Sterling & Wilson Renewable Energy Limited (SWREL) has posted a net profit of Rs 1.40 crore during the quarter ended March 2024 on account of increased income.
It had reported a net loss of Rs 421.11 crore in the January-March period of preceding 2022-23 financial year, the company said in an exchange filing on Saturday.
For the whole FY24, the company reported narrowing of its net loss to Rs 210.79 crore from Rs 1,174.96 crore net loss recorded in FY23.
During the fourth quarter of FY24, the company's total income increased to Rs 1,211.40 crore from Rs 86.36 crore in the year ago. While the income rose to Rs 3,120.79 crore during the full fiscal from Rs 2,125.87 crore in the preceding fiscal.
The expenses in the reporting quarter was at Rs 1,177.66 crore, up from Rs 503.88 crore registered in the same period last fiscal. The expenses were at Rs 3,293.11 crore in FY24 as against Rs 2,304.61 crore in the previous fiscal.
In an investor presentation, the company said it had ...

For the whole FY24, the company reported narrowing of its net loss to Rs 210.79 crore from Rs 1,174.96 crore net loss recorded in FY23

HDFC Bank Q4 result: Boosted by trading gains and robust credit performance, HDFC Bank's net interest income rose 24.5% in the March quarter, with net profit reaching Rs 16,512 crore

FY25 Q1 revenue growth forecast at -1.5 to +0.5%

Revenue for the March quarter fell 4.2% from the year-ago period to Rs 22,208 cr

Aditya Birla group company UltraTech Cement has announced the acquisition of a grinding unit from India Cements for Rs 315 crore and said it will invest an additional Rs 504 crore to expand capacity of two units.
In a stock exchange filing, UltraTech said its board has approved acquisition "of a grinding unit having installed capacity of 1.1 million tonnes per annum in addition to a captive railway siding at Parli, Maharashtra from The India Cements Limited... for a consideration of Rs 315 crores".
The company said it has entered into an Asset Purchase Agreement with the seller. "This purchase will help the Company to strengthen its presence in the rapidly growing Maharashtra markets."
Making a similar regulatory filing, The India Cements said out of the total consideration of Rs 315 crore (exclusive of taxes and levies), "Rs 307 crore will be received by the company shortly and the balance Rs 8 crore within nine months from the date of the agreement."
The unit being sold had a ...

UltraTech

The company said it has entered into an Asset Purchase Agreement with the seller. "This purchase will help the Company to strengthen its presence in the rapidly growing Maharashtra markets"

The one-time ex-gratia payment is a way to motivate the young workforce, said HDFC Bank CEO

Sashidhar Jagdishan, MD and CEO of HDFC Bank

State-owned THDC India Ltd aims to make its coal-based power plant operational by September 2024, marking an entry into the domestic thermal energy sector, a top company official said.
THDC India Ltd (THDCIL) is setting up a 1,320 megawatt (2X660 MW) Super Thermal Power Project (STPP) at Bulandshahr district in Uttar Pradesh (UP), the official said in reply to a query about the company's plans of setting up coal-based capacities.
At present, the Uttarakhand-based entity has an installed power generation capacity of around 1,587 MW, of which 1,424 MW is hydro, 113 MW wind and 50 MW solar.
When asked about the timeline of the project, the official said "The work is going on in full swing. We are confident of making the first unit of 660 MW operational by September this year and the second unit operational by March 2025. It is a project of around Rs 12,000 crore."
Till January 2024, a sum of Rs 9,428.30 crore has been spent on the Khurja Super Thermal Power Plant (KSTPP), the company 

thermal power

At present, the Uttarakhand-based entity has an installed power generation capacity of around 1,587 MW, of which 1,424 MW is hydro, 113 MW wind and 50 MW solar

Hyundai Motor India expects sales contribution from rural areas to remain at record levels in the current fiscal as well on account of various factors including anticipation of a favourable monsoon, according to a senior company executive.
The country's second-largest automaker, which sells models like Creta and Venue, reported 11 per cent growth in rural areas last fiscal as compared to 4 per cent in urban centres.
"We are confident that the contribution from rural markets to our total sales will grow further to around 20 per cent this financial year," Hyundai Motor India COO Tarun Garg told PTI.
The automaker plans to further expand its presence in smaller towns as it firmly believes that for the nation to prosper, both rural and urban regions must progress in tandem, he added.
Garg noted that rural sales accounted for an all-time high of 19 per cent of the company's total sales in FY23.
Hyundai Motor India registered its highest ever total sales of 7,77 876 units in 2023-24 wit

Hyundai

The automaker plans to further expand its presence in smaller towns as it firmly believes that for the nation to prosper, both rural and urban regions must progress in tandem, COO Tarun Garg said

Natco Pharma failed to maintain cleanliness, sterilise equipment and utensils at appropriate intervals at its Telangana-based plant, as per the US health regulator.
In the warning letter to the company, US Food and Drug Administration said its investigators observed various violations at the finished pharmaceuticals plant located at Kothur Village in Telangana.
The USFDA inspected the facility from October 9 to 18, 2023.
"Your firm failed to clean, maintain, and, as appropriate for the nature of the drug, sanitize and/or sterilise equipment and utensils at appropriate intervals to prevent malfunctions or contamination that would alter the safety, identity, strength, quality, or purity of the drug product beyond the official or other established requirements," the US health regulator noted.
It further said: "Your cleaning procedure for your non-dedicated equipment is inadequate." Cross-contamination is not uniform, and the testing of control samples and placebo batches failed to ...

