joseph Lau Luen-hung (right) and his wife Chan Hoi-wan (left) during the real estate tycoon Walter Kwok Ping-sheung's funeral service at the St. John’s Cathedral in Central on 1 November 2018. Photo: Felix Wong

Not any more. The turning point took place in late July, when Evergrande unexpectedly reneged on a special dividend payout to shareholders, two weeks after pledging it, beginning a downwards spiral that sent Evergrande’s shares and bonds crashing.

Chinese Estates, one of Hui’s staunchest allies since 2009, dumped 108.9 million Evergrande shares between August 30 and September 21, even at the expense of losing HK$1.38 billion from selling the stake. And the Hong Kong developer, which still occupies the top floor of the 26-storey waterfront office tower sold in 2015 to Evergrande – to be paid in six annual instalments until this year – said it would dispose of its remaining 5.66 per cent Evergrande stake “depending on prevailing market conditions.”

The situation continued to deteriorate on September 11, when protesters crammed Evergrande’s Shenzhen head office demanding refunds of their wealth management products.

“So when it rains, it pours,” said Promboon.

The piling debt woes are drawing comparisons between Evergrande and the quartet of Chinese conglomerates – Anbang, CEFC, HNA and Wanda – that were cut down into bite-sized businesses after their debt binge. Last week, HNA was broken into four separate businesses after entering bankruptcy.

Like HNA, a bankruptcy restructuring under state ward may happen as Evergrande struggles to prevent US$15.7 billion of offshore bonds and 56 billion yuan of onshore debt from defaulting, leading global investors like George Soros to warn of systemic risks to China’s financial system posed by the nation’s 2.4 trillion yuan in external debt.

“I do see Evergrande following HNA’s path,” said Promboon. “It will become a smaller Evergrande following the sale of noncore assets to repay debts. However, Evergrande is quintessential a property company so the break-up will not be so dramatic.”

Some commentaries are already pointing to Evergrande as China’s “Lehman moment,” referring to the 2008 collapse of the US investment bank.

China Evergrande Group, , hit 1 trillion yuan, regulatory storm was gathering, People’s Bank of China, the spectre of capital flight, buy offshore trophies, CEFC, Dalian Wanda Group, HNA Group, for suspected “criminal offences, “off-exchange negotiations” with holders, HK$6.5 billion, China’s richest football club, Alibaba Group Holding, seven consecutive tournaments, raising US$3.35 billion in January, US$75 billion of market value, Dubbed the “three red lines, depending on prevailing market conditions, was broken into four separate businesses, Evergrande as China’s “Lehman moment

A snapshot of the gearing ratios among China's big developers. Source: Jefferies.

“Not even close,” said a Barclays report on September 20. The effects could spill over to China’s property sector, with economic implications. But the US$300 billion in liabilities is not large enough to tip the scale of China’s banking system which has as much as US$40 trillion to US$45 trillion in assets, and total loans of over US$30 trillion, Barclays said.

Evergrande’s difficulties are playing out just as China Huarong Asset Management is in the middle of a recapitalisation exercise.

That means two of China’s largest offshore bond issuers are testing the capacity and appetite of the government to backstop potentially substantial failures, S&P Global said.

China Evergrande Group, , hit 1 trillion yuan, regulatory storm was gathering, People’s Bank of China, the spectre of capital flight, buy offshore trophies, CEFC, Dalian Wanda Group, HNA Group, for suspected “criminal offences, “off-exchange negotiations” with holders, HK$6.5 billion, China’s richest football club, Alibaba Group Holding, seven consecutive tournaments, raising US$3.35 billion in January, US$75 billion of market value, Dubbed the “three red lines, depending on prevailing market conditions, was broken into four separate businesses, Evergrande as China’s “Lehman moment

Source: Jefferies.

Although Evergrande’s potential defaults represent a fraction of China’s financial system, the high-profile cases have rattled investors since the common perception has been that the Chinese government will not let state-supported firms fail, analysts said.

