Page 1117 - Company News
Tech Mahindra Q2FY24 result: Net profit down 61.6%, revenue drops 2%
The company is currently undergoing a leadership change and restructuring, which will take effect from January 1, 2024, under incoming CEO Mohit Joshi
 "Tech Mahindra Q2FY24 result: Net profit down 61.6%, revenue drops 2%")
NCLT dismisses petition against Bajaj Hindustan after withdrawal by SBI
The company owed banks about Rs 4,771 crore and had availed itself of two debt-restructuring schemes, leading to steep haircuts taken by the lenders
 "NCLT dismisses petition against Bajaj Hindustan after withdrawal by SBI")
Axis Bank net profit up 10% to Rs 5,864 crore, asset quality improves
The net interest income (NII), the difference between interest earned and interest expended, grew by 18.86 per cent to Rs 12314.6 crore in Q2FY24 as against Rs 10360.3 crore for Q2FY23
 "Axis Bank net profit up 10% to Rs 5,864 crore, asset quality improves")
CMS Info System Q2 net profit up 16%, managed ATM services income grows 26%
CMS Info System Ltd stock closed two per cent higher at Rs 368.75 per share on BSE
 "CMS Info System Q2 net profit up 16%, managed ATM services income grows 26%")
Daewoo enters Indian consumer electronics market via Kelwon Electronics
It is also set to launch high-capacity voltage stabilisers ranging from 0.5 KVA to 5 KVA to ensure optimal protection for electrical devices, Ryu added
 "Daewoo enters Indian consumer electronics market via Kelwon Electronics")
HMD Global expects 25-30% sales growth in Nokia phones with Easy Pay launch
The HMD Easy Pay Program covers a variety of Nokia smartphone models, including the Nokia G42, Nokia C32, Nokia C22, and Nokia C12 Pro
 "HMD Global expects 25-30% sales growth in Nokia phones with Easy Pay launch")
Jio, Plume partner to provide smart home, small biz services to subscribers
Reliance Jio President Mathew Oommen said with scalable and leading-edge platforms from partners like Plume, Jio will continue to strengthen and enhance its connected home service offers & experience
 "Jio, Plume partner to provide smart home, small biz services to subscribers")
Vummidi Bangaru Jewellers forays into US market, to invest Rs 1,850 cr
The facility in Dallas, inaugurated on October 19, is spread across a land measuring 7,000 sq ft and would be the company's flagship store
 "Vummidi Bangaru Jewellers forays into US market, to invest Rs 1,850 cr")
KPMG India, Vianai Systems sign pact for AI-based conversational finance
Issues of LLM hallucinations and inaccuracies are too risky for business-critical functions, such as finance to adopt AI, it said
 "KPMG India, Vianai Systems sign pact for AI-based conversational finance")
Amazon rolls out independent cloud for Europe to address privacy standards
Amazon is rolling out an independent cloud for Europe as it looks to address strict regulations that companies and those in the public sector face in the European Union
 "Amazon rolls out independent cloud for Europe to address privacy standards")
MS Dhoni-backed drone startup Garuda Aerospace raises funding of Rs 25 cr
"This fresh capital infusion will play a crucial role in accelerating our growth and enhancing our capabilities to meet the escalating market demand," said Agnishwar Jayaprakash
 "MS Dhoni-backed drone startup Garuda Aerospace raises funding of Rs 25 cr")
IOC starts producing 'reference' petrol, diesel for testing automobiles
These reference fuels are used for emission testing of vehicles equipped with spark-ignition engines
 "IOC starts producing 'reference' petrol, diesel for testing automobiles")
Microsoft-backed AI safety forum names first director, plans advisory board
The Frontier Model Forum is backed by ChatGPT-owner OpenAI, Microsoft, Google's parent Alphabet and AI startup Anthropic
 "Microsoft-backed AI safety forum names first director, plans advisory board")
Microsoft extends cloud lead over Alphabet, focuses on OpenAI, big clients
Gains in the shares of Microsoft were set to add about $90 billion to its market capitalization.
 "Microsoft extends cloud lead over Alphabet, focuses on OpenAI, big clients")
Boeing trims annual 737 delivery forecast due to supplier errors
It also plans to meet a delivery target of at least 70 widebody 787 Dreamliners in 2023 and is transitioning from a production rate of four to five jets per month
 "Boeing trims annual 737 delivery forecast due to supplier errors")
CRC Group eyes Rs 1,200 cr revenues from new commercial project in Noida
The company has acquired 11 acres land in Sector 140 A, Noida in Uttar Pradesh to develop a Grade-A integrated IT/ITeS commercial project
 "CRC Group eyes Rs 1,200 cr revenues from new commercial project in Noida")
TVS Motor onboards ION Mobility to enter sports scooter sector in Indonesia
The five-day Indonesia Motorcycle Show (IMOS) commences on Wednesday in Jakarta
 "TVS Motor onboards ION Mobility to enter sports scooter sector in Indonesia")
New Renault Duster to get three engine options; global debut on Nov 29
The new Duster will likely be launched in the Indian market by 2025. Along with the 5-seater Duster, Renault is planning to launch a 7-seater version of the car which will be called "Bigster"
 "New Renault Duster to get three engine options; global debut on Nov 29")
GIC collaborates with Vedanta's Sterlite Transmission for $1 bn venture
GIC will put up $500 million in the infrastructure business for a 49 per cent stake. This investment will depend on Sterlite Power winning project tenders
 "GIC collaborates with Vedanta's Sterlite Transmission for $1 bn venture")
TCS to revise rates for staffing cos to enhance transparency, better talent
The changes in rate cards are for contract staffing employees and not for permanent employees. TCS is revamping its hiring mechanism
 "TCS to revise rates for staffing cos to enhance transparency, better talent")