Page 55 - Companies

Realty firm Prestige Estates Q1 sales bookings up 30% to Rs 3914.7 cr

Realty firm Prestige Estates Projects Ltd's sales bookings rose 30 per cent to Rs 3914.7 crore in the first quarter of this fiscal year on better demand of its residential and commercial properties. Its sales bookings stood at Rs 3,012 crore in the year-ago period. In a regulatory filing, Bengaluru-based Prestige Group said it sold 3.83 million square feet area during April-June quarter of 2023-24 financial year. All major listed real estate developers have been registering healthy sales bookings in the past two years on the back of strong revival in the housing demand.

Twitter, ChatGPT down for thousands of users, says outage tracking website

OpenAI said it has disabled logins while it works to get the service back up

Anand Rathi Wealth Q1 profit after tax rises by 34% to Rs 53 crore

Leading non-bank wealth solutions company Anand Rathi Wealth on Wednesday reported a 34 per cent surge in profit after tax at Rs 53 crore for three months ended June 2023. In comparison, the company had posted a PAT (profit after tax) of Rs 40 crore in the same quarter of the preceding fiscal, Anand Rathi Wealth, part of Mumbai-based financial services group Anand Rathi, said in a statement. Total revenue rose by 34 per cent to Rs 178 crore in the quarter under review from Rs 134 crore in the first quarter ended June 30, 2022. As of June-end this year, the asset under management (AUM) of the company stood at Rs 43,413 crore, up 32 per cent over the same period last year. In addition, the company continued to expand its client base adding 395 client families in the first quarter of the current financial year (2023-24). Anand Rathi Wealth Ltd is amongst India's leading non-bank wealth solutions firms, catering to high and ultra-high-net-worth individuals. In addition to the private

Thyssenkrupp Industrial Solution bags $100 mn contract from IOC Panipat

Thyssenkrupp Industrial Solution India, a unit of the German engineering major, on Wednesday said it bagged a USD 100-million order from Indian Oil Corporation to build a polybutadiene rubber plant at Panipat refinery complex in Haryana. Polybutadiene rubber is manufactured from the polymerization of butadiene and has applications in manufacturing tyres and additives. Thyssenkrupp Industrial Solutions will execute this project, with 60 kilo tonne per annum capacity, based on technology from a reputed licensor, the company said. The lump-sum EPC (engineering, procurement and construction) scope includes residual process engineering, detail engineering, project management, procurement, construction & commissioning of the plant, Rajesh Kamath, chief executive of Thyssenkrupp Industrial Solutions' chemical plant business said. Thyssenkrupp Industrial Solutions is into petrochemical and refinery, fertilizers, chlor-alkali, green chemicals, cryogenic storages etc. and has executed ...

Broadcom's $61 bn deal to buy VMware gets cleared by EU regulators

Computer chip and software maker Broadcom's USD 61 billion proposed purchase of cloud technology company VMware got the green light Wednesday from European Union regulators who were satisfied by concessions to ease competition concerns. The European Commission, the EU's executive arm and top antitrust enforcer, said Broadcom made comprehensive commitments to provide access and system connections to its only existing rival, Marvell, as well as any other potential future competitors. The commission said the concessions mean the deal would no longer raise competition concerns. The approval from the 27-nation bloc is conditional on Broadcom living up to its commitments for 10 years, with an independent trustee monitoring compliance. The commission had opened an in-depth investigation last year over worries that the combination of Broadcom hardware and VMware software could lock out rival technology. The deal still faces scrutiny elsewhere. Britain's competition regulator is carrying o

