Page 53 - Companies

Paytm Q1 results: Loss narrows to Rs 358.4 crore, revenue jumps 39.4%

Fintech firm One97 Communications, which operates under the Paytm brand, on Friday reported the narrowing of loss to Rs 358.4 crore in the April-June quarter of this fiscal. The company had posted a loss of Rs 645.4 crore in the same period a year ago. The revenue from operations of the company increased by 39.4 per cent to Rs 2,341.6 crore during the reported quarter from Rs 1,679.6 crore in June 2022 quarter.

Jio Platforms net profit up 12.5% to Rs 5,098 crore in Apr-Jun quarter

Digital services company Jio Platforms on Friday posted a 12.5 per cent year-over-year rise in net profit at Rs 5,098 crore in the June 2023 quarter on account of subscriber additions and better realisation per user. The company had posted a net profit of Rs 4,530 crore in the same period a year ago. The revenue from operations of Jio Platforms came in at Rs 26,115 crore during the reported quarter, up 11.3 per cent from 23,467 crore over the year-ago period. The net subscriber addition of the company surpassed 90 lakh with total data traffic jumping over 28 per cent YoY to 33.2 billion gigabytes for the quarter. The average revenue per user, measured in terms of ARPU, improved by 2.8 per cent YoY to Rs 180.5 fuelled by better subscriber mix and ramp up of wireline business. Jio Platforms comprises telecom arm Reliance Jio Infocomm, a host of startups, and music and video streaming apps. "5G adoption and FTTH ramp-up drive strong 28.3 per cent Y-o-Y growth in data usage as monthl

Xiaomi to bet big on Rs 10-15k segment for 5G smartphones, enhance reach

Smartphone maker Xiaomi is betting big on the Rs 10,000-15,000 device segment to regain its lost market share, a senior official of the company said on Friday. Xiaomi India, President, Muralikrishnan B said that the company has come up with a reset strategy and will focus to be "India's most loved and trusted smartphones" and IOT brand with "focus on efficiency and sustainability with a secure foundation." He said that Xiaomi will operate with a leaner product portfolio and focus on democratising 5G in the country. "Today most of the 5G devices that are being sold are above Rs 20,000. There is an increase in penetration in Rs 15,000-20,000 but mass of the market, the belly of the market is going to be in Rs 10,000-Rs 15,000 where there is a clear opportunity for Xiaomi to replicate what we did with 4G and recreate that 5G magic," Muralikrishnan said. According to Counterpoint Research, the Rs 10,000-Rs 20,000 price segment had recorded the steepest decline of 34 per cent on a ...

BNP Paribas Arbitrage buys Bandhan Bank shares for Rs 187 cr

BNP Paribas Arbitrage on Friday acquired 88.85 lakh shares of private lender Bandhan Bank for Rs 187 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), BNP Paribas Arbitrage bought 88,85,979 shares, amounting to 0.5 per cent stake in the private lender. The shares were purchased at an average price of Rs 211 apiece, taking the aggregate transaction size to Rs 187.49 crore. Details of the sellers could not be ascertained. Shares of Bandhan Bank jumped 3.05 per cent to close at Rs 218.10 per piece on the NSE. Last week, Bandhan Bank reported an 18.7 per cent fall in its net profit at Rs 721 crore in the June quarter due to a decline in net interest income. The Kolkata-based private sector lender had posted a net profit of Rs 887 crore in the year-ago period. Total income during the quarter under review increased to Rs 4,908 crore from Rs 4,385 crore in FY2023, while the interest earned by the bank grew to Rs

Vedanta Ltd Q1 net profit falls over 40% to Rs 3,308 cr on lower income

Vedanta Ltd on Friday reported a 40.84 per cent fall in its consolidated net profit to Rs 3,308 crore in the April-June quarter, dragged by lower income. Its "profit after tax before share in profit/ (loss) of jointly controlled entities and associates" was at Rs 5,592 crore in the same period of 2022-23, Vedanta Ltd said in a BSE filing. However, on a quarter-on-quarter, the company's net profit was 5.61 per cent higher over Rs 3,132 crore in the January-March quarter. The company's total income also fell to Rs 34,279 crore from Rs 39,355 crore in the year-ago period. Its expenses were at Rs 31,973 crore as against Rs 32,095 crore a year ago. The company further said Sunil Duggal completes his tenure as the WholeTime Director & CEO of the company effective close of business hours on July 31, 2023. On the recommendation of the Nomination and Remuneration Committee of the Company, considered and approved the appointment of Arun Misra as an Additional Director designated as an ...

