Page 7 - Indian Companies

65% Indian firms now employing gig workers amid tech talent crunch: Report

While the share of organisations employing gig workers has increased, their proportion remains less than 5 per cent of the total workforce (in companies with more than 2,000 full-time employees).

Nykaa's strong performance in Sept quarter bucks new-age tech bloat

Nykaa has already expanded to 15 cities, not states. Ergo fulfilment costs are already down. Distance from warehouse to customer has therefore, shrunk

Mansukh Mandaviya asks companies to invest in India's chemicals industry

Chemicals and Fertilisers Minister Mansukh Mandaviya on Wednesday said the central government is pro-poor, pro-farmer and also industry friendly, and exhorted domestic as well as global companies to invest in the country's chemicals industry. He also said the government is creating an industry-friendly environment and consulting all stakeholders before framing any policy. Speaking at the event India Chem 2022 here, the minister also emphasised on industrial development in India and said an eco-system is being created for holistic growth. While stressing that all the "critical requirements" should be produced locally, he said there is a need to boost India's exports and reduce imports. Talking about the chemical industry, Mandaviya said there is a huge opportunity in the chemical and petro-chemical sector, and asked corporates to make investments to increase manufacturing capacities. "India is a best destination for investment. It is the biggest democracy with best judicial system

Cholamandalam Investment and Finance posts 7% dip in Q2 net profit

CIFC's total income increased by 22 per cent from Rs 2,481 crore during the second quarter of 2022-23 from Rs 3,038 crore during the same period last financial year

Tech Mahindra Q2 net down 4% YoY to Rs 1,285 cr on supply side pressure

Profit was up sequentially, however; Revenue rose 20.7% YoY and 3.3% QoQ, driven by growth in CME segment and the US market

L&T Q2 net profit rises 22.5%, revenue up 23% on strong order inflows

In Q2, the company gained from strong order inflows in the domestic market, with consolidated revenue from operations increasing by 23 per cent to Rs 42,763 crore in the period

BHIVE Workspace completes 1 mn sq ft of shared office space in Bengaluru

Newest facility spread across 23,000 sq ft and with 700 seats comes up at Whitefield

About 4,000 jobs posted every day during festival season: Apna.co report

200,000 job opportunities created between Sep 1 and Oct 27; business development, telemarketing and sales among categories with highest number of vacancies

AMNS India to invest Rs 60,000 crore to expand Hazira plant: Chairman

ArcelorMittal's arm AMNS India will invest Rs 60,000 crore to scale up capacity of its steel plant here to 15 million tonnes (MT), the company's chairman Aditya Mittal said on Friday. The existing capacity of the plant is 9 MT. "We will invest Rs 60,000 crore to increase capacity of our plant to 15 MT," Mittal said after performing the "Bhoomi Pujan" at the plant, which marked the start of the expansion project. The investment will also be for installation of new steel making technologies, setting up new-age machineries and increase product mix, he said. Mittal said a round-the-clock renewable energy source will also be set up to supply green energy to the plant. The investment will create over 60,000 crore job opportunities across the country in various verticals of the company, the chairman said. Mittal is also the CEO of parent company ArcelorMittal which holds 60 per cent equity in AMNS India. In 2019, ArcelorMittal along with Japan's Nippon Steel completed the acquisition o

Vedanta's net profit declines 61% to Rs 1,808 crore in July-September

Vedanta Ltd on Friday reported a 60.8 per cent decline in consolidated net profit at Rs 1,808 crore for the quarter ended September 30 on the back of higher expenses. The company had posted a consolidated net profit of Rs 4,615 crore in the year-ago period, Vedanta Ltd said in a regulatory filing. The company's expenses during the July-September period increased to Rs 33,221 crore from Rs 23, 171 crore in the year-ago period. Its consolidated income during the quarter under review increased to Rs 37,351 crore from Rs 31,074 crore last year. Vedanta is a diversified natural resources company.

IIFL Finance's Q2 net profit rises 36% to Rs 397 crore; total income up 19%

IIFL Finance on Wednesday reported a 36 per cent rise in its consolidated net profit at Rs 397 crore in the September quarter. The non-banking finance company had posted a net profit of Rs 292 crore in the same quarter of the preceding fiscal year. The company's total income during the July-September period of 2022-23 rose to Rs 2,051.44 crore as against Rs 1,713.37 crore in the year-ago period, it said in a regulatory filing. The consolidated statement includes results of four subsidiaries -- IIFL Home Finance, IIHFL Sales Ltd, IIFL Samasta Finance and IIFL Open Fintech Pvt Ltd.

Crompton Electricals reports 18% drop in Q2 profit as expenses surge

Indian household appliance maker Crompton Greaves Consumer Electricals reported a near 18% drop in September-quarter profit, dented by higher expenses and subdued performance

Kerala-based IT firms secure business leads worth Rs 80 crore at GITEX

Over 2,000 business leads worth Rs 80 crore were generated by the IT companies from Kerala which took part in the recently concluded global IT exhibition (GITEX) at the Dubai World Trade Centre in the United Arab Emirates (UAE). Thirty IT companies from the three IT parks in Kerala -- Technopark, Infopark and Cyberpark -- showcased their products and service at the GITEX. "Nearly two dozen business deals have been finalised by various companies during the 5-day event," Kerala IT Parks said in a release. The pavilion of the Kerala IT parks at the expo was organised by group of technology companies (GTech), an industry body of IT and business process management (BPM) organisations in Kerala, it said. The event attracting the best IT talent and IT solution seeking entrepreneurs from around the globe was a perfect platform to network and partner up with a number of entities. CEO of Kerala IT Parks Snehil Kumar Singh said the IT sector in the State was witnessing fast-paced growth and

