Business conglomerate Godrej Industries Ltd on Tuesday reported an 81 per cent increase in consolidated net profit at Rs 322.49 crore for the April-June quarter of 2024, on higher income.
Its net profit stood at Rs 178.06 crore in the year-ago period.
Total income increased to Rs 5,259.41 crore in the April-June period of 2024-25 fiscal, from Rs 4,893.40 crore in the corresponding period of the previous year, according to a regulatory filing.
Godrej Industries has presence in chemicals, estate management (real estate), finance & investments.
On business performance of its subsidiaries, joint ventures and associate companies, Godrej Industries said the consolidated sales of Godrej Consumer Products Ltd (GCPL) stood at Rs 3,311 crore in the first quarter of this fiscal.
Godrej Properties' total Income grew to Rs 1,638 crore in April-June period of this fiscal, from Rs 1,315 crore in the year-ago period.
Godrej Agrovet's total income declined to Rs 2,360 crore in the period under ..

Godrej Industries has presence in chemicals, estate management (real estate), finance & investments

Patel Engineering Ltd on Tuesday reported a 25.81 per cent rise in its consolidated net profit to Rs 48.17 crore in the April-June quarter of 2024.
It had posted a Rs 38.29 crore net profit from operations during the year-ago period, the company said in an exchange filing.
The company's revenue from operations declined by 1.52 per cent to Rs 1,101.66 crore in the June quarter.
It was at Rs 1,118.61 crore in the year-ago period.
Patel Engineering's Managing Director Kavita Shirvaikar said, "Our focus remains on delivering long-term value for our stakeholders while continuously enhancing operational efficiency and output."
"With this strong foundation in place, we are poised to build a brighter future for Patel Engineering Limited and creating lasting value for India's infrastructure development," she added.
The Mumbai-based engineering, procurement, and construction firm has a strong presence in tunnels and underground works for hydroelectric and dam projects.

It had posted a Rs 38.29 crore net profit from operations during the year-ago period, the company said in an exchange filing

Nykaa Q1FY25 results: Ebitda surged over 30% Rs 96 crore in April-June quarter compared to Rs 73 crore last year

Delhi Police Economic Offences Wing (EOW) has arrested a family member of BharatPe co-founder Ashneer Grover in connection with the alleged misappropriation of funds with the fintech company, police officials said on Friday.
Deepak Gupta, who is a brother-in-law of Grover, was arrested on Friday, they said.
Gupta was named in the FIR which was registered against Grover, his wife Madhuri Jain and their family member in May 2023 in the Rs 81-crore fraud case, an officer said, adding that Gupta is being interrogated.
Gupta's arrest is the second arrest in this case so far, officials said.
In August this year, the EOW had arrested Amit Kumar Bansal, who allegedly was one of the members of the non-existing firms that had received payments of Rs 72 crore from the then directors of BharatPe between 2019 and 2021.
BharatPe has accused Grover and his family of causing losses to the firm to the tune of about Rs 81.3 crore through illegitimate payments to bogus human-resource consultants, ..

Ashneer Grover

In August this year, the EOW had arrested Amit Bansal, who allegedly was a member of the non-existing firms that had received payments of Rs 72 cr from then directors of BharatPe between 2019 and 2021

B2B e-commerce unicorn Moglix on Friday announced its plans to invest USD 50 million to support the expansion of its supply chain financing subsidiary, Credlix, into the US and Mexico.
Credlix will offer collateral-free financing solutions that improve cash flow, reduce financial burdens, and enable SMEs to scale operations in the US and Mexico.
"Credlix has announced its expansion into the USA and Mexico, backed by USD 50 million in funding from Moglix," a company statement said.
"The decision to invest was made within this financial year. The investment will be phased within the year. Additionally, Moglix will continue to invest long term," Moglix Founder and CEO Rahul Garg said.
Credlix's expansion focuses on the manufacturing sector, including key industries such as automotive, textiles and apparel, aerospace components, industrial and consumer chemicals, agriproducts, and electronics, the statement said.
"Just as we've supported manufacturing and infrastructure businesses in 

US dollar

Credlix will offer collateral-free financing solutions that improve cash flow, reduce financial burdens, and enable SMEs to scale operations in the US and Mexico

Of this issue, Rs 1,104 crore will be invested by the promoters of Reliance Infrastructure through the promoter company Risee Infinity Private Limited. Risee will subscribe to 46 million shares

reliance infrastructures rinfra

The latest round of funding comes eight months after the company raised $37 million in a Series F round

A number of non-banking financial companies (NBFCs) have tapped into the debt capital market ahead of the festival season to meet increasing credit demand as bank funding slows.

