Page 57 - Company News

India is the number one office market in the world: Mindspace Reit

K Raheja-backed REIT plans ₹4,000 cr capex, portfolio expansion, and higher occupancy

Yotta Infrastructure may invest $1.5 billion for more Nvidia GPUs

Hiranandani-backed Yotta to double GPU capacity, fueling sovereign AI model development in India

Instamart launches mega sale with up to 90% discounts, 10-min delivery

Swiggy's Instamart launches Quick India Movement 2025 sale from Sept 19 to 28, offering up to 90% discounts, 50,000 products and 10-minute deliveries for festive shoppers

Usha Shriram enters FMCG with Aquaero water, eyes ₹1,000 cr sales in 2 yrs

Usha Shriram on Friday announced its entry into the FMCG segment with the launch of its premium packaged drinking water brand, Aquaero, and outlined plans to double its topline to Rs 1,000 crore in two years before considering an IPO. "Aquaero marks our third brand and our foray into FMCG," Usha Shriram COO Satnam Singh Sandhu said. He added that the packaged water industry in India is valued around Rs 50,000 crore, of which 60-70 per cent remains unorganised. "This space holds immense potential and we see Aquaero playing a strong role in tapping that opportunity," he said and expected GST cut will help boost demand. Usha Shriram zonal manager (east) Rajarshi De said the brand has been launched in Kolkata before it is expanded to other eastern states. Currently, Usha Shriram has a topline of Rs 480 crore. "We are confident of reaching Rs 1,000 crore in the next two years. Once we achieve that revenue threshold, we will look at an IPO," Sandhu said. The company also indicated a r

OYO's Q1FY26 profit more than doubles to ₹200 crore, plans 1:1 bonus shares

IPO-bound travel tech platform OYO's profit after tax (PAT) more than doubled to Rs 200 crore in the first quarter, on the back of robust revenue growth, Founder Ritesh Agarwal shared in an email to the top management on Friday. The email, accessed by PTI, also mentions that the company's revenue grew 47 per cent to Rs 2,019 crore in the April-June period, from Rs 1,371 crore in the year-ago period. The revenue growth was led by premiumisation of hotel inventory and better room utilisation, Agarwal said in a email. The gross booking value (GBV) reached Rs 7,227 crore in the first quarter of the current fiscal year, marking a significant 144 per cent increase year-on-year from Rs 2,966 crore a year earlier. OYO had recorded a profit after tax of Rs 87 crore in the corresponding quarter of the previous year. In a letter to shareholders, the company has sought approval to issue bonus shares in a 1:1 ratio, which will double its authorised share capital to Rs 24,31,13,59,300. It has

TVS Motor launches Ntorq 150, India's first 'hyper sport scooter'

TVS Motor launches the Ntorq 150, India's first 'hyper sport scooter', marking its entry into the high-capacity scooter market with advanced features, performance enhancements, and a 149.7cc engine

ADIA exits One MobiKwik Systems; sells entire 2.1% stake for ₹39 crore

Abu Dhabi Investment Authority (ADIA) on Monday exited One MobiKwik Systems by divesting its entire 2.10 per cent stake in the fintech firm for Rs 39 crore through an open market transaction. According to the bulk deal data available on the NSE, ADIA offloaded a little over 16.44 lakh equity shares, representing a 2.10 per cent stake in Gurugram-based One MobiKwik Systems. The shares were disposed of at an average price of Rs 238.45 apiece, taking the deal value to Rs 39.21 crore. Meanwhile, BofA Securities Europe SA and SI Investments Broking Pvt Ltd bought a total of 9 lakh shares or 1.15 per cent stake in One MobiKwik Systems, a combined transaction value of Rs 22.12 crore. The shares were acquired in the price range of Rs 243.61-248.42 per piece. Details of the other buyers of One MobiKwik Systems' shares could not be ascertained on the exchange. Shares of One MobiKwik Systems climbed 8.12 per cent to close at Rs 237.74 apiece on the NSE. Last month, One MobiKwik Systems rep

Mukand Sumi Special Steel to invest ₹2,345 cr in Karnataka greenfield plant

Mukand Sumi Special Steel on Monday said it will invest Rs 2,345 crore to set up a greenfield project in Kanakpura, Karnataka. Mukand Sumi Special Steel Limited (MSSSL) is a joint venture company between Japan's Sumitomo Corporation (49:51 per cent) and Jamnalal Sons Private Limited (Bajaj Group), which owns 51 per cent. "With this collaboration, MSSSL's productive potential will increase to 7,00,000 tonnes per annum, positioning it among India's pre-eminent special steel manufacturers," Mukand Sumi Special Steel said in a statement. The new facility, to be set up with an investment of Rs 2,345 crore, will produce special high-grade steel for automotives, railways, energy, oil & gas and bearings. The company will follow a zero liquid, solid, and gaseous discharge model, with over 95 per cent of energy needs met through renewables. "The new facility will allow us to serve growing demand with greater efficiency, quality, and environmental responsibility. It is a step forward in ...

