Page 16 - Companies

IBBI proposes compliance procedures for IPs, seeks stakeholder feedback

The IBBI has proposed changes to the corporate insolvency resolution process (CIRP) forms and compliance framework to reduce compliance burden on insolvency professionals, and sought stakeholders' comments by July 1. These changes will reduce the amount of information and data that insolvency professionals (IPs) need to submit, thereby enhancing efficiency and reducing redundancy. The Insolvency Bankruptcy Board of India (IBBI) has also proposed to remove duplicate submissions and simplification of the reporting process. Under the discussion paper issued on June 10, the IBBI said the proposed changes will "simplify the compliance process by combining various reporting system on IP and IBBI website into a single, centralised IBBI website, eliminating duplication, and making it easier for stakeholders to access and use". The IBBI -- a statutory body functioning under the corporate affairs ministry -- has invited stakeholders to provide comments on the discussion paper by July 1. The

Gains for Bata hinge on recovery hopes, rising premium portfolio

Government policies to improve consumption especially in tier 2 and tier 3 centres could help improve demand for footwear majors such as Bata

Battery Smart raises $65 mn in funding round led by LeapFrog Investments

Battery swapping network Battery Smart on Tuesday said it has raised USD 65 million in a funding round, comprising a mix of primary and secondary investments, led by LeapFrog Investments. The Series-B funding round also saw participation from new and existing investors, including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII), the company said in a statement. The freshly raised funds will be utilised to fuel the company's next phase of expansion, Battery Smart said. "The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence," said Pulkit Khurana, Co-Founder and CEO, Battery Smart. Since the launch of its first swap station in the National Capital four years ago, the company has scaled to 1,000 stations across 30 cities, completing over 35 million swaps and has expanded its footprint nationwide with charging stations in tier 1, 2, and 3 cities, it ...

HCL Technologies launches Enterprise AI Foundry to speed up GenAI-led biz

IT services company HCL Technologies (HCLTech) on Monday announced the launch of Enterprise AI Foundry and said it will simplify and scale enterprise AI journeys across business value chains. An HCLTech release said that the integrated suite of assets combines data engineering and Artificial Intelligence (AI) with cognitive infrastructure to accelerate Generative AI (GenAI)-led transformation across business value chains. "HCLTech announced the launch of HCLTech Enterprise AI Foundry to simplify and scale enterprise AI journeys," the release said. HCLTech Enterprise AI Foundry is tuned for Amazon Web Services (AWS), Microsoft Azure and Google Cloud Platform (GCP), and designed to scale for on-premises infrastructure. "It removes the complexity of industrial-scale AI foundation models, data silos and overload of tools and frameworks, empowering IT leaders to establish seamless integration across IT and data assets," the release further said. It effectively enables business leaders

Citroen inks MoU with CAB-EEZ Infra Tech to supply 2,000 units of e-C3 EVs

French carmaker Citroen on Monday said it will supply 2,000 units of its electric vehicle e-C3 to urban e-mobility player CAB-EEZ Infra Tech Pvt Ltd over the year. The two companies have signed a Memorandum of Understanding (MoU), under which the first 100 units of e-C3 were flagged off, Citroen India said in a statement. This further augments 200 e-C3 units already part of the Cab-E fleet taking the total to over 300 units operating across Mumbai and Pune, it added. "Cab-E has been one of the early adopters of the e-C3. Their continued choice of this product is a validation of Citroen's proposition as a key player in promoting sustainable transportation solutions," Citroen India Brand Director, Shishir Mishra said. Cab-E Director & CEO Kuldip Ghosh said, "This partnership not only benefits stakeholders but also propels Cab-E to a leadership position in the electric urban mobility market." Citroen e-C3 offers a range of 320 kilometre (ARAI-certified) per single charge and can ...

