Page 3 - Company

PhonePe records revenue of Rs 2,914 crore in FY23, marks 77% jump

The Walmart-owned fintech firm said this growth is led primarily by its focus on market expansion and leadership in the digital payments market.

Himadri Speciality Chemical reports 5.1% revenue decline in Q2FY24

Operating in both domestic and international markets, Himadri Speciality Chemical exports to 49 countries worldwide

Bajaj Finance Q2 results: Consolidated net profit up 28% to Rs 3,551 cr

With rising cost of funds BFL expects further compression in NIMs

Zensar Technologies Q2 results: Net profit up 206.3% to Rs 173.9 crore

In terms of verticals, Manufacturing & Consumer and Banking & Financial Services led the growth for the second quarter, growing at 6.7 per cent and 3.1 per cent respectively

Orkla announces restructuring of India operations into three business units

This move will enhance the collective business capabilities and drive sharper growth focus across Business Units

Marico's revenue to be marginally lower in Q2 due to price corrections

Domestic volume growth in low single-digits

Arya.ag eyes to double profit, revenue increase by 70% to Rs 500 cr in FY24

Agri-tech platform Arya.ag is expecting to more than double its profit and grow the topline by around 70 per cent to Rs 500 crore this fiscal as it focuses more on sales along with expansion of its customer base. Arya.ag claims to be the largest and the only profitable agri-tech platform focused on foodgrain storage and sale. The Noida-based startup founded in 2013 by Prasanna Rao, Anand Chandra and Sathyanathan Devarajan and backed by funds like Lightrock, Accion Quona Capital, Asia Impact Fund and Omnivore Partners, has a revenue of Rs 298 crore, from which it earned Rs 16 crore of net income. These funds collectively own 60 per cent of the company with a combined investment of USD 65 million. The company did not offer a break-up of either their individual holding or their investment. It also has debt investors like Rabo Bank, HDFC Bank and ICICI Bank, from whom it has borrowed Rs 980 crore so far. "This year we see the numbers hitting Rs 500 crore in revenue and the net profit

India 'big hub' for blue collar economy, says Fountain CEO Sean Behr

Fountain, a provider of hiring automation software for frontline workforces, considers India as one of the "big hubs" in this space, a top company official said. The company is present in the US, Western Europe - UK, France, Germany as well as in South Africa, India, New Zealand and a few other countries. "The big hubs are India, UK and France," Founder and CEO of the company Sean Behr told PTI. "Fountain focuses exclusively on the blue collar and gray collar workforce. A vast majority of people ... don't ...do PowerPoint or Excel, they do things on the frontlines of our economy," Behr said, adding that hiring and retaining workers in the blue and grey collar economy has never been more difficult. India is the "most natural place" to invest, and to expand as there is a huge opportunity and growth rate in the blue/grey collar market, Behr noted. "China has some similar dynamics, but obviously there's geopolitical challenges, while in India you have a bigger population and a very goo

Kolkata Port, NTPC to work together to set up green hydrogen, ammonia hub

Syama Prasad Mookherjee Port (SMP), formerly known as Kolkata Port Trust, and NTPC Green Energy (NGEL), a subsidiary of NTPC Limited, will form a joint working group to set up a green hydrogen and ammonia hub at the port, an official said on Sunday. The MoU between the two public sector entities was signed last week, aiming to explore opportunities for the production, storage, handling, and bunkering of green hydrogen, green ammonia, and its derivatives with the support of the port, the official said. As part of the National Hydrogen Mission, shipping and port operations will play a critical role in driving trade in green energy. Ports are therefore being developed to support the export requirements of green energy. Speaking to PTI, SMP deputy chairman Samrat Rahi said that the scope of the MoU includes forming a joint working group to conduct a feasibility study, identify land for the project, and deliberate on financial models of partnership for the clean energy project here. The

General Motors Employees Union calls for chain hunger strike from Oct 2

The employee union of General Motors India has called for a chain hunger strike from Monday, demanding transfer of all its workers to Hyundai Motor, which plans to acquire its manufacturing facility in Talegaon. The American automobile giant stopped selling its cars in India from 2017. General Motors Employees Union in a statement on Sunday also accused the Eknath Shinde-led Shiv Sena-BJP government of not taking the unemployment issue of thousands of workers of the auto firm seriously. General Motors is selling its Talegaon plant in Pune to Hyundai Motor, while 1,000 permanent workers of General Motors are not being employed by the new company (Hyundai), the union said in a statement. Due to this, the problem of unemployment of thousands of workers has arisen. The (state) government is repeatedly requesting a meeting to get justice, but it is not taking the labour issue seriously, the union said. Therefore, as many as 1,000 workers of General Motors Employees Union will go on cha

