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Showing posts from May, 2023

Bajaj Auto records 29% rise in total sales at 355,148 units for May

Bajaj Auto on Thursday reported 29 per cent rise in total sales at 3,55,148 units in May compared to the same month last year. The company had sold a total of 2,75,868 units in May 2022, Bajaj Auto said in a statement. Total two-wheeler sales stood at 3,07,696 units last month as against 2,49,499 units in the year-ago period, up 23 per cent. Domestic two-wheeler sales were higher at 1,94,811 units as compared to 96,102 units in May 2022, the company said. However, exports were down at 1,12,885 units last month from 1,53,397 units in May 2022, it added. Total commercial vehicle sales rose 80 per cent to 47,452 units last month as compared with 26,369 units in the same period a year ago. from Companies https://ift.tt/RI2e5NM via IFTTT
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V-Guard net profit declines 41.14% to Rs 52.7 cr in March quarter

Electrical goods manufacturer V-Guard Industries Ltd on Tuesday reported a 41.14 per cent decline in consolidated net profit to Rs 52.72 crore for the fourth quarter ended March 2023. It had posted a net profit of Rs 89.57 crore in the January-March period last fiscal, V-Guard Industries said in a regulatory filing. However, its revenue from operations rose 7.64 per cent to Rs 1,140.14 crore during the period under review. It was Rs 1,059.16 crore in the corresponding period a year ago. "The PAT in the base period was higher due to tax reversal on account of migration to the new tax regime," said V-Guard in its earning statement. V-Guard's total expenses increased 11.31 per cent to Rs 1,070.70 crore in the fourth quarter of FY23. "South markets witnessed a YoY decline of 3.3 per cent whereas Non-South markets witnessed YoY growth of 9.7 per cent in Q4 FY23," said V-Guard. Its Non-South markets contributed to 45.7 per cent of total revenues in Q4 FY23 compared to...
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Uflex Q4 profit falls to Rs 83 lakh, revenue down 14% to Rs 3,320 cr

Packaging material manufacturer Uflex Ltd on Tuesday reported a 99.7 per cent decline in its consolidated net profit to Rs 83 lakh for the fourth quarter ended March 31, 2023 due to currency exchange losses. The company had posted a net profit of Rs 350.59 crore during the January-March quarter a year ago, Uflex said in a regulatory filing. Its revenue from operation was down 14 per cent to Rs 3,320.18 crore during the quarter under review as against Rs 3,861.86 crore in the corresponding period of the previous fiscal. Uflex's total expenses were at Rs 3,306.15 crore, down 4.37 per cent in the last quarter of FY23, as against Rs 3,457.39 crore. Its total income in the March quarter was at Rs 3,393.51 crore, down 14.15 per cent. For the fiscal ended March 2023, Uflex's net profit fell 56.27 per cent to Rs 480.76 crore from Rs 1,099.43 crore in FY22. "The profitability in FY23 was impacted by unprecedented currency devaluation in Egypt and currency exchange loss on account o...
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Global IT firm Xebia inaugurates technology hub in Jaipur: Report

Global IT consulting company Xebia inaugurated its new technology hub in Jaipur to strengthen its presence in the region. The launch of the new technology hub comes as a part of the company's global strategy to expand business operations in cities like Jaipur, a company official said. Highlighting the company's expansion strategy, Global CEO of Xebia Anand Sahay said that Jaipur possesses vibrant educational ecosystems, and it will serve as a crucial talent hub. "The new facility will enable the company to hire and nurture local talent, while boosting global knowledge sharing from the hub to deliver exceptional results for clients," he said. The decision to establish offices in cities like Jaipur aligns with our forward-looking talent strategy, which aims to bring work opportunities to talented individuals, rather than requiring them to relocate, Sahay added. He said that Jaipur possesses vibrant educational ecosystems, and it will serve as a crucial talent hub. We ar...
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Zypp Electric to deploy 200K vehicles in its fleet, invest $ 300 mn

Startup electric mobility services provider Zypp Electric is targetting to deploy 2 lakh vehicles in its fleet in the next three years and will need up to USD 300 million to fund its expansion, according to company CEO and co-founder Akash Gupta. The company, which is planning to enter new cities like Mumbai, Pune and Hyderabad is targeting a revenue of Rs 500 crore this year, up from Rs 125 crore last year. "For us, the expansion is that today, we have 13,500 (vehicles in the fleet). How fast we can get to 2,00,000 is what we have to go for. We are doing those partnerships, we are building that tech, we are building that team of R&D and to do this in multiple markets," Gupta told PTI. When asked for the timeline for reaching a fleet size of 2 lakh, he said it would be in three years. Zypp, which serves e-commerce and food/grocery delivery players like Swiggy, Zomato, Amazon, Myntra, Delhivery and PharmEasy, among others, is currently present in Delhi-NCR and Bengaluru. ...
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JSW Group exploring possibilities to acquire coal mines in offshore markets

Homegrown firm JSW Group is exploring possibilities to acquire coking coal mines in offshore markets, industry sources said. The steel-to-infrastructure group is exploring the mineral assets in countries like Australia and Mozambique etc, they said. "JSW Group is exploring possibilities to acquire coking coal mines in offshore markets like Mozambique, Australia etc for captive purposes," sources said. Captive coking coal mines will help group company JSW Steel reduce its cost of production for manufacturing steel, they explained. When contacted, a JSW Group spokesperson declined to make any comment. JSW Steel is into manufacturing steel through the blast furnace route, a process which requires coking coal as a key raw material. Due to the unavailability of coking coal, India remains dependent on imports to meet 85 per cent of its coking coal needs from far-located countries like Australia, South Africa, Canada and the US. Specifically, JSW Steel meets 60 per cent of its cokin...
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ONGC to start delivering fuel from KG basin from June 15, seeks $12 price

