Page 50 - Companies

Zypp Electric allocates Rs 1.5 crore for buyback, first in EV industry

Zypp Electric said the allocation has been made to 15 employees who have been in the company for over a year

Together Fund announces new fund worth $150 mn; to focus on AI startups

Together Fund was founded by Girish Mathrubootham, (co-founder, Freshworks), Manav Garg, (founder, Eka Software) and Shubham Gupta, who used to lead SaaS deals at Matrix Partners India

Godfrey Phillips India's consolidated net profit rises to Rs 220.97 cr

Cigarette maker Godfrey Phillips India Ltd on Wednesday reported an increase of 68.61 per cent in its consolidated net profit to Rs 220.97 crore for the first quarter ended on June 2023. The company had posted a net profit of Rs 131.05 crore during the April-June quarter of the previous fiscal, Godfrey Phillips India said in a regulatory filing. Its revenue from operations was up 26.84 per cent to Rs 1,245.39 crore during the quarter under review as against Rs 981.83 crore in the corresponding period of the previous fiscal. Godfrey Phillips' total expenses were at Rs 1,036.06 crore, up 25.5 per cent in the first quarter of FY 2023-24. Its total income in the June quarter was Rs 1,298.08 crore, up 31.9 per cent. Its revenue from cigarettes, tobacco and related products was Rs 1,128.90 crore, up 28.7 per cent during the April-June period. While revenue from retail and related products was Rs 112.95 crore, up 8.08 per cent, as against Rs 104.50 crore in the first quarter of last fis

Air India aims to increase annual cargo capacity to 2 mn tonnes in 5 years

Air India on Wednesday said it is aiming for a 300 per cent growth in its annual cargo capacity to two million tonnes with non-stop connections to key export markets globally over the next five years. The belly capacity of the Air India fleet will grow significantly over the next few years, with the addition of new wide body aircraft this year and with most aircraft on firm order set to arrive from 2025, complementing India's manufacturing and export growth, according to a statement. This will have a cascading effect in generating greater employment prospects and boosting various business sectors, while supporting the economy, Air India said. The airline in collaboration with its joint venture partner SATS will make substantial capital expenditure for developing airport and logistics infrastructure. It is also exploring the possibilities of augmenting freighter capacity in collaboration with partners. Tata Group-owned Air India in June this year signed the purchase agreements to bu

DGCA suspends licences of two IndiGo pilots for violating safety norms

Aviation regulator DGCA has suspended the flying licences of two IndiGo pilots for violating safety norms as the aircraft they operated suffered a tail strike while landing at the Ahmedabad airport last month, according to a senior official. The senior official at the Directorate General of Civil Aviation (DGCA) on Wednesday said the licence of the Pilot-In-Command (PIC) has been suspended for three months and that of the co-pilot for one month. An IndiGo aircraft operating the Bengaluru-Ahmedabad flight on June 15 had suffered a tail strike while landing at the Ahmedabad airport, following which DGCA had launched a probe into the incident. The regulator had also ordered grounding of the two pilot till investigation into the incident was completed. "On 15.06.2023, an Airbus 321 aircraft was involved in a tail strike while landing at Ahmedabad. DGCA investigation has revealed that the crew carried out the landing in deviation from established SOPs (Standard Operating Procedures)," t

Sebi exempts 3 trusts from making open offer to Taj GVK Hotels shareholders

Markets regulator Sebi on Wednesday exempted three trusts from making an open offer to the shareholders of Taj GVK Hotels and Resorts Ltd after their proposed acquisition of a 49.44 percent stake in the company. The order came after three trusts -- Blue Moon Trust, Moonshot Trust, and Starlight Trust-- filed an application with the regulator in April 2023, and sought exemption from certain provisions of takeover regulations. The acquirer trusts have been set up as private family trusts for providing suitable succession planning between the members of the Gunupati Indira Krishna Reddy family. Under the proposed acquisition, Gunupati Indira Krishna Reddy, who is a promoter of Taj GVK Hotels, intends to transfer a total of 49.44 percent of her shareholding in the firm to the three trusts, according to a Sebi order. Once the transaction is complete, the acquirer trusts would collectively hold 49.44 per cent shares in Taj GVK Hotels. The proposed transaction triggers the open offer ..

Working with Pratt & Whitney amid latest engine probe, says IndiGo

NEW DELHI (Reuters) -IndiGo operator InterGlobe Aviation said on Wednesday it is working with Pratt & Whitney to assess any potential impact on its fleet, after a warning from the U.S. engine maker spooked global airlines.

