Page 10 - Company News

Irdai approves Patanjali Ayurved, DS Group's acquisition of Magma General

Regulator clears acquisition of Magma General Insurance from Sanoti Properties, with Patanjali to acquire a 73.56% stake and DS Group 24.50%

Google Pay launches second cobranded credit card, partners with SBI Card

Company also integrates Google Gemini into the app to help users analyse spending, track savings and understand financial concepts such as credit scores

P&G appoints Shailesh Jejurikar as chairman; Jon Moeller to retire

Announcing the leadership change, P&G said Jejurikar will succeed Moeller, who has spent 38 years with the company

KPIT Q1 profit drops 32%, revenue rises 9% despite auto headwinds

Auto-focused ER&D firm says performance was slightly ahead of guidance, with AI-led products gaining traction despite continued pressure in the automotive sector

ArcelorMittal's subsidiary leases 82k sq ft office space in Hyderabad

The subsidiary expands its Hyderabad footprint with a new lease in the Financial District, taking its total office space in the building to around 1.65 lakh sq ft

Jammu & Kashmir Bank Q1 result: Net profit falls 11.5% to ₹428.8 crore

Jammu & Kashmir Bank on Wednesday reported an 11.5 per cent decline in net profit at Rs 428.80 crore in the first quarter of the current fiscal. The private sector lender had a consolidated net profit of Rs 484.53 crore in the April-June quarter of FY26. Total income of the bank rose to Rs 3,765 crore during June quarter of FY27, from Rs 3,521 crore in the corresponding period of last fiscal, J&K Bank said in a regulatory filing. During the quarter, the Bank's Net Interest Income (NII) increased 2 per cent to Rs 1,497 crore from Rs 1,465 crore recorded in the corresponding period last year, while Net Interest Margin (NIM) stood at 3.28 per cent. J&K Bank MD & CEO Amitava Chatterjee said, "Industry-wide phenomenon of elevated funding costs and sluggish low-cost deposit mobilisation pressured margins weighing on profitability during the quarter". Shares of J&K Bank were trading at Rs 153.80, down 13.23 per cent over previous close on BSE.

Dhanlaxmi Bank Q1FY27: Net profit doubles to ₹24 cr, revenue up at ₹484 cr

Dhanlaxmi Bank on Wednesday reported a doubling of net profit at Rs 24.91 crore for June quarter FY27. The Kerala-based bank had logged a profit of Rs 12.18 crore in April-June quarter of 2025-26 fiscal. Total income rose to Rs 484.25 crore from Rs 407 crore in the corresponding quarter of FY26. Interest income increased to Rs 449 crore from Rs 368 crore. Gross NPA as a percentage of gross advances improved to 1.82 per cent during Q1, from 3.22 per cent a year ago. Shares of Dhanlaxmi Bank were down 5.01 per cent to Rs 32.44 apiece on the BSE.

Devyani International Q1 result: Net profit jumps to ₹17 cr, revenue up 16%

Devyani International Ltd, one of the leading QSR operators, on Wednesday reported a multifold jump in net profit at Rs 17.1 crore for June quarter FY27. It had reported a net profit of Rs 2.22 crore for April-June FY26, according to a regulatory filing. DIL is the largest franchisee for Yum Brands' QSR chains - KFC and Pizza Hut in India. In addition, DIL is the sole franchisee for Costa Coffee, Tea Live, New York Fries and Sanook Kitchen in India. It also owns the South Indian vegetarian food QSR chain Vaango. Revenue from operations was up 16.47 per cent to Rs 1,580.51 crore in the June quarter of FY27. Total expenses were up 15.31 per cent in the June quarter to Rs 1,576.85 crore. Total income, which includes other income, was at Rs 15,997 crore, up 16.72 per cent in the quarter. Earlier this year, Sapphire Foods India and DIL, the two leading franchise operators of KFC and Pizza Hut announced a merger, through a share swap, which will create one of the largest chains in Indi

L&T secures major EPC order for crude export infra from Kuwait Oil Company

The project, awarded to L&T Energy Hydrocarbon Onshore, involves the EPC of six new crude oil storage tanks, each with an operating capacity of 618,000 barrels.