Life insurers' Q1 new business premium collections decline 0.9%: Report

Life insurers collectively witnessed a 0.9 per cent decline in the first quarter new business premium collections to Rs 73,004.9 crore, mainly due to a massive drop in group premium mop-up led by the market leader LIC, according to a report. Life insurance companies had reported a massive 39.7 per cent growth to Rs 73,674.5 crore in the first quarter of the previous fiscal, it added. During the April-June quarter, the national insurer saw its total collections contracting by 7 per cent to Rs 44,837.2 crore against a 35.4 per cent jump in the year-ago period at Rs 48,201 crore. LIC's individual single premium mop-up declined by 1.4 per cent to Rs 4,568.3 crore from Rs 4,633.2 crore in Q1 FY23, when it had grown by 38.1 per cent, Care Ratings said in the report. Similarly, individual non-single premiums fell 6.6 per cent year-on-year to Rs 5,870.9 crore from Rs 6,283.4, when it had jumped by 35 per cent. Group single premium also declined by 7.4 per cent to Rs 33,465.6 crore from Rs

Disney's India business sale may attract private equity firms, local rivals

In 2019, when Walt Disney acquired 21st Century Fox's entertainment business for $71.3 billion, the valuation of the India business was pegged at $14-15 billion

HUL has the highest peneration in shampoos followed by soap bars: Kantar

The report also said that other interesting stories at the manufacturer level include the re-emergence of Patanjali

NBFC Dvara KGFS secures $10 mn in debt funds for capital adequacy, growth

Non-banking finance company Dvara KGFS on Wednesday said it has raised USD 10 million in debt funds. The funds secured would be instrumental in augmenting the company's capital adequacy and accelerating its growth plans during the current financial year. Netherlands-based financial inclusion investor Triple Jump Financial Inclusion Resilience Fund B.V., has provided USD 5 million as subordinated debt in the form of External Commercial Borrowings (ECBs) as per the Reserve Bank of India guidelines. "This strategic partnership will further strengthen DVARA KGFS' mission to extend its comprehensive financial services to underbanked communities," Dvara KGFS said in a statement. Additionally, the company raised USD 5 million from Switzerland-based investment manager BlueOrchard Finance Ltd through ECBs. The proceeds would be allocated towards Dvara KGFS onward lending programme which aims to support microfinance and microbusiness loan customers in regions with limited access to credit .

Hindalco Industries board approves proposal to sell land for Rs 595 cr

Hindalco Industries' board on Wednesday approved a proposal to sell a land parcel at Kalwa, Maharashtra, for Rs 595 crore. The transaction is subject to the signing of definitive documents, completion of customary closing conditions and the receipt of regulatory approvals, if any, Hindalco Industries said in a regulatory filing. The definitive documents shall be signed in due course, it said, adding that the expected date of completion of the sale/disposal is 15 months. Hindalco further said it will receive Rs 595 crore in multiple tranches over a period of time. Birla Estates Private Limited, a wholly-owned subsidiary of Century Textiles and Industries Limited, is the buyer and not a part of the promoter/promoter group/group companies, as defined under the Securities and Exchange Board of India (Sebi), it said. Hindalco Industries Limited is the metals flagship company of the Aditya Birla Group. A USD 26-billion firm, Hindalco is an industry leader in aluminium and copper. Share

Tata Steel joins LeadIT to drive net-zero industry transformation

Tata Steel has joined the Leadership Group for Industry Transition (LeadIT), a global initiative to accelerate the transition to net-zero emissions in heavy industry, the company said on Wednesday. LeadIT was created by the governments of Sweden and India during the UN Climate Action Summit in September 2019 and is backed by the World Economic Forum. The group brings together governments, companies, investors, and other stakeholders to share best practices, develop new technologies, and advocate for policies that support the transition to a net-zero emissions economy. Tata Steel's membership in LeadIT is a significant milestone for the company, as it positions Tata Steel as a global leader in the drive to decarbonize the steel industry. Tata Steel has set a goal to become net-neutral in carbon emissions by 2045, and joining LeadIT will help the company achieve this goal by providing access to a network of experts and resources. "Tata Steel's membership in LeadIT presents a signifi