Dabur India to acquire 51% stake in Badshah Masala in Rs 587.52-cr deal

Home-grown FMCG firm Dabur India on Wednesday said it will acquire 51 per cent stake in Badshah Masala in a Rs 587.52-crore deal, marking its entry in the fast-growing spices and seasoning category. The company has signed definitive transaction agreements to acquire 51 per cent shareholding of Badshah Masala Pvt Ltd, a firm engaged in manufacturing, marketing and export of ground spices, blended spices and seasonings, said a joint statement. "The acquisition is in line with the company's strategic intent of entering into new adjacent categories in the food space," Dabur India said in a regulatory filing. Over the acquisition cost, Dabur India said "51 per cent equity shareholding has been agreed at Rs 587.52 crore less proportionate debt as on the closing date", with the Badshah enterprise being valued at Rs 1,152 crore. While the balance 49 per cent of the equity share, Dabur said is "to be acquired after a period of 5 years." With this acquisition, Dabur India aspires to "expand

PCBL posts 4.9% fall in second-quarter profit on rise in total expenses

Indian carbon black maker PCBL Ltd reported a 4.9% fall in second-quarter profit on Wednesday, as higher costs offset robust sales of the tire strengthening material

DCCDL office rent income up 14% to Rs 801 cr; retail assets revenue up 54%

Realty major DLF's rental arm DCCDL has reported a 14 per cent increase in office rental income to Rs 801 crore and 54 per cent rise in revenue from retail properties to Rs 184 crore during the quarter ended September 30. DLF Cyber City Developers Ltd (DCCDL) is a joint venture between DLF Ltd and Singapore's sovereign wealth fund GIC. DLF has nearly 67 per cent stake in the JV firm, while GIC has the remaining. In an investors presentation for the July-September quarter, DLF has also informed about the operational and financial performance of its JV firm DCCDL, which holds the bulk of its rent-yielding office and retail real estate portfolio. Some commercial properties are still being held by the parent company DLF. DCCDL's office rental income grew 14 per cent to Rs 801 crore during the second quarter of this fiscal, from Rs 701 crore in the year-ago period. Its retail revenue rose 54 per cent to Rs 184 crore from Rs 120 crore. Total rental income rose 20 per cent to Rs 986 crore

Future Retail insolvency: Deadline for bids extended to November 3

The deadline for submission of expression of interest for debt-ridden Future Retail Ltd (FRL) has been extended by almost two weeks to November 3. As per the modified invitation of expression of interest (EoI) for the Future Group firm undergoing Corporate Insolvency Resolution Process (CIRP), the last date for the prospective buyers to submit their EOI is November 3. Earlier, the last date for the prospective resolution applicants (PRA) for submission of EoI was October 20, 2022. Now, a final list of PRAs will be published on November 20, 2022 and the deadline for the submission of the resolution plan is December 15, 2022, as per the modified invitation for submitting EoI. "It is clarified that the EOIs submitted by all interested prospective resolution applicants... prior to this corrigendum and Modified IEOI shall continue to be considered in the ongoing corporate insolvency resolution process of FRL and need not be resubmitted," it added. PRAs should have a minimum tangible ne

Byju's to raise $600 mn, in talks with Abu Dhabi's sovereign wealth funds

The funds are being raised at a time when the company said it is in the sweet spot of its growth story and the capital its invests in its business now will result in profitable growth

Best Agrolife Q2 profit up five-fold to Rs 129.81 cr; total income doubles

Agro chemicals firm Best Agrolife Ltd has clocked an over five-fold jump in its consolidated net profit at Rs 129.81 crore for the quarter ended September on higher sales. Its net profit stood at Rs 25.18 crore in the year-ago period, the company said in a statement. Total income also more than doubled to Rs 701.17 crore in the second quarter of this fiscal year from Rs 324.71 crore in the corresponding period of the previous year. Best Agrolife Managing Director Vimal Alawadhi said the sales of newly launched products have been good. "Our plants have achieved higher capacity utilization and we have many revolutionary products in the pipeline," he added. Alawadhi said the company's R&D team specialises in innovating new molecules. "We have crafted a niche for ourselves in the agrochemical industry by receiving one or two patents for significant formulations consecutively in the last few years," he said. Alawadhi said the company would come up with tailor-made crop solutions to t

Birlasoft Q2 net profit up 11.6% to Rs 115 crore, revenue jumps 17%

IT company Birlasoft on Friday posted an 11.6 per cent increase in consolidated net profit to Rs 115 crore in the second quarter ended September 30, 2022. The company had registered a net profit of Rs 103 crore in the same period a year ago. The consolidated revenue from operations grew by 17.8 per cent to Rs 1,192 crore during the reported quarter from Rs 1,011.68 crore. "Our steady performance continued in the second quarter with revenue growth of 17.8 per cent year-on-year (YoY), led by our manufacturing and BFSI verticals. "New deal momentum continued to be healthy with a growth of 32.6 per cent YoY and 22.8 per cent sequentially. We witnessed broad-based YoY growth across client buckets as they continue to drive our performance," Birlasoft Managing Director and Chief Executive Officer Dharmender Kapoor said in a statement. He said there was a healthy deal momentum, with total contract value (TCV) of USD 166 million and revenue from the top-20 clients growing by 13.1 per ...