Page 53 - Companies

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

WNS June quarter results for FY24: Net profit declines to $30.1 million

Business process management company WNS on Thursday reported a 9 per cent decline in net profit at USD 30.1 million in the June quarter. The NYSE-listed company, which has a major chunk of its operations in the country, had reported a profit after tax of USD 33.1 million in the year-ago period. For the reporting quarter, its revenue grew to USD 326.5 million from USD 295.3 million in the year-ago period, and USD 314.9 million in the preceding March quarter. There was an increase in the operating expenses, which includes selling and marketing expenses, administrative expenses and amortisation, along with a narrowing of forex gains during the quarter, the company said. The finance expenses also more than doubled to USD 7.1 million during the reporting quarter. "Despite the challenging macro environment, WNS grew constant currency revenue less repair payments by more than 17 per cent," its chief executive officer Keshav Murugesh said. The company guided that it expects the revenue l

Infosys cuts FY24 outlook to 1-3.5%; Q1 net profit up 11% to Rs 5,945 cr

Operating margins 'resilient in uncertain macro environment', says company

Hindustan Unilever Q1 results: Profit rises 6.9% to Rs 2,556 crore

Total expenses were higher at Rs 12,167 crore as compared to Rs 11,531 crore in the same quarter a year ago, the company said

Reliance Strategic Investments reports Rs 1.45 bn Q1 net profit after tax

In a BSE filing the company further informed that Reliance strategic investments ltd.'s total income from operations was recorded at 2.15 billion rupees in June quarter

Tata Steel manufactured crane used in rocket launch for Chandrayaan-3

Private steel major Tata Steel on Wednesday said that it manufactured the crane used for the successful launch of the LVM3-M4 rocket, dubbed as 'Fat Boy', in the Chandrayaan-3 mission. It said the crane was manufactured in Tata Growth Shop in Jamshedpur. "Our cutting-edge crane technology played a crucial role... We supplied the Electric Overhead Traveling (EOT) crane which was installed at the Satish Dhawan Space Centre of Indian Space Research Organisation (ISRO) at Sriharikota, Andhra Pradesh," it said. "Through our contribution to the launch... we reaffirm our commitment to fostering India's technological advancement and growth," it stated. The rocket was launched from Sriharikota on July 14.

Bata India positive about growth outlook amid short-term headwinds

Geopolitical concerns and doubts about inflation may continue to impact consumer sentiment in the short term, said Bata India managing director and CEO Gunjan Shah. Shah, however, remained positive about the growth and profitability outlook for the company in the latest annual report. He did not elaborate on this. "We have made huge strides this past year. 2023 will be a great year for us. We will strengthen 'OneTeam' collaboration, focus on people development, invest in digitization, and improve efficiency. We are perfectly equipped to achieve future profitable growth," he said. Bata achieved several milestones in FY'23, including crossing the 2,000+ store milestone for the first time and expanding the Sneaker Studios concept. "Expanding our footprint through a combination of franchisee and COCO models, we opened 200 plus franchise stores, shop-in-shop and company-owned-company-operated stores, and the overall store count crossed the impressive 2,000 milestone," Shah said. In FY

L&T Finance net income rises over two-fold to Rs 531 crore in Q1

In a statement, the L&T Group company said its retail portfolio jumped to 82 per cent of the total loan book, up from 54 per cent in Q1FY23 and 75 per cent in Q4FY23

Finolex Industries net profit rises over 10% to Rs 111 crore in Q1

Pipes maker Finolex Industries on Wednesday reported over 10 per cent growth in net profit at Rs 110.88 crore in the June quarter, even though the income declined a notch to Rs 1,179.2 crore from Rs 1,189.8 crore. The 10.8 per cent spike in bottomline was helped by a healthy rise in margins, which rose to 12.93 per cent from 10.58 per cent a year ago, on higher per unit reaslisaiton, the company said. Its volume, primarily pipes and fittings, rose 28.1 per cent to 92,181 tonnes from 71,960 tonnes a year ago, the Pune-based company said in a statement. But volume in PVC resin segment was down 26.57 per cent to 46,074 tonnes from 62,746 tonnes. Prakash P Chhabria, executive chairman, said the overall economic recovery has led to a strong demand which in turn has been driving volume growth in pipes and fittings segment.

Tata Communications net profit falls by 30% to Rs 382 crore in June quarter

Tata Communications on Wednesday posted a 29.8 per cent fall in consolidated net profit at Rs 382 crore in the June quarter, hit by higher interest costs and lower forex gains. The consolidated revenue rose 10.7 per cent year-on-year to Rs 4,711 crore. The data business revenue stood at Rs 3,912 crore, an increase of 17.1 per cent over the same period previous year. In the first quarter of the current fiscal, EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) from data business stood at Rs 929 crore, down 4.2 per cent year on year largely "due to inorganic costs coming in this quarter", the company said in a statement. "We have had a pivotal first quarter in FY24 delivering a very strong revenue growth in our data business and the digital portfolio, closing The Switch deal and announcing the Kaleyra acquisition," Tata Communications MD and CEO A S Lakshminarayanan said. He also said the company is on track with the execution of its strategy and the strengthe

Broadcom's $61 bn VMware purchase wins UK competition watchdog's approval

Computer chip and software maker Broadcom's USD 61 billion plan to buy cloud technology company VMware cleared another hurdle on Wednesday after Britain's competition regulator gave the deal provisional clearance. The Competition and Markets Authority said its investigation found the deal would not substantially reduce competition in the supply of hardware components for computer servers in the UK. The deal also would be unlikely to harm innovation, the regulator said. Thousands of British businesses and public bodies, including major banks, big retailers, telecom operators and government departments rely on Broadcom gear and VMware software, the regulator said. Both companies are based in California. The CMA will now seek feedback before issuing its final report September 12. The European Commission, the EU's executive arm and top antitrust enforcer, cleared the deal last week after Broadcom made concessions to address its concerns about competition. Broadcom wants to establish a

Crisil reports 10% growth in profit to Rs 150.6 cr in Apr-Jun quarter

Largest rating agency Crisil, majority owned by the Wall Street-based S&P, Wednesday reported a 10 per cent growth in net income at Rs 150.6 crore for the second quarter ending June. The city-based rater said standalone income from operations for the reporting quarter rose 15.3 per cent to Rs 771.0 crore and the consolidated income rose 12.1 per cent to Rs 788.8 crore. The company also announced an interim dividend of Rs 8 per share. Amish Mehta, the managing director & chief executive said the overall numbers were impacted during Q2, due to unfavourable foreign exchange movements compared to the same quarter last year. Slowing global growth is expected to progressively weigh on domestic activity, he said, adding while domestic demand has been resilient so far, it can moderate later this fiscal as the full impact of rate hikes of the recent past manifests and the pent-up demand in contact-based services wanes.