Page 9 - Company

MEIL group company bags Rs 500 crore order from defence ministry

IComm, a group company of Megha Engineering & Infrastructures Ltd (MEIL), has bagged a Rs 500 crore order from the Ministry of Defence. "The Ministry of Defence (MoD) on Thursday inked a contract with ICOMM Tele Limited for the procurement of 1,035 of 5/7.5 ton radio relay communication equipment containers. The delivery of the containers is scheduled to commence from the current Financial Year 2023-24," infrastructure company MEIL said in a statement on Thursday. The value of the contract is around Rs 500 crore, it said. The radio relay containers will address a long overdue requirement of mobile communication detachments of the Indian Army. The containers will be utilised to provide a protected environment for communication equipment to function in a failsafe and reliable manner. The containers would be mounted on authorised specialist vehicles and moved as per operational requirements, the company said. ICOMM would produce the containers with all equipment and sub-systems ...

NCLT approves Ace Infracity resolution plan for debt-ridden 3C Homes

The NCLT has approved the resolution plan by Ace Infracity Developers for the debt-ridden 3C Homes. The NCLT bench observed the resolution plan submitted by Ace Infracity Developers has been approved by the Committee of Creditors (CoC) with 100 per cent votes and it can not "interfere with the "commercial wisdom" of the lenders. Earlier, the National Company Law Tribunal (NCLT) had denied its approval following opposition filed by some of the allottees and was challenged before the appellate tribunal NCLAT, which had remanded the matter back with certain directions. The resolution plan offers "100 per cent of the principal of farmer's compensation (Rs 71.66 crore), which is included in Rs 173.46 crores agreed to pay to Yamuna Expressway Industrial Development Authority (YEIDA)". In its 27-page long order, the NCLT said it is "satisfied that the Resolution Plan has made adequate provisions with respect to all the objections raised by" it over dues to the YEIDA, acquiring of the Land

Sanjay Kumar takes over as new director for marketing in GAIL India

Sanjay Kumar on Thursday took over as the new director for marketing in state gas utility GAIL (India) Ltd, the firm said. Prior to his new role, Kumar was the Managing Director of Indraprastha Gas Limited, the largest CNG distribution company in India, since April 2022. "Kumar, a Mechanical Engineer from IIT Kharagpur and an MBA, has a rich domain experience of over 35 years in the natural gas sector," GAIL said in a statement. He joined GAIL in 1988 and over the next three decades worked in various roles across domains, including gas marketing, LNG sourcing/ trading/ shipping, business development, gas transmission, projects management and gas pipeline operation and maintenance. In 2011, Kumar was tasked with setting up GAIL's overseas LNG trading subsidiary GAIL Global (Singapore) Pte Ltd in Singapore. This was the first such subsidiary created by any Indian oil and gas PSU, and over the next five years, he played an important role in developing this subsidiary into a ...

Reliance in talks with lenders for $2 billion loan to fuel expansion

Ambani is raising funds as he continues to build out the telecoms and consumer-facing arms of an empire based on a bedrock of crude-oil refining

Zoho logs over 65% CAGR upmarket growth in India's enterprise segment

Zoho is privately held and profitable with more than 12,000 employees

Turnover of Khadi-Village Industries products up 17% to Rs 1.34 trn in FY23

The turnover of Khadi and Village Industries' products rose by about 17 per cent to Rs 1,34,630 crore in 2022-23 as against Rs 1,15,415.22 crore in 2021-22, KVIC said on Thursday. Khadi and Village Industries Commission (KVIC) said that the turnover was Rs 31,154 crore in 2013-14 and it has set a milestone by creating 9,54,899 new jobs in rural areas. Sales of Khadi and Village Industry (KVI) products touched Rs 1,34,630 crore in 2022-23, which has been the "highest ever", it said, adding production has reached Rs 95,957 crore. "After Covid-19, the demands for organic clothes have increased all over the world. Owing to this there has been a rapid increase in demand for Khadi garments," it said, adding, "in the last 9 financial years, there has been an unprecedented growth of 332 per cent in the sale of indigenous Khadi products made by artisans in rural areas".

