BUSINESS DUNIYA

The co-packing partnership has already been signed, and the two companies are close to signing the deal to set up manufacturing units in India for Campa soft drinks from Companies https://ift.tt/EvHiY3f via IFTTT

IT company Coforge is actively scouting for acquisition in areas such as data, cloud, healthcare and 'low-code no-code' space, according to its Chief Executive Officer Sudhir Singh. The company "has a few conversations going on right now", Singh said adding both financial and cultural match will be an important consideration. "We are actively looking for assets in the data space, cloud space, Salesforce space or the healthcare space...We are also looking for acquisitions in the low-code, no-code space, so these four or five areas are important for us," Singh told PTI. It is pertinent to mention that low-code and no-code are alternative app development methods that use intuitive, graphical interface and pre-configured templates to give users power and flexibility to create applications and automate processes without having to write line-after-line of codes. The company is "very keen" on buyouts, but will not rush into it. Coforge is not under any pr...

The third largest microfinance lender Muthoot Microfin expects 50 per cent of its collections to come digitally by September, up from 34 per cent now. The Kerala-based lender from the Muthoot Pappachen Group, collected as much as Rs 1,000 crore or 34 per cent of its entire collection digitally as of March, which was only Rs 168.30 crore in the previous fiscal. Its monthly collections average at Rs 550 crore now. "For the first time our digital repayments have crossed Rs 1,000 crore in FY22 -- Rs 1,088 crore to be precise, which is 34 per cent of our total collections -- which is a growth of 547 per cent on-year. Already our loan disbursals are only done digitally. And we want to take this to at least 50 per cent by September this year, chief executive Sadaf Sayeed told PTI over phone. The microlender expects to disburse 25-30 per cent more loans this fiscal, taking its assets to around Rs 12,000 crore, on the back of a 47 per cent growth in the just-concluded fiscal. The company ....

India's private fuel retailers -- Reliance-bp and Russia's Rosneft-backed Nayara Energy -- have begun pricing petrol and diesel at market rates for the first time in over a year after a fall in global oil prices cut losses, sources said. Reliance BP Mobility Ltd (RBML), a joint venture between Reliance Industries Limited and UK's bp, Nayara Energy and Shell sold petrol and diesel at huge losses as they tried to match the below-cost frozen rates of dominant public sector retailers. The losses were despite pricing fuel at slightly higher rates than state-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (BPCL). But a fall in international oil prices over the last six weeks has helped bring the PSU pump-matching retail rates at par with cost, three sources with direct knowledge of the matter said. Nayara, the largest private fuel retailer that owns over 7 per cent of India's 86,855 petrol pumps, started pric...

M&M aims to make 200,000 EVs a year around 2027 from Companies https://ift.tt/0yHs5Ej via IFTTT

Nine of the top-10 most valued firms together added Rs 1,84,225.43 crore in market valuation last week, with Reliance Industries Limited and State Bank of India emerging as the biggest gainers, in an overall bullish equity market trend. Last week, the BSE benchmark jumped 1,457.38 points or 2.44 per cent. Hindustan Unilever Limited was the only laggard from the top-10 pack. The market valuation of Reliance Industries zoomed Rs 48,238.78 crore to Rs 16,37,408.27 crore. State Bank of India's market capitalisation (mcap) jumped Rs 31,325.39 crore to Rs 5,15,887.19 crore. The mcap of ICICI Bank rallied Rs 23,472.25 crore to Rs 6,40,949.71 crore and that of ITC climbed Rs 21,003.35 crore to Rs 5,28,377.17 crore. The valuation of Tata Consultancy Services (TCS) advanced Rs 19,886.94 crore to Rs 11,76,750.92 crore and that of Bharti Airtel gained Rs 18,874.22 crore to Rs 4,45,509.68 crore. Infosys added Rs 10,447.1 crore taking its market valuation to Rs 5,19,662.10 crore. HDFC Bank's...

Tata Capital is getting aggressive in the retail loans segment and the majority of funds raised this quarter will be for home loans and personal loans, according to a banker from Companies https://ift.tt/eMXLcAx via IFTTT

Himadri Speciality Chemical Limited (HSCL) on Saturday reported over three-fold jump in profit after tax to Rs 77 crore for the March 2023 quarter on account of higher revenue. It had posted Rs 21 crore profit after tax (PAT) for the same period in 2021-22, HSCL said in a statement. For the full 2022-23, the company's PAT rose to Rs 208 crore from Rs 65 crore in FY22, registering over three-fold growth. Its total income from revenues also increased to Rs 1,029 crore from Rs 834 crore in the year-ago quarter, the company said. In FY23, revenue surged to Rs 4,172 crore from Rs 2,798 crore in FY22. Anurag Choudhary, CMD of Himadri Speciality Chemical Ltd, said, "Strong focus on core businesses and commitment to provide value-added products, coupled with investment in R&D, innovation, and improved business model, have consistently led us to achieve sustainable results and grow our profitability". Kolkata-based Himadri Speciality Chemical Limited is into manufacturing and ...

Ramkrishna Forgings on Saturday reported a profit after tax of Rs 68.45 crore during the March 2023 quarter, on account of higher expenses. At Rs 68.45 crore, the profit after tax (PAT) was 23 per cent lower from Rs 83.93 crore in January-March period of the preceding 2021-22 fiscal, Ramkrishna Forgings said in a statement. For the whole financial year (FY) 2022-23, the company's PAT rose to Rs 248.10 crore from Rs 198.02 crore during FY22. Its total income, however, increased to Rs 893.43 crore from Rs 718.72 crore in the year-ago quarter. During January-March 2023, the company's expenses also rose to Rs 786.98 crore from Rs 643.69 crore in the corresponding quarter of the preceding fiscal. According to the statement, the company's board has approved an interim dividend of Re 0.50 per equity share of Rs 2 each for financial year 2022-23. Naresh Jalan, Managing Director, Ramkrishna Forgings Limited, said: "Our strategy to expand our product offering in conjunction with...

The government on Saturday appointed Rajneesh Karnatak as managing director of Bank of India (BoI) while Debadatta Chand as head of Bank of Baroda (BoB). The central government appoints Karnatak, Executive Director, Union Bank of India, as managing director and CEO of Bank of India for three year with effect from date of assumption of office, Department of Financial Services said in a notification. Karnatak replaces Atanu Kumar Das who completed his three-year term in January this year. In a separate notification, DFS said Chand, currently ED of BoB, has been appointed as managing director of the same bank for a period of three years. However, Chand would assume charge on July 1 after incumbent Sanjiv Chadha superannuates on June 30. The notifications for the two appointments came after the approval of the Appointments Committee of the Cabinet, headed by Prime Minister Narendra Modi. The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned ba fro...

