Page 70 - Companies

Iron Pillar raises $129 mn to invest in global cloud firms from India

The venture capital firm said this is the first-ever Series B / C stage fund focused on investing in global cloud software companies from India

Downturn still nascent, it is time for caution, not expansion: Zoho founder

In an exclusive interaction with Business Standard, Sridhar Vembu say the trend of large-scale layoffs in Silicon Valley has now hit Indian shores

Suzuki Motorcycle India announces appointment of Kenichi Umeda as new MD

Suzuki Motorcycle India Pvt Ltd on Tuesday announced the appointment of Kenichi Umeda as its new Managing Director. Umeda succeeds Satoshi Uchida, who has completed his term as the Managing Director of the company, Suzuki Motorcycle India Pvt Ltd (SMIPL) said in a statement. He will be responsible for the further growing and strengthening Suzuki Motorcycle India's position in the Indian and overseas markets. He brings with him over 27 years of valuable industry experience across various global markets, it added. India is an important market for Suzuki. Delivering innovative products and solutions that meet the evolving needs of customers has been the priority for Suzuki Motorcycle India since its inception, Umeda said about his new role.

Credit Suisse in for firestorm as shareholders get last crack at meet

Once-venerable Credit Suisse is heading into a possible firestorm Tuesday as shareholders meet for what is shaping up to be their last crack at managers following a colossal collapse of the bank's stock price over the last decade and as rival UBS is set to gobble up the 167-year-old Swiss lender at a bargain-basement price. In 2007, Credit Suisse shares fetched as much nearly 88 Swiss francs (dollars). Today, they're trading at about 80 cents. As the stock skid worsened and jittery depositors pulled their money, Swiss government officials hastily orchestrated a USD 3.25 billion takeover by UBS two weekends ago. Political leaders, financial regulators and the central bank feared a teetering Credit Suisse could further roil global financial markets following the collapse of two US banks. Crosstown competitor UBS has been known for a more conservative culture after surviving the 2008 financial crisis, thanks in part to a government bailout. The annual general meeting, the first held i

Jefferies assigns Rs 134-224 per share for Jio Financial Services

Listing and value unlocking to be the key event for RIL's stock price, says Nomura

Tesla sets record with 422,875 car deliveries after slashing EV prices

Tesla Inc. delivered 422,875 cars worldwide in the first quarter, setting a record after it cut prices to appeal to consumers buffeted by rising interest rates and faster inflation

Honda Cars reports 2% increase in domestic sales to 6,692 units in March

Honda Cars India on Saturday said its domestic sales increased by 2 per cent to 6,692 units in March. The company had dispatched 6,589 units to dealers in March 2022, the automaker said in a statement. Exports stood at 3,189 units last month as compared with 2,243 units in March 2022, it added. The company said its domestic wholesales rose 7 per cent to 91,418 units last fiscal, as compared with 85,609 units in FY22. The automaker exported a total of 22,722 units during 2022-23 as compared with 19,401 units in 2021-22, registering 17 per cent growth, it added. "The company has achieved a domestic sales growth of 7 per cent, driven by the strong and positive sales momentum of our models, specifically the Amaze and City," Honda Cars India Director, Marketing and Sales Yuichi Murata said. Despite the persistent challenges posed by the global chip shortage and its impact on production volumes, the Indian automobile industry has had one of its strongest years in terms of sales, he ...

Royal Enfield records increase in total sales by 7% at 72,235 units in Mar

Motorcycle maker Royal Enfield on Saturday reported a 7 per cent growth in total sales at 72,235 units in March, as compared to 67,677 units in the same month last year. Domestic sales were at 59,884 units in the month under review, as against 58,477 units in the year-ago month, a growth of 2 per cent, the company said in a statement. Exports grew 34 per cent last month at 12,351 units, as compared to 9,200 months in March 2022. For the fiscal 2022-23, Royal Enfield said it posted a 39 per cent growth with a record total sales of 8,34,895 motorcycles. The company's sales stood at 6,02,268 units in FY22. Exports were also at record high at 1,00,055 units in FY23, as compared to 81,032 units in FY22, up 23 per cent. Royal Enfield CEO B Govindarajan said it was a remarkable year for the company achieving new heights in sales and market share, and crossed 1,00,000 international volumes for the first time. "Our motorcycles, like the Hunter 350 and Super Meteor 650, have exceeded ...

WhatsApp bans record over 4.5 million bad accounts in India in February

Meta-owned WhatsApp banned a record over 45 lakh bad accounts in India in the month of February, in compliance with the new IT Rules 2021, the company informed on Saturday.

Twitter bans record over 680,000 accounts in India amid major overhaul

Twitter banned a record 682,420 accounts promoting child sexual exploitation and non-consensual nudity in India between January 26 and February 25

TVS Motor Company records increase in March sales by 3% to 317,152 units

TVS Motor Company on Saturday reported a 3 per cent growth in sales at 3,17,152 units in March 2023, as against 3,07,954 units sold in the same month last year. Total two-wheelers sales grew 5 per cent last month to 3,07,559 units, as compared to 2,92,918 units in March 2022, TVS Motor Company said in a statement. Domestic two-wheeler sales were at 2,40,780 units last month, as compared to 1,96,596 units in the year-ago period, up 22 per cent, it added. The company said sales of its TVS iQube electric scooter were at 15,364 units in March 2023, as against sales of 1,799 units in the same month last year. Three-wheeler sales were down at 9,593 units last month, as against 15,036 units in March 2022, it added. Total exports were also lower at 75,037 units in March 2023, as against 1,09,724 units in March 2022. Two-wheeler exports stood at 66,779 units last month, as against 95,962 units a year ago.

