👉Tata Group To Launch $2 billion IPO Of Its EV Arm In 2025
With five big Tata Group IPOs already in line for 2024 and 2025, another one has now been added to the list for investors. Tata group is eyeing a $2 billion IPO of its electric vehicle arm by next year
In an effort to profit from its investments in the electric vehicle (EV) industry, the Tata Group is considering listing of Tata Passenger Electric Mobility Ltd (TPEM), the company that manufactures EVs.
The biggest producer of electric vehicles (EVs) in India, TPEM is a division of the massive passenger car company Tata Motors. It is the creator of the popular EV models Tiago.ev and Nexon.ev. Reports state that TPEM is valued between $9.5 and $10 billion.
👉Reliance Industries and Disney to amalgamate their media operations in India
Walt Disney Co. and Reliance Industries Ltd. have reportedly entered into a binding agreement to amalgamate their media operations in India, sources familiar with the matter revealed. This strategic move by the US entertainment giant comes in response to heightened competition in the densely populated nation.
👉Skipper gets Rs 737 cr order from Power Grid
Skipper Limited, leading manufacturers for power transmission and distribution structures, on Sunday said it has secured an order worth Rs 737 crore from Power Grid Corporation of India Limited (PGCIL) for design, supply and construction of a cutting-edge 765 kV transmission line for the central PSU.
👉DLF to unveil properties worth Rs 80,000 cr amid rising demand
DLF, the largest real estate firm in India by market cap, has plans to launch properties worth nearly Rs 80,000 crore over the next 3-4 years, in response to increasing demand for housing and commercial projects.
The company has sold properties worth Rs 15,000 crore during 2022-23 and expects to exceed this figure in the current fiscal year. DLF intends to launch 10 million square feet of area in the next financial year with a revenue potential of Rs 32,000 crore.
👉LIC Q3 results shows Healthy improvement
New product launches support growth in the non-par segment
– Life Insurance Corporation (LIC)’s PAT for 9MFY24 was INR269b (3QFY24 at INR94b). PAT for 9MFY24 was not comparable to 9MFY23, as the last year’s PAT included an amount of INR45b (net of tax) pertaining to the accretions on available solvency margin, which was transferred from the non-par fund to the shareholders account.
– Net premium grew 5% YoY to INR1.17t in 3QFY24. Market share in premium dropped to 58.9% in 9MFY24 from 68.4% in 9MFY23. (Read More)
👉Hindustan Aeronautics Q3 Results: Profit up 9.2% at Rs 1261.40 crore, interim dividend announced
Aerospace and defence company Hindustan Aeronautics Ltd (HAL) on Monday reported its third quarter profit for the financial year 2023-24 at Rs 1261.40 crore, up 9.2 per cent as against Rs 1155.19 crore during the third quarter of FY23.(Read More)
👉NHPC Q3 Results: Net profit falls by 19% to Rs 628 crore
State-owned NHPC on Monday posted a 19 per cent fall in its consolidated net profit to Rs 628.44 crore for the October-December quarter of 2023-24 due to higher expenses.
👉New India Assurance stock plummets 11 pc after Q3 profit falls
Shares of The New India Assurance Company Ltd plummeted 11 per cent on Monday after the general insurer reported a decline in net profit in the December quarter.
The scrip of the company plunged 10.95 per cent to trade at Rs 259.10 apiece on the BSE.
👉Bharat Forge shares crack 10% post Q3 results as firm sees growth moderation in Q4, FY25
Bharat Forge Ltd shares cracked 10 per cent in Monday’s trade following the company’s December qurater results, as the company said it sees the growth momentum to moderate in both Domestic & export market across industries in the March quarter and further into FY25.
👉Maruti Suzuki Planning To Launch Air Taxis Named SkyDrive Soon
If its dominance on Indian roads wasn’t enough, India’s most valuable carmaker Maruti Suzuki is now setting its eyes on the sky.
Mauri Suzuki is planning to develop electric air copters. Soon to be launched electric air copters would have the ability to carry three passengers, including the pilot, and would be bigger than drones but smaller than conventional helicopters. These air taxis have the potential to completely transform transportation, much like the on-ground versions of Uber and Ola. (Read More)
👉 JSW Group’s EV Manufacturing Venture in Odisha
JSW Group announces a significant investment of 400 billion rupees ($4.82 billion) to establish electric vehicle (EV) and battery manufacturing units in Odisha, India.
This initiative, in partnership with the state government, aims to bolster India’s position in the EV market, challenging both domestic and international competitors.
The collaboration with China’s SAIC Motor underscores JSW’s commitment to green mobility and the EV ecosystem’s development.
👉 SpiceJet to Lay Off 1,400 Employees Amid Financial Strain
SpiceJet is set to lay off 1,400 employees due to financial challenges, highlighted by a ?60 crore salary bill.
The decision reflects ongoing operational adjustments within the aviation industry, aiming for cost efficiency.
Despite the layoffs, SpiceJet has been facing delays in salary payments, with many employees yet to receive their wages for January.
👉Tata Power Q3 net profit remains muted at Rs 1,076.12 crore,
Will be taking the total clean energy capacity to over 10,000 MW in the next 12-24 months
Tata Power, on February 9, declared a consolidated net profit of Rs 1,076.12 crore for the third quarter of FY23-24, registering an on-year growth of 2 percent over the consolidated profit of Rs 1,052.14 crore last year. The company said the net profit was on account of better realisation in the core business segments consisting of generation, transmission, distribution and renewables.
The consolidated revenue for the Tata Group company increased by 6.2 percent to Rs 15,294.13 crore compared to Rs 14,401.95 crore during the same period last year. The company attributed its strong financial performance to its healthy balance sheet, operational excellence, and synergies across business clusters.The company will be taking the total clean energy capacity to over 10,000 MW in the next 12-24 months.
👉Zydus Lifesciences posts 26.8% rise in Q3 net profit
pharma major, Zydus Lifesciences Limited on Friday posted a 26% growth in its consolidated net profit which settled at Rs 789.6 crore during the third quarter of the financial year 2023-24. The pharma major’s profit settled at Rs 622.9 crore in the year-ago period.
Zydus posted Rs 4,505.2 crore worth of revenue from operations, which grew 5.8% against the year-ago period.
👉Zomato shares rally 3% as Q3 profit at Rs 138 crore beats Street estimates
Zomato Ltd on Thursday said its consolidated net profit stood at Rs 138 crore for the December quarter compared with a profit of Rs 36 crore in the September and a loss of Rs 367 crore in the year-ago quarter. The profit figure was higher than Street estimate of Rs 50-70 crore. The bottom line beat sent the stock climbing 3.17 per cent to Rs 145.05 on BSE, in an otherwise weak trading session. The scrip eventually closed at Rs 144, up 2.42 per cent.
👉 LIC Q3 results: Net profit jumps 49% to Rs 9,444 cr, insurer declares Rs 4 interim dividend
Life Insurance Corporation of India on Thursday reported 49% rise in third-quarter net profit, as it moved more money to a shareholders’ fund to shore up its bottom line.
The company posted standalone net profit of Rs 9,444 crore for the quarter ended December 31, as against Rs 6,334 crore in the year-ago period.
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