The Enforcement Directorate on Saturday said it has searched the Bengaluru-located office and residential premises of Edtech major BYJU's CEO Raveendran Bjyu and seized "incriminating" documents and digital data as part of a foreign exchange violation probe. A total of three premises, two business and one residential, were raided recently under the provisions of the Foreign Exchange Management Act (FEMA), it said in a statement. The agency said it has seized various incriminating documents and digital data. It said the action was taken on the basis of "various complaints" received by private people and alleged that Raveendran Bjyu was issued "several" summons but he remained "evasive and never appeared" before the ED. The searches found that his company, Think & Learn Pvt. Ltd., received foreign direct investment (FDI) to the tune of about Rs 28,000 crore during 2011-2023. "The company also remitted about Rs 9,754 crore to various fo...

The flagship company of the infrastructure-focused Jaypee Group has borrowings of Rs 29,396 crore, which are due for repayment by 2037, it said from Companies https://ift.tt/6vEiGHn via IFTTT

We have been talking to various interested parties, but there is no fixed plan to sell 15 per cent at any point of time, says Umesh Revankar, executive vice chairman of Shriram Finance from Companies https://ift.tt/qXawzUg via IFTTT

Impairment losses and bad debts expenses increased by 60 per cent at Rs 630 crore in Q4 against Rs 393 crore in the same period a year ago from Companies https://ift.tt/7Sx4Wlq via IFTTT

Says since matter is sub-judice, financial statements do not carry any adjustments from Companies https://ift.tt/akiYP0y via IFTTT

The wage bill of the private sector was 12.7 per cent in the FY22, compared to 11.8 per cent for the public sector from Companies https://ift.tt/rHbLuC4 via IFTTT

In the past week, senior employees, including the company secretary, accountable manager and chief security officer, have quit Jet Airways from Companies https://ift.tt/oZlAbuC via IFTTT

Meta shares rose 14% after the earnings report, lifting Zuckerberg's fortune to $87.3 billion from Companies https://ift.tt/b2kCGLP via IFTTT

The revenue was up 8.1 per cent to Rs 4,790 crore year-on year basis. Total costs was Rs 4,510 crore , up 13.9 per cent due to high energy costs from Companies https://ift.tt/9HpFdRS via IFTTT

The non-banking finance company's total assets under management stood at Rs 1.86 trillion by the end of March 31 from Companies https://ift.tt/lI2TpAg via IFTTT

On the milestone of crossing the revenue mark of $ 1 billion, the company will gift an Apple iPad to each of its employees from Companies https://ift.tt/9B2Rt5W via IFTTT

India's income tax law too requires a deposit of 20% before appeal from Companies https://ift.tt/zGX9AEW via IFTTT

The mall operator did not renew Apple reseller Imagine's lease as it believed the company-owned store would perform better, said an executive from Companies https://ift.tt/kmh0gJC via IFTTT

The National Financial Reporting Authority (NFRA) has imposed a ban and penalties totalling Rs 1.15 crore on three entities, including two auditors, for lapses in the auditing of Tanglin Developments Ltd and MACEL. Tanglin Developments Ltd (TDL) and Mysore Amalgamated Coffee Estate Ltd (MACEL) are subsidiaries of listed-entity of Coffee Day Enterprises Ltd (CDEL). Late VG Siddhartha and his family members controlled and owned CDEL. The case pertains to the diversion of funds worth Rs 3,535 crore from seven subsidiary companies of CDEL to MACEL. After markets regulator Sebi shared its investigation report in April 2022, NFRA started probing the professional conduct of the statutory auditors of TDL and MACEL. Separately, NFRA has imposed a fine of Rs 1 crore on audit firm Sundaresha & Associates, Rs 5 lakh on C Ramesh and further slapped a five-year ban on Ramesh and a two-year ban on Sundaresha & Associates, who were the statutory auditors of TDL during FY 2018-19. In ... from...

Telecom infrastructure company Indus Towers on Wednesday reported a 23 per cent drop in consolidated net profit of Rs 1,399 crore for the fourth quarter ended March 2023. The net profit was Rs 1,829 crore in the year-ago period. Seen on a full-year basis, the net profit tanked 68 per cent for FY23, with the company stating that the "financial performance reflects collection challenges from a major customer". Meanwhile, Indus Towers' revenue for the March quarter (Q4FY23) stood at Rs 6,753 crore, a decline of five per cent over Q4 FY22. Consolidated earnings before interest, taxes, depreciation, and amortisation or EBITDA was pegged at Rs 3,447 crore, down 15 per cent year-on-year and representing an operating margin of 51 per cent. "The financials of Q4 2021-22 included a one-time positive impact of Rs 547 crore on account of deferred recognition of revenue from past settlements. In 2022-23, the company adhered to prudent accounting practices and reflected the stress...

A "BB" rating signifies that the entity is less vulnerable in the near-term but faces major ongoing uncertainties due to adverse business, financial and economic conditions from Companies https://ift.tt/WkliYt5 via IFTTT

The expansion plans will be implemented by ONGC's joint venture ONGC Petro additions Ltd (OPaL) and its subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) from Companies https://ift.tt/EWXhL0m via IFTTT

Indian Hotels Company (IHCL) on Tuesday announced that it has signed its second Taj Hotel in Kochi, Kerala. The Taj brand, which was established in 1903, has clocked a century with the addition of this 211-key property, IHCL said in a statement. "This is a momentous occasion as Taj's portfolio will offer 100 hotels across India and in key international destinations. "This growth is a testament to the unwavering trust our stakeholders have consistently placed in us," IHCL Managing Director and CEO Puneet Chhatwal said. With this, IHCL will have 17 hotels across Taj, SeleQtions, Vivanta and Ginger brands across Kerala, including five under development. from Companies https://ift.tt/sIUQvZD via IFTTT

Rallis India, a subsidiary of Tata Chemicals, on Tuesday reported a loss of Rs 69.13 crore during the quarter ending March 31. The company had reported a loss of Rs 14.13 crore during the corresponding quarter of 2021-22, Rallis India said in a regulatory filing. Revenue from operations of the company witnessed a growth of 2.97 per cent during the quarter under review at Rs 522.62 crore compared to Rs 507.54 crore in the same period of the previous fiscal. For the entire fiscal year 2022-23, the company witnessed a 45.68 per cent decline in net profit at Rs 91.94 crore compared to Rs 164.27 crore in FY22. Revenue from operations of the company grew by 13.94 per cent to Rs 2,966.97 crore in FY23, compared to Rs 2,603.93 crore in 2021-22. "The company delivered 14 per cent revenue growth over the previous year despite multiple headwinds. Our domestic crop care business grew by 12 per cent and exports by 25 per cent during the year. Exports recorded a revenue of Rs 979 crore in FY23,...