Unilever lifts outlook on strongest volume growth in over a decade

Unilever's shares, which have slid 16 per cent since the conflict began, rose as much as 6.8 per cent to £49.43 in early morning trading

L&T Q1 results: Profit beats estimates, jumps 14% on higher income

Revenue increased 6.7 per cent to ₹67,942 crore and the order book reached ₹7.79 trillion, though Ebitda declined 3.2 per cent and margin narrowed

Apple unveils US device leasing programme in partnership with Klarna

The program, called Apple Upgrade, expands the technology giant's payment options and ‌replaces its existing iPhone ​Upgrade Program and iPhone Payments ​offering in the country

Coforge Q1 results: Net profit up 63.7% at ₹519 crore, revenue rises 49%

The IT services firm reported robust Q1 earnings, driven by Encora integration and strong healthcare and insurance growth, while maintaining strong AI-led deal momentum

Visa to layoff 7% of workforce as CEO McInerney seeks to revamp company

Visa CEO wrote, "I have deep conviction that we are doing what is right for Visa, our clients and our partners as we continue to focus on driving efficiency across the company"

HyFun Foods to invest ₹1,500 cr in Gujarat, MP; eyes IPO in 2-3 years

Frozen potato products manufacturers and exporters HyFun Foods is planning to invest Rs 1,500 crore to set up units in Gujarat and Madhya Pradesh to support its expanding exports and domestic market presence, a senior company executive has said. "We are in the process of adding capacity and ensuring raw potato availability. We are setting up a greenfield manufacturing unit near Ahmedabad, in a town called Mehsana, with a capex of around Rs 1,000 crore. We expect this unit to be operational by January 2027," HyFun Foods Managing Director and Group CEO Haresh Karamchandani told PTI. He added that after the Gujarat facility, the company has plans to set up another greenfield unit in Madhya Pradesh with a capex of about Rs 500 crore, as it is smaller capacity initially and will gradually be expanded. Currently, the company has five manufacturing units in Gujarat. "Once the Gujarat plant becomes operational, we will start scouting for land in MP for setting up a manufacturing facility.

Standard Chartered India loses top wealth executives amid strategy revamp

Saurabh Jain, the head of Standard Chartered India's wealth management and affluent client segments, is leaving the bank by the end of this week and will join Bandhan AMC Ltd. as CBO

What is business overreach? Why HDFC Bank used the term in MSRDC case

HDFC Bank called the MSRDC matter 'business overreach'. Here's what the term means, why it is not a legal concept, and how it differs from fraud

WazirX launches free crypto tax reporting tool ahead of tax filing deadline

Indian cryptocurrency exchange WazirX on Tuesday launched Taxlyst, a free tax reporting platform that allows investors to generate tax reports from transactions across multiple crypto exchanges ahead of India's income tax filing deadline. The exchange said the platform is designed to simplify crypto tax calculations by enabling users to upload transaction histories from any exchange and generate reports on gains, losses and tax liabilities within minutes. Taxlyst automatically analyses trading activity and produces reports including virtual digital asset (VDA) gains and losses, estimated tax liability, futures profit and loss statements, exchange-wise transaction summaries and Schedule VDA-ready reports for income tax filings. For spot transactions, the platform uses the First In, First Out (FIFO) method to calculate gains and losses. The tool also allows users to download detailed reports, including transaction histories, futures profit and loss statements, USDT-INR conversion ...

Cholamandalam Investment and Finance Q1 profit surges 46% to ₹1,656 cr

Cholamandalam Investment and Finance Company on Tuesday reported a 46 per cent year-on-year rise in its consolidated profit after tax (PAT) to Rs 1,656 crore for the June quarter of FY27. The financial services arm of diversified conglomerate Murugappa Group had reported a net profit of Rs 1,138 crore in the corresponding quarter of the preceding financial year. Total income increased 22 per cent to Rs 8,957 crore during the April-June period from Rs 7,353 crore a year earlier, the company said in a stock exchange filing. Assets under management (AUM) climbed 23 per cent YoY to Rs 2.54 lakh crore as of June-end from Rs 2.07 lakh crore a year ago. Disbursements grew at 22 per cent to Rs 29,612 crore during the quarter under review from Rs 24,325 crore in the year-ago period. The non-banking financial company's asset quality weakened with gross non-performing assets (GNPAs) rising to 4.5 per cent during the June quarter of FY27, up from 4.29 per cent in Q1 FY26. Net NPA increased to

Radico Khaitan Q1 results: Net profit jumps 76% to ₹230 cr, margins expand

July 28 (Reuters) - Indian liquor maker Radico Khaitan reported a surge in first-quarter profit on Tuesday, ​as strong demand or premium spirits ​lifted margins.