Page 55 - Companies

Beyond Hindenburg: Gautam Adani talks up 'matrabhumi', major projects

Group confident of its governance and disclosure standards, says billionaire in address to shareholders

Accenture to transform beer company Bira91's technology platform

Programme will help Bira 91's systems to provide a single and integrated data model

Disney entering Mukesh Ambani's India orbit is a worry for advertisers

Indian advertisers, however, might not be as lucky as Iger, whose contract just got extended by another two years. They may be staring at an erosion of competition

Adani's go-to bankers at Barclays turn cautious after Hindenburg report

Executives at the highest levels are scrutinising ties with Adani, turning more cautious about adding new business pending a regulatory probe that's supposed to end next month

Ford slashes prices on electric version of F-150 truck by up to 17%

The cuts reverse price hikes Ford implemented over the last year that had raised the starting sticker price on its debut battery-powered truck by 50%.

Microsoft, CMA ask UK court for pause to consider activision tweaks

Microsoft Corp. kicked off its hotly-anticipated court hearing with the UK antitrust agency Monday as it moves closer to sealing the $69 billion Activision Blizzard Inc. deal

Tatas, Wipro Consumer in race to acquire masala company for Rs 1,000 cr

The company, whose revenues stood at Rs. 1,660 crore and its net profit at Rs. 21.7 crore in FY22, has become a takeover target of various larger players

Oriana Power plans to raise up to Rs 60 crore through IPO, says CEO

Oriana Power plans to come out with an Initial Public Offering (IPO) by the end of this month or early August to raise up to Rs 60 crore, its CEO Rupal Gupta said on Friday. The proceeds will be utilised towards working capital, asset building and technology upgradation, Gupta said at a press conference. The Draft Red Herring Prospectus (DRHP) has been filed for listing of shares on NSE Emerge. Gupta said the IPO is expected to hit the market by the end of this month or the first week of August. "We aim to raise around Rs 55-60 crore from the IPO," he added. As per the DRHP, the three promoters (Rupal Gupta, Anirudh Saraswat and Praveen Kumar) currently hold 83.40 per cent in the company. Post issue, the promoters' stake in the company will reduce to 61.41 per cent. Noida-based Oriana Power is a leading solar energy solution providers for their industrial and commercial customers.

Moody's downgrades Azure Power Energy and Azure Power Solar Energy

The one-notch downgrade of APE's and APSEP's debt ratings has been driven by governance issues related to internal controls and compliance

Foxconn in talks with TSMC, TMH group to make chips in India: Report

Foxconn, with the two companies, is expected to make both advanced as well as legacy chips in India

Rajnish Kumar, Mohandas Pai to join edtech major Byju's advisory body

Firm appoints ex-upGrad chief as overseas business CEO

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 .