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Showing posts from October, 2021

Sirona eyes Rs 100-cr revenue in FY23, to expand its product range

Sirona Hygiene aims to log a revenue of Rs 100 crore in FY23 as it expands its product range and ramps up presence in offline retail channels in the country. The feminine hygiene product company, which is working towards increasing dialogue around feminine health and hygiene often considered taboo topics is also looking at raising fresh funding in the coming months. Speaking with PTI, Sirona co-founder and CEO Deep Bajaj said the company has been witnessing strong growth as its products are innovative in nature and are solving needs that have not been met earlier. "The growth has been encouraging, we've been growing 100 per cent year-on-year and the beauty is that we've done this with a very little funding. At the same time, we've stayed profitable. So, we are among the few start-ups in the D2C space in our category who have been able to do this while staying profitable," he said. The company had registered a Rs 14-crore revenue in FY20, which grew to about Rs 26 ...
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NTPC places order for 9.3 lakh tonne biomass pellets for co-firing

State-owned power giant NTPC has placed an order of 9,30,000 tonnes of biomass pellets for co-firing in power plants that will help improve air quality, said the power ministry. Besides, Haryana, Punjab and Uttar Pradesh are procuring 13,01,000 tonnes of biomass pellets for co-firing in their power plants, the power ministry said in a statement issued on Sunday. Power Secretary Alok Kumar had taken review meeting on the status of biomass co-firing in the thermal power plants on October 28. The meeting was attended by Central Electricity Authority, NTPC CMD, representatives from Punjab, Haryana and UP, mission director of the National Bio Mission, and senior officials of the power ministry. It emerged in the meeting that as a result of various actions taken by the power ministry, initiatives for procurement of biomass have been taken up by NTPC and different states, it stated. NTPC placed an order for 8,65,000 tonnes of biomass pellets, for which supply is already in progress. Fur fro...
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Mahindra Finance Q2 net jumps over three-fold to Rs 1,103 crore

Mahindra & Mahindra Financial Services (Mahindra Finance) on Thursday reported an over three-fold rise in consolidated net profit at Rs 1,103 crore for the September quarter, boosted by healthy operating performance and reversal of impairment cost. The company had posted a net profit of Rs 353 crore in the corresponding quarter of last year. Total income declined by 4 per cent to Rs 2,951 crore during the quarter ended September 30, 2021, as against Rs 3,071 crore in the year-ago period, Mahindra Finance said in a release. "Healthy operating performance together with reversal of impairment cost led to a significant sequential recovery in profits after tax which stood at Rs 1,023 crore during the quarter as against PAT of Rs 304 crore during the corresponding quarter last year," it said. Standalone income was down by 5 per cent at Rs 2,522 crore. The gross NPA showed smart recovery from 15.5 per cent in June to 12.7 per cent in September, thereby releasing Rs 1,002 crore f...
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UCO Bank logs multifold jump in Q2 net profit at Rs 205 crore

UCO Bank on Thursday reported a multifold jump in net profit at Rs 205.39 crore for the second quarter ended September 2021 as bad loans fell. The Kolkata-headquartered public sector lender had registered a net profit of Rs 30.12 crore in the year-ago period. Total income in July-September 2021-22 rose to Rs 4,655.86 crore from Rs 4,327.13 crore in the year-ago period, the lender said in a regulatory filing. Reserve Bank of India (RBI) had recently removed UCO Bank from its prompt corrective action (PCA) framework following improvement in various parameters. The bank came under the purview of PCA restrictions in May 2017. "This is the best result in the last three years. This shows that the bank is on the growth path", UCO Bank MD and CEO A K Goel said. Operating profit of the lender during the second quarter of the current fiscal increased by 24 per cent to Rs 1,334 crore as compared to Rs 1,075 crore in the same period last year. The capital adequacy ratio at 14.31 per cent...
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Persistent Systems Q2 net profit jumps 58.6% to Rs 161.7 crore

Tech firm Persistent Systems on Tuesday reported a 58.6 per cent rise in consolidated net profit to Rs 161.7 crore for the September 2021 quarter. The company had registered a profit of Rs 101.9 crore in the year-ago period, it said in a statement. Revenue from operations increased 34.1 per cent to Rs 1,351.2 crore during the quarter under review as against Rs 1,007.7 crore a year ago, it added. In dollar terms, the company's revenue grew 34 per cent to USD 182.32 million during the quarter from USD 136.09 million in the same period last fiscal. We are delighted to share that Persistent ended the quarter on a record high note - once again delivering industry-leading performance, including year-over-year revenue growth of 34 per cent and continued margin improvement," Persistent Systems Chief Executive Officer and Executive Director Sandeep Kalra said. During the quarter, the company had announced the acquisition of Software Corporation International and Shree Partners, forming...
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Telecom operators seek six-month extension of 5G trial period

