Page 48 - Companies

Over 96,000 companies voluntarily wound up operations in last five years

From April 1, 2018 to March 31, 2023, as many as 96,261 companies exited voluntarily, invoking a section in the Companies Act

DGCA renews air operator certificate of cash-strapped Jet Airways

The airline had stopped flying on April 17, 2019, and its AOC expired over two months ago on May 19 this year

Reliance Capital posts consolidated net profit of Rs 444 crore in Q1

Debt-ridden Reliance Capital on Sunday reported coming back in black in the April-June quarter of 2023-24 with a consolidated net profit of Rs 444 crore for the period driven by the good performance of group companies. The financial services firm under the debt resolution process had a net loss of Rs 491 crore in the corresponding quarter of 2022-23. The company's total income during April-June 2023 stood at Rs 6,001 crore against Rs 3,604 crore in the year-ago quarter, Reliance Capital said in a regulatory filing. Its total expenses rose to Rs 5,560 crore, from Rs 4,068 crore in the first quarter of the previous year. The company has a presence in finance and investment business, general and life insurance, commercial finance and others. The Reserve Bank of India (RBI) on November 29, 2021, superseded the board of Reliance Capital in view of payment defaults and serious governance issues. The RBI appointed Nageswara Rao Y as the administrator in relation to the Corporate Insolve

Domestic drug makers Sun Pharma, Alembic recall drugs in US market

Domestic drug makers Sun Pharma and Alembic are recalling products in the US market due to manufacturing issues, according to the US Food and Drug Administration (USFDA). As per the US health regulator's latest Enforcement Report, the Mumbai-based drug major is recalling 12,336 bottles of Buprenorphine Sublingual tablets, used for treating opioid use disorder, in the American market. Sun Pharmaceutical Industries Inc, the US-based arm of the company, is recalling the affected lot (8 mg, 30 count-bottles) due to CGMP (Current Good Manufacturing Practice) deviations, the USFDA stated. The company initiated the CLass II voluntary recall on May 3 this year. Sun Pharma is also recalling 7,313 bottles of Methylphenidate Hydrochloride tablets, used to treat attention deficit hyperactivity disorder, in the US market. New Jersey-based Sun Pharmaceutical Industries Inc is recalling the lot due to the "presence of foreign substance: metal embedded in a tablet", the USFDA stated. The company

Fedbank Financial Services to raise up to Rs 1,400 cr from IPO this year

Fedbank Financial Services is aiming to raise up to Rs 1,400 crore through an Initial Public Offering (IPO) by the end of 2023, a top official at its promoter entity Federal Bank has said. The Non-Banking Finance Company (NBFC) arm of the South-based bank re-filed its Draft Red Herring Prospectus for an IPO last week, after the previous go-ahead lapsed as choppy market conditions prevented it from moving ahead. "They (Fedfina) are looking at an IPO of somewhere in the Rs 1,200-1,400 crore range... We are looking to do something in the course of calendar 2023," Federal Bank's managing director and chief executive Shyam Srinivasan told PTI in an interaction. He said the NBFC arm is growing well and has adequate capital to take care of growth requirements till early 2024. Capital markets regulator Sebi will take some time to go through the papers and issuance can happen in the next 90-100 days, he said. The retail finance-focused company plans to raise up to Rs 750 crore through a fr

Tredence eyes acquisitions in BFS, healthcare vertical by year end

In terms of size, Tredence will be focussing on acquiring companies with revenues in the range of $10-15 million, though it would be flexible in its approach, said Bhowmick

GalaxEye to launch world's first multi-sensor satellite next year

Chennai-based space start-up GalaxEye plans to launch the world's first multi-sensor satellite next year. The satellite would be capable of observing Earth night and day, even peering through dense clouds. In an interaction with PTI, GalaxEye Space co-founder and chief executive officer (CEO) Suyash Singh said the satellite -- Mission Drishti -- synchronises two complementary sensors, thus pioneering data fusion at its core. The new multi-sensor satellite will capture both Synthetic Aperture Radar (SAR) data and data from optical sensors from the same satellite to improve the correlation and analytical utility of the data generated. Singh said the current optical sensors can capture pictures of Earth in quite detail, including identifying the vegetation level of crops, but these fail in cloudy conditions or at night. "We are trying to mix and match. The current sensors are not available in the absence of sunlight or if there is a cloud cover. SAR is a very good sensor, not dependen

