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Showing posts from February, 2022

Larsen and Toubro spends Rs 150 crore on CSR activities in FY21

Engineering conglomerate Larsen and Toubro (L&T) spent Rs 150 crore in FY'21 on corporate social responsibility activities, impacting 1.21 million beneficiaries. The beginning of the current year was noteworthy for L&T's efforts in corporate social responsibility (CSR) as the company's CSR team handed over two Integrated Community Development Projects (ICDPs) to the Tamil Nadu government's agriculture department at Kalangal village in Sulur block, an area that till recently was one of the most water-scarce places in the state. "With a CSR spend of Rs 1.5 billion in FY'21, 108 partners and several thousand suppliers and contractors, L&T's social initiatives have touched 1.21 million beneficiaries," the company said. The company said in building India's social infrastructure, the aim is to improve the quality of life, mitigate social inequalities, build self-sufficiency and help individuals achieve their true potential. The CSR team's...
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Procter & Gamble India extends benefits to partners of LGBTQ+ staff

FMCG maker Procter & Gamble India on Tuesday said it will extend all company-offered financial and medical benefits to the partners of its LGBTQ+ employees. Earlier these benefits were available to spouses of married employees and will now be extended to the partners of LGBTQ+ (lesbian, gay, bisexual, transgender and queer+) employees as well, Procter & Gamble India said in a statement. From April 1, 2022, partners of LGBTQ+ employees would be covered under the company's medical plan that provides hospitalisation coverage to staff and their dependents, it added. Besides, LGBTQ+ employees can avail emergency financial assistance for their partners, said P&G India which operates here with a portfolio of power brands that include Ariel, Tide, Whisper, Gillette, Oral B, head & shoulders and Vicks. P&G India provides emergency financial assistance to its employees and their partners in case of natural calamity, death of an immediate family member or hospitalisation o...
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BNP Paribas Arbitrage buys L&T Finance Holdings shares worth Rs 413 cr

BNP Paribas Arbitrage on Monday bought shares of L&T Finance Holdings worth nearly Rs 413 crore through an open market transaction. As per block deal data on BSE, over 5.78 crore shares were purchased at an average price of Rs 71.35 apiece. This took the total deal value to Rs 412.9 crore. Separately, Citi Group Markets Mauritius Pvt Ltd sold shares of L&T Finance Holdings at the same price. On Monday, shares of L&T Finance Holdings Ltd declined 1.82 per cent to close at Rs 70.05 on BSE. from Companies https://ift.tt/RmtrsHT via IFTTT
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Adani, Ballard Power to explore investment in hydrogen fuel cell

Adani Group and Ballard Power Systems have joined hands to evaluate a joint investment in hydrogen fuel cells manufacturing in India. Under the MoU, both parties will examine various options to cooperate, including potential collaboration for fuel cell manufacturing in India, Adani group said in a statement. Hydrogen is increasingly viewed as a critical medium for the decarbonization of energy, industry, and mobility. Adani aims to be one of the largest green hydrogen producers in the world through accelerated investment in renewable energy. Efforts under the MoU will be anchored by Adani New Industries Limited (ANIL), the newly formed subsidiary of Adani Enterprises, focused on generation of green hydrogen, including downstream products, green electricity generation, manufacture of electrolyzers and wind turbines, among others, it stated. "Green hydrogen is the fuel of the future and fuel cells will be a game-changer in India's energy transition," Vneet S Jaain, Director...
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Ashok Leyland mulls EV plant; lines up Rs 500 cr for alternative fuel tech

Bullish on the future of green mobility, the Hinduja Group flagship Ashok Leyland plans to set up a new manufacturing facility in the country to roll out electric vehicles, according to a top company official. The Chennai-based firm has also lined up a Rs 500 crore investment to develop powertrains based on alternative fuels like CNG, hydrogen and electric for its commercial vehicles range. The company has already announced a USD 200 million (nearly Rs 1,500 crore) investment through its UK-based arm Switch Mobility for electric mobility. The commercial vehicle company aims to expand its electric vehicle portfolio as well as develop new engines keeping in mind the changing market requirements in the domestic as well as international markets. "In Spain, we are coming up with a manufacturing facility and R&D centre and there are plans to grow this over the next few years. In India, we will be optimising the facilities that are available with Ashok Leyland. "But I'm sure...
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Vistara partners with Allianz, offers optional travel insurance