The plan is a part of Zomato's plan to go completely electric by 2030 from Companies https://ift.tt/HYrNUGv via IFTTT

Hyundai Motor Co reported a 109% increase in first-quarter profit thanks to a rise in vehicle output as a global chip shortage eased from Companies https://ift.tt/4I8exX3 via IFTTT

Nestle India declared an interim dividend of Rs 27 per share from Companies https://ift.tt/U9Abm6S via IFTTT

The world's biggest money manager favors stocks and bonds from the developing world over those from mature economies in the short term from Companies https://ift.tt/3OQLbi8 via IFTTT

SILS will now make an additional equity investment of $150 million through the conversion of an earlier loan provided to Biocon Pharma into equity in BBL from Companies https://ift.tt/d2Ms1SL via IFTTT

Post $2 bn investment in Manipal Hospital, Singapore fund scouting for more investments from Companies https://ift.tt/O5zpTUa via IFTTT

The acquisition is subject to the fulfilment of terms and conditions as per the share purchase agreement, and statutory approvals from the Competition Commission of India, the company added from Companies https://ift.tt/rQjHO2g via IFTTT

Process in line with company's vision of becoming net zero by 2045 from Companies https://ift.tt/flnULw3 via IFTTT

TV Venkataraman will be responsible for the company's Internal Audit and Risk Management charter from Companies https://ift.tt/Lo58qDg via IFTTT

In their Q4 results, two of the three IT majors in India, TCS, and Infosys, showed that high attrition was still a problem from Companies https://ift.tt/5zmFXLw via IFTTT

Tata Teleservices, Century Textiles & Industries, Tamilnad Mercantile Bank, Mahindra Logistics, IIFL Securities, Nelco, and Kshitij Investment are other companies that will declare Q4 results today from Companies https://ift.tt/l01Fn9G via IFTTT

It implies that company has to take corrective action before releasing further batches to the US from Companies https://ift.tt/IcYwQuO via IFTTT

The third largest microlender Muthoot Microfin expects to disburse 25-30 per cent more loans this fiscal, taking its assets to around Rs 12,000 crore. The Kerala-based firm, promoted by the diversified Muthoot Pappachen Group that's more known for its flagship gold loan business, closed FY23 with a loan book of Rs 9,209 crore and a likely net income of Rs 200 crore. In the pandemic-hit FY22, its loan book stood at Rs 6,300 crore from which it had earned Rs 79 crore of net income, chief executive Sadaf Sayeed told PTI. He attributed the massive loan book expansion to the low base in the pandemic hit year, and bases his optimism to maintain the momentum on the rising need for liquidity among its customers, even though the interest rates have risen. Given rising rates and the resultant higher spread, he expects a margin expansion and close the current fiscal with at least Rs 350 crore of profit. Sayeed said margin has improved from 10 per cent pre-May 2022 to over 12 per cent now. He ...

Gross debt at Rs 2.27 trillion in FY 23 after repayment from Companies https://ift.tt/X6pZae2 via IFTTT

With nearly 45 per cent of passenger vehicles sold in India coming from models priced above Rs 10 lakh so far this year, German carmaker Volkswagen is focussing on premium products in the country following its global strategy, according to a senior company official. The company, which till about three to four years back was operating in a price bracket of Rs 6.5 lakh to Rs 7 lakh, has now moved up to an average price band of Rs 16 lakh offering feature-loaded products in order to meet the evolving customer demands. "For the industry, in 2018 around 18 per cent of the cars sold in India were above Rs 10 lakh. Last year it was at around 40 per cent and this year in first quarter it has already moved to about 43 to 45 per cent," Volkswagen Passenger Cars India Brand Director Ashish Gupta said in an interaction. He further said,"Customers are in a zone of no compromise. There is no compromise on features. There is no compromise on safety and regulation has also moved ahead....

Eight of the 10 most valued firms faced a combined erosion of Rs 1,17,493.78 crore in market valuation in an overall weak trend in equities last week, with Infosys taking the biggest hit. Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank and ICICI Bank were among the eight companies that suffered a decline in their valuation. ITC and State Bank of India were the only gainers. Last week, the 30-share BSE Sensex fell by 775.94 points or 1.28 per cent. The market valuation of Infosys plummeted by Rs 66,854.05 crore to Rs 5,09,215 crore. Infosys Ltd on April 13 reported lower-than-expected growth in the fourth quarter net profit and gave a weak 4-7 per cent revenue growth guidance for FY24 amid tightening of IT budgets by clients following turmoil in the US banking sector. HDFC Bank's valuation tumbled Rs 10,880.5 crore to Rs 9,33,937.35 crore. ICICI Bank lost Rs 10,462.77 crore from its valuation which stood at Rs 6,17,477.46 crore and the market capitalisation (mcap) o ...

India's population is projected to be at 1.42 billion or 1,428,600,000 against China's 1,425,700,000. So, India now has 2,900,000 more people than China from Companies https://ift.tt/X2tJND3 via IFTTT

Net profit fell to Rs 202.43 crore for the reporting quarter from Rs 367.56 crore in the same period a year earlier from Companies https://ift.tt/cBPACtQ via IFTTT

The transfer of Jaipur international airport operations by Airports Authority of India (AAI) to the Adani group is exempt from Goods and Services Tax (GST), the Authority for Advance Ruling has said. The AAI had approached the Rajasthan-bench of the Authority for Advance Ruling (AAR) seeking ruling on whether transfer of business to M/s Adani Jaipur International Airport Ltd is treated as supply as 'going concern' and whether GST is leviable on transfer of assets. Transfer of business as a going concern, as a whole, or independent part thereof, is considered as service under GST law and such supplies are exempt from goods and services tax. In its ruling dated March 20, 2023, the AAR said the business arrangement entered vide concession agreement dated January 16, 2021, between the applicant (AAI) and M/s Adani Jaipur International Airport is a transfer of going concern. The Adani Group had in October, 2021, taken over the operations, management and development of the Jaipur ......

