Page 51 - Companies

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

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