Homegrown server maker Netweb Technologies to float IPO on July 17

The initial share sale of homegrown server maker Netweb Technologies India will open on July 17 for public subscription. The three-day Initial Public Offering (IPO) will conclude on July 20 and the bidding for anchor investors will open on July 14, according to the Red Herring Prospectus (RHP). The IPO comprises a fresh issue of equity shares worth Rs 206 crore and an Offer For Sale (OFS) of 85 lakh equity shares by promoters. Those selling shares in the OFS are Sanjay Lodha, Vivek Lodha, Navin Lodha, Niraj Lodha and Ashoka Bajaj Automobiles LLP. Proceeds of the fresh issue to the tune of Rs 32.77 crore will be used to fund capital expenditure, Rs 128.02 crore to support long-term working capital, Rs 22.5 crore for debt payment, besides, general corporate purposes. Delhi NCR-based Netweb Technologies is one of the country's leading high-end computing solutions providers. It is one of the few original equipment manufacturers in the country and is a recipient of production-linked ..

Zoho, PwC India to help enterprises scale up digital transformation journey

Global technology company Zoho Corp on Wednesday said it has signed a strategic partnership with PwC India to help medium and large enterprises in the country accelerate their digital transformation journey. The alliance between the two entities brings Zoho's product portfolio of over 55 products with PwC's expertise in driving digital transformation strategy through advisory and consulting services. PwC India and Zoho as per the tie-up, would focus on providing clients and businesses with transformation solutions such as customer experience platforms, custom applications, HR technology, and financial management applications. "We are confident that our customers will benefit from the breadth and depth of Zoho's offering coupled with the industry expertise of PwC. We plan to expand our partnership with PwC to other geographies in the coming years," Zoho Corp Head-Channel Ecosystem, Bishan Singh said. PwC India, Partner and Leader-Alliances and Ecosystems Vivek Belgavi said, "With ..

Apollo Hospitals launches dedicated arm for comprehensive childcare

The Apollo Hospitals group on Wednesday launched a dedicated pediatric arm to provide "comprehensive care" for children at its major facilities, as its chairman Prathap C Reddy expressed hope that it will grow and become "synonymous with the country's 'Heal in India' vision. In a recorded message delivered on the occasion of the launch here, Reddy also said India today is ready for providing total and specialised care in sub-specialities. Christened "Apollo Children's", the rebranded service arm of the healthcare giant envisions "to bring 360-degree, comprehensive care, from the stage of an unborn baby to a newborn baby to a child to an adolescent till they reach 18 years, with all specialists coming together", said Dr Anupam Sibal, Group Medical Director, Apollo Hospitals. Reddy in his address called it "another major milestone" for the Apollo group which began with the opening of its first hospital in Madras (now Chennai) in 1983. "From day one, we have paid special attention to

Patanjali Foods' promoters plan to offload up to 9% stake through OFS

Share sale will help company meet minimum public shareholding (MPS) requirement

Maruti Suzuki launches CNG trim of compact SUV Fronx at Rs 8.41 lakh

Maruti Suzuki India (MSI) on Wednesday said it has launched a CNG trim of its compact SUV Fronx with price starting at Rs 8.41 lakh (ex-showroom). The two trims -- Sigma and Delta -- are tagged at Rs 8.41 lakh and Rs 9.27 lakh, respectively. The CNG variants come mated with a 1.2 litre petrol engine with a power output of 77.5PS and a fuel efficiency of 28.51 km/kg. "In 2010, we introduced our first CNG-equipped model, and since then, we have sold more than 1.4 million S-CNG vehicles in the country, which is a true testament to our customers' trust and faith in our technology," MSI Senior Executive Officer (Marketing and Sales) Shashank Srivastava said in a statement. The company is confident that the Fronx S-CNG will increase the share of S-CNG cars in its overall sales, and further strengthen the green mobility portfolio, now consisting of 15 models which is the best in the industry, he added.