The legal notice stated that the members of the association were astonished to receive emails addressed to them individually by the 'Air India HR Team' on April 16 and 17 from Companies https://ift.tt/J2butjz via IFTTT

Lower raw material costs and decline in tax expenses boost earnings from Companies https://ift.tt/MwDScCE via IFTTT

The Wall Street Journal earlier reported the cuts, adding that they could help Lyft slash 50% of its costs from Companies https://ift.tt/sLDlmx2 via IFTTT

This week, Apple forayed into direct retail in India as it opened its stores in Delhi and Mumbai from Companies https://ift.tt/E6hJDzs via IFTTT

Google now requires all in-app payments to go via its payment gateway under the new billing policy from Companies https://ift.tt/gnBrQXe via IFTTT

The Directorate General of Civil Aviation (DGCA) has ordered a detailed probe after an Air India pilot operating from Dubai to Delhi entertained a female friend in the cockpit from Companies https://ift.tt/VBbxtT2 via IFTTT

Krithivasan will take over as the chief executive officer of Tata Consultancy Services on June 1. Here's how he intends to spend the first six months from Companies https://ift.tt/Sko3xCj via IFTTT

The move has already spurred confusion. Celebrities, government officials and other notable users that choose not to pay $8 per month for Twitter Blue, the premium version, have lost the checkmark from Companies https://ift.tt/iVm9PAN via IFTTT

The unhurried pace of ITC, not controlled by any business family, has been reassuring from Companies https://ift.tt/AtWJEdZ via IFTTT

They decided that they reserve the right to negotiate with the bidders even after the second auction is over from Companies https://ift.tt/ny9O0UW via IFTTT

Microsoft has agreed to buy a $50 million parcel of land in southeastern Wisconsin meant for Foxconn after the world's largest electronics manufacturer failed to fulfil grandiose promises to build a massive facility that would employ thousands of workers. Microsoft plans to build a $1 billion data centre on the 315-acre parcel in Mount Pleasant, a village of about 27,000 people in Racine County about 30 miles (50 kilometers) south of Milwaukee. It's unclear how many people the centre might employ; Microsoft officials had no immediate comment when reached via email Wednesday. The village already is home to a Foxconn Technology Group manufacturing facility. The Taiwan-based company is best known for making Apple iPhones. The company announced plans in 2017 to build a $10 billion facility in Mount Pleasant that would employ 13,000 people. Wisconsin's governor at the time, Republican Scott Walker, and then-President Donald Trump praised the decision, with Trump boasting the pla...

Domestic institutional shareholding has grown from 1.9 per cent to 3.2 per cent with mutual funds (MFs) and alternate investment funds (AIFs) increasing their stake from Companies https://ift.tt/4NdBqab via IFTTT

The report also mentioned that India and China produce more offshore unicorns than any other country from Companies https://ift.tt/AvIhMSy via IFTTT

Apple's CEO has stressed the importance of the world's second-largest smartphone market, India on several occasions from Companies https://ift.tt/YnBRFIJ via IFTTT

As non-tech industries adopt more technology, their intent to hire tech talent has increased. Here are the details from Companies https://ift.tt/a8GRSlg via IFTTT

"Indian startups are not catering to a billion consumers. All of them are selling to the same 100 million" from Companies https://ift.tt/OhKnaMR via IFTTT

While India boosted equipment sales, analysts said the net growth was chiefly driven by the $6.2 billion aquisition of cloud communication firm Vonage that Ericcson closed last year from Companies https://ift.tt/zeOwmVp via IFTTT

French cosmetic major L'Oreal on Tuesday announced a strategic investment in DSG Consumer Partners IV, the fourth fund of Singapore-based venture capital DSGCP, without disclosing the amount. DSG Consumer is focused on growing consumer brand startups across Southeast Asia and India. "Through this investment, L'Oreal will support early-stage entrepreneurs building the next generation of insurgent consumer businesses across the beauty value chain," said a joint statement. The investment was made through L'Oreal's corporate venture capital fund BOLD (Business Opportunities for L'Oreal Development). According to L'Oreal, the Southeast Asia and India region has many fast-growing, most populous and young demographic markets of the world. "The future of consumer brands will largely be shaped in these markets. So it's important to build a strong connection to its dynamic ecosystem of disruptors and invest in promising consumer brand startups," sa...

The delivery executives are seeking a reversal of the pay-out structure, which they claim is causing a reduction in their earnings from Companies https://ift.tt/HFR2mDP via IFTTT

Indian Railways earned Rs 63,300 Cr as passenger revenue in 2022-23 as compared to Rs 39,214 crore in 2021-22 which is 61% higher than the last financial year from Companies https://ift.tt/x32riVT via IFTTT

Located at Reliance Jio World Drive Mall in Bandra Kurla Complex, the 20,800-sq ft flagship store will open at 11 am from Companies https://ift.tt/wQXx96u via IFTTT

The ratio of net debt to run-rate earnings before interest, tax, depreciation and amortization was about 3.2 in the 2023 fiscal year, which ended in March from Companies https://ift.tt/fgAn9Zu via IFTTT

The advisory board will periodically convene to review, analyse and provide recommendations and directions on both strategic and tactical levels from Companies https://ift.tt/Hks4LD0 via IFTTT

The gender data is based on details provided to the states and the central government from Companies https://ift.tt/wbKQT3B via IFTTT

The store features latest Apple products and accessories like AirTag. It also offers Apple Pickup, which allows customers to place an order online and pick up products at their convenience from Companies https://ift.tt/bNR5t98 via IFTTT

Earlier, an appellate authority under the GST regime had rejected the appeal on the ground that it was not accompanied by a certified copy of the order against which the appeal was filed from Companies https://ift.tt/hYKUm9b via IFTTT

Google Play has been infiltrated by a new Android malware called 'Goldoson', which has been discovered in 60 legitimate apps with a combined total of 100 million downloads. from Companies https://ift.tt/7B9LGry via IFTTT

The partnership with Thrive is expected to drive consumer demand for Coca-Cola's beverages from Companies https://ift.tt/MhHN9bI via IFTTT

Google is working on several projects to update and renew its search services to avoid losing ground from Companies https://ift.tt/2WYRqJb via IFTTT

Bulk tea major McLeod Russel India Ltd and IL&FS are currently engaged in negotiations towards an out-of-court settlement, which is expected to be reached within the next two weeks. The Brij Mohan Khaitan group company is attempting to avoid insolvency through an out-of-court settlement. IL&FS Infra Asset Management is an asset management company which manages IL&FS Infrastructure Debt Fund and IIDF is a financial creditor of McLeod. IIDF applied under a provision of the Insolvency and Bankruptcy Code against McLeod Russel India Ltd with the National Company Law Tribunal, Kolkata Bench. This application has been admitted by the NCLT. "Our focus remains on reaching a successful out-of-court settlement, and we expect to have an arrangement in place within the next two weeks," a senior company official told PTI. The official, however, refused to disclose the details of the negotiations. In the midst of a corporate insolvency resolution process (CIRP), McLeod cannot p...

