Page 46 - Companies

Broad level of consensus among stakeholders on proposed ecommerce policy

A broad level of consensus has emerged among the concerned stakeholders on the proposed national e-commerce policy, which is under formulation, a senior government official said on Thursday. The commerce and industry ministry on August 2 held a detailed discussion with representatives of e-commerce firms and domestic traders body CAIT on issues related to the sector including the policy for the segment. "There is a broad level of consensus. We will tell you more, may be in a couple of weeks. Policy is in final stages. There is a level of consensus across all stakeholders," the official said. Both the policy and the rules will be aligned to each other, the official added. Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal, who attended the meeting, has said it was indicated that the national e-commerce policy would be released by the government in the coming months. "A unanimity was arrived at between all stakeholders about basic pillars of e-commerce po

Pinnacle Infotech to expand workforce four-fold to 12,000 in 6 years

Pinnacle Infotech Solutions, an Architectural Engineering and Construction (AEC) IT solutions industry player, on Thursday said it will expand its workforce four-fold to 12,000 in six years, driven by the growing demand amid the threat of a slowdown in the developed markets. The Durgapur-based building information modelling (BIM) solutions firm, which is also involved in the new temple in Ayodhya, currently has 3,000 employees. The company has 12 state-of-the-art global delivery centres across the world. Its global delivery centres are located in the USA, Japan, India, Singapore, UK, UAE, Germany, and Canada. The international delivery centres in India are in Durgapur, Kolkata, Madurai, and Jaipur. "The AEC industry is undergoing a digital transformation, and BIM is at the forefront of this transformation. We are seeing strong demand for our BIM solutions from clients around the world and we don't foresee any slowdown threat. The expansion of our global workforce will help us meet .

Apollo's second-quarter earnings surge 75% on upbeat annuities business

Adjusted net income rose to $1 billion, up from $576 million a year earlier. That translated to an adjusted net income per share of $1.70, which exceeded the average analyst forecast

Zydus Lifesciences gets USFDA nod for generic rheumatoid arthritis drug

Zydus Lifesciences Ltd on Thursday said it has received final approval from the US health regulator to manufacture and market its generic Indomethacin suppositories indicated for moderate to severe rheumatoid arthritis. The approval by the US Food and Drug Administration (USFDA) is for manufacturing and marketing of Indomethacin suppositories of 50mg strength, the company said in a regulatory filing. The company has been granted 180-day CGT (competitive generic therapy) exclusivity to market this product, it added. As per the USFDA, it may designate a drug as a CGT after determining that there is inadequate generic competition for that drug. "We are happy to leverage the CGT approval pathway of the USFDA to provide patients with expanded access to a product with limited competition," Zydus Lifesciences Managing Director Dr Sharvil Patel said. Zydus said Indomethacin suppositories is a non-steroidal, anti-inflammatory drug indicated for moderate to severe rheumatoid arthritis inclu

Blue Star Q1 profit rises over 12% on robust sales, revenue up 12.6%

BENGALURU (Reuters) - Indian air conditioner maker Blue Star on Thursday reported an over-12% rise in first-quarter profit, as a warmer summer led to a rise in sale of air conditioners

MRF Q1FY24 results: Consolidated net profit jumps 376% YoY to Rs 588 crore

The revenue from operations for Q1FY24 came in at Rs 6,440.29 crore, compared to Rs 5,695.93 crore year-on-year

Dunzo fully integrates seller app onto ONDC, will onboard 20k merchants

Quick commerce firm will provide merchants customer and last-mile logistics delivery support for joining network

Varun Beverages Q2 results: Net profit rises 26.2% YoY, revenue up 13.5%

The company's revenue from operations was up 13.5 per cent to Rs 56,997.34 crore from Rs 50,175.75 crore in the June quarter last year

PC Jeweller faces insolvency plea by SBI, NCLT adjourns hearing till Aug 21

Public sector lender State Bank of India (SBI) has taken PC Jeweller to the National Company Law Tribunal (NCLT) with a plea to initiate insolvency proceedings against the city-based jewellery manufacturer and retailer claiming a default. A Delhi-based principal bench of NCLT had issued a notice to PC Jeweller last week directing it to file a reply over the plea filed by its financial creditor SBI under section 7 of the Insolvency & Bankruptcy Code. The principal bench headed by its President Justice Ramlingam Sudhakar had directed the matter to be listed as SBI's plea on August 2 for further consideration. However, when the matter was adjourned on Wednesday the counsel appearing for PC Jeweller sought more time to file a reply over the notice issued over SBI's plea. Following this, the insolvency tribunal has directed to list the matter on August 21 for the next hearing. PC Jeweller has been engaged in the business of trade, manufacturing and sale of gold, diamond, silver, ...

