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

The budget airline owes payments to airports, has placed staff on leave without pay and withheld mandatory social security payments since January 2022

Spicejet

The government on Thursday approved the privatisation of Ferro Scrap Nigam Ltd (FSNL) to Japanese corporation Konoike Transport Co Ltd for Rs 320 crore.
Under the Steel Ministry, FSNL is a 100 per cent subsidiary of MSTC Ltd. The government had received two technically qualified financial bids for the company.
The Alternative Mechanism, comprising Transport Minister Nitin Gadkari, Finance Minister Nirmala Sitharaman and Steel Minister H. D. Kumaraswamy, have approved the highest bid amounting to Rs 320 crore of Konoike Transport Co Ltd for sale of 100 per cent equity shareholding of MSTC Ltd in FSNL along with transfer of management control, a finance ministry statement said.
The 320 crore bid was higher than the reserve price of Rs 262 crore set by the government on the basis of valuation carried out by the Transaction Adviser and Asset Valuer.
The strategic sale of FSNL received two technically qualified financial bids.
The bid submitted by Konoike Transport Co. Ltd at Rs 320 cr

For sale

The bid submitted by Konoike Transport Co. Ltd at Rs 320 crore was the highest of the two bids and was also above the reserve price

Engineering and construction major Shapoorji Pallonji group is gearing up to receive investments of over Rs 2,100 crore from a consortium of global investors led by Deutsche Bank, according to sources.
The global investors are existing investors in the group's investment company Goswami Infratech, which is also one of the promoter companies of Afcons Infrastructure that is scheduled for Rs 7,000 crore IPO early next month.
The group has also sought an extension of payments on non-convertible debentures of up to Rs 2,100 crore, which are due in September, till December this year.
This development comes on the back of the SP Group lining up near-term repayments of nearly Rs 8,000 crore through identified liquidity events, including proceeds from the upcoming IPO Afcons Infrastructure and from the sale ports assets, a person aware of the development said.
"A few global investors in Goswami Infratech Pvt Ltd have agreed in principle to further their investments in the SP Group company,

Shapoorji, Shapoorji Pallonji

Engineering and construction major Shapoorji Pallonji group is gearing up to receive investments of over Rs 2,100 crore from a consortium of global investors led by Deutsche Bank

The US Fed rate cut of 50 basis points will make it easier for the central bank in emerging countries, including India, to slash key policy rates,  Crisil Chief Economist D K Joshi said on Thursday.
Joshi also said Crisil is expecting food inflation to come down for FY25 if monsoon does not play spoilsport at the end of the season.
"US Fed rate cut makes it easier for central banks in emerging countries, including India, to cut rates. But rate cuts in India, I think, will happen when there is a durable reduction in food inflation. And we do expect durable inflation to take place because higher than normal monsoon rains are playing out this year. So, the stars have aligned for rate cuts to happen in India," Joshi told PTI.
"Our forecast is that the RBI may cut key policy rates within this calendar year," he said.
Late Wednesday, the US Federal Open Market Committee voted to cut the federal funds rate target range by 50 bps to 4.75-5 per cent, from 5.25-5.50 per cent, against ...

Dharmakirti Joshi, DK Joshi, Crisil

Crisil Chief Economist D K Joshi said the economy has done reasonably well with the first quarter data showing private consumption is picking up and investments have been strong

Macrotech Developers has increased its stake in three warehousing companies by buying out shares of Ivanhoe Warehousing India Inc. in these firms for Rs 239.56 crore.
The share acquisition in the three firms would help Macrotech Developers in increasing its rental income.
In a regulatory filing, the company said it has executed Securities Purchase Agreements (SPAs) with Ivanhoe Warehousing India Inc in this regard.
It has increased its stake in "Digital Infrastructure Platform entities (Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd), in entirety at a consideration of Rs 239.56 crore, the filing added.
The company's interest post the above acquisition in Bellissimo Digital Infrastructure Development Management Pvt Ltd, Palava Induslogic 4 Pvt Ltd and Bellissimo In City FC Mumbai 1 Pvt Ltd would increase to 70 per cent, 66.67 per cent and 66.67 per cent, respectively, it added.
Macrotech ...

mumbai, real estate, commercial building

In a regulatory filing, the company said it has executed Securities Purchase Agreements (SPAs) with Ivanhoe Warehousing India Inc in this regard

The combined valuation of India's top 75 valuable brands has gone up at an "impressive growth" rate of 19 per cent to USD 450.5 billion, according to the Kantar BrandZ report.
India's leading IT firm TCS remained the most valuable brand for the third straight year, folllowed by HDFC Bank, Airtel, Infosys and SBI, the report said.
"With a brand value of USD 49.7 billion, TCS has seen a 16 per cent rise versus last year, driven by investments in innovation, particularly in AI and digital transformation," it said.
Brands across business sectors have fuelled the growth, with 54 brands boosting their brand value over the past year, according to the Kantar BrandZ MostValuable Indian Brands Report.
"This impressive growth outpaces most other BrandZ rankings globally and closely mirrors the 20 per cent increase seen in the Global Top 100," it said.
Financial services brands dominate the list as 17 brands contributed 28 per cent of the ranking overall brand value. HFDC Bank is second with 

TCS, Tata Consultancy Services

India's leading IT firm TCS remained the most valuable brand for the third straight year, folllowed by HDFC Bank, Airtel, Infosys and SBI, the report said

Real change, and not condolences, is what is needed and India Inc must take steps, including setting clear work-life 'boundaries' and holding leaders responsible for toxic work environments, to foster a healthier workplace culture, RPG Enterprises Chairman Harsh Goenka said on Thursday.
Reacting to the death of a 26-year-old chartered accountant, who worked with Ernst & Young, allegedly due to extreme work pressure at the firm, Goenka listed six actions, in a post on X, for India Inc to take urgently "following Anna Sebastian Perayil's of EYs tragic death to foster a healthier workplace culture".
He called for implementation of mental health programmes, manageable workloads, and wellness initiatives to prioritise well-being, while also recommending support to new hires by offering mentorship to help employees adjust to new roles and environments.
Asking corporates to tackle burnout, Goenka called them to "end the glorification of overwork; reward efficiency, not long ...

Harsh Goenka, RPG Enterprises Chairman

He called for implementation of mental health programmes, manageable workloads, and wellness initiatives to prioritise well-being, while also recommending support to new hires

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

Spacetech startups are harnessing artificial intelligence and 'deep technologies' like Blockchain and Internet of Things to transform industries and solve pressing societal challenges

Xovian Aerospace

In just 10 months since its launch in India, Schmooze said it has attracted over 1 million users and witnessed 900 million meme swipes

Vidya Madhavan, Founder, Schmooze

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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