Shah says 500,000 Sahara investors have registered on refund portal

Within days of launching the portal for refund of deposits in Sahara Group's cooperative societies, Cooperation Minister Amit Shah on Friday said that five lakh investors have registered on the platform and the process of returning their money has begun. On July 18, the 'CRCS-Sahara Refund Portal' was launched to facilitate return the monies of investors stuck in four cooperative societies of Sahara Group. Earlier, the government said money will be returned to 10 crore investors of the four cooperative societies within 9 months. The announcement followed a Supreme Court order directing the transfer of Rs 5,000 crore from Sahara-Sebi refund account to the Central Registrar of Cooperative Societies (CRCS). Addressing the National Mega Conclave on the launching of Common Services Centre (CSC) services by Primary Agricultural Credit Societies (PACS) here, Shah said till now 5 lakh people have registered in the portal and the process of refunding the money to the genuine depositors has

SJVN inks initial pact with REC to secure Rs 50,000 crore for projects

State-owned SJVN Ltd has inked an initial pact with REC Ltd for securing finance of Rs 50,000 crore for projects of its subsidiaries and joint ventures. REC will provide financial assistance to set up new power generating stations based on conventional and renewable sources of energy, according to a statement on Friday. Besides, REC will assist financially in setting up new technology projects like battery storage, E-vehicles, green hydrogen/ammonia, hydrogen cells storage and manufacturing units for green projects. "SJVN has inked an MoU with REC. REC has agreed to finance the projects of SJVN and its subsidiaries and joint ventures to the extent of Rs 50,000 crore," the statement said. The MoU covers construction of evacuation and transmission projects, and includes strengthening/improvement of existing transmission system. SJVN said the pact with REC will act as a booster for its growth and aims to have 25 GW generation capacity by end of the current decade. With a total proj

Sebi cancels Progressive Comtrade registration, gives 15 days for transfer

Capital markets regulator Sebi on Friday cancelled the registration of Progressive Comtrade for facilitating its clients to trade in illegal 'paired contracts' on the National Spot Exchange Ltd (now defunct). "The noticee (Progressive Comtrade) by providing access for taking exposure to 'paired contracts' and did not have regulatory approval and also by undertaking such exposure itself on account of its proprietary trades, thereby raises doubts on the competence of the noticee to act as a registered securities market intermediary. "The actions of the noticee have been and could be detrimental to the interest of the securities market and accordingly the noticee can no longer be called a 'fit and proper person' for holding the certificate of registration as a broker in the securities market," Sebi's Executive Director V S Sundaresan said in the order. The regulator has asked the broker to allow its existing clients or transfer their securities or funds held in its custody within 15 ..

Diversified Dharampal Satyapal Group acquires Viceroy Bangalore Hotels

Diversified Dharampal Satyapal Group on Friday said it has acquired Viceroy Bangalore Hotels Pvt Ltd for an undisclosed sum following a bidding process. The acquisition expands the group's hospitality footprint into Southern India, Dharampal Satyapal Group (DS Group) said in a statement. Viceroy Hotels-owned and the Marriott-managed Renaissance Bengaluru is situated on 1.8 acres of prime land and has 275 rooms. This hotel's strategic location in the Central Business District (CBD) made it an enticing addition to DS Group's hospitality portfolio, it added. The group said it is now actively strategising approaches to further elevate the hotel's appeal. "With this acquisition, the DS Group expands its hospitality footprint and reinforces its continued commitment to the hospitality business," DS Group Vice Chairman Rajiv Kumar said. DS Group's hospitality portfolio comprises brands such as The Manu Maharani in Nainital and Namah in Jim Corbett National Park.

360 ONE WAM logs 13.4% growth in profit after tax to Rs 181 crore

360 ONE WAM Ltd on Friday reported a 13.4 per cent growth in profit after tax (PAT) to Rs 181 crore in three months ended June 2023. In comparison, the company posted a PAT of Rs 160 crore in the year-ago period, 360 ONE WAM, formerly known as IIFL Wealth Management, said in a statement. The company's total revenues increased 17.6 per cent to Rs 434 crore in the quarter under review from Rs 369 crore in the April-June quarter of the preceding fiscal 2022-23. "We strongly believe India's long-term inclusive growth trends will continue to fuel overall wealth creation, and particularly for the HNI and UHNI segments. Increasing financialisation and client sophistication will drive a disproportionate rise in this segment," Karan Bhagat, founder, MD and CEO, 360 ONE, said. In addition, the company's board approved a second interim dividend for the financial year 2023-24 of Rs 4 per equity share. Besides, the company has fixed July 28 as a record date for this purpose.

