Business conglomerate Godrej Industries Ltd on Tuesday reported an 81 per cent increase in consolidated net profit at Rs 322.49 crore for the April-June quarter of 2024, on higher income.
Its net profit stood at Rs 178.06 crore in the year-ago period.
Total income increased to Rs 5,259.41 crore in the April-June period of 2024-25 fiscal, from Rs 4,893.40 crore in the corresponding period of the previous year, according to a regulatory filing.
Godrej Industries has presence in chemicals, estate management (real estate), finance & investments.
On business performance of its subsidiaries, joint ventures and associate companies, Godrej Industries said the consolidated sales of Godrej Consumer Products Ltd (GCPL) stood at Rs 3,311 crore in the first quarter of this fiscal.
Godrej Properties' total Income grew to Rs 1,638 crore in April-June period of this fiscal, from Rs 1,315 crore in the year-ago period.
Godrej Agrovet's total income declined to Rs 2,360 crore in the period under ..

Godrej Industries has presence in chemicals, estate management (real estate), finance & investments

Patel Engineering Ltd on Tuesday reported a 25.81 per cent rise in its consolidated net profit to Rs 48.17 crore in the April-June quarter of 2024.
It had posted a Rs 38.29 crore net profit from operations during the year-ago period, the company said in an exchange filing.
The company's revenue from operations declined by 1.52 per cent to Rs 1,101.66 crore in the June quarter.
It was at Rs 1,118.61 crore in the year-ago period.
Patel Engineering's Managing Director Kavita Shirvaikar said, "Our focus remains on delivering long-term value for our stakeholders while continuously enhancing operational efficiency and output."
"With this strong foundation in place, we are poised to build a brighter future for Patel Engineering Limited and creating lasting value for India's infrastructure development," she added.
The Mumbai-based engineering, procurement, and construction firm has a strong presence in tunnels and underground works for hydroelectric and dam projects.

It had posted a Rs 38.29 crore net profit from operations during the year-ago period, the company said in an exchange filing

Nykaa Q1FY25 results: Ebitda surged over 30% Rs 96 crore in April-June quarter compared to Rs 73 crore last year

The National Company Law Appellate Tribunal has declined to lift the stay on the NCLT order, barring amendment of the Articles of Association of Aakash Educational Services, a subsidiary of the debt-ridden edtech major Byju.
Disposing the petitions moved by Manipal Health Systems and Aakash Educational Services, the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) on Friday asked them to file applications before the National Company Law Tribunal for vacating the order passed on November 20, 2024.
A two-member bench granted them a week to file it and also directed the National Company Law Tribunal (NCLT) to decide it within three weeks thereafter.
Moreover, the status quo would continue as directed by the Supreme Court in this matter, a 14-page-long NCLAT order said.
An extraordinary general meeting (EGM) of Aakash Educational Services was scheduled to be held on November 20 to consider and approve alteration in the AoA, which was objected to by the minority ...

Byju’s’-owned test-prep subsidiary Aakash Educational Services Limited’s (AESL)

Byju's'-owned test-prep subsidiary Aakash Educational Services Limited's (AESL)

The Apex Court had directed Akash to approach the NCLAT within seven days and said that the stay on implementing the EGM resolution over alteration in the AoA will remain in effect

Impacted by an increase in soap prices and unseasonal rainfall slowing down sales of the home insecticides (HI) segment, Godrej Consumer Products expects a "flattish" underlying volume growth and a mid-single-digit sales growth in the domestic market in the December quarter.
Both segments jointly contribute to two-thirds of GCPL's standalone revenue -- mainly income from operations from the domestic market.
However, the rest of the portfolio is demonstrating good performance and is expected to deliver double-digit underlying volume growth, Godrej Consumer Products Ltd (GCPL) said in an update on business conditions and quarterly performance to the exchanges.
"The demand conditions in India have been subdued for the past few months which is evident in the FMCG market growth," it said.
A surge in palm oil and derivatives prices to the extent of a year-on-year increase of 20-30 per cent has impacted the soaps category, representing one-third of GCPL's standalone business revenue.
"To

Godrej Consumer

A surge in palm oil and derivatives prices to the extent of a year-on-year increase of 20-30 per cent has impacted the soaps category

Mahindra says it would rebrand the name of its upcoming electric SUV "BE 6e" as "BE 6" to avoid unnecessary distractions

Mahindra & Mahindra

Leading cement maker UltraTech Cement has received a notice from the fair trade regulator CCI over its proposed acquisition of the South-based India Cements Ltd.
UltraTech Cement, in a regulatory filing, said it has received notice from the Competition Commission of India (CCI), and the Aditya Birla group flagship firm is confident in the merits of its case.
"The Company has received a communication from the Competition Commission of India under Section 29 (1) of the Competition Act, 2002, regarding the proposed acquisition of The India Cements Ltd. The Company will be responding to the same," said UltraTech.
The southern market for grey cement, where India Cements primarily operates, is highly competitive and fragmented, with the presence of over 35 grey cement manufacturers.
"We are confident of the merits of our case," the Aditya Birla Group firm said.
Under the CCI Act, where the fair trade regulator is of the opinion that a combination is "likely to cause, or has caused an ..

