Birla: Not all rosy for eco in near-term

MUMBAI: Kumar Mangalam Birla on Wednesday warned of near-term headwinds for the economy saying the rising oil prices, spiralling inflation, firming bond yields and a widening CAD are areas of concern.
The present positive outlook gets a bit dimmed when one views the increasing trade protectionism, rising crude prices, geo-political risks and the uncertainty about tightening monetary policies in the advanced economies, Birla told the shareholders at the AGM of the group flagship UltraTech Cement here this evening.
Meanwhile, UltraTech on Wednesday reported a 30% plunge in consolidated net at 631 crore in the June quarter from 898 crore a year ago, despite a robust jump in net sales to 8,841 crore from 6,938 crore. agencies