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Posted On:
24-05-2024

Azad Engineering to build fully integrated advanced turbo engine for DRDO

Hyderabad-based precision engineering company, Azad Engineering Limited (Azad), has secured a prestigious contract from the Ministry of Defence (MoD) to function as a production agency for engines designed by the Gas Turbine Research Establishment (GTRE), Bengaluru. GTRE, the premier engine-design laboratory of the Defence Research and Development Organisation (DRDO), has a record of failure in designing and developing high-powered aero engines, such as the Kaveri gas turbine, which was to power the supersonic Tejas Mark 1 fighter. The Kaveri has never been able to muster the 85 kiloNewtons (kN) of thrust needed for this.Hyderabad-based precision engineering company, Azad Engineering Limited (Azad), has secured a prestigious contract from the Ministry of Defence (MoD) to function as a production agency for engines designed by the Gas Turbine Research Establishment (GTRE), Bengaluru. GTRE, the premier engine-design laboratory of the Defence Research and Development Organisation (DRDO), has a record of failure in designing and developing high-powered aero engines, such as the Kaveri gas turbine, which was to power the supersonic Tejas Mark 1 fighter. The Kaveri has never been able to muster the 85 kiloNewtons (kN) of thrust needed for this.
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Posted On:
24-05-2024

Tesla excludes delivery goal of 20 mn vehicles a year in impact report

Tesla has left out its goal of delivering 20 million vehicles a year by 2030 in its latest impact report published on Thursday, another sign the company was moving away from electric cars as it shifts focus to robotaxis. CEO Elon Musk had said in 2020 that Tesla aspired to sell 20 million vehicles by the end of the current decade - twice as many as those sold by Toyota, the world's largest automaker. It had reiterated the goal in its 2021 and 2022 impact reports. But the company has changed tack recently, dropping plans to produce an all-new model that was expected to cost $25,000, while touting autonomous driving technology as its main growth driver. It plans to host a launch event for its robotaxi on August 8.Robotaxis and the company's humanoid robot Optimus will be "incredibly profound" for Tesla, Musk said on Thursday through a video-link at the annual "Viva Technology" conference in Paris. Tesla's change in strategy, first reported by Reuters in April, implies it plans to use current product lines for new affordable vehicles - a move that would result in smaller cost reduction than expected and modest volume growth.
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Posted On:
25-05-2024

Hindustan Copper Q4 results: Net profit increases 6% to Rs 124 crore

State-owned Hindustan Copper Ltd on Friday reported a 6 per cent drop in consolidated net profit to Rs 124.33 crore for the March quarter. The company had posted a consolidated net profit of Rs 132.31 crore in the year-ago period.The consolidated income during the January-March period dropped to Rs 585.22 crore over Rs 611.37 crore in the year-ago period."The company has achieved a profit before tax of Rs 183.29 crore in the quarter ended March 2024, which is a whopping 123 per cent higher than the immediately preceding quarter," Hindustan Copper said in a statement."The board has recommended a dividend of 30.11 per cent of PAT for 2023-2024. The payout on this account is estimated to be Rs 88.97 crore to the shareholders of the company," it said.
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Posted On:
25-05-2024

Prathyusha Agarwal to head Flipkart's social commerce platform Shopsy

Prathyusha Agarwal has joined Flipkart’s social commerce platform Shopsy as vice president, according to sources. Shopsy is Flipkart’s hyper-value e-commerce platform that competes with Meesho and Amazon Bazaar. Company sources confirmed that Agarwal has joined Shopsy as a vice president. “Last year, Flipkart senior vice president and head of new businesses Adarsh Menon left the firm to start his own venture. He was heading new businesses such as Cleartrip and Shopsy,” said a person. “Till now, Shopsy has been led by Kapil Thirani.”Agarwal is a former Byju’s and Unilever senior executive. Last year in August, she was among three senior executives who resigned from edtech firm Byju's as it was trying to address challenges such as due diligence issues, legal battles with lenders, challenges in raising fresh capital, and a markdown in its valuation by investors. Agarwal was the chief business officer of Byju's.Agarwal is an alumna of IIM Ahmedabad and IIT Madras. Before joining Byju's, she was the chief consumer and data officer at ZEE, where she led the business transformation initiatives and the brand growth mandate across TV and OTT verticals. In her 21-year career, she has launched Tata's e-commerce venture TataCLiQ as the head of marketing, worked with HDFC Life as the vice president of marketing and analytics, and led brand strategy for the Star TV network.
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Posted On:
25-05-2024

Emcure Pharma, HDT settle legal fight over Covid vaccine technology

Indian generic drugmaker Emcure Pharmaceuticals and U.S. vaccine developer HDT Bio have settled allegations that Emcure stole HDT trade secrets during their joint work on a Covid-19 shot, the companies said in a press release on Friday. The companies said they have signed a long-term agreement to continue collaborating on the development of mRNA-based vaccines and a license that allows Emcure to use HDT's mRNA technology, ending a lawsuit in the United States and arbitration in the United Kingdom.Emcure CEO Satish Mehta said the company was "delighted that the misunderstanding between us and HDT not only stands resolved but we have widened the scope of our technical collaboration." HDT CEO Steve Reed said that their work will "bring life-saving vaccines to countless people." Seattle-based HDT sued Emcure in U.S. court in Seattle in 2022. It said it was developing a self-amplyifing RNA (saRNA) vaccine for Covid-19 that was "safer, cheaper, more portable, and likely more effective" than existing mRNA vaccine technology. According to the lawsuit, HDT licensed its technology to Emcure subsidiary Gennova Biopharmaceuticals to develop and sell the shots in India. HDT said Gennova later claimed the vaccine as its own, applying for two Indian patents covering HDT's technology and touting its "indigenously developed" shots in regulatory filings.
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