Page 44 - Companies

Tata Chemicals posts drop in June quarter profit on lower prices, volumes

India's Tata Chemicals Ltd posted a 9.7% fall in first-quarter profit on Monday, hurt by a fall in soda ash prices and lower volumes

Torrent Pharma's net profit rises 7% at Rs 378 crore in April-June quarter

Torrent Pharma on Monday reported a 7 per cent increase in its profit after tax to Rs 378 crore for the June quarter. The company had reported a profit after tax (PAT) of Rs 354 crore in the year-ago quarter. Revenue for the first quarter of the current fiscal rose to Rs 2,591 crore as against Rs 2,347 crore in the year-ago period, Torrent Pharma said in a statement. The drug firm said its domestic revenue grew 14.5 per cent year-on-year to Rs 1,426 crore during the quarter. The company said its revenue also went up in Brazil and Germany by 3 per cent and 21 per cent, respectively. Revenue in the US market, however, declined by 2 per cent to Rs 293 crore, it added. Torrent Pharma shares ended 0.49 per cent down at Rs 2,051.50 apiece on the BSE.

Keystone Realtors net profit jumps over 9-fold to Rs 46.97 crore in Q1

Realty firm Keystone Realtors Ltd on Monday reported an over 9-fold jump in its consolidated net profit at Rs 46.97 crore for the June quarter on higher income. Its net profit stood at Rs 4.97 crore in the year-ago period. Total income increased to Rs 282.82 crore during the April-June period of 2023-24 fiscal from Rs 176 crore in the corresponding period of the previous year, according to a regulatory filing. Keystone Realtors markets its properties under 'Rustomjee' brand. Boman Irani, Chairman and Managing Director of Keystone Realtors, said the company has recorded pre-sales of Rs 500 crore during the first quarter of this fiscal, signifying growth of 106 per cent year-on-year. "We have further strengthened our strategy of executing through our asset light expansion model with the successful addition of 3 new projects in prominent locations like Prabhadevi, Kandivali (W) and Pali Hill," he added. Incorporated in 1995, Keystone Realtors is one of the leading real estate develo

Skilling start-up Disprz gets $30 mn in Series-C funding from Lumos, others

Established in 2015, Disprz's client base includes firms like ICICI Bank, Amazon, Indian Oil, Bajaj Allianz, Ather Energy, HDFC Life, and Starbucks, among others

US freezes fund transfers worth Rs 2.6 crore by Indian diamantaires

The US authorities told banks to hold the nostro accounts of the suppliers' banks, and thus, rough diamond sellers did not receive payments

Metropolis Healthcare eyes 60% revenue from B2C business in next 2-3 years

The diagnostic player has also taken price hikes in the range of 4-5 percent in the last three years

Enkash expects business to grow by 36% to Rs 250 crore this fiscal

Fintech firm Enkash expects its business to grow by 36 per cent to USD 30 million, about Rs 250 crore, in this fiscal on account of digitisation in small and medium business in the accounting segment, a senior official of the company said. Ascent Capital-backed Enkash founder Hemant Vishnoi told PTI the company focuses on spends management of small and medium enterprises that have over Rs 10 crore annual turnover and expects the customer base to double in the current fiscal. "We closed last financial year closer to USD 22 million revenue and we are targeting close to USD 30 million this year. We had a growth of 2.5 to 5 times on multiple business metrics," Vishnoi said. The company expects its new platform "Olympus", which combines payable, receivable and reconciliation in one suite, will be a key growth driver for the company. "We have closer to 10,000 customers and more than 250,000 businesses connected on our platform. We expect two-fold growth in terms of businesses on our ...

