Veranda Learning acquires TIME for Rs 287 crore
Veranda Learning Solutions Ltd has signed an agreement to acquire T.I.M.E. (Advanced Education Activities Pvt Ltd) for Rs 287 crore. The acquisition includes the business of Spoken English Training under the VETA brand and pre-school operations under the T.I.M.E. Kids brand. This move will help Veranda foray into the MBA, NEET & JEE preparation and pre-school segment.
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Tata Motors to deploy 5,000 XPRES T Electric Sedans with Lithium Urban Tech
Tata Motors has partnered with Lithium Urban Technologies to deploy 5,000 XPRES T electric sedans across India for employee transportation. The automaker will commence deliveries in phases and will complete the deployment by next year. In July 2021, Tata Motors launched the “XPRES” brand exclusively for fleet customers. XPRES-T EV is the first vehicle under this brand.
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RIL to auction 12 mmscmd gas from MJ Field
Reliance Industries Ltd (RIL) will call bids for 12 million metric standard cubic metres per day (mmscmd) of gas from its MJ Field in the eastern offshore Krishna Godavari D6 block. The MJ Field is the third and last set of discoveries that RIL is developing in the KG-D6 block. RIL owns a 66.67% stake in the block, while its partner BP holds 33.33%.
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Future Group to focus on saving, rebuilding Future Lifestyle & Future Supply Chain: Report
Future Group will reportedly focus on saving and rebuilding Future Lifestyle Fashions, Future Supply Chain Solutions, Future Consumer, and Future Enterprises. The move comes after the Rs 24,713-crore deal with Reliance Retail was rejected by secured creditors. Future Group’s flagship firm, Future Retail Ltd, is bound to face the corporate insolvency resolution process before the National Company Law Tribunal (NCLT). FRL has nearly Rs 18,000 crore in debt.
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Shilpa Medicare arm gets NOC to conduct clinical trials for its Biosimilar Aflibercept
Shilpa Biologicals Pvt Ltd (SBPL) has received a No-Objection Certificate (NOC) from RCGM, Dept of Biotechnology, to approach the Drugs Controller General of India (DCGI) to conduct clinical studies for its Biosimilar Aflibercept. The biosimilar is used to treat wet macular degeneration and metastatic colorectal cancer. Shilpa Medicare aims to ensure global accessibility of the product via differentiated pricing and formulations/delivery mechanisms.
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Eveready Industries Q4 Results: Net loss at Rs 38.4 crore
Eveready Industries India Ltd (EIIL) reported a net loss of Rs 38.41 crore for the quarter ended March (Q4 FY22). The company had posted a net loss of Rs 442.5 crore in Q4 FY21 and a loss of Rs 23.71 crore in Q3 FY22. Its revenue from operations fell 12% YoY (or 26% QoQ) to Rs 241 crore in Q4 FY22. EIIL is one of India’s leading battery, lighting, flashlights, and appliance solutions companies.
Bank of India to raise up to Rs 2,500 crore via share sale
Bank of India has announced plans to raise up to Rs 2,500 crore by issuing fresh equity shares in the form of a qualified institutional placement (QIP) or preferential issue. The lender aims to bring down the total promoter holding to equal to or below 75% to comply with minimum shareholding norms. Currently, the Indian government holds an 81.41% stake in the bank.
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GMDC Q4 Results: Net profit at Rs 177 crore
Gujarat Mineral Development Corporation (GMDC) reported a net profit of Rs 176.99 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 184.63 crore in Q4 FY21. Its consolidated income rose 80.3% YoY to Rs 1,096.97 crore in Q4 FY22. GMDC’s board has declared a dividend of Rs 4.30 per share.
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Maharashtra Scooters Q4 Results: Net profit falls 44% YoY to Rs 1.57 crore
Mahindra Scooters Ltd reported a 44.13% YoY decline in net profit to Rs 1.57 crore for the quarter ended March (Q4 FY22). Net profit fell 52.4% when compared to the previous quarter. Its revenue from operations fell 21.85% YoY to Rs 5.83 crore during the same period. The company’s board has declared a dividend of Rs 80 per share.
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Mindtree partners with Sapiens to drive digital transformation for insurers
Mindtree Ltd has partnered with Sapiens International Corporation to help insurance companies drive digital transformation. The partnership will focus on North America and subsequently grow into Europe and Asia. Sapiens’ industry-leading, cloud-native suite of banking & insurance applications and Mindtree’s deep domain knowledge and expansive delivery capabilities will enable insurance companies to increase scale and improve customer satisfaction.
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Tatva Chintan Q4 Results: Net profit falls 17% YoY to Rs 17.5 crore
Tatva Chintan Pharma Chem Ltd reported a 17% YoY decline in consolidated net profit to Rs 17.5 crore for the quarter ended March (Q4 FY22). Net profit fell 23% when compared to the previous quarter. Its revenue from operations fell 9.3% YoY (or 6% QoQ) to Rs 98.5 crore during the same period. EBITDA stood at Rs 22.31 crore, down 17.55% YoY. The chemical company’s board has declared a final dividend of Rs 2 per share.
Century Textiles Q4 Results: Net profit at Rs 84 crore
Century Textiles & Industries Ltd reported a consolidated net profit of Rs 84.43 crore for the quarter ended March (Q4 FY22). It had posted a net loss of Rs 4.89 crore in Q4 FY21. Its revenue from operations rose 44.6% YoY to Rs 1,186.22 crore in Q4 FY22. EBITDA grew 66.25% YoY to Rs 133 crore during the same period.
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