UltraTech Cement's consolidated sales up 15% to 26.69 MT in 2nd quarter

UltraTech Cement's consolidated sales rose 15.54 per cent to 26.69 million tonne (MT) year-on-year in the second quarter ended September 30, 2023. The company produced 23.10 MT cement in July-September period a year ago, the Aditya Birla Group firm said in a sales volume data filed on bourses. Total sales volume in the domestic market was up 15.37 per cent to 25.66 MT during the quarter under review. It was 22.24 MT in Q2/FY23. Its grey cement production in the domestic market was at 25.24 MT in September quarter FY24, reporting 15.46 per cent growth, while its white cement production was 0.42 MT, up 10.52 per cent. UltraTech's overseas production, mainly grey cement was 1.18 MT in Q2/FY24, up 21.64 per cent. The company has a consolidated capacity of 137.85 million tonne per annum (MTPA) of grey cement. It has 23 integrated manufacturing units, 29 grinding units, one clinkerisation unit and eight Bulk Packaging Terminals. UltraTech is the third largest cement producer in the wor

S&P Global Ratings downgrades Vedanta Resources, puts it on credit watch

Vedanta to spin off, list six businesses to fuel growth

Lenskart unit Neso Brands makes $4 mn investment in Paris eyewear brand

Founded in 2015 by former Google and Rad.co executive Jeremie Encaoua and optician Elie Attias, Le Petit Lunetier is a direct-to-consumer eyewear brand that offers fashionable designs

SAP Labs India's Sindhu Gangadharan appointed as Nasscom vice-chairperson

Earlier this year, Gangadharan was appointed as chairperson of the Nasscom GCC Council for the financial year 2023 to 2025

Grasim plans to open 100-120 retail stores in smaller cities in next 2 yrs

The textile division of Grasim Industries is planning to expand its footprint in smaller cities and towns by opening around 100-120 retail stores over the next couple of years, a senior official of the company said. It also hopes for a surge in demand for textile products in the upcoming festive season. "We are optimistic about the growth story of India. We plan to expand in both retail and wholesale businesses. Over the next two years, we plan to open 100-120 Linen Club retail stores in smaller cities and towns," Satyaki Ghosh, CEO, (Domestic Textiles), told PTI in an interview. Linen Club is Grasim Textiles' premium brand of linen products. Linen comprises about one-third of the company's textile business of around Rs 3,000 crore. Currently, Grasim Textiles has around 217 brand stores across the country. Ghosh, who was in Kolkata to inaugurate a Linen Club store, said the company also plans to expand its reach to 12,000 multi-brand retailers in these markets, from about 8,500 at

United Breweries Ltd appoints Vivek Gupta as new MD & CEO of company

United Breweries Ltd (UBL), now part of Dutch brewing firm Heineken, on Thursday announced appointment of Vivek Gupta as Managing Director and CEO of the company. Gupta, 47, joins UBL from B2B online trade platform Udaan.com and his appointment will be effective from September 25, 2023. The UBL board at its meeting held on Thursday approved the appointment of Gupta as MD& CEO of the company, said a regulatory filing from the company which owns iconic beer brand Kingfisher. Besides, he has been appointed as an additional director on the board, it added. The appointment will be subject to approval of the shareholders of the company, UBL added. Gupta, an engineering graduate with a Master's in business management from IIM, Ahmedabad, has experience in working with homegrown Indian and global companies. He shall hold office as MD & CEO for a period of five years with effect from September 25, 2023, which will be extendable subject to approval of the shareholders, the filing ...

Birla Corp plans expansion, eyes 25 million tonnes capacity by FY26

Birla Corporation's consolidated capacity stands at around 20 mt after commissioning of the 3.9 mt greenfield plant at Mukutban in Maharashtra at the beginning of FY23

How Ati Motors' autonomous robots are disrupting the logistics sector

Inspired by technology used in self-driving cars, Ati's advanced autonomous mobile robots (AMRs) integrate artificial intelligence, computer vision, and cutting-edge hardware

India has second largest number of anime fans after China: Brady McCollum

We have updated prices, launched numerous Hindi dubs (dubbed shows), and are in the process of adding Tamil and Telugu, said McCollum

Now there's greater diversity in way funds are managed at HDFC MF: Setalvad

Our size may be large but we are one of the smallest in terms of weighted average market cap, said Chirag Setalvad