Page 52 - Companies

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.

FMCG firm Jyothy Labs logs net profit jump to Rs 96.25 cr in June quarter

FMCG firm Jyothy Labs Ltd on Tuesday reported an over two-fold increase in its consolidated net profit at Rs 96.25 crore in the June quarter, led by stable demand and moderation in input costs. It had posted a consolidated net profit of Rs 47.73 crore in the April-June quarter a year ago, according to a regulatory filing by Jyothy Labs, which owns brands such as Ujala, Pril, Margo and Exo. Jyothy Labs' revenue from operations rose 15.05 per cent to Rs 687.10 crore during the period under review as against Rs 597.20 crore a year ago. "We have observed relatively stable demand across our product portfolio. With moderating input costs, our EBITDA margin for the quarter stood at 17.1 per cent versus 10 per cent in the same period last year, thereby an increase of 96.3 per cent," a company's earnings statement said. It further said: "Our Net Profit also grew by 101.7 per cent over the same period last year." Its total expenses were at Rs 582.75 crore, up 5.24 per cent in Q4/FY24 as aga

Revenue of top domestic pharmaceutical firms to grow by 7-9% in FY24: Icra

Revenue of top domestic pharmaceutical companies is likely to grow by 7-9 per cent in the current fiscal, according to rating agency Icra. The growth will be supported by an 8-10 per cent expansion in the domestic market and a 6-8 per cent rise in the US market, while revenues from the European and emerging markets are expected to increase by 3-5 per cent and 8-10 per cent, respectively, it noted. Icra said it has taken into account a sample set of 25 Indian drug firms, which constitute 60 per cent of the overall domestic industry. The segment reported a growth of 10 per cent in the 2022-23 fiscal. Icra said that a continued focus on complex generics/speciality launches in the US market is expected to support industry margins in FY2024. The overall credit profile of Indian pharmaceutical companies is expected to remain healthy, supported by their stable earnings profile, comfortable leverage and coverage metrics, and strong liquidity position, it added. "The 8-10 per cent growth

Suzlon Energy records 96% decline in net profit to Rs 101 crore in Q1

Suzlon Energy registered a 96 per cent decline in consolidated net profit at Rs 101 crore in the April-June quarter. The company had registered a consolidated net profit of Rs 2,433 crore in the year-ago quarter, an investors' presentation showed. The company's net revenue in the first quarter of this fiscal also came down to Rs 1,348 crore from Rs 1,378 crore in the year-ago period. Girish Tanti, vice-chairman, Suzlon Group, said in a statement, "With the country poised to lead decarbonisation of its economy, we are seeing renewed enthusiasm from India Inc. to drive this green energy transition." J P Chalasani, chief executive officer, Suzlon Group, said in the statement, "At Suzlon, we continue to show stable and steady growth in line with our business plan. With the fruition of our initiatives to strengthen the balance sheet and reduce debt, our focus is now on ramping up our operations to service our cumulative orders, which stand at a healthy 1,582 MW as on date." Himanshu Mo

TVS Supply Chain Solutions gets Sebi's approval for launching IPO

It will be the first IPO by TVS family company in three decades, after TVS Electronic in 1994

TCS helps AIB Life launch operations in Ireland with tech platform

TCS lent its technical expertise to create "a modern, cloud-based technology stack ground up", with its flagship insurance platform TCS BaNCS at the core, the firm said

Bain to buy 90% stake in Adani Capital and Adani Housing for Rs 1,440 cr

The total valuation of the Adani financial services business stands at Rs. 1,600 crore

Offering all necessary assistance to Adani Wilmar: Jumbotail on FIR

B2B e-commerce firm Jumbotail on Sunday said it is offering all necessary assistance to identify vendors from whom counterfeit Fortune brand oil products were shipped to its warehouse. Edible oil major Adani Wilmar has lodged a police complaint against Nexus Venture and Kalakar Capital-backed Jumbotail for allegedly distributing counterfeit products in the name of its "Fortune" brand. A Jumbotail spokesperson said that Adani Wilmar contacted the company about certain alleged counterfeited products. "As soon as we received their communication we checked our systems and proactively shared the details of stock available in one of our locations. Based on our information they visited our location to inspect the stocks. We continue to offer all assistance to the Adani team to identify the original source of the vendors from whom the products were procure," the spokesperson said. Adani Wilmar on Saturday said that it lodged an FIR through their agency against Jumbotail Pvt Ltd reporting

Ramkrishna Forgings sees Q1 net profit grow by 63% to Rs 77 crore

Ramkrishna Forgings Ltd on Sunday reported a 63 per cent jump in its net profit at Rs 76.97 crore during the June quarter, on account of higher income. It had clocked Rs 47.26 crore net profit in the April June period of the preceding 2022-23 fiscal, Ramkrishna Forgings said in a statement. The company's total income also rose to Rs 835.95 crore from Rs 650.75 crore in the year-ago quarter, posting a rise of 28 per cent. Naresh Jalan, Managing Director, Ramkrishna Forgings Limited said: "We are actively working towards reducing our debt burden, targeting a debt to EBITDA level of 1:1 by FY 2024-25. This will strengthen our financial position, reduce risks, and provide us with flexibility to pursue growth opportunities." Further, the company through automation and artificial intelligence, is in process of enhancing operational efficiency, increase productivity, and address evolving customer demands, he said. On market risks, he said the company closely monitors macroeconomic risks,

Ati Motors raises $10.85 million in funding round led by True Ventures

The company said the latest funding will enable it to deploy robotics technology in industrial environments and warehouses, and enter the US, South East Asia, Japan, and European markets