Vistara on Friday said it has entered into an association with Allianz Partners to provide optional travel insurance to its passengers. "Effective February 16, Vistara customers have the option to avail travel insurance while booking their domestic or international flights," the airline's statement noted. The option is currently available to Indian citizens residing in India, and will be extended to other global markets, including Singapore, United Arab Emirates, and Europe in the second phase over the course of the year, it mentioned. The optional travel insurance coverage will provide protection in various cases such as trip cancellations and interruptions, significant travel delays, missed connections, medical emergencies abroad and baggage issues, it noted. Insured customers will be covered for medical emergencies including Covid-related illnesses, mandatory personal quarantine, and denial of boarding due to a suspected illness, it mentioned. "For added convenien...
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Equitas Small Finance Bank sets QIP issue price at Rs 53.59 per share

Equitas Small Finance Bank (SFB) on Friday said it has fixed the price for its proposed QIP issue at Rs 53.59 per share. The bank in October 2021 had said that it will raise up to Rs 1,000 crore through a qualified institutional placement (QIP) in order to fulfil the regulatory norms regarding minimum public shareholding. The decision was taken by the merger committee of the board of directors at its meeting held on February 18, 2022, Equitas SFB said in a regulatory filing. The committee approved the closure of the issue period for the issue today, ie, February 18, 2022. The committee determined and approved the issue price of Rs 53.59 per equity share, which takes into account a discount of 4.98 per cent to the floor price of Rs 56.40 per equity share, it said. Equitas Holdings Ltd had 81.36 per cent stake in Equitas SFB as of December 31, 2021. As per RBI guidelines for SFBs, if a promoter holds more than 40 per cent stake in the subsidiary, it should be brought down to 40 per fro...
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Didn't fulfil expectations; addressing gaps on war footing: Vistara CEO

Admitting that Vistara fell short of customers' expectations in the last few months, its Chief Executive Officer Vinod Kannan has said the airline is addressing some of the gaps on a war footing while many changes and enhancements are in the offing. Kannan, in a letter to customers, acknowledged that the recent disruptions in services would have led to the alterations in their travel plans and the frustration over a long wait to reach out to the airline's call centre. We have always wanted to make flying an experience that is not transactional, but a joyous and memorable 'new feeling.' However, I admit that we fell short on this commitment in the last few months and did not live up to your expectations, Kannan said. I am aware that our website and mobile app couldn't offer targeted solutions to some of the problems you faced. And I also understand that your on-ground experience may not have been up to your expectations on some instances, he further said. Assuring th...
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Maaza bigger than Coke with Rs 2,826 cr sales in FY21, Limca at Rs 2,061 cr

Fruit drink brand Maaza had reported total sales of Rs 2,826 crore in FY21 in the domestic market, which is higher than the sales of Coke in India, according to a top company official. Limca, a lemon- and lime-flavoured carbonated soft drink brand, had recorded total sales of Rs 2,061 crore in FY21. Both brands (Maaza and Limca) were acquired by The Coca-Cola Company along with Thums Up from Ramesh Chauhan of Parle Bisleri in 1993, when the Atlanta-headquartered company had re-entered the Indian market. Thums Up has now become a billion-dollar brand (Rs 7,500 crore) under Coca-Cola's stable. Last week, during a post-earnings call, The Coca-Cola Company Chairman and CEO James Quincey had said, "Our local Thums Up brand became a USD 1-billion brands in India, driven by focussed marketing and execution plans." On being asked about Maaza and Limca performance, Coca-Cola President (India and Southwest Asia) Sanket Ray told PTI: "Both the brands are doing well." In In...
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Blackstone buys majority stake in wealth management firm ASK from Advent

Global private equity major Blackstone on Monday announced that it has acquired a majority stake in ASK Investment Managers, a nearly three-decade old asset and wealth management company managing over USD 10.6 billion in assets. The US-based private equity fund has acquired the majority stake from its peer Advent International and other sellers, as per an official statement, which added that the company will expand presence domestically and also overseas after the deal. However, the financial details of the deal were not disclosed. ASK is among the first portfolio managers in the country and has operations in other pockets of Asia, Middle East, Africa and Europe, it said, adding that the clientele includes India's high-net-worth individuals, family offices and institutions. Blackstone has diversified investments in India pegged at over USD 60 billion, and is among the biggest investors in the commercial real estate space in the country. As per an August 2021 media report, Blacksto ...
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Shiprocket acquires majority stake in Glaucus Supply Chain Solutions

