Page 40 - Companies

Steelbird lines up Rs 105 cr capex to ramp up production capacity

Steelbird Hi-Tech India on Friday said it plans to invest Rs 105 crore to enhance production capacity at existing plants as ait aims to roll out 1 crore helmets in the current fiscal. The company will utilise the capital for capacity expansion in its plants based in Baddi (Himachal Pradesh) and Noida (Uttar Pradesh). "Our aspiration to produce 10 million helmets signifies our unwavering commitment to riders globally. With ECE-certified helmets, we're not only upholding stringent safety standards but also advancing towards global dominance," Steelbird Hi-Tech India Managing Director Rajeev Kapur said in a statement. The company has allocated a capex of Rs 105 crore to fuel the ongoing expansions to expand manufacturing capacities in existing plants, he said. Kapur noted that Steelbird is looking to capture a significant share of the European and American helmet markets, besides consolidating its position in the domestic market. With the helmet industry projected to witness remarkab

Honda Motorcycle reports 3% increase in sales in August at 477,590 units

Honda Motorcycle and Scooter India (HMSI) on Friday said its sales increased by 3 per cent to 4,77,590 units in August. The company dispatched 4,62,529 units to dealers in August 2022. Last month, the company sold 4,51,200 units in the domestic market, HMSI said in a statement. It also dispatched 26,390 units to export markets, it added.

Honda Cars reports 1% increase in sales in August to 7,880 units

Honda Cars India on Friday reported a 1 per cent increase in sales in the domestic market to 7,880 units in August. The company had dispatched 7,769 units to dealers in the domestic market in August last year, Honda Cars India Ltd (HCIL) said in a statement. The company's exports dipped 7 per cent to 2,189 units during the month from 2,356 units exported in the previous year, it added. "The festive demand has been strong and continues to show good momentum. The celebratory fervour, which began with Onam in southern India, will extend to the rest of the markets as we move towards the peak of festivities in the coming months," Honda Cars India Director Marketing and Sales Yuichi Murata said.

Coal India output grows 13% to 52.3 MT in Aug, supply up 15% at 59 MT

Coal India Ltd (CIL) on Friday posted a 13.2 per cent growth in its output at 52.3 million tonnes (MT) in August 2023 compared to 46.2 MT in the year-ago month. The supplies rose to 59 MT in August 2023 from 51.2 MT in the same month last fiscal, registering a rise of 15.3 per cent, the company said in a statement. In FY2023-24 so far, the state-owned coal miner produced 281.5 MT, posting an 11.1 year-on-year growth. During April-August 2023, total coal off-take rose by 8 per cent to 305.5 MT compared to 283.1 MT in the same period of the last year. In August, the supplies to the power sector at nearly 47 MT increased by nearly 8 compared to 43.6 MT of the same month last year. Against the commitment of 1.44 MT per day, the company supplied 1.515 MT per day to the power sector. During April-August 2023, the coal-fired plants received 248.7 MT of coal from CIL, around 2 per cent higher from 243.5 MT a year ago. Coal inventory at CIL's pitheads stood at a comfortable 45.3 MT as of

TVS Motor Aug sales: 2W sales up 5% to 332,110 units, overall sales up 4%

Motorcycles registered sales of 153,047 units in August 2023 as against 157,118 units for the same period last year

This will be the best Diwali we've ever had: Amazon's Russell Grandinetti

Our competition is regular retail…. E-commerce has come a long way but it is still a very small percentage of overall sales in India, says Russell Grandinetti

Aditya Birla Fashion & retail to raise Rs 750 cr on or after September 4

Aditya Birla Fashion and Retail plans to raise Rs 750 crore on or after September 4 through debt bonds, the company said on Thursday. The company will raise funds on a private placement basis, Aditya Birla Fashion and Retail (ABFRL) said in a regulatory filing. "The Company proposes to raise funds by issuing 75,000 listed, unsecured, rated, redeemable non-convertible debentures of face value of Rs 1,00,000 (Rupees One Lakh only) each issued at par aggregating to Rs 7,50,00,00,000 (Rupees Seven Hundred Fifty Crores Only), on private placement basis, on or after September 4, 2023," the filing said. In a separate filing, the company said that it has completed the acquisition of a 29 per cent stake in TCNS Clothing Co Limited pursuant to the open offer. The 29 per cent stake is estimated to be over Rs 941 crore. As per an earlier announcement, ABFRL acquired a 51 per cent stake in TCNS for about Rs 1,650 crore.