Expects profitability to improve as operating cost normalise: Dalmia Bharat

Cement maker Dalmia Bharat Ltd has said it expects the company's profitability to gradually improve as commodity inflation cools down. Dalmia Bharat will also establish presence in the markets of western, mid and northern regions, emerging as a pan-India pure-play cement company, the company said in its annual report. The company's profitability will gradually improve as the prices of crude and coal have corrected from their peak, resulting in normalisation in the operational costs, it added. Dalmia Bharat is embracing strategies that will enable it to capitalise on the large opportunity and help double its market share over the next decade, it said "We are more than doubling our capacity to 75 MTPA by 2027. Through this expansion, we aim to achieve a balance in our exposure mix to the different markets of India, which is currently tilted towards the east and the south," said Dalmia Bharat while sharing its outlook. The company presently operates 14 plants in 10 states having a to

Meesho revamps brand identity to enhance positioning as inclusive

Softbank-backed e-commerce player Meesho has revealed a new brand identity as it looks to enhance its positioning as an "inclusive" and "egalitarian" platform for mass adoption. The company said that its new logo features hues of 'Jamuni' and 'Aam', which encapsulate the vibrancy and grandeur of India's diversity. According to colour theory, Jamuni has an association with aspiration while Aam is seen as inviting and welcoming, it said. "We are thrilled to introduce our revamped brand identity, which symbolizes our transformation into a genuinely inclusive and egalitarian e-commerce platform. The new colour palette and sonic identity will add a powerful new dimension to our brand identity, a critical component of how people recognise Meesho today and in the future," Meesho Founder and CEO Vidit Aatrey said in a statement. With the revamped branding, the company aims to strengthen its positioning as a one-stop horizontal platform that meets the everyday needs of of Indian shoppers.

Torrent Power raises Rs 600 cr through non-convertible debentures

Torrent Power has raised Rs 600 crore through issuance of non-convertible debentures on private placement basis. "The company has issued and allotted Series 11 60000 Secured, Rated, Listed, Taxable, Non-Cumulative, Redeemable and Non-Convertible Debentures (NCDs) of Rs 600 crore at a coupon rate of 8.50 per cent per annum...on private placement basis," a BSE filing said. The company issued 60,000 NCDs of Rs 1 lakh per debenture aggregating to Rs 600 crore. It is proposed to be listed on Wholesale Debt Market Segment of National Stock Exchange. Torrent Power, with a turnover of Rs 25,694 crore, is the integrated power utility of the diversified Torrent Group. It is one of the largest companies in the country's power sector with presence across the entire power value chain of generation, transmission, and distribution. Torrent Power has an aggregate installed generation capacity of 4.1 GW, which consists largely of clean generation sources such as gas (2.7 GW) and renewables (1.07

Kaspersky appoints Jaydeep Singh as general manager of India operations

Cyber security company Kaspersky on Wednesday said it has appointed Jaydeep Singh as its general manager for India to head operations in the country. Singh will be responsible for leading Kaspersky's business operations and driving growth across the country, especially in the enterprise segment, in his role as General Manager for India, the company said in a statement. "I am delighted to welcome Jaydeep to the team. His expertise in the enterprise segments and our targeted industry domains will ensure that Kaspersky adopts resilient strategies to guide our sales and marketing efforts in India," Kaspersky Managing Director for Asia Pacific Adrian Hia said. Before his appointment at Kaspersky, Singh held senior leadership roles in companies like Citrix as sales director. He has also worked with Oracle as senior sales director. "With cyberattacks on the rise, organisations need reliable cybersecurity solutions. I look forward to bringing my frontline operational and strategic experien

OnePlus India CEO Navnit Nakra moves on from brand to follow his passion

Nakra spearheaded the company's business operations and overall strategy for the India region

