FILATEX

July 23 (Reuters) - Filatex India Ltd FLTX.NS:

• RE-APPOINTS MADHU SUDHAN BHAGERIA AS CHAIRMAN AND MD

Source text: ID:nBSE3ND462

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April 23 (Reuters) - Filatex India Ltd FLTX.NS:

• MARCH-QUARTER CONSOL NET PAT 410.9 MILLION RUPEES

• MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 10.8 BILLION RUPEES

• APPROVES REVISED EXPANSION PROJECT FOR DAHEJ PLANT

• EXPANSION PROJECT COST ESTIMATED AT 2.35 BILLION RUPEES

• APPROVES STEAM POWER DISTRIBUTION PROJECT AT COST OF 850 MILLION RUPEES

Source text: ID:nNSE6pY0jJ

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Jan 29 (Reuters) - Filatex India Ltd FLTX.NS:

• FILATEX INDIA DEC-QUARTER NET PAT 474.3 MILLION RUPEES

• FILATEX INDIA DEC-QUARTER REVENUE FROM OPERATIONS 10.69 BILLION RUPEES

• FILATEX INDIA LTD- TO INVEST 1.55 BLN RUPEES FOR EXPANSION AT DAHEJ

Source text: ID:nBSE1HpNj1

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Aug 8 (Reuters) - Filatex India Ltd FLTX.NS:

• FILATEX INDIA JUNE-QUARTER NET PAT 322.9 MILLION RUPEES

• FILATEX INDIA JUNE-QUARTER REVENUE FROM OPERATIONS 10.54 BILLION RUPEES

Source text for Eikon: ID:nBSE9hL5qp

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April 30 (Reuters) - Filatex India Ltd FLTX.NS:

• APPROVED THAT POLYESTER TEXTILES RECYCLING PROJECT WILL BE EXECUTED IN UNIT, TEXFIL

• ESTIMATED PROJECT COST SHALL BE AROUND 3 BILLION RUPEES FOR AN ANNUAL CAPACITY OF 26250 MT

• MARCH-QUARTER NET PAT 348.4 MILLION RUPEES VERSUS PROFIT 186.1 MILLION RUPEES

• MARCH-QUARTER REVENUE FROM OPERATIONS 10.26 BILLION RUPEES VERSUS 10.47 BILLION RUPEES

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Adds other foreign asset managers job cuts in paragraph 6, market performance in paragraph 7, FIL product return in paragraph 9

By Selena Li and Xie Yu

HONG KONG, March 19 (Reuters) - Fund manager Fidelity International (FIL) is planning to lay off 20 people at its main China unit, two sources familiar with the matter said, a reduction that coincides with a downturn in China's markets and as the firm cuts staff worldwide.

The cuts at FIL's wholly-owned China fund unit, which currently employs 120 staff, is equivalent to around 16% of its total headcount, according to the sources, who declined to be named as they were not authorised to speak to media. The sources did not disclose the roles of the employees being laid off.

The firm, which manages $776 billion of client assets, kicked off a broader cost reduction programme globally earlier this month which is expected to save around $125 million in 2024 and make 9% of its workforce redundant.

Asked about the China unit, a spokesperson for the London-based fund house said a review of previously reported global role reductions is ongoing across business lines and geographies and no decisions has been made about its China business.

The downsizing in China by FIL underscores the challenges global asset managers face in navigating uncertainties in the world's second largest economy, where stock market routs and a deepening debt crisis in the property sector and local governments have battered investor confidence.

China's stock benchmark CSI300 .CSI300 fell by almost 9% over the last 12 months, and hit a five-year low last month.

Amid these difficult market conditions, Morgan Stanley MS.N laid off about 9% of staff at its asset management unit in China in December, Reuters reported, citing sources.

U.S. asset manager Matthews International Capital Management also said it was closing its Shanghai office.

London-based FIL secured regulatory approval to conduct business in China's $3.7 trillion mutual fund industry in late 2022. The unit manages three fund products with 6.7 billion yuan ($931 million) in assets as of the end of January, company reports show.

FIL China's equity fund, its first mutual fund product, shrank 10.1% by Monday since its April 2023 debut and underperformed the 8.6% loss of a benchmark it has set, according to the company’s official website.

However, its two bond funds, both in operation for just a few months, are so far outperforming benchmarks.

China has more than 150 companies in its mutual fund industry, including foreign asset managers BlackRock BLK.N, Schroders SDR.L, and JPMorgan Asset Management.

Foreign financial companies were permitted to run their local businesses via wholly-owned entities in 2019.

FIL was the former international investment arm of Boston-based Fidelity Investments before it was spun off.

($1 = 7.1981 Chinese yuan renminbi)

(Reporting by Selena Li and Xie Yu; Editing by Sumeet Chatterjee and Miral Fahmy)

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Oct 30 (Reuters) - Filatex India Ltd FLTX.NS:

• SEPT-QUARTER NET PAT 231 MILLION RUPEES VERSUS PROFIT 251.6 MILLION RUPEES

• SEPT-QUARTER REVENUE FROM OPERATIONS 11.08 BILLION RUPEES VERSUS 11.63 BILLION RUPEES

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Aug 4 (Reuters) - Filatex India Ltd FLTX.NS:

• FILATEX INDIA JUNE-QUARTER NET PAT 176.2 MILLION RUPEES VERSUS PROFIT 433.9 MILLION RUPEES

• FILATEX INDIA JUNE-QUARTER REVENUE FROM OPERATIONS 10.69 BILLION RUPEES VERSUS 10.23 BILLION RUPEES

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May 4 (Reuters) - Filatex India Ltd FLTX.NS:

• FILATEX INDIA MARCH-QUARTER NET PAT 186.1 MILLION RUPEES VERSUS PROFIT 785.6 MILLION RUPEES

• FILATEX INDIA MARCH-QUARTER REVENUE FROM OPERATIONS 10.47 BILLION RUPEES VERSUS 10.90 BILLION RUPEES

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