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NEWS

Posted On:
20-04-2024

IREDA Q4 results: Net profit grows 33% to Rs 337 crore on higher income

State-owned IREDA on Friday posted a 33 per cent rise in its net profit to Rs 337.37 crore for the quarter ended March 2024, aided by higher income. It had clocked Rs 253.61 crore net profit during the January-March period of the preceding 2022-23 fiscal, the company said in an exchange filing.The company's total income surged to Rs 1,391.63 crore in the fourth quarter of FY24 from Rs 1,036.31 crore a year ago. Its expenses were Rs 911.96 crore in the period under review, as against Rs 747.93 crore in the year-ago period.Indian Renewable Energy Development Agency Limited (IREDA), under the Ministry of New and Renewable Energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Posted On:
20-04-2024

TCS, Infosys, Wipro see exit of 64,000 employees in FY24 amid low demand

India's largest IT services companies Tata Consultancy Services, Infosys and Wipro saw a staggering 64,000 employees exiting in FY24, amid a weak demand environment globally and tighter tech spends by clients. Wipro, which announced its Q4 earnings on Friday, reported a fall in headcount numbers to 2,34,054 as of March 2024, against 2,58,570 in the year-ago period. Headcount declined by 24,516 during the financial year ended on March 2024...immediate headcount reduction has happened primarily driven by the market and demand environment as well as the operational efficiency which we have driven, which is reflective in our margins," Saurabh Govil, Chief Human resources officer at Wipro said.In the long term, as the company moves into more IP-based platform and Artificial Intelligence (AI), there could be divergence coming in terms of headcount growth, he added. India's IT services industry - a USD 254 billion powerhouse - has been feeling the heat of global macroeconomic uncertainties and geopolitical flareups as clients turned cautious with IT spends. India's second largest IT services exporter Infosys reported total headcount of 317,240 employees as of March 2024, down by 25,994 from 343,234 employees in same period of the previous year.
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Posted On:
20-04-2024

Hindustan Zinc to continue to discuss demerger proposal with govt: CEO

Vedanta group company Hindustan Zinc will continue to engage with the Centre on its proposal to split the company into different entities, a top official said. The statement comes amid the mines ministry rejecting Hindustan Zinc Ltd's demerger plan.Speaking with PTI, Hindustan Zinc CEO Arun Misra said that the matter had also come up for discussion in the board meeting on Friday. "I again explained (the board) the situation and I promised that I would continue to engage with the government and try to explain our logic and why we want to do it," he said.The government, the largest minority shareholder in Hindustan Zinc, owns a 29.54 per cent stake in the company. Misra further said that "they (government) are in the process of disinvestment through various routes and they feel that at this time doing demerger will jeopardise that opportunity of disinvestment." The company, he said, is still in talks with the mines ministry on the proposal and is trying to address some issues.
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Posted On:
20-04-2024

BlackRock buys shares of two companies for Rs 207 crore via open market

US-based asset manager BlackRock on Friday acquired shares of Electrosteel Castings and PTC India Ltd for Rs 207 crore through open market transactions. BlackRock, through its affiliates iShares II Public Ltd Company - iShares Global Water UCITS ETF, iShares Global Clean Energy ETF and iShares Global Clean Energy UCITS ETF purchased shares of two companies.iShares is a collection of exchange-traded funds managed by BlackRock. According to the bulk deal data available with the National Stock Exchange (NSE), iShares Global Water UCITS ETF bought 32.28 lakh shares of Electrosteel Castings at an average price of Rs 196.21 per scrip, taking the deal value to Rs 63.35 crore.In addition, iShares Global Clean Energy ETF purchased 27.50 lakh shares of PTC India, and iShares Global Clean Energy UCITS ETF acquired 38.67 lakh shares of the firm at an average price of Rs 217.53 apiece, taking the transaction value to Rs 143.95 crore.
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Posted On:
22-04-2024

Retailers body to seek govt intervention on business practices of POCO

The South Indian Organised Retailers Association is planning to seek the central government's intervention with regard to the business practices of POCO, a sub-brand of Xiaomi, alleging that the cell phone manufacturer is avoiding the supply of phones to mainline channels. In a statement, the ORA claimed that the business methods of the firm are a clear indication of POCO's attitude to minimise spending by reaching the product through online and "illegitimate" channels without providing consumer experience.The retailers body also said that POCO is not contributing to employment generation in India, as the brand operates with just three distributors and no sales promoters in stark contrast to other major smartphone brands like Samsung, VIVO, and OPPO.These actions by POCO not only harm the legitimate sales channels but also result in financial losses to the government exchequer, ORA charged.OCO's unfair and unethical business practices have serious implications for the industry and economy as a whole. We cannot allow a brand to operate in India at the expense of legitimate businesses and government revenue. ORA will urge the competent authorities to take swift action against POCO and set a precedent for ethical business conduct in the country, the statement said.
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