Reliance seeks shareholder nod to appoint Ambani as head for another 5 yrs

Reliance Industries Ltd, India's most valuable company, has sought shareholder's approval to give Mukesh Ambani another five-year term as chairman and managing director of the company till 2029 -- a period during which he has opted to draw nil salary. Ambani, 66, will cross the company law-mandated 70 years age for the chief executive of the company and requires a special resolution by the shareholders for him to be appointed beyond that age bar. In a special resolution, Reliance sought the nod of shareholders to appoint Ambani as the head of the company till April 2029. Ambani has been on the board of Reliance since 1977 and was elevated as chairman of the company after the death of his father and group patriarch Dhiburhai Ambani in July 2002. In the special resolution posted to shareholders, Reliance said its Board of Directors on July 21, 2023 approved "re-appointed Mukesh D. Ambani as Managing Director, for a period of 5 years from the expiry of his present term, i.e. with effe

Profit of PSU banks more than doubles to Rs 34,774 cr in April-June quarter

Public sector banks (PSBs) have once again posted stellar performance by registering more than double profit of Rs 34,774 crore for the first quarter ended June 2023. During the April-June period of the previous fiscal, all 12 state-owned banks had recorded a total profit of Rs 15,306 crore, according to quarterly numbers published by public sector lenders. The high-interest regime helped banks to earn a good net interest margin (NIM) during the quarter. Most banks had recorded NIM of over 3 per cent. Pune-based Bank of Maharashtra posted the highest NIM of 3.86 per cent, followed by Central Bank at 3.62 per cent and Indian Bank at 3.61 per cent during the quarter. During the first quarter, four lenders logged a profit of over 100 per cent. The highest percentage growth was recorded by Punjab National Bank, which earned a profit of Rs 1,255 crore against Rs 308 crore in the same quarter of the previous year, a growth of 307 per cent. It was followed by the State Bank of India (SBI

GGEL bags Rs 21-crore iron ore supply order from an industrial group

G G Engineering Ltd (GGEL) has received an iron ore supply order worth Rs 21 crore, the company said on Sunday. The order bagged from an industrial group will be completed within next 30-45 days, GGEL said in a statement. "GGEL has received order valued Rs 210 million for supplying iron raw material to prominent industrial houses, and is anticipating additional orders as well for Q3 of the current financial year," it said without sharing any further details. In a separate statement, the company said its board has approved a rights issue for 49 crore shares of face value of Re 1 each at a price of Rs 1 per rights equity share to the eligible applicants. A rights issue or rights offer is a subscription that allows its existing shareholders to buy additional shares at a discounted price, it said. "The company invites existing shareholders to purchase additional new shares at a discounted rate. It is an opportunity for shareholders to increase their exposure to the stock at a discount

Sales weak in Q1; will meet Rs 14k cr target in FY24: Godrej Prop chairman

Realty firm Godrej Properties' sales performance remained muted in April-June, but the company will meet the annual target to sell properties worth Rs 14,000 crore this fiscal as housing demand continues to be strong, its Executive Chairman Pirojsha Godrej said. Its sales bookings fell 11 per cent year-on-year during the first quarter of the 2023-24 fiscal to Rs 2,254 crore. In an interview with PTI, Pirojsha Godrej said: "In terms of sales bookings, April-June was a weak quarter for us. But in deliveries, it was strong as we did nearly 5 million square feet area. Our annual guidance for deliveries is 12.5 million square feet". He exuded confidence in achieving "healthy growth" in sales bookings during the remaining three quarters. Pirojsha said the company would achieve or even better the annual sales guidance of Rs 14,000 crore in 2023-24 against Rs 12,232 crore in the previous fiscal. The company launched very few residential projects during the first quarter of 2023-24 and the

CAMS reports 18% rise in profit after tax to Rs 76 cr in June quarter

Registrar and transfer agent for mutual funds CAMS on Friday reported an 18 per cent growth in profit after tax (PAT) to Rs 76.34 crore for the June quarter. In comparison, the company had posted a PAT of Rs 64.78 crore in the same quarter of the preceding fiscal, Computer Age Management Services Ltd (CAMS) said in a statement. Its revenue rose 10.4 per cent to Rs 261.3 crore in the quarter under review from Rs 236.65 crore in the April-June quarter of 2021. "The Indian mutual fund industry grew by 6.4 per cent quarter-on-quarter (Q-o-Q) to reach Rs 43.8 lakh crore in AAUM and is well-positioned for future growth. Our assets under management grew by 6.8 per cent Q-o-Q, ahead of the industry, to cross the Rs 3 lakh crore mark," Anuj Kumar, Managing Director of CAMS Ltd, said. Besides, the company has recommended a dividend of Rs 8 per share.

