Results on May 24: Grasim Industries, Adani Ports, JM Financials, Clariant Chemicals, Ugro Capital, Bank of India, EClerx, Ipca Lab, Inox Wind, Jyothi Lab. Metropolis, Minda Industry, MTAR Tech, NIIT, National Fertiliser, Rail Tel, Renuka Sugars, RITES, Strides Pharma Science, Zee Media.
Maruti Suzuki buys 12% stake in Sciograph Solutions. Maruti Suzuki India said it will acquire an equity stake of 12.09 percent in Sociograph Solutions Pvt Ltd (SSPL) for about Rs 2 crore. SSPL is an artificial intelligence (AI) software company that specialises in visual AI platforms predominantly used to help enterprises improve sales experiences and improve efficiency in their business.
ONGC starts selling gas from KG Basin block on Indian exchange. ONGC told exchanges that it has become the first explorer to trade natural gas produced from local fields on the Indian Gas Exchange. The gas was sold from ONGC’s KG-DWN-98/2 in offshore Krishna Godavari Basin, it said without giving volume and price detail. ONGC also said that it will slowly raise the trading volume.
Zomato losses in the March quarter triple; revenue surges 75%. Zomato said its consolidated net loss for the quarter ended March widened to Rs 359.7 crore compared to Rs 134.2 crore in the corresponding quarter last year. Revenue from operations came in at Rs 1,211.8 crore, up 75.01 percent compared to Rs 692.4 crore a year ago. “We are aiming for accelerated growth along with further reduction in losses (and increasing profits in some time). We are clear on what our long term shareholders expect of us and we are working hard to deliver on both growth and profitability expectations,” the company said.
Marico buys 54% stake in HW Wellness Solutions. Marico has announced a strategic investment in HW Wellness Solutions, owner of health food brand True Elements, with an acquisition of 54 percent equity stake. The firm said it is in all cash deal but did not disclose the acquisition amount. True Elements is in the healthy breakfast and snacks segments. Its portfolio includes oats, quinoa, muesli, granola, flakes and Indian breakfast including poha, upma and dosa among others.
Ramco Cement net profit fell 73% YoY in March quarter. Ramco Cements reported a 73 percent fall in standalone net profit after tax at Rs 124 crore for the quarter ended March compared with Rs 214 crore a year back, due to cost pressures and lower realisation. Revenue from operations for the quarter stood at Rs 1,698 crore compared to Rs,624 crore in the year-ago period, an increase of about 5 percent. Power and fuel costs shot up to Rs 467 crore compared to Rs248 crore, while finance costs more than doubled to Rs 33 crore from Rs 15 crore.
Bharat Electronics net profit for March quarter falls 16%. Bharat Electronics reported a 16 percent year-on-year drop in its net profit for the March quarter to Rs 1140 crore. Revenue for the quarter fell 9 percent from a year ago to Rs 6320 crore. According to a Bloomberg analysts poll, the firm expected to post a profit of Rs 1240 crore while revenue was expected at Rs 6370 crore. Total order book as on 1 April stood at Rs 57,570 crore.
Olectra Greentech gets an order worth Rs 3,675 crore. Olectra Greentech announced securing the biggest ever order in the history for 2,100 electric buses from Brihanmumbai Electric Supply and Transport (BEST). Evey Trans Private Ltd (EVEY), an arm of Olectra, has obtained the letter of award from BEST after being declared as an L1 (least quoted) bidder.
Rupa accepts CEO and CFO resignation. Rupa & Co said it accepted the resignation of Dinesh Kumar Lodha, from the post of Chief Executive Officer of the Company, effective from May 31, 2022. It also accepted the resignation of Ramesh Agarwal from the post of Chief Financial Officer of the company.