Tata Comm’s Net Profit Falls 30% YoY to Rs 381Cr in Q1 - Top Indian Market Updates

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Tata Communications Q1 Results: Net profit falls 30% YoY to Rs 381 crore

Tata Communications reported a 29.8% YoY fall in consolidated net profit to ₹381.7 crore in Q1 FY24. Its total revenue stood at ₹4,771 crore, up 10.7% from last year. EBITDA fell 4.9% YoY to ₹1,024 core against ₹1,077 crore in Q1 FY23. The net profit was impacted by higher interest costs and lower foreign exchange gains against the first quarter of FY23.

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TCS extends long-standing partnership with GE HealthCare

Tata Consultancy Services (TCS) has expanded its long-standing partnership with GE HealthCare Technologies Inc. to help the company transform its IT operating model. The transformation would enable GE HealthCare to bring intelligent care solutions to over one billion patients across more than 160 countries. TCS will manage the development, maintenance, rationalization, and standardization of its enterprise IT applications.

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Bikaji Foods acquires 49% stake in Bhujialalji for Rs 5 crore

Bikaji Foods International Ltd has acquired a 49% stake and 396 Compulsorily Convertible Debentures (CCDs) in Bhujialalji Pvt. Ltd.  Bhujilalji is an upcoming company in the ethnic snacks industry. The deal comprised 9,608 equity shares and 396 CCDs at ₹5100 value per security aggregating to ₹5.10 crore. The face value is ₹10 per equity share. The acquisition is completed on July 19, 2023.

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Jubilant Pharmova Q1 Results: Net profit falls 87% YoY to Rs 6 crore

Jubilant Pharmova reported a 87% YoY fall in consolidated net profit to ₹6 crore for the quarter ended June (Q1 FY24). The company posted a consolidated net profit of ₹46.8 crore in Q1 FY23. However, the total revenue for the quarter increased 9.53% YoY to ₹1,586.9 crore. Total expenses in the first quarter were at ₹1,568.9 crore, as compared to ₹1,393.8 crore in Q1 last year.

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Torrent Power commissions 115 MW wind power project in Gujarat

Torrent Power Ltd has successfully commissioned a 115-megawatt (MW) capacity wind power project in Gujarat. Furthermore, the company has commissioned this wind project through its wholly-owned subsidiary Torrent Solargen Ltd. The wind power project is located in Devbhumi Dwarka district of Gujarat. Torrent Power managed to bag the 115 MW project through a competitive bidding procedure conducted under the Solar Energy Corporation of India (SECI) Wind Tranche V.

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Tata Motors to build electric car battery factory in UK for $5 Bn

Tata Motors will build an electric vehicle battery plant in the UK to supply its Jaguar Land Rover factories.  The company will build its first gigafactory outside of India in Britain with an investment of 4 billion pounds ($5.2 billion), thus creating up to 4,000 jobs. The factory will also produce an initial output of 40 gigawatt hours. In addition to this, the move will provide a major boost for the UK car industry in need of domestic battery production to help secure its future.

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L&T Finance Q1 Results: Net profit Jumps 103% YoY to Rs 531 crore

L&T Finance Holdings reported a 103% YoY increase in net profit to ₹531 crore for the quarter ended June (Q1 FY24). The company posted a consolidated net profit of ₹262 crore in Q1 FY23. Furthermore, the company’s Net Interest Income (NII) stood at ₹1,644 crore, up 15% YoY against ₹1,433 crore in Q1 last fiscal. The total revenue for the quarter increased 9.53% YoY to ₹1,586.9 crore from ₹1,451.7 crore.

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Mastek buys US-based BizAnalytica in boost for AI capabilities

Mastek Ltd has acquired BizAnalytica, a premier data cloud and modernisation solutions provider headquartered in Boston, USA. The strategic acquisition will bolster Mastek's global data cloud services and generative AI capabilities. It will also grant access to a talented pool of qualified data architects and scientists. BizAnalytica offers end-to-end data cloud and modernisation solutions, including architectural design, system integration, data migration, automation, management, warehousing, and analytics.

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Retail sales grow 7% in June, says Retailers Association of India

According to the Retailers Association of India (RAI), India’s retail sales grew  7% YoY in June. The quick service restaurant (QSR) category continued to be slow growing at 8%. Categories like beauty and wellness and apparel also grew 8% and 7% in June.  This comes as a result of consumers cutting down discretionary spending amidst high inflation.

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