India's top oil and gas producer ONGC has finally put a date for the much-awaited start of production from its KG basin gas field as it sought USD 12 price for the fuel it plans to deliver from June 15. Oil and Natural Gas Corporation (ONGC) will produce 0.4 million standard cubic metres per day - a fraction of the planned output from the block that sits next to Reliance Industries' prolific KG-D6 area in the Bay of Bengal, from June 15 and will ramp it up to 1.4 mmscmd by February 5, 2024, according to tender document the firm floated, seeking bids for gas sales. ONGC's director for production Pankaj Kumar had in March told PTI that the firm will start production of oil from KG-DWN-98/2 or KG-D5 block in the Krishna Godavari basin by May or June this year. A small amount of gas will also flow with the oil that comes out of the reservoir lying several hundred metres below the seabed. The company has now sought bids from users like city gas operators that sell CNG to automob...
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Godfrey Phillips India Q4 net up 6.4% to Rs 110 cr, revenue rises 14.3%

Cigarette maker Godfrey Phillips India Ltd on Saturday reported an increase of 6.41 per cent in its consolidated net profit to Rs 110.54 crore for the quarter ended March 2023. The company had posted a net profit of Rs 103.88 crore during the January-March quarter of the previous fiscal, Godfrey Phillips India said in a regulatory filing. Its revenue from operations was up 14.33 per cent to Rs 968.40 crore during the quarter under review as against Rs 846.95 crore in the corresponding period of the previous fiscal. Godfrey Phillips' total expenses were at Rs 869.01 crore, up 17.8 per cent in Q4/FY 23, as against Rs 737.72 crore. Its revenue from cigarettes, tobacco and related products was Rs 874.15 crore. While revenue from retail and related products was Rs 100.98 crore as against Rs 83.52 crore in the fourth quarter last fiscal, it said. Godfrey Phillips operates the convenience store chain 24Seven. For the fiscal year ended March 2023, Godfrey Phillips India's net profit wa...
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Equitas SFB collaborates with IBM to build digital banking platform

Equitas Small Finance Bank has signed an agreement with IBM Consulting to design and build a digital banking platform aimed at providing a secure experience to customers, the bank said on Saturday. The collaboration between the two entities aims at boosting the digital products offered by Equitas as well as its service offerings, as it evolves its business for a digital-first generation, a press release from the bank said. As part of the next growth phase, Equitas aims to commence its modernisation journey with a cloud-native platform architecture. "The bank's delivery model would be highly product-centric, moving away from traditional program management methodologies to agile frameworks for the various channels including mobile," Equitas's Chief Information Officer Narayanan Easwaran said in the release. "This partnership with IBM is just the first step towards engaging customers. We are confident that this strategic partnership will help simplify and transform ...
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Sun Pharma proposes to acquire Israel-based Taro Pharmaceutical Industries

Sun Pharmaceutical Industries on Saturday said it has proposed to fully acquire Israel-based Taro Pharmaceutical Industries through a reverse triangular merger. The Mumbai-based drug major said it has issued a letter to the Taro board with a proposal containing a non-binding indication of interest to acquire all of the outstanding ordinary shares for a purchase price of USD 38 per ordinary share in cash. Sun Pharma currently owns a 78.48 per cent stake in Taro. "We envisage the proposed transaction to be consummated in the form of a reverse triangular merger under the Israeli Companies Law, 1999 and practice," Sun Pharma said in a regulatory filing. The purchase price represents a premium of 31.2 per cent over Taro's closing price on May 25, 2023, a 41.5 per cent premium over Taro's average closing price in the last 60 days and a compelling liquidity opportunity for Taro's shareholders, it added. Under the indicative proposal, post the acquisition, Taro will becom...
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Triveni Engineering & Industries Q4 net profit rises 74% to Rs 190 crore

Triveni Engineering & Industries Ltd's net profit has risen 74 per cent to Rs 190.31 crore in the fourth quarter of the last fiscal year. Its net profit stood at Rs 109.17 crore in the year-ago period, according to a regulatory filing. Total income rose to Rs 1,839.86 crore in the January-March quarter of 2022-23 from Rs 1,195.08 crore in the corresponding period of the preceding year. Triveni Engineering & Industries Ltd is into sugar as well as engineered-to-order high speed gears & gearboxes. It is also into water and wastewater management business. During the full 2022-23 fiscal, the net profit jumped to Rs 1,791.80 crore from Rs 424.06 crore in the previous year. Total income grew to Rs 6,390.51 crore in 2022-23 from Rs 4,716.23 crore in the previous year. from Companies https://ift.tt/OcGHVZI via IFTTT
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Ford EV owners to get access to Tesla Supercharger network next spring

All of Ford Motor Co's current and future electric vehicles will have access to about 12,000 Tesla Supercharger stations in the US and Canada starting next spring. Ford CEO Jim Farley and Tesla CEO Elon Musk announced the agreement Thursday during a Twitter Spaces audio chat. We think this is a huge move for our industry and for all electric customers, Farley said. Musk said he didn't want Tesla's network to be a walled garden and that he wants to use it to support sustainable transportation. It is our intent to do everything possible to support Ford and have Ford be on an equal footing at Tesla Superchargers, Musk said. Farley said there will be a cost to Ford owners, perhaps a monthly subscription, but he didn't give specifics. Details of any financial arrangement between Ford and Tesla were not announced. At first, Ford's current electric vehicles will need an adapter to hook into the Tesla stations, which have their own connector. But Ford will switch to Tesla...
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DGCI asks labs to priortise mandatory testing of cough syrup before exports

With India making testing of cough syrups before export mandatory from June 1, the Drugs Controller General of India (DCGI) has asked specified state laboratories to examine such samples from manufacturers on "top priority and issue the test report at the earliest". Cough syrup exporters will have to produce a certificate of analysis issued by a government laboratory before the product is exported, effective June 1, the Directorate General of Foreign Trade (DGFT) said in a notification on Monday. The move came amid instances of quality concerns being raised abroad on cough syrups exported by Indian firms. "The export of cough syrup shall be permitted to be exported subject to export samples being tested and production of a certificate of analysis issued by any of the laboratories..., with effect from June 1, 2023," the notification stated. On Wednesday, the country's top drug regulator, DCGI, wrote to state drug controllers of Gujarat, Karnataka, Kerala, Madhya ...
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Meta sells Giphy for $53mn to Shutterstock after UK blocked purchase

