BUSINESS
Adani Enterprises' consolidated EBIDTA increased 45% to Rs 4,726 cr in FY22
The financial highlights FY22 on a year-on-year (YoY) basis: AEL's total income increased by 75 per cent to Rs 70,433 crore on account of significant increase in prices in IRM segment. Its EBIDTA increased by 45 per cent to Rs 4,726 crore post consolidation of Mumbai Airport w.e.f. Q2 FY22 and higher margins in IRM business.
Biden earmarks $3.16 bn for battery manufacturing to end China's dominance
The US Department of Energy (DOE) also announced a separate $60 million to support second-life applications for batteries once used to power EVs, as well as new processes for recycling materials back into the battery supply chain.
Domestic mutual funds invest Rs 4,002 cr in LIC IPO under anchor quota
SBI Mutual Fund reportedly invested around Rs 1,007 crore, becoming the largest investor in the anchor book quota.The insurance major mobilised a total of Rs 5,627 crore from anchor investors on Monday. An anchor investor in an IPO is a qualified institutional buyer (QIB) which invests before the IPO is made available to the public, as per market regulator SEBI's regulations, in order to instill confidence among investors.
Healthcare automation firm Element5 raises $30 mn, to hire more in India
Element5's 100-member strong team in India, primarily in Chennai, has engineers and product developers, including RPA (robotic process automation) developers, quality analysts and business analysts, among others.
Global hearables market to exceed 200 mn units by 2024
This represents total growth of 30 per cent over the next two years, according to Juniper Research. The US and Germany will grow to account for 50 per cent of total hardware revenue from emerging hearables use cases by 2024.
Adani Wilmar acquires popular rice brand Kohinoor
"Adani Wilmar is pleased to welcome Kohinoor brand to the Fortune family. Kohinoor is a trusted brand which represents the authentic flavours of India and is loved by consumers. This acquisition is in sync with our business strategy to expand our portfolio in the higher margin branded staples and food products segment," said Angshu Mallick, Chief Executive Officer and Managing Director of the company.
Error by Citigroup trader caused 'flash crash' in Europe markets
A flash crash is an extremely fast fall in the price of one or more assets, often caused by a trading mistake, the BBC said. Trading was briefly halted in several markets after major share indexes plunged on Monday. Nordic stocks were hit the hardest, while other European indexes also plummeted for a short time.
10-min online delivery platform Zepto raises $200 mn
Just nine months after launching, Zepto posted a record 800 per cent revenue growth in the last quarter. "We maintained a phenomenal 88-point NPS (net promoter score) and 60 per cent 'month-1 buyer retention' at scale. This execution over the past few months has made it clear to investors that Zepto will be one of the winners in Indian Q-Commerce," said Aadit Palicha, Co-Founder and CEO.
L&T Finance to grow its retail portfolio, cut real estate and infra exposure
He also said the company will look to bring in equity partners in the case of infrastructure projects. Speaking to the media, Dubhashi noted that over the last two years, the focus was on completing the real estate projects. The company explores options like bringing in a new promoter to complete a project if the existing promoter is not able to finish the project. Dubhashi said the company has an exposure of about Rs 11,000 crore in the real estate sector.
KVIC sole FMCG to post Rs 1.15 lakh cr turnover
This makes KVIC the only company in the country to record a turnover of Rs 1 lakh crore or more at a whopping Rs 1,15,415.22 crore as compared to Rs Rs 95,741.74 crore posted in the previous financial year, i.e., 2020-21. KVIC has thus registered a growth of 20.54 per cent from the year 2020-21. Compared to 2014-15, the overall production in Khadi and Village Industry sectors in 2021-22 registered a whopping growth of 172% while the gross sales during this period increased by over 248%.
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