Page 12 - Companies

Adani Power to acquire Reliance Power's Butibori plant in Rs 3,000 cr deal

The deal is expected to be valued between Rs 2,400 crore and Rs 3,000 crore; Adani Power is negotiating with CFM Asset Reconstruction Co to acquire the project under Vidarbha Industries Power Ltd

Large number of global companies want to invest in India: PM Modi

Suggestions ranging from making India skill capital of the world to judicial reforms have been given by citizens for making India a developed nation by 2047, Prime Minister Narendra Modi said on Thursday. 'Viksit Bharat 2047' are not mere words, they are reflection of resolve and dreams of 140 crore people, Modi said addressing the nation from the ramparts of the Red Fort on the 78th Independence Day. Suggestions have been collected from citizens, and crore of people gave suggestions for Developed India 2047. The dreams of every citizen and their confidence is reflected in those suggestions, the prime minister said . Some people gave the suggestion of making India the skill capital' of the world, some suggested making it a global hub of manufacturing, he added. Some people expressed concern over delay in justice, and they said there is a requirement for judicial reform." Other suggestions included making India universities global, having a 'global media', making skilled Indian you

Black Box Q1 result: Net profit up 55% at Rs 37 cr on improved deal margins

Revenue from operations declined by 9 per cent, falling to Rs 1,423 crore compared to Rs 1,571 crore in the corresponding quarter of the previous year

Q1FY25 results today: Glenmark Pharma among over 400 firms to post earnings

Q1FY25 company results: Cosco India, Bajaj Healthcare, Reliance Infrastructure, and Coffee Day Enterprises will be releasing their quarter results on Aug 14

Laxman Narasimhan's ouster at Starbucks adds fuel to record-firing pace

Starbucks has posted two straight quarters of comparable sales declines, and its shares had fallen 20 per cent this year before the CEO change

CEOs of Britain's biggest companies get record pay in 2023, shows research

The highest-paid British CEO was Pascal Soriot of drugmaker AstraZeneca,

Reliance to commission 1st solar giga-factory to achieve net zero emission

Reliance Industries Ltd, India's most valuable company, plans to commission its first solar giga-factory in the current fiscal as it pivots a green pathway to achieve net zero carbon emissions from operations by 2035. In its largest annual report, the firm said it is targeting to commission the first train of 20GW solar PV (photovoltaic) manufacturing by the end of 2024-25 fiscal (April 2024 to March 2025) and scale up to 20GW in a phased manner over 2026. The solar giga factory will include manufacturing of PV modules, cells, wafers and ingots, polysilicon, and glass at a single location. The modules convert sunlight into electricity. It is also targeting industrialising sodium-ion cell production at the MW level in 2025 and first 50 MWh a year lithium battery cells pilot in 2026. Reliance had in 2021 announced plans to invest USD 10 billion over three years to develop a new fuels business based on 100 GW of renewable power capacity by 2030. The plan involves setting up four giga

Honasa Consumer expects Rs 1,000 cr ARR from The Derma Co in next 3-5 years

Honasa Consumer expects its skin care brand The Derma Co to reach an annual revenue run rate of Rs 1,000 crore in next three to five years, according to the FMCG maker's latest annual report. Besides, the company also expects its other skin care brand Aqualogica and hair care brand Dr. Sheth's to enter the Rs 500-crore ARR (annual revenue run-rate) club and BBLUNT to reach Rs 250 crore ARR by then. Its flagship brand Mamaearth, which plays across face, hair, and body segment, has already become the fastest-growing BPC (Beauty and Personal Care) brand to reach an annual revenue of Rs 1,000 crore and became the sixth-largest multi-category brand. "The other brands in our 'House of Brands' portfolio hold enormous potential as well. In the next three to five years, we expect The Derma Co to enter the Rs 1,000-crore ARR club, Aqualogica and Dr. Sheth's to enter the Rs 500-crore ARR club, and BBLUNT to enter the Rs 250-crore ARR club," said its founders Ghazal and Varun Alagh addressing

'Something big soon India': Hindenburg Research eyes new target after Adani

Hindenburg has targeted several well-known companies, including Adani Group, Nikola, Clover Health, Block Inc, Kandi, and Lordstown Motors