Power Finance Corp to lend Rs 2.37 trillion to 20 clean energy projects

Power Finance Corporation (PFC) on Friday said it has entered into loan agreements worth more than Rs 2.37 lakh crore with 20 companies. These firms include Adani Group, Greenco, ReNew Power, Continuum, Avaada, JBM Auto, Rajasthan Renewable Energy and Megha Engineering & Infrastructure, among others. These agreements -- part of the Maharatna company's plan to position itself as the focal funding agency for energy transition -- were signed with companies in the solar, wind, green hydrogen, battery storage, and electric vehicles space as well as manufacturers of green energy equipment. PFC is looking to fund projects like offshore wind, pumped hydro storage, solar modules and cells, among others in the clean energy space, the company said in a statement issued from Goa at a G20 function. Recently, the company diversified its loan portfolio into infrastructure projects, such as refineries, ports, roads, metro, biofuels, waste-to-energy projects etc. Earlier this week Parminder ...

ACME Group gets Rs 4,000-cr loan from REC for Oman green hydrogen project

Renewable energy firm ACME Group on Friday said it has tied up a Rs 4,000-crore loan from state-owned REC Ltd for its green hydrogen and ammonia project in Oman. The amount will be used to commence the first phase of the project, to be established at the Special Economic Zone (SEZ) in Duqm, Oman, a company statement said. Once the first phase is ready, about 100,000 tonnes of green ammonia is expected to be produced per annum initially, which will subsequently go up to 1.2 million tonnes a year. The project will be powered by a 5.5-GWp solar PV plant and have the capacity to generate 3.5 GW electrolyser, the statement said. "Diversified renewable energy company ACME Group announced securing Rs 4,000 crore loan from REC Ltd for its green hydrogen and green ammonia project in Oman," it stated. The ACME Group also announced the signing of a Memorandum of Understanding (MoU) with REC Ltd for a Rs 21,000-crore loan to set up four major renewable projects in the country. The MoU was sig

L&T to consider share buyback next week, bags bullet train project order

Infrastructure major Larsen and Toubro's board will meet next week to consider a proposal to buy back shares and payment of a special dividend for FY2023-24, according to a regulatory filing. The proposals will be taken up at the company's board meeting scheduled for July 25, Larsen & Toubro said in a filing. The company in a separate filing on Friday announced that its construction unit, L&T Construction, has bagged a 'mega' contract from the National High-Speed Rail Corporation Limited (NHSRCL) to construct the 135.45 km stretch MAHSR C3 package which is part of the prestigious Mumbai Ahmedabad High-Speed Rail Project. The scope for the MAHSR C3 package includes the construction of viaducts, stations, major river bridges, depots, tunnels, earth structures, stations, and other auxiliary works. The approximately 508 km Mumbai-Ahmedabad High-Speed Rail project, also called the MAHSR Bullet Train project, will cover 155.76 km in the state of Maharashtra, 4.3 km in the Union ...

Air India's wide-body fleet to increase by 30% by March 2024: CEO & MD

Airline to add six new A350 aircraft, five leased B777-200LR planes and nine B777-300ER aircraft this fiscal year

Ashok Leyland Q1 net up 25x to Rs 584 cr; plans Rs 800 cr capex in FY24

Better show propelled by 20-fold surge in sales volume across segments, one-time deferred tax credit of Rs 172 crore

JSW Steel net profit increases 179% to Rs 2,338 cr as sales improve

Capacity utilisation at Indian operations was at 92% compared to 96% in Q4 FY23 due to maintenance shutdowns

Ashok Leyland Q1FY24 results: Net profit jumps 747%, revenue up 13%

The Ebitda margin in Q1FY24 expanded by 560 basis points to 10% from 4.4% YoY

Radhakishan Damani buys retail chain Health and Glow for Rs 750 crore

The transaction was done via Damani's flagship investment vehicle, Bright Star Investments, late last week

Will look at reverse merger if viable to shareholders: Utkarsh SFB MD & CEO

'During the last six years, we have created new verticals like MSME, affordable housing, and small corporates'

Sebi allows mutual funds to introduce new categories under ESG scheme

Capital markets regulator Sebi on Thursday allowed mutual funds to introduce five new categories under ESG (environmental, social and governance) scheme and put in place a disclosure framework for them. The five new categories are -- exclusions, integration, best-in-class and positive screening, impact investing and sustainable objectives. Presently, mutual funds can launch only one ESG scheme under the thematic category of equity schemes. The provision of a new category for ESG schemes will be applicable with immediate effect, the Securities and Exchange Board of India (Sebi) said in a circular. The regulator said these measures will facilitate green financing with a thrust on enhanced disclosures and mitigation of greenwashing. Sebi has mandated ESG schemes to invest at least 65 per cent of assets under management (AUM) in listed entities, where assurance on the BRSR (Business Responsibility and Sustainability Reporting) Core is undertaken. The balance AUM of the scheme can be