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Reliance Industries: Reliance Industries Ltd (RIL) has seen a substantial uptick in incidences of “voluntary separation" in its retail and telecom divisions in 2022-23. Attrition rates rose by 64.8% over FY22, according to the annual reports of the conglomerate. Although the conglomerate spanning oil to telecommunications boosted its hiring efforts, the momentum was lost following its acquisitions as operational redundancies led to duplication of roles across various functions, said three people aware of the development.
Godrej Consumer Products: Godrej Consumer Products Limited (GCPL) on Monday said its consolidated net profit fell 7.6% at ₹318.82 crore for the April-June quarter of fiscal year 2024 from ₹345.12 crore in the same quarter a year ago. The total revenue in the first quarter stood at ₹3,448.91 crore, 10.36% up from ₹3,124.97 crore in the year-ago period, the company said in an exchange filing. GCPL's India revenue rose 8.43% at ₹2,005.48 crore during the June quarter from ₹1,849.41 crore a year ago.
One 97 Communications: One97 Communications Limited on Monday informed the exchanges that its wholly-owned subsidiary Paytm Payments Services has appointed S.R. Batliboi & Associates as its auditor. The Statutory Auditors have not raised any concern or issue and in fact, this is aligned with the holding company OCL’s appointment of S.R. Batliboi & Associates as its auditor.
Tata Chemicals: Tata Chemicals on Monday said that its net profit declined 11.8 per cent at ₹523 crore in Q1FY24 compared to ₹593 crore in the same period of FY23. The revenue was up 5.6 per cent at ₹4,218 crore in Q1FY24 against ₹3,995 crore in Q1FY23, it said in a stock regulatory filing. The net income in Q4FY23 was ₹4,407 crore, which is high compared to the June quarter.
HDFC Bank: Following the merger of the parent company Housing Development Finance Corporation, the investability weight of HDFC Bank in the FTSE Emerging All Cap index grew to 1.52% from 0.81%. The index aggregator FTSE Russell said the weightage would instead be applied in three tranches by March 2024.
Emami: Emami Ltd on Monday reported an 86.5% year-on-year rise in its consolidated net profit for the fiscal's first quarter ended June (Q1FY24) to ₹137.72 crore. The company had reported a profit of ₹73.83 crore in the year-ago period. Sequentially, consolidated net profit was down 4.6% from ₹144.43 crore in Q4FY23.
Inox Wind: An insider source revealed to CNBC TV-18 on August 7th that the promoter entity of Inox Wind intends to initiate a substantial transaction valued at ₹500 crore. The purpose of this deal is to decrease their ownership in the wind energy firm. The deal is expected to occur at a price that could potentially be discounted by up to 5% compared to the current market value.
PB Fintech: PB Fintech posted a net consolidated loss of ₹11.9 crore which was 94% lower year-on-year from net loss of ₹204 crore reported during the corresponding quarter previous fiscal. The total revenue of the company jumped 39% YoY, while the operating revenue jumped 32% to ₹666 crore during the Q1FY24 from ₹505 core during the same period last fiscal year.
Torrent Pharma: Torrent Pharmaceuticals Ltd. on Monday reported a consolidated net profit of ₹378 crore for the June quarter (Q1 FY24), up 7% year-on-year (YoY). Revenue rose to ₹2,591 crore during the quarter under review from ₹2,347 crore a year ago. Ebitda came in at ₹791 crore, with an Ebitda margin of 31%. Net profit margin stood at 14.6%. During the quarter Torrent Pharma spent ₹129 crore, up 6% YoY.
MMTC: The markets regulator Sebi said it has cancelled the licence of MMTC Ltd as a stockbroker for its involvement in illegal “paired contracts" in a case related to National Spot Exchange Ltd (NSEL). MTC traded in “paired contracts", which did not have regulatory approval, the Sebi order said.
