Corporates News

Mukesh Ambani-led Reliance Industries Limited (RIL) on Sunday announced that it will be hosting its 45ths annual general meeting (AGM) at the end of this month on August 29. The meeting will take place at 2 pm through video conferencing and other audio visual means. The company has also fixed August 22, which falls on a Monday, as the “cut-off date” for the purpose of determining the members eligible to vote.

LIC Housing Finance Ltd's net profit rose sharply by 503 per cent year-on-year to Rs 925.48 crore on back of uptick in net interest income, as agains...

The biscuit maker Britannia reported an 11% drop in net profit to ₹335 crore as compared to the same quarter last year. The ...

Most telecom and consulting companies have witnessed the highest rate of return to office, with 75%-100% of their workforces working from office or in a hybrid mode. A recent report by Colliers and Awfis, released on August 4, noted that 60%-70% of the telecom and consulting firms have started this trend.

Indigo narrowed its losses by 66% on year to ₹1,064 crore in June quarter as against ₹3,174 crore last year. Jet fuel prices...

Leading carrier Indigo, announcing its latest financial results on Wednesday, said that the first quarter of fiscal 2023 witnessed its strongest reve...

The consolidated net profit of the Aditya Birla Capital Ltd rose 42 per cent year-on-year to Rs 429 crore on back of strong performance across busine...

Adani Transmission, the power transmission company of the Gautam Adani Group, surpassed the FMCG major ITC in terms of market...

Israel Makov, the chairperson and board member of Sun Pharmaceutical Industries Ltd, will be retiring from his position on completion of his current term on August 29, 2022, the company said in a statement on Wednesday. The company has not yet announced Makov’s replacement. Makov has been leading the Sun Pharma board for the last decade.

Restaurants and delivery partners are critical to Zomato’s business model, but few are signing up with the food delivery startup. Analysts expressed optimism about Zomato’s prospects, but said food delivery is not a hyper growth industry. Zomato added 3,000 new restaurants and delivery partners in the first three months of FY23.

Online food delivery platform Zomato on Monday reported Rs 185.7 crore in consolidated loss for the quarter ending June 30, compared to a loss of Rs 359.7 crore in the previous quarter.

ITC reported a net profit of ₹4,389 crore, which grew by 33% from last year. Its hotels segment was the outlier with a three...

Auto maker continued to widen its consolidated net loss by five times to ₹4,950 crore. The company attributed the sharp incr...

InCred Financial Services and KKR India Financial Services (KIFS), on Wednesday, announced that they have completed the merger of their lending businesses. A deal to merge the non-bank lending business of these two entities was announced in August last year. The two businesses have been engaged in extended talks for over a year before sealing the deal.

The Indian IT sector is in trouble – not entirely due to recessionary concerns or smaller deal wins. The problem is a lot more internal – it’s the record number of employees leaving them. Despite employee wage costs increasing, analysis by Business Insider India reveals a rather surprising statistic – read on to find out. Earnings of Indian tech companies in FY23 is off to what some would call a sobering start.

India’s second largest IT services company Infosys reported a 5.7% sequential decline in its net profit to ₹5,360 crore in Q1 FY23. The company blamed wage hikes for this – stating that it was in double digits for some of its employees. Despite this, Infosys’ employee attrition rate worsened when compared to the March quarter.

Oil-to-data giant Reliance Industries today reported a 46% increase in its net profit thanks to boiling crude oil prices. This allowed the Mukesh Ambani-led conglomerate’s oil business to post its best quarter ever – the oil business contributed 7 out of every 10 earned by India’s most valuable company. Reliance’s retail business also pitched in with a healthy revenue growth, while the telecom business reported a modest growth.

Nykaa says they are a premium retailer whose customers are much more evolved and choose lifestyle over other luxurious expen...

Indian IT services major Wipro reported a 12% sequential drop in its net profit on recession fears. Wipro also said it thinks the stress on its margins has “bottomed out”. The company has bagged 18 large deals with a total contract value of $1.1 billion. Indian IT services major Wipro today reported a 12% decline in its profits to ₹2,717 crore in the first quarter, as against ₹3,087 crore in the previous quarter.

HUL’s strong showing in the June quarter augurs well for consumer demand trends. The FMCG giant reported a growth in volumes even as the industry reported a decline, showing the company’s ability to navigate in a challenging macro environment. A rural revival is also key to HUL’s resurgence, and the company and analysts alike think good days could be on the horizon.

Hindustan Unilever today beat analyst expectations to report a 13.6% increase in net profit to 2,381 crore in the first quarter of 2022-23, as compared to 2,097 crore in the same quarter last year. The company’s revenues too went up 19.5% to 14,331 crore from 11,996 crore in the comparative period, even as most analysts predicted a 14% growth.

Top companies like TCS, Infosys and Wipro have been consistent in how much they pay to their employees, while the smaller ones have paid more to retain or attract talent. TCS, Infosys, Wipro and other Indian IT companies have paid nearly ₹12 lakh crore as salaries in the last five years.