Page 52 - Company News

Skoda Auto India plans electric car launch by 2027-28 with local suppliers

Skoda Auto India, part of the Volkswagen group, is evaluating the launch of electric car in the country with localised supplier base, an official said on Wednesday. The company plans to enter the fast-growing Indian electric car market by 2027-28, according to the official. Skoda has a global portfolio of electric cars positioned in the premium segment. "We are evaluating to launch the electric car in India during 2027-28 after setting up a localised supplier base. By this time, we will get the time to set up the supplier base, and the charging infrastructure would also develop", brand director of Skoda Auto India Ashis Gupta told reporters here. He said that the electric car industry comprises 10 per cent to 12 per cent of the total segment and is growing very fast. By 2027-28, the right policy framework for electric cars would also be in place, Gupta said. With four models in India, three sedans and one in the small SUV segment, Skoda Auto India has a market share of 1.7 per cent

Urban Company reports first consolidated net profit of ₹240 crore for FY25

Home services provider Urban Company has reported its first consolidated net profit for the fiscal year 2025 at Rs 239.76 crore, according to documents shared by market intelligence firm Tofler. Urban Company posted a net loss of Rs 92.77 crore in the financial year 2024. The consolidated income from operations of Urban Company increased by about 38 per cent to Rs 1,144.46 crore in the financial year 2025 from Rs 826.97 crore in FY24. On a standalone basis, Urban Company posted a net profit of Rs 290 crore in FY25 while it registered a loss of Rs 11.19 crore in FY24. "Urban Company Limited is an Indian home services provider that connects individuals with professionals for various home services (formerly known as UrbanClap) reported its revenues for the financial year 2024-25 as Rs 910 crore (total revenue), a 32 per cent jump since the last financial year. The company further reported a net profit (standalone) of Rs 290 crore during the same fiscal," Tofler said. The company pos

Nvidia to keep sponsoring H-1B visas despite Trump's new $100K fee: Report

Trump's order bars new H-1B recipients from entering the United States unless the employer sponsoring their visa has made an additional $100,000 payment

Intangles raises $30 mn in funding led by Avataar Venture Partners

Predictive AI start-up Intangles has raised USD 30 million (about Rs 266 crore) in a funding round led by Avataar Venture Partners, the company said on Tuesday. The Pune-based firm received follow-on investments from Baring India Private Equity and Cactus Partners in the funding round. "Intangles, a global leader in physics-enabled Predictive AI...announced the close of its Series B round, securing USD 30 million in growth funding led by Avataar Venture Partners, along with follow-on investments from Baring India Private Equity and Cactus Partners, reaffirming long-term conviction in Intangles' technology platform," the company said in a statement. Intangles claims to have developed the world's first AI platform for vehicles called Inroute. The company said that its digital twin technology makes Intangles the only player globally with the capability to warn fleet owners of impending vehicle failures with the exact causes, up to a month in advance, with around 95 per cent ...

Airbus A320 overtakes Boeing 737 to become most-delivered jetliner ever

Demand for the industry's workhorse A320 and 737 jets has surged in recent years, as economic growth led by Asia brought tens of millions of new middle-class travellers into the skies

Dell raises long-term growth forecasts on strong demand for AI servers

Dell, whose customers include Elon Musk's AI startup xAI and CoreWeave, reiterated its third-quarter and annual forecasts

Netflix India partners with IICT, Ficci to support AVGC-XR segment in India

Netflix India partners with IICT and FICCI to support AVGC-XR students through scholarships, curriculum development, and industry collaboration, boosting India's creative technology ecosystem

Bajaj Auto gets over ₹3.5 cr demand notice from Assam tax authorities

Bajaj Auto on Tuesday said it has received a tax demand of over Rs 3.5 crore from Assam authorities. The company has received an order for excess input tax credit availed in GSTR-3B as compared to GSTR-2A for FY 21-22, and demanded the difference as tax amounting to Rs 3,51,87,014 along with applicable interest and penalty of Rs 35,18,701, the Pune-based firm said in a regulatory filing. The company availed input tax credit after fulfilling all the conditions as per the provisions of the GST law, it added. Accordingly, based on the merits of the case, the company will be filing an appeal against the Order, Bajaj Auto said. The order does not have any major financial implications on the company, it added. Bajaj Auto shares on Tuesday ended 1.25 per cent up at Rs 8,903.90 apiece on BSE.

