In News

In News

Equitas Small Finance Bank: The small finance bank clocked 20% year-on-year growth in provisional gross advances at Rs 22,802 crore for the quarter ended September FY23. Deposits also grew by 20% YoY to Rs 21,726 crore during the same quarter, while CASA ratio improved to 48.13% in Q2FY23, up from 45.31% in year-ago period, while cost of funds declined to 6.25%, from 6.81% in corresponding period last fiscal.

NTPC: The country's largest power generation company has collaborated with GE Gas Power to reduce carbon intensity at its Kawas gas power plant in Gujarat. Both companies signed a Memorandum of Understanding (MoU) for feasibility to demonstrate of hydrogen (H2) co-firing blended with natural gas in GE's 9E gas turbines installed at NTPC's Kawas combined-cycle gas power plant in Gujarat. NTPC's Kawas gas power plant is powered by four GE 9E gas turbines operating in a combined-cycle mode and has an installed capacity of 645 megawatt (MW).

Indian Hume Pipe Company: The company has received Letter of Acceptance for the work of Rs 194.03 crore from Maharashtra Jeevan Pradhikaran Division, Buldhana, Maharashtra, under Jal Jeevan Mission Project for Jalgaon Jamod 150 Villages Regional Rural Water Supply Scheme. The project is to be completed within 24 months with a trail run for 12 months after completion of project.

Quess Corp: The company has entered into definitive agreements to divest its 53% stake in subsidiary Simpliance Technologies, to Aparajitha Corporate Services, a HR compliance services company. The deal is valued at an enterprise value of Rs 120 crore, on a cash and debt free basis.

Dabur India: The company said India business had a steady performance & is expected to report revenue growth in mid-single digits, while international business is expected to post double-digit revenue growth in constant currency. Hence, consolidated revenue is expected to grow at mid-single digit. Its food & beverages vertical continued with robust double-digit growth on a high base of 43% growth in Q2FY22, while home & personal care portfolio is expected to record mid-single digit growth on a high base of 16.7% growth in Q2FY22. During the quarter ended September FY23, inflation was at peak levels which impacted gross margins, and operating margin in Q2FY23 is expected to be lower by around 150-200 bps versus Q2FY22.

FSN E-Commerce Ventures: Beauty and lifestyle retailer Nykaa has signed strategic partnership with Middle East-based retailer Apparel Group. The company with Apparel Group will recreate omnichannel beauty retail platform in the Gulf Cooperation Council (GCC). Apparel Group has more than 75 brands with over 2,000 stores across 14 countries.

Titan Company: The company witnessed healthy double-digit growth across most businesses with overall sales growing 18% YoY. The company has continued its retail network expansion with addition of 105 stores (net) for the quarter ended September FY23. Its jewellery division grew by 18% YoY on a high base of Q2FY22, while watches & wearables segment clocked 20% growth YoY. Subsidiary Titan Engineering & Automation registered 139% YoY growth with automation solutions division reporting 240% YoY growth, and aerospace and defence division clocking 66% growth. Another subsidiary Caratlane reported 56% YoY growth in busines driven by promotions around Raksha Bandhan and hero launches during the quarter.