Page 49 - Companies

MG Motor ties up with Ionage to boost charging infrastructure for EVs

MG Motor India on Friday said it has tied up with electric mobility service provider IONAGE to strengthen charging infrastructure across the country in order to promote intercity travel by electric vehicles. The partnership was officially announced with the inauguration of ten destination charging stations across Lucknow, Trivandrum and Cochin. As part of the tie-up, MG Motor will leverage IONAGE's e-mobility platform to provide seamless access to EV owners of MG Charge points, the automaker said in a statement. MG Charge is an industry-first initiative by any original equipment manufacturer (OEM) to empower destinations like hotels, residential societies, public locations, and corporates to embrace green transportation and future-proof their property and communities. "This collaboration represents our endeavours to empower EV owners and operators with a seamless charging experience. The collaboration also reaffirms company's commitment to supporting promising startups like IONAGE

Exide Q1FY24 results: Net profit at Rs 241 cr YoY; revenue up 4.2%

On a quarter-on-quarter basis, the revenue for operations was up 14.94% at Rs 3,542.96 crore

India to give financial aid to firms for setting up semiconductor fabs: PM

Technology firms will be given 50 per cent financial assistance for setting up semiconductor manufacturing facility the country, Prime Minister Narendra Modi said on Friday, as he announced that his government has rolled out the red carpet for semiconductor industries. Speaking after inaugurating Semicon India 2023 conference in Gandhinagar, Modi said India is establishing an entire ecosystem for the semiconductor industry to grow in the country. We were offering incentives as part of the Semicon India programme. It has been increased, and now technology firms will get 50 per cent financial assistance to set up semiconductor manufacturing facilities in India, Modi said. The semiconductor industry will witness exponential growth in India, Modi said. A year ago, people used to ask why should they invest in the Indian semiconductor sector. Now they ask why not invest in India, he added. India is becoming a grand conductor for investments in the semiconductor sector, Modi said. The

BPEA to acquire 60% stake in India's largest fertility clinic Indira IVF

The deal values Indira IVF at $1.1 billion, cementing its position as a global leader in fertility services, with BPEA EQT set to become the new majority investor

Indian Hotels Company consolidated net profit up 30.5% to Rs 236 cr in Q1

Tata group hospitality firm Indian Hotels Company Ltd on Thursday reported a 30.5 per cent rise in consolidated net profit at Rs 236.01 crore in the first quarter ended June 30, 2023, driven by strong revenue growth. The company had posted a consolidated net profit of Rs 180.84 crore in the same quarter last fiscal, Indian Hotels Company Ltd (IHCL) said in a regulatory filing. Consolidated revenue from operations were at Rs 1,466.37 crore during the quarter under review as compared to Rs 1,266.07 crore in the year-ago period, it added. Total expenses were higher at Rs 1,221.76 crore as compared to Rs 1,053.12 crore a year ago, the company said. IHCL Managing Director & CEO Puneet Chhatwal said the company ended the first quarter with a strong performance led by a double-digit revenue growth. "Maintaining our industry leading portfolio, IHCL signed 11 (hotels) and opened 5 new hotels across all its brands. With our vast footprint across over 125 locations, we will leverage the ...

McDonald's India franchisee Westlife's profit misses as costs mount

The franchisee said consolidated net profit after tax rose 22% to 288.3 million rupees ($3.52 million) for the April-June quarter, missing Refinitiv IBES estimates of 321 million rupees

Macrotech Developers Q1 profit falls 34% to Rs 179 cr; sales booking jumps

Realty firm Macrotech Developers on Thursday reported a 34 per cent decline in its consolidated net profit to Rs 179.2 crore for the June 2023 quarter on lower income. Its net profit stood at Rs 271.3 crore in the year-ago period. The total income fell to Rs 1,671.8 crore in the April-June quarter of 2023-24 from Rs 2,675.8 crore in the corresponding period of the previous year, said Macrotech Developers in a regulatory filing. Macrotech Developers, which sells its properties under the Lodha brand, has a major presence in Mumbai Metropolitan Region (MMR) and Pune markets. It has also forayed into the Bengaluru market. Commenting on the performance, Abhishek Lodha, MD & CEO, Macrotech Developers Ltd, said, "Q1 FY24 has turned out to be our best ever 1st quarter pre-sales performance. Our pre-sales for the quarter at Rs 3,350 crore grew by 17 per cent". "This reinforces our belief in the sustainable nature of the strong housing demand. With the likelihood of a downward journey of ..