Telecom operators, including Reliance Jio, Bharti Airtel and Vodafone Idea, have asked the Department of Telecom to extend the 5G trial period by six months. In May, the government allocated spectrum to the telecom companies in 700 Mhz band, 3.3-3.6 Gigahertz (Ghz) band and 24.25-28.5 Ghz band for trials across various locations for six months. "All telecom companies have asked for extension of 5G trials by another six months," a senior government official told PTI. The current trial period ends in November. The Department of Telecom (DoT) has started the process for commercial roll out of 5G by seeking telecom regulator Trai's view on the pricing and methodology for the spectrum auction. While there is no clarity on the timeline of the spectrum auction, industry sources expect it to take place in April-June 2022 period. On May 4, DoT cleared applications from Reliance Jio, Bharti Airtel, Vodafone Idea and MTNL for conducting 5G trials without using technologies from Chin...
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Two 'A's plus… Could concentrated corporate dominance fade away in India?

It's hard to say because of the winner-take-all nature of new platform and network businesses, but Reliance has not been an efficient user of capital, and Adani numbers are varied, writes T N Ninan from Today's Paper https://www.business-standard.com/article/opinion/two-a-s-plus…-could-concentrated-corporate-dominance-fade-away-in-india-121102201346_1.html
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Amazon to hike annual Prime membership fee to Rs 1,499, monthly fee Rs 179

Amazon is set to increase the price of the annual membership of its Prime programme in India by 50 per cent to Rs 1499. Monthly and a quarterly fee of Prime membership - which offers users access to Amazon Prime Video and one-day delivery on millions of items on the e-commerce platform - is also being hiked. "The price of Prime memberships in IN (India) is being revised from Rs 999 to Rs 1,499 (annual plan), Rs 329 to Rs 459 (3-month plan), and Rs 129 to Rs 179 (monthly plan)," an Amazon spokesperson said. The spokesperson added that the price of prime membership in India will be changing very soon, and the company will announce the exact date of the price change at a later time. "Since the launch 5 years ago in India, Prime has continued to increase the value it offers members. Prime provides an unparalleled combination of shopping, savings, and entertainment benefits to make life more convenient and entertaining every single day, and we continue to invest in making Pri...
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Amazon to hike annual Prime membership fee to Rs 1,499, monthly fee Rs 179

Amazon is set to increase the price of the annual membership of its Prime programme in India by 50 per cent to Rs 1499. Monthly and a quarterly fee of Prime membership - which offers users access to Amazon Prime Video and one-day delivery on millions of items on the e-commerce platform - is also being hiked. "The price of Prime memberships in IN (India) is being revised from Rs 999 to Rs 1,499 (annual plan), Rs 329 to Rs 459 (3-month plan), and Rs 129 to Rs 179 (monthly plan)," an Amazon spokesperson said. The spokesperson added that the price of prime membership in India will be changing very soon, and the company will announce the exact date of the price change at a later time. "Since the launch 5 years ago in India, Prime has continued to increase the value it offers members. Prime provides an unparalleled combination of shopping, savings, and entertainment benefits to make life more convenient and entertaining every single day, and we continue to invest in making Pri...
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48 dead, 31 missing in Nepal after landslide, heavy floods in last 48 hours

Landslides and floods triggered by heavy rain across Nepal have left 48 people dead and 31 missing in the last 48 hours and the army and police have been deployed for rescue and relief operations, officials said on Wednesday. Ilam, an eastern Nepal district, recorded the highest number of deaths at 11 followed by Doti where 9 people were killed, according to the Ministry of Home Affairs. According to Home Ministry spokesperson, Phanindra Mani Pokharel, six persons each died in Humla, Dhankuta and Panchthar due to landslides. Four persons lost their lives in Baitadi, one each in Kalikot, Dadeldhura, Pyuthan and Udayapur and two in Sunsari, according to the Home Ministry official. A total of 23 people have gone missing in Bajhang while one in Doti, two in Pyuthan and five in Ilam. Twenty-three people sustained injuries due to the natural disaster in different districts, according to the ministry. Search for the missing and rescue for those trapped in natural disaster incidents is be fr...
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AstraZeneca sets up clinical data and insights division in India

Drug firm AstraZeneca on Wednesday said it has launched a clinical data and insights division in India for data-related management of its clinical trials. The Bengaluru-based clinical data and insights (CDI) division is a critical advancement to support a growing global portfolio and build on internal data expertise, the drug firm said in a statement. The CDI division works across therapy areas and portfolios, supporting early and late-stage clinical programmes from Phase 1 to Phase 3, with an integrated end-to-end approach for clinical data, analytics, insights and risk management, it added. Currently, a 30-member team, the division is expected to grow to over 100 members by 2022, the drug firm said. "India has seen a constant uptick in investment in areas such as business services, engineering, digital, IT, R&D and product development from global Fortune-500 companies. AstraZeneca in India is no different since its inception, AstraZeneca India has supported the global ... ...
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OnePlus promotes Navnit Nakra as India CEO and Head of India region

