Page 12 - Company

Great Eastern Shipping net profit jumps nearly four-fold to Rs 721.94 cr

Great Eastern Shipping Company Ltd (GE Shipping), the country's largest private ship liner, on Friday reported a nearly four-fold jump in its consolidated net profit to Rs 721.94 crore in the March 2023 quarter. GE Shipping had posted a profit of Rs 188.97 crore in the year-ago period, the company said in a BSE filing. Its total consolidated income during the quarter under review rose to Rs 1,550.72 crore as against Rs 983 crore in the corresponding quarter a year ago. Total expenses during January-March increased to Rs 853.22 crore as compared with Rs 791.85 crore in the year-ago quarter. The company in its earnings presentation said crude and product tanker spot earnings remain elevated led by trade disruptions caused by the Russia-Ukraine war. EU's embargo on Russian imports has further boosted ton-miles growth, it added. The company's board has declared a fourth interim dividend of Rs 9 per equity share of Rs 10. "While we continue to enjoy the strong rates in the tanker mar

Manappuram posts 58% jump in profit on healthy gold loan business

The company's interest income jumped 23% to 17.14 billion rupees, while expenses rose a comparatively smaller 8.3%

Raymond Q4 profit falls 26% to Rs 196.5 cr, income rises 10% to Rs 2,150 cr

Diversified group Raymond Ltd on Tuesday reported a 25.84 per cent decline in its consolidated net profit at Rs 196.48 crore in the fourth quarter ended on March 31, 2023, on account of exceptional items. The leading textile and apparel maker had posted a net profit of Rs 264.97 crore during the January-March period of the previous fiscal, Raymond said in a regulatory filing. However, its revenue from operations was up 9.8 per cent to Rs 2,150.18 crore during the quarter under review, as against Rs 1,958.10 crore in the year-ago period. Total expenses of the Singhania family-controlled firm were at Rs 1,939.27 crore, up 17.34 per cent from Rs 1,790.12 crore of the corresponding quarter. Its total income during in the March quarter was at Rs 2,192.20, up 7.89 per cent. "With Q4FY23, Raymond has demonstrated a strong revenue and profitable performance for six consecutive quarters," said Raymond in its earnings statement. During the quarter Raymond registered a loss of Rs 93.03 cro

Kalpataru net profit up by nearly 22% at Rs 140 cr in March quarter

Kalpataru Power Transmission on Monday posted a nearly 22 per cent rise in consolidated net profit to Rs 140 crore for the March 2023 quarter, mainly on the back of higher revenues. It had reported a consolidated net profit of Rs 115 crore in the year-ago quarter, a BSE filing showed. The total income rose to Rs 4,896 crore in the quarter from Rs 4,169 crore a year ago. For the full 2022-23, its consolidated net profit dipped to Rs 435 crore from Rs 535 crore in the preceding fiscal. The total income in the fiscal under review also rose to Rs 16,401 crore against Rs 14,866 crore. The board in its meeting on Monday also recommended a final dividend of Rs seven per equity share of the face value of Rs two each fully paid up (i.e. 350 per cent) for the financial year ended March 31, 2023, subject to approval by shareholders at ensuing annual general meeting (AGM). The company will inform, in due course, the date on which it will hold the AGM for 2022-23 and the date from which ..

Luxor aims to be Rs 1,000-cr company in 3-5 years, partners with Schneider

Luxor Writing Instruments and Germany's Schneider Pen on Thursday announced a collaboration to launch co-branded products in the Indian market. Under the partnership, Schneider will provide technology and transfer it to Luxor in India for manufacturing. It will be the first instance of the German firm producing its products outside of its home country. Through the partnership, Luxor is looking to accelerate its growth and touch the revenue of Rs 1,000 crore over the next three to five years, while Schneider Pen is looking to increase its revenue by around 10 million euros. "This is the first time a German brand or any brand is going to be launched as a co-brand. Luxor Schneider will be the consumer brand in the country and German technology and precision engineering, which is the heart of Schneider's brand, is now going to be part of the technical support and know-how and transferred to India, which Luxor will take forward and build the base of India's consumer with better writing .