Govt invites Expression of Interest from bidders for IMPCL strategic sale

The turnover of the company rose by 59 per cent to Rs 261 crore in FY22. Its profit after tax stood at Rs 34 crore for 2021-22

Ola Electric registers over 400% growth in Aug; gears up for festive season

Ola which competes with players such as Ather Energy, Okinawa, Hero Electric and TVS Motor company said it has maintained a market share of about 30 per cent during August

Garena's Free Fire to return to India from Sep 5 as govt revokes ban

Esports company Garena will restart Free Fire online games in India from September 5 after the government revoked the ban on the app. Garena's Free Fire app was removed from Google Play Store and Apple's App Store after the government banned it in February 2022. The company on Thursday said that the app will be available for download from September 5. "India is home to very passionate communities of esports enthusiasts and we are excited to be able to support our fans from Bharat with the launch of Free Fire India. We look forward to providing an engaging and highly localised experience for Indian users," Garena Co-Founder Gang Ye said in a statement. Garena also unveiled Indian cricketer MS Dhoni as the new brand ambassador for Free Fire India. "He (Dhoni) will be celebrated as the first Indian sportsperson to be featured in-game as a playable character, 'Thala'. Dhoni will be joined by other leading sportspersons, such as football captain Sunil Chhetri, badminton champion Saina

Aeroflex Industries shares jump 51% in debut trade on issue price of Rs 108

Shares of Aeroflex Industries made a strong debut on Thursday and ended the day with a premium of 51 per cent against the issue price of Rs 108. The stock began the trade at Rs 197.40, up 82.8 per cent from the issue price on the BSE. During the day, it hit an intra-day low of Rs 162.10 apiece. Shares of the company finally ended at Rs 163.15 per piece, rallying 51.06 per cent. On the NSE, shares of the company made its debut at Rs 190, witnessing a sharp uptick of 75.93 per cent. It later settled at Rs 163.60 apiece on the bourse. The company commanded a market valuation of Rs 2,109.86 crore. On the volume front, 33.15 lakh equity shares were traded on the BSE and nearly 3.61 crore shares on the NSE, during the day. In the equity market, the 30-share BSE Sensex settled 255.84 points or 0.39 per cent lower at 64,831.41 points, while Nifty fell 93.65 points to close at 19,253.80 points. The Initial Public Offer (IPO) of Aeroflex Industries was subscribed 97.07 times on the last da

FMC India brings bio-fungicides for bacterial leaf blight disease in rice

FMC India, an agriculture sciences firm that provides crop protection solutions and technologies, has introduced a new bio-fungicide that will help in controlling bacterial leaf blight, one of the most serious diseases of rice. In a statement on Thursday, FMC India said it has launched ENTAZIATM bio-fungicide, a biological crop protection product formulated with Bacillus subtilis. This innovative product leverages the natural capabilities of Bacillus subtilis to control bacterial leaf blight, one of the most serious diseases of rice, it added. "By activating the crop's defense system against plant pathogens, ENTAZIATM bio-fungicide acts to prevent and control bacterial leaf blight, while staying harmless to natural predators and parasites," the company said.

Ashok Leyland partners CSB Bank Ltd for vehicle financing solutions

Commercial vehicle maker Ashok Leyland on Thursday said it has partnered with CSB Bank Ltd for offering vehicle financing solutions to its customers. The two companies have signed a Memorandum of Understanding and the partnership will enable them to offer customised financial solutions to the automaker's customers, Ashok Leyland said in a statement. "The partnership with CSB Bank will benefit customers with financial products, which are specifically tailored for a hassle-free experience. Through our vast network of dealerships, we will be able to provide the best financial solutions to our wide range of commercial vehicle customers," Ashok Leyland CFO & Director Gopal Mahadevan said. CSB Bank Group Head and Head, Retail Banking, Narendra Dixit said, "This partnership will enable the bank to grow its portfolio of assets and extend its reach into previously untapped consumer segments.

Dunzo delays employee salaries yet again, sets October as new deadline

Dunzo, a quick commerce startup backed by Reliance and Google, had earlier told its employees that their June and July salaries would be paid in September

Bargain flight prices disappear as airline industry transforms into duopoly

The higher prices come at a time when two domestic carriers - IndiGo and Air India Ltd. - are set to control the bulk of one of the world's fastest-growing aviation markets

Growth of revenue, market share is top priority: Hero MotoCorp CEO

Achieving production target for FY24 is secondary right now, he added

3M agrees to pay $6 bn to settle earplug lawsuits from US service members

Chemical and consumer product manufacturer 3M has agreed to pay USD 6 billion to settle numerous lawsuits from US service members who say they experienced hearing loss or other serious injuries after using faulty earplugs made by the company. The settlement, consisting of USD 5 billion in cash and USD 1 billion in 3M stock, will be made in payments that will run through 2029. The agreement announced by the Minnesota company on Tuesday marks a resolution to one of the largest mass torts in US history. Hundreds of thousands of veterans and current service members have reportedly sued 3M and Aearo Technologies, a company that 3M acquired in 2008, over their Combat Arms Earplug products. The service members alleged that a defective design allowed the products which were intended to protect ears from close range firearms and other loud noises to loosen slightly and allow hearing damage, according to Aylstock, Witkin, Kreis, & Overholtz PLLC, one of the law firms representing ...

Edtech giant Byju's CBO Prathyusha Agarwal, two senior executives quit

These exits come at a time when the most valuable edtech company has been trying to address challenges such as due diligence issues, legal battles with lenders, challenges in raising fresh capital

ONGC to invest up to Rs 2 trillion by 2038 to meet net-zero goals

Production timeline from ONGC Videsh Limited assets in Colombia and Mozambique remain on track

French banking major BNP Paribas looks to sell retail broking arm Sharekhan

BNP's acquisition was completed in 2016 after receiving approvals from all regulatory authorities