Page 8 - Company

Google veteran Urs Hölzle steps down as manager in cloud shakeup: Report

Urs Hölzle joined the company, now the key unit of parent Alphabet Inc., in 1999 as its eighth employee, and will now transition into a role as a Google Fellow, the company said

Maruti Suzuki hopes to deliver more cars to customers this festive season

Maruti Suzuki expects to keep growing faster than the domestic passenger vehicle industry riding on the back of strong demand for its models especially the SUV range, according to a senior company executive. The auto major anticipates the overall passenger vehicle market to grow in the range of 5-7 per cent this fiscal. In an interaction with PTI, Maruti Suzuki India (MSI) Senior Executive Officer (Marketing and Sales) Shashank Srivastava said the PV industry is expected to close the current fiscal at 40.5-41.3 lakh units. "We have not revised our estimates which we had made at the beginning of the year. We said the industry growth would be in the 5-7 per cent range and our growth should be higher than the industry," Srivastava said. He noted that in the first quarter, the company grew by 12.2 per cent while the industry grew by around 9.5 per cent. Srivastava said that the demand remains fairly robust so far in the fiscal with the April-June period turning out to be the best quar

Sula Vineyards records double-digit sales growth in June quarter

Sula Vineyards Ltd, the country's largest wine producer, has recorded a strong double-digit sales growth in the June quarter. Its estimated net revenues year-on-year were up 17 per cent in the April-June period, said a sales update by Sula Vineyards. Sales from its own brands were at Rs 103.5 crore, up 24 per cent, while its portfolio of imported "elite and premium brands" had a 30 per cent growth. "The company has recorded its highest ever Q1 net revenues overall as well as for own brands and the wine tourism business," it said. Its revenue estimates from wine tourism were at Rs 11.4 crore, up 11 per cent. This sales updates will be followed by financial statements for Q1 FY24 once approved by its board, said Sula Vineyards. Commenting on this, Sula CEO Rajeev Samant said: "Our focus on premiumisation continues to pay off with our elite and premium wines leading the pack in terms of growth." Sula Vineyards' wine tourism revenues also grew in double digits. Over the outlook, he

EKA Mobility bags order for 57 supply of electric buses from MBMC

Electric vehicle maker EKA Mobility on Thursday said it has bagged an order for the supply of 57 e-buses from Mira-Bhayandar Municipal Corporation (MBMC). Now, EKA's order book has grown significantly, with more than 500 electric buses and 5,000 electric light commercial vehicle orders in the pipeline, it said in a statement. According to the company, the deployment of these 57 electric buses is expected to save 33,704 tonnes of CO2 emission in comparison to diesel buses and is equivalent to planting 1,02,134 trees. Sudhir Mehta, Founder & Chairman of EKA, said the order is a significant milestone for the company. "We look forward to commencing the deliveries in the coming months, which will further fortify our partnership with Mira-Bhayandar Municipal Corporation and help in environment-friendly mass mobility for the city of Mumbai," he added. Additionally, these e-buses will be equipped with intelligent charging infrastructure to support efficient operations and minimise ...

Adani Wilmar reports 25% YoY volume growth in Q1FY24 due to strong demand

Adani Wilmar on Wednesday reported a 25 per cent year-on-year volume growth during the quarter ending June 30, mainly on account of robust consumer demand in edible oils and foods. The sale of branded products in edible oils and foods has been much stronger compared to overall sales of respective segments, the company said in a regulatory filing. However, the sales in value terms declined 15 per cent YoY following a sharp decline in the edible oil prices, the company added. The edible oil business grew by 25 per cent YoY in volume terms during the quarter on the back of continued strong consumer demand as well as the weak base of the corresponding quarter in FY23. Adani Wilmar further said that the food and FMCG segment recorded a revenue growth of 30 per cent during the first quarter of this fiscal compared to last year, crossing Rs 1,000 crore. This was the eighth consecutive quarter with 20 per cent year-on-year volume growth in the food segment and 30 per cent in the FMCG segm

Marico expects June quarter revenue drop on sluggish rural demand

Rural consumers typically make up about two-thirds of consumer goods makers' sales, according to Bengaluru, Karnataka-based Bizom, which tracks retail industry trends

Settl FY23 revenue jumps two-fold to Rs 17cr, to add 3,000 beds by March

Co-living operator Setll has clocked over two-fold jump in its revenue last fiscal to nearly Rs 17 crore and plans to expand its capacity by 2.5 times to 5,000 beds by March next year. The company, which focuses on providing quality rental accommodations to working professionals, currently has around 2,000 beds at 40 centres across Bengaluru, Gurugram and Hyderabad. It is now looking to enter the Noida, Pune and Chennai markets, Settl said in a statement on Monday. The Bengaluru-based startup charges between Rs 12,000 and Rs 18,000 per bed. "We are currently present in three cities dominated by IT firms. We are now actively looking at entering Noida, Pune and Chennai where a lot of professionals are working in IT and other sectors. We anticipate strong demand for quality co-living centre in these cities," Settl co-founder Abhishek Tripathi said. The company is in an advanced stage of discussion with a few property owners in three cities where it has a presence as well as three new