Go First resolution professional seek NCLT permit for tickets refunds

Go First has approached the National Company Law Tribunal (NCLT) seeking permission to refund money to passengers who had booked their tickets for travel on and after May 3, the day when the cash-strapped airline suspended operations. The Resolution professional of Go First has filed a new application before the Delhi bench of NCLT, requesting "to permit the applicant/CD to make payment of refund to passengers of the CD whose airline tickets have been cancelled since May 3, 2023." Applicant here refers to resolution professional and CD refers to corporate debtor or Go First. The application is scheduled to be heard by an NCLT bench comprising Mahendra Khandelwal and Rahul P Bhatnagar on Monday. If permitted by the insolvency tribunal, this would be a significant relief for those air passengers, whose money is stuck with the Go First after the initiation of the Corporate Insolvency Resolution Process (CIRP) against the air carrier. Go First had stopped flying May 3, 2023 and had ..

Macrotech Developers invests Rs 1,000 cr on construction in Apr-Jun

Realty firm Macrotech Developers invested Rs 1,000 crore during the April-June period on the construction of various projects and will pump in Rs 3,500 crore more by March next year as part of its strategy to ramp up execution capabilities. Macrotech Developers, which sells its properties under the Lodha brand, has a major presence in Mumbai Metropolitan Region (MMR) and Pune. It has entered into Bengaluru market as well. In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha expressed satisfaction over the operational performance of the company during the first quarter of this fiscal and was confident of achieving the targeted 20 per cent growth in sales bookings to Rs 14,500 crore. He said the housing demand has been very strong for the last two years on pent up demand post the COVID pandemic and people's aspiration to own better and bigger homes from branded developers. To encash this demand, Macrotech Developers plans to launch 22 new projects by March next ye

BPEA EQT set to acquire 60% stake in Indira IVF for Rs 6,000 crore

Boston, Massachusetts-based TA Associates is selling its 47 per cent stake in Indira IVF

Indian companies to soon directly list on IFSC bourses: FM Sitharaman

Sitharaman urges financial regulators to maintain a balance between light-touch regulation and full-fledged supervision

Fino Payments Bank Q1 net profit soars 85%, gets board approval for SFB

Fino Payments Bank on Friday reported an 85 per cent jump in net profit to Rs 19 crore for the June 2023 quarter on treasury gains. The Navi Mumbai-headquartered entity has received the board approval to apply for converting itself into a small finance bank, which will also allow it to undertake lending operations. For the reporting quarter, its total income grew to Rs 348 crore from Rs 289 crore in the year-ago period, which included a more than doubling of the income on investments at Rs 25 crore. The second payments bank to start operations reported an operating profit of Rs 23.28 crore from the treasury segment against Rs 13.38 crore in the year-ago period. At an entity level, the operating profit margin widened to 11.6 per cent from 8.2 per cent a year ago, it said. It had 14.4 lakh registered merchants and 82.9 lakh current and savings accounts as of June. The bank, which added 2.5 lakh customers per month in FY23, saw 7.7 lakh bank accounts being opened during the reportin

India can become $7 trn economy by 2030: Volvo Group president Kamal Bali

India can become a USD 7 trillion economy, doubling its current size, by 2030, and the impact of this economic expansion will also be felt on an individual level with per capita income expected to surge, Volvo Group India president and managing director Kamal Bali said on Friday. India is the fifth-largest economy, with a GDP of over USD 3.7 trillion. Commenting on the exponential growth, Kamal Bali, who is also Chairman, CII Southern Region, said, "We can become a USD 7 trillion economy, doubling our current size by 2030. This remarkable growth signifies something of utmost significance beyond mere numbers." He was speaking at the CII Northern Region Conference on 'achieving excellence in manufacturing' with the theme of 'Powering the Disruptive Technologies.' According to a CII release, Bali said that the impact of this economic expansion will be felt on an individual level, as the per capita income of Indians, currently around USD 2,300, is expected to surge to nearly USD 4,500

Motherson Sumi Wiring India Q1 net profit dips 2% to Rs 123 crore

Motherson Sumi Wiring India on Friday said its net profit declined by 2 per cent to Rs 123 crore in the first quarter ended June 30. The company had reported a net profit of Rs 126 crore for the April-June quarter of last fiscal. The total income, however, increased to Rs 1,859 crore compared to Rs 1,671 crore in the year-ago period, Motherson Sumi Wiring India said in a regulatory filing. "The company continues to deliver good and consistent performance. The additional capacities, which were created over the past few quarters, have started to contribute towards revenue growth," Motherson Sumi Wiring India Chairman Vivek Chaand Sehgal said. Operational improvements continue to support the performance despite inflationary headwinds and supply chain issues at the customer's end, he added. "With cost reduction initiatives in place coupled with the continued support of the customers, we believe that we will continue to deliver value to our stakeholders in the upcoming quarters as well

