The government will no longer infuse any fresh capital into ailing Mahanagar Telephone Nigam (MTNL), but may not initiate its closure right away, as this would be done only after the company clears its liabilities of around Rs 32,000 crore, according to official sources. To generate funds for expunging the liabilities, the company has been
Azure Power is planning to refinance $150 to $180 million (Rs 1,250 crore to Rs 1,500 crore) worth of loans by the end of this financial year to reduce costs and replace maturing loans. “Until March 2025, we are primarily focusing on refinancing, not raising any fresh debt. We are considering two cases where refinancing
Mid-tier IT services firm Persistent Systems reported a 6% sequential increase in net profit to Rs 325 crore for the quarter ended September. Year-on-year, net profit surged 23.4%, driven by the company’s focus on an AI-led services strategy. The company’s consolidated revenue also saw a 6% quarter-on-quarter rise to Rs 2,897.1 crore, marking a 20%
The FMCG sector is facing sluggish demand as it is becoming polarised with the middle class shrinking but simultaneously there being high demand for premium products, Nestle India chairman and managing director Suresh Narayanan said on Tuesday. He added that in bigger cities, a channel shift is also being noticed with people preferring e-commerce and
Retailers’ allegation of anti-competitive behavior against quick commerce companies like Blinkit, Zepto, and Swiggy Instamart may not result in anti-trust action against the latter, as these firms don’t meet the requirement of having dominant position in the relevant market, experts say. In a letter dated October 18, the All India Consumer Products Distributors Federation (AICPDF)
Reliance Infrastructure on Tuesday announced that it will be setting up an integrated project for manufacturing explosives, ammunition and small arms in Ratnagiri, Maharashtra. The company has been allotted 1,000 acres of land in the Watad Industrial Area of Ratnagiri to develop the Dhirubhai Ambani Defence City (DADC). DADC will be the largest greenfield defence
India’s export of petroleum products remained muted in the first half of the current financial year 2024-25, while the imports surged 10% for the period, as per data from Petroleum Planning and Analysis Cell. The country exported 31.0 million tonnes of refined oil products during April to September, almost unchanged from 30.7 million tonnes in
Adani Energy Solutions posted a more than two-fold jump in its Q2 FY25 net profit, reaching Rs 675 crore, compared to Rs 276 crore in the same quarter of the previous financial year. However, it missed analysts’ net profit estimate of Rs 888 crore. The strong profit growth was driven by a higher Ebitda, along
The Competition Commission of India (CCI) has approved Tata Electronics’ (TEPL) proposal to acquire a majority stake in Pegatron Technology, a Taiwanese contract manufacturer and Apple iPhone supplier. TEPL is a wholly-owned subsidiary of Tata Sons. TEPL have expertise in manufacturing high-precision components for large customers. TEPL will acquire the majority shareholding of Pegatron India
Some of the country’s top paint makers, including Berger Paints, JSW Paints, Indigo Paints and Aditya Birla group, which forayed into the sector in 2024, are in the race to buy a majority stake in AkzoNobel India, sources have told FE. AkzoNobel India is the country’s fourth-largest paints company with an estimated market share of
The rupee snapped a five-day losing streak and recorded its biggest single-day in more than a month on Tuesday, as reports suggested that US President-elect Donald Trump is likely to be less aggressive with his policies on tariff. Other Asian currencies, too, gained between 0.2% and 0.9% vis a vis the greenback. The rupee, after
Tata Consultancy Services (TCS), which will report its October-December earnings on Thursday, is expected to report muted revenue growth for the quarter. However, analysts expect a boost in its margins due to operational efficiencies and favourable cost structures. Also ReadMarico Q3 Preview: Can price hike stem margin contraction? According to Bloomberg estimates, the IT firm’s
The Union Budget 2025-26 is set to be presented by Finance Minister Nirmala Sitharaman next month, and almost all segments of society, encompassing taxpayers, various industries, and trade unions, are anticipating the introduction of relief measures from the government. Some industry bodies have already started submitting their demands to the finance minister. In their customary