Shutterstock said Tuesday it's buying Giphy from Meta Platforms for $53 million, the final step to unwind the deal blocked by British regulators, who prevented the Facebook owner from purchasing the GIF-sharing platform over competition concerns. The stock image service said it's paying cash for Giphy, which has 1.7 billion daily users and partners including Facebook, Instagram, WhatsApp, TikTok and Twitter. Shutterstock said it signed a deal to give Meta continued access to New York-based Giphy's content across Meta's platforms. In a statement, CEO Paul Hennessy said the acquisition will help Shutterstock expand its audience reach beyond primarily professional marketing and advertising use cases and into casual conversations. The transaction, set to close in next month, could potentially leave Meta with a big loss. Meta purchased Giphy in 2020, in a deal reportedly worth $400 million. Britain's Competition and Markets Authority opened an antitrust investigation ove...
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Fortis Healthcare net profit rises 59% to Rs 138 cr in March quarter

Fortis Healthcare on Tuesday said its consolidated net profit increased 59 per cent to Rs 138 crore for the March quarter, on the back of strong performance in the hospital business. The healthcare major had reported a net profit of Rs 87 crore in the January-March quarter of 2021-22 fiscal. Total income rose to Rs 1,656 crore in the fourth quarter over Rs 1,384 crore in the fourth quarter of 2021-22 fiscal, Fortis Healthcare said in a statement. For the year ended March 31, 2023, the company's net profit declined to Rs 633 crore as against Rs 790 crore in 2021-22 fiscal. However, adjusted PAT (profit after tax) of the company stood at Rs 559 crore for the last fiscal as compared with Rs 475 crore in FY22, the company added. Fortis Healthcare Chairman Ravi Rajagopal said the hospital business continues to perform well across all financial and operating parameters. "We remain well-positioned for our next phase of growth comprising brownfield bed expansion in order to expand and...
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Dixon Technologies profit climbs 27.7% to Rs 80.62 cr in March quarter

Dixon Technologies (India) Ltd on Tuesday reported a 27.7 per cent rise in consolidated net profit at Rs 80.62 crore for the fourth quarter ended March 31, 2023. The company had posted a net profit of Rs 63.13 crore for the January-March period a year ago, the electronic manufacturing services firm said in a BSE filing. Its revenue from operations increased 3.81 per cent to Rs 3,065.45 crore as against Rs 2,952.75 crore in the year-ago period. Total expenses of Dixon Technologies were Rs 2,956.76 crore, up 3.10 per cent in Q4FY23. Dixon Technologies' total income in the March quarter was at Rs 3,067.27 crore. For the fiscal ended March 2023, Dixon Technologies net profit climbed 34 per cent to Rs 255.08 crore. It reported a net profit of Rs 190.33 crore in FY22. Its consolidated revenue from operations was Rs 12,192.01 crore in FY23, 14 per cent higher than the preceding fiscal. Its board, in a meeting held on Tuesday, recommended a final dividend Rs 3 per equity share of the fa ...
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SJVN Q4 profit grows over two fold to Rs 17 cr, boosted by higher income

State-owned SJVN's consolidated net profit jumped over two-fold to Rs 17.21 crore during the quarter ended March 31, boosted by higher income. It had clocked a net profit of Rs 7.49 crore in the January-March quarter of the preceding financial year (FY22), the company said in a regulatory filing on Monday. The company's total income rose to Rs 582.78 crore, from Rs 393.87 crore in the year-ago quarter, the hydropower producer said. The expenses of the company stood at Rs 328.98 crore, as against Rs 366.13 crore a year ago. The board of directors of the company has also approved a final dividend of Rs 0.62 per share of Rs 10 each for FY23. from Companies https://ift.tt/cKONC78 via IFTTT
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Muthoot Capital Services reports net profit at Rs 26 cr in Jan-Mar quarter

Non-bank lender Muthoot Capital Services has reported a profit of Rs 25.96 crore for the March quarter. The listed entity of Muthoot Pappachan Group had reported a loss of Rs 151.83 crore in the year-ago period. The total income grew 7 per cent to Rs 115.6 crore in the reporting quarter, as against Rs 109.16 crore in the year-ago period. For the full fiscal, the company reported a net profit of Rs 78 crore as against a loss of Rs 161 crore in FY22. The amount disbursed in FY23 increased 15 per cent to Rs 1,318 crore in the year ended 31st March 2023. The total assets under management reached Rs 2,102 crore as on March 31. Company has delivered improvement in all the key metrics, registered a robust growth in income as well as profitability, its managing director Thomas George Muthoot said. He said the net non-performing assets are below the industry average and the post-Covid book has performed well. Its chief executive Mathews Markose said FY23 was a year of consolidation for th fro...
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AAI back on profitable runway; reports Rs 3,400 profit in 2022-23 fiscal

Airports Authority of India (AAI) is back in the black, raking in a profit of Rs 3,400 crore in the fiscal ended March as surging domestic air traffic boosted its financial performance, according to a source. AAI has reported a profit for the first time after the coronavirus pandemic that had significantly impacted air traffic and the aviation sector as a whole. In the financial years -- 2021-22 and 2020-21 -- AAI had reported a loss. While the loss was Rs 803.72 crore in the fiscal ended March 2022, the same stood at Rs 3,176.12 crore in the financial year ended March 2021. These figures excluded exceptional and extraordinary items and tax. The source in the know told PTI that AAI has recorded a profit of Rs 3,400 crore for the 2022-23 financial year. This is a provisional figure and the final figure will be known after the audit of the financial results. The source also said the good performance was mainly due to the high growth in domestic air traffic. In 2022, domestic air from C...
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Six entities under lens for suspicious trading in Adani shares: SC panel