UltraTech

The southern market for grey cement, where India Cements primarily operates, is highly competitive and fragmented, with the presence of over 35 grey cement manufacturers

Micro and SME lender Annapurna Finance has raised USD 109.5 million (around Rs 927 crore) through a multilateral syndicated social loan facility under the external commercial borrowing framework, a statement said on Saturday.
The funds have been raised from 10 known financial institutions from Southeast Asia, the Middle East, and Africa, the Odisha-based SME lender said in the statement.
The facility involves a green-show option to raise an additional USD 40 million (around Rs 338 crore), it added.
The funds will be used for on-lending to microfinance borrowers with a focus on rural women and underserved populations, the company said.
The initiative aims to expand access to financial services, enhance economic participation, and contribute to development in underbanked regions of India.
Standard Chartered Bank (SCB) arranged the loan facility.
Annapurna Finance, an NBFC-MFI, serves over 2.9 million borrowers across 21 states through over 1,500 branches in 424 districts.

Equity Mutual Fund

The funds have been raised from 10 known financial institutions from Southeast Asia, the Middle East, and Africa

The transaction is expected to close this month subject to approvals. The sale is expected to strengthen the parent company's cash reserves

Paytm

Fintech firm and owner of Paytm brand One97 Communications' Singapore-based arm has approved the sale of its Stock Acquisition Rights in Japan's PayPay to Softbank Vision Fund 2 for Rs 2,364 crore, the company said in a regulatory filing on Saturday.
Paytm and Paytm Singapore had signed an agreement with the Japanese digital wallet firm, Softbank Corp, Softbank Group Corp and Yahoo Japan Corporation to provide technology services to PayPay.
In lieu of the services, Paytm Singapore had acquired Stock Acquisition Rights, convertible into 1,59,012 shares or a 7.2 per cent stake in PayPay on a fully diluted basis.
"One97 Communications Singapore Private Limited has informed the company on December 06, 2024, at 12:49 pm (IST), that its Board of Directors at its meeting held on December 06, 2024, has approved the sale of all its Stock Acquisition Rights in PayPay Corporation, Japan, to SoftBank Vision Fund 2 entity for net proceeds of JPY 41.9 billion (equivalent to Rs 2,364 crore)," the 

Paytm said that the transaction is expected to be completed in December 2024

Moreover, UP has planned to develop India's first artificial intelligence city in Lucknow, and set up an exclusive fund for the emerging technology to boost the AI ecosystem and foster AI startups

Indian edtech sector online learning online education edtech funding startup funding

At present, the overall user base of PhonePe is over 500 million. Of these, its merchant base is over 40 million

(From left) Deep Agrawal, Head of Payment, PhonePe; Vishal Gupta, CEO, PhonePe Insurance; and Hemant Gala, CEO, PhonePe Lending

While announcing its September quarter results, management at Swiggy said its growth strategy for Instamart is based on hyperlocal expansion

startup funding investment

Science and Technology Minister Jitendra Singh on Tuesday invited Israeli startups to collaborate with Indian firms on the National Quantum Mission.
Singh made the offer to Israel's Industry and Economy Minister Nir Barkat who met him here.
The two leaders discussed collaboration in startups in the space, quantum technology, agriculture and health sectors.
Singh invited Israeli startups, known for their pioneering work in quantum computing, to partner with Indian institutions to co-develop critical quantum technologies.
"India and Israel can supplement each other in this domain  India with its large market, manpower, and opportunities, and Israel with its cutting-edge innovation," Singh said.
India's National Quantum Mission aims to harness quantum technologies to bolster sectors like communication, cryptography, and computing, he said.
Singh said Israeli startups and researchers could play a vital role in co-developing critical technologies, leveraging their experience for mutua

Jitendra Singh

Singh invited Israeli startups, known for their pioneering work in quantum computing, to partner with Indian institutions to co-develop critical quantum technologies

We will close this year with 130 operating hotels and add almost 20 operating hotels next year, said Nikhil Sharma, MD,  South Asia, Radisson Hotels group

Nikhil Sharma, Radisson

He highlighted that private wealth investors are diversifying portfolios and prioritising stable, income-generating assets

Lee Elliott, partner and global head of occupier research at Knight Frank

Ervin Tu and Ashutosh Sharma of Prosus talk about their strategies for India and beyond

Chief Investment Officer Ervin Tu and Ashutosh Sharma, head of growth investments for India and Asia at Prosus

The steel industry is clearly in a down-cycle

Koushik Chatterjee

Sinha said Myntra touched 70 million monthly active users during this festive season, and the Gen Z customer base doubled in one year

Nandita Sinha, CEO, Myntra

She says that the firm will hire its India head of customer success, ramp up the R&D centre to strengthen Udemy's core platform and build more AI features into its platform

Caoimhe Carlos, VP, global customer success, Udemy

Majety said that he is expecting to see a new wave of opportunities and selection opening for the quick commerce business

(From left) Rohit Kapoor, CEO of Swiggy’s Food Marketplace, and Sriharsha Majety, Managing Director and Group CEO, Swiggy

(From left) Rohit Kapoor, CEO of Swiggy's Food Marketplace, and Sriharsha Majety, Managing Director and Group CEO, Swiggy

Prashant Kumar discussed the bank's deposit strategy, loan growth trajectory, the status of stake sale, and other key developments

Prashant Kumar, MD & CEO of YES Bank

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