Many investors and international banks believe Beijing could soon put forward a plan or make some meaningful progress to reduce the impact. While many questions remain unanswered, one thing is for sure: bondholders are likely to be the last to be refunded, in a long queue behind homebuyers, contractors, banks, and wealth management product investors, analysts said.

“Pricking the bubble created by developers like Evergrande is a very good way to give a lesson to the entire sector and show the determination of the government to stabilise the housing market,” said Gan.

Internet Explorer Channel Network
News Related

OTHER NEWS

FIIs consistently increase their holding in these 5 stocks, surge over 150% in 2021 so far

In 2021 so far, the foreign institutional investors (FIIs) have invested a net of around Rs 66,024 crore in the Indian equities. They were net buyers in 8 out of 10 months ... Read more »

25% of mid-career professionals in digital skills programme secure jobs before completing it

SINGAPORE – A six-month programme to help mid-career professionals with no digital-related background to take up business technology roles has seen an average of one in four participants securing jobs ... Read more »

Renault says chip shortage will lower production more than forecast

French carmaker Renault said on Friday its production losses in 2021 because of a global semiconductor chip shortage would be far larger than previously forecast, but maintained its profit outlook ... Read more »

How to usher payment revolution for millions without a smartphone

The heart of India doesn’t beat to the tunes of a glitzy edgy smartphone. Away from the world of an instant dopamine hit, Instagram hashtags and Snapchat filters, the true ... Read more »

Enkei Wheels Standalone September 2021 Net Sales at Rs 119.23 crore, up 57.24% Y-o-Y

Reported Standalone quarterly numbers for Enkei Wheels (India) are: Net Sales at Rs 119.23 crore in September 2021 up 57.24% from Rs. 75.83 crore in September 2020. Quarterly Net Profit ... Read more »

21st Cen Mgt Consolidated September 2021 Net Sales at Rs 192.55 crore, up 300960% Y-o-Y

Reported Consolidated quarterly numbers for 21st Century Management are: Net Sales at Rs 192.55 crore in September 2021 up 300960% from Rs. 0.06 crore in September 2020. Quarterly Net Profit ... Read more »

21st Cen Mgt Standalone September 2021 Net Sales at Rs 0.66 crore, up 55% Y-o-Y

Reported Standalone quarterly numbers for 21st Century Management are: Net Sales at Rs 0.66 crore in September 2021 up 55% from Rs. 1.48 crore in September 2020. Quarterly Net Loss ... Read more »

Rajneesh Karnatak takes over as Union Bank of India Executive Director

Next on the list of lenders offering lowest interest rate on education loans is, expectedly, another public sector giant. Union Bank’s interest rates start at 6.8 percent, with the EMI ... Read more »

New Zealand Rural Land Company buys six South Island dairy farms for $61.4 million

NZX-listed New Zealand Rural Land Company has bought six dairy farms in Maniototo for $61.4 million. NZRL announced to the market this afternoon that it had entered into a unconditional ... Read more »

Maharashtra reopening: Imagicaa, one of India's biggest theme parks, expects to reach pre-COVID-19 levels by FY23

After a long hiatus, theme parks in Maharashtra will reopen after the state government allowed amusement parks to restart operations from October 22. One of India’s biggest theme parks, Imagicaa, ... Read more »

Five infrastructure mutual funds that delivered 97-118% returns in the last one year

In the massive market rally from March 2020, infrastructure stocks have been major beneficiaries and participants. Naturally, mutual funds that invest exclusively in such stocks have delivered spectacular returns. The ... Read more »

Tesla warns drivers flagged for "improper usage" of dropping full self-driving feature, Elon Musk confirms

File image: Elon Musk Billionaire Elon Musk has confirmed that Tesla will send just one warning to drivers who do not use its advanced driver assist system responsibly before removing ... Read more »