We should help solve global carbon emissions problem: N Chandrasekaran

Tata Sons chairman N Chandrasekaran on Tuesday said India should help solve the global carbon emissions problem, adding it will require innovation and technology. We should contribute to solving the global problem of carbon emissions because unfortunately, India cannot afford the same level of carbon emissions as the Western world incurred to achieve their economic progress, he said. Doing so requires innovation and technology, Chandrasekaran told PTI at launch of the book 'Hope for Life on Our Planet: Inspiration for Seven Generations', at Bombay House, the headquarters of the Tata Group in south Mumbai. Carbon emissions are the release of carbon-containing gases, primarily carbon dioxide, into the atmosphere, mostly from the burning of fossil fuels for energy. India, as you know, has been a thriving economy and the aspiration level of the country is growing. Not only from the government, but people from all walks of life, be it business, sports, artspeople living in urban and ...

Auro Realty plans $225 mn India bond sale to fund hotel, asset acquisition

Auro Realty's bond issue is in advanced stages and could be completed as early as this month, while private credit funds are expected to be investors, the bankers added

SC issues notice to IndiGo on plea by customs department on IGST exemption

The case reached SC after customs department challenged a March ruling by the Delhi HC that struck down a portion of 2021 customs notification requiring payment of IGST on such re-imported goods

Elon Musk's $1 trn pay plan faces pushback from investors, state officials

In response to Thursday's letter, Tesla said in a post on X that the performance incentive plan aligns Musk's compensation with shareholder value creation 'of trillions of dollars'

Omkara ARC acquires Wind World India's debt with ₹1,225-cr offer

Omkara Asset Reconstruction Company on Friday said it has bagged Rs 3,763 crore debt of the bankrupt Wind World India with a Rs 1,225-crore bid. The Areion Group ARC said it has acquired the debt from the National Asset Reconstruction Company Ltd (NARCL), the state-run bad bank, under the Swiss challenge method, as per a statement. The win will make the ARC as the lead decision maker in Wind World India's ongoing Corporate Insolvency Resolution Process (CIRP) as it has secured an 80 per cent voting share in the Committee of Creditors (CoC) with the Rs 1,225-crore investment. WWIL, which was formerly known as Enercon India, operates 650 MW of renewable energy projects and manages the operations and maintenance for 4,500 MW of installed capacity across Andhra Pradesh, Gujarat, Karnataka, Maharashtra, Rajasthan, Tamil Nadu, and Madhya Pradesh, as per the statement. The Rs 3,763-crore debt was originally assigned to NARCL by a consortium of leading lenders nearly 18 months ago. As the

BYD outsells Tesla for fourth straight quarter despite sales dip

Musk has warned Tesla "could have a rough few quarters" after losing the US incentives

Fintech firm Kiwi launches interest-backed EMI on UPI with cashback option

Fintech Kiwi introduces interest-backed EMI on UPI, offering cashback on interest across tenures, as it expands credit access and targets one million credit cards

Maruti Suzuki rolls out 200K units in Sept, marks 26% jump in production

Maruti Suzuki India's production rose 26 per cent year-on-year in September as the company increased vehicle dispatches to cater to the market demand, as per a regulatory filing. The country's largest carmaker rolled out 2,01,915 units from its production sites across the country last month, compared with 1,59,743 units in September 2024. The company produced 12,318 units of Alto and S-Presso last month, marginally up compared to 12,155 units in the year-ago period. Production of compact models like Baleno, Celerio, Dzire and Swift increased to 93,301 units in September against 68,413 units in the same month last year. There was no production of Ciaz last month, while the automaker had rolled out 1,687 units of the mid-sized sedan in September last year. Manufacturing of utility vehicles, such as Brezza, Ertiga, and Fronx, witnessed a 27 per cent year-on-year rise to 79,496 units. The company had produced 62,752 units in the year-ago period. Eeco production climbed to 13,201 unit

