Ashok Leyland to Invest Rs 1200 Crore in Switch Infra to Expand Product Portfolio, R&D, and Operations
The Board of Directors of Ashok Leyland in their meeting held today, have approved an investment of Rs 1200 cr in Switch Mobility as equity through its holding company Optare PLC UK. The funds infused will be used for capital expenditure, R&D and meeting operational requirements both in UK and India. The funds will be infused over the next few months after necessary statutory approvals in one or more tranches.
Dhanlaxmi Bank Result Rs.51.46 Crore Net Profit of FY23-24
- Recorded Highest Ever half yearly net profit of Rs.5 1.46 crore
- Net Profit increased by 588.24%
- Interest income increased by 13.86%
- Net Interest income increased by 2.50%
- Other income increased by 6 163.64%
- Total Income increased by 28.11%
Standalone Operating profit for Q2 of FY 2023-24 was Rs.23.60 crore.
Lagnam Spintex reports Total Revenue of Rs 92.58 crores in Q2FY24 an increase of 47% from Q2FY23
Lagnam Records 47% Revenue Growth in Q2FY24, Driven by New Product Profile and Expansion into New Markets. Expects Expansion Project to Double Capacity Ahead of Schedule.”
Lagnam, a leading textile manufacturer, has reported a significant increase in revenue for Q2FY24, with a growth of 47% to Rs 92.58 crore compared to Rs 63.05 crores in Q2FY23. This growth is attributed to Lagnam’s new product profile and expansion into new markets, both in exports and domestic markets. In particular, Lagnam has increased its export volumes to countries such as Turkey, Peru, Morocco, Argentina, and South Korea.
Lagnam is excited to announce that their expansion project of 41,472 spindles is on track to complete ahead of schedule, with an expected completion date of April 2024. This project will double Lagnam’s capacity from 35 metric tonnes per day to 70 metric tonnes per day, further strengthening its position as a leading player in the textile industry.
Nalco Approves Interim Dividend Payment of Re.1/- per Share in Meeting Held on 09.11.2023
During the meeting held on November 9th, 2023, the directors of Nalco approved the payment of an interim dividend of Re.1/- per share, which is equivalent to 20% on the face value of Rs.5/- each, on the paid-up equity share capital of Rs. 918.32 crore for the financial year 2023-24. The company has announced that the record date for the payment of the interim dividend will be Wednesday, November 22nd, 2023. Eligible shareholders whose names appear on the records of the company on this date will receive the interim dividend for the financial year 2023-24.
Adani Ports Appoints Mr. Rajkumar Beniwal, IAS as Additional Director
Mr. Rajkumar Beniwal is an officer of the Indian Administrative Service (IAS) from the 2004 batch (Gujarat Cadre), with an experience of nearly two decades of public service. With an academic foundation that includes a B. Tech. degree in Mechanical Engineering from IIT (BHU), Varanasi, and a Master’s in Public Administration from the prestigious Duke University, US, his competence has been reflected time and again in his remarkable handling of various Government of Gujarat assignments. His distinguished track record includes his tenures as Collector & District Magistrate (Mehsana & Ahmedabad), and District Development Officer in Kutch. He has also coordinated two Vibrant Gujarat summits successfully during 2017 and 2018.
RHI Magnesita India reports 63.8% Y-o-Y rise in total income for Q2 FY
RHI Magnesita India Limited, the leading manufacturer and supplier of high-grade refractory products, systems and solutions, has reported consolidated financial results for the Quarter ended September 30th, 2023 (Q2 FY 2023-24). The company registered 63.8% growth in total income compared to the same quarter of the previous financial year. The Q2 FY 2023-24 income stood at Rs. 989.7 crores, as compared to Rs 604.4 crores during the Q2 FY 2022-23. EBITDA for the quarter grew 44% year-on-year to Rs. 150.7 crores. The PBT stood at Rs 97.9 crores during the period as against Rs 97.0 crores during Q2 FY 2022-23.
Inox Wind CRISIL upgrades Inox Wind Limited’s Ratings to A-
Inox Wind Limited (IWL), a prominent wind energy solutions provider and a part of the Inox GFL Group in India, has received an upgrade in its ratings from CRISIL. The upgrade includes a long-term rating upgrade from Crisil BBB+ to Crisil A- and a short-term rating upgrade from Crisil A2 to Crisil A2+ for its banking facilities. The stable outlook of the ratings has also been confirmed by CRISIL.
- CRISIL A-/Stable’ rating for Company’s Long Term Bank Facilities;
- ‘CRISIL A2+’ rating for Company’s Short Term Bank Facilities;
IntellectAI’s eMACH.ai Custody Edge Platform Chosen by India to Transform Custodial Services
One of India’s top banks in terms of market capitalization has partnered with IntellectAI, the WealthTech and InsurTech arm of Intellect Design Arena Ltd., to leverage generative AI technology in the banking industry. The bank has selected IntellectAI’s eMACH.ai Custody Edge platform, which represents a significant milestone in the adoption of cognitive enterprise solutions to reshape custodial services in India. The Custody Edge platform, powered by eMACH.ai, establishes the bank’s leadership in the Indian custodial service industry with its meticulously crafted and composable architecture. It enables the bank to overcome the dynamic challenges inherent in the banking industry, including navigating short market cycles, adapting to evolving regulatory frameworks, managing surging transaction volumes, and capitalizing on burgeoning business prospects. Through this partnership, the bank demonstrates its unwavering commitment to using technology for AI-driven transformation in the financial sector.
Ashoka Buildcon Revenue growth of 21% YoY for Q2 FY24, Order Backlog of Rs. 14,795 Crores
- EBITDA of Rs. 172 Crores with an EBITDA margin of 10.8% in Q2 FY24
- Total Income of Rs. 1,590 Crores in Q2 FY24 against Rs. 1,310 Crores in Q2 FY23
- Total Income of Rs. 3,147 Crores in Q2 FY24 against Rs. 2,820 Crores in Q2 FY23
- EBITDA of Rs. 268 Crores with an EBITDA margin of 8.5% in Q2 FY24
Consolidated Debt is Rs. 7,200 Crores. The Debt on a Standalone basis is Rs. 1,118 Crores; which
comprises of Rs. 220 Crores of Equipment Loans & Rs. 898 Crores of Working Capital loans.
BOT Division recorded a Toll Collection of Rs. 307 Crores in Q2 FY24 which grew by 12% YoY
Stock Market Live Adani : Revolt Motors to Supply Electric Bikes for Adani Green Energy’s Fleet
Revolt Motors, the largest electric motorcycle company in India, has secured an order from Adani Green Energy Limited (AGEL), the largest renewable energy company in India and one of the world’s leading firms in the industry. The order is for eco-friendly electric motorcycles, which will be supplied by Revolt Motors to AGEL’s corporate fleet. This move is in line with AGEL’s strategic priority to reduce its carbon footprint and represents a significant step towards sustainable transportation solutions. Both companies are committed to a greener and cleaner future, and this collaboration highlights the crucial role of businesses in reducing carbon emissions and promoting environmentally responsible transportation options. AGEL’s adoption of electric bikes demonstrates its leadership in promoting the clean energy transition and its unwavering commitment to corporate sustainability.