Welspun Corp net profit falls 8.90% to Rs 240 cr in March quarter

Welspun Corp Ltd (WCL) posted an 8.90 per cent decline in its consolidated net profit to Rs 240.08 crore for the January-March quarter, hit by higher expenses. It had clocked a net profit of Rs 263.56 crore during the January-March quarter of the preceding financial year (FY) 2021-22, the company said in a regulatory filing. The company's total income rose to Rs 4,132.38 crore, from Rs 2,413.48 crore in the year-ago quarter. Its expenses rose to Rs 3,835.55 crore from Rs 2,033.16 crore in the January-March period of FY22. In a separate statement, B. K. Goenka, Chairman, Welspun Group said, "We have seen flawless execution and delivery for our customers resulting in strong cash flows and a substantial reduction in net debt. The acquisition of the plastic products business of Sintex has given us a head start in our foray into the B2C segment. "This will result in significant value creation for all our stakeholders in addition to providing growth to the existing business portfolio."

TARC posts Rs 1.52 cr profit in Q4, revenue jumps 3-fold to Rs 135.53 cr

Realty firm TARC Ltd has reported a consolidated net profit of Rs 1.52 crore for the fourth quarter ended March 2023. Its net loss stood at Rs 242.74 in the year-ago period. Its total income rose to Rs 135.53 crore in the fourth quarter of the last fiscal from Rs 42.43 crore a year ago, according to a regulatory filing. During the full 2022-23 fiscal, TARC posted a net profit of Rs 20.36 crore against a net loss of Rs 232.75 crore in FY22. The total income rose to Rs 374.66 crore in the last fiscal from Rs 300.68 crore in 2021-22. On the operational front, the Delhi-based realty firm achieved sales bookings of Rs 520 crore in the last fiscal against a target of Rs 400 crore. The company is developing many projects in the Delhi-NCR market.

Mankind Pharma's profit after tax up 52% at Rs 294 cr in March quarter

Mankind Pharma on Wednesday reported 52 per cent increase in consolidated profit after tax (PAT) at Rs 294 crore for March quarter 2022-23, aided by robust sales. The company had logged a PAT of Rs 193 crore in January-March 2021-22. Revenue from operations rose to Rs 2,053 crore from Rs 1,726 crore in the year-ago period, Mankind Pharma said in a statement. In 2022-23, the PAT declined 10 per cent to Rs 1,310 crore from Rs 1,453 crore in the previous year. "The company maintained its strong growth trajectory during the year..our consumer healthcare business has maintained its double-digit growth with dominant brand leadership in its categories," Mankind Pharma Vice Chairman and Managing Director Rajeev Juneja said. Earlier this month, the Income Tax Department conducted raids on the premises of the company over allegations of tax evasion.

Uflex Q4 profit falls to Rs 83 lakh, revenue down 14% to Rs 3,320 cr

Packaging material manufacturer Uflex Ltd on Tuesday reported a 99.7 per cent decline in its consolidated net profit to Rs 83 lakh for the fourth quarter ended March 31, 2023 due to currency exchange losses. The company had posted a net profit of Rs 350.59 crore during the January-March quarter a year ago, Uflex said in a regulatory filing. Its revenue from operation was down 14 per cent to Rs 3,320.18 crore during the quarter under review as against Rs 3,861.86 crore in the corresponding period of the previous fiscal. Uflex's total expenses were at Rs 3,306.15 crore, down 4.37 per cent in the last quarter of FY23, as against Rs 3,457.39 crore. Its total income in the March quarter was at Rs 3,393.51 crore, down 14.15 per cent. For the fiscal ended March 2023, Uflex's net profit fell 56.27 per cent to Rs 480.76 crore from Rs 1,099.43 crore in FY22. "The profitability in FY23 was impacted by unprecedented currency devaluation in Egypt and currency exchange loss on account of the U

Jagran Prakashan net profit falls 55.8% at Rs 23.27 cr in March quarter

Jagran Prakashan Ltd, the publisher of the Hindi daily Dainik Jagran, on Tuesday reported a 55.86 per cent decline in its consolidated net profit to Rs 23.27 crore for the fourth quarter ended March 2023. The company had posted a net profit of Rs 52.73 crore during the January-March quarter a year ago, Jagran Prakashan Ltd (JPL) said in a BSE filing. Its revenue from operations increased 8.19 per cent to Rs 459.38 crore during the quarter under review against Rs 424.58 crore in the year-ago period. This quarter also "includes impairment of goodwill and investment in associates of Rs 72.96 crore", the company said in its earning statement. JPL's total expenses surged 28.85 per cent to Rs 486.92 crore in Q4 FY23 compared to Rs 377.87 crore a year ago. Its total income in the March quarter was Rs 512.25 crore, up 16.13 per cent. For the fiscal ended March 2023, JPL's net profit was down 9.26 per cent at Rs 196.78 crore against Rs 216.87 crore in FY22. However, its consolidated reve