Growing presence: D2C brands hitch a ride on the quick-commerce wagon

D2C brands growth in quick commerce has overtaken traditional e-commerce, and the channel is currently proving to be more profitable as well

Capital SFB aims to comply with conversion norms in 12-18 months

Capital SFB is not yet eligible to apply for a conversion to a universal bank because of net non-performing ratio

CCI proposes amendments to general rules, seeks feedback from stakeholders

Fair trade regulator Competition Commission of India (CCI) has sought stakeholder comments on the proposed amendments to the CCI (General) Regulations, 2009, following recent changes to the Competition Act. The amendments came from the Competition (Amendment) Act, 2023, which introduced new provisions and updating the existing ones in the Competition Act, 2002. The CCI has proposed updates to align the general regulations with the latest framework. As part of the proposed changes, the competition watchdog has detailed a process for implementing and monitoring its orders under various sections of the Act. This includes the appointment of independent agencies to oversee the implementation of the orders. These agencies, which could include, accounting firms, management consultancies, or professional organisations, will ensure compliance and reporting to any non-implementation to the CCI. Further, it will also maintain the confidentiality and avoid conflicts of interest. Additionally

Nasdaq-listed ReNew Energy Global posts profit of Rs 414 crore in FY24

It said with the company signing 2.2 GW of power purchase agreements (PPAs) towards the end of the financial year, its portfolio has grown to 15.6 GW, as of May 2024

Nisaba Godrej resigns from VIP Industries board over leadership differences

Radhika Piramal, VIP's London-based vice-chairperson and daughter of chairman Dilip Piramal, appear reluctant to continue running the business and may look to sell stake in the firm

Sebi seeks firms make additional disclosures to fast track public offers

The regulator has sought 31 additional disclosures, the most significant of which are information about conflict of interest with management, directors, large shareholders and subsidiaries

Lenskart raises $200 million in secondary round at $5 billion valuation

Lenskart continues to deepen its penetration in India while rapidly scaling its international presence in Asia, including Southeast Asia and the Middle East

LIC's Adani group portfolio value surges 51.6% at Rs 66,000 crore

LIC trimmed its stake in group flagship Adani Enterprises from 4.26 per cent to 3.93 per cent over the past year

Sun Pharma expects high single-digit top line growth in current fiscal: MD

Drug major Sun Pharmaceutical Industries expects a high single-digit top line growth in the current fiscal, according to Managing Director Dilip Shanghvi. The Mumbai-based firm reported a consolidated total revenue from operations at Rs 48,497 crore for FY24. The number stood at Rs 43,886 crore in FY23. "We expect high single-digit consolidated top line growth for FY25. All our businesses are positioned for growth," Shanghvi said in an analyst call. He noted that in the current fiscal, the drug firm will be in the investment phase for its several businesses. "This includes, but not limited to, product launch costs in the US as the ramp-up of our global specialty business is expected to continue," Shanghvi said. He noted that R&D investments will be 8-10 per cent of sales during the year. Replying to a separate query, Shanghvi said: "We have to continue to invest for the future. And our effort would be that while we are creating that investment for future, we don't do it at the ..

No better story than steel in reviving private capex: Tata Steel MD & CEO

In India, we expect the EBITDA per tonne to be a little lower though the spreads have improved a bit because it's a quarter where we have a lot of shutdowns, said TV Narendran

Space startup AgniKul rockets into history books with Agnibaan liftoff

Agnibaan SOrTeD uses the world's first single-piece 3D printed engine, designed and built indigenously

Pharmaceutical companies prepare to comply with ethical marketing code

Companies must commit that they comply with a code against unethical marketing of drugs

Q4 results today: Reliance Infra, Muthoot among 908 firms to post earnings

Q4FY24 company results: Apollo Hospitals, Bharat Dynamics, Welspun Corp, and Reliance Capital will be releasing their fourth-quarter report on May 30

Tata Steel Q4FY24 results: Net profit drops 64.1% to Rs 611.48 cr

Consolidated revenue from operations at Rs 58,687.31 crore was down by 6.8 per cent Y-o-Y. The Bloomberg consensus estimate for revenue was Rs 58,375.1 crore and net income Rs 928 crore

Schneider Group-owned Lauritz Knudsen to invest Rs 850 crore in 3 years

L&T Switchgear, the electrical and automation arm of L&T, which Schneider Electric acquired in 2020, is rebranded as Lauritz Knudsen