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

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

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

Israel-based unified communications company Tadiran Telecom plans to invest at least USD 10 million (about Rs 80 crore) annually to manufacture IP telephones in India, a top company official has said.
IP telephones support multiple communication functions, including conference calls through apps, and are generally used in business organisations.
The company has partnered with DCM Shriram for manufacturing IP phones.
Tadiran Telecom CEO Moshe Mitz, on the sidelines of an event to announce its manufacturing plan in India, said the company is likely to invest more every year in the second phase of production expansion, which will include Software development.
"We plan to make 1,00,000 IP telephones in India every year. This is a conservative number. We have allocated USD 10 million for one year for our manufacturing project. Investment will increase based on the performance," Mitz said.
Tadiran has been operating in India for the last 26 years through channel partners.
Mitz said tha

Tadiran Telecom

We have allocated $10 million for one year for our manufacturing project. Investment will increase based on the performance, said CEO

Piramal Pharma on Friday said it will pay USD 407,400 to US-based VetDC, Inc to settle a dispute over rejected batches of a product.
Piramal Pharma Solutions Inc, a unit of the company, and VetDC, Inc have entered into a settlement agreement for an amount of USD 407,400, the drug maker said in a regulatory filing.
VetDC had claimed damages on account of rejection of certain batches of product manufactured and supplied by Piramal Pharma Solutions Inc.
"While the company continues to believe that its legal stand is appropriate against claims made by VetDC and maintains that it has defence to VetDC's claims of liabilities and damages, in order to solely avoid continued legal costs and uncertainties of protracted litigation, the Company and VetDC have both decided to settle," Piramal Pharma said.
The company shall have no responsibility for any other costs beyond the amount of USD 407,400, it added.
"This settlement will not have a significant impact on the financial position of the .

Piramal Pharma

VetDC had claimed damages on account of rejection of certain batches of product manufactured and supplied by Piramal Pharma Solutions Inc

Up to 4% increase to be effective from Jan 1; higher input costs drive the move

Union Commerce Minister Piyush Goyal last week asked multinationals to reduce royalty payments to curb the forex outgo and promote domestic manufacturing and product development.

auto, automakers, auto companies

According to a press release by SBI Card, it achieved the milestone of 20 million credit cards in force, having started its credit card business in 1998

SBI Card

NCLAT refuses to set aside order halting move to amend AoA

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 National Company Law Appellate Tribunal (NCLAT) on Friday rejected Jaiprakash Associates Ltd's petition challenging the insolvency proceedings initiated against the company.
While upholding an earlier order, the appellate tribunal NCLAT observed mere pending of loan restructuring arrangement with the lender before NCLT does not debar the creditors to file insolvency proceedings under section 7 of Insolvency & Bankruptcy Code 2016.
A three-member bench led by Chairperson Justice Ashok Bhushan has upheld the order passed by the National Company Law Tribunal (NCLT), which had directed initiating the Corporate Insolvency Resolution Process (CIRP) against the company.
The appellate tribunal said "after answering all the issues, we are of the view that no grounds have been made out to interfere in order of NCLT".
The OTS (one-time settlement) proposal submitted to NCLT and as well as before this tribunal on behalf of JAL contains the "clear acknowledgment of debt" and ...

industry, ibc, pli, bankruptcy

The appellate tribunal said "after answering all the issues, we are of the view that no grounds have been made out to interfere in order of NCLT"

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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