Six entities including four foreign portfolio investors (FPIs) are under lens for suspicious trading in Adani group shares prior to the release of the damning Hindenburg report, the Supreme Court-appointed expert committee has said. There was a build up of short positions in the Adani scips prior to the January 24 release of the Hindenburg report, and substantial profits were booked thereafter as stocks crashed, the 178-page report said. A "short" position is generally the sale of a stock one does not own. Investors who sell short believe the price of the stock will decrease in value. If the price drops, they can buy the stock at the lower price and make a profit. Hindenburg's report claimed that the Adani empire was the "biggest con in corporate history" engaged in a "brazen stock manipulation and accounting fraud scheme". Shares of Adani Group, which denied all allegations, likening the US investment firm's report to an attack on India, fell afte...
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Royal Enfield looking to roll out uniquely differentiated e-bikes: CEO

Royal Enfield is developing 'uniquely differentiated electric motorcycles' and has already started investing towards product development and creating a supplier ecosystem around its Chennai-based plant, according to CEO B Govindarajan. The company, which is part of Eicher Motors, has announced a capex of Rs 1,000 crore for the current fiscal with a focus on various aspects, including EV manufacturing and product development. Part of the capex would also go into the rolling out of new products from the company's existing internal combustion engine portfolio. "On the EV journey, we have been making steady progress. I can say Royal Enfield's EV journey is in the top gear now. Our intention is to create uniquely differentiated electric motorcycles with strong Royal Enfield DNA," Govindarajan said in an analyst call. The company has commissioned a very capable team and has started committing very deep investments in terms of product development, product strategy an...
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Walmart looking at sourcing toys, shoes, bicycles from Indian suppliers

US-based retail giant Walmart is looking to source toys, shoes and bicycles from Indian suppliers as the company is targeting to increase its exports from India to USD 10 billion annually by 2027. The company also wants to develop new suppliers in categories such as food, pharmaceuticals, consumables, health and wellness, and apparel and home textiles, a company spokesperson told PTI. Officials from the Bentonville-headquartered firm recently held a virtual meeting with several domestic toy manufacturers here. The company informed toy makers about their requirements and expected quality standards as it is directly engaging with the domestic toy makers for sourcing. Global retailers such as IKEA are already sourcing toys from India for their international operations. The move is significant and highlights India's growing strength in the toy industry, especially since India was a net importer of toys until a few years ago. Confirming the development, a company spokesperson said: .. ...
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Crompton Greaves Q4 profit falls 25.4% to Rs 131.5 cr, revenue from ops up

Crompton Greaves Consumer Electricals Ltd on Friday reported a decline of 25.48 per cent in its consolidated net profit at Rs 131.55 crore in the fourth quarter ended March 2023. The company had posted a net profit of Rs 176.55 crore in the January-March quarter a year ago, Crompton Greaves Consumer Electricals Ltd (CGCEL) said in a regulatory filing. Its revenue from operations increased 15.7 per cent to Rs 1,790.96 crore during the quarter under review against Rs 1,547.82 crore in the year-ago period. The total expenses in Q4 FY23 surged 21.8 per cent to Rs 1,637.30 from Rs 1,344.18 crore a year ago, the company said. CGCEL's total income in the March quarter was at Rs 1,807.73 crore, up 15.13 per cent. Commenting on the quarter results, CCGEL MD and CEO, Promeet Ghosh said: "We delivered well in Q4 with our calibrated approach towards BEE transition, roll out of new brand architecture for Pumps, portfolio strengthening in Appliances and focus on premiumisation across the bo...
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Business visit expenses by employer not covered in RBI's remittance scheme

The finance ministry on Thursday said expenses incurred by an employee on a business visit, when such expenses are borne by the employer, will not be covered under RBI's liberalised remittance scheme. A clarification to this effect was provided in a set of FAQs issued by the finance ministry on the LRS (Liberalised Remittance Scheme). "When an employee is being deputed by an entity for any of the above (business visit), and the expenses are borne by the latter, such expenses shall be treated as residual current account transactions outside LRS and may be permitted by the AD (authorised dealer) without any limit, subject to verifying the bona fide of the transaction," the ministry said. Under the LRS, an individual is permitted to remit overseas up to USD 2.5 lakh annually. Any remittance by an individual above this threshold would require RBI approval. The ministry on May 16 notified the Foreign Exchange Management (Current Account Transactions) (Amendment) Rules, 2023 to...
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Netflix, Ola, Uber not integrated with PIPOnet app, says NuRe Bharat CEO

3i Infotech-led consortium NuRe Bharat Network has not integrated Netflix, Ola, Uber or any other company with its PIPOnet app, a senior official of the company said. NuRe Bharat Network and RailTel on Monday unveiled PIPOnet mobile app with aims to provide all services, including e-ticketing, travel, stay reservations, and entertainment apps, for railway passengers. The company in its presentation had used the names of Netflix, Uber, Ola as partners on PIPOnet app. "Nure Bharat Network would like to clarify that Netflix, Ola, Uber and any other company names that have been used were only mentioned as part of an example to introduce the kind of integrated entertainment, travel and other facilities that PIPOnet will be providing. We have not yet onboarded or integrated with any other company as it cannot be done without a partnership agreement," NuRe Bharat Network, Chief Executive Officer, Sax Krishna said in a statement. NuRe Bharat has bagged exclusive rights to sell and mo...
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Airtel to complete 5G roll out in urban area this year, says official

Bharti Airtel expects to complete 5G rollout in urban areas and some key rural pockets this year and expects the investment in networks to hover around Rs 28,500 crore, a senior official of the company said on Wednesday. Bharti Airtel Managing Director Gopal Vittal during the company's earning call said that the company's decision to not bid for premium 700 megahertz band spectrum and go for non-standalone 5G network is leading to better coverage at lower cost. "We are already in 3,500 cities and towns out of around 7,000 cities. we will conclude urban coverage this year and some of the key rural pockets," Vittal said. He said that the company has stopped making capacity expansion in 4G network as the company is seeing traffic offload of up to 30 per cent in areas where 5G has been launched. "I think the quarter's capex of Rs 9,000 crore is little elevated, but if you take two full years, the capex is about Rs 28,500 crores for the full year. As I mentioned b...
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Vedant Fashions promoter plans to sell 7% stake for Rs 1,962 crore