The results of top-tier companies TCS and Infosys have tripped on global uncertainties and missed street estimates, setting a subdued tone for Q4 show by the IT pack, and experts see choppy 1-2 quarters for the industry but are hopeful of subsequent recovery. The earnings' season started on a sombre note with the Q4 scorecards that fell short of expectations, but more importantly the management commentary of India's top two IT services companies was punctuated with words of caution about prevailing customer sentiments across BFSI, technology services and certain other verticals, particularly in the US. While Infosys top brass spoke of "unplanned project ramp downs and decision making delays by some customers", Tata Consultancy Services (TCS) talked of some clients deferring newer, non-critical initiatives. Industry veteran and former Infosys director T V Mohandas Pai says Q4FY23 will be subdued for IT players but that extent and impact will depend on profile and strat...

The current environment is throwing up "good opportunities in the merger and acquisition space", Infosys CEO Salil Parekh has said, adding the Bengaluru-headquartered IT firm will look at companies that offer strong strategic and cultural fit. While Infosys is on "look out at all times" for good acquisitions, "this is a good environment for finding it", Parekh said. Infosys is seeing "very good opportunities" in the M&A environment, he observed. "...and this is a good environment. We have a very strong balance sheet, a very good way to deploy it. If we find a company or an entity which fits in strategically but also culturally, and we have a way of integrating it, we will look at that," Infosys top honcho said during the Q4 earnings conference recently. He was responding to a question on whether the weak US macro environment and the global uncertainities are offering lucrative opportunities in the merger and acquisition space. Infos...

Tata Steel is still pursuing its request for the financial package with the UK government, the company's CEO T V Narendran said. Narendran who is also the Managing Director of Tata Steel made the remarks in reply to a question on stance on exiting the UK business. "Tata Steel is still pursuing it (request) with the government there (UK)," he told PTI on the sidelines of an event in the national capital. There has been no conclusion to the request made for a financial package, he said. India-headquartered Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. The company had sought 1.5 billion pounds from the UK government to execute its decarbonisation plans. However, the British government earlier this year made a counter offer which was much lower to the company's expectations. Speaking to PTI, Narendran had said that Tata Steel cannot see its future in the UK without th...

Telecom operator Vodafone Idea has recently awarded a network gear order of around Rs 200 crore to Chinese company ZTE, three sources aware of the development said. The company has given orders for broadband network equipment in telecom circles of Gujarat, Maharashtra and Madhya Pradesh-Chhattisgarh (MP-CG), the sources told PTI. "Vodafone Idea has awarded an order of around Rs 200 crore to ZTE," one of the sources said. The matter has been brought to the notice of the National Security Council Secretariat (NSCS), which manages the Trusted Telecom Portal and provides clearance for permissible telecom gears, they added. An email query sent to Vodafone Idea elicited no response. Two sources mentioned that the order has been given for Gujarat and MP-CG circles, while one of them mentioned that the order also includes the Maharashtra circle. The Cabinet Committee on Security on December 16, 2020, approved the National Security Directive on Telecommunication Sector, which mandates...

Business Standard brings you top headlines at this hour from Companies https://ift.tt/0SQ9goG via IFTTT

The National Financial Reporting Authority (NFRA) has imposed a fine and a one-year ban on four auditors for alleged professional misconduct in connection with the audit of branches of Dewan Housing Finance Corp Ltd (DHFL) in 2017-18. DHFL (now known as Piramal Capital and Housing Finance Ltd) is a listed entity, owned and controlled by Piramal Group. In four separate orders, NFRA levied a fine of Rs 1 lakh each on auditors -- Mathew Samuel, Sam Varghese, Harish Kumar T K and M Baskaran. The auditors are partners of audit firm K Varghese & Co. Besides, all of them were restrained for a period of one year from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate during the ban period, the order said. "The investigation by NFRA revealed prima facie evidence that the branch auditors had violated both the Companies Act, 2013 and the Chartered Accountants Act, 1949 by accepting the appointment th...

Meanwhile, Zepto has announced the appointment of crypto firm CoinSwitch's chief financial officer Ramesh Bafna as its new CFO. Bafna is an ex-CFO of Myntra and an early member of the Flipkart team from Companies https://ift.tt/QsjRdPy via IFTTT

The bank's total balance sheet expanded by 19.2% to Rs 24.6 trillion from Companies https://ift.tt/GkEO3hx via IFTTT

HDFC Bank on Saturday reported a 20.60 per cent growth in its consolidated net profit to Rs 12,594.47 crore for the March 2023 quarter. The country's largest private sector lender had reported a net profit of Rs 10,443.01 crore for the January-March period a year ago and Rs 12,698.32 crore in the preceding December quarter. For FY23, the bank reported a net profit of Rs 45,997.11 crore against Rs 38,052.75 crore in FY22. On a standalone basis, the bank reported a 19.81 per cent rise in its net profit to Rs 12,047.45 crore. Its overall income on a standalone basis grew to Rs 53,850 crore compared to Rs 41,086 crore in the year-ago period. The overall provisions for loan losses and other aspects stood at Rs 2,685.37 crore for the reporting quarter against Rs 3,312.35 crore a year ago. The gross non-performing assets ratio improved to 1.12 per cent at the end of March from 1.17 per cent a year ago and 1.23 per cent in December 2022. from Companies https://ift.tt/DpW0a5k via IFTTT

Hinduja Group flagship company Ashok Leyland has rolled out an e-marketplace 'Re-AL' for used commercial vehicles segment, the automajor said on Saturday. The e-marketplace facility would help customers to exchange their existing vehicles and upgrade to a truck or a bus offered by Ashok Leyland. "The used commercial vehicle industry is ripe for disruption. Leveraging our digital platform, there are many opportunities for us to provide customer centric solutions," Ashok Leyland MD and CEO Shenu Agarwal said. The city-based heavy commercial vehicle maker, in a statement, said it hopes to increase transparency in the otherwise disorganised used vehicle ecosystem. The digital service would offer customers with a range of features allowing them to select preferred vehicles of their choice along with validated documents. "This used vehicle e-marketplace solution marks a significant milestone in our digital transformation journey," the CEO said. Ashok Leyland Presi...

