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Read more about Somany Home Innovation consolidated net profit rises 305.82% in the December 2020 quarter on Business Standard. Sales rise 24.30% to Rs 552.37 crore ....
Gurugram (Haryana) [India], February 12 (ANI/BusinessWire India): Somany Home Innovation Ltd (SHIL), a fastest-growing player in consumer appliances and a leader in building product business with 3 distinct distribution channels to the market today announced its financial results for the quarter ended December 31, 2020. ....
Somany Home Innovation Limited completes slump sale of water heater business Posted On: 2020-12-31 00:20:49 (Time Zone: Arizona, USA) The Board of Directors of Somany Home Innovation Limited ( Company ) had earlier approved the sale of water heater business undertaking (the WHBU ) being part of consumer product division of Company, to its wholly owned subsidiary M/s. Hintastica Private Limited (the HPL ) by way of slump sale through business transfer agreement. The aforesaid business transfer agreement was executed amongst the parties on 2nd July, 2020. Pursuant to the satisfactory completion of all the conditions precedent (as agreed between the parties under the business transfer agreement), the parties have agreed to 31 December, 2020 as the Closing Date and the Effective Date of the transaction i.e. the sale of WHBU by the Company to HPL shall be effective from 31st December, 2020. ....
The Board of Somany Home Innovation at its meeting held on 30 December 2020 has noted the completion of sale of water heater business undertaking (WHBU) being part of consumer product division of Company, to its wholly owned subsidiary Hintastica (HPL) by way of slump sale through business transfer agreement with effect from 31 December 2020. The company shall receive a lump sum consideration of Rs. 49.37 crore from HPL against slump sale of WHBU to HPL on a going concern basis. Powered by Capital Market - Live News (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.) ....
Pandemic, early winter fuels online sale of appliances Unlike previous years, where consumers would visit stores to make purchases, there has been a significant shift towards online purchases on account of coronavirus pandemic Nidhi Singal | December 30, 2020 | Updated 00:07 IST Pandemic COVID-19 along with the early onset of winters across the country has derived demand for winter appliances such as geysers, water heaters, immersion rods, and room heaters. Unlike previous years, where consumers would visit stores to make purchases, there has been a significant shift towards online purchases. Hari G Kumar, Vice-President - Large Appliances at Flipkart, says, We are witnessing over 50 per cent increase in searches for winter appliances in the first 20 days of December 2020 over the same period last year with room heaters accounting for over a third of this demand. Interestingly, over 50 per cent of this demand came from Tier-III and beyond cities while cities suc ....