Tata Motors total domestic sales increase by 3% at 89,351 units in March

Tata Motors on Saturday said its total domestic wholesales increased by 3 per cent to 89,351 units in March compared to the same month last year. The company sold 86,718 units in March 2022. The auto major said its passenger vehicle sales in the domestic market stood at 44,044 units last month, as compared to 42,293 units in the same month last year. Commercial vehicle sales in the domestic market stood at 46,823 units as against 47,050 units in March 2022, it added. For the financial year ended March 31, 2023, the company sold a total of 9,31,957 units in the domestic market, an increase of 35 per cent over 6,92,554 units in 2021-22. Passenger vehicle dispatches rose 45 per cent to 5,38,640 units as compared with 3,70,372 units FY22. "FY23 has set a new record for passenger vehicle sales in India. The steep growth witnessed by the industry was driven by post COVID pent up demand in early part of the year, the launch of several new vehicles and easing of the semiconductor shortag

Global uncertainties hit office demand, gross leasing falls: Colliers India

India's office demand has been affected by global economic uncertainties with gross leasing of workspace falling 19 per cent in January-March across six major cities, according to Colliers India. Real estate consultant Colliers India on Saturday released data on the office market, which showed that the gross leasing fell to 10.1 million square feet in January-March from 12.5 million square feet in the corresponding period of the previous year. New supply declined 34 per cent during January-March to 9.5 million square feet from 14.4 million square feet in the year-ago period. Gross leasing does not include lease renewals, pre-commitments and deals where only a letter of Intent has been signed. Colliers India said that the leasing of office space has fallen due to "delayed decision-making by occupiers amidst continued economic uncertainties". Bengaluru and Delhi-NCR accounted for half of the total leasing during the first quarter of this calendar year. As per the data, the gross le

India Inc's credit profile shows robust performance in Fy23: India Ratings

Sustained deleveraging, continued revenue, profitability growth boost rating

NCLT orders initiating insolvency proceedings against Mantri Developers

NCLT has directed initiating insolvency proceedings against Bengaluru-based real estate firm Mantri Developers admitting the plea filed by Indiabulls Housing Finance Ltd. A two-member bench has also suspended the board of Mantri Developers and appointed Ahsan Ahmad as the interim resolution professional for the company. Indiabulls Housing Finance Ltd (IHFL) had moved the Bengaluru bench of the National Company Law Tribunal (NCLT) claiming a default of Rs 456.68 crore by Mantri Developers, part of the Mantri Group of Companies engaged in the real-estate business in Bengaluru, as on January 1, 2022. "In view of the facts and circumstances... the present petition being complete and having established the default in payment of the financial debt and for the default amount being above Rs 1 crore, the petition is admitted in respect of respondent -- Mantri Developers Private Ltd -- under Section 7 of the I&B Code, 2016," said NCLT. The NCLT bench consisting of Manoj Kumar Dubey and T ...

Hero MotoCorp appoints company insider Niranjan Gupta as new CEO

Hero MotoCorp Ltd, India's biggest two-wheeler maker by volume, on Thursday named company insider Niranjan Gupta as its chief executive officer

Unacademy gives pink slips to 380 employees in another round of layoffs

With this round of layoffs, Unacademy's workforce strength is down to under 3,000 compared to 6,000 in the early part of 2022

Ind-Ra assigns 'IND A' ratings with stable outlook to Shakti Pumps

Water pumps company Shakti Pumps on Thursday said it has been assigned 'IND A' ratings by India Ratings and Research (Ind-Ra) with a stable outlook. The Madhya Pradesh-based company is a leader in the manufacturing of energy-efficient pumps and motors, including solar. In a regulatory filing, Shakti Pumps said, "India Ratings and Research (Ind-Ra) has affirmed its bank facilities at 'IND A' with a stable outlook". The rating agency has considered several parameters to assign a positive outlook on it, the filing said. "As per the rating agency, the key rating drivers were (company's) established market position, strong distribution network, diversified revenue portfolio, FY22, steady revenue profile in 9M FY23 (April-December) and robust credit metrics," it said. Dinesh Patidar, Chairman and Managing Director of Shakti Pumps (India) Limited, said the IND A/stable ratings demonstrate the company's focus on balance-sheet growth. Going forward the company aims to maintain its 30-40 pe

Edelweiss Financial board clears Rs 1,500 crore fund raising via NCD

Edelweiss Financial Services on Thursday said the board of the company has approved raising up to Rs 1,500 crore through Non-convertible Debentures (NCDs) to fund business growth. Besides, the board has also declared an interim dividend of Re 0.25 per share on the equity share of the face value of Re 1 each for the financial year ending March 31, 2023. The board in its meeting on Thursday cleared the proposal of raising of funds by way of public issue of non-convertible debentures for an amount not exceeding Rs 1,500 crore, in one or more tranches, the company said in a regulatory filing.

Adani airports' duty-free shops to give more space to non-liquor items

Liquor ++ strategy for extracting maximum revenue from duty-free shops at seven airports run by the group