Centre proposes to sell upto 5.36% from its 78.2% stake in Rail Vikas Nigam

The Indian government will sell a stake of up to 5.36% in state-owned Rail Vikas Nigam this week, in a deal that could fetch 13.3 billion rupees ($162.12 million), an exchange filing showed

Risk management platform Effectiv raises $4.5 mn capital in seed funding

Real-time fraud and risk management platform Effectiv on Wednesday said it has secured an additional USD 4.5-million capital in seed funding. It will be used to accelerate the company's growth in helping organisations fight financial fraud, it said. The latest funding round was led by Better Tomorrow Ventures and participation from Accel and angel investors. "Our product has resonated with our partners, especially when fraud is at an all-time high. We also recognise that the financial world is rapidly digitising, changing how consumers and organisations interact. "At the same time, advanced generative AI technologies are attacking organisations at a scale we have never seen," its CEO Ravi Sandepudi said. The platform -- which provides AI-driven solutions like payment fraud detection, customer and business onboarding verification and compliance management -- said it has experienced rapid growth since launching in 2022. The company has helped organisations process more than USD 27

Demerger not to affect synergies between ITC's other businesses: Analysts

The proposed demerger of the hotels division of ITC into a separate entity will not affect synergies with other business lines of the conglomerate, according to analysts. The board of ITC on Monday accorded in-principle approval to demerge its hotels business into a new entity to be listed pursuant to a scheme of arrangement. Broking firm JM Financial said in a report "synergies between hotels and other ITC businesses like foods should largely remain unaffected". The firm said that ITC will continue to hold 40 per cent shareholding in the new entity post-demerger and the balance of 60 per cent will be owned by the shareholders. This, according to JM Financial, will help the demerged business to raise and deploy its own capital to fund growth of the hotel business and ensure it remains on top amongst peers. This move of demerger will also point towards a sharper capital allocation strategy of ITC, the report said. Another firm Nuvama Research said that ITC has addressed the key ..

Boeing loses $149 mn in Q2 as plane maker pushes ahead production increases

Boeing flipped to a USD 149 million loss in the second quarter despite higher revenue, as the plane maker struggled with higher costs in both its airline and defense business. Boeing said it is beginning to increase production of its two most popular airline planes. The company plans to raise production of the 737 Max from 31 to 38 planes a month to take advantage of demand for newer, more fuel-efficient planes. Boeing is also boosting output of the larger, two-aisle 787 Dreamliner from four to five per month by year end. CEO David Calhoun said the company has more work ahead but is making progress in our recovery, including improving stability in its factories and among suppliers. Boeing, headquartered in Arlington, Virginia, has been beset by supply-chain problems that continued during the second quarter, including a temporary delay in 737 deliveries because of fittings on the Max and regulators' questions about Dreamliner inspections. The company recorded charges of USD 257 mi

Investments dependent on policies will pause until poll results: L&T CFO

"International funds are available for infrastructure, and there is a benefit in terms of an electoral bias"

Syngene International Q1 net profit increases by 26% to Rs 93 crore

Contract manufacturing services firm Syngene International on Wednesday said its consolidated net profit increased 26 per cent to Rs 93 crore in the June quarter. The company had reported a net profit of Rs 74 crore in the April-June quarter of last fiscal. Revenue rose to Rs 832 crore for the first quarter of the current fiscal as against Rs 660 crore in the year-ago period, Syngene International said in a regulatory filing. Syngene International Chief Financial Officer Sibaji Biswas said the financial performance of the company is in line with the revenue growth guidance for the year on a constant currency basis. "We made investments in growing our portfolios in biologics manufacturing and discovery services. Despite these investments, the company will continue to maintain a strong balance sheet and a low debt profile," he added. Shares of the company on Wednesday ended 1.84 per cent down at Rs 761.65 apiece on the BSE.

Airbus says will support customers amid latest probe in P&W engines

With Pratt & Whitney deciding to inspect around 1,200 engines for certain defects, the country's largest airline IndiGo on Wednesday said it is working closely with the engine maker to assess and minimise any impact on its fleet. IndiGo is the largest customer of the A320 planes and the aircraft are powered by P&W engines. Besides, grounded carrier Go First's A320 neo fleet are having P&W engines. In mounting woes for the US-based P&W, which is already grappling with supply chain issues, the company has found that a rare condition in powdered metal used to manufacture certain engine parts may reduce the life of those parts. Against this backdrop, P&W has decided to carry out enhanced inspection of around 200 of its engines powering Airbus planes by September. "We are in receipt of the information from the OEM Pratt and Whitney (P&W) regarding the outcome of the latest inspection of their engine. We are working closely with P&W to assess and minimise any ...