Nuvoco Vistas to invest ₹200 cr to expand cement grinding capacity

Nuvoco Vistas Corp, the Nirma group's cement business, on Monday announced a Rs 200 crore investment to expand its grinding capacity by 4 MMTPA. The company, which is expanding its presence in Eastern India, will invest in a new cement grinding capacity through a new mill at the Arasmeta Cement Plant in Chhattisgarh, according to a statement from Nuvoco Vistas Corp. This will be complemented by a series of debottlenecking projects at Jojobera, Panagarh, and Odisha Cement Plants, it added. "Including a new mill, the company plans to add 4 MMTPA of grinding capacity through equipment upgrades, process improvements, and internal debottlenecking initiatives by the end of FY'27," it said. Following this, Nuvoco's cement capacity in the East will rise by over 20 per cent within the next one and a half years, increasing from 19 MMTPA (million tonnes per annum), it said. Commenting on the development, the company's Managing Director Jayakumar Krishnaswamy said: "With cement demand in Indi

Tata Motors sales up 2% to 73,178 units in Aug; domestic dispatches fall 2%

Tata Motors on Monday said its total wholesales rose 2 per cent year-on-year to 73,178 units last month as compared with 71,693 units in August 2024. The company's total domestic dispatches, however, declined 2 per cent year on year to 68,482 units last month as against 70,006 units in August last year, the auto major said in a statement. Total passenger vehicle dispatches of the company in the domestic market declined 7 per cent to 41,001 units last month from 44,142 units in August 2024. Total domestic commercial vehicle sales stood at 27,481 units last month, an increase of 6 per cent as compared to 25,864 units in August last year. Shares of the company were trading 3.09 per cent up at Rs 689.45 apiece on BSE.

SpiceJet flight returns mid-air, lands in Pune after technical glitch

A Delhi-bound SpiceJet flight from Pune made a mid-air turnback to the originating airport due to a technical glitch on Monday and landed under full emergency conditions, a source said. The aircraft landed safely and passengers were deplaned normally, SpiceJet said in a statement. "SpiceJet Boeing 737 aircraft, bearing registration VT-SLG was midway diverted back to Pune airport due to a technical glitch. The flight landed back under full emergency conditions after an hour of its take off for Delhi," the source said. The flight SG937 had departed with a delay of 40 minutes from its scheduled time of 6 am from Pune airport, and was to land in Delhi at 8.10 am, as per flight tracking website flightradar24.com. "SpiceJet flight SG 937 on September 1, operating from Pune to Delhi, returned to Pune shortly after take-off. Following take-off, the flap transit light illuminated, and the operating crew carried out all necessary checks in accordance with standard operating procedures," the

Excel Infra to invest ₹252 cr in luxury housing project in Mumbai

Realty firm Excel Infra Construction on Monday said it will invest Rs 250 crore to develop a housing project in Mumbai. In a statement, the company said it has launched a luxury residential project at Bandra Reclamation with an investment of Rs 252 crore. The funding will be through a mix of equity and Alternative Investment Fund (ATF) structured as non-convertible debentures. The company expects revenue of Rs 400 crore from this project, comprising a 33-storey residential tower comprising 96 units. The apartments in the project named 'Bellissima' are being sold at Rs 51,500 per square feet. "With a well-structured investment and the adoption of advanced construction technology, we are confident of delivering a project much ahead of the scheduled date of delivery," said Virendra Vora, Promoter and Managing Partner, Excel Infra Construction. Excel Infra has developed more than 20 projects across Mumbai.

Auditor flags ₹63 crore as potentially fraudulent in HNG transactions

Transactions auditor BDO India has detected three potentially fraudulent or wrongful transactions worth Rs 63.34 crore under the erstwhile management of Hindusthan National Glass & Industries Ltd (HNG) during the three financial years 2019-20 to 2021-22. The three entities reportedly involved in the fraudulent or wrongful trading are Rafbrix International (Rs 15.10 crore), Maithan Ceramic Ltd (Rs 5.78 crore), and Durvish Vyapaar Pvt Ltd (Rs 42.46 crore), as per the report submitted to NCLT as part of the resolution process of the debt-ridden company. The auditor in its report said it is concluded that outstanding advances amounting to Rs 15.10 crores, Rafbrix International, is a potential diversion of funds and the same can be classified under section 66 of the Insolvency and Bankruptcy Code (IBC) as 'fraudulent or wrongful trading'. A similar observation was made in the case of HNG trading with Durvish Vyapaar Pvt Ltd (Rs 42.46 crore) after negative physical site visit, absence ..

