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Murugappa Group to foray into e-SCV, plans to invest Rs 3,000 crore on EVs

This comes days after TI Clean Mobility signed a definitive agreement to raise Rs 580 crore from private equity firm GEF Capital Partners LLC

We are seeing great interest in AI, GenAI from clients: Sandeep Dutta

Sandeep Dutta, Senior Managing Director and Lead - India Business, Accenture, talks about the challenges faced by clients and how technologies like GenAI can help them stay ahead

Not in 'rat race' to be top builder in terms of sale bookings: Macrotech MD

Realty firm Macrotech Developers is not in a "rat race" to become the top builder in terms of sale bookings and will rather focus on achieving consistent and predictable growth with high-profit margins, its MD and CEO Abhishek Lodha said. Macrotech Developers, which markets its properties under Lodha brand, registered a 20 per cent growth in its sale bookings (pre-sales) to a record Rs 14,520 crore last fiscal from Rs 12,060 crore in the 2022-23 financial year. It has given guidance of achieving 21 per cent annual growth in sale bookings this fiscal to Rs 17,500 crore. When asked about the reason for setting a conservative sale bookings guidance considering that few players posted more than Rs 20,000 crore pre-sales in FY24 itself, Lodha told PTI, "We are not in any rat race and neither our shareholders are bothered about any such rat race." "We want to achieve consistent growth. Consistent growth and predictable growth with low leverage is very important and that is our business .

17 firms under IT hardware PLI to start production this year: IT secy

Majority of personal computer and server makers selected under the IT hardware production-linked incentive scheme are expected to start production this year, a senior government official said on Friday. "... About 17 out of 27 PLI companies will start production this year. Around 6-7 of them started production last year and two have plans to start production next year," Ministry of Electronics and IT (MeitY) Secretary S Krishnan said on the sidelines of the inauguration of a new high-end computing server manufacturing unit of Netweb Technologies here. The government in November, 2023 approved the application of 27 companies, including Dell, HP, Foxconn, Lenovo, Netweb Technologies, under new production-linked incentive (PLI) scheme for IT hardware. Among the big names that have been granted approval under the IT hardware scheme are Flextronics, VVDN, and Optiemus. Other applicants that have received the green signal include Padget Electronics, SOJO Manufacturing Services, Goodworth,

Byju's sales team misses target despite 30% subscription fee reduction

Majority of the sales team, who shifted to a revenue-linked payout model last week, have yet to secure a sale for any course, despite Byju's reducing prices of educational products by 30%

Some European firms are souring on China, business lobby group warns

EU Commission chief Ursula von der Leyen and French President Emmanuel Macron urged Xi on Monday to ensure more balanced trade

Company registrations decline in April while LLPs reach new heights

Ongoing Lok Sabha elections and high base effect from record registrations in FY24 were attributed as reasons for the April drop

Here's how much royalty Tata Group companies will pay for the Tata name

Tata Group companies pay a brand subscription fee for the privilege of using the 'Tata' name. Here is how much they will need to pay now

Simpl hands over pink slips to over 100 employees in a bid to cut costs

Simpl says it has laid out a 'comprehensive growth plan' while having a 'razor-sharp focus on profitability'

Q4 Results update: Canara Bank profit surges 18% to Rs 3,757 crore

State-owned Canara Bank on Wednesday reported an 18 per cent rise in its net profit to Rs 3,757 crore during the fourth quarter ended March 2024. The Bengaluru-based lender had earned a net profit of Rs 3,175 crore in the year-ago period. During the quarter, the bank's total income increased to Rs 34,025 crore as against Rs 28,685 crore a year ago, Canara Bank said in a regulatory filing. Interest income grew to Rs 28,807 crore during the period under review from Rs 23,910 crore in the corresponding quarter a year ago. The bank's board recommended a dividend of Rs 16.10 per equity share (i.e., 161 per cent) of face value of Rs 10 each to the shareholders for 2023-24, subject to approval at the ensuing Annual General Meeting. On the asset quality side, the bank's Gross Non-Performing Assets (NPAs) moderated to 4.23 per cent of gross advances as of March 31, 2024, from 5.35 per cent by the end of March 2023. Net NPAs also came down to 1.27 per cent of the advances from 1.73 per cen

Tata Power Q4 results: PAT up 11% at Rs 1,046 crore on higher revenues

Tata Power on Wednesday posted an 11 per cent rise in its consolidated net profit to Rs 1,046 crore in the March quarter compared to the year-ago period mainly on the back of higher revenues. The consolidated profit stood at Rs 939 crore in the quarter ended on March 31, 2023, a BSE filing showed. Total income of the company rose to Rs 16.463.94 crore in the quarter from Rs 13,325.30 crore in the same period a year ago. The consolidated net profit in the fiscal year 2023-24 rose to a record Rs 4,280 crore from Rs 3,810 crore in the year-ago period, the company said in a statement. Total income increased to Rs 63,272.32 crore in FY24 from Rs 56,547.10 crore in 2022-23. According to the statement the company's market capitalisation has surpassed Rs 1.4 lakh crore.. The 2023-24 fiscal saw the company achieve its highest-ever revenue and EBITDA at Rs 61,542 crore and Rs 12,701 crore respectively, backed by a strong rising share from core businesses of Generation, Transmission & ...

Nephew, niece have no claim on family wealth share: Bharat Forge's Kalyani

In his affidavit submitted in court, Baba Kalyani said that his sister's children were members of the Hiremath family by birth and are not affiliated with the Kalyani joint family

Paytm's UPI transactions fall for 3rd straight mth, market share contracts

However, the Noida-based company has continued to retain its spot as the third largest player in the ecosystem because other players are considerably smaller in comparison to the fintech major

FirstCry's parent company Brainbees Solutions re-files documents for IPO

The Securities and Exchange Board of India (Sebi) had asked the company to re-file the draft documents due to inadequate disclosure of key performance indicators (KPIs)

Zee Media Corporation terminates CEO Abhay Ojha; Idris Loya to take over

Zee Media Corporation Limited said it had confirmed the cessation of employment of chief executive officer (CEO) Abhay Ojha with effect from May 4, 2024

Shapoorji Pallonji Group seeks $1.2 billion loan from Power Finance Corp

As collateral for the initial loan, the SP Group pledged its 18 per cent stake in Tata Sons, the holding company of the Tata Group, according to reports

IIHL sets sights on $50 bn valuation by 2030: Chairman Ashok Hinduja

The Hinduja Group arm will raise stake in IndusInd Bank to 26%; IIHL, Aasia Enterprises acquisition of Rel Cap to meet Irdai norms

Breweries ramp up production on record sales forecast this summer

The companies ramp up production, diversify offerings on record summer sales forecast

Bhavesh Gupta 3rd in senior role at Paytm to resign, more may put in papers

Gupta's resignation comes just as the firm is set to announce its annual and fourth quarterly results. Gupta resigned from his position at the company citing personal reasons