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Equitas Small Finance Bank Q3 results: Net profit jumps 18% to Rs 202 cr

Chennai-based Equitas Small Finance Bank on Thursday reported a healthy set of numbers with net income rising over 18 per cent to Rs 202 crore in the three months ended December 2023, helped by better asset quality. It had a net profit of Rs 170 crore in the year ago period. Gross advances rose 32 per cent to Rs 32,776 crore in the third quarter of the current fiscal, according to a statement. The net interest margin stood at 8.37 per cent while the net interest income grew 21 per cent in the latest December quarter. The bank's asset quality improved massively, with gross bad loans falling to 2.38 per cent of the total advances from 3.46 per cent in the year-ago period. from Companies https://ift.tt/gX7VuS2 via IFTTT
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Four companies get Sebi's approval to raise funds by launching IPOs

Entero Healthcare Solutions, JNK India, Exicom Tele-Systems and Akme Fintrade (India) have received markets regulator Sebi's approval to raise funds through initial public offerings. However, the Securities and Exchange Board of India has returned the IPO papers of Stallion India Fluorochemicals. As per the processing status of draft offer documents till January 19, the watchdog has approved the initial public offering (IPO) of the four companies. These four firms, which had filed their preliminary papers with the markets watchdog between June and October, obtained observation letters on January 16-19, an update with the Securities and Exchange Board of India (Sebi) showed on Thursday. In Sebi's parlance, obtaining observation letters means its go-ahead to launch an IPO. Going by the draft papers of Entero Healthcare Solutions, the IPO comprises a fresh issue of equity shares worth up to Rs 1,000 crore and an Offer For Sale (OFS) component of up to 85.57 lakh equity shares. Tho...
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Not hiked fee, no plans for significant increase in near term: Swiggy

On-demand convenience platform Swiggy on Wednesday said it has not hiked its platform fee and no plans for a significant increase in the near term. The company, which currently charges Rs 5 as a platform fee to customers, clarified it had 'teased' to a "very small set of users" of Rs 10 as an experiment but was never implemented. "Swiggy has not changed its platform fee, and has no plans for a significant increase in the near term," a Swiggy Spokesperson said in a response to a query on the report of the company hiking its platform fee. Further, the spokesperson said, "We're always running small experiments to better understand the consumer's choices. This was one such experiment, and we may or may not scale it up in the future if it doesn't meet our goal of serving our users in the best way possible." Swiggy is always looking for ways to make its platform more affordable, and the latest offering, Pockethero, is another example of that,...
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Tata Motors to hike passenger vehicle prices, including EVs, from Feb 1

Tata Motors on Sunday said it will increase prices of its entire passenger vehicle range, including EVs, by an average of 0.7 per cent with effect from next month. This increase will be effective February 1, 2024, and is being taken to partially offset the rise in input cost, Tata Motors said in a statement. The company sells a range of passenger vehicles including Punch, Nexon and Harrier. from Companies https://ift.tt/Qoftdn4 via IFTTT
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Kent RO Systems to enter US market, targets Rs 2,000 cr turnover in 3 yrs

Home-grown water purifier maker Kent RO System aims to enter the US market next fiscal and expand its appliances portfolio as it targets a Rs 2,000 crore turnover in the next three years, its Chairman & Managing Director Mahesh Gupta said. Besides, Kent RO Systems, which has invested Rs 500 crore on expansion in the last three years, has plans to invest Rs 300 crore more to set up a new fan manufacturing unit at Yamuna Expressway in Uttar Pradesh, he said. The company, earlier known for water purifiers, is diversifying its portfolio and enhancing its presence in the appliances segment, especially small kitchen appliances. Gupta expects new categories to contribute half of the revenue in coming years. Over its foray into the US market, Gupta said Kent RO System has entered into a brand licensing agreement with Black & Decker. As part of that, it will manufacture and ship its range of water purifiers under the brand name of the Maryland US-based manufacturer. "We will be goi...
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Refurbishment work of runway 28/10 complete at Delhi airport, says DIAL