Zomato-backed e-commerce shipping platform Shiprocket on Monday announced its third buyout this year with the acquisition of a majority stake in Glaucus Supply Chain Solutions. Following the acquisition, the two platforms will combine their strengths to take the complexity out of fulfilment challenges faced by traders, retailers and brands, Shiprocket said. Shiprocket had earlier in January announced acquiring a 75 per cent stake in customer data platform Wigzo Tech and also the acquisition of business-to-business logistics aggregator platform Rocketbox. Besides, on February 5, it said the company had invested USD 1.5 million in software-as-a-service (SaaS)-based logistics start-up Logibrick. Continuing its acquisition spree, Shiprocket has acquired a majority stake in supply chain management company, Glaucus Supply Chain Solutions Pvt Ltd, and further the two companies have agreed to merge in due course, it said in a statement. The transaction will allow Shiprocket to accelerate fro...
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Yatra.com partners Cleartrip to offer wider hotel inventory to customers

Online travel company Yatra Online on Monday announced its partnership with Cleartrip, owned by the Flipkart Group, to offer a wider hotel inventory to its customers. This strategic association between Yatra and Cleartrip, both leading brands in the online travel space in India, aims to provide a boost to the entire hospitality and travel ecosystem and uplift the sentiments of both customers as well as suppliers for hospitality as the industry emerge out of the pandemic, according to a statement. Under this agreement, Cleartrip customers will now have access to Yatra.com's inventory of 94,000 hotels and homestays in over 1,400 cities and towns, the online travel company said. The addition of Yatra's inventory with real-time pricing on Cleartrip, will enable both domestic and international travellers to have access to a wider selection of relevant and ideal accommodations to meet their travel needs. Yatra.com will also benefit from this association through the large customer bas...
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Volumes to recover after two quarters along with margins: Godrej Consumer

FMCG major Godrej Consumer Products Ltd (GCPL) is expecting volume growth to recover gradually next fiscal along with improvement in margins, coming out from the consumption slowdown and inflationary pressures, according to company Managing Director & CEO Sudhir Sitapati. The company will continue to focus on three existing categories - Household Insecticides, Air Care and Hair Colours - in both domestic as well as international markets for growth, as it believes there is "plenty of opportunities" in these areas. The Godrej group FMCG arm expects to have a "low volume growth and gradual improvement in EBITDA" for the ongoing January-March and coming April-June quarters. "As next year progresses, I expect volume growth to gradually recover but the EBITDA journey and the margin journey to go up continuously. I expect after two quarters or so, volumes will go up and margins will be a steady story going up," Sitapati told PTI. Terming the current situation...
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NHPC's net profit falls 7.5% to Rs 888.8 crore in December quarter

State-owned hydropower giant NHPC reported a nearly 7.5 per cent dip in its consolidated net profit to Rs 888.76 crore in the December 2021 quarter, mainly due to lower revenues. The company had reported a consolidated net profit of Rs 961.64 crore in the corresponding quarter last fiscal, according to a BSE filing. Its total income in October-December 2021 stood at Rs 2,373.72 crore, compared with Rs 2,610.69 crore in the year-ago period. The company's board in its meeting on Friday declared the payment of interim dividend at the rate of 13.10 per cent (Rs 1.31 per equity share) on the face value of paid-up equity shares of Rs 10 each for 2021-22. The board has fixed February 23 as the record date for the purpose of ascertaining the eligibility of shareholders for payment of the interim dividend. The interim dividend shall be paid/ dispatched within the period as stipulated in the Companies Act, 2013. The board also approved the proposal for a change of the company's logo. f...
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Max Healthcare Institute signs deal to acquire Eqova Healthcare

Max Healthcare Institute on Friday said it has inked a deal to acquire Eqova Healthcare, a company with long-term exclusive rights to aid development and provide medical services to an upcoming 400-bed hospital. The hospital, which is owned by Nirogi Charitable and Medical Research Trust, will come up at Patparganj, Delhi. "This new hospital will allow us to cater to the need for quality healthcare of the East Delhi community and fortify our network footprint in NCR in a synergistic manner. "It will further enable us to bring high-end clinical programmes and technologies to the region and also help us to continue serving the indigent patient community," Max Healthcare Institute Chairman and Managing Director Abhay Soi said in a statement. The healthcare provider said it aims to acquire the firm by way of upfront purchase of 26 per cent stake, with an Escrow mechanism set up for additional 34 per cent, under call/put options, to be exercised linked to achievement of certa...
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Governance lapses report in BharatPe in 2 weeks: CEO Suhail Sameer