7 airlines closed down in 5 years; 16 carriers operational now: Govt data

A total of seven airlines, including Heritage Aviation and Air Odisha Aviation, have been closed down in the last five years, the government said on Thursday. Currently, there are 11 scheduled operators and 5 scheduled commuter operators in the country, according to data provided by Minister of State for Civil Aviation VK Singh in a written reply to the Lok Sabha. As per the data, seven airlines have been shut down in the last five years till July 21, 2023. Two airlines -- Heritage Aviation Pvt Ltd and Turbo Megha Airways Pvt Ltd -- were shuttered in 2022. Three carriers -- Zexus Air Services Pvt Ltd, Deccan Charters Pvt Ltd and Air Odisha Aviation Pvt Ltd -- were shut down in 2020. In 2019, Jet Airways (India) Ltd and Jet Lite (India) Ltd were closed down, as per the data. Jet Airways, which was issued an Air Operator Certificate (AOC) on February 13, 2022, stopped flying on April 17, 2019, due to a financial crunch. "After closure, Jet Airways (India) Ltd. had undergone insolve

NDTV reported consolidated loss after tax of Rs 8.08 cr loss in Q1

News broadcaster NDTV Ltd on Thursday reported a consolidated loss after tax of Rs 8.08 crore in the first quarter ended June 30, 2023, impacted by lower revenue. The company had posted a consolidated profit after tax of Rs 25.81 crore in the first quarter of the last fiscal, NDTV said in a regulatory filing. Consolidated revenue from operations was at Rs 69.99 crore as against Rs 107.74 crore in the year-ago period, it added. Total expenses were marginally down at Rs 81.98 crore as compared to Rs 83.33 crore a year ago.

RITES, IRFC sign pact to work in transport infrastructure sector

Engineering firm RITES on Thursday said it has signed a pact with the Indian Railway Finance Corporation (IRFC) to explore possibilities of collaborating in the railway eco-system and transport infrastructure sector. In a statement, RITES said it will offer consultancy and advisory services and assist in ascertaining the financial & technical viability of projects, while IRFC will provide financial services to projects/ institutions that have got backwards and forward linkages with the Railways. "RITES Ltd signs a memorandum of understanding (MoU) with Indian Railway Finance Corporation (IRFC) to explore avenues of mutual collaboration in the railway eco-system and the transport infrastructure sector," it said. RITES Ltd Chief Strategy Officer Manobendra Ghoshal said RITES' consultancy prowess and IRFC's financial expertise will stimulate mega and critical projects and drive sustainable growth in the transport infrastructure sector. The strategic partnership, through knowledge ...

PowerGrid InvIT's consolidated net profit falls 10% to Rs 190 crore

POWERGRID Infrastructure Investment Trust on Thursday reported a 10 per cent decline in consolidated net profit at Rs 190.90 crore in the June quarter. The consolidated net profit of POWERGRID Infrastructure Investment Trust (PGInvIT) was at Rs 213.88 crore in the quarter ended June 30, 2022, according to a BSE filing. Total income in the first quarter of the current fiscal declined to Rs 321.06 crore from Rs 331.38 crore in the same period a year ago. POWERGRID Unchahar Transmission Ltd, the investment manager to the PGInvIT, announced an income distribution of Rs 3 per unit to the unit holders for the June quarter. It will comprise Rs 2.03 per unit as interest, Rs 0.20 per unit as taxable dividend, Rs 0.24 per unit as exempt dividend, Rs 0.52 per unit as repayment of special purpose vehicle (SPV) debt and Rs 0.01 per unit as treasury income. The payment will be made by August 11, the filing said.

K'taka CM orders single-window system to solve mining lease firms' issues

Karnataka Chief Minister Siddaramaiah on Wednesday directed officials to set up a single-window system to provide forest department clearances and address other issues related to mining lease companies. He said at a high-level meeting that ministers and officials of the Mining and Geology, Revenue and Forest Departments should hold a meeting every month or once in every two months to provide forest clearance and solve the problems faced by them. It was mentioned during the meeting that many applications were pending with the forest department and they could not be cleared because the mining lease companies did not carry out afforestation as mandated in the contract for want of an alternative land, a release put out by the Chief Minister's office said. For this, there are farmers in Arsikere and some other parts of the state who are willing to sell their agricultural land due to damage caused by elephants and other wildlife. The Chief Minister suggested that these mining firms be ...

Indian Energy Exchange net profit up by 10% to Rs 76 crore in June quarter

Indian Energy Exchange on Thursday posted a 10 per cent increase in consolidated net profit to Rs 75.82 crore in the June quarter on the back of higher revenues. The consolidated net profit of the company was Rs 69.12 crore in the first quarter of the previous fiscal, according to a BSE filing. Total income of the company rose to Rs 127.36 crore in the first quarter of the current fiscal from Rs 113.39 crore a year ago. The exchange's board has approved the re-appointment of Sudha Pillai and Tejpreet Singh Chopra as non-executive independent directors for another five years after their respective terms end next year. The current term of Pillai will expire on April 25, 2024 and that of Chopra on March 4, 2024.