Delhi airport operator DIAL on Saturday said it has completed the refurbishment work of the runway 28/10. The final work on the technical integration of the runway RWY 10/28, also known as the second runway, is underway and will be completed very soon, according to a release. In recent weeks, there has been a significant impact on flight operations due to low visibility conditions because of fog. Against this backdrop, there were also concerns expressed about RWY 10/28 being non-operational. After the refurbishment, the runway was scheduled to be operational on January 19, but due to some "unforeseen technical issues" system integration could not be completed. "It is expected to be completed in 8 to 10 days. DIAL is working diligently with its partner Honeywell to complete the process soon," the release said. DIAL also said the newly constructed fourth runway of the airport will be CAT III compliant on January 26. CAT III pertains to flight operations in low visibil...
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Govt to sell 3.5% stake in NHPC at Rs 66 a share beginning Thursday

The government on Wednesday said it will sell a 3.5 per cent stake in power producer NHPC at a floor price of Rs 66 a share, which will garner Rs 2,300 crore to the exchequer. "Offer for sale in NHPC opens tomorrow for non-retail investors. Retail investors can bid on Friday. The government will divest 3.5 per cent equity, including Greenshoe option of 1 per cent," the Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on X. As part of the OFS, the government will sell over 25 crore equity shares in NHPC, with a greenshoe option to sell 10 crore more. The floor price of Rs 66 a share is at a discount of 9.66 per cent over Wednesday's closing price of NHPC shares. At the floor price, the OFS would fetch about Rs 2,300 crore to the exchequer. Shares of NHPC closed at Rs 73.06 apiece, up 0.90 per cent on the BSE. from Companies https://ift.tt/O8CTeoQ via IFTTT
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ICICI Prudential Life Q3 results: Net profit flat at Rs 227 crore

ICICI Prudential Life Insurance on Wednesday reported a flat net profit of Rs 227 crore for the third quarter ended December 2023. The company had posted a profit of Rs 221 crore in the same quarter a year ago. During the third quarter of this fiscal the net premium income increased to Rs 9,929 crore, as against Rs 9,465 crore in the same period a year ago, ICICI Prudential Life said in a regulatory filing. The assets under management of the company increased to Rs 2,86,676 crore as against Rs 2,51,884 crore at the end of third quarter of previous fiscal, it said. The company's net worth was Rs 11,075 crore on December 31, 2023 while the solvency ratio was 196.5 per cent against the regulatory requirement of 150 per cent. from Companies https://ift.tt/NmbaO6J via IFTTT
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Inox Air Products signs $3 billion MoU with Maha for green ammonia plant

Inox Air Products on Tuesday said it has signed an MoU with the Maharashtra government here for setting up the state's first Green Ammonia Plant with a capacity of 500,000 MTPA and a planned outlay of USD 3 billion. The project is aimed to be commissioned in a 3-5 years timeline, the company said in a statement. The plant would produce Liquid Ammonia, which would be a climate-neutral Hydrogen carrier. The MoU was signed here at the Maharashtra pavilion which the state has set up to promote Maharashtra as an investment decision at the World Economic Forum Annual Meeting. Those present included Maharashtra Chief Minister Eknath Shinde, Industries Minister Uday Samant, Principal Secretary, Industries and Mining Harshdeep Kamble, and Siddharth Jain, Promoter and Director, INOX Group. from Companies https://ift.tt/4m3dNVW via IFTTT
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Matter of joy and pride, says Gujarat CM as state tops Startup Ranking 2022