The rating agency, in a statement placed on its website, said the assets under management (AUM) of IFL's gold business shrunk to Rs 14,727 crore as of June 30, 2024

IIFL Finance

Axis Capital on Friday said it is exploring legal remedies against markets regulator Sebi's order restraining the firm from taking up new assignments as a merchant banker for the debt segment.
In a statement, the company clarified that Sebi has not imposed any other restrictions on Axis Capital and it will continue to operate all other business activities in the ordinary course in equity capital markets, infrastructure investment trusts (InvITs), real estate investment trust (REITs), M&A, private equity and institutional equities domain.
On Thursday, the Securities and Exchange Board of India (Sebi), in an interim ruling, prohibited Axis Capital from taking up any new assignments in the capacity of a merchant banker, arranger or underwriter for any issue or offer for sale of securities in the debt segment. This restriction will remain in place until further orders.
"ACL (Axis Capital Ltd) provided guarantee/indemnity towards redemption of NCDs (non-convertible debentures) in the ..

Axis Bank, Axis

Axis Capital, a subsidiary of Axis Bank, clarified that it has not taken on any new assignments in the debt segment for over a year

The centre forms part of TCS' European delivery network, facilitating the delivery of hyper-connected services

Information technology major Tata Consultancy Services (TCS) on Friday termed the tax demand notices received by several of its employees a “discrepancy,” and the tax department will be reprocessing the returns.

DPIIT, which comes under the commerce and industry ministry, has referred a complaint of alleged unfair business practices against quick commerce players to the Competition Commission, according to sources.
The complaint was submitted by the All India Consumer Products Distributors Federation (AICPDF) to the Union Commerce and Industry Ministry.
Quick commerce platforms are those that typically deliver goods within 10 to 30 minutes.
The Competition Commission of India (CCI), which works to ensure fair business practices across sectors in the marketplace, is already looking into alleged anti-competitive ways of e-commerce companies.
The sources in the know on Friday said the Department for Promotion of Industry and Internal Trade (DPIIT) has referred a complaint made against quick commerce players to CCI.
There was no immediate comment from CCI on the issue.
When contacted for comments on the complaint, AICPDF President Darshil Patil said he has come to know that the letter writte

e-commerce

The complaint was submitted by the All India Consumer Products Distributors Federation (AICPDF) to the Union Commerce and Industry Ministry

Edtech unicorn PhysicsWallah said on Friday it has raised USD 210 million in a funding round led by Hornbill Capital at a 2.5 times higher valuation of USD 2.8 billion.
Lightspeed Venture Partners, along with existing investors GSV and WestBridge, also participated in the funding round.
"PhysicsWallah Pvt Ltd (PW) has closed its series B funding round, raising USD 210 million. This investment brings the company's post-money valuation to an impressive USD 2.8 billion, 2.5x (times) jump over its last valuation of USD 1.1 billion," the company said in a statement.
There has been a long dry spell of significant funding in the Indian edtech sector with a significant dip in the valuation of large edtech firms.
"PhysicsWallah's funding round serves as a beacon of optimism amidst challenging times for the edTech sector, showcasing the unwavering confidence of both existing and new investors in PhysicsWallah's growth and its mission to democratise education across India," the company said.

Alakh Pandey, founder and CEO, PhysicsWallah.

There has been a long dry spell of significant funding in the Indian edtech sector with a significant dip in the valuation of large edtech firms

Nykaa has expanded its supply chain network to 44 warehouses across India by FY24, up from 18 in FY21

Nykaa, FSN, Makeup, E-commerce

Digital lending company Fibe sanctioned 46.6 million loans in H2FY24, showing an 8.4 per cent increase from H1FY24. The firm has raised a total of $228 million in funding since its inception in 2015

Ashish Goyal

Sharma talks about Bajaj's mega electric vehicle play

Rakesh Sharma, executive director, Bajaj Auto

He says AI provides a huge opportunity for Indian languages to expand their reach

Vishnu Vardhan, founder, SML Generative AI

BYD plans to expand its sales touchpoints, aiming to double their number within the next 6 to 8 months, Rajeev Chauhan said

Rajeev Chauhan, Head of Electric Passenger Vehicles (EPV) Business, BYD India

There is a vast universe of fintechs out there and we would be reaching out to everyone to be a part of FACE. We do not have a threshold of scale or business model, said Sugandh Saxena, CEO, FACE

Sugandh Saxena, CEO, FACE

Anuj Tyagi discusses the insurers' plans on the focus areas of the retail line of businesses

Anuj Tyagi, MD & CEO, HDFC ERGO  General Insurance

He gives insights into the plans to increase margins for Firstsource in the next 30 months through organic and inorganic growth

Sanjiv Goenka, Chairman, RPSG

We are very quickly going to announce the timeline of our launches, which should start giving us the turnaround, MD and CEO Venkatram Mamillapalle

Venkatram Mamillapalle, CEO & Managing Director, Renault India

To tackle the growing load on its service outlets, M&M is increasing productivity, expanding bay capacity, and rolling out remote software updates

Nalinikanth Gollagunta

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