Aye Finance allocates Rs 100 cr for credit to women micro enterprises

Fintech lender Aye Finance on Wednesday said it has allocated Rs 100 crore for Shakti Loan in current financial year and targets to extend credit to 10,000 women engaged in micro enterprises. Aye said it has developed Shakti Loan in collaboration with CGAP, a global partnership of more than 30 leading development organisations, including the World Bank, UNDP, and Mastercard Foundation, which works to advance the lives of poor people, especially women, through financial inclusion. Incorporated in 2014, Aye is backed by CapitalG, Elevation Capital, Light Rock, Alpha Wave, A91 Partners and MAJ Invest. Since its inception, the lender said it has enabled the financial inclusion of over 6.5 lakh micro businesses having disbursed over Rs 7,000 crore to them. "We are very optimistic about Shakti Loan being the game changer for women micro enterprises and have allocated INR 100 crore to this product in the current financial year," said Niraj Kaushik, Deputy CEO, Aye Finance. Aye's Shakti L

NCLT dismisses plea seeking insolvency proceedings against Religare

The National Company Law Tribunal (NCLT) on Tuesday dismissed a plea to initiate insolvency proceedings against Religare Enterprises Ltd observing that it was a financial service provider and does not come under the ambit of the Insolvency & Bankruptcy Code (IBC). A principal bench headed by NCLT President Justice Ramalingam Sudhakar and Atul Chaturvedi held that the petition filed by Ligare Aviation Ltd against Religare Enterprises was "not maintainable" and does not fall under the definition of "Corporate Debtor", which means a corporate person who owes a debt to any person. "We are of the considered view that the corporate debtor (Religare Enterprises) as alleged does not come within the meaning of corporate person and therefore, we are unable to accept the prayer of the applicant to initiate the CIRP against the Corporate Debtor," said NCLT. Ligare Aviation has approached NCLT against Religare Enterprises, which is a corporate guarantor of the principal borrower Auriga ...

Kinetic Engineering to raise Rs 54 cr from promoters, non-core assets' sale

Kinetic Engineering Ltd on Tuesday said it will raise Rs 54 crore through preferential issue of shares to promoters and sale of non-core assets to cut debt and invest in new business and electric vehicle vertical. The company's board in a recently concluded meeting approved the raising of over Rs 54 crore from various available sources, including promoters and sale of its non-core assets, Kinetic Engineering Ltd (KEL) said in a regulatory filing. "Accordingly, the board approved the issue of 22.85 lakh equity shares on preferential basis, to promoters and promoter group companies totalling Rs 26.27 crore at a price of Rs 115 per share, including a premium of Rs 105 per share," it said. This is the third year in a row where promoters have increased their stake in the company, which will stand at 59.35 per cent. The previous conversions include 9,95,000 shares in 2021-22 and 11,72,879 shares in 2022-23, the company added. The board also approved issuance of Optionally Convertible ...

Usha Martin arm Espana incorporates wholly owned subsidiary in Spain

Usha Martin International Limited (UMIL) has incorporated a wholly-owned subsidiary, Usha Martin Espana, SL, in Spain. Usha Martin Espana, SL will work in the area of distribution, manufacturing, sale and application of metallurgical products, high-performance wire ropes, LRPC strands, wires, pre-stressing accessories, machinery and cables, Usha Martin said in a regulatory filing on Tuesday. "Usha Martin Espana, SL has been formed as a wholly owned subsidiary of Usha Martin International Limited (UMIL), a wholly owned subsidiary of Usha Martin Limited," it said. UMIL has subscribed to the share capital of euros 3,000, with a face value of euro 1 per share. UMIL holds 100 per cent of the paid-up share capital of Usha Martin Espana, SL. Usha Martin Ltd is a leading global manufacturer of wire ropes with manufacturing facilities in Ranchi, Hoshiarpur, Dubai, Bangkok and the UK.