Gujarat Chief Minister Bhupendra Patel on Tuesday said it was a matter of joy and pride as the state was ranked number one for the fourth consecutive time in the State Startup Ranking 2022 announced by the Union Ministry of Commerce and Industry on Tuesday. The results were announced by Union Minister of Commerce and Industry Piyush Goyal at the Startup Awards & State Ranking Awards function in New Delhi wherein Gujarat was ranked top in the best performing state category for states with more than one crore population. "It is a matter of joy and pride for all of us that Gujarat has been declared the best performing state in the State Startup Ranking 2022 for creating a strong ecosystem in the state. This ranking has been given by evaluating the states on various yardsticks including funding support, mentor support, capacity building, and market access to startups," the chief minister said in his post on X. Gujarat is committed to contribute more towards realising the Star...
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Panasonic Electric eyes 50% share in India's wiring devices mkt by 2030

Panasonic Electric Works India (PEWIN) -- a subsidiary of Panasonic Life Solutions -- aims to capture 50 per cent market share of India's wiring devices market by 2030, a top company official said. "Over the next five years, our focus in India will be on significantly expanding our market share," Toshinobu Kawasaki, Joint Managing Director, Panasonic Electric Works India, told PTI. "Specifically, by 2030, we aim to capture a 50 per cent market share in the wiring device business," he said. "We are also targeting substantial growth in our core business areas, such as switchgear and lighting. This ambitious plan reflects our commitment to strengthening our position in the market and continuing to deliver quality and innovation in these key segments," Kawasaki said. Wiring devices include products such as switches, plugs, lighting control devices, time switches, and provide connection points for outlets, lighting, and appliances to save energy and manage ...
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Reliance Industries seeks minimum of $10 to produce gas from coal seams

Reliance Industries Ltd is seeking a minimum USD 10 rate for the gas it plans to produce from coal seams, as it altered its pricing formula to reflect the changed energy scenario. Reliance has sought bids from users for 0.90 million standard cubic meters per day of gas it will produce from coal-bed methane (CBM) block SP (West)_CBM-2001/1 in Madhya Pradesh, according to a tender floated by the company. Users have been asked to quote a premium they are willing to pay over and above 12.67 per cent of the Dated Brent crude oil price. Gas price shall be higher than 12.67 per cent of Dated Brent plus premium 'V'; or the government-declared monthly price for conventional gas. The government-mandated price for January is USD 7.82 per mmBtu. Reliance has set the starting bid price of 'V' at USD 0.50 per million British thermal units - bidders have to quote 'V' higher than USD 0.50. At the current Brent crude oil price of USD 78 per barrel, the minimum gas price comes to...
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NTPC Green Energy signs 2 pacts for green hydrogen projects in Gujarat

NTPC Green Energy Ltd (NGEL) on Friday announced the signing of two initial pacts for the development of green hydrogen projects in Gujarat. The NTPC's arm signed the Memoranda of Understandings (MoUs) with Gujarat State Petroleum Corporation Ltd (GSPC) and Gujarat Pipavav Port Ltd (GPPL) These pacts were signed at the Vibrant Gujarat Summit in Gandhinagar. In a statement, NTPC said the pact with GSPC is for the blending of green hydrogen in the gas networks of GSPC and green hydrogen mobility by setting up of green hydrogen fuelling stations in Gujarat. The MoU with GPPL aims to develop green hydrogen ecosystem, including production of Green Ammonia at the land provided by GPPL for export and domestic market, according to the statement. NGEL is a wholly-owned subsidiary of NTPC with an operational capacity of over 3.4 GW and 26 GW in pipeline, including 7 GW under implementation. from Companies https://ift.tt/T9fwk58 via IFTTT
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Micron Technology CEO Sanjay Mehrotra meets T'gana CM Revanth Reddy

The president and CEO of Micron Technology Sanjay Mehrotra paid a courtesy call on Telangana Chief Minister A Revanth Reddy here on Thursday and discussed about investment prospects in the state. The CEO of Micron, a leading semiconductor company, expressed happiness that Telangana is developed as a favourite investment destination, an official release said. "Sanjay Mehrotra discussed investment prospects in Telangana with Revanth Reddy," it said. The chief minister assured Mehrotra the government will extend all facilities and cooperation to the company to invest and establish manufacturing units. Reddy hoped industrialists will come forward to establish units and promote skill development, ensure employment generation and help the state's economic growth, it said. from Companies https://ift.tt/8RL2wTl via IFTTT
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Moody's downgrades senior unsecured bonds issues by Vedanta Resources