Tata Power arm to invest ₹1,200 cr to develop 80 MW FDRE renewable project

Tata Power Renewable Energy Ltd (TPREL) has signed a power purchase agreement with Tata Power Mumbai Distribution to set up an 80 MW FDRE project at Rs 1,200 crore. An FDRE (Firm and Dispatchable Renewable Energy) project integrates advanced solar, wind and battery storage systems to enable reliable energy dispatch during peak demand, thereby strengthening grid stability. The time period for project execution is 24 months, Tata Power, the parent company of TPREL, said in an exchange filing. On the broad size of the order, the company said the capex is about Rs 1,200 crore. In a separate statement, Tata Power said the project is expected to generate approximately 315 million units (MUs) of electricity annually, mitigating over 0.25 million tons of carbon dioxide emissions per year. A key feature of this initiative is the commitment to a 4-hour peak power supply, ensuring at least 90 per cent availability during peak demand hours to support the growing energy needs of Tata Power Mum

Ashoka Buildcon takes 61% stake in JTCL with ₹166 crore acquisition deal

Ashoka Buildcon on Thursday said it has acquired a majority stake in Jaora Nayagaon Toll Road Company Private Limited (JTCL) for Rs 166 crore. Ashoka Buildcon, in a regulatory filing, said the acquisition is pursuant to the securities purchase agreement with Macquarie SBI Infrastructure Investments Pte Limited and SBI Macquarie Infrastructure Trust (collectively 'investors') for the acquisition of all investments of the investors in JTCL. "Ashoka Buildcon's subsidiary Viva Highways Limited has today acquired 7,46,20,000 equity shares of Rs 10 each, held by the investors in JTCL, at a consideration of Rs 1,66,59,93,151. "In view of the above acquisition by VHL, the shareholding of the Company in JTCL through its subsidiaries viz VHL & ACL has increased to 61.17 per cent of the paid-up share capital of JTCL," it said. Jaora Nayagaon Toll Road Company Private Limited (JTCL) has a total income of Rs 265.50 crore and a net worth of Rs 639.89 crore, based on audited financial statements

PC Jeweller Q2 results: Revenue up at 63% to ₹808 cr, debt down 23%

PC Jeweller Ltd on Thursday said its revenue grew about 63 per cent year-on-year in the second quarter of this fiscal on better demand for gold jewellery during the festive season. Delhi-based PC Jeweller, which has 52 showrooms, of which 49 are company-owned, further reduced its debt by 23 per cent during the latest September quarter. In a regulatory filing, Delhi-based PC Jeweller shared operational update for the July-September quarter of the 2025-26 fiscal. The company informed that it has posted a strong performance in the July-September period, driven by strong consumer demand during the ongoing festive season. The company achieved "standalone revenue growth of approximately 63 per cent compared to the corresponding quarter of the previous financial year", it added. During the quarter, the company expanded its retail presence by opening a franchise-owned showroom in Pitampura, Delhi. To expand business, the company has adopted a strategy of balanced growth through a mix of

Moody's upgrades JSW Steel outlook to positive from stable on growth plans

Moody's Ratings upgraded its outlook on domestic steel major JSW Steel and its US-based arm Periama Holdings LLC to positive from stable. The change in outlook reflects JSW Steel's meaningful expansion in operating scale, reinforcing its position as India's largest steel producer, Hui Ting Sim, a Moody's Ratings Assistant Vice President and Analyst said in a report on Wednesday. Hui Ting Sim said the ramp-up of operations at recently completed projects will drive higher earnings and support sustained improvement in the company's credit metrics. The rating action also reflects our expectation that JSW Steel will implement its growth plans with financial discipline, and it will proactively manage the refinancing of significant debt obligations, the analyst said. "Moody's Ratings (Moody's) has changed the outlook on JSW Steel Limited (JSW Steel) and Periama Holdings LLC's (Periama Holdings) ratings to positive from stable," the report said. On the rationale behind the move, Moody's s