Wednesday, March 11

Business

Toyota Kirloskar Motor pioneers biofuel revolution on World Biofuel Day 2024
Business

Toyota Kirloskar Motor pioneers biofuel revolution on World Biofuel Day 2024

As the world marks Biofuel Day 2024, Toyota Kirloskar Motor (TKM) is leading the charge toward a sustainable future, emphasizing the pivotal role of biofuels in achieving carbon neutrality. Aligning with Toyota's global commitment to net zero emissions by 2050, TKM is accelerating the adoption of Flex Fuel Vehicles (FFV) and Flex Fuel Strong Hybrid Electric Vehicles (FFV-SHEV) across India. In a country grappling with rising crude oil imports—reaching 21.4 million tonnes in April 2024—biofuels offer a vital solution. With ethanol blending hitting 15.90% in June 2024, and on track to reach 20% by 2025, India is poised to save over ₹30,000 crores in foreign exchange while significantly reducing carbon emissions. TKM's efforts are not just about environmental impact; they also resonate de...
Fusion Microfinance shares trading 20% drop IPO price after Q1 loss, high NPAs
Business, News

Fusion Microfinance shares trading 20% drop IPO price after Q1 loss, high NPAs

Shares of Fusion Microfinance fell 20% to the lower circuit and hit a 52-week low of ₹346.4 on the NSE on Wednesday, August 7, after the company reported a net loss and poor asset quality in the first quarter of the current financial year.With today's fall, the stock has slipped below its initial public offering (IPO) price of ₹368 per share.Fusion Microfinance reported a net loss of ₹35.62 crore in Q1FY25, compared to a profit of ₹120.46 crore in the same quarter last fiscal. Sequentially, the company also posted a net profit of ₹132.69 crore in Q4FY24.The company reported poor asset quality in Q1FY25 as its gross non-performing assets (GNPA) ratio increased by 7,063 basis points (bps) to 5.46% from 3.2% in the corresponding quarter of the previous financial year. Sequentially, the micro...
Tata Power Q1 net profit upsurge 4% to Rs 1,188 crore
Business, News

Tata Power Q1 net profit upsurge 4% to Rs 1,188 crore

Tata Power reported a consolidated net profit of Rs 1,188.63 crore in the first quarter of financial year 2024-25, up four percent from the previous year.The company had earned a net profit of Rs 1,140.97 crore in the same period last year. Sequentially, net profit increased 13 percent from Rs 1,045.59 crore reported in the March quarter.Revenue from operations inflation 13.6 percent to Rs 17,293.62 crore in the quarter, from Rs 15,213.29 crore in the same period last year.According to the average estimate of five brokerage firms, Tata Power was expected to report 14.7 percent year-on-year growth in revenue at Rs 17,457 crore in Q1FY25. On the other hand, net profit in Q1FY24 was required, to be Rs 1,004 crore as against Rs 927.34 crore.
Toyota reopens bookings for premium Innova Hycross models
Business

Toyota reopens bookings for premium Innova Hycross models

Toyota Kirloskar Motor (TKM) has exciting news for car enthusiasts as it reopens bookings for the top-end Innova Hycross ZX and ZX (O) models starting August 1, 2024. Launched in November 2022, the Innova Hycross has captivated customers with its stylish blend of SUV boldness and MPV spaciousness. Available in self-charging strong hybrid electric (SHEV) and gasoline variants, this model stands out for its advanced technology, comfort, and impressive safety features. The surge in demand had earlier led to a temporary halt in bookings for these premium grades. However, with streamlined supply and reduced waiting times, TKM is ready to cater to the enthusiastic market. “We are thrilled to reopen bookings for the Innova Hycross ZX and ZX (O),” said Mr. Sabari Manohar, Vice President of Sal...
Cherrapunji Eastern Craft Gin takes top honors at Gin Masters in London
Business

Cherrapunji Eastern Craft Gin takes top honors at Gin Masters in London

Cherrapunji Eastern Craft Gin, the pride of Meghalaya, India, has made a significant mark on the global stage by clinching a Gold Medal at the prestigious Gin Masters competition in London. This notable event rigorously assesses gins across various price points and styles, with gold medals reserved for those demonstrating exceptional quality and craftsmanship. Winning this coveted gold medal places Cherrapunji Eastern Craft Gin in the esteemed company of international giants such as The Botanist Islay Dry Gin, Tanqueray London Dry Gin, and Ki No Bi Kyoto Dry Gin. The gin's success is a testament to its unique flavor, sustainable practices, and distinct bottling, which have garnered international acclaim. “We are honoured to have received six of the most coveted global awards within ...
Toyota Kirloskar Motor signs landmark MOU with Maharashtra for new green field facility
Business