Nifty may move in 18,450-18,000 range over short term until cycle turns upside

Representative Image Ashish Kyal, Founder & CEO at Waves Strategy Advisors Nifty tops can be captured by understanding a simple cyclical behaviour and time concept. So far, we have focused ... Read more »

Why mutual funds are making a dash for electric vehicles with new scheme launches

Newer theme-based mutual funds (MFs) have been hitting the stands in recent times. Electric vehicles seem to be the flavor the season, as more Indian auto-makers launch electric vehicles (EV). ... Read more »

Denied first, paid later: How an insurer made a motorbike's engine capacity the moot point in an accident claim settlement

Consider this: you use your bike to commute regularly and buy a personal accident policy to protect your family’s financial future in case of your death while riding the two-wheeler. ... Read more »

China Evergrande makes payment before deadline, official media says

Troubled property giant China Evergrande made an interest payment to foreign bondholders one day before a deadline that threatened to put the company into default, an official newspaper reported Friday. ... Read more »

ITI Pharma & Healthcare fund NFO review: Should you invest in it?

ITI Pharma and Healthcare Fund (IPHF) is the latest new scheme to be rolled out. This is the sixth mutual fund (MF) focused on the healthcare and pharmaceuticals sector to ... Read more »

Gold Prices Today: Yellow metal likely to remain volatile amid rising festival demand

Gold inched higher in the morning trade in the Indian market and was poised for a second weekly gain on October 22, as a softer dollar provided some respite against ... Read more »

Savers given chance to put their money towards government green projects - but experts say returns are 'paltry'

A green government bond will fund plans such as zero-emission buses but its 0.65% annual rate of return falls well short of savings deals available elsewhere and will look even flimsier if interest rates go up. Read more »

Evergrande financial crisis | Struggling Chinese developer makes bond payment: Report

Image: Reuters Evergrande, the troubled Chinese developer whose struggle to avoid a multibillion-dollar debt default has rattled global financial markets wired $83.5 million on October 22 to make an overdue ... Read more »

Median price of 5-room HDB resale flats in Queenstown now $926,000 in record year for market

Resale prices rose 2.9 per cent in July-September from the previous three months. SINGAPORE – HDB resale prices hit a record-high in the third quarter and saw the fastest nine-month ... Read more »

Who should pay the world's climate debt?

New research suggests that developed countries should pay almost double the amount proposed under the Paris Agreement to offset their historical emissions. Read more »

Asian Paints after Q2 earnings: Should you buy, sell, or hold the share?

Despite an impressive growth in revenue, a sharp fall in profits because of higher raw material costs, has kept investors worried about their holdings in Asian Paints. Asian Paints on October 21 ... Read more »

Nissan ex-chair Carlos Ghosn set on restoring reputation

Carlos Ghosn, the former auto industry superstar whose career screeched to a halt with his arrest three years ago, isn’t about to settle into quiet retirement. The former head of ... Read more »

RIL Q2 Preview: Double-digit growth likely in earnings parameters, driven by retail, digital segments

Billionaire Mukesh Ambani-owned Reliance Industries is expected to clock double-digit growth in key earnings parameters for the September quarter on a year-on-year basis, driven by the retail and digital segments. ... Read more »

Curfew to end in 17 tourist provinces Prelude to reopening to vaccinated foreigners on Nov 1

The road outside the Grand Palace in Bangkok has been almost empty of traffic at night since curfew was announced, to control the spread of Covid-19. (Photo: Pornprom Satrabhaya) The ... Read more »

Government to consider PME task force recommendations for workplace fairness

The remarks were made in response to nine proposals put out by a PME task force led by NTUC and SNEF. SINGAPORE – Proposals from the labour movement and employer’s ... Read more »

Buy USDINR; target of : 75.15 : ICICI Direct

ICICI Direct’s currency report on USDINR US dollar rose by 0.24% yesterday amid upbeat economic data from US and surge in US treasury yields. US unemployment claims fell to a ... Read more »

Top cryptocurrency news on October 22: Major developments in Bitcoin, cryptos and regulations