Ratings agency Moody's Investors Service on Tuesday said it has downgraded its rating on the senior unsecured bonds issued by Vedanta Resources to Ca from Caa3. The rating for the Corporate Family Rating (CFR) of Vedanta Resources was also downgraded to Caa3 from Caa2, Moody's said. "We view the debt restructuring as default avoidance and assess that the creditors have incurred an economic loss with respect to the original promise. We consider the transaction to be a distressed exchange under our criteria, which underpins our downgrade of VRL's ratings," Moody's Senior Vice President Kaustubh Chaubal said. Last week, Vedanta Resources, the UK-headquartered parent company of Vedanta group, received bondholders' approval to restructure four series of bonds. "Proforma the debt restructuring, holdco VRL's near-term liquidity will improve only slightly and its refinancing wall will start building up as it approaches its next bond maturity in April 2026...
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Airtel gets notice from DoT for violation of subscriber verification norms

Bharti Airtel on Monday said it has received a notice from the telecom department for an alleged violation of subscriber verification norms, entailing a penalty of Rs 3.57 lakh. In a BSE filing, the telecom operator informed that the notice pertains to Bihar LSA and was received on January 8, 2024. "We submit the details of notice received by the company from the Department of Telecommunications," Airtel said, informing about the "notice imposing a penalty of Rs 3,57,000 for alleged violation of subscriber verification norms". Citing details, the company said it pertained to an alleged violation of terms and conditions with respect to subscriber verification norms under the Licence Agreement, pursuant to a sample customer application form (CAF) audit conducted by the Department of Telecom for September 2023. from Companies https://ift.tt/JtPskDl via IFTTT
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Nalco bets on allotted coal blocks, alumina refinery for expansion

State-owned NALCO on Monday said the ongoing expansion of refinery and plans for upcoming expansion of smelter have been propelled with operationalisation of allotted coal blocks and clearances for Pottangi bauxite mine. Backward integration and securitisation of energy and bauxite has increased the business span of the National Aluminium Company Ltd (NALCO) for the next 30 years, its Chairman and Managing Director Sridhar Patra said. He was speaking at the company's 44th Foundation Day. "The strenuous efforts of the last 43 years and constant pursuit towards exhibiting excellence in almost all domains of business has succeeded in creating a formidable business enterprise like NALCO and the company has always striven to do better than the previous set benchmarks. "The past three years has witnessed significant achievements and have brought new laurels to the company," Patra said. NALCO has been operating its captive Panchpatmali bauxite mines for the pit-head alumina...
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Adani Group commits Rs 42,700 cr investment in Tamil Nadu across sectors

Diversified conglomerate Adani Group has committed investments to the tune of Rs 42,700 crore in Tamil Nadu across various sectors on the second day of the Global Investors Meet 2024 held here on Monday. At the valedicatory session of the event organised by the ruling DMK government, memorandum of understandings between the Adani Group and the state government were signed in the presence of Chief Minister M K Stalin, Minister for Industries TRB Rajaa, Adani Ports and Special Economic Zone, Managing Director, Karan Adani. The investments by Adani Group is one of the big ticket projects bagged by the state government. The biggest investment of Rs 24,500 crore (of the total Rs 42,700 crore) would be made by Adani Green Energy Ltd in three pump storage projects in the next five to seven years, Adani Group said in a company statement. Besides, Adani ConneX, the hyperscale data centre provider of the Group, would pump in Rs 13,200 crore for setting up a data centre while Ambuja Cements ( f...
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Reliance Industries committed to make new investments in TN: Mukesh Ambani