Adani Wilmar posts Rs 79 cr loss in June quarter due to lower income

Edible oil major Adani Wilmar on Wednesday reported a net loss of Rs 79 crore in the June quarter due to lower income amid fall in prices of cooking oils. The company had posted a net profit of Rs 194 crore in the year-ago period. Total income fell 12 per cent to Rs 12,928 crore during the April-June period of this fiscal from Rs 14,724 crore in the corresponding period of the previous financial year, Adani Wilmar said in a regulatory filing. Adani Wilmar sells edible oils and other food items under Fortune Brand. "We have regained the momentum in our edible oil business with the decline in the edible oil prices. The soft prices of edible oil are expected to augur well for the industry," Angshu Mallick, MD & CEO of Adani Wilmar Ltd, said. The company is gaining good share from regional brands in the under-indexed customer segments with marketing and sales focus on specific geographies and oil categories, he added. To capture the opportunity in the value-added blended oils, Mallic

Sterlite Power acquires Fatehgarh III Beawar Transmission from PFC

Sterlite Power on Wednesday said it has acquired Fatehgarh III Beawar Transmission, a special purpose vehicle, from PFC Consulting Limited. PFC Consulting Limited (PFCCL) is a wholly-owned subsidiary of Power Finance Corporation Limited under the Ministry of Power. "Sterlite Power acquires Fatehgarh III Beawar Transmission Project in Rajasthan from PFC. The project was awarded to Sterlite Power through tariff-based competitive bidding process in March 2023," the company said in a statement. Through the Fatehgarh III Beawar Transmission Limited special purpose vehicle (SPV), the company will set up a critical transmission project in Rajasthan on build-operate-transfer mode for 35 years. The project will involve constructing a 350 kilometre, 765kV transmission corridor from Fatehgarh III to Beawar in Rajasthan. It will enable evacuation of a part of 20 GW of renewable power from renewable energy zones in Fatehgarh (9.1 GW), Bhadla (8 GW) and Ramgarh (2.9 GW) areas of the state. Ster

Cholamandalam Investment and Finance reports 28.2% rise in Q1 PAT

Cholamandalam Investment and Finance Company Ltd has reported a 28.2 percent rise in its net profits for the April-June 2023 quarter at Rs 726 crore, the company said on Wednesday. The financial services arm of the diversified conglomerate Murugappa Group reported a profit after tax at Rs 566 crore during the corresponding period of last year. In a statement, the company said the Board of Directors, subject to the approval of shareholders, has approved a proposal for Capital raising by way of qualified institutional placements (equity issuance and or compulsory convertible securities) at a price to be determined under SEBI, (Issue of Capital and Disclosure Requirements) Regulations, 2018. "We are targeting to raise Rs 4,000 crore by way of these instruments, subject to necessary approvals," the company said. Total income during the quarter under review surged by 49 percent to Rs 4,134 crore from Rs 2,771 crore registered in the same period of last year. The aggregate disbursements

Dhanuka Agritech profit falls by 33% to Rs 32.93 cr in June quarter

Agro chemical firm Dhanuka Agritech Ltd on Wednesday reported a 33 per cent decline in its consolidated net profit at Rs 32.93 crore in the first quarter of this fiscal year. Its net profit stood at Rs 49.11 crore in the year-ago period. Total income also fell to Rs 375.71 crore in the April-June period of 2023-24 from Rs 409.57 crore in the corresponding period of the previous year, according to a regulatory filing.