BEST seeks Rs 3,419 cr from Mumbai civic body to procure new buses

The Brihanmumbai Electric Supply and Transport (BEST) undertaking has sought Rs 3,419 crore from the city civic body to procure 2,237 buses, a letter by the transport authority revealed. The BEST's new general manager Vijay Singhal last month wrote to Brihanmumbai Municipal Corporation (BMC) commissioner Iqbal Singh Chahal seeking Rs 3,419 crore financial assistance to purchase 2,237 buses in a phased manner. The transport body in the letter stated that as per clause no 3 in a memorandum of understanding (MoU) signed with BEST Workers Union on June 11, 2019, it is necessary for it to maintain 3,337 buses in its fleet. Highlighting the need for procuring 2,237 new buses, the transport body stated that it scrapped 1,696 of its buses before the end of March and 541 more are expected to be removed this financial year. Under the Capital Work Budget, a provision of Rs 2,58,391.25 lakh was made in 2022-23 (budget) for 1,696 electric buses and Rs 83,552.75 lakh is made in 2023-24 (budget)

P&G beats quarterly sales estimates on resilient demand, higher pricing

Overall volumes fell 1% in the fourth quarter, while average prices across its product categories rose 7%. In comparison, P&G hiked prices by 10% in the third quarter, and its sales volume fell 3%

Rays Power Infra, Serentica Renewables to set up 283 MW solar project

Rays Power Infra on Friday said it has signed an agreement with Serentica Renewables for a 283-megawatt solar project. The engineering, procurement, and construction (EPC) project will be using single-axis trackers and bifacial modules, Rays Power Infra said in a statement. "Rays Power Infra has signed an EPC term sheet with Serentica Renewables. Rays Power Infra shall be responsible for the engineering, procurement, and construction of a 283 MW DC solar PV project using single-axis trackers and bifacial modules," it said. The project will create several job opportunities and business growth avenues for the subcontractors. The company is focusing on establishing more such power plants in Karnataka and other states, Rays Power Infra Director Pawan Sharma said. The company did not provide further information with respect to the location of the project or its financial details. Rays Power Infra is a solar power company with a commissioned 1.30 gigawatt peak portfolio.

BOI Q1FY24 results: Net profit jumps 176% YoY to Rs 1,551 cr; GNPA down 22%

The net NPA for Q1FY24 came in at Rs 8,119 crore, as compared to Rs 9,775 crore YoY

UCO Bank's net profit jumps by 80% to Rs 223 crore in Apr-June quarter

State-owned UCO Bank on Friday posted an 80 per cent jump in net profit to Rs 223 crore in the April-June quarter, mainly due to a decline in bad loans. The Kolkata-based lender had posted a net profit of Rs 124 crore in the year-ago period. The total income in the first quarter of the current fiscal rose to Rs 5,857 crore against Rs 3,797 crore, UCO Bank said in a regulatory filing. The lender's interest income also increased to Rs 5,224 crore from Rs 3,851 crore in the same quarter a year ago. On the asset quality side, the bank witnessed improvement with the gross non-performing assets (NPAs) easing to 4.48 per cent of the gross advances by June 2023 from 7.42 per cent a year ago. The net NPA too declined to 1.18 per cent against 2.49 per cent in the same period of the previous year. However, provisions for bad loans increased to Rs 389 crore compared to Rs 268 crore in the same quarter a year ago. Provision Coverage Ratio of the bank increased to 94.88 per cent as of June 20

Motilal Oswal Financial Services' promoters to donate 10% stake in charity

Motilal Oswal Financial Services Ltd (MOFSL) on Friday said its promoters Motilal Oswal and Raamdeo Agarawal will donate 5 per cent each of their stake in the company for charitable purposes. The entire donation amount will be spent in the next 10 years or earlier, MOFSL said in a regulatory filing to stock exchanges. Motilal Oswal and Raamdeo Agarawal will donate 73,97,556 equity shares each of the company. "The company has received an expression of interest/intent, from Motilal Oswal and Raamdeo Agarawal, promoters of the company along with their family members, committing to donate 5 per cent equity shares by each of them aggregating to 10 per cent of total paid-up share capital of the company, towards charitable purposes," the filing noted. On Thursday, the company said it will transfer its broking and distribution business into Glide Tech Investment Advisory by way of slump sales. Glide, a wholly-owned subsidiary of MOFSL, is in the process of changing name to Motilal Oswal ..