Page 12 - Company News

Foreign firms rent 105 mn sq ft space since 2022 to establish GCCs in India

Foreign companies are actively setting up global capability centres (GCCs) in India, with nearly 105 million sq ft of prime office space taken on rent by them since 2022 across seven major cities, according to Colliers. Real estate consultant Colliers India on Friday released a report on 'GCCs in India: Global leadership through scale, competitiveness, talent & innovation'. "India continues to be the most preferred destination for GCCs, underpinned by its deep and diverse talent pool, cost competitiveness, robust technology ecosystem, and favourable business environment," the consultant said. There were more than 2,100 GCCs in India at the end of 2025 and the number is projected to grow at over 4,000 centres by 2030, as per the report. The rising number of GCCs is increasingly influencing office space demand. During January 2022 and June 2026 period, foreign firms, largely from the US, have rented 104.6 million sq ft of office spaces to set up GCCs across top-seven office markets.

Vedanta group's Hindustan Zinc Q1 net profit jumps over 2-fold to ₹5,469 cr

Vedanta group firm Hindustan Zinc Ltd (HZL) on Friday reported over two-fold jump in consolidated net profit to Rs 5,469 crore for the quarter ended June 30, 2026 on the back of higher metal prices, and increased metal production. The company had posted a net profit of Rs 2,234 crore in the corresponding quarter of the previous fiscal. "During the quarter, net profit stood at Rs 5,469 crore, up 145 per cent Y-o-Y," HZL said in a regulatory filing. The revenue of HZL rose by 71.6 per cent to Rs 13,033 crore during the first quarter over Rs 7,591 crore in the year-ago period. The revenue from operations rose "driven by higher metal prices, increased metal production, lead concentrate sale, higher by-product realisation, and a stronger dollar," HZL said. The board also appointed former SAIL Chairman and Managing Director Amarendu Prakash as the Chief Executive Officer and Whole-time Director of Hindustan Zinc with effect from August 1, 2026. The company further said that Amit Gupta

L&T Heavy Engineering lands large global orders worth up to ₹5,000 crore

L&T said it has received a repeat order from a Japanese customer to manufacture and supply heat exchangers and absorbers for an LNG project in Canada.

Nestle beats Q2 sales estimate, set to raise €3 billion from joint venture

The company has been reshaping its portfolio under Chief Executive Officer Philipp Navratil, who has sought to improve growth and profitability by focusing on the company's core brands

Swiggy board approves 49.5% foreign ownership cap to gain IOCC status

Swiggy on Thursday said its board has approved a proposal to cap the company's aggregate foreign ownership at 49.5 per cent on a fully diluted basis, as part of its endeavour to qualify as an Indian-owned-and-controlled firm. The proposal will now be placed before shareholders for approval through a special resolution at the company's 13th Annual General Meeting (AGM) on August 18, a regulatory filing said. The IOCC (Indian owned and controlled company) status would allow Swiggy to directly own and sell inventory through its quick commerce brand Instamart, a move expected to improve margins and strengthen supply chain control. Rival Blinkit, owned by Eternal, follows an inventory-led model. The food delivery and quick commerce firm has been trying to qualify as an IOCC. In May, Swiggy failed to secure the requisite shareholder approval to alter its Articles of Association, through which it had aimed to qualify as an IOCC. Besides greenlighting the foreign ownership cap proposal, .

Sona Comstar profit grows 47% to ₹178.5cr in Q1FY27, revenue jumps 52%

Auto component maker Sona Comstar on Thursday reported a 47 per cent year-on-year growth in consolidated profit after tax at Rs 178.51 crore in the June quarter of FY27. The company had posted a consolidated PAT (profit after tax) of Rs 121.70 crore in the first quarter of FY 26, according to a regulatory filing. Revenue from operations during the reporting quarter rose 52 per cent to Rs 1,301.20 crore from Rs 853.90 crore recorded in June last fiscal, the filing said. Revenue share from Battery Electric Vehicle (BEV) vertical was recorded at an all-time high of 44 per cent in Q1 FY27, while the overall revenue from the segment grew strongly by 107 per cent, the company said in a statement. "Despite continued weakness in the US EV market, we delivered our highest-ever quarterly revenue; BEV revenue and BEV revenue share (in Q1). We also secured new business across EV, hybrid and ICE powertrains, spanning India, Europe and North America and nearly every product category in which we

Vishal Mega Mart Q1 net profit rises 26% to ₹259 crore, revenue up 19%

Total expenses increased 18.5 per cent to ₹3,414.19 crore, while the board proposed capping aggregate foreign ownership at 49.99 per cent, subject to shareholder approval

Domino's beats revenue estimates on supply chain business strength

The pizza chain ‌operates a supply-chain business that manufactures and distributes ingredients, pizza dough and equipment to franchised and company-owned stores

L&T secures multiple EPC orders for iron ore, steel and zinc projects

Larsen & Toubro has secured multiple orders from leading domestic metals and mining companies, including contracts for an iron ore handling plant in Chhattisgarh.

Poonawalla Fincorp Q1FY27 results: PAT jumps nearly fivefold to ₹308 crore

The NBFC reported strong growth in profit, AUM and net interest income in Q1FY27, while asset quality improved and secured loans accounted for over half its portfolio

Union Bank Q1 profit rises 29.5%; eyes up to $300 mn overseas borrowings

Union Bank of India reported a 29.5 per cent rise in first-quarter profit and said it aims to raise up to $300 million overseas while targeting $2 billion in FCNR(B) deposits

Open Vision Engineering raises $11 million from Accel, Y Combinator

The AI hardware company will use the funding to expand its design and engineering teams, develop new device formats and strengthen the Pocket product platform

LTM expects AI revenue to outpace traditional services: CEO Venu Lambu

LTM expects AI revenue to grow faster than its traditional IT services business as enterprise adoption accelerates, with demand rising for deployment of advanced AI models from Anthropic and OpenAI

ICICI Prudential AMC Q1 results: Net profit rises 23% to ₹965 crore

Profit before tax grew 20.6 per cent to ₹1,280.65 crore during the quarter from ₹1,061.96 crore a year earlier

Adie Broswon Breweries signs long-term manufacturing deal with UBL

Adie Broswon Breweries has entered a long-term manufacturing deal with United Breweries, with its large-scale brewing facility set to support regional production

Marico to keep focus on strengthening growth engines in FY27: Chairman

Marico will focus on strategy, which will aim at category leadership, premiumisation, market expansion, digital enablement, and continue to guide its priorities & investments, supported by execution

Swiggy's domestic ownership crosses 50%, becomes Indian-owned entity

Domestic ownership has crossed 50 per cent, paving the way for Swiggy to seek Indian-owned and controlled company status that could enable Instamart to adopt an inventory-led model

Raymond hires ex-BEL chief Bhanu Prakash to lead defence business

At Raymond, Bhanu Prakash Srivastava will be responsible for shaping the company's long-term defence strategy and overseeing its growth plans in the segment

BPCL buys Videocon's Brazil oil and gas stake, takes full ownership of JV

BPCL has acquired Videocon's remaining stake in IBV Brasil Petroleo, taking full ownership of the Brazilian venture as it looks to expand overseas energy assets

Who is Puneet Sharma, the finance veteran joining HDFC Bank as CFO?

Puneet Sharma will join HDFC Bank as CFO-designate from September 1 before taking charge in December, succeeding retiring CFO Srinivasan Vaidyanathan after over six years at Axis Bank