Natco Pharma, Natco

The US health regulator stated that the company failed to thoroughly investigate any discrepancy or failure of a batch or any of its components to meet any of its specification

JSW Energy on Saturday said that its arm JSW Neo Energy has received a letter of award from NTPC for setting up a 700 MW solar project.
With the latest project win, JSW Energy's total locked-in generation capacity has increased to 13.3 GW of which 3.1 GW is solar power, a BSE filing said.
According to the filing, JSW Neo Energy Limited, a wholly  owned subsidiary, has received Letter of  Award for setting up a 700 MW ISTS connected Solar Power Project from NTPC Limited.
The company's current installed generation capacity is 7.2 GW and expects to have 9.8 GW of installed capacity by CY24.
The company aims to reach 20 GW generation capacity and 40 GWh of energy storage capacity before 2030. JSW Energy has set an ambitious target of achieving Carbon Neutrality by 2050.

JSW Energy

The company's current installed generation capacity is 7.2 GW and expects to have 9.8 GW of installed capacity by CY24

Strengthening its market in Maharashtra, UltraTech Cement will secure a grinding unit with a capacity of 1.1 million tonnes per annum, including a captive railway siding, from India Cements

Electric two-wheeler maker Odysse Electric is looking to raise USD 5-10 million to drive its growth plans, including new product development and scaling up manufacturing capabilities, as it sets sight on the mass segment, company's Chief Executive Officer Nemin Vora has said.
The company has already started the process to secure external funding, which is expected to be completed by the current quarter of this fiscal, Vora said in an interaction with PTI.
Operational since 2020, the city-based EV maker with over 60 dealerships across 20-plus states claims to have sold over 10,000 vehicles in the domestic market till date, besides having an order book of over 20,000 vehicles through its B2B channel.
Odysse offers seven vehicle models with 12 variants, comprising both high- and low-speed electric scooters as well as bikes.
"We are seeking external capital to finance our growth and capture a significant share of the Indian E2W (electric two-wheeler) market," Vora told PTI.
"The compa

electric scooter

Operational since 2020, the city-based EV maker with over 60 dealerships across 20-plus states claims to have sold over 10,000 vehicles in the domestic market till date

The refinancing will extend the repayment timeline to five years, the person said. The company plans to complete the process in the September quarter

Oyo, Oyo townhouse

Investments by private equity and venture capital funds have declined by 1 per cent year-on-year to USD 13.5 billion in the March 2024 quarter, according to a report.
However, it was 41 per cent higher compared to the preceding December quarter, the report by consultancy firm EY and industry lobby grouping IVCA said.
When looked at from a volume perspective, the number of deals was 33 per cent higher at 292 in January-March 2024 against 220 in the year-ago period, it added.
"We believe the markets and PE/VC investment activity will be range-bound till clarity emerges on election results and the risk of escalation in the geopolitical conflicts eases down," EY partner Vivek Soni said.
The infrastructure sector received the maximum PE/VC investments in the quarter at USD 6.5 billion across 23 deals, 138 per cent higher than the USD 2.7 billion across 14 deals in the year-ago period, it said, adding that the same was led by the USD 2 billion investment by Brookfield in ATC India Tower 

Divestment, privatisation, stake sale, disinvestment

When looked at from a volume perspective, the number of deals was 33 per cent higher at 292 in January-March 2024 against 220 in the year-ago period, it added

PineGap.ai, an AI-powered equity research platform, on Thursday said it has raised USD 2.5 million (about Rs 20.88 crore) in a funding round led by US-based investors SVQuad and Inventus Capital.
The seed funding round also saw participation from DeVC and Silicon Valley serial entrepreneurs like Mohit Aron, Founder of Cohesity/Nutanix, Vetri Vellore, Founder of Ally.io, and Mohan Kumar, Managing Partner of Avataar Ventures, alongside Wall Street executives.
The funds will be utilised to boost product development efforts and strengthen its engineering team.
The company, co-founded by IIT-BHU graduates Deepak Sharma (CEO) and Ankit Varmani (CBO), aims to empower equity research analysts working in hedge funds, mutual funds, and investment banks by providing them with an advanced AI-powered platform to interpret data and derive insights from public company filings, a statement said.
The platform is powered by Pine-LLM, PineGap's proprietary deep reasoning technology.
According to the

Fundraising

The funds will be utilised to boost product development efforts and strengthen its engineering team

Just after its launch in the IT city, PVR Inox managing director Ajay Bijli spoke on the company's screen additions, investment strategy, and growth plans

Ajay Bijli, MD, PVR INOX Ltd

Narayanan says the company's business from Gift City will substantially increase in the coming days

Ramaswamy Narayanan, Chairman and Managing Director of General Insurance Corporation of India (GIC Re)

Rau discusses plans to focus on the underpenetrated non-motor, non-health space to support growth

Anup Rau, MD & CEO of Future Generali India Insurance

Nayar talks about Assocham's priorities, pick up in private capex and the startup ecosystem

Sanjay Nayar, President, Assocham

Associated Alcohol Breweries Ltd (AABL), one of the leading distilleries in India, is strategically targeting the evolving preferences of new-age consumers

Tushar Bhandari

Baldev Prakash, is quite reasonably a happy man. Prime Minister Narendra Modi too recently praised the turnaround due to government efforts

Baldev Prakash, Jammu & Kashmir Bank (J&K Bank) MD and CEO

Vaidya talks about how the centre is driving innovation for the company and the growing importance of data and AI in the automotive industry

Raghvendra Vaidya, MD and CEO, DTICI

In a video interview, Monish Darda talked about the company's next milestone and the impact of generative artificial intelligence (GenAI)

MONISH DARDA, chief technology officer and co-founder of Icertis

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