Toyota Kirloskar reports 19% rise in retail sales at 19,608 units in June

Toyota Kirloskar Motor (TKM) on Saturday said its wholesales increased 19 per cent to 19,608 units in June as compared with 16,512 units in the year ago period. Domestic dispatches stood at 18,237 units while overseas shipments rose to 1,371 units last month. "Ever since the launch of Urban Cruiser Hyryder and Innova Hycross, we are witnessing continued high acceptance by our customers," TKM Vice President (Sales and Strategic Marketing) Atul Sood said in a statement. These along with a consistent performance by the entire product portfolio Camry Hybrid, Fortuner, Legender, Vellfire, Glanza and the newly introduced Hilux, are enabling the company to sustain the positive performance, he added. The commencement of three shift operations at the manufacturing plant has played a vital role in enhancing operational capabilities and addressing the growing demand for the products, Sood noted.

Kalpataru Projects International secures fresh orders worth over Rs 1000 cr

Kalpataru Projects International Limited (KPIL) on Friday said it has bagged new orders totalling Rs 1,008 crore in the domestic and international markets. In an exchange filing, the company said its order inflows stood at Rs 5,122 crores in the first quarter or Q1 of FY 2023-24 on a consolidated basis. Orders in the T&D (transmission and distribution) business are Rs 635 crore in India and overseas markets, and civil works for buildings in India are Rs 373 crore, it said. Manish Mohnot, MD & CEO, KPIL, said, "We are pleased to see a consistent influx of new orders, particularly for our B&F and international T&D business. The domestic civil business is experiencing continuous growth, and we can see promising growth prospects in the international T&D sector. KPIL's strong L1 position of Rs 5,500 plus crore ensures a solid business outlook, giving the confidence in achieving the target order inflows of Rs 26,000-plus crore for FY24, he added. Kalpataru Projects ...

Godrej Properties eyes strong growth on robust demand, new launches

The stock has gained 56 per cent over three months on consecutive quarters of high bookings

Input tax credit not available for GST paid on CSR work expenses: UP AAR

CSR activities are excluded from the normal course of business, says authority citing rules

Angel investment platform IPV makes 12 exits in 2022, logs 160% IRR

Some of the key exits include high-performing startups like BluSmart, Otipy, Stage, Kazam and Buyofuel

Samunnati eyes more than 50% growth in revenue at Rs 6,600 cr in FY24

Open agri network Samunnati is eyeing over 50 per cent growth in revenue at Rs 6,600 crore in 2023-24, on the back of deepening its reach in both its verticals - agri finance and market linkage businesses, a top company executive said on Saturday. The company has clocked an overall Rs 4,400 crore revenue in 2022-23. "We are present in 23 states but the bulk of our business is mostly in states including Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, Madhya Pradesh, Maharashtra, Gujarat and Odisha. "We are planning to deepen our client engagement in all 23 states offering both short-term loans to FPOs as well as providing them with market linkages. With this expansion we expect to clock Rs 6,600 crore revenue in this financial year," Samunnati founder and CEO Anil Kumar SG told PTI. Currently, Samunnati has around 5,500 FPOs registered on its platform, 50 per cent of which are borrowers while most avail the market linkage offering of the company, he said. Explaining further, Kuma

Board of CUMI appoints Sridharan Rangarajan as new MD from August 3

The board of directors of Carborundum Universal Ltd (CUMI), part of the diversified conglomerate Murugappa Group, has appointed Sridharan Rangarajan as its managing director with effect from August 3. Rangarajan currently serves Carborundum Universal Ltd, as its director-finance and strategy. He succeeds N Ananthaseshan who would be retiring from the services of the company and stepping down as director at the close of business hours on August 2. "Delighted that Sridharan Rangarajan, who has been an integral part of the company's strategy and growth for over a decade, is taking over as MD. This will ensure a smooth transition as the company gears up for further expansions in India and global operations," CUMI Chairman M M Murugappan said. On the retirement of Ananthaseshan, he said, "On behalf of the Board, I would like to thank Ananthaseshan for his stellar services to the company over 37 years. He leaves Carborundum well positioned for its next phase of growth in all respects. We

