Page 47 - Companies

Sebi imposes Rs 13 lakh fine on two former executives of Wockhardt

Market regulator Sebi has imposed penalties totalling Rs 13 lakh on two former executives of Wockhardt for flouting insider trading norms. The regulator has slapped a fine of Rs 12 lakh on Yatendra Kumar and Rs 1 lakh on Shashi Kant Tiwari. The order came after Sebi conducted an investigation into the trading activity in the scrip of Wockhardt for the January 2012 to August 2013 period to ascertain any violation of the provision of insider trading rules. In its 35-page order on Monday, Sebi found that Kumar was an insider who had traded in the scrip of Wockhardt while having Unpublished Price Sensitive Information (UPSI), regarding issuance of Form 483 by the US Food and Drug Administration (USFDA) to Wockhardt's manufacturing facility in Waluj in Maharashtra. Form 483 contains FDA's observation in detail and is issued if USFDA finds objectionable conditions upon completion of inspection of facilities. The issuance of such a form is regarded as adverse observations. Unless rectifie

Uber forecasts quarterly operating profit above estimates on ride demand

Uber Technologies on Tuesday forecast third-quarter operating profit above Wall Street expectations as it sees growing demand for ride hailing

Shriram General Insurance reports 37% rise in net profit in June quarter

Shriram General Insurance Company posted a 37 percent growth in net profit at Rs 98 crore during the first quarter of FY 24. The insurer on Tuesday said it wrote 13,03,340 policies driven by higher digital selling of traditional and new combo products. About 82 percent of all its policies now come from online purchases and the company introduced three new products during the quarter, the insurer jointly owned by Shriram Group and Africa's Sanlam Group, said in a statement. Its gross written premium (GWP) stood at Rs 560 crore, a rise of 39 percent growth over the same period last year. The company's solvency at the end of June 2023 was 4.83 from 4.48 a year ago. It has settled 39,076 claims in Q1 FY24 compared to 33,811 in the year-ago period. "Our physical approach is the main driver during the quarter. While we remain focussed on existing business streams, we believe newer areas like EV insurance and developing a stream of combo insurance plans will help the market and drive growt

Tribhovandas Bhimji Zaveri reports five-fold jump in profit in June quarter

BENGALURU (Reuters) - Indian jeweller Tribhovandas Bhimji Zaveri reported a nearly five-fold jump in first-quarter profit on Tuesday

Orient Cement's net profit declines to Rs 37.03 crore in June quarter

C K Birla group firm Orient Cement Ltd on Tuesday reported a marginal decline in its net profit at Rs 37.03 crore in the June quarter. It had posted a net profit of Rs 37.41 crore in the April-June quarter a year ago, Orient Cement said in a regulatory filing. Its revenue from operation was up 15.58 per cent at Rs 825.17 crore during the quarter under review as against Rs 713.93 crore in the year-ago period. Orient Cement's total expenses were at Rs 772.39 crore in Q1 of FY2023-24, up 17.73 per cent. In the June quarter, the company's total income was up 16 per cent at Rs 829.60 crore. Shares of Orient Cement Ltd on Tuesday settled 2.18 per cent lower at Rs 143.85 apiece on the BSE.

Jakson Group installs 9 kilowatt solar plant at AIIMS-Delhi premises

Renewable Energy firm Jakson Group has installed a 9-kilowatt solar plant on the premises of AIIMS here as part of an agreement. The project has been set up by its CSR arm Jakson Welfare Trust, Jakson Group said in a statement on Tuesday. The 9 KW solar project, installed on the rooftop of AIIMS Director's bungalow in the campus, is expected to generate 13,140 units per year, it added. Jakson Group Chairman and Managing Director Sameer Gupta said, "We are committed to support the nationwide net zero mission through renewable energy solutions, and our partnership with AIIMS demonstrates this commitment". After the inauguration of the solar project, M Srinivas, Director of AIIMS, New Delhi, said this collaboration illustrates a commitment to advancing sustainable healthcare practises, and he hopes it will encourage other institutions to follow the practice.

Redington reports 21% fall in quarterly profit as expenses mount

Redington reported a 21% fall in quarterly profit, as the technology devices distributor wrestled with higher expenses at a time when demand for work-from-home equipment also slowed

Thermax misses Q1 profit view with just 1.7% rise on slow sales growth

Thermax on Tuesday posted a marginal rise in its consolidated net profit at Rs 60 crore in the June 2023 quarter. Its consolidated net profit stood at Rs 59 crore in the year-ago period. "The company's consolidated profit after tax (PAT) is Rs 60 crore (Rs 59 crore in April-June 2022), an increase of 2 per cent over Q1 FY23," a company statement said. The company explained that the results were adversely impacted due to an exceptional item of provision related to ongoing litigation of Rs 51 crore. Its profit before tax (PBT) and exceptional increased 75 per cent to Rs 142 crore from Rs 81 crore in April-June 2022, it stated. Thermax, an energy and environment solutions company, recorded a consolidated operating revenue of Rs 1,933 crore in the first quarter of 2023-24, 17 per cent higher compared to Rs 1,654 crore in the year-ago period. As of June 30, 2023, the order balance for the quarter was Rs 10,505 crore, up by 10 per cent from Rs 9,554 crore a year ago. The order booking