An interim report on the review of the governance process in BharatPe is expected in the next couple of weeks, CEO Suhail Sameer told employees in a letter. BharatPe has a huge amount of cash in banks and existing investors continue to back the company. The firm does not need to raise capital in the foreseeable future, Sameer said in the letter. from Companies https://ift.tt/piXdq2R via IFTTT
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Over $7 billion raised by Indian start-ups in Q4 2021, says report

More than USD 7 billion was raised by Indian start-ups during the fourth quarter of 2021, which was 18 per cent higher than the previous sequential quarter, according to a report. The report by NASSCOM and Praxis Global revealed that fintech and retail tech were the top sector in Q4 CY21 (calendar year 2021) cornering almost 46 per cent of the total funding. As many as 14 new unicorns were added in the Indian tech start-up ecosystem in Q4 2021. "6 out of 14 Unicorns added in Q4 CY21 are from retail tech and fintech sector," according to the report. A startup with a valuation of over USD 1 billion is called unicorn. According to the report funding continued to be strong and steady, and about USD 7.2 billion funding was received in this quarter. This was 18 per cent higher on a quarter-on-quarter basis. India continued to see strong acceleration both in the volume and the multiplicity of the startups in CY21, it said. The fourth quarter remained strong for startup ecosystem wit...
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Soft drink brand Thums Up becomes a billion-dollar brand in 2021

Desi soft drink brand Thums Up has become a billion-dollar brand in 2021, global soft drinks major The Coca-Cola Company, which owns the brand, said. "Our local Thums Up brand became a USD one billion brand in India, driven by focussed marketing and execution plans," said The Coca-Cola Company Chairman and CEO James Quincey on Thursday evening during a post-earnings call. Thums Up was acquired by The Coca-Cola Company in 1993, when the Atlanta-headquartered company had re-entered into the Indian market, from Ramesh Chauhan of Parle Bisleri. Coca-Cola had then bought the entire portfolio of aerated drinks from the Chauhan brothers, which also included Gold Spot and Limca. Brand Thums Up was launched almost 45 years ago in 1977, after Coca-Cola had exited from the Indian market after the then Morarji Desai government had directed it to reduce the ownership stake of its Indian operation. This is the first home-grown Indian beverage brand, scaling to billion-dollar sales and is o...
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After no-show for 8 months, panel to choose ONGC chairman and MD

Eight months after its headhunter failed to find any suitable candidate for top job at ONGC, the government will deploy a sparingly used committee approach to find a new chairman and managing director of India's top oil and gas producer. Most board level appointments at public sector companies are done on the basis of recommendations of the Public Enterprise Selection Board (PESB) but the government headhunter had in June last year did not find anyone suitable from nine candidates, including two serving IAS officers, to head Oil and Natural Gas Corporation (ONGC). "Keeping in view the strategic importance and vision for the company and its future, the Board did not recommend any candidate and decided to constitute a Search Committee," PESB had said in a notice after interviews on June 5, 2021. The panel was constituted after eight months of that recommendation on February 4. "The Appointments Committee of the Cabinet (ACC) has approved selection to the post of Chairm...
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Bayer Cropscience posts Rs 84.8-cr net profit for Dec quarter

Bayer Cropscience Ltd has reported a net profit of Rs 84.8 crore in the third quarter ended December 2021, despite unseasonal rains, crop infestations and a challenging corn season. The company had posted a net loss of Rs 45.1 crore in the corresponding quarter last fiscal. Net revenues rose to Rs 999.9 crore during the third quarter of the financial year 2021-22, compared with Rs 936.5 crore in the year-ago period. In a statement, the company said it has earned a profit of Rs 58.5 crore from the sale of its seed business to crystal crop protection on December 1, 2021. Expenses remained higher at Rs 940.6 crore, against Rs 830.4 crore in the said period. The company said it has incurred expenses in relation to the separation of employees arising from restructuring measures due to the amalgamation of Monsanto India Ltd with Bayer CropScience. Commenting on the performance, Bayer CropScience Executive Director Simon-Thorsten Wiebusch said the revenue has grown in the third quarter from...
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Air India: A name chosen through opinion poll more than 75 years ago