Vedant Fashions Ltd (VFL), which owns the ethnic wear brand Manyavar, on Wednesday said one of its promoters plans to sell up to 7 per cent stake in the company for at least Rs 1,962 crore. Ravi Modi Family Trust, a promoter of VFL, proposes to sell up to 1.69 crore equity shares, which is 7 per cent of the total issued and paid-up equity share capital of the company, according to a regulatory filing. The floor price for the offer is Rs 1,161 per equity share. "The offer is being undertaken by the sellers, for achieving the minimum public shareholding of the company...," it said. Listed companies are required to have at least 25 per cent public shareholding. Currently, the promoters' holding in the company is 84.88 per cent. from Companies https://ift.tt/NqYvJiD via IFTTT
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Govt appoints Ravneet Kaur as CCI chairperson for next five years

The government has appointed Ravneet Kaur as the Chairperson of the Competition Commission of India (CCI), according to an official order. There has been no full-time Chairperson for the competition regulator since Ashok Kumar Gupta demitted office in October 2022. CCI Member Sangeeta Verma has been acting as the Chairperson since October last year. The appointment of Ravneet Kaur, a 1988 Punjab cadre IAS officer, will be for a period of five years from the date of assuming charge or till the date of attaining the age of 65 years or until further orders, whichever is the earliest, as per the order dated May 15. The Chairperson will get a consolidated salary of Rs 4,50,000 per month without house and car, it added. from Companies https://ift.tt/kDYrKyh via IFTTT
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e-con Systems raises Rs 100 crore from GR22 Holdings for overseas expansion

Embedded vision technology firm e-con Systems has secured Rs 100 crore investment from GR22 Holdings for expansion of business overseas, the company said on Monday. The company aims to consolidate its position as a world leader in embedded vision products and solutions and increase its revenue three-fold in the next four years to around Rs 800 crore (USD 100 million) and go for public listing, e-con Systems, Co-Founder & Vice President, Hari Shankkar said. "We have received equity investment of Rs 100 crore from GR22 Holdings. We have a presence overseas but with this funding we will be scaling up our offices in the US, Europe, Japan and South Korea," Shankkar said. He said the fund will be utilized for e-con System's growth plans, including investment in building facilities for imaging, autonomous mobile robots, autonomous shopping, and cellular and molecular imaging core laboratory. "We will hire local talents overseas. At present we have around 550 people and ...
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SpiceJet subsidiary SpiceXpress to get $100 mn investment from UK group

Budget carrier SpiceJet on Monday said its subsidiary SpiceXpress and Logistics will receive USD 100 million investment from a UK-based group. SpiceJet, which is facing financial headwinds and an insolvency plea by an aircraft lessor, had recently hived off SpiceXpress. Also, last week, the airline said it has no plans to file for insolvency and would invest USD 50 million to revive 25 grounded planes. The United Kingdom-based SRAM & MRAM Group will invest USD 100 million in SpiceXpress. Both sides have signed a Memorandum of Understanding (MoU) as part of the investment deal, the airline said in a release on Monday. The MoU also comes after a debt restructuring agreement between the carrier and aircraft lessor Carlyle Aviation Partner wherein the latter bought a stake in SpiceXpress at an anticipated future valuation of USD 1.5 billion (Rs 12,422 crore). SpiceJet Chairman and Managing Director Ajay Singh said the USD 100 million investment should help SpiceXpress to grow further ...
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Contract player VMI to sell directly via Skyball; invest Rs 100 cr in 3 yrs

Domestic electronics manufacturing services company Videomax International will sell home audio, smart accessories and consumer electronic products through its own brand Skyball. The company plans to invest Rs 100 crore in Skyball over a period of three years with a target to achieve a Rs 500 crore turnover within the same period. It has announced the launch of Skyball, a new-age Home Audio, smart accessories, and Consumer Electronics brand. Skyball will begin with home audio, TWS earbuds, and a foray into smartwatches by June. It will add other consumer electronic devices under its umbrella later, Skyball and VMI Group Chairman and Managing Director Sandeep Gupta said. "VMI has committed to invest Rs 100 crore in the next three years in Skyball's growth, with the aim of achieving a turnover of Rs 500 crore in the same period. Skyball is targeting a turnover of Rs 100 crore this year," Gupta said. VMI has been manufacturing LED TV, speakers, neckband, and power bank for s...
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JSW Infrastructure to invest Rs 152 cr to grow container capacity at NMPT

JSW Infrastructure will invest Rs 152 crore for the expansion of its container capacity at New Mangalore Port Trust, according to sources. In June 2022, the company commissioned its first container terminal at New Mangalore Port Trust (NMPT) in Karnataka, having a cargo capacity of 2.4 lakh twenty equipment units (TEU). On May 9, Sajjan Jindal-owned JSW Infrastructure filed the DRHP with capital markets regulator Sebi to raise up to Rs 2,800 crore through an initial public offering (IPO) to retire debt and support its expansion plans. "Out of Rs 2,800 crore, which the company plans to raise through the initial public offering (IPO), Rs 152 crore will be spent on container capacity expansion," the sources said. As per the plan, the capacity will be increased to 4 lakh TEUs. The modernisation efforts will be undertaken by JSW Infrastructure's subsidiary JSW Mangalore Container Terminal Private Limited (MTPL). A query sent to the company seeking a response remained unanswere...
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Pidilite expects better margin and volume-driven growth in FY24: MD Puri

Pidilite Industries is "cautiously optimist" and expects a better margin with a volume-driven growth in FY24, helped by a comeback of rural and semi-urban demand and increased activities in the real estate sector, said its Managing Director Bharat Puri. Leading adhesive, waterproofing solutions and construction chemicals company said now the inflation has come to a "manageable level" though it has not come back to pre-Covid levels. Besides, the company which recently announced foraying into the decorative paints segment, said it has a long-term perspective for it and would utilise its existing sales network. Pidilite is already present in the coatings business. When asked about FY24, Puri told PTI: "From a margin perspective, FY24 will definitely be better than FY23, barring any black swan events or something new happening in the world." Pidilite, which owns adhesives brands such as Fevicol, FeviKwik, M-Seal and Dr Fixit, has already consumed the raw mater...
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ONGC scraps bids for Daman gas field development over cost concerns

