Page 49 - Companies

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 ..

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.