The potential viewership in India, home to 1.4 billion people and with a growing middle class and expanding internet access, is immense. JioCinema drew more than 1.47 billion video views from Companies https://ift.tt/7Dclfb9 via IFTTT

India's new gas pricing regime will offer greater downside protection for earnings of gas companies such as Oil and Natural Gas Corp (ONGC) and Oil India Ltd, S&P Ratings said on Friday. The new norms will not affect the pricing for gas produced from difficult fields that companies like Reliance Industries Ltd operate. Under the new guidelines announced on April 6, 2023, the government will set prices for domestically produced gas on a monthly basis; the rate will be 10 per cent of the average price of the Indian crude basket in the preceding month. The price will have a floor of USD 4 per million British thermal unit (mmbtu) and a ceiling of USD 6.5 per mmBtu. "We expect the new gas pricing terms to result in more fluid market price revisions," said S&P Global Ratings credit analyst Shruti Zatakia. Under the earlier regime, prices were reset semi-annually and were linked to gas prices in key international trading hubs. The pricing mechanism for gas production fro...

A source familiar with the matter said the investment amount was reduced due to a broader funding squeeze amid a slowdown in dealmaking from Companies https://ift.tt/Dmsg9f5 via IFTTT

New hotels planned in Oregon, Washington, Texas, Oklahoma, Georgia and Florida from Companies https://ift.tt/8K7ylkZ via IFTTT

The projects underscore how even as India sets ambitious long-term decarbonization targets, in the near term it will continue to rely on the dirtiest fossil fuel to meet rapidly growing power demand from Companies https://ift.tt/zjm6fwr via IFTTT

DMRC outbid French transport operator Keolis, likely to get 10-year contract from Companies https://ift.tt/QUjHuBf via IFTTT

State-owned Indian Oil Corporation (IOC), Adani-Total Gas Ltd and Shell were among the 29 companies that bid and bought natural gas to be produced from the deepest field in the KG-D6 block of Reliance Industries Ltd and bp, sources said. IOC walked away with almost half of the 6 million standard cubic meters per day of gas sold in an e-auction on Wednesday while state-owned gas utility GAIL bought 0.7 mmscmd, Adani-Total Gas Ltd 0.4 mmscmd, Shell 0.5 mmscmd, GSPC 0.25 mmscmd and IGS another 0.5 mmscmd, two sources with knowledge of the matter said. Reliance-bp on Wednesday held an e-auction for sale of gas from the MJ field in their eastern offshore KG-D6 block after incorporating the government's new marketing rules to give CNG-selling city gas companies first priority over supplies. The bidding saw participation from 41 companies from various sectors including city gas, fertiliser, oil refinery, glass, ceramics and traders, sources said adding unlike previous auction Reliance did...

Tata group satellite services firm Nelco has withdrawn application for offering personal satellite communication services to consumers in the country and plans to apply for a new licence under New Space Policy, a top company official has said. Nelco has withdrawn the application for Global Mobile Personal Communication by Satellite (GMPCS) licence, which it had earlier submitted to the department of telecommunications (DoT). The company plans to apply for a relevant permit after going through the contours of the New Space Policy. "The company has all licences required to provide all satellite services permissible in the country and the company will apply for relevant permit after going through the contours of the New Space Policy and outcome of consultation paper floated by telecom regulator Trai," Nelco, Managing Director and Chief Executive Officer PJ Nath told PTI on Wednesday. The GMPCS licence at present allows licence holders to provide satellite phone services in India...

Apple will likely try to manufacture the next iPhones in India at the same time as in China, sometime in the fall of 2023 from Companies https://ift.tt/UDhT2Qs via IFTTT

He also said that clients are interested in knowing how ChatGPT and generative AI can be integrated into their offerings from Companies https://ift.tt/xGJIyUF via IFTTT

According to the company, the assets under management increased 18 per cent during the year to Rs 39,000 crore from Companies https://ift.tt/LVs9pDt via IFTTT

Lenders of debt-ridden Future Retail Ltd (FRL) has sought an extension of 90 days for concluding the Corporate Insolvency Resolution Process (CIRP) of the company. The resolution professional of FRL has filed an application before the Mumbai bench of the National Company Law Tribunal (NCLT) "seeking exclusion of a period of 90 days from CIRP of FRL, and consequent extension from April 16, 2023, to July 15, 2023, for concluding the CIRP of FRL." The CIRP was initiated against FRL by NCLT on July 20, 2022, following loan default. The Insolvency and Bankruptcy Code (IBC) time frame for resolution is 330 days, inclusive of the time taken for litigation. As per Section 12(1) of the Code, the CIRP shall be completed within a period of 180 days from the date of initiation. However, NCLT may grant a one-time extension of 90 days. The maximum time within which CIRP must be mandatorily completed, including any extension or litigation period, is 330 days. Besides, the resolution profess...

State-owned IREL (India) Ltd. aims to mine 50 million tonnes a year of rare-earths bearing ore by end-2032, up from 10 million tonnes now from Companies https://ift.tt/KZVPuHR via IFTTT

Appellate tribunal NCLAT has set aside an NCLT order that rejected an operational creditor's plea seeking insolvency proceedings against Ansal Housing, terming it as a "fit case for the admission of CIRP". A two-member National Company Law Appellate Tribunal (NCLAT) bench said realty firm Ansal Housing has an operational debt due and payable, and dismissal of the Section 9 petition by the NCLT is "perverse and illegal and liable" to be set aside. Moreover, it has also directed Ansal Housing to pay Rs 12.72 lakh to Clicbrics Technologies within a month of the passing of this order. "The above payment shall be released within 30 days from the date of uploading of this order failing which the Corporate Debtor would come under the rigours of CIRP (corporate insolvency resolution process) on the expiry of said 30 days period," said an NCLAT order passed on April 5. It also added that in case, the operational creditor refuses to accept the above sum as payme...

Around 70 flights of Alliance Air were affected on Tuesday as a section of pilots continued with their strike for the second consecutive day and the airline has issued show cause notices to the pilots, according to two sources. Around 70-80 pilots refrained from coming for duty to protest against non-restoration of salaries to the pre-COVID level and non-payment of allowances, among other issues, they added. State-owned Alliance Air, which was earlier part of the now-privatised Air India, has around 200 pilots and operates about 130 flights per day. One of the sources said at least 70 flights were affected due to the strike by the pilots on Tuesday. The source said the contracts of the pilots are in the process of being re-negotiated but a section of the pilots have gone on strike without serving any notice to the airline. The striking pilots have been served with show cause notices and have been asked to report for duty within 24 hours, the source added. The source also said tha fro...