Numbers justify Fitch downgrade, says Blackstone CEO Steve Schwarzman

"The numbers justify it, regrettably," the Blackstone Inc. chief executive officer said on CNBC Friday

SBI reports merely 3% employee attrition, much lower than Private peers

The expansion of industry and the economy are producing ample job opportunities, which may be one of the reasons behind the high attrition rate in the private sector

Maruti's share in parent Suzuki's revenues reached highest ever in Q1FY24

The Indian economy, on the other hand, has been performing well and auto sales have remained robust

M&M Q1 PAT up 60% to Rs 3,508 cr on strong auto performance, revenue up 19%

The board has recommended a dividend of Rs 16.25 per share

Fortis Healthcare PAT falls 8.6% to Rs 122.5 cr in April-June quarter

Fortis Healthcare Ltd on Friday reported an 8.6 per cent decline in consolidated profit after tax to Rs 122.5 crore for the first quarter ended June 30. The company, which posted a consolidated profit after tax of Rs 134.3 crore in the first quarter of the last fiscal, said its diagnostics business has been renamed as Agilus Diagnostics Ltd, and the boards of the two firms have granted approval for the latter to initiate an initial public offer (IPO) process. Its consolidated revenues in the first quarter stood at Rs 1,657 crore against Rs 1,488 crore in the year-ago period, a growth of 11.4 per cent. "We have witnessed a steady start in Q1 FY24 for both the hospitals and diagnostics business. Our hospital business revenues grew 13.6 per cent to Rs 1,354 crore while operating EBITDA was at Rs 206.4 crore, reflecting a margin of 15.2 per cent versus 16.2 per cent in Q1 FY23. "This was in part due to a lower occupancy and a comparatively less favourable payor mix, both of which we ..

Century Ply net profit down by 12% to Rs 84 cr in April-June quarter

Leading plywood company Century Plyboards (India) Ltd on Friday reported a 12.8 per cent decline in standalone net profit at Rs 84.1 crore for the June quarter. The company had reported a net profit of Rs 96.47 crore in the year-ago quarter. The company said its net revenue from operations for the first quarter of the current fiscal was Rs 882.39 crore, indicating a marginal growth over the corresponding period's earnings of Rs 881.48 crore. The Earnings before Depreciation Interest and Tax for the quarter stood at Rs 140.07 crore, 7.4 per cent less than the year-ago period. Century Plyboards Chairman Sajjan Bhajanka said sluggishness in other industries, such as housing and building materials sectors, during the period was a key factor behind the subdued results. However, he said there has been substantial improvement in the scenario since July. He emphasised that with the commissioning of all projects in the next financial year, there would be an improvement in the company's to

Morgan Stanley reaches 70% of $1 trn of low carbon ESG funding goal

The Wall Street firm said in an ESG report this week that it has allocated $700 billion of financing, with more than $550 billion of that directed to green activities

Vedanta looks to refinance $3.8 bn bonds maturing between 2024-2026

Billionaire Anil Agarwal's Vedanta Resources is looking to refinance USD 3.8 billion worth of bonds maturing between 2024 and 2026 with loans of extended maturities and manageable size, a company official said on Friday. The mining conglomerate has about USD 1 billion of bonds maturing in January next year, followed by a similar size coming up for payment in August 2024. Another USD 1.2 billion bonds are due in March 2025 and another USD 600 million in April 2026. "We are looking to put in place a refinancing package that will include deleveraging (some debt), extending maturities and manageable size," said Omar Davis, President Strategy at Vedanta Resources. He did not give details of the refinancing but expressed confidence in being able to achieve well before due maturities. "We want less big towers (size of loans) and longer maturity periods," he said. On Thursday, S&P Global Ratings revised the rating outlook on Vedanta Resources to negative from stable to "reflect the ...