Reliance Industries has committed to make new investments in Tamil Nadu in the renewable energy space, said its Chairman and Managing Director, Mukesh D Ambani on Sunday. Reliance Industries would also inaugurate its state-of-the-art data centre that has been set up in partnership with Canada-based Brookfield Asset Management and US-based Digital Reality. In his virtual address at the inaugural function of the Global Investors Meet 2024 organised by the Tamil Nadu government, Ambani said, Reliance has proudly partnered in Tamil Nadu's growth over the years. Listing the company's investments in the state, he said, We have opened nearly 1,300 retail stores across the state at an investment of over Rs 25,000 crore. Jio has invested over Rs 35,000 crore in Tamil Nadu, bringing the fruits of digital revolution to 35 million subscribers in every town and village in the state." The video message was played in the presence of Union Commerce Minister Piyush Goyal, Chief Minister M ...
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Qualcomm expands presence in Chennai with proposed investment of Rs 177 cr

Chip designer Qualcomm on Sunday announced an expansion in Chennai with a new design centre that entails a proposed investment of Rs 177.27 crore and job creation for up to 1,600 skilled professionals. The new centre will specialise in wireless connectivity solutions, with a focus on innovations that complement Wi-Fi technologies. It will also actively contribute to Qualcomm's global Research and Development endeavours in 5G cellular technology, affirming the company's commitment to be at the forefront of the wireless communications industry, according to a release. The new design centre is expected to generate jobs for up to 1,600 skilled professionals, contributing to the growth and development of Chennai's vibrant workforce, it said. "At the Tamil Nadu Global Investors Meet in Chennai today, Qualcomm Incorporated announced a significant expansion in Chennai with a new facility for their Design Centre, representing a proposed investment of Rs 177.27 crore," the ...
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Rise in auto loan interest rates could impact PV sales: Maruti Suzuki

Passenger vehicle sales in India could be weighed down by increase in interest rates for auto loans, if there is no reduction in repo rates going forward as the industry gears up for a single-digit growth this year, according to Maruti Suzuki India Senior Executive Officer (Marketing and Sales) Shashank Srivastava. With a high base of record 41.08 lakh units in 2023, passenger vehicle (PV) sales this year could grow in single digit with the overall economic growth of the country being a positive factor, he said. "The auto industry growth is largely dependent on the growth in the overall economy, the GDP per capita growth that's projected 6-6.5 per cent. There's a very high correlation between the two... so that is a positive side," Srivastava told PTI. However, he said, "We have reached a very high level of base, and on that base a continuous high growth may be a little difficult. We saw in 2021 the growth to be almost 27 per cent, in 2022 it was 23 per cent. In ...
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Dr Reddy's recalls 8,000 bottles of generic drug in US over packaging error

Dr Reddy's Laboratories is recalling over 8,000 bottles of a generic medication used to prevent rejection of a transplanted organ from the US market due to a packaging error, according to the US Food & Drug Administration. The Hyderabad-based drug major is recalling 8,280 bottles of Tacrolimus capsules from the US market for "presence of foreign tablets/capsules" in the affected lot. One 0.5 mg Tacrolimus capsule was found in a bottle of 1 mg Tacrolimus capsules, the USFDA stated in its latest Enforcement Report. The affected lot was produced at Dr Reddy's Bachupally-based plant near Hyderabad. New Jersey-based Dr Reddy's Laboratories, Inc has initiated the nationwide (US) Class II recall on December 15, 2023. As per the USFDA, a Class II recall is initiated in a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences i...
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Modi Group plans Rs 6,000 crore investment in the next five years

Modi Group, formerly known as BK Modi Group, is planning to invest Rs 6,000 crore in the next five years in two real estate projects, its founder Bhupendra Modi said on Friday. Modi Group will invest Rs 4,000 crore to develop a health city in Saket, Delhi, he said. Besides, the group has also committed to invest Rs 2,000 crore in city development projects at Modipur in Rampur District of Uttar Pradesh. "In the Saket project, it would be a city and hospital and other projects, and at Modipur, we would have city development, where we would build an entire city. Then we have some more place to invest in," Modi said on the sidelines of an event. The group is also investing Rs 2,000 crore outside the country, Modi said, declining to share any information about that. "This would be a total of Rs 8,000 crore, which is around USD one billion," he said, adding that the group has also a presence and business interests outside India. When asked about the funding, he said it wo...
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Macrotech Developers reports 12% rise in sale bookings to Rs 3,410 cr in Q3

