Uflex net declines over 3.6%

Uflex net declines over 3.6% Mumbai, Aug 14 (PTI): Leading packaging materials company Uflex has reported a 3.62 percent decline in net income for the June quarter at Rs 90.7 crore on back of higher expenses, while income rose 3.64 percent to Rs 1,983 crore and expenditure rose to Rs 1864.29 crore from. Its production was flat at 1,00,814 million tonne, packaging materials volume rose 4.8 percent to 21,018 mt, the company said in a statement.

************* Gateway Distriparks promotes Sachin Bhanushali as CEO Integrated inter-modal logistics service provider Gateway Distriparks has elevated Sachin Bhanushali as the CEO, in addition to his existing role as CEO and whole-time director of the wholly-owned subsidiary Gateway Rail Freight. Captain Kapil Anand, who is currently heading the container freight stations vertical, will be stepping down after his term ends next month, the company said.

The company has also appointed Sandeep Shaw, currently president, finance, as the CFO and elevated Veena Nair as the company secretary. ************* Chalet Hotels returns to the black with Rs 14 cr profit Chalet Hotels, which runs a chain of high-end hotels in the key metros, has reported a net income of Rs 13.9 crore in the June quarter as against a loss of Rs 22.7 crore a year ago while its revenue rose marginally to Rs 246.2 crore from Rs 245.6 crore.

The company attributed the return to profitability to the capital structuring and a healthy occupancy rate of 75 percent which increased its revenue per room by 2 percent. Chalet Hotels' platform comprises five operating hotels and a hotel with a co-located serviced residence.

Its assets are branded with global partners like JW Marriott, Westin, Marriott, Marriott Executive Apartments, Renaissance and Four Points by Sheraton. It has a developmental pipeline of 580 keys across three hotels in Mumbai, Hyderabad and Bengaluru. ************* US-based insurance-focused tech firm SE2 opens $3.2-m tech centre in Pune US-based tech-focused insurance services support provider SE2, which has over USD100 billion in assets under administration globally, has opened a technology and innovation centre in Pune with an investment of USD 3.2 million, expanding its operations in the country.

It currently employs 600 associates in Gurugram and Pune and aims to increase the headcount to over 1,000 by 2020, the company said in a statement, adding the new centre sprawls over 35,000 sqft. SE2 India, headquartered in Gurugram, started operations in March 2019 and currently employs 600 associates providing end-to-end service to its US clients.

************* Realty startup Clicbrics raises $3 m The Delhi-headquartered technology platform empowering the real estate sector Clicbrics has raised USD 3 million in pre-series A funding from technology investors across the globe to fund its expansion. The firm has raised funds from a consortium of international and domestic investors led by former Tiger Management's Manny Singh of Kavi fund, Peter Mann, fund manager at Gluskin Sheff along with a senior managing director of one of the largest Canadian pension funds and several high profile private American and Canadian investors.

The funds will be used to fuel Clicbrics' expansion and growth with a focus on tier 1 and tier 2 cities targeting the real estate markets in a bid to organize the sector. ************* Finolex Cables net falls close to 10% Pune-based Finolex Cables has reported a 9.63 percent decline in net profit for the June quarter at Rs 81.6 crore on income of Rs 807.7 crore, up over 2 percent from a year ago.

Sales growth was affected by subdued construction activity, slowdown in the auto and communication sectors, the company said, adding a 12 percent spike in commodity prices also hit revenue..