APSEZ Q4 results: Consolidated net profit rises 2.63% to Rs 1,140.97 cr

Adani Ports and Special Economic Zone Limited (APSEZ) on Tuesday reported a 2.63 per cent rise in consolidated net profit to Rs 1,140.97 crore for the fourth quarter ended March 2023. The country's largest integrated logistics player had clocked a consolidated net profit of Rs 1,111.63 crore in the corresponding period of the previous fiscal, the company said in a BSE filing. Its consolidated total income increased to Rs 6,179.12 crore for the fourth quarter of the last fiscal against Rs 4,739.08 crore in the year-ago period. The total expenses also rose to Rs 3,993.62 crore in the quarter under review from Rs 3,497.49 crore a year ago.

Noida-based IKIO Lighting's IPO to kick off on June 6; check details here

The initial share-sale of LED lighting solutions provider IKIO Lighting Ltd is set to open for public subscription on June 6. The three-day initial public offering (IPO) will conclude on June 8. The bidding for anchor investors will open on June 5, according to the red herring prospectus (RHP). The IPO consists of a fresh issue of equity shares worth up to Rs 350 crore and an offer-for-sale (OFS) of up to 90 lakh equity shares by promoters -- Hardeep Singh and Surmeet Kaur. Proceeds from the fresh issuance worth Rs 50 crores will be used for debt payment, Rs 212.31 crore will be used in the company's wholly-owned subsidiary, IKIO Solutions, to set up a new facility at Noida, Uttar Pradesh, and for general corporate purposes. IKIO Lighting is a manufacturer of light-emitting diode (LED) lighting solutions. It is primarily an original design manufacturer (ODM) and designs, develops, manufactures,s and supplies products to customers who then further distribute these products under its

CIL hikes non-coking coal prices by 8%; expects Rs 2,703 crore revenue

Coal India Ltd (CIL) on Tuesday said it has increased prices of non-coking coal by 8 per cent. The prices will come into effect from Wednesday, the miner said in a regulatory filing. "The Board has approved a price increase of 8 per cent over the existing notified prices for high-grade coal of grade G2 to G10. This will be applicable to all subsidiaries, including NEC, for regulated and non-regulated sectors," CIL said. The board of directors of the company approved the revision in the prices of non-coking coal with effect from 00:00 hours of May 31, 2023, it said. Following this revision, CIL is expecting to earn incremental revenue of Rs 2,703 crore for the balance period of the financial year 2023-24. Thermal coal is a non-coking coal used by power plants to generate electricity. A rise in its prices impacts the power generation cost. Coal India, under the Ministry of Coal, is the largest coal producer in India. As per official data, in April 2022, the country's overall coal

Jaypee Infratech defers approval of financial statements for March quarter

Jaypee Infratech, which is facing insolvency proceedings, on Monday said the company has deferred the approval of financial statements for the quarter and fiscal ended March 2023, as it has not been finalised in view of pending cases in the appellate tribunal. On March 7, the National Company Law Tribunal (NCLT) approved the resolution plan of Mumbai-based realty firm Suraksha Group to take over Jaypee Infratech. An Implementation and Monitoring Committee (IMC) has been set up for taking all necessary steps for expeditious implementation of the resolution plan. In a regulatory filing, Jaypee Infratech informed that the meeting of the IMC was held on Monday, "wherein the approval of the financial statements of the company was deferred/postponed for seeking an extension by way of making necessary application...". "We would like to submit that, for finalisation of accounts and to capture the effects of the accounting treatment in the books of accounts of the company, few accounting ...