DTDC Express expects ecom to contribute about 50% of its total business

Logistics and courier services operator DTDC Express is expecting its e-commerce segment to account for around 50 per cent of its overall business as the company bets big on the rapid commerce amid customers looking for quicker deliveries of their orders. The company which officially launched its rapid commerce vertical Raftaar earlier this month to offer deliveries as fast as 4-6 hours time, also plans to set up 125 dark stores in the next three quarters to cater to the customers' expectations, DTDC Express CEO Abhishek Chakraborty told PTI. "Rapid commerce, as we were describing today, is a sweet spot. We know quick commerce is all about minute deliveries, which is very perfect for impulse buys, urgent things, and groceries. "But, I think overall, there is a whole category of products for which both the brands want a faster, but definitely sustainable, cost-effective solution. And that is what DTDC wants to bring to the table, where brands can access the service without having to

DRDO develops naval flare system for Indian Navy's Kalvari-class subs

The DRDO has "successfully" developed a naval flare for the Kalvari-class submarines of the Indian Navy, a step towards strengthening India's underwater warfare capabilities, officials said on Friday. It has been developed by the High Energy Materials Research Laboratory (HEMRL) of the Defence Research & Development Organisation (DRDO). At a ceremony, the director of HEMRL, Pune, formally delivered the system to Director General of Naval Armament Inspection (DGNAI) Rear Admiral Rupak Barua, the DRDO said. "DRDO-HEMRL has successfully developed the Signal Star Naval Flare for the Kalvari-class submarines of the Indian Navy. At today's Handing Over Ceremony, the Director HEMRL formally delivered the system to DG-NAI, marking a significant step towards self-reliance in strategic defence technologies. Strengthening India's underwater warfare capabilities. #AtmanirbharBharat," it posted on X. It also shares some photos on the social media platform. HEMRL is one involved in basic and ..

Vikran Engineering IPO sees 23.59 times subscription on last day

The initial public offer of infrastructure company Vikran Engineering Ltd received 23.59 times subscription on the last day of share sale on Friday. The Rs 772-crore IPO got bids for 1,38,59,17,880 shares against 5,87,39,128 shares on offer, as per NSE data. The portion meant for non-institutional investors garnered 58.58 times subscription, while the quota for Qualified Institutional Buyers (QIBs) got subscribed 19.45 times. Retail Individual Investors (RIIs) portion fetched 10.97 times subscription. Vikran Engineering on Monday mobilised Rs 231.6 crore from anchor investors. The price band has been fixed at Rs 92-97 per share. The initial public offer (IPO) is a mix of fresh issue of shares of about Rs 721 crore and an offer-for-sale portion worth Rs 51 crore by the promoter. The Mumbai-based company intends to utilise proceeds from the fresh issue to the tune of Rs 541 crore for funding working capital requirements and the rest for general corporate purposes. Vikran Engineeri

Capgemini seeks CCI approval to acquire Singapore-based Cloud4C firm

French IT services major Capgemini has sought clearance from the Competition Commission of India (CCI) to acquire full ownership of Singapore-based Cloud4C. The development comes after Capgemini announced on Tuesday that it has signed an agreement to acquire Cloud4C, a leader in hybrid cloud platform services. "The proposed combination involves the acquisition of 100 per cent of the shares of target 1 (Cloud4C Services Pte Ltd) and target 2 (Cloud4C Services Pvt Ltd) by the acquirer (Capgemini SE)," according to a notice filed with the CCI. Headquartered in Paris, Capgemini is a leading multinational in consulting, digital transformation, technology, and engineering services. The company has a significant presence in India, which serves as one of its largest delivery bases globally. Cloud4C is engaged in the provision of information technology/information technology enabled services in India. The parties said the "activities of the acquirer and the targets overlap in the market of

IBM to launch quantum computer in AP by March 2026, urges app research

Global tech giant IBM is aiming to open its quantum computer in Andhra Pradesh's Amaravati by March next year, a senior company official has said. India has "strong energy" from an education and skilling perspective in the relatively newer quantum computing space, but needs to focus more on the application research side as the future winners can emerge from this front, the official has said. Scott Crowder, vice-president for quantum adoption at the company, said the company has partnered with India's largest IT services exporter TCS to install the 'IBM Quantum System Two' and the same is projected to be ready by end of first quarter of 2026. Speaking to reporters at the Thomas J. Watson Research Center, which is the headquarters for IBM Research, Crowder said while geographic locations are not entirely important when it comes to advanced technologies like cloud computing, sovereigns' insistence on storing data locally is part of the reasons for having a compute centre in the Europea

3 clients, including Encalm, to end airport lounge contracts: Dreamfolks

Adani Digital and Semolina Kitchens will also terminate their contracts, Dreamfolks said in an exchange filing

Hitachi Energy to invest ₹300 crore to expand transformer material plant

Hitachi Energy India Ltd on Friday announced an investment of Rs 300 crore to enhance the manufacturing capability of high-quality transformer insulation materials in order to cater to the rising demand. In transformers, high-quality insulation material acts as a proactive barrier, keeping the flow of electricity safe and preventing internal short circuits. The investment is part of company's overall investment of Rs 2,000 crore for India announced in October 2024, Hitachi Energy India said in a statement. The company said the latest investment of Rs 300 crore in its insulation and components business will expand the manufacturing facility in Mysuru, Karnataka. The expansion will double the facility's capacity to produce EHV (extra-high voltage) class high-quality pressboard and laminated board, a vital insulation material used in power and distribution transformers. As part of the expansion, Hitachi Energy India will replace the fossil fuel boiler, making its Mysuru site an ultra