Long-term capital gains tax kicks in for listed equities if the holding period is one year, while it is two years for non-financial assets such as real estate from Companies https://ift.tt/Y8Sj2Ex via IFTTT

The free telecast of IPL matches by Reliance on JioCinema is the reason behind this move by Airtel from Companies https://ift.tt/C6mXPyV via IFTTT

Assotech Realty is expecting to generate around Rs 120 crore rental income from its 20 lakh square feet commercial project in Noida, amid rise in demand for premium office space. The 14-acre commercial project was started in 2013 and was completed in 2022-end in phases. The company has given on lease 18,460 square feet office space to Celebal Technologies in Noida recently, Assotech Promoter MD Neeraj Gulati said. "We have completed our commercial project Assotech Business Cresterra in Sector 135 on Noida Expressway. The project has a leasable area of 20 lakh square feet," he said. Out of 20 lakh square feet, around 2.5 lakh square feet is serviced apartments (195 rooms) and 75,000 square feet of retail space. The rest is office space. Asked about investment to complete this project, Gulati said the total cost incurred to develop this project stood at Rs 650 crore. Gulati said the company has sold 80 per cent of the total area in this project and has retained 20 per cent. How...

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Retail loan securitisations jumped a robust 56 per cent to Rs 1.76 lakh crore in the just concluded fiscal 2023, while that of wholesale rose to around Rs 6,600 crore, coming out of the pandemic blues finally, says a report. The secondary market for standard retail assets has seen a robust growth of 56 per cent in FY23, reflecting the resilient retail asset pools in the secondary market as well as the preference of banks to grow their retail assets to meet priority sector lending requirements, according to a Care Ratings analysis. Such robust growth was possible as bank lending to NBFCs grew 32 per cent and there is a positive correlation between interest rate and relative premium for PSL assets. Both these factors augur well for securitisation market, the agency said. "We expect the market to continue to grow but at a moderate pace in FY24," senior directors Sanjay Agarwal and Vineet Jain said in a note. The total volume, including direct assignment transactions, rose to Rs ...

Registrar of Companies expect to conduct a more detailed analysis of transactions involving companies that draw attention due to certain regulatory concerns from Companies https://ift.tt/eqgSGtR via IFTTT

The National Green Tribunal (NGT) stayed the Rs 72,000 crore Great Nicobar Development Plan, which includes the project for building a trans-shipment hub from Companies https://ift.tt/jk7293R via IFTTT

Other names in list of prospective resolution applicants include Jindal Power, WH Smith Travel Ltd from Companies https://ift.tt/nbAgTdK via IFTTT

Sajjan Jindal-led JSW Group's business-to-business e-Commerce arm on Monday announced a Rs 205 crore fund raise from Japan's Mitsui & Co. The Series A funding, which is also the maiden capital raise from an institutional investor by JSW One Platforms, has been done at a valuation of Rs 2,750 crore, as per an official statement. The USD 22 billion conglomerate had launched the business in July 2021, aiming to leverage on its expertise in manufacturing and building materials, tech-enabled logistics and credit, to be a platform of choice for MSMEs and Enterprises in India. It plans to plough-in the funds to strengthen its market presence and further enhance tech capabilities, the statement said, adding that it is expanding operations in newer geographies like NCR, Gujarat, Rajasthan, Madhya Pradesh, and Chhattisgarh. It will also invest in credit, logistics, and technology stack to improve customer experience. Masaharu Okubo, the country chairperson in India of Mitsui & Co...

Manipal currently serves over 5 million patients a year through its 29 hospitals in 16 cities with 4,000 doctors, according to a statement issued jointly by the investors from Companies https://ift.tt/qjxJQfp via IFTTT

Apple has also made it a part of the contract that no other competitor including Alphabet, Microsoft, Samsung, Xiaomi, Amazon, Huawei, Netflix, and Facebook, be provided space in the building from Companies https://ift.tt/JPo3LV1 via IFTTT

SBI Foundation, the CSR arm of State Bank of India (SBI) on Sunday committed Rs 30 lakh as a grant to 8 ventures who work at the grassroot level to bring change in the lives of rural population. The selection for the grant is done on the basis of projects submitted by fellows of SBI Youth for India programme, and depending on the assessment, grant is pledged during 'SBI YFI Sahyog - The Pitch Fest', SBI Foundation CEO and Managing Director Sanjay Prakash told PTI. Four top winning ideas are given support of Rs 6 lakh each while four runners-up are given Rs 1.5 lakh each, he said after the selection process on Sunday. Last year, he said, the Foundation had given a grant of Rs 20 lakh to selected few social enterprises both under non-profit and for-profit ventures by the SBI Youth for India (YFI) Alumni. Under SBI YFI programme started in 2011, he said, around 100 professionals or fresh graduates are selected as fellows, who join hands and foster change with rural communities and...

Supply was to start in March. However, Bangladesh Power Development Board had sought relief from rising imported coal prices. Unit will source coal from Adani-owned Carmichael mine in Australia from Companies https://ift.tt/x4FvJZL via IFTTT

GCMMF, which sells dairy products under the Amul brand, is expecting 20 per cent growth in its revenue this fiscal to around Rs 66,000 crore on rising demand, its MD Jayen Mehta said. Gujarat Co-operative Milk Marketing Federation Ltd (GCMMF) registered a turnover of Rs 55,055 crore in 2022-23, up 18.5 per cent from the previous year. In an interview with PTI, the GCMMF MD (in charge) said it had clocked a strong growth in revenue last fiscal, as demand for branded dairy products rose significantly post-COVID. "We expect the sales momentum to continue across our product portfolio. Demand is shifting from unorganised to organised players," he said. Mehta said the federation is also focusing on growing organic food and edible oil businesses, which are currently very small. Asked about milk prices, Mehta said, "We have no plans to increase rates as of now". He pointed out that input cost has risen by 15 per cent in the last one year, forcing the cooperative to hike ret...

Apollo Micro Systems Ltd (AMSL) has fixed May 4 as the record date to split its shares in ratio of 1:10. On March 28, the company's shareholders had approved a proposal for the share division through postal ballot, the company said in a statement. Subsequently, the board also passed the necessary resolution on April 6, 2023 and fixed May 4 as the record date for sub-division of shares, it said. One equity share of Rs 10 each will be sub-divided into 10 equity shares of Re one each fully paid up, AMSL said. Hyderabad-based AMSL offers technology-based solutions in sectors like infrastructure, transportation, aerospace and defence, among others. from Companies https://ift.tt/ZGDi2Xm via IFTTT

Godrej Consumer Products Ltd is unfazed by the prospect of competition from Reliance's entry into the FMCG sector, having seen multiple disruptions, including the high-profile entry of Baba Ramdev's Patanjali, according to a top company official. The company is betting on its brand equity, wide range of portfolios and innovations to ward off competition, Godrej Consumer Products Ltd (GCPL) CFO Sameer Shah told PTI. "We have seen multiple disruptions in the FMCG sector. In 2005-06 every one said that modern retail would take the sector by storm with private labels and FMCG players would find it very difficult to compete. After 17-18 years nothing has changed with modern retail play, he said. Shah was responding to a query on how the entry of Reliance in the FMCG segment would change the competitive landscape of the sector. "It's too early to call on, he said adding, We have seen Patanjali a few years back. Five to six years back the expectation was they would take ...