Realty firm Macrotech Developers on Friday reported 12 per cent increase in its sale bookings to Rs 3,410 crore for December quarter of this fiscal year on better demand for its residential properties. Sale bookings of Macrotech Developers, which markets its properties under Lodha brand, stood at Rs 3,040 crore in the year-ago period. In a regulatory filing, Macrotech Developers informed that the company has achieved its best ever third quarter pre-sales performance. MD & CEO Abhishek Lodha said, "It is heartening to witness the housing cycle taking shape with each passing quarter. Consumer's desire to own a quality home early in their life journey and upgrade their lifestyle, continues to strengthen." On the back of steady rise in income levels and ample job creation, this desire is translating into robust demand for high quality homes, he added. Lodha said this fundamental driver of demand has enabled the company to deliver its best ever Q3 pre-sales performance at ...
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Space startups report success of in-orbit experiments onboard Isro's POEM

Indian space startups Dhurva Space and Bellatrix Aerospace have successfully tested their P30 Satellite Platform and high performance green propulsion systems respectively onboard ISRO's POEM initiative. Hyderabad-based Dhruva Space, in a statement, said the successful testing of 'Launching Expeditions for Aspiring Payloads - Technology Demonstrator' (LEAP-TD) will help embark on its satellite mission. The statement said Dhruva Space has validated the P-30 platform and its various subsystems in-orbit and the results were confirmed by reception of telemetry and beacon data at the ground station of the Thiruvananthapuram-based Indian Institute of Space Science and Technology (IIST). "These subsystems include On-Board Computer, Ultra High Frequency (UHF) TT&C Module, Beacon in UHF, Attitude Control System with a Reaction Wheel from Comat, and Power Distribution Board," the Dhruva Space statement read. ISRO's PSLV Orbital Experimental Module (POEM) enables in-...
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Maruti Suzuki production falls 2.96% at 1,21,028 units in Dec 2023

Maruti Suzuki India on Tuesday reported a 2.96 per cent decline in total vehicle production at 1,21,028 units in December 2023. The company had produced 1,24,722 units in December 2022, Maruti Suzuki India said in a regulatory filing. Total passenger vehicle production last month stood at 1,19,518 units as against 1,24,135 units in December 2022, down 3.72 per cent, it added. Production of light commercial vehicle Super Carry was, however, higher at 1,510 units as compared to 587 units in the year-ago month. Maruti Suzuki India Senior Executive Officer (Marketing and Sales) Shashank Srivastava had on Monday stated that the company had cut down on production in December to reduce stocks at dealerships ahead of the year-end. from Companies https://ift.tt/D2of9q7 via IFTTT
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Bharti Airtel Services set to acquire 97.1% stake in Beetel Teletech

Bharti Airtel Services, a wholly-owned subsidiary of Bharti Airtel, has entered into an agreement for the acquisition of 49.45 lakh shares or 97.1 per cent stake in Beetel Teletech, another Bharti Group company, according to a filing. Pegging the cost of acquisition at Rs 669 crore, the filing said this acquisition is a part of the company's strategy to enable indigenisation initiatives within its own ecosystem of telecom products in line with the Government's policy of Make In India' and add distribution and service capabilities (including system integration) largely for the enterprise business. "...as a part of group restructuring, Bharti Airtel Services Limited, a wholly-owned subsidiary company of Bharti Airtel Limited has entered into an agreement for acquisition of 49,45,239 equity shares representing 97.1 per cent stake in another Bharti Group company, Beetel Teletech Limited, which also has 49 per cent stake in Joint Venture having two manufacturing facilities ...
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