Ailing auto giant Volkswagen plans to close at least three factories in Germany and slash tens of thousands of jobs as part of drastic cost-savings drive, workers' representatives said Monday, calling the proposed cuts "of historic dimensions. The plan laid out by management, which affects the namesake VW brand, also includes a 10-percent pay cut for all staff."
Open FlipSwiggy Ltd is believed to have set the price of its upcoming mega IPO at Rs 390 at the upper end of the band, according to a Bloomberg report, which cited unidentified sources. Food delivery giant Swiggy, supported by Prosus and SoftBank, plans to open its initial public offering for bids from 6 to 8 November, aiming to raise as much as $1.35 billion (about Rs 11,700 cr) in a highly anticipated.
Open FlipTata Technologies announced its Q2 results on Monday after market close. What Happened: Tata Technologies reported a 2.85% quarter-on-quarter decline in net profit to ₹157.41 crore in the September quarter. The Tata Group company’s revenue jumped from the June quarter by 2.16% to ₹1296.45 crore. On a year-on-year basis, the net profit was down 1.85% from ₹160.38 crore in the previous year.
Open FlipAdani Enterprises, which is scheduled to announce its results on October 29, is expected to report a 17 percent year-on-year (YoY) increase in revenue at Rs 26,345 crore, according to Bloomberg Estimates. Meanwhile, EBITDA for the period is also expected to increase to around 4,900 crore from around Rs 2,979 crore in the corresponding quarter of the previous fiscal.
Open FlipRVNL has been declared the lowest bidder for a major contract from East Central Railway. The contract involves the design, supply, erection, testing, and commissioning of traction sub-stations along with associated switching posts for the upgradation of the electric traction system in the Gomoh-Patratu section of Dhanbad Division of East Central Railway.
Open FlipArohan Financial Services Ltd. is delaying an initial public offering after Indian regulators ordered a group of shadow lenders including microfinance firms to stop sanctioning new loans, according to people familiar with the matter.Arohan, which provides loans primarily to financially underserved women, had planned to file a proposal with the regulator last week for an IPO to raise about $200 mn.
Open FlipAnand Rathi's research report on KPIT Technologies. KPIT Technologies maintain edits growth trajectory in Q2, with 4.7% q/q CC revenue growth. New TCV signed at $207m,up33% y/y, taking LTM to$859m, down 17.5% y/y, incl. mega deals in FY23. The book-to-bill of 1.2x (last 4 quarter average of 1.3x) and management talked of a strong deal pipeline with many large deals.
Open FlipLulu Retail Holdings Plc is looking to raise as much as 5.27 billion dirhams ($1.43 billion) from its initial public offering, in what’s set to be the United Arab Emirates’ biggest listing of the year. The hypermarket chain operator has set a price range of 1.94 dirhams to 2.04 dirhams per share, according to a statement on Monday.
Open FlipFlipkart Internet, the marketplace arm of Walmart-owned Flipkart, witnessed a 21% year-over-year revenue growth in FY23-24, reaching Rs 17,907.3 crore and the company's losses declined by 41% to Rs 2,358 crore, signalling improved financial performance on the back of the rise in revenues from the advertising business.
Open FlipRamkrishna Forgings Ltd. reported strong Q2 FY25 results, with consolidated net profit jumping 131% YoY to ₹190 Crore, up from ₹82.2 Crore in Q2 FY24. The profit surge was primarily attributed to a one-time gain of ₹95 Crore from selling a subsidiary to Yatra Online. Revenue from operations rose by 17.2%, reaching ₹1,054 Crore, compared to ₹899 Crore in the same period the previous year.
Open FlipAfcons Infrastructure Ltd, part of the Shapoorji Pallonji group, opened its IPO on October 25, aiming to raise ₹5,430 Crore through a mix of fresh shares and an offer for sale (OFS). The IPO includes fresh shares worth up to ₹1,250 Crore, while the OFS by the promoter, Goswami Infratech Pvt Ltd, is valued at ₹4,180 Crore.
Open FlipThe Lodha Group promoters will be transferring a 'significant part' of their shareholding in Macrotech Developers to the non-profit entity Lodha Philanthropy Foundation, giving it an initial corpus of Rs 20,000 crore, or $2.5 billion, making it a large shareholder in the listed real estate company. Abhishek Lodha, the MD & CEO of Lodha Group cited the decision by Tata family to give away.
Open FlipIndian Oil Corporation Q2 Results: Indian Oil Corporation (IOC) on Monday, October 28 reported a staggering 98.6 per cent year-on-year (YoY) decline in its standalone net profit to ₹180.01 crore for the quarter ended September 2024. The figure stood at ₹12,967.32 crore in the same period last year. Meanwhile, revenue from operations dipped 3.5 per cent YoY to ₹1,95,148.94 crore.
Open FlipVodafone Idea's shares surged 8% on Monday, recovering from Friday's 5.78% drop, despite cash constraints and demands for additional collateral from lenders. The company's broadband subscriber base decreased to 125.92 million in August, with a market share of 2.32% in wireline and 18.39% in wireless segments. Vodafone Idea's shares closed 7.96% higher at ₹8.27.
Open FlipBharti Airtel, on Monday, announced a 168% increase in its consolidated net profit for the quarter ending September 2024, reaching ₹3,593 crore, up from ₹1,341 crore in the same period last year. The average revenue per user (ARPU) for the quarter was ₹233, compared to ₹203 in Q2 FY24, reflecting a 15% year-over-year growth in ARPU.
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