Adani Ports acquires 100% stake in marine services firm Ocean Sparkle
Adani Ports & Special Economic Zone Ltd’s (APSEZ) subsidiary, Adani Harbour Services Ltd, has entered into a definitive agreement for the acquisition of a 100% stake in Ocean Sparkle Ltd (OSL). OSL ranks first in India and 11th globally in providing end-to-end marine services. Key activities carried out by OSL include towage, pilotage, and dredging. It has an asset base of 94 owned vessels and 13 third-party-owned vessels.
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Hindustan Zinc Q4 Results: Net profit rises 18% YoY to Rs 2,928 crore
Hindustan Zinc ltd reported an 18% YoY increase in consolidated net profit to Rs 2,928 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 26.6% YoY (or 10% QoQ) to Rs 8,797 crore during the same period. EBITDA stood at Rs 5,007 crore, up 29% YoY or 14% QoQ. Mined metal production increased by 2.6% YoY to 295 metric kilotonnes.
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Nykaa makes investments in Earth Rhythm, Nudge Wellness, Kica Active
Nykaa has made strategic investments in brands across the clean beauty, athleisure, and nutri-cosmetics categories. The company has acquired an 18.51% stake in Earth Rhythm, a clean beauty and personal care cosmetics brand, for Rs 41.65 crore. It has acquired a 60% stake in dietary supplement and nutri-cosmetics products maker Nudge Wellness. Nykaa has also acquired Kica, an activewear athleisure brand, for Rs 4.51 crore.
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Tejas Networks Q4 Results: Net loss at Rs 49 crore
Tejas Networks Ltd reported a net loss of Rs 49.62 crore for the quarter ended March (Q4 FY22). The company had posted a net profit of Rs 33.5 crore in Q4 FY21 and a loss of Rs 24 crore in Q3 FY22. Its revenue from operations fell 37.2% YoY to Rs 126.5 crore in Q4 FY22. Tejas Network’s order book stood at Rs 1,175 crore, up 73% YoY.
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Zen Tech secures order worth Rs 55 crore
Zen Technologies Ltd has signed an annual maintenance contract worth Rs 55 crore for simulators for a period of 5 years. The company’s total order book stands at Rs 477.04 crore. Hyderabad-based Zen Tech designs, develops, and manufactures world-class, state-of-the-art training simulators.
Allied Digital Services secures order worth Rs 85 crore
Allied Digital Services Ltd has secured an order from the Lucknow Safe City Project worth Rs 85 crore. The order includes setting up a city-wide surveillance system, artificial intelligence-based video analytics, integrated smart control room, data center, and cloud-based disaster recovery. The project has to be executed within 9 months. Allied Digital is an IT service management company based in Mumbai.
Wendt India Q4 Results: Net profit rises 40.9% YoY to Rs 7.47 crore
Wendt India Ltd reported a 40.94% increase in consolidated net profit to Rs 7.47 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 4.25% YoY to Rs 47.30 crore during the same period. Wendt India’s board has declared a final dividend of Rs 45 per share. The company manufactures and sells super abrasives, high precision grinding, honing, special purpose machines, and high precision components.
Maruti Suzuki plans its biggest product offensive to regain market share
Maruti Suzuki India is on track to execute one of its biggest product offensives this financial year (FY23). It aims to regain market share despite the uncertainties in the current business environment. The automaker launched the all-new XL6, a premium multipurpose vehicle (MPV) priced between Rs 11.29-14.55 lakh. An SUV jointly developed with Toyota, codenamed YFG, will take on segment leader Hyundai Creta. Meanwhile, the all-new Jimny is expected to challenge Mahindra Thar.
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Future Group lenders reject Reliance’s retail assets deal: Report
Lenders have rejected the slump sale proposal of Kishore Biyani’s Future Group to Reliance Retail Ventures (RRVL). The rejection by lenders comes amid a long-drawn legal challenge by US-based Amazon.com Inc. The e-commerce giant has accused Future of violating certain contracts by dealing with Reliance.
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