Page 3 - Companies

Muthoot insurance arm's CEO, ex-executive accused of ₹12 cr gift card fraud

The alleged fraud took place between April 2023 and November 2024, resulting in a notional revenue loss of ₹31.28 crore

Cantabil Retail eyes Rs 55 cr capex by FY26, to expand production capacity

Nigam shared details about the company's major project, set for completion by mid-September

Wave, Agristo to invest Rs 750 cr in UP to expand potato processing plant

Wave Group and Belgium's Agristo NV will invest around Rs 750 crore to expand their potato processing plant in Uttar Pradesh to make premium french fries, amid rising global demand for processed food. In 2019, Wave Group firm Masa Global Food Pvt Ltd and Agristo's subsidiary firm IMSTO NV, Belgium had formed a 50:50 joint venture firm to establish a potato processing plant at Bijnor to make dehydrated potato flakes. The name of the joint venture firm is Agristo Masa Pvt Ltd. The plant started operations in 2022 with an annual capacity of 7,500 tonnes. In an interview with PTI, Wave Group Chairman Manpreet Singh Chadha noted that there is an immense growth potential in Indian food processing sector. He also stressed on the need to boost crop yields and processing capacity for augmenting farmers income. "We are setting up a new production line for export quality french fries at Bijnor," Chadha told PTI. He said the total investment on this expansion will be around Rs 750 crore, whi

Signature Global's revenue set to rise at least 2.5 times to over Rs 3K cr

Real estate company Signature Global is expecting at least a 2.5 times jump in its operational revenue to more than Rs 3,000 crore in this fiscal on strong sales as well as completions of projects, its Chairman Pradeep Kumar Aggarwal said. In an interview with PTI, he also exuded confidence that the company would easily surpass the pre-sales target of Rs 10,000 crore and launches of Rs 16,000 crore during the current fiscal year. "The company's performance in the first three quarters of this fiscal has been very strong across all major parameters like sales bookings, launches, collection from customers and deliveries," Aggarwal said. He said the company would end the financial year 2024-25 on a strong note. Asked about the revenue growth, Aggarwal said, "We had given a guidance of Rs 3,800 crore worth of revenue recognition during the current fiscal year. Our operational revenue has already crossed Rs 1,900 crore in the first nine months of this financial year. We are hopeful of a

NOTO Ice Cream raises Rs 15 cr in funding round led by Inflection Point

Start-up NOTO Ice Cream on Thursday said it has raised Rs 15 crore in its latest funding round, led by Inflection Point Ventures (IPV), with participation from JITO and Lets Venture. The funds will be utilised for expanding into Tier-I and Tier-II cities, launching innovative flavours and formats for the summer, supporting marketing on food-tech aggregators and quick-commerce platforms, upgrading infrastructure, and boosting brand awareness through experiences, the company said in a statement. The brand, also backed by renowned personalities such as John Abraham, Rannvijay Singha, and Kunal Bahl, is currently operational in cities, including Mumbai, Delhi, Bangalore, Hyderabad, Chennai, and Pune. It is expanding into new markets such as Ahmedabad, Kolkata, and Lucknow. NOTO Ice Cream Co-Founder & CEO, Varun Sheth said," This funding fuels our expansion into Tier I and Tier II cities..." Inflection Point Ventures Co-Founder, Vinay Bansal said health-conscious consumers often ...

Vedanta gets demerger nod; 99.99% shareholders, 99.95% lenders support move

Vedanta Ltd has received approval from its shareholders and creditors for its proposal to demerge the company into five independent, sector-specific companies, according to a stock exchange filing by the company. The demerger was approved by 99.99 per cent of shareholders, 99.59 per cent of the secured creditors, and 99.95 per cent of unsecured creditors of Vedanta Limited who voted in favour of the demerger, as per the stock exchange filing made by the company. According to Vedanta's demerger scheme, every Vedanta shareholder will receive 1 additional share in each of the 4 newly demerged companies on the completion of the demerger process. The five companies are Vedanta Aluminium, one of the world's largest producers of aluminium; Vedanta Oil & Gas, India's largest private-sector crude oil producer; Vedanta Power, one of India's largest generators of power; Vedanta Iron and Steel - a company with a highly scalable ferrous portfolio; and Vedanta Limited which will include the ...

Hero MotoCorp eyes double-digit revenue growth next fiscal: CFO Anand

The country's largest two-wheeler maker Hero MotoCorp expects double-digit revenue growth next fiscal riding on the back of continued investments on new products and segments, according to Chief Financial Officer Vivek Anand. The company, which reported a revenue of Rs 10,260 crore for the December quarter, also anticipates a double-digit revenue growth in the current fiscal. "This year, the guidance we have given is for double-digit revenue growth. Looking at our first nine months performance and looking at how this quarter (fourth) has started, we believe that there will be a repeat next year, a double-digit revenue growth," Anand said in an analyst call. The company's consolidated revenue from operations for FY24 stood at Rs 37,789 crore as compared with Rs 34,158 crore in FY23. On the business outlook, he noted that the company would continue its investments behind new products and segments. "We remain consistent in our commitment towards investing behind the premium and EV ..