Smartphone maker OnePlus on Wednesday said it has elevated Navnit Nakra as its India CEO and Head of OnePlus India region operations. As part of this new senior leadership role, Nakra will spearhead the company's business operations and overall strategy for the India region, a statement said. Nakra, who was previously serving as the Vice President, Chief Strategy Officer and Head of Sales in India, joined the company in February last year. Navnit has successfully led the strategy and sales operations at OnePlus India, and our team has gained immense growth under his leadership. India continues to be an important market for OnePlus, and we continue to focus on our India community's needs as we work towards building a newer, more innovative ecosystem of products and services," Pete Lau, Founder of OnePlus and Chief Product Officer of OPPO, said. He exuded confidence that Nakra will play a pivotal role in leading the future business operations effectively in the region. With ...
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Sterlite Power wins order for Rs 324-crore transmission project

Sterlite Power on Monday said it has bagged Nangalbibra -Bongaigaon inter-state power transmission project worth Rs 324 crore. "Sterlite Power, a leading private sector power transmission infrastructure developer and solutions provider, has been awarded the Nangalbibra-Bongaigaon interstate power transmission project worth Rs 324 crore through tariff-based competitive bidding (TBCB) by virtue of emerging as the L1 bidder," a company statement said. The project elements consist of a new 220/132 kV substation at Nangalbibra and laying of 130 km of 400kV D/c transmission line connecting Bongaigaon in Assam to Nangalbibra in Meghalaya across the river Brahmaputra, it added. The project will also have 20 km of 132kV D/c line connecting Hatsinghmari in Assam to Ampati in Meghalaya. Sterlite Power has a track record of executing complex projects successfully with the use of technology and innovative solutions. The company has completed the NER-II project, an inter-state transmission...
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Leisure Hotels Group to add 6 properties by 2022-end

Hospitality firm Leisure Hotels Group is looking to add six properties across the country by the end of 2022 as part of its expansion plans in the country, a top company official said. Currently, the company has 28 properties with around 1,000 rooms spread across four states Himachal Pradesh, Uttarakhand, Uttar Pradesh and Goa. "We are looking to add a total of six properties by the end of the next year. So, the number will be somewhere in the region of 34 by the end of 2022," Leisure Hotels Group told Vibhas Prasad PTI. The upcoming properties will be in Varanasi, Dharamshala, Bhimtal, Mussoorie, Naukuchiatal and Jaipur, he added. About the investment, the company is planning for opening the upcoming hotels, Prasad said these would be largely under the asset-light model. So, the company will not be putting in money from its own pockets, but the owners will be putting somewhere to the tune of about 100 crores in total, for them. "We, over and above this, are looking at a...
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Govt paying Rs 20 cr daily on Air India, wants quick handover: DIPAM Secy

Two aborted missions, three different ministers, multiple rule changes and two decades later, Indian taxpayers will no longer have to pay Rs 20 crore per day to keep the loss-making Air India flying. While opposition Congress expectedly attacked the decision as selling the family silver, DIPAM Secretary Tuhin Kanta Pandey said what Tata is getting is not a cash cow but an airline which is bleeding where money needs to be pumped in to refurbish obsolete aircraft and dust up strangled ones while being unable to touch any employee for one year and only be able to resize staff after paying a VRS. "It won't be a very easy task there. Only advantage is they (new Air India owner) are paying the price which they think they can manage. They are not taking the excessive debt accumulated to fund years of losses. We are continuing it as an ongoing concern.... This process has also saved huge amount of taxpayers money going forward," Pandey told PTI. Earlier this month, the government...
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Batting for peace

Beyond the world of cricket, it is important to look at the contributions of India's star javelin thrower Neeraj Chopra who won a gold medal at the recent Tokyo Olympics from Today's Paper https://ift.tt/3aI1CJA
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Foxconn's Bharat FIH opens research, development centre in Chennai

Electronic manufacturing services firm Foxconn's subsidiary Bharat FIH, formerly known as Rising Stars Mobile India, has opened a research and development centre at the IIT Madras Research Park in Chennai, the company said on Tuesday. It will be among the first R&D centres in India to design end-to-end 5G devices and will offer end-to-end services to customers, including product design, tooling and moulding, global sourcing and manufacturing services for smartphones and other products and services in the electronics segment. Bharat FIH makes devices for Xiaomi and Nokia. Bharat FIH Country Head and Managing Director Josh Foulger said there is a clear market need for innovative technologies and products with quick turnaround times in the ever-changing electronics segment. "Our India R&D will capitalise on our manufacturing strengths and collaborate with our global teams under the Foxconn Technology Group in product design, cost optimisation, customer experience, sourcin...
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