State-owned Oil and Natural Gas Corporation (ONGC) has cancelled the bids received for its Daman upside gas development project off the western coast due to high price quotes, sources said. The project is crucial to ONGC's strategy of ramping up gas production from its shallow-water fields off India's west coast. Once completed, the project would lead to nearly doubling of current gas production of 4-5 million standard cubic metres per day. Sources aware of the matter said the bids ONGC received for the project were way higher than the company's internal estimates and so the tender has been cancelled. The tender would now be divided into separate packages and rebid. Engineering and fabrication contractor Larsen & Toubro (L&T) emerged as the lowest bidder when the bids were opened in December last year. It quoted a cost of USD 663.77 million to build the infrastructure needed to ramp up production from the field that lies about 60 kilometers off the west coast. A con...
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Data Patterns actively pursuing new product development, says CMD

Data Patterns (India) Ltd was actively pursuing new product development aligning with sectoral opportunities, a top company official has said. The city based electronics solution provider in the defence and aerospace sectors, reported a profit after tax at Rs 55.34 crore for the quarter ending March 31, 2023. The company had registered a profit after tax at Rs 61.63 crore during the corresponding quarter of previous year. The total income during the quarter under review grew to Rs 188.90 crore from Rs 173.07 crore registered in the corresponding period of last year. Commenting on the financial performance, company chairman and managing director Srinivasagopalan Rangarajan said, "This year, we have achieved excellent results of 32 per cent year-on-year growth in PAT. Our order book of Rs 924 crore is healthy which is up 94 per cent year-on-year." "The company has also made significant investments on human capital and infrastructure during the last year," he said in a...
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Hero MotoCorp set to roll out record number of products this year: CEO

Hero MotoCorp is gearing up for highest ever model introductions this fiscal as it looks to consolidate market share especially in the premium bike segment, according to the company's CEO Niranjan Gupta. The country's largest two-wheeler maker plans to introduce new bikes, including the first product under the Hero MotoCorp-Harley Davidson tie-up, during the ongoing financial year. The company has leadership in the budget bike segment (100-110cc) and is looking to enhance presence in the 125 cc and also drive in models to bring in volumes and enhance profitability in the 160-cc and above space. "We'll have product launches every quarter of this fiscal year. Probably this fiscal, we'll see the maximum number of launches ever seen in the company's history," Gupta said in an analyst call. The company is bullish on growth prospects this year with plans to further enhance its market share across segments, he noted. "We are excited about the fiscal and expe...
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Voluntary insolvency by Go First a fraudulent exercise: SMBC to NCLAT

Initiation of insolvency by Go First was a "fraudulent exercise", alleged one of the aircraft lessors of the Wadia group firm SMBC Aviation Capital Ltd before the National Company Law Appellate Tribunal (NCLAT). SMBC Aviation Capital through its counsel Arun Kathpalia submitted that it has already terminated its lease with Go First before the moratorium and it now wants to repossess those aircraft through insolvency. "Go First has no rights over the planes, which it does not own," he said. Moreover, he also questioned the proceedings at the National Company Law Tribunal (NCLT), which completed its hearing over Go First's plea to voluntarily initiate insolvency proceedings against itself in one day only. Lessors opposing Go First's plea wanted to file a reply under Section 65 of IBC, which deals with fraudulent or malicious initiation of proceedings. However "Instead of giving an opportunity, we were denied," Kathpalia added. He further said prior t...
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State power utilities should monetise unused optic fibre infra: Assocham

Industry body Assocham has requested the government to direct state transmission utilities to take necessary steps to optimise the utilisation and monetisation of their spare optical ground wire capacity. A passive optical network or optical ground wire is a dual functioning cable. Besides transportation of power, these can be used for telecommunications purposes, Assocham said, adding that various state transmission utilities presently own and operate around one lakh km of such infrastructure with "ample spare optical ground wire (OPGW) capacity". In a letter to Power Minister R K Singh, Assocham said "there is a significant opportunity to monetise unutilised passive fibre infrastructure already built... by the various state transmission utilities (STUs)." The association, in its letter, has requested for directions to STUs to take the necessary steps to optimise the utilisation and monetisation of their spare optical ground wire capacity. Monetisation of existing ...
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Air India pilots get more time to accept revised compensation structure

Air India has given more time to pilots to accept the revised compensation structure, which has been opposed by two pilot unions, according to a source. The decision to provide more time to pilots who are yet to sign the new contracts also comes days after Air India organised a town hall meeting with many pilots to discuss their concerns. The source said the airline has given time till the end of this week for signing the new contracts apparently due to requests from people who had not earlier accepted the revised compensation structure. There was no comment from Air India on extending the deadline. Initially, the deadline for accepting the new contracts had ended on April 30. The move to extend the deadline also comes at a time when crisis-hit Go First has stopped flying and its future remains uncertain, a scenario that has also resulted in many of the budget carrier's pilots seeking job opportunities elsewhere. The source said that nearly 800 pilots who had not accepted the new ...
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CG Power and Industrial Solutions' Q4 profit after tax rises to Rs 428 cr

CG Power and Industrial Solutions on Monday said its consolidated profit after tax (PAT) rose multi-fold to Rs 428.22 crore in March quarter 2022-23 on account of increased income. It had reported a PAT of Rs 111.65 crore for the year-ago quarter, the company said in a BSE filing. Total income surged to Rs 1,917.05 crore from Rs 1,492.77 crore in January-March FY22. Total expenses rose to Rs 1,654.63 crore from Rs 1,358.03 crore a year ago. CG Power is an engineering conglomerate with diverse portfolio of products, solutions and services for power and industrial equipment and solutions. from Companies https://ift.tt/WBIVyts via IFTTT
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Canara Bank net profit up over 90% to Rs 3,175 cr in Jan-Mar quarter