Brakes India unveils new ZAP brake pads exclusively designed for EVs

Manufacturers of braking equipment for automotive and non-automotive applications, Brakes India has unveiled ZAP brake pads with advanced friction technology for electric vehicles, the company said on Saturday. The ZAP brake pads with enhanced corrosion protection and quiet braking has been specifically designed and formulated to suit the requirements of the customers of battery operated vehicles. "The market for electric vehicles is growing exponentially. Tapping this opportunity and understanding the customer needs, we have launched ZAP for a few leading electric vehicles, which will soon be expanded across other EV models," company vice-president and head (aftermarket business) S Sujit Nayak said. "Leveraging our Research and Development expertise, ZAP brake pads are designed for quiet braking, consistent stopping power, low brake dust and enhanced corrosion protection", he said. The brake pads adhere to highest possible standards for environmental safety and sustainability. A

63% of tech professionals started their own firm post-layoff: Report

About 93 per cent of workers say they are now competing with the company that let them go

Snapchat crosses over 750 mn monthly active users, announces CEO Spiegel

Snapchat has crossed over 750 million monthly active users, its parent company Snap announced on Friday.

DocuSign to lay off 10% of its workforce as part of its restructuring plan

US-based e-signature software company DocuSign has announced that it plans to lay off around 10 per cent of its workforce as part of the restructuring plan.

IRB Infra December quarter net profit almost doubles to Rs 141 crores

IRB Infrastructure Developers Ltd on Monday reported a 94.49 per cent jump in its consolidated net profit to Rs 141.35 crore for the quarter ended December 31, 2022. The company had clocked a net profit of Rs 72.68 crore during the year-ago quarter, IRB Infrastructure Developers said in a BSE filing. Its total income during October-December 2022 rose to Rs 1,570 crore, from Rs 1,497.78 crore in the year-ago period. The firm's expenses fell to Rs 351.72 crore from Rs 1,280.22 crore. In a statement, the company said GIC Affiliates has committed 49 per cent investment in Ganga Expressway Project, and the first tranche of about Rs 329 crore has been received.

Amazon launches dedicated air cargo service in India to speed up deliveries

This is set to enable faster deliveries to customers

Kinetic to start producing electric version of Luna at Ahmednagar plant

Company set ups dedicated production line with an initial capacity of 5,000 sets per month

V-Guard Industries to acquire Sunflame Enterprises for Rs 660 crore

Deal likely to close by mid-Jan 2023, will be funded by mix of internal accruals and debt

CIEL HR acquires talent assessment company, plans IPO in Q2 of FY24

Skilling solutions firm is in talks to acquire two other professional staffing companies before its goes public

Britannia aims for five-fold growth in cheese business in next 5 yrs

Bakery foods company Britannia Industries expects its cheese products business to grow around five-fold in the next five years to touch around Rs 1,250 crore. The company which earlier this week announced a joint venture with the French cheese maker Bel, currently has around Rs 250 crore turnover from its cheese business, said its Vice-Chairman and Managing Director Varun Berry on Thursday. It is hoping commodity prices will come under control going forward with the softening of palm oil prices while that of sugar are stable although wheat prices are on the rise, he told PTI in an interaction. The company is foreseeing consumption growth in cheese segment coming from the domestic consumer and has plans to invest Rs 160 crore in the next three years, said Britannia Industries Executive Vice-Chairman and Managing Director Varun Berry. "We have already invested Rs 150 crore in plant and machinery. We are looking at investing around Rs 160 crore in the next three years," Berry ...

Dharmaj Crop Guard IPO subscribed over 5x on strong retail, HNI interest

The two categories were subscribed around 7 times each; QIB was nearly half covered

Momo brand Prasuma to expand cloud kitchen venture by 200 units by 2025

Company will expand business in Mumbai, Delhi, Bangalore, Chennai, and other major cities

Easing material costs to aid Pidilite margins, near-term pressures weigh

Upsides from current levels may be capped due to higher valuations

Content management platform Contentstack raises $80 mn in Series C funding

Georgian's Lead Investor Emily Walsh will join the Contentstack board along with Contentstack CFO David Overmyer

Near term margins may remain subdued for plastic pipe maker Astral

It underperformed peers on the volume front in Q2, though margin impact was lower given value-added mix