Shriram Life Insurance declares highest-ever bonus of Rs 149 crore

Shriram Life Insurance Company, promoted by Shriram Group and South Africa-based financial services firm Sanlam Ltd, has declared its highest ever bonus of Rs 149 crore, the company said on Friday. The bonus saw an increase of 25 per cent over the previous year and will benefit 3.29 lakh individuals. "The increase in bonus reflects SLIC's commitment to serve customers and to help them achieve their financial goals and security. This further reflects our strong fundamentals and products," company MD and CEO Casparus J Kromhout said. The bonus came in the backdrop of record profits and growth in its individual non-single premiums. In FY23, the company had sold 2.90 lakh policies. "Considering the uniqueness of the rural customer segment that we predominantly operate in, this bonus declaration would have a positive impact on rural families," he said in a statement. For the year ending March 31, 2023 the company's assets under management exceeded Rs 9,000 crore with an increase of 17

S Korean firm plans $72M Georgia plant to make battery parts, hiring 140

A South Korean company will open a factory in suburban Atlanta to make parts for electric batteries. NVH Korea said Thursday that it would invest $72 million in a plant in Locust Grove, south of Atlanta, hiring 140 workers. The plant will make sensors, connections and protectors for electric vehicle batteries, beginning operations in 2024. Chairman and CEO Ja Kyum Koo said in a statement that it's NVH Korea's first venture into making components for electric batteries. Based in Ulsan, NVH Korea is the 10th supplier to locate in the region after Hyundai said in 2022 that it would build a $5.5 billion plant to assemble electric vehicles and batteries in Ellabell, Georgia, near Savannah. The site could grow to 8,100 employees and is slated to begin producing vehicles in 2025. Suppliers have pledged to invest nearly $2.1 billion and to hire nearly 4,900 people. It's NVH Korea's second plant in Georgia. Subsidiary AFS America in Columbus makes floor mats and cargo trays for the Hyundai

EFC (I) to expand office space capacity 2.5 times to 60,000 desks in FY24

Co-working operator EFC (I) Ltd plans to expand its capacity by more than 2.5 times to 60,000 desks as it seeks to encash rising demand for flexible workspace from corporates. Pune-based EFC (I) Ltd, which is a serviced office/co-working space operator, is listed on BSE. It has a presence in seven states spanning over 35 co-working centres totalling 1.5 million square feet area. In a statement, the company said that it plans to "triple its capacity -- from 23,000 to 60,000 seats by March 2024." EFC (I) will add 10,000 seats during the first quarter of this fiscal year. It mentioned that 65 per cent of the company's business comes from institutional clients, while the remaining 35 per cent comprises the retail part. Umesh Sahay, Founder & CEO of EFC (I) Ltd, said, "We have built an ecosystem comprising efficient, safe, well-designed and ergonomics-friendly workspaces - ranging from made-to-order offices to co-working solutions." "In the past six years, we achieved a scale of 23,00

Apple illegally interrogated staff about union, rules US labour board judge

The judge wrote that Apple should be required to "cease and desist" from coercively interrogating workers about their legally protected labor activism

Frozen meat exporter HMA Agro Industries IPO subscribed 55% on Day 2

The Initial Public Offer (IPO) of frozen meat exporter HMA Agro Industries was subscribed 55 per cent on day two of its subscription on Wednesday. The Rs 480-crore IPO received bids for 33,56,750 shares against 60,54,054 shares on offer, according to NSE data. The portion for non-institutional investors received 1.20 times the subscription while the category for retail individual investors (RIIs) got subscribed 38 per cent and that of qualified institutional buyers (QIBs) 37 per cent. The initial public offer has a fresh issue of up to Rs 150 crore and an offer of sale of up to Rs 330 crore. The price range for the offer is Rs 555-585 a share. Aryaman Financial Services is the manager to the offer. The company proposes to utilise the net proceeds of the fresh issue for funding working capital requirements and other general corporate purposes. The shares of the company will be listed on both BSE and NSE.

Looking to expand footprint, Voltas to strengthen 'Voltas Beko' brand

Cooling products maker Voltas has inaugurated its second brand store in Tiruchirappalli, the 10th such facility in Tamil Nadu, the company said on Friday. Through its home appliances joint venture brand 'Voltas Beko', the company aims to strengthen its product portfolio in 2023 by launching a series of new products. "We are delighted to announce the launch of the second Voltas Brand shop at Trichy, Tamil Nadu. As a market leader, we have always placed the customer at the core of all our business operations and our endeavor is to provide them with technologically advanced products to meet their everyday needs," Voltas Managing Director and CEO Pradeep Bakshi said. "With the new brand store, we aim to further provide a holistic product experience for our consumers," he said. The company has showcased a range of air conditioning and cooling products, along with the latest range of home appliances at the shop located on Fort Station Road, Jerome Building, Tiruchirappalli. Keeping with