Cryptocurrency (Representative image) [content][quote]Market Buzz[/quote][title]Bitcoin trading above Rs 48 lakh[/title][circularimage][/circularimage][body]Cryptocurrencies traded mostly in the red so far on October 22. The global crypto market cap stood at $2.58 trillion, 1.51 percent down over the last day. ... Read more »

Asia tech shares jump, China property stocks rally as Evergrande makes payment

Cyclical stocks dragged amid worries that central bankers will need to tighten monetary policy into slowing growth. TOKYO (REUTERS) – Tech stocks climbed in Asia on Friday (Oct 22) following ... Read more »

COP26 | If not net-zero, then what?

(Image: Shutterstock) On October 30, world leaders will gather at Glasgow, Scotland for the 26th UN Climate Change Conference of the Parties (COP26). The summit that was postponed last year ... Read more »

Moschip Tech Consolidated September 2021 Net Sales at Rs 38.02 crore, up 59.55% Y-o-Y

Reported Consolidated quarterly numbers for Moschip Technologies are: Net Sales at Rs 38.02 crore in September 2021 up 59.55% from Rs. 23.83 crore in September 2020. Quarterly Net Profit at ... Read more »

Trident Consolidated September 2021 Net Sales at Rs 1,691.59 crore, up 44.09% Y-o-Y

Reported Consolidated quarterly numbers for Trident are: Net Sales at Rs 1,691.59 crore in September 2021 up 44.09% from Rs. 1,173.98 crore in September 2020. Quarterly Net Profit at Rs. ... Read more »

Asian Paints Consolidated September 2021 Net Sales at Rs 7,096.01 crore, up 32.63% Y-o-Y

Reported Consolidated quarterly numbers for Asian Paints are: Net Sales at Rs 7,096.01 crore in September 2021 up 32.63% from Rs. 5,350.23 crore in September 2020. Quarterly Net Profit at ... Read more »

Asian Paints Standalone September 2021 Net Sales at Rs 6,151.85 crore, up 35.9% Y-o-Y

Reported Standalone quarterly numbers for Asian Paints are: Net Sales at Rs 6,151.85 crore in September 2021 up 35.9% from Rs. 4,526.71 crore in September 2020. Quarterly Net Profit at ... Read more »

Trident Standalone September 2021 Net Sales at Rs 1,662.57 crore, up 41.93% Y-o-Y

Reported Standalone quarterly numbers for Trident are: Net Sales at Rs 1,662.57 crore in September 2021 up 41.93% from Rs. 1,171.44 crore in September 2020. Quarterly Net Profit at Rs. ... Read more »

Budget 2021: More than 100 MPs urge Rishi Sunak to cut duty for draught beer

In a letter to Rishi Sunak, a group of Tory backbenchers call on the chancellor to maintain a freeze on alcohol duties when he delivers his budget on Wednesday. And they have also want the chancellor to introduce a cut in duty for draught beer. Read more »

Cryptocurrency Prices Today: Bitcoin down 0.53%, price above Rs 48 lakh on October 22

Bitcoin (Image: Reuters) Cryptocurrencies are mostly in the red on October 22. The global crypto market cap is $2.58 trillion, a 1.51 percent decrease over the last day. The total ... Read more »

Buzzing Stocks: RIL, Zee Entertainment, HDFC Life Insurance and other stocks in news today

Results on October 22: Reliance Industries, HDFC Life Insurance Company, Yes Bank, Apollo Pipes, Bharat Seats, Crompton Greaves Consumer Electricals, Dodla Dairy, Federal Bank, Gland Pharma, Hindustan Zinc, Inox Leisure, ... Read more »

Chinese real estate giant Evergrande makes long-awaited interest payment

The company has missed three deadlines in recent weeks for interest payments on loans that should have been paid by September 23. The group had until Saturday, October 23 at ... Read more »
On free-english-test.com you will find lots of free English exam practice materials to help you improve your English skills: grammar, listening, reading, writing, ielts, toeic