Corporate News
Hindalco Reports 25% Growth in Q1 Net Profit, Reaches Rs 3,074 Crore
Consolidated revenue from operations of the company rose 7.5% to Rs 57,013 crore in the quarter ended June. However, the company faced headwinds from higher expenses on account of disruptions at its Novelis plant in Switzerland. Novelis, which contributed more than 60 per cent to the firm's total revenue, suffered a net cash impact of $80 million because of the shutdown of its facility in Switzerland.
Oyo Achieves Rs 229 Crore Net Profit in FY24, Marking a Milestone
Founder and Group CEO Ritesh Agarwal posted his reminiscence on social media: "One big belief that I have learned over the past—under promise and over deliver. So, there's much to do, but at the very same time, I feel really proud of what we are building together."
Ola Electric Faces ₹347 Crore Loss for April-June Quarter Despite 32% Revenue Growth
On Wednesday, Ola Electric's shares rose 2.6% to close at ₹111 apiece.
HAL Posts 77% Jump in Q1 Net Profit, Reaches Rs 1,437 Crore
Its expenses marginally rose to Rs 3,506 crore for the three months ended June from Rs 3,239 crore during the same quarter last year. Government-owned Hindustan Aeronautics Ltd has benefited hugely from the Modi government's Aatmanirbhar campaign that involves making the nation self-reliant in matters of defense production. It had declared a final dividend of Rs 13 per equity share for the financial year 2023-24; this was 260 percent of the face value of Rs 5 per share in June.
SpiceJet Reports 20% Drop in Q1 Net Profit to Rs 158 Crore
However, on a quarter-to-quarter basis, SpiceJet saw a 24% increase in net profit after tax, which rose from Rs 127 crore in the January-March period.
Glenmark Pharma Reports 2-Fold Increase in Q1 Net Profit to Rs 462 Crore
The strong demand for its medicines and a slight fall in costs - down 1.4 per cent- helped drive the profit increase.
Hero MotoCorp Sees 36% Surge in Q1 Net Profit, Reaches Rs 1,123 Crore
The company attributed the surge in profit due to good sales, revival in the rural market, and an effective new product lineup.
Bharti to Secure 24.5% Stake in BT for $4 Billion, Becoming Top Shareholder
Bharti Global, the international investment arm of Bharti Enterprises, has acquired 9.99% of BT Group with immediate effect from Patrick Drahi's Altice and will buy the remaining shares once regulatory clearances are received. The valuable consideration of the deal was not stated, but industry experts estimate it to be about $4 billion, given that BT is valued at roughly $15 billion.
South Korean Gaming Giant Krafton Takes Over Japan's Tango Gameworks
According to Krafton, the transaction will add developers from Tango Gameworks to Krafton and grant rights to Hi-Fi RUSH, the studio's very popular rhythm action combat game.
LIC Sees 10% Profit Growth to ₹10,461 Crore in Q1; Considers Majority Stake in Health Insurance Firm
Total income of LIC rose to ₹2,10,910 crore for the quarter ended June 2024, from ₹1,88,749 crore a year ago, according to a regulatory filing by the insurer.
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