Godrej Agrovet posts higher profit at 27.3% for June quarter as costs drop

The company's consolidated net profit rose to 1.05 billion rupees ($12.8 million) in April-June, from 827.1 million rupees a year ago

Triveni Turbine net profit rises by 59% to Rs 61 cr in June quarter

Triveni Turbine on Tuesday posted over a 59 per cent rise in its consolidated net profit to Rs 61 crore, mainly due to higher revenues. The consolidated net profit of the company was Rs 38.3 crore in the quarter ended June 2022, a company statement showed. Its revenues from operations increased to Rs 376.4 crore in the quarter from Rs 259 crore a year ago. "In the first quarter of FY24, Triveni Turbines has delivered yet another impressive performance. The momentum in revenue growth remained strong during the quarter with 45 per cent growth over the previous corresponding period," said Triveni Turbine Chairman and Managing Director Dhruv M Sawhney. At the end of the quarter, the company had a record closing order book of Rs 1,410 crore, up 31 per cent year-on-year, he added.

Chemicals maker Anupam Rasayan Q1 net profit rises 25% to Rs 52.25 crore

Chemicals maker Anupam Rasayan on Tuesday posted a 24.52 per cent rise in its consolidated net profit at Rs 52.25 crore in the June quarter on strong revenue. Net profit stood at Rs 41.96 crore in the same quarter a year ago, a regulatory filing said. Total income rose on a consolidated basis to Rs 398.76 crore during the April-June quarter of the 2023-24 fiscal from Rs 334.3 crore in the year-ago period. Expenses remained higher at Rs 321.46 crore as against Rs 273.64 crore in the said period. Anand Desai, Managing Director of Anupam Rasayan, said, "I am delighted at the consistent growth momentum of the company against a challenging industry backdrop." While the falling prices of commodity agrochemicals are putting pressure on margins for the industry, the company's customised products and robust business model helped deliver strong EBITDA margins of 29 per cent in Q1 of this fiscal, he said. During Q1, Anupam Rasayan signed an MoU with 3xper Innoventure Ltd for the supply of .

Franklin Templeton MF says returned over Rs 27,000 crore to investors

Franklin Templeton Mutual Fund (MF) on Tuesday said it has returned over Rs 27,000 crore to unit holders of six shuttered debt schemes till date. The amount translates to around 107.51 per cent of the aggregate reported assets under management value across the six funds as of April 23, 2020, when the fund house announced shutting the six debt mutual fund schemes, citing redemption pressures and lack of liquidity in the bond market. Only short term income plan has some miniscule assets that have to be liquidated, according to a Franklin Templeton spokesperson. The six schemes had collective assets under management of Rs 25,215 crore, when the decision to close the funds was announced, it said in a statement. The schemes were Franklin India Low Duration Fund, Franklin India Dynamic Accrual Fund, Franklin India Credit Risk Fund, Franklin India Short Term Income Plan, Franklin India Ultra Short Bond Fund, and Franklin India Income Opportunities Fund -- In a separate statement, Frankl

Roastea eyes Rs 100 cr in topline, to install 5,000 vending machines

Beverage startup, Roastea is eying Rs 100 crore turnover and 5,000 vending machines network by 2024-25. "The company's tea and coffee vending machine business will be one of the key drivers of growth, and it aims to roll out over 1,500 such machines this year, aggregating to 2,500 machines," a company statement said Roastea aims to have around 5,000 vending machines installed across corporates and open 40 cafes over the next two years (by 2024-25), it added. Profitable since inception, Roastea aims to reach Rs 100 crore turnover by FY25, it stated. Focused on corporates, IoT (Internet of Things) enabled modern vending machines are manufactured at Roastea's own contracted factory. They offer fresh milk-based beverages with a unique selection of filter coffee and Indian masala chai and can serve over 20 beverages simultaneously. Roastea's co-founder Anurag Bhamidipaty said, "Vending machine business of Roastea is performing exceptionally well and serves as the primary growth driver

Meta prepares AI-powered chatbots in attempt to retain users: Report

The report comes as Meta executives are focusing on boosting retention on its new text-based app Threads, after the app lost more than half of its users in the weeks following its launch on July 5

Indians spent Rs 5,000 crore on cosmetics in 6 months, mostly online: Study

Kantar Worldpanel study reveals that working women leading the way of cosmetic purchases both online and offline

700,000 new gig jobs to come up between July and December: TeamLease

The upcoming festive season is expected to push demand on e-commerce platforms which will boost their need for gig workers like delivery and warehousing partners

Aditya Birla Group expands its portfolio, adds four restaurant brands

Aditya Birla New Age Hospitality (ABNAH) has added four restaurant brands, namely Hakkasan, Yauatcha, Nara Thai, and CinCin to its portfolio

Sebi's recent rules increase costs, compliance burden on companies

Companies are struggling to prepare themselves for the new regulations, some of which will take effect in a few months

Petronet LNG Q1FY24 results: Net profit at Rs 789 cr YoY; revenue down 18%

The total income for Q1FY24 came in at Rs 11,802.79 crore, compared to Rs 14,405.58 crore YoY

Pernod Ricard eyes premium spirit market in India with local brands

The second-largest distiller in the world has already produced an Indian single malt and may be expanding its portfolio in light of growing demand