Page 47 - Companies

Govt nudges LIC to tweak product strategy for better investor return

The government is nudging LIC to tweak its product strategy to maximise profitability in a bid to help the country's largest insurer realise its full growth potential and yield better returns for investors, an official said. Life Insurance Corporation (LIC) has been trading below the issue price of Rs 949 a share ever since it got listed on stock exchanges on May 17. It listed at Rs 872 apiece on NSE. On Tuesday, the scrip settled at Rs 595.50, down 0.72 per cent over the previous close. Foreign brokerages, however, remain bullish on LIC setting a higher target price over the next year as they feel that the insurer has good medium-term market potential, negligible high risk assets and robust core operating Return on Embedded Value (ROEV). Citi in a research report dated October 14 set a target price of Rs 1,000 for LIC scrip, saying LIC is 'positioned better than mature global players'. The finance ministry in its performance review has been sensitising the LIC management about th

Tech Mahindra to consider interim dividend for FY23 in board meeting

The company, in its exchange filing last week, informed that the board of directors will consider a proposal for payment of interim dividend for the financial year 2022-2023, during its scheduled meet

Ramkrishna Forgings PAT in Q2 at Rs 64 cr on account of higher revenues

Ramkrishna Forgings has reported 27 per cent growth in profit after tax (PAT) at Rs 64 crore for September quarter 2022-23 on account of higher revenues. It had clocked Rs 50.11 crore profit in July-September period a year ago, the company said in a statement on Wednesday. During the quarter under review, revenue rose to Rs 762.55 crore from Rs 578.93 crore in the year-ago period. In the first half (April-September) of the ongoing financial year, its PAT was Rs 111.20 crore, 48.81 per cent higher from Rs 74.72 crore in the year-ago period. In the six-month period, sales volume was 41,257 tonne, up 47.17 per cent over the year-ago period. Overall capacity utilization was 82.24 per cent for the second quarter of 2022-23. "Our robust and diverse business model has yielded sustained growth momentum because of improved product mix and strong customer demand, our operating revenue increased by 31.72 per cent year-on-year. Improved capacity utilization led to operating leverage resultin

Reviewing CCI's decision to evaluate next steps, committed to users: Google

Hit hard by 2 back-to-back fines by Competition Commission of India, Google on Wednesday said that it is committed to its users and developers and reviewing the decision to evaluate the next steps

Recovery in rural India, market share key for Colgate-Palmolive growth

Management optimistic about growth as stock valuation stays unchanged for India's largest oral care company

Eye on the prize: Ten-baggers still abound amid tepid benchmark returns

The analysis is based on 1,401 companies with their September-end price data since 2004

Reverse auction must be done away with in solar: Vikram Solar vice chairman

In a Q&A, Gyanesh Chaudhary dwells on the gaps in the PLI scheme for solar projects and his company's current and future plans in this space

Dove, other Unilever aerosol dry shampoos recalled over cancer risk

Unilever Plc recalled popular brands of aerosol dry shampoo, including Dove, after discovering they were contaminated with a chemical called benzene that can cause cancer

IT deals becoming smaller amid rising digital projects, says new report

The terms of a smaller deal can be chosen according to their own personal advantage by the parties in a smaller contract

Several startups in India may lose their Unicorn status, says report

In total, around 105 start-ups in India attained the status of Unicorns between 2018 and 2022 but the active number of unicorns has now been reduced to 84

Softbank-backed health unicorn Cerebral to lay off 20% of its staff

SoftBank-backed digital mental health company Cerebral is laying off about 20 per cent of its staff as it restructures its business

Sivakasi's Rs 6,000-cr fireworks industry aims for international market

The 6000 crore fireworks industry of Sivakasi, which has turned mainly into green crackers, is now planning to tap the international firecracker industry hitherto dominated by Chinese players

Asia's biggest buyout: Toshiba valued at $16 billion by JIP in takeover bid

A consortium led by Japan Industrial Partners Inc. is considering a takeover of Toshiba Corp. at a valuation of about 2.4 trillion yen ($16.1 billion) in what could be Asia's biggest buyout this year

Air India appoints Henry Donohoe as head of safety, security & quality

Air India has appointed Henry Donohoe as the Head of Safety, Security and Quality from November 7

Rights issue: Lull after 3 stormy years, mop-up Rs 2,867 crore in CY22

Mop-up Rs 2,867 cr in CY22, as against Rs 25,335 cr in same period last yr

Even as overall hiring slows down, no dearth of jobs for senior execs: Rpt

The demand for CXOs has been relatively high in the industrial and manufacturing sectors, auto, chemicals, financial services, and energy firms

Covishield production stopped in Dec 2021, says Serum Institute's CEO

CEO Adar Poonawalla said Serum Institute of India stopped producing Covishield vaccine from December 2021 and of the total stock available at that time, about 100 million doses had already expired

DCX Systems sets price band at Rs 197-207/share for its Rs 500 cr IPO

DCX Systems, a manufacturer of cables and wire harness assemblies, on Friday announced a price band of Rs 197 to Rs 207 per share for its Rs 500-crore initial public offering (IPO). The initial share-sale will open for public subscription on October 31 and conclude on November 2, the company said. The company has cut the size of its fresh issue of equity shares to Rs 400 crore from Rs 500 crore planned earlier. Apart from the fresh issue, the IPO comprises an offer-for-sale of equity shares to the tune of up to Rs 100 crore by promoters -- NCBG Holdings Inc and VNG Technology. The company proposes to utilise the net proceeds from the fresh issue towards debt payment, funding working capital requirements, investment in its wholly-owned subsidiary Raneal Advanced Systems to fund its capital expenditure expenses and general corporate purposes. According to the company, 75 per cent of the issue size has been reserved for qualified institutional investors, 15 per cent for non-instituti

More companies will have to focus on profitability in future: Nikhil Kamath

If interest rates continue at their current trajectory, the appetite will go down, impacting the consumption and the markets, co-founder of Zerodha and True Beacon said

ICICI Bank Q2 net profit may rise 35% YoY on solid loan book, say analysts

ICICI Bank Q2 preview: Better credit growth, including for mortgages and unsecured loans, should drive up margins, leading to healthy core profitability, analysts said