Author: MM Desk

Remsons-Uni Autonics Private Limited (RUAPL), part of the Remsons Group, has announced securing a Letter of Intent (LOI) worth Rs. 30 crore. The contract, spanning three years, is for the supply of sensors and marks a significant milestone in RUAPL’s growth trajectory. Following a rigorous selection process, RUAPL earned the trust of a leading Tier 1 Supplier in the auto industry, reflecting its commitment to excellence, innovation, and customer satisfaction. “We are honoured to have been chosen by an esteemed Tier-1 supplier to collaborate on this exciting venture,” said Mr Amit Srivastava, CEO. “This partnership underscores our dedication to delivering…

Cement maker Dalmia Bharat Ltd has commenced production at its new mill in Ariyalur manufacturing unit in Tamil Nadu, according to a regulatory filing by the company. With the commencement of commercial production of this 1 MTPA cement unit, the total cement manufacturing capacity of the company stands at 45.6 MTPA, it said. “With an investment of Rs 204 crore, this strategic brownfield expansion is aimed at strengthening its market presence in the South and meeting the growing demand for cement in the region,” the company said in a statement. This is in line with the company’s long-term growth strategy aimed at increasing its total installed capacity to 110 -130 MT by 2031, it said. “We continue…

GlaxoSmithKline Pharmaceuticals Limited today announced its financial results for the quarter ended March 31, 2024, showcasing robust performance and strong double-digit growth across key metrics. For the quarter, GSK Pharmaceuticals recorded revenue of Rs. 911 crores, marking an impressive growth of 16% compared to the same period last year. Profit before exceptional items and tax stood at Rs. 266 crores, demonstrating a remarkable growth of 51%, with EBITDA margins reaching 28%. The full-year reported revenue amounted to Rs 3407 crores, representing a growth of 6%. Despite challenges posed by the National List of Essential Medicines (NLEM) impact, the company showcased…

The US electric carmaker Tesla has yet to communicate its plans to the Indian government under the newly announced electric vehicle (EV) policy, an official disclosed on Friday. This comes as Elon Musk, CEO of Tesla, postponed his anticipated visit to India, which was scheduled for April 21-22, citing “very heavy Tesla obligations.” Musk’s visit was highly anticipated, with plans to meet Prime Minister Narendra Modi and possibly announce Tesla’s entry into the Indian market. However, the silence from Tesla has left Indian officials in the dark regarding the company’s intentions. “They (Tesla) are just silent… the (EV) policy was…

The board of directors at Godrej Industries has approved the re-appointment of Tanya Dubash as its whole-time director. Dubash will be designated as the executive director and chief brand officer for a period of three years, from April 1, 2025, to March 31, 2028, subject to shareholders’ approval, the company announced in an exchange filing on Friday. The company clarified that Tanya Dubash is not barred from holding the office of director by any order from the Securities and Exchange Board of India (SEBI) or any other authority, ensuring her eligibility for the position. Dubash’s re-appointment comes at a time…

Delhivery Ltd., a leading logistics company in India, announced its expansion into the drone manufacturing and services sector. The company has set up a wholly owned subsidiary, Delhivery Robotics India Pvt. Ltd., with a proposed authorised capital of Rs 5 crore. This strategic move marks Delhivery’s commitment to leveraging advanced technology to enhance its logistics capabilities. According to an exchange filing on Friday, Delhivery Robotics India Pvt. Ltd. will focus on four main areas: Research and Development: The subsidiary will conduct extensive research and development in unmanned aerial vehicle (UAV) technology, concentrating on various form factors and payloads. The goal…

BEML Ltd announced on Friday that it has secured a significant order worth Rs 250 crore from Northern Coalfields Limited (NCL) for the supply of 28 units of its BH100 rear dump trucks. This order underscores BEML’s strong foothold in the mining equipment sector and its commitment to supporting India’s coal extraction efforts. The BH100 rear dump truck, designed to handle payloads of up to 100 tonnes, is engineered specifically for the efficient transportation of overburden and coal in mining operations. Known for its robust design and advanced features, the BH100 is a preferred choice in the mining industry due…

Sajjan Jindal-led JSW Steel reported a significant decline in its net profit for the quarter ending March 31, 2024. The steel giant recorded a 64.5% drop in net profit to Rs 1,299 crore, significantly missing street estimates due to escalating expenses and raw material costs. This compares to a net profit of Rs 3,664 crore for the same period in the previous fiscal year. During the reporting quarter, JSW Steel’s revenue dipped 1.5% to Rs 46,269 crore from Rs 46,962 crore a year earlier. The company’s EBITDA also saw a sharp decline, falling 22.9% to Rs 6,124 crore from Rs…

In a notable development, the majority of Nestle India’s shareholders have voted against the proposed increase in royalty payout to its Swiss parent company, Nestle S.A. The decision was revealed in an exchange filing and led to a positive reaction in the market, with the company’s shares rising during a special trading session on Saturday. According to the filing, 57.18 percent of shareholders voted against the resolution. This outcome follows nearly a month after Nestle India’s board had approved the hike in royalty payout, pending shareholder approval. The proposed motion sought to increase the royalty payment to Nestle S.A. from…

Glenmark Pharmaceuticals Ltd announced today that it has received final approval from the US Food & Drug Administration (USFDA) for its generic brimonidine tartrate and timolol maleate ophthalmic solution. This medication is indicated for the treatment of increased intraocular pressure caused by glaucoma or other eye conditions. The approved ophthalmic solution, with strengths of 0.2 percent and 0.5 percent, has been recognized by the USFDA as bioequivalent and therapeutically equivalent to the reference listed drug Combigan ophthalmic solution (0.2 percent/0.5 percent) by AbbVie, Inc. Glenmark Pharmaceuticals will distribute the newly approved solution in the United States through its subsidiary, Glenmark…