Logistics firm Gateway Distriparks Q1 PAT grows to Rs 63.72 cr

Logistics operator Gateway Distriparks Ltd (GDL) on Wednesday reported a 9 per cent growth in Profit After Tax (PAT) at Rs 63.72 crore in the June quarter. The company had posted a PAT of Rs 58.45 crore in the April-June period a year ago. Total revenue during the quarter under review rose 8 per cent at Rs 374.85 crore against Rs 347.23 crore in the year-ago period, the company said in a statement. During the June quarter, rail volume stood at 89,939 TEUs, a growth of 4.96 per cent over 85,686 TEUS handled in Q1FY23, it said. Container Freight Station (CFS) business, however, recorded a 3.42 per cent decline in volume at 89,958 TEUS in the June quarter in comparison to 92,973 TEUS in the June quarter of the last fiscal, GDL said. "Train running was impacted this quarter by the Biparjoy cyclone when the rail network and port operations were shut for some time in Gujarat, along with some double stack restrictions imposed temporarily by the Indian Railways during the quarter as well,

SKF India standalone PAT rises to Rs 154.53 crore in June quarter

Bearings maker SKF India on Wednesday said it has recorded a 20 per cent growth in its standalone Profit After Tax (PAT) at Rs 154.53 crore in three months ended June 2023. The company had reported a standalone PAT of Rs 129.18 crore in Q1FY23, SKF India said in a statement. Revenue from operations during the quarter was at Rs 1,149.6 crore as compared to Rs 1,054.7 crore in the same period a year ago, it said. "We reported yet another quarter of impressive growth, achieving a 9 per cent increase in revenue and an 18 per cent increase in PBT year-over-year. Our focus on portfolio management and higher price realisation helped us offset inflationary pressures," Manish Bhatnagar, Managing Director of SKF India Ltd, said. Given the company's focus on strong cash flow momentum and driving operational efficiency, "we remain well prepared for further profitable growth in the upcoming quarters", he said. "Looking ahead, we are confident that the continued execution of our intelligent and

Vistaar Financial Services raises $50 million funding from US govt's DFC

Vistaar Financial Services has secured USD 50 million funding from the US government's development finance institution, the International Development Finance Corporation (DFC). The Bengaluru-based Vistaar, founded by Brahmanand Hegde and Ramakrishna Nishtala in 2010, has so far funded over 2 lakh small businesses across 12 states since inception and has a loan book of Rs 3,100 crore. In May, the company had raised USD 40 million in equity from the global private equity major Warburg Pincus. The DFC loan will help it expand its secured MSME lending portfolio, Avijit Saha, the chief executive said in a statement on Wednesday. The loan will expand access to capital for lending to small women-owned and -led enterprises, said James Polan, vice-president of DFC's office of development credit. The partners with the private sector to finance solutions and invest across sectors including energy, healthcare, critical infrastructure, and technology. With the May 2023 equity investment, Warb

Aditya Birla Capital Q1FY24 results: Net profit jumps 51% YoY to Rs 648 cr

The total income for Q1FY24 came in at Rs 9.82 crore, compared to Rs 7.98 crore year-on-year

Godrej Properties Q1FY24 results: Net profit at Rs 121 cr; revenue up 44%

The total income for Q1FY24 came in at Rs 567.51 crore, compared to Rs 439.29 crore year-on-year

Strides Pharma Q1FY24 results: Net profit at Rs 8 cr; revenue up 12%

The total income for Q1FY24 came in at Rs 486.9 crore, compared to Rs 430.6 crore year-on-year

Reliance Jio, Airtel drive telecom subscriber base to 1,172.57 mn in May

New customer addition by telecom operators Reliance Jio and Bharti Airtel led to a marginal growth in the country's telecom subscriber base to 1,172.57 million in May, according to a report released by regulator Trai on Tuesday. Subscriber loss of Vodafone Idea, BSNL and MTNL mitigated the growth of the telecom user base in May. "The number of telephone subscribers in India increased from 1,172.52 million at the end of April-23 to 1,172.57 million at the end of May-23, thereby, showing a monthly growth rate of 0.004 per cent," the Telecom Regulatory Authority of India (Trai) said in its monthly subscriber report. The subscriber base growth came from rural areas, where subscriptions increased to 519.14 million in May from 518.64 million. The growth was offset by a decline in the subscriber base in urban areas to 653.43 million in May from 653.88 million in April. The wireless subscriber base grew marginally to 1,143.21 million in May from 1,143.13 million in April. Reliance Jio ...