Fusion Microfinance: New Delhi-based Fusion Micro Finance is set to get listed on stock exchanges on Tuesday. The company which launched an initial public offering (IPO) worth over ₹1,100 crore in the first week of November, received an oversubscription of 2.95 times on exchanges. On BSE, Fusion will be listed for trading under the 'B' group of securities. Fusion provides financial services to unserved and underserved women in rural and peri-rural areas across India.
IRCTC: For the quarter ended September 2022, Indian Railway Catering and Tourism Corporation's net profit after tax from continuing operations surged to ₹226 crore, up 42.5%. The company reported a profit of ₹158.5 crore in the same quarter last year. However, on a sequential basis, the company's profit dropped 7.7% from ₹245.5 crore recorded in the previous quarter (Q1FY23).
L&T Infotech/Mindtree: L&T Infotech and Mindtree have received approval for the merger from NCLT and will start operating as a merged entity on November 14, 2022. The combined entity called LTIMindtree will thus become the fifth largest IT services company in India in terms of current market capitalization. The two companies had announced their merger in May 2022. L&T Group Chairman AM Naik said the merger has been approved by both the Mumbai and Bengaluru benches of the National Company Law Tribunal in two separate orders.
SpiceJet: SpiceJet on Monday reported a widening of net loss to ₹837.8 crore in the three months ended September as record fuel prices and the depreciating rupee caused turbulence for the budget carrier. Excluding the forex loss, the airline's net loss stood at ₹577.7 crore in the latest quarter under review. In the year-ago period, SpiceJet posted a net loss of ₹561.7 crore. During that period, including a forex gain, the figure was ₹568.7 crore.
Adani Ports: Adani Ports and Special Economic Zone (APSEZ) on Monday announced the setting up of a joint venture company with Gadot Chemical Terminals Ltd in Israel. "The company has incorporated a joint venture company with Gadot Chemical Terminals (1985) Ltd in Israel namely 'Mediterranean International Ports A.D.G.D Ltd' on November 13, 2022," APSEZ said in a BSE filing.
Biocon: Biotechnology major Biocon on Monday said its consolidated net profit declined by 11 per cent to ₹168 crore in the second quarter ended September 30, 2022, on account of a rise in overall expenses. The Bengaluru-based firm had reported a net profit of ₹188 crore (before exceptional items) in the July-September quarter of the previous fiscal. Revenue from operations rose to ₹2,320 crore in the period under review as compared with ₹1,840 crore in the September quarter, Biocon Ltd said in a statement.
NDTV: Markets regulator Sebi on Monday approved Adani Group's open offer to buy an additional 26% stake in broadcaster New Delhi Television Ltd, a takeover attempt that has raised concerns over eroding press freedom in the world's largest democracy. The Securities & Exchange Board of India approved Adani Group’s open offer, as per a statement on SEBI's website, allowing Adani to buy more equity from the media company's minority shareholders.
Apollo Tyres: Apollo Tyres on Monday said its consolidated net profit increased by 11 per cent to ₹194 crore in the second quarter ended September, riding on the back of robust sales in domestic as well as international markets. The tyre major had reported a net profit of ₹174 crore in the July-September period of the last fiscal. During the quarter under review, revenue from operations was up 17 per cent to close at ₹5,956 crore as against ₹5,077 crore in the year-ago period.
Aditya Birla Capital: The merger discussion between Aditya Birla Capital and Japan-based Nippon Life has likely failed. It is said that Nippon Life who owns a 49% stake in Reliance Capital-backed life insurance venture, Reliance Nippon has refused to reduce its stake. The Anil Ambani-backed Reliance Capital along with its subsidiaries are currently undergoing insolvency resolution.
Zomato: Zomato’s new initiatives head and former food delivery chief Rahul Ganjoo has resigned from the company, BSE filings obtained by Mint showed. Ganjoo is leaving Zomato after a five-year stint. He joined the company in 2017 as the head of product development. In 2020, he was appointed co-CEO of the food delivery vertical. In August of this year, he was elevated to head of new businesses.
