Shares of Jubilant FoodWorks, Westlife Development and Britannia Industries tumbled up to 12.4 per cent today amid concerns over bread samples of virtually all top brands in Delhi containing cancer-causing chemicals.
Jubilant FoodWorks operates Domino’s Pizza and Dunkin Donuts chains and Westlife Development runs McDonald’s restaurants in west and south markets through its subsidiary.
The scrip of
Bread samples of virtually all top brands in Delhi contained cancer-causing ingredients, a study released yesterday had said, prompting the Union Health Ministry to order a probe.
Nearly 84 per cent of 38 commonly available brands of pre-packaged breads, including pav and buns, tested positive for potassium bromate and potassium iodate, banned in many countries as they are listed as “hazardous” for public health, the report by Centre for Science and Environment (CSE) said.
The tested bread samples included brands such as Britannia, Harvest Gold and the fast food chains KFC, Pizza Hut, Domino’s, Subway, McDonald’s and Slice of Italy.
Britannia, KFC, McDonald’s and Subway denied that these chemicals were used in their products. Other brands did not comment despite repeated attempts.
Monsanto surges
Shares of Monsanto India surged over 7 per cent after the government withdrew a notification capping royalty fee for new genetically-modified (GM) seed technology amid opposition from the crop biotech industry.
The stock jumped 6.84 per cent to Rs 2,219.65 on the BSE.
On the NSE, it climbed 7.14 per cent to Rs 2,219.90.
Amid opposition from the industry, the government had yesterday withdrew a notification capping ‘trait value’ (equivalent to royalty or licence fee) for new GM seeds and would now seek comments from stakeholders before taking a final call.
“The notification regarding the guideline for Bt cotton technology issued on May 18 will be put in the public domain for 90 days, in the same form, for comments and suggestions of all stakeholders,” an official statement said.
Biotech industry body ABLE-AG, which has members like Monsanto, Mahyco, Syngenta, DuPont Pioneer and Bayer BioScience, had opposed the government’s notification, saying the decision would be a “huge blow” to innovators in agri-biotech industry.
Last week, the Agriculture Ministry issued a notification capping royalty fee for new genetically modified (GM) seeds at 10 per cent of the maximum sale price for the first five years.
NFL jumps nearly 6%
Shares of National Fertilizers rose nearly 6 per cent in early trade today after the company reported a standalone net profit of Rs 31 crore in the fourth quarter of 2015-16.
The stock hit a 52-week high of Rs 35.55, up 6.27 per cent, on the BSE.
On the NSE, too, it scaled a 52-week high at Rs 35.60, up 6.58 per cent.
The company had reported a net loss of Rs 100.6 crore in the fourth quarter of the previous fiscal.
In a BSE filing yesterday, NFL said its net income rose to Rs 1,641.7 crore in the quarter ended March 2016, from Rs 1,556.3 crore in the year-ago period.
The company’s overall expenses came in lower at Rs 1,532.6 crore against Rs 1,616.1 crore year-on-year, while financial costs declined to Rs 73.9 crore from Rs 110 crore.
For 2015-16, NFL reported a significant jump in its consolidated net profit at Rs 197.1 crore against Rs 26.2 crore in the year-ago period.
Total income fell to Rs 7,776.4 crore from Rs 8,524.9 crore.
However, expenses were lower at Rs 7,300.9 crore in 2015-16 against Rs 8,210.7 crore in the previous year.
Tata Power stock up 3%
Tata Power’s scrip moved up by 3 per cent after its consolidated net profit more than doubled to Rs 360.25 crore for the quarter ended March 31.
The stock rose 2.82 per cent to Rs 72.70 on the BSE. On the NSE, it climbed 2.97 per cent to Rs 72.75.
Tata Power had yesterday said its consolidated net profit more than doubled to Rs 360.25 crore for the quarter ended March 31, 2015-16 fiscal on strong operational performance and lower fuel cost.
The company’s net profit after tax, minority interest and share of associates was at Rs 159.14 crore in the year-ago period, Tata Power had said in a BSE filing.
The company said its profit more than doubled mainly “due to strong operational performance and lower fuel cost“.
Total income from operations increased to Rs 9,375.16 crore from Rs 7,907.64 crore in the corresponding quarter of the previous fiscal.