Page 51 - Companies

Global aviation will need 2.3 mn new personnel in 20 years: Boeing study

Commercial aircraft fleets will double in 20 years, says US plane manufacturer in forecast

Wipro reduces client base to pursue high-margin deals and profitability

India's fourth-largest IT services firm, Wipro, aims for faster profitability ascent by cutting smaller clients and focusing on bigger revenue opportunities

Myntra plans restructuring to focus on private labels, 50 jobs to be hit

The changes are part of a new strategy deployed by the Flipkart-owned platform Myntra as it plans to focus majorly on select private labels instead of in-house brands

Qatar sovereign fund in talks for minority stake in Reliance Retail

RRVL valued at $100 bn by JM Financial; Reliance group looking to unlock potential of its telecom unit too

Shree Cement to invest Rs 7,000 crore to add 12 million tonnes of capacity

The company has also decided to diversify into ready mix concrete business and will start setting up five RMC units in the country by the end of this financial year

Omron Healthcare starts construction of manufacturing unit in Tamil Nadu

The new manufacturing unit is expected to start functioning by March 2025

Influencers are rising, but companies in a fix over their fake followers

Companies are struggling to verify the authenticity of social media influencers as a large number of these have non-credible followers

TPDDL clocks highest peak power demand of 2,182 MW this season so far

Amid humid weather, power discom TPDDL clocked its highest peak demand of power in this season so far on Tuesday afternoon, the company said. Tata Power Delhi Distribution Limited (TPDDL), which has a customer base of 1.9 million in North Delhi, successfully met the demand of 2,182 MW, said a company spokesperson. "This has successfully demonstrated that our customers' increasing energy needs were taken care of without any network limitations or power disruptions," he added. According to State Load Dispatch Centre, Delhi's peak power demand was 7,279 MW at 3 PM. The peak demand in the TPDDL distribution area was 2,163 MW last Friday, when Delhi registered its highest peak demand of the year at 7,398 MW.

Aviation regulator removes SpiceJet from enhanced surveillance regime

Airline has taken 'suitable maintenance action', says DGCA after checking its fleet

Bajaj Auto posts 41% jump in Q1 net profit on strong domestic sales

Its export volumes improved sequentially by 12 per cent amid the continued macro challenges in overseas markets

Mindspace REIT net operating income rises by 14% to Rs 457 cr in Q1

Mindspace Business Parks REIT on Tuesday reported a 14 per cent increase in its net operating income at Rs 457 crore in the first quarter of this fiscal and declared to distribute an amount of Rs 284.6 crore to unitholders. The net operating income stood at Rs 401.4 crore in the year-ago period. Revenue from operations rose 14 per cent to Rs 560.4 crore in April-June from Rs 491 crore in the corresponding period a year ago, the company said in a statement. Mindspace Business Parks REIT, sponsored by K Raheja Corp group, got listed on the Indian bourses in August 2020. It owns office portfolios in four office markets -- Mumbai Region, Pune, Hyderabad, and Chennai. It has a portfolio of total leasable area of 32.1 million square feet comprising of 25.9 million square feet of completed area, 2.5 million square feet of area under construction and 3.7 million square feet of future development.

IT services firm HCLTech launches global delivery center in Morocco's Rabat

IT services company HCLTech on Tuesday launched its Global Delivery Center (GDC) in Rabat, Morocco, to drive transformation projects to clients across portfolio themes of digital, engineering, cloud, AI and software. The centre is HCLTech's first facility in Morocco and is part of the company's nearshore strategy to serve global enterprises, according to a company release. It will deliver transformation projects to clients across HCLTech's portfolio themes of digital, engineering, cloud, AI (Artificial Intelligence) and software. The launch strengthens the company's global network of nearshore locations that have over 23,000 employees working on digital transformation projects for some of the world's biggest companies, the release said. The launch follows the signing of a memorandum of understanding between HCLTech and the Government of Morocco in 2022 to invest in the country's technology sector. Access to a skilled talent pool and the prime geographic location make Morocco an id

Tata Steel expects lower steel prices in July-September quarter: CEO

The company, backed by India's Tata Group, sees Indian steel industry prices in line with prices globally and not impacted by aggressive imports, Narendran said