More than 75 years ago, an opinion poll among Tata employees to choose from four names resulted in the country's first airline company being named as 'Air India'. Little over 10 days after formally taking control of Air India, Tata Group on Sunday shared nuggets of information about the history of the full service airline. Tatas had lost control of Air India nearly seven decades ago before taking it back last month. Back in 1946, when Tata Air Lines expanded from a division of Tata Sons into a company, a name was to be chosen. "The choice for India's first airline company came down to Indian Airlines, Pan-Indian Airlines, Trans-Indian Airlines & Air India. #AirIndiaOnBoard#WingsOfChange," Tata Group said on Sunday. In a series of tweets, Tata Group also shared two pictures, including an excerpt from the Tata Monthly Bulletin of 1946. Air India retweeted the tweets. According to the bulletin, Tatas were faced with the problem of finding a name for the new A...
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Nokia India sales fall 15% to 250 million euro in December quarter

Telecom gear maker Nokia on Thursday reported a 15 per cent decline in India sales to 250 million euro (about Rs 2,113 crore) in the December 2021 quarter. The company had recorded net sales of 294 million euro a year ago. For the full year ended December 2021, the company's sales in India grew by 9 per cent to 1,039 million euro from 954 million euro at the end of 2020. On a constant currency basis, the sales of Nokia declined by 19 per cent during the reported quarter on a year-on-year basis and annual revenue increased by 13 per cent. "From a regional perspective, (net sales in) North America, Asia Pacific, Greater China and India declined on a constant currency basis. This was partly offset by increases in Europe, the Middle East and Africa and Latin America. Net sales in North America decreased 12 per cent on a constant currency basis, primarily due to Mobile Networks, partly offset by growth in network infrastructure. The decline in the Asia Pacific was primarily driven ...
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Tyre companies urge govt to remove anti-dumping duties, curbs

The All India Tyres Federation on Thursday sought removal of anti-dumping duty on tyres and urged the government to lift import restrictions imposed after the Competition Commission of India's (CCI) order on domestic tyre manufacturers for indulging in price rigging and cartelisation. In August 2018, the CCI had imposed a total fine of more than Rs 1,788 crore on Apollo Tyres, MRF, CEAT, Birla Tyres, JK Tyre & Industries and the Automotive Tyre Manufacturers Association (ATMA). They were found to have violated Section 3 of the Competition Act during 2011-12. The Section prohibits anti-competitive agreements. An appeal was filed against the CCI order before the Madras High Court and the same was dismissed on January 6, 2022. In a letter to Finance Minister Nirmala Sitharaman and Commerce & Industry Minister Piyush Goyal, the Federation also sought an appointment to its delegation so that it explains the entire issue. The CCI on Wednesday said the Supreme Court has dismissed ...
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Brigade Enterprises posts Rs 78 cr profit in Dec quarter; revenue up 43%

Bengaluru-based realty firm Brigade Enterprises Ltd on Thursday reported a consolidated net profit of Rs 78.36 crore for the quarter ended December. The company had posted a net loss of Rs 16.12 crore in the year-ago period. Total income rose to Rs 933.19 crore in the third quarter of this fiscal, from Rs 653.65 crore in the corresponding period of the previous year, according to a regulatory filing. from Companies https://ift.tt/KJvaGiz3m via IFTTT
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India important mkt; drives significant value for global customers: Kyndryl

Kyndryl, which was spun off from IBM as an independent company, is betting on India as one of its key markets for growth on the back of a strong talent pool and value-driven for its global customers. Speaking to PTI, Kyndryl India President Lingraju Sawkar said India is important for it, and Kyndryl is important for India. He explained that India accounts for a significant part of the company's talent base and some of the work that is done in India is translated to the rest of the globe. "The talent base (in India) is quite significant and strong, and through that, we are able to drive a significant amount of value to a lot of our global customers - all from India," he added. The top executive stated that the talent in India brings in a lot of capabilities to the table. "We have a good number of data scientists, mathematicians, programmers, and scientists in this whole mix, who are basically not only delivering to the today but helping us transform the tomorrow part ...
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