Delhi HC tells SpiceJet to personally guarantee payment to lessors

The court had earlier given SpiceJet a final chance to settle a payment of Rs 50 crore to its engine lessors, Team France and Sunbird France

Black Box seeks $2 bn revenue within 3-4 years: CEO of digital infra firm

US and India biggest growth markets for the company, says Sanjeev Verma

Companies with multi-state presence to register as ISD with GST authorities

Companies having presence in multiple states and distributing common input tax credit with branch offices will have to register as Input Service Distributor (ISD) with GST authorities by April 1, 2025. Through the Finance Bill, 2024, in February, the government had amended Goods and Services Tax (GST) law to say that businesses having multi-state GST registration will have to have themselves mandatorily registered as ISD to distribute among its branches any input tax credit (ITC) for services availed. The mechanism for sharing of ITC is prescribed in GST rules and broadly the common ITC is apportioned in the ratio of turnover of different branches having same PAN. The Central Board of Indirect Taxes and Customs (CBIC) has now notified April 1, 2025, as the cut-off date for all companies with multi-state branches to register as ISD. Moore Singhi Executive Director Rajat Mohan said the move represents an effort to enhance operational transparency and will help taxpayers to accurately

Tata Power Q1 FY25 results: Net profit flat at Rs 970 crore, revenue up 14%

Co softens stance towards thermal power, says will evaluate opportunities

Firms lease 53mn sq ft office space since 2022 to set up GCCs in 6 cities

Leading global companies have taken on lease nearly 53 million square feet of office space since 2022 across six major cities to set up Global Capability Centres (GCCs) with maximum demand in Bengaluru, according to CBRE and Zyoin. In their joint report, property consultant CBRE and hiring solutions firm Zyoin highlighted that GCCs have significantly amplified their Indian operations over recent decades, propelled by a skilled workforce, cost efficiency, and a conducive business climate. This GCC growth trajectory is anticipated to be concentrated in India's top six metropolitan areas, driven by their exceptional talent pools, enabling expansion and future development. "Global corporations are affirming their long-term commitment to India by securing larger office spaces for their GCCs," the consultant said. Nearly 53 million square feet of office space was leased by GCCs between 2022 and the first half of 2024 across Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR and Mumbai. Out

Saregama Q1 FY25 results: Revenue jumps 26% Y-o-Y to Rs 205.3 crore

During the quarter that ended on June 30, the company launched over 330 original recreations in various languages including Hindi, Bhojpuri, Gujarati, Punjabi, Tamil, among others

Jharkhand govt to decide soon on land parcels lying unused: Minister

The Jharkhand government will soon decide on large chunks of unused land parcels which are in possession of big companies, the assembly was informed on Friday. The state wants that these resources should be returned to their original owners, state minister Deepak Birua said in the assembly. "Large chunks of land parcels were lying unused by big companies. The government is serious about the issue and we will soon take a decision in this regard," he replied to a query. Chief Minister Hemant Soren has already expressed willingness to set up a commission to resolve the issue of unused land. Earlier, Congress MLA Pradip Yadav raised the issue in the House and said the Centre's Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 provisions that if land, acquired by any company, is not utilised for five years, then it should be returned to the original owner or should go to land bank. "But here, land parcels acquired from original .

Byju's lender asks court not to quash insolvency proceedings against firm

Glas Trust says Byju and his brother Riju used money owed to lenders to clear the Indian cricket board's dues and that the insolvency proceedings should continue

Adani's Super app launches digital lending trials with fintechs and NBFCs

Launched in December 2022, 'Adani One' app provides users with a variety of services, such as cab services, flight bookings, shopping at Adani-operated airports, and rewards redemptions

Tata Consumer Products Q1FY25 results: Net profit down 8.3% to Rs 290.3 cr

The salt business revenue grew by 9 per cent on the back of strong volume growth

Ola Electric set for IPO with Rs 12-13 GMP, price band at Rs 72-76 a share

The grey market premium (GMP) for Ola Electric's shares is estimated at Rs 12-13, suggesting a potential premium of 16% over the issue price