Mondelez India to expand its manufacturing plant in Andhra Pradesh

Snack company Mondelez India is expanding its manufacturing plant's capacity at Sri City in Tirupati district and Andhra Pradesh Chief Minister Y S Jagan Mohan Reddy virtually took part in the foundation stone-laying ceremony on Tuesday. With an investment of Rs 1,600 crore, this project, first announced during the Global Investors Summit (GIS) in Visakhapatnam is taking off now. "The company will invest Rs 1,600 crore in building a new chocolate capacity plant to meet the rising demand in India," said an official from Mondelez India in a press note. Over the next three years, additional chocolate making capacity will propel Mondelez's Sri City plant to emerge as one of its largest production plants globally and create jobs locally. Mondelez, which makes products like Cadbury dairy milk, Oreo biscuits, Bournvita and others, has been operating in India since 75 years, said the company's supply chain vice president Venkat Venepally. Besides Mondelez, the Chief Minister also laid the

Walmart, Flipkart join hands with Telangana govt to upskill, support MSMEs

Walmart and Flipkart on Tuesday announced the signing of a Memorandum of Understanding (MoU) with Telangana government to create an ecosystem to aid capacity building for MSMEs in the state. The pact was signed in the presence of Telangana government's Industries and Commerce Department Principal Secretary Jayesh Ranjan and 'Swasti' programme director Joseph Julian KG, a release said. The MoU between Swasti and the Industries and Commerce Department will facilitate the development of local Micro, small and medium-sized enterprises (MSMEs) towards accessing a wider domestic market space, to leverage online retail and enable sustained growth and commercialisation, it said. Under the new partnership, Walmart will extend its support to help MSMEs digitise their businesses and fuel capacity building for Telangana. This will enable them to be a part of the offline and online domestic supply chains, it said. In partnership with Swasti, Walmart Vriddhi Supplier Development Programme (Walma

KPIT Technologies reports 53% jump in Q1 net profit to Rs 134 crore

Auto industry-focused KPIT Technologies on Tuesday reported a 53.36 per cent jump in net profit to Rs 134.44 crore in the June quarter, helped by higher revenue from operations. The Pune-based company's revenue from operations grew over 60 per cent to Rs 1,097.6 crore as against the Rs 685.7 crore in the year-ago period. In the previous quarter, it stood at Rs 1,017.3 crore. Kishor Patil, KPIT Technologies Co-Founder, CEO and MD, told reporters that despite high growth, the company is maintaining its earlier guidance of 27-30 per cent topline growth for the current fiscal. He said the first half of 2023-24 will be better than the second, and added that the company usually reviews guidances at the end of the third quarter. The company is benefitting from more software-defined vehicles in the market and electrification in the auto industry, Patil said in a statement. According to him, the company saw the fastest growth of 89 per cent in the European markets in the first quarter of

Adani shares jump, adds Rs 50,501 cr in market capitalisation in 1 day

Billionaire Gautam Adani's ports to power conglomerate added over Rs 50,501 crore in market capitalisation in a single day on Tuesday as shares of all the 10 listed group companies surged on renewed interest from domestic investors. The overall market capitalisation of the 10 Adani Group companies stood at over Rs 10.6 lakh crore at the end of trading on Tuesday on the BSE, up Rs 10,501.26 crore over an m-cap of around Rs 10.1 lakh crore on the previous year, stock exchange data showed. Market experts attribute the reasons for the rise in stock prices to an increase in interest from domestic investors. "Definitely, there is significant interest from investors like retail, HNIs and family offices. Also, the market is catching up with the fundamentals of the Adani Group companies. The Hindenburg issue has taken a backseat and the market is judging the group by its financial performance," said a head of research of a domestic brokerage house. Notable performers were renewable energy a

India's Cyient posts Q1 profit jump but misses estimates as costs rise

Cyient Ltd reported a 45% rise in quarterly profit that just missed analysts' estimates as rising expenses at the engineering and IT services company offset strong order pipeline

CEAT logs near 16-fold jump in profit in Q1 on higher demand, fall in costs

Indian tyremaker CEAT posted a near 16-fold jump in profit boosted by strong demand and drop in raw material costs

Dixon Technologies Q1 net profit increases by 48% to Rs 67.19 crore

Dixon Technologies (India) Ltd on Tuesday reported a 47.89 per cent rise in consolidated net profit to Rs 67.19 crore for the June quarter. The company had posted a net profit of Rs 45.43 crore for the April-June period a year ago, the electronic manufacturing services firm said in a BSE filing. Its revenue from operations increased 14.58 per cent to Rs 3,271.50 crore as against Rs 2,855.07 crore in the year-ago period. Total expenses of the company in the first quarter of the current fiscal were Rs 3,187.34 crore, up 14.10 per cent compared to the same period a year ago. Its total income in the June quarter was at Rs 3,274.35 crore, up 14.66 per cent as against the year-ago period. Shares of Dixon Technologies settled 2.64 per cent higher at Rs 4,121 apiece on the BSE.