IT companies likely to roll out 3-6% hikes this year, say HR experts

According to reports, the IT attrition rate for this year is expected to be around 12-13 per cent

Tractor recovery, new launches to maintain volume momentum for M&M

Growth takes root: Automaker cultivates volume momentum as farm and auto segments harvest gains

Akzo Nobel India Q3 result: Profit dips slightly by 4.6% to Rs 108.6 crore

Paints and coatings maker Akzo Nobel India Ltd on Friday reported a decline of 4.56 per cent in its consolidated net profit at Rs 108.6 crore for the third quarter ended on December 2024 on account of rise in raw material costs. The company had posted a net profit of Rs 113.8 crore in the October-December quarter a year ago, according to a regulatory filing from Akzo Nobel. Its revenue from operations rose 1.72 per cent to Rs 1,050.5 crore in the quarter under review, up from Rs 1,032.7 crore in the corresponding period of the previous fiscal. Total expenses of Akzo Nobel, maker of Dulux paints, increased 2.32 per cent to Rs 910.3 crore in the December quarter. Akzo Nobel's total income, which includes other income, in the December quarter, was at Rs 1,056.5 crore, up 1.47 per cent. Commenting over the results, Chairman and Managing Director, Rajiv Rajgopal said, " In Q3 FY25, we achieved both volume and value growth despite subdued market conditions. Favourable demand in ...

Govt says 339 foreign companies registered in India in last 5 years

The government on Tuesday said 339 foreign companies have been registered in the country in the last five years and the registration of such firms has been on the decline since 2020. This year, five foreign companies have been registered -- 1 each in Andhra Pradesh, Delhi, Kerala and two in Tamil Nadu, official data shared by Minister of State for Corporate Affairs Harsh Malhotra with the Rajya Sabha showed. Under Section 2 (42) of the Companies Act, 2013, a foreign company means any company or body corporate incorporated outside India, which has a place of business in India whether by itself or through an agent, physically or through electronic mode. "Thus, foreign companies are incorporated outside India and they have a place of business in India. These companies are set up with foreign capital," he said. While 90 foreign companies were set up in 2020, the number came down to 75 in 2021 and 64 in 2022. The count reduced to 57 in 2023 and 53 in 2024. On whether certain foreign ..

Over 17,600 companies shuttered, 138k registered in FY25, shows govt data

As many as 17,654 companies have been closed down till January 26 in the current financial year and a total of 1,38,027 firms were registered during the same period, according to official data. The data was shared by Minister of State for Corporate Affairs Harsh Malhotra to the Rajya Sabha as part of a written reply on Tuesday. As per the data, 17,654 companies have been shuttered in the current financial year till January 26. The figure includes companies that have been amalgamated, converted into LLPs, liquidated/dissolved and struck off from the official records. The count of shuttered companies stood at 22,044 and 84,801 in 2023-24 and 2022-23, respectively. The data was furnished in response to questions by YSRCP Rajya Sabha member Parimal Nathwani. Companies are registered in the country under the Companies Act, which is implemented by the corporate affairs ministry. The ministry also implements the Limited Liability Partnership (LLP) Act. Till January 26 of the current fi

Bajaj Electricals Q3: Profit falls 10.7% to Rs 33.36 cr, revenue up 5%

Bajaj Electricals Ltd on Tuesday reported a decline of 10.7 per cent in consolidated net profit at Rs 33.36 crore for the third quarter ended on December 31, 2024. The company had posted a net profit of Rs 37.36 crore in the October-December period a year ago, according to a regulatory filing from Bajaj Electricals. However, its revenue from operations climbed 5 per cent to Rs 1,289.72 crore during the quarter under review. The same stood at Rs 1,228.24 crore in the corresponding quarter a year ago. Bajaj Electricals' total expenses in the December quarter was Rs 1,257.09 crore, up 3 per cent. Its revenue from Consumer Products (CP) rose 8.54 per cent to Rs 1,038.45 crore, against Rs 956.66 crore in the corresponding quarter of the preceding fiscal. However, revenue from Lighting Solutions declined 7.47 per cent to Rs 251.27 crore, in comparison with Rs 271.58 crore a year ago. The company's total income, which includes other income, was Rs 1,302.51 crore, up 2.48 per cent in the

MobiKwik's Q3 FY25 loss widens to Rs 55.2 cr as expenses increase

Fintech firm to discontinue small-ticket lending product and focus on long-tenure products

'Tax cuts to boost consumption', say top executives across sectors

The government's plan is estimated to help around 25-30 million personal tax payers save about 100,000 rupees annually, according to Kamal Bali, managing director of Volvo Group India

DeepSeek's AI restricted by 'hundreds' of companies amid concerns over leak

Chief among those worries is the fact that DeepSeek states in its own privacy terms that it collects and stores data in servers in China

Companies in India not using IBC enough to resolve insolvency: IBBI chief

IBBI data suggests that the share of CIRPs initiated by corporate debtors or companies is declining over time

Q3 results today: Adani Ports, L&T, BEL, GAIL to report Q3FY25 earnings

Over 100 companies, including Adani Group entities, L&T, and banking majors, are set to release Q3FY25 results on January 30, offering insights on growth momentum and market outlook

Quick commerce unicorn Zepto completes reverse flip from Singapore to India

Sharing the update, Zepto co-founder and chief executive officer, Aadit Palicha, said the company has received formal approval from Singaporean courts and the National Company Law Tribunal (NCLT)

Ares looks to boost private credit presence in record Indian market

The alternative asset manager has deployed $4.5 billion to Indian companies as of the end of September, roughly half the firm's investment in Asia over the past five years