State-owned Canara Bank on Monday reported a nearly doubling of net profit on standalone basis to Rs 3,174.74 crore for the quarter ended March 2023 on the back of higher interest income. The bank's profit in the January-March quarter of 2021-22 was Rs 1,666.22 crore. In a filing to stock exchanges, Canara Bank said there was a 90.63 per cent growth in the standalone profit after tax for the year ended March 31, 2023, at Rs 3,174.74 crore compared to Rs 1,666.22 crore in 2021-22. The net interest income (NII) for the quarter ended March 31, 2023 grew by 23.01 per cent. On a consolidated basis, the net profit rose to Rs 3,232.84 crore for the quarter ended March, up from Rs 1,969.04 crore in the corresponding period of previous fiscal. The lender also said for the year ended in March 2023, the standalone profit rose to Rs 10,603.76 crore, from Rs 5,678.42 crore. On a consolidated basis, profit for the year ended in March 2023, rose from Rs 5,795.10 crore to Rs 10,807.80 crore in . ...
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Will be compliant with the new data protection laws: Truecaller CEO

As Swedish caller identification app Truecaller touched 250 million active users milestone in India, CEO and co-founder Alan Mamedi believes there is still a lot of headroom for growth here, and does not anticipate any changes in how its "privacy-focused, permission-based system" works as new regulations come up in the country. Mamedi asserted that the company will be compliant with the upcoming data protection laws in India and "welcomes any and all actions in the mission to make communication safe and efficient". Mamedi, who was recently in India along with Truecaller's Chief Strategy Officer and co-founder Nami Zarringhalam, said the company appreciates Trai consultation on Caller Name Presentation (CNAP) and remains "very supportive of this and any future initiatives they have". The telecom regulatory authority of India (Trai) recently asked telecom companies to take immediate action to curb pesky calls and messages, initiating a slew of measures t...
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Co-working firm Smartworks leases 0.5 mn sq ft space in Gurugram, Noida

Co-working firm Smartworks has taken on lease 5.3 lakh square feet office space in Noida and Gurugram to cater to rising demand of flexible work space from corporates. Founded by Neetish Sarda and Harsh Binani, Smartworks provides managed office space to enterprises. It is present in 12 cities with a portfolio of around 80 lakh (8 million) square feet. The two new centres, located at Golf Course Road in Gurugram and Noida Sector 62, will be operational in June-July. With the addition of these two properties, Smartworks office space portfolio has crossed 10 lakh (one million) square feet in Delhi-NCR. The upcoming office space at Golf Course Road is spread over 2.3 lakh square feet, while 3 lakh square feet flexible space will come up in Noida, Sector 62. "While the hybrid work model continues, the major cities in India are seeing a steady rise in demand for physical office spaces as employees are more interested to return to office. We will continue to expand across major location...
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Godrej Properties aims to sell record Rs 14,000 cr in FY24: Pirojsha Godrej

Godrej Properties expects 14 per cent growth in sale bookings this fiscal to a record Rs 14,000 crore on strong housing demand, a top company official said. In an interview with PTI, Godrej Executive Chairman Pirojsha Godrej highlighted that the company's performance in 2022-23 was very strong on all important metrics like sale bookings, cash collections from customers, completion of projects and addition of new land parcels for future developments. He said the sale bookings rose 56 per cent last fiscal to an all-time high of Rs 12,232 crore and almost all were housing properties. Cash collections grew 41 per cent to Rs 8,991 crore last fiscal year, while project deliveries touched a record 10 million square feet, he said. Asked about the targets for current year 2023-24, Pirojsha said: "We have set a target of Rs 14,000 crore worth of sale bookings for now. We will hopefully do better than our annual sales guidance." The cash collection target has been set at Rs 10,000 c...
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Government may soon invite financial bids for selling 26% in BEML

The government may soon invite financial bids for strategic sale of defence PSU BEML after its non-core business got listed on the bourses last month. In January 2021, the government invited preliminary bids for selling 26 per cent stake in BEML along with the management control. It received multiple expressions of interest (EoIs) for the sale. Following that, in October last year, BEML demerged its non-core businesses into BEML Land Assets and listed the new company on the bourses on April 19, 2023. The listing of land and other non-core assets is complete. Now we will soon invite financial bids for the core assets, which is construction and defence related, an official told PTI. BEML is a diversified company supplying product, services and support to defence & aerospace, mining & construction, and rail & metro for clients within and outside India. The government currently holds 54.03 per cent stake in BEML, which is a public sector undertaking under the defence ... from...
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TVS Credit to focus on enhancing leveraging data, technology for experience

Non-banking finance company TVS Credit Services Ltd would emphasize on enhancing customer experience, leveraging data and technology, a top official has said. The company has reported 76 per cent rise in its net profit for the quarter ending March 31, 2023 at Rs 111 crore. For the year ending March 31, 2023 the net profit grew by 221 per cent to Rs 389 crore as compared to last year. "We are closing FY23 on a strong note, with significant growth witnessed in disbursements across the products." company CEO Ashish Sapra said. "With an expanding customer base of over one crore, our emphasis will remain on enhancing the customer experience, leveraging data and technology," he said. The company had registered total income for the quarter ending March 31, 2023 at Rs 1,236 crore while for the year it was at Rs 4,160 crore. Assets Under Management as of March 31,2023 was Rs 20,602 crore, registering a 48 per cent rise over last year. In a statement, TVS Credit said it conti...
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DCB Bank's net profit increases 25% to Rs 142 crore in March quarter