Triveni Engineering Q1 consolidated net profit up marginally at Rs 67.61 cr

Triveni Engineering & Industries Ltd -- which is into sugar, ethanol and engineering businesses -- has reported a marginal increase in its consolidated net profit to Rs 67.61 crore for the quarter ended June. Its net profit was Rs 66.45 crore in the year-ago period. The total income rose to Rs 1,444.47 crore in the first quarter of this fiscal from Rs 1,371.34 crore in the corresponding period of the previous year. Sugar turnover declined 15.2 per cent over the corresponding period last year after considering exports, driven by a 21.7 per cent decline in domestic sales volumes due to lower domestic quota allocations, the company said in a statement. Triveni Engineering & Industries Ltd Chairman and Managing Director Dhruv M Sawhney said: "Overall performance of the Company during the quarter ended June 30, 2023, has been satisfactory. Alcohol and engineering businesses contributed to 60 per cent of the total segment results". In the sugar business, he said the company ...

Mahindra Lifespace reports consolidated net loss of Rs 4 cr loss for Q1

Mahindra Lifespace Developers on Wednesday reported a consolidated net loss of Rs 4.27 crore for the first quarter of this fiscal year on lower income and higher expenses. The company posted a net profit of Rs 75.70 crore for the year-ago period. Total income fell to Rs 110.05 crore during April-June from Rs 117.34 crore in the corresponding period of the previous year, according to a regulatory filing. Total expenditure increased to Rs 148.34 crore from Rs 130.72 crore in the year-ago period. "Our residential business has delivered a pre-sales of Rs 345 crore. We are optimistic about the launches lined up in upcoming quarters. We are gearing up for a 5X growth in our business over the next 5 years," Mahindra Lifespace Developers Managing Director & CEO Amit Sinha said. The company has a portfolio of 34.46 million square feet of completed, ongoing and forthcoming residential projects across seven Indian cities. It also has more than 5,000 acres of ongoing and forthcoming projects

BHEL synchronises Unit-2 of Maitree thermal power project in Bangladesh

State-owned engineering firm Bharat Heavy Electricals on Wednesday announced synchronisation of 660-MW unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) with the electricity grid in Bangladesh. Synchronisation of a thermal power plant means beginning of electricity supply through main grid at prescribed parameters. The synchronisation of the unit has been done ahead of the commitment given at a high level G2G meeting, which was a very tough target even at the time it was given, a company statement said. Bharat Heavy Electricals Ltd (BHEL) has achieved a major milestone with the successful synchronisation of the 660-MW Unit-2 of the 1,320-MW Maitree Super Thermal Power Project (STPP) in Bangladesh, it stated. Maitree STPP is located at Rampal, Mongla, Bagerhat, Bangladesh, and is being set up by BHEL for the Bangladesh-India Friendship Power Company (BIFPCL), a 50:50 joint venture between the Bangladesh Power Development Board (BPDB) and NTPC Ltd. The project is a .

Embassy Office Parks REIT Q1 net operating income up by 9% at Rs 738 cr

Embassy Office Parks REIT on Wednesday reported 9 per cent increase in net operating income to Rs 737.6 crore for the first quarter of this fiscal year and declared distribution of Rs 510 crore to the unitholders. Net operating income (NOI) stood at Rs 677.3 crore in the year-ago period. Revenue from operations increased 10 per cent to Rs 913.6 crore in the quarter from Rs 829.4 crore in the year-ago period, according to a regulatory filing. Embassy Office Parks REIT declared distribution of Rs 509.96 crore or Rs 5.38 per unit for the quarter under review. The distribution comprises Rs 65.40 crore in the form of interest, Rs 225.59 crore in the form of dividend and Rs 218.01 crore in the form of repayment of SPV (special purposed vehicle) level debt. On operational front, the company gave on lease 1.1 million square feet of space across 22 deals. The Board of Directors of Embassy Office Parks Management Services Pvt Ltd (EOPMSPL), manager to Embassy Office Parks REIT, approved t

Lectrix EV plans to raise Rs 500 cr, launches new e-scooter at Rs 1.03 lakh

Lectrix EV, the electric mobility arm of SAR Group, on Wednesday said it plans to raise up to Rs 500 crore next year to launch new products and expand operations in the country. The company, which on Wednesday launched its latest electric scooter in two trims LXS G3.0 and LXS G2.0, with prices starting at Rs 1.03 lakh, has already invested Rs 300 crore in the business so far since commencing its operations in 2020. "We would require around Rs 500 crore to launch new products and expand operations further. So, by next year, when we reach a volume of around 7,000-10,000 units a month, we will consider raising the amount to fund future growth," Lectrix EV MD & CEO K Vijaya Kumar told PTI. He noted that the capital would be utilised for introducing new products, taking care of the capex requirements for the existing infrastructure and expansion of the sales network. Lectrix EV plans to get into the bike segment and may look at the other verticals as well going ahead, Kumar said. "We .

Will 'significantly' mark down Byju's valuation: Peak XV Partners

This is the first time investors have externally flagged financial and corporate irregularities at the edtech firm