Business briefs

Sherpa meeting will be held from October 28-30 to prepare for the G-20 leaders' summit in Italy, the commerce ministry said on Thursday.

Commerce and Industry Minister Piyush Goyal, who is in Rome, is India's Sherpa for the G20.

It said that the minister is working with G20 members to prepare for Prime Minister Narendra Modi's visit to Rome for the leaders' summit.

''A large number of multilateral and bilateral meetings were held with emerging economies, EU, UK, Germany, France...,'' it added.

**** *HSIL net up 39% at Rs 30 cr Leading packaging company HSIL has reported a net profit of Rs 30 crore in the second quarter, up 39 per cent over the same period last year on an income of Rs 566 crore, which rose from Rs 439 crore a year ago.

The company maintained an operating margin of 16 per cent and a net margin of 5 per cent, it said on Thursday.

The management attributed robust revenue and profit growth to the improved market sentiment with broad-based recovery post the second wave of the pandemic.

The packaging products division reported revenue of Rs 308 crore, contributing 56 per cent of total revenue with an annual growth of 7 per cent and giving a 20 per cent margin against 14 per cent a year ago.

**** *Kirloskar Oil Engines net flat at Rs 39 cr Kirloskar Oil Engines has reported a marginal fall in net income at Rs 38.7 crore in the Q2FY22 against Rs 39 crore a year ago, on a revenue of Rs 817.8 crore, which grew 25 per cent year-on-year. The Pune-based company reported a half-yearly income of Rs 1,457 crore as against Rs 969.7 crore a year ago, recording a growth of 50 per cent on which it earned a net profit of Rs 63.2 crore, up 73 per cent from the same period last year when it was only Rs 36.4 crore. Its managing director Sanjeev Nimkar said the company continued its progress in the strategic growth areas of ultra-high horsepower, electric pumps, off-highway and tractor engines, weeders in the domestic markets and industrial and firefighting segments in the chosen export markets.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)