Page 6 - Company

India Grid Trust net profit rises by 29% to Rs 107 cr in June quarter

India Grid Trust (IndiGrid) on Friday reported over 29 per cent rise in consolidated net profit to Rs 107.18 crore in the June 2023 quarter, helped by higher income. It had posted a consolidated net profit of Rs 83.07 crore in the same period of 2022-23, the company said in a regulatory filing on Friday. The total income increased to Rs 654.53 crore from Rs 586.46 crore in the year-ago quarter. The Board of Directors of IndiGrid Investment Managers Ltd (IIML) acting in the capacity of Investment Manager to India Grid Trust approved the declaration of Q1 FY24 distribution of Rs 3.45 per unit comprising Rs 3.1759 per unit in the form of interest, Rs 0.0611 per unit in the form of dividend, Rs 0.2010 per unit in the form of principal payment and Rs 0.0120 in the form of other income. The record date for this distribution will be August 3, 2023, and payment will be made on or before August 12, 2023.

Star Health Insurance net profit increases 35% to Rs 288 cr in Q1

Star Health and Allied Insurance on Friday reported a 35 per cent increase in net profit to Rs 288 crore for the June 2023 quarter. The standalone health insurer posted a net profit of Rs 213 crore during the April-June period of 2022-23. The company's total income during the June quarter rose to Rs 3,190 crore against Rs 2,809 crore in the year-ago period, Start Health said in a regulatory filing. Gross written premium increased to Rs 2,949 crore in Q1 FY24 compared to Rs 2,464 crore in the same period a year ago.

Ather Energy partners with BPCL to expand charging infrastructure

Electric scooter maker Ather Energy on Friday said it has partnered with Bharat Petroleum Corporation Limited (BPCL) to expand its charging network. Through the collaboration, Ather will gain access to BPCL's network of over 21,000 fuel stations across the country, facilitating the installation of Ather's public fast-charging grid. Ather already has more than 1,400 chargers across 100 cities. "Our partnership with BPCL builds the momentum even further to create a widespread, nationwide fast-charging network," Ather Energy Chief Business Officer Ravneet Phokela said in a statement. As electric vehicle adoption continues to grow, the company believes that strategic alliances like these play a crucial role in making charging infrastructure more accessible, he added.

Jaiprakash Power Ventures net profit declines 20% to Rs 191 cr in Q1

Jaiprakash Power Ventures Ltd (JPVL) consolidated net profit fell over 20 per cent to Rs 191.65 crore in the June 2023 quarter, mainly due to lower revenues. The consolidated net profit of the company was Rs 241.96 crore in the quarter ended June 30, 2022, a BSE filing showed. Its total income declined to Rs 1,714.75 crore in the quarter from Rs 1,829.35 crore in the same period a year ago.

Ecosystem for chips in India for very brave: Foxconn Chairman Young Liu

The ecosystem for semiconductor chips in India is for the "very brave", Foxconn Chairman Young Liu said on Friday as he expressed optimism about the country's semiconductor roadmap during the second edition of SemiconIndia in Gandhinagar. Earlier this month, Taiwan-based Foxconn, which also supplies for smartphone giant Apple, withdrew from a USD 19.5 billion semiconductor joint venture with Vedanta as the venture struggled to get a technology partner to make chips that are used in mobile phones to refrigerators and cars. Foxconn is the world's largest contract electronics maker. Addressing SemiconIndia on Friday, Liu said "The ecosystem for chips in India is for the very brave. Every experience only positions companies stronger going forward." Notably, the joint venture between Foxconn and Vedanta was signed in February 2022, after which the JV signed a Memorandum of Understanding with the Gujarat government to invest Rs 1,54,000 crore to set up a semiconductor plant in the ...

Tata Steel 1st Indian firm to use LNG powered carrier for raw material

Tata Steel became the first Indian company to use clean fuel Liquified Natural Gas (LNG) powered Capesize carriers for its raw material movement from Australia to India, the company said on Friday. In an initiative to lower the company's Scope 3 carbon footprint, the steel major imported 1,65,700 metric tons of coal from Australia's Gladstone to Dhamra port in Odisha using MV Ubuntu Unity, a cape vessel powered by clean fuel LNG. Capesize' is the largest class of cargo ship. They are called so as they cannot pass through the Panama Canal and have to go around the Cape of Good Hope to sail between the Pacific and Atlantic oceans. "In 2021, Tata Steel became the first in the Indian Steel Industry to deploy a ship powered by biofuel. We continued the decarbonation drive with seven biofuel shipments in FY23. In continuation to our sustainability drive, in FY24, we are the first to deploy an LNG powered vessel for transportation of raw materials to India," said Peeyush Gupta, the ...

Exxon Mobil Corp posts 56% profit slump, joins peers in energy price hit

Exxon's oil production is at 3.7 million barrels of oil equivalent per day (boed) year to date, in line with the company's annual target, Mikells said

Bajaj Finance Q1 results: Net profit climbs to 32% on healthy NII

Guides for 29-31% growth in assets in FY24

Tech Mahindra Q1FY24 net profit down by 38.8% YoY at Rs 692.5 crore

Misses estimates on revenue and net profit

'IBM has prepared a 10-year roadmap to tap into the opportunities in AI'

'India plays a critical role in executing our hybrid Cloud and AI strategy,' says SANDIP PATEL, Managing Director, IBM India & South Asia

Investments dependent on policies will pause until poll results: L&T CFO

"International funds are available for infrastructure, and there is a benefit in terms of an electoral bias"

SBI Life Insurance Q1 results: Net profit rises 45% to Rs 380 crore

New Business Premium (NBP) has grown by 11% to Rs 6210 crore in Q1 FY 24 aided by growth in single premium business by 18%

No slowdown in affordable housing space: PNB Housing Finance MD & CEO

In the short, medium, and long term, the demand is quite robust in the affordable housing segment, which is big and accounts for 32-35 per cent of the share in the mortgage industry

Demerger to boost ITC's cash flows, create India's 2nd biggest hotel group

The demerger will however have only a marginal negative impact on ITC overall earnings and share price given the hotel division miniscule contribution to its consolidated finances

Tata Steel Q1 results: Net profit plunges 92% but still beats estimates

Net profit was Rs 633.95 crore and revenue from operations Rs 59,489.66 crore, 6 per cent lower from a year ago

LIC Housing Finance plans to raise Rs 1,250 crore through bond sale

The debt market experienced a notable decline in issuances during July as issuers chose to take a back seat in response to the escalating cost of borrowing

TVS Motor Q1 results: Net profit rises 42% to Rs 434 cr, revenue up 24%

The overall two-wheeler and three-wheeler sales including exports grew by 5% registering sales of 9.53 lakh units in the quarter ended June 2023

Tamilnad Mercantile Bank Q1 results: Net profit up 12% to Rs 261 crore

The bank's total income during the period was up by 16 per cent, from Rs 1,142 crore in June 2022-23 to Rs 1,323 crore in the fourth quarter of FY24

Cognizant seals $800 million deal with California-based Gilead Sciences

Agreement includes renewal and expansion of various IT services over next five years

JLR India retail sales double to 1,048 units in best-ever Q1 showing

Performance rides on 209% growth in the Range Rover, Range Rover Sport, Defender sales