Vodafone Idea: The telecom major announced early Friday that it plans to initiate a Follow-on Public Offering (FPO) of equity shares, aiming to raise up to ₹18,000 crores. The FPO is scheduled to begin next week. The FPO will be open for subscription from April 18 to April 22. Offers for anchor investors will be approved on April 16, as stated in the company’s exchange. Vodafone Idea’s Capital Raising Committee will meet later on Friday to discuss and finalize the price band and discount for the FPO. From April 15 until the offer closes, Vodafone Idea will engage in road shows and discussions with investors and analysts.
Wipro: Wipro Ltd has announced the appointment of company veteran Malay Joshi as the chief executive officer of its largest and fastest-expanding market, the Americas 1. Joshi will take over from current CEO Srinivas Pallia, who has led the unit since January 2021 until his recent promotion Joshi, with nearly three decades of experience at the Bengaluru-based IT firm, will take up his new role immediately. He will also join Wipro’s executive board, according to the company’s announcement.
Tata Motors: On April 10, Tata Motors reported an impressive 8% increase in total global wholesale sales for the fourth quarter ending March 31, 2024, reaching 377,432 units, compared to the same period last year. The company’s statement revealed that global volumes of its passenger vehicles, including electric vehicles, during Q4FY24 stood at 155,651 units, representing a large 15% increase compared to Q4FY23. Jaguar Land Rover (JLR), the company’s subsidiary, reported 81% growth in retail sales in India for FY24, with a total of 4,436 units sold.
Hindustan Unilever, to love: The Calcutta High Court has issued a restraining order against Hindustan Unilever (HUL), banning the use of the brand ‘Glow & Handsome’ for its men’s grooming products. This follows a lawsuit filed by competitor Emami. HUL was given a month to comply with the order, which was issued on April 9. A HUL spokesperson stated that they are currently reviewing the injunction issued by the Calcutta High Court in response to Emami’s lawsuit, which has been going on for almost four years. years They added that appropriate action will be taken. This development is an extension of a 2020 disagreement between the two companies when HUL rebranded its men’s fairness cream to ‘Glow & Handsome’, a name similar to Emami’s ‘Fair & Handsome’ men’s personal care product line. According to the order, Emami established a strong prima facie case on the merits regarding the issue of passing off.
Larsen & Toubro: Edelweiss Alternatives-backed platform Infrastructure Yield Plus strategy successfully acquired 100% stake in L&T Infrastructure Development Projects Ltd (L&TIDPL), previously held by Larsen & Toubro (51%) and Canada Pension Plan Investment Board (CPP Investments) (49%) . . This acquisition will expand the infrastructure platform to 26 assets, encompassing 5,000 lane-km of roads, 1,800 km of power transmission assets, and 813 MWp of renewables. The cumulative annual income is projected to be ₹3,000 crores.
Adani Total Gas: Adani TotalEnergies E-Mobility, a subsidiary of Adani Total Gas, and MG Motor India have entered into a Memorandum of Understanding (MoU) to improve India’s EV charging infrastructure. This joint initiative aims to develop charging solutions for electric vehicles (EVs) and offer value-added services to MG’s EV customers across the country, thereby supporting the growth of India’s rapidly developing EV ecosystem. Under the MoU, ATEL will install CC2 60 kW DC chargers at future MG dealerships to strengthen the charging network and improve customer access. The collaboration will deliver a comprehensive solution that includes the supply, installation, commissioning, operation and maintenance of the charging infrastructure.
Metropolis Healthcare: The medical diagnostics company on April 10 said it delivered a 10% annual increase in overall revenue. The core business revenue witnessed even stronger growth, increasing by 15% compared to the previous year. Its Q4FY24 sales volume increased 8% YoY and Revenue Per Patient (RPP) increased 7% YoY. This growth was primarily driven by the specialty test segment, premium wellness segment and implemented price increases. Additionally, the company’s Business-to-Consumer (B2C) revenues recorded a remarkable 18% year-on-year growth, indicating strong demand for its services among individual consumers. One of the significant milestones achieved by Metropolis Healthcare during the quarter was the repayment of its debt, resulting in a debt-free status on March 31, 2024.
Computer Age Services: The mutual fund transfer agency announced to the stock exchanges on April 10 that it has been authorized by the Reserve Bank of India (RBI) to operate as an online payment aggregator. The company initially received in-principle approval from the RBI in February 2023, according to the company’s statement. Its payments business unit, CAMSPay, currently serves a diverse clientele, including mutual funds, insurance companies, banks, and NBFCs. In the previous month, CAMSPay recorded over 1.2 million mandates for UPI Autopay, highlighting the company’s expanding presence in the online Digital Payments Segment.
Dr. Reddy’s: The company launched its drug-free migraine management device, Nerivio, in Germany through its subsidiary, betapharm, according to a statement released on April 10. Following its European market debut, Nerivio is launched in South Africa later in April, with subsequent introductions in Spain and the UK. Nerivio is a wearable device that is drug free, approved by the USFDA, and certified by CE mark. It uses a “Remote Electrical Neuromodulation (REN)” mechanism for the acute and/or preventive treatment of migraines (with or without aura) in adults and adolescents aged 12 years and over.
Alkem Laboratories: The US FDA released a comprehensive report outlining ten procedural observations made during their inspection of Alkem Laboratories’ Baddi unit last month. The US FDA conducted an inspection of the manufacturing facility from March 19 to 27. The scope of the inspection included compliance with Good Manufacturing Practices (GMP guidelines defined by the agency) and Pre-Approval Inspection. The report highlighted issues related to cleanliness and procedural errors, including “failure to thoroughly review any unexplained discrepancy” and the absence of established “control procedures,” according to the US FDA’s findings.
Signature Global: The real estate company saw a 6% increase in its net debt to ₹1,160 crore in the last fiscal year, more than ₹1,090 crore in FY23. This increase was mainly due to land purchases for residential project development. The company announced on Sunday that its sales orders had more than doubled ₹7,270 crore in 2023-24, up from ₹3,430 crore in the previous fiscal year. In March, Signature Global sold 1,008 luxury homes in its new project Gurugram, Haryana for approx. ₹3,600 crores. This sale contributed to the company’s record sales orders in the last fiscal year, exceeding the target of ₹4,500 crore for 2023-24.
Unlock a world of Perks! From insightful newsletters to real-time stock tracking, breaking news and a personalized news feed – it’s all here, just a click away! Login Now!
Catch all Business News, Market News, News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More or less
Published: 12 Apr 2024, 08:16 IST