Toyota Kirloskar Motor signs landmark MOU with Maharashtra for new green field facility

Toyota Kirloskar Motor (TKM) has taken a significant step towards enhancing its footprint in India by signing a Memorandum of Understanding (MOU) with the Government of Maharashtra. The agreement aims to explore the establishment of a Green Field Manufacturing Facility at Chhatrapati Sambhaji Nagar, reflecting TKM's commitment to sustainable growth and innovation. The MOU was signed by Dr. Harshadeep Kamble, Principal Secretary (Industries), Government of Maharashtra, and Sudeep Santram Dalvi, Director & Chief Communications Officer of TKM. The ceremony saw the presence of Maharashtra's Chief Minister Eknath Shinde, Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar, alongside TKM’s MD and CEO Masakazu Yoshimura and Vice Chairperson Manasi Tata. This proposed facility is po...
From Aizawl to Paris: Lalnuntluangi’s journey from struggle to triumph
Business

From Aizawl to Paris: Lalnuntluangi’s journey from struggle to triumph

Lalnuntluangi's story is a compelling narrative of transformation and triumph. Emerging from the shadows of severe domestic abuse, Lalnuntluangi, from Aizawl, faced the daunting challenge of raising her young son alone. Her life took a turn in 2006 when she embraced a direct selling opportunity with a renowned holistic beauty company. With unwavering determination, she achieved the prestigious director title by 2008, marking the start of a new chapter in her life. This journey led her to Paris, a destination that once seemed out of reach, symbolizing her remarkable success. More significantly, her relentless efforts ensured her son’s educational success, culminating in an MBBS degree—a testament to her dedication and resilience.In the Guwahati, Lalnuntluangi’s inspiring journey has spa...
Sun Pharma Q1 results: Net profit upsurge 40% to ₹2,836 crore, revenue up 6% YoY
Business, News

Sun Pharma Q1 results: Net profit upsurge 40% to ₹2,836 crore, revenue up 6% YoY

Sun Pharma Q1 results: Sun Pharmaceutical Industries on Thursday reported 40.2% year-on-year (YoY) consolidated net profit growth at ₹2,835.62 crore for the first quarter of FY25. The company's net profit in the year-ago quarter was ₹2,022.54 crore.Drug major Sun Pharma's revenue from operations in Q1FY25 grew 6% year-on-year to ₹12,652.7 crore from ₹11,940.84 crore.US formulation sales fell 1% to $466 million and accounted for more than 31.1% of total consolidated sales. Formulation sales in India grew by 16.4% to ₹4,144.5 crore and were approximately 33.1% of total consolidated sales.Sun Pharma said the pharma company's formulation sales in emerging markets stood at $284 million for Q1FY25, a growth of 8.8% and accounted for 18.9% of total consolidated sales.During the quarter ending Ju...
Atharva Foundation Donates Ambulances to North East India Rajya Sainik Boards
Business

Atharva Foundation Donates Ambulances to North East India Rajya Sainik Boards

Atharva Foundation Mumbai, under the able leadership of Mr Sunil Rane, MLA Borivali and Chairman of Atharva Foundation, has extended support to the welfare of ex-servicemen by donating ambulances at the hands Hon. Governor Shri. Ramesh Bais and Deputy Chief Minister of Maharashtra Shri.Devendra Fadnavis to the Rajya Sainik Boards of Mizoram, Meghalaya and Tripura on the occasion of 25th Kargil Vijay Diwas in a special program organized at Raj Bhavan Mumbai on 26 July 2024. The ambulances were handed over to the representatives of respective state's sainik Boards in the presence of armed forces officers, ex-servicemen and citizens.  Atharva Foundation has already donated ambulances to&...
Acmes Drugs & Pharma IPO: Pharma company growth ₹828.78 crore from anchor investors ahead of public offering
Business, News

Acmes Drugs & Pharma IPO: Pharma company growth ₹828.78 crore from anchor investors ahead of public offering

According to the company's filing on the Bombay Stock Exchange (BSE), Ecums Drugs & Pharmaceuticals Ltd said the company has raised about ₹828.78 crore from anchor investors ahead of its initial public offering on Tuesday, July 30.The pharmaceutical manufacturing company on Monday, July 29, allotted 1,22,05,912 or 1.22 crore equity shares to its anchor investors at ₹679 per share, according to exchange filings.These included SBI Healthcare Opportunities Fund, SBI Conservative Hybrid Fund, International Growth and Income Fund, Smallcap World Fund, Abu Dhabi Investment Authority, DSP India Fund, IIFL Asset Management Ltd, BlackRock Emerging Frontiers Master Fund Ltd, BlackRock Global Funds - India Fund . Top anchor allocation for share issue in the anchor round on Monday.According to th...