Infosys: The company’s total profit after taxes (PAT) fell by 16% in Q4FY24, due to a weak increase quarter after quarter. The IT giant’s PAT for the fourth quarter was 6,128 crore, which was 16% less than the previous quarter. Its quarterly sales dropped by 2.2% to 37,441 crore. The company’s sales grew 3.2% from quarter to quarter and 8.8% from year to year. In the fourth quarter of the previous fiscal year, the company’s operating profits were 21%.
Reliance Industries: Bodhi Tree, a partnership between James Murdoch and a former executive of Star India, has trimmed its planned investment in Reliance’s broadcast venture Viacom18 by 70% and will now pour in 43.06 billion rupees ($527.84 million), Viacom18 said late on Thursday. In April of last year, Reliance Industries, which is owned by Indian billionaire Mukesh Ambani, said that Bodhi Tree, which is backed by the Qatar Investment Authority, would spend 135 billion rupees of a planned 151.45 billion rupees investment in the media giant that is also backed by Paramount Global.
HDFC Bank: For the fourth quarter ending March 31, 2023 (Q4FY23), the bank’s net profit grew by 19.8% from the same time last year to 12,047.5 crore, which is a lot of money. In the quarter under review, net interest income (NII) rose by 23.7% to f 23,351.8 crore. The bank’s savings and loans grew well, but its provisions fell sharply in the fourth quarter. Also, the quality of the bank’s assets stayed the same. During Q4FY23, the bank made 15,935.5 crore before taxes. But after paying taxes of 3,888.1 crore, HDFC Bank made a net profit of 12,047.5 crore. This is a 19.8% rise from the quarter that ended on March 31, 2022.
Tata Motors: Tata Motors has decided to raise the prices of its passenger vehicles. They say this is because rising input costs and changes in regulations have made it more expensive to make cars. This is the second price increase of this kind that the Indian carmaker has made in 2023. The Indian automaker said that the weighted average price increase for its passenger cars will be 0.6%, though this will depend on the model and variant. A new press release from the automaker says that the price increase will happen on May 1.
Vodafone Idea: Three people who know about the situation say that Vodafone Idea has made an order with the Chinese company ZTE for network equipment worth about 200 crore. The order relates to broadband network equipment in the telecom circles of Gujarat, Maharashtra, and Madhya Pradesh-Chhattisgarh (MP-CG), according to sources who spoke with PTI. One of the people said, “Vodafone Idea has given ZTE an order worth about 200 crore.” Sources say that the National Security Council Secretariat (NSCS), which is in charge of the Trusted Telecom Portal and gives permission for telecom equipment to be used, has been told about the problem.
Zed Entertainment: An investor in Zed Entertainment Enterprises Ltd (ZEEL), Invesco Developing Markets Fund, is about to sell its full 5.65% stake in the company for as much as 1,130 crore. Invesco reduced its ownership in the Indian broadcaster to 5.65% in October by selling 5.51% of ZEEL for about 1,395.9 crore. Two people with direct knowledge of the situation stated that Invesco plans to leave the company on April 17 through bulk deals and has hired Kotak Securities to be the broker for the secondary share sale.
Tata Steel: When asked about their position on leaving the UK business, the CEO of Tata Steel, T V Narendran, said that the company will keep trying to get a cash package from the UK government. These words came from Narendran, who is also the Managing Director of Tata Steel. “Tata Steel is still asking the government there (in the UK) for it,” he told PTI on the sidelines of an event in the national capital. He said that there has been no answer to the call for a financial package.
HCL Tech: HCL Technologies, an IT services company based in India, said on Thursday that Anand Birje, the head of Digital Business Services, has quit to pursue another job. Birje started selling Infrastructure services for HCL Technologies in 2003. In 2017, he became the head of the D&A (data and analytics) practise, and in 2021, he became the head of Digital Business Services. HCL Technologies continues to have a stable pipeline of top talent and will soon announce the new leadership. The company said in a statement that Birje will still work until May 5, 2023.
Adani Green: The renewable energy division of Adani Group, Adani Green, said on Friday that its operational capacity will grow by 49%, hitting 8,086 MW by the end of the fiscal year 2023. This is the biggest increase in capacity that a green energy company in the United States has made so far. Adani Green has 20,000 MW of installed power and is the largest green energy company in the country. The company has opened a wind power plant with a capacity of 325 MW in Madhya Pradesh, a solar power plant with a capacity of 212 MW in Rajasthan, and the world’s first and biggest solar-wind hybrid power plant with a capacity of 2,140 MW in Rajasthan.
Vedanta: On Thursday, the board of Vedanta Ltd. approved the private sale of non-convertible debentures (NCDs) worth up to Rs. 2,100 crore. In a report to the stock exchange, Vedanta said that it had thought about and agreed to raise up to 21,000 secured, unrated, unlisted, redeemable, non-convertible debentures of face value 10,00,000/ each, totaling up to 2,100 Crores in one or more tranches.