Sunteck Realty Q1 sale bookings for properties up 16% to Rs 387 cr

Mumbai-based Sunteck Realty has reported 16 per cent increase in sale bookings of properties to Rs 387 crore for the first quarter of this fiscal year. Its sale bookings stood at Rs 333 crore in the year-ago period, according to a regulatory filing by Sunteck Realty. During the last fiscal, the company had sold properties worth Rs 1,602 crore, up 23 per cent from Rs 1,303 crore in the previous financial year. Almost all real estate developers are reporting growth in sale bookings for the first quarter of this fiscal as demand continues to remain strong across all price categories despite rise in property prices and an increase in mortgage rate.

Ajmera Realty & Infra Q1 consolidated net profit rises 82% to Rs 21 crore

Ajmera Realty & Infra India reported an 82 per cent increase in consolidated net profit to Rs 21.07 crore in the June quarter. Its net profit stood at Rs 11.57 crore in the year-ago period, the company said. Ajmera Realty's total income rose to Rs 117.57 crore in the first quarter of the current fiscal, up from Rs 55.12 crore in the corresponding period of the previous year, according to a regulatory filing on Tuesday. Sales bookings dropped 44 per cent to Rs 225 crore in the June quarter from Rs 400 crore in the year-ago period. Ajmera Realty & Infra has presence mainly in Mumbai and Bengaluru.

Venture capital firm Cactus Venture Partners invests $4 mn in Kapture CX

Venture capital firm Cactus Venture Partners on Thursday said it has invested USD 4 million (about Rs 33 crore) in software-as-a-service (SaaS)-based customer support automation startup Kapture CX. Founded in 2014, Kapture CX provides business solutions to automate customer support over call, e-mail, chat and social media for retail, travel, banking and financial services (BFSI) and consumer durable companies. "We are seeing a lot of demand from enterprises to enhance their customer experience. No one is happy with their customer support platform provider and large incumbents are struggling to meet the requirements of enterprise customers. "The bets we have placed on Gen AI capabilities and expansions in select international markets have paid off quite well. We intend to use this capital efficiently in growth markets we have identified," Co-Founders of Kapture CX Sheshgiri Kamath and Vikas Garg said. Kapture CX has operations in the US, UAE, Indonesia and the Philippines apart from

NAM India's profit after tax doubles to Rs 236 crore in Apr-June quarter

Nippon Life India Asset Management (NAM India) on Thursday said its profit after tax has doubled to Rs 235.7 crore in the June quarter. The company had reported a Profit After Tax (PAT) of Rs 114.1 crore in the year-ago period, NAM India said in a regulatory filing. Its revenue from operations rose 12 per cent to Rs 351.4 crore during the quarter under review from Rs 316.6 crore in the April-June quarter of the preceding financial year (2022-23). "We witnessed an improvement in overall market share, driven by gains across asset classes (barring liquid). Equity market share, which had been stable over the past few quarters, has now started to improve," Sundeep Sikka, ED and CEO of NAM India, said. NAM India is the asset manager of Nippon India Mutual Fund (NIMF). As on June 30, 2023, NAM India's assets under management were at Rs 4 lakh crore, including NIMF's assets base of Rs 3.14 lakh crore. Shares of Nippon Life India Asset Management settled 1.67 per cent higher at Rs 316.90

Harley-Davidson quarterly profit skids, outlook revised on production halt

Net profit fell to $178 million, or $1.22 per share, in the quarter, from $215.9 million, or $1.46 per share, a year earlier

Zydus gets USFDA nod to market cancer treatment generic injection

Zydus Lifesciences on Thursday said it has received approval from the US health regulator to market a cancer treatment generic injection in the American market. The company has received final approval from the USFDA for Plerixafor injection, which is used by patients with certain types of cancer to prepare them for stem cell transplant, Zydus Lifesciences said in a statement. The drug will be manufactured at the group's injectable manufacturing facility at Ahmedabad, it added. As per IQVIA MAT May 2023 data, Plerixafor injection single-dose vials had annual sales of USD 210 million in the US. Shares of Zydus were trading 4.39 per cent up at Rs 649.80 apiece on the BSE.

ArcelorMittal reports over 50% fall in net income in April-June quarter

Global steel giant ArcelorMittal on Thursday posted over 50 per cent decline in its net income at USD 1,860 million in the April-June quarter. The company had posted a net income of USD 3,923 million in the corresponding period of last year. The Luxembourg-headquartered integrated steel and mining company follows the January-December fiscal year. In a statement, ArcelorMittal said it has "recorded net income in 2Q 2023 of USD 1,860 million as compared to USD 1,096 million in 1Q 2023 and USD 3,923 million for 2Q 2022". ArcelorMittal's net income for January-June or first half of 2023 was also down manifold at USD 2,956 million as compared to USD 8,048 million in 1H 2022. Total steel shipments in the second quarter (April-June) of 2023 were 1.2 per cent lower as compared with 14.4 MT in 2Q 2022, and 1.7 per cent lower from 14.5MT in the first quarter of this year. ArcelorMittal Chief Executive Officer (CEO) Aditya Mittal said: "We have delivered a strong set of financials in the fi