Vi partners with L&T for trials of 5G-based smart city solutions
Vodafone Idea (Vi) has partnered with engineering and construction conglomerate Larsen & Toubro (L&T) for a pilot project to test 5G-based smart city solutions. Both companies will test and validate 5G use cases based on Internet of Things (IoT) and Video Artificial Intelligence (AI) technologies by leveraging L&T’s Smart City Program (Fusion) to address the challenges of urbanization, safety, and security. The trial will be conducted in Pune, and city residents will be offered 5G-based smart solutions.
Read more here.
UltraTech Cement Q2 Results: Net profit rises 0.3% YoY to Rs 1,314 crore
UltraTech Cement reported a 0.3% year-on-year (YoY) increase in consolidated net profit to Rs 1,314 crore for the quarter ended Sept (Q2 FY22). Net profit declined by 22.85% compared to the previous quarter. Its revenue from operations rose 14.4% YoY to Rs 11,743 crore during the same period. The company expects to resume coal mining operations at Bicharpur (Madhya Pradesh) in December to reduce dependence on external sources of coal.
Read more here.
TCS partners with Japan-based Cainz to drive business transformation
Cainz Corporation has selected Tata Consulting Services (TCS) to boost its digital transformation, improve customer experience, and drive growth. Cainz Corp is a home improvement company based in Japan. Under this partnership, TCS will help Cainz by developing ‘Find in CAINZ’, a mobile application for customers and store associates for identifying the location and availability of products in a store. TCS will also set up a Global Development Centre for Cainz to help the company scale up its co-development initiatives.
Read more here.
Hatsun Agro Product Q2 Results: Net profit rises 24.8% YoY to Rs 82 crore
Hatsun Agro Product Ltd reported a 24.79% YoY increase in net profit to Rs 82.09 crore for the quarter ended Sept (Q2 FY22). Net profit rose 40.75% compared to the previous quarter. Its revenue from operations rose 23.24% YoY to Rs 1,635.42 crore during the same period. Hatsun Agri Product is a private sector dairy company based in Chennai. It is engaged in the manufacturing and sale of milk, milk products, and ice cream.
Equitas SFB to raise Rs 1,000 crore via QIP
Equitas Small Finance Bank (SFB) has announced a proposal to raise Rs 1,000 crore through a qualified institutional placement (QIP). This will help the lender meet the 25% minimum public shareholding criterion stipulated by market regulator SEBI. Public shareholding in the company stood at 18.25% as of June 2021. The promoter, Equitas Holdings Ltd, holds the remaining stake.
Read more here.
Paras Defence to incorporate a company in association with Krasny Defence Tech
The Board of Directors of Paras Defence and Space Technologies has approved a proposal to incorporate a company in association with Krasny Defence Technologies Pvt Ltd. The associate company will be engaged in the field of maintenance, servicing, and repairs of defence equipment & naval vessels. The incorporation of the entity is subject to the approval of the Ministry of Corporate Affairs (MCA) and other statutory authorities.
Read more here.
L&T Infotech Q2 Results: Net profit rises 21% YoY to Rs 551 crore
L&T Infotech Ltd reported a 21.05% YoY increase in consolidated net profit to Rs 551.5 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 11.12% when compared to the previous quarter. Its revenue from operations rose 8.8% YoY to Rs 3,767 crore during the same period. The growth in margins in Q2 was subdued due to strong hiring.
Granules India receives USFDA approval for Dofetilide capsules
Granules India has received approval from the US Food & Drug Administration (USFDA) for Dofetilide capsules. The drug is indicated for the maintenance of normal sinus rhythm (delay in time to recurrence of atrial fibrillation) in patients with atrial fibrillation of greater than one week duration. Atrial fibrillation is an irregular, often rapid heart rate that causes poor blood flow. The product will be manufactured at the pharma company’s GPI facility located in Virginia, USA, and will be launched shortly.
Read more here.
Tata Coffee Q2 Results: Net profit rises 46.72% YoY to Rs 34 crore
Tata Coffee Ltd reported a 46.72% YoY increase in net profit to Rs 34.04 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 18.85% compared to the previous quarter. Its revenue from operations rose 0.94% YoY (or 2.98% QoQ) to Rs 548.52 crore during the same period. The company’s Plantations vertical posted an 18% YoY decline in total revenues to Rs 79 crore in Q2. The value-added products vertical registered a revenue growth of 6.2% YoY to Rs 479 crore.
Route Mobile Q2 Results: Net profit rises 28% YoY to Rs 42 crore
Route Mobile reported a 28.3% YoY increase in consolidated net profit to Rs 42.17 crore for the quarter ended Sept (Q2 FY22). Net profit increased by 24.69% compared to the previous quarter. Its total income rose 23.6% YoY (or 14.7% QoQ) to Rs 438.11 crore during the same period. Route Mobile has received shareholders’ approval to raise Rs 2,000 crore through the sale of securities.
Read more here.
NCLT gives approval to creditors, shareholders of Reliance Retail to hold meetings for proposed Future Group deal
The National Company Law Tribunal (NCLT) has allowed the creditors and shareholders of Reliance Retail Ventures Ltd (RRVL) to hold meetings to seek approval for the company’s proposed Rs 24,700 crore deal with the Future Group. On October 1, 2021, RRVL extended the long-stop date for the completion of its deal with Kishore Biyani-led Future Group by another six months to March 2022. This was due to the delays ensuing from the ongoing legal battle with the US-based Amazon.com, Inc.
Read more here.