The country's largest car maker Maruti Suzuki India aims to more than double its SUV sales this year and take the leadership position in the fast-growing segment with a market share of over 25 per cent, according to a senior company official. The auto major sold 2.02 lakh sports utility vehicles (SUVs) last financial year with a market share of around 13 per cent. In the current fiscal year, the company aims to sell around 5 lakh units. The SUV segment is currently the fastest-growing vertical in the domestic passenger vehicle industry. The SUV contribution to the overall passenger vehicle market has grown from 24 per cent in 2018 to 43 per cent in 2022. In an interaction with PTI, Maruti Suzuki India Senior Executive Officer (Sales & Marketing) Shashank Srivastava said the doubling of the market share in the SUV segment would also help the company in its bid to again surpass the 50 per cent market share mark in the domestic passenger vehicle industry. "This fiscal year we...

Torrent Gas on Saturday said it has cut CNG prices by up to Rs 8.25 per kg and piped cooking gas prices by up to Rs 5 following the government move to reduce input natural gas prices. Torrent Gas has licences to operate city gas networks retailing CNG to automobiles and piped natural gas, called PNG, to household kitchens in 34 districts across the country, including in Chennai and Jaipur. In a statement, the firm said it is effecting "a significant reduction of between Rs 4 per standard cubic meter to Rs 5 per SCM in the price of domestic PNG and between Rs 6 per kg to Rs 8.25 per kg in the retail price of CNG in its areas of operation across the country effective from today evening". This will make CNG up to 47 per cent cheaper when compared to petrol and 31 per cent cheaper when compared to diesel. Similarly, domestic PNG will now be up to 28 per cent cheaper when compared to domestic LPG. On Friday, the government revised the pricing of natural gas and imposed a cap or ce...

Global headwinds are likely to slow down India's GDP growth, but the country is more resilient than many large economies, HDFC chairman Deepak Parekh said on Saturday. India has enough tailwinds with political stability, vaccine security, food security, a robust domestic consumption-based economy, digitisation initiatives and a robust regulatory system for the financial sector, Parekh said at SPJIMR's Centre for Family Business and Entrepreneurship (CFBE) event. "India is not immune to the global shocks but has proved to be more resilient than many large economies. For sure, India's GDP growth will slow down because of global headwinds," he said. For startups, he said, "many investors still have plenty of dry powder for good, innovative ideas, but the days of cash burn and high valuations are behind us". Entrepreneurship in India has exploded because of the conducive startup environment in the country and India has the third largest number of startups af...

State-owned non-banking finance firm REC Ltd on Saturday said it has raised USD 750 million (about Rs 6,138 crore) through issuance of green bonds. The net proceeds from the issue of the bonds will be applied to finance, in whole or in part, the eligible green projects in accordance with the approvals granted by Reserve Bank of India from time to time and in accordance with the ECB guidelines, according to a statement. "REC Ltd has successfully raised USD 750 million through 5-year 144A/ RegS green bonds under its global medium-term programme of USD 7 billion," the statement said. As a frequent issuer in the market and given the relatively stable market backdrop last week, the REC decided to capitalise on the environment to carry out an intra-day execution post extensive investor roadshows spanning two weeks in different geographies covering Singapore, the UK, and the US, it stated. The issue marks the REC's return to the capital market since 2021, with the last 144A tran...

Realty firm Macrotech Developers has added 12 land parcels for the development last fiscal, with an estimated revenue potential of nearly Rs 20,000 crore as it seeks to expand the business to tap rising housing demand. The company had given a guidance of Rs 15,000 crore for new business development for 2022-23 fiscal. Macrotech Developers, which sells its properties under the Lodha brand, acquires land outright and also enters into joint development agreements (JDAs) with landowners to expand the business. It mainly focuses on Mumbai Metropolitan Region (MMR) and the Pune market. It has entered Bengaluru recently. "We continue to remain the preferred partner for various landowners across micro-markets for JDA partnerships," Macrotech Developers MD and CEO Abhishek Lodha said. The company has added 12 projects in FY23 on 14 million square feet for a combined GDV (gross development value) of Rs 19,800 crore, he added. "Business growth robustness continues to strengthen wit...

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UltraTech is making strides in its commitment to sustainability and decarbonisation of its operations with this second deployment of GreenLine's LNG-powered fleet of trucks from Companies https://ift.tt/ZLyeRlQ via IFTTT

Forging company Kalyani Forge on Friday said its Chief Financial Officer (CFO) Laxmi Narayan Patra has resigned. His resignation is effective from April 6, 2023. "CFO Laxmi Narayan Patra has tendered his resignation due to personal reasons," the company said in a regulatory filing. Kalyani Forge is an engineering company with an expertise in metal forming. It makes forged, machined and assembled products for customers in industries like automotive, construction, power generation, marine, railway, and industrial goods. from Companies https://ift.tt/nDWPGl3 via IFTTT

Thieves stole $500,000 worth of iPhones, iPads and Watches after breaking into an Apple store inside of a mall in the US. from Companies https://ift.tt/Riz54tu via IFTTT

In order to woo more users, Elon Musk-run Twitter will now show at least 50 per cent less ads to Blue subscribers, along with a boost in their visibility on the platform. from Companies https://ift.tt/4HfWS5P via IFTTT

This is the tenth time that SFL has received the Supplier of the Year award, underlining the company's dedication to delivering quality products that exceed GM's expectations from Companies https://ift.tt/dsxymnI via IFTTT

Samsung Electronics said Friday it's cutting the production of its computer memory chips in an apparent effort to reduce inventory as it forecasted another quarter of sluggish profit. The South Korean technology giant in a regulatory filing said it has been reducing the production of certain memory products by unspecified meaningful levels to optimize its manufacturing operations, adding it has sufficient supplies of those chips to meet demand fluctuations. The company predicted an operating profit of 600 billion won ($455 million) for the three months through March, which would be a 96% decline from the same period a year earlier. It said it sales during the quarter likely fell 19% to 63 trillion won ($47.7 billion). Samsung, which will release its finalized first quarter earnings later this month, said the demand for its memory chips declined as a weak global economy depressed consumer spending on technology products and forced business clients to adjust their inventories to nurs...