Private sector lender DCB Bank on Friday posted a 25 per cent increase in its net profit to Rs 142 crore in the quarter ended March 2023. The Mumbai-based lender had posted a net profit of Rs 113 crore in the year-ago period. Total income during the January-March quarter of FY23 rose to Rs 608 crore from Rs 495 crore in the same period of FY22, the bank said in a statement. The Gross NPAs as of March 31, 2023, were 3.19 per cent. Net NPA was at 1.04 per cent as of March 31, 2023. Both Gross NPA and Net NPA declined sequentially as well as in comparison to last year, DCB Bank said. For the full 2022-23 fiscal, the bank's net profit jumped by 62 per cent to Rs 466 crore compared to Rs 288 crore in 2021-22. from Companies https://ift.tt/Z3apR4v via IFTTT
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JK Bank records highest-ever net annual profit of Rs 1,197 crore in FY23

Jammu and Kashmir Bank has announced its highest-ever net annual profit of Rs 1,197 crore in the results for the financial year 2022-23. With a decade-high capital adequacy ratio of 15.39 per cent and NPAs at an eight-year low of 6.04 per cent, the bank also recorded its highest-ever quarterly profit of Rs 476 crore in the last quarter. "Jammu and Kashmir Bank has recorded Rs 1,197 crore as net profit for FY 2022-23 which is the highest ever annual profit," a bank spokesperson said. "The bank's gross and net NPA as percentages to gross and net advances improved considerably to 6.04 per cent and 1.62 per cent respectively, compared to 8.67 per cent and 2.49 per cent recorded last year." The growth of advances outpaced the increase in deposits. While advances grew by 17 per cent to 82,285 crore, deposits increased by around 6 per cent to Rs 1,22,038 crore. "It is a great feeling to deliver better-than-promised annual numbers. Looking back to March 2022 with t...
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IndiGo to begin flights to Singapore, Bangkok from Bhubaneswar next month

Low-cost carrier IndiGo on Wednesday announced it will commence flight services to Singapore and Bangkok from Bhubaneswar from June 3. These additional international routes will not only improve connectivity but also enhance accessibility for passengers flying to and from Bhubaneswar, IndiGo said in a statement. The Gurugram-based airline has already announced its plans to connect Bhubaneswar with Dubai from May 15. "These new connections to Bangkok and Singapore from Bhubaneswar will not only reduce travel time but also enhance global connectivity from the state," said Naveen Patnaik, Chief Minister of Odisha. The enhanced accessibility, Patnaik added, will increase trade and tourism, benefit the people of the state and help the government realise its goal of new Odisha. These new flights to Singapore and Bangkok will encourage tourism and trade in the city and the entire state, said Vinay Malhotra, Head Global Sales, IndiGo. from Companies https://ift.tt/sh3U2zX via IFTT...
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Airtel Payments Bank partners NPCI to roll out face authentication for AePS

Airtel Payments Bank on Tuesday said it has collaborated with the National Payments Corporation of India (NPCI) to roll out face authentication for the Aadhaar-enabled Payment System at its 5 lakh banking points. Airtel Payments Bank is among the first four banks to offer face authentication for AePS (Aadhaar-enabled Payment System). "We are delighted to collaborate with NPCI to offer this new facility to our valuable customers. Face authentication is an important addition to our existing bouquet of secure and simple banking solutions to drive financial and digital inclusion in the country," Airtel Payments Bank COO Ganesh Ananthanarayanan said in a statement. NPCI's AePS allows customers to carry out financial and non-financial transactions at any banking point using their Aadhaar number or virtual ID to access their Aadhaar-linked bank account. Until now, transactions were being authenticated using the customer's Aadhaar number and fingerprint or Iris match in the U...
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Adani Green Energy net profit up 4-fold to Rs 507 cr in March quarter

Adani Green Energy on Monday posted a four-fold rise in its consolidated net profit to Rs 507 crore in the March quarter compared to the year-ago period mainly on the back of higher revenues. The consolidated net profit of the company was Rs 121 crore in the quarter ended on March 31, 2022, a BSE filing stated. Total income of the company rose to Rs 2,988 crore in the quarter from Rs 1,587 crore in the same period a year ago. The consolidated net profit of the company also increased to Rs 973 crore in 2022-23 from Rs 489 crore in the previous financial year. Total income of the company rose to Rs 8,633 crore in the 2022-23 fiscal from Rs 5,548 crore the year ago. The company also announced that the designation of Vneet S. Jaain has been changed from Managing Director & Chief Executive Officer to Managing Director effective from May 11, 2023. The sale of energy has increased by 58 per cent YoY to 14,880 mn units in FY23 primarily backed by strong capacity addition, analytics from ...
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MakeMyTrip, Europamundo collaborates for intl' holiday packages in India

Digital travel firm MakeMyTrip on Monday said it has partnered with Europamundo, a leading global player in tourism and travel industry, for bringing the latter's international holiday packages in India online. With this partnership, over 600 new itineraries will be added to MakeMyTrip's existing catalogue of nearly 5,000 holiday package options, the company said in a statement. "The partnership further strengthens our portfolio and bolsters our capability to unlock global destinations in new combinations to cater to every traveller's preference," MakeMyTrip Business Head, Holidays & Experiences, Jasmeet Singh said. "We have been working closely and developing the market together over the years, and we have achieved this integration to offer an even more complete and personalised experience to customers," Europamundo CEO Alejandro de la Osa said. Holiday packages, as part of this partnership, are available starting from a price range of Rs 49,500 (ex...
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CSM Tech inks multi-mn dollar deal with Gabon govt for timber traceability

IT consulting company CSM Tech has signed a multi-million dollar contract with the West African nation of Gabon, a company statement said. The deal is for the implementation of a timber traceability solution and an electronic timber trade platform for the ministry of Economy and Recovery of the Government of Gabon. The agreement was signed by Nicole Jeanine LydieRobotyMbou, Minister of Economy and Recovery of Gabon and Priyadarshi Nanu Pany, Founder & CEO of CSM Tech last week, the statement said. The project was kicked-off recently by the Minister of Waters & Forests of the Government of Gabon, Professor Lee White. "We are delighted to bag this opportunity and develop this one-stop, seamless digital solution for the Gabon government. This traceability platform will set new benchmarks in the transparent and sustainable timber trade. It will open up access to global markets for Gabon's finished wood products," said Priyadarshi Nanu Pany. He said it will also ease t...
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