L&T, RBL Bank, Maruti Suzuki, Nazara Tech, Hero Motocorp and others in the news

by MMC
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MotoCorp Heroes: The world’s largest motorcycle and scooter manufacturer has received 13,688 bookings for its new flagship motorcycle, Karizma XMR. Shipments of Karizma XMR to Hero MotoCorp dealerships have already started and deliveries to customers will begin during the festive season this month. The new Karizma XMR will now be available at Rs 1,79,900 (ex-showroom Delhi) and the company will announce the new booking window soon.

Larsen & Toubro: EP Sajit has been elevated to the role of Senior Vice President and Head of IC Water and Effluent Treatment, effective October 2.

Punjab National Bank: The public sector lender reported 11.3% year-on-year growth in its total business at Rs 22.5 lakh crore for the quarter ended September FY24, with deposits in rising 9.7% YoY to Rs 13.08 lakh crore and global gross advances increasing 13.8% YoY. at Rs 9.4 lakh crore. CASA deposits increased by 2.6 per cent YoY to Rs 5.4 lakh crore and domestic advances increased by 13.9 per cent YoY to Rs 9.08 lakh crore.

JM Financial: Manish Sheth has left the company as CFO with effect from September 30, 2023.

Bank of Jammu and Kashmir: The lender reported total business of Rs 2,18,269 crore for the quarter ended September FY24, growing 12.03 per cent YoY, with total deposits in up 9.4 per cent YoY to Rs 1,26,589 crore and gross advances up 15.88 per cent YoY. at Rs 91,680 crore. CASA deposits increased by 1.24% year-on-year to Rs 64,068 crore.

Marico: The FMCG major said domestic volumes grew year-on-year in single digits, with volume growth in single digits for Parachute coconut oil and Saffola edible oils, and growth in single-digit value for value-added hair oils. International business recorded double-digit growth in constant currencies. Consolidated revenue was slightly lower year-on-year, driven by price corrections in major domestic portfolios over the past 12 months, which will gradually enter the base in the future. The company expects solid year-over-year gross margin expansion and healthy operating profit margin expansion, leading to low double-digit growth in operating profit.

Bandhan Bank: The private sector lender reported loans and advances at Rs 1.07 lakh crore for the quarter ended September FY24, a growth of 4.3% qoq and 12.3% qoq annual. Total deposits increased by 3.3% quarter-on-quarter and 12.8% year-on-year to Rs 1.12 lakh crore. CASA deposits grew 10.5% QoQ and 6.5% YoY to Rs 43,161 crore, while retail deposits grew 7.4% QoQ and 12.6%. over a year at Rs 82,977 crore.

Asian Energy Services: The company has appointed Gaurav Srivastava as chief operating officer. Srivastava has two decades of experience in operations, field services, drilling and business development with Schlumberger in India, the United States, Australia, Malaysia and Sudan.

Global healthcare companies: Cancer care network announced the strategic acquisition of SRJ CBCC Cancer Hospital in Indore. HCG further plans to expand by adding 100 beds and state-of-the-art cancer diagnostic and treatment facilities within an estimated operational time frame of 2 years. With this, HCG is now a network of 21 comprehensive cancer centers with 24 hospitals in India and Africa, and 8 daycare centers.

Softcom Systems: Satyam Jaiswal resigned from the position of Managing Director of the company and Shristi Shaw resigned from the position of CFO with effect from October 4, 2023. They resigned immediately due to their concerns in other business activities.

Nazara Technologies: The Singaporean subsidiary of NODWIN Gaming, a major subsidiary of Nazara Technologies, has acquired a 100 percent stake in gaming marketing agency PublishME, for $2 million from its existing shareholders Nazara Technologies and Ozgur Ozalp.

AXISCADES Technologies: The company has received approval from the Board of Directors for the appointment of Abidali Neemuchwala as Chairman of the company with effect from October 4. He is also appointed as an additional director, in the category of non-executive and non-independent director of the board of directors. Previously, Abidali was the CEO and Managing Director of Wipro, and he started his journey with Tata Consulting Services in 1992.

RBL Bank: The private sector lender reported total deposits at Rs 89,774 crore for the quarter ended September FY24, up 13% YoY and 5% QoQ, while gross advances increased increased by 21% YoY and 5% QoQ to Rs 78,186 crore. CASA for the quarter grew 12 per cent YoY and 0.5 per cent QoQ to Rs 32,075 crore. Retail advances increased 34% year-on-year and 8% sequentially, while wholesale advances increased 7% year-over-year and remained flat sequentially for the quarter ended September 30, 2023.

L&T Finance Holdings: The company announced that the retail portfolio is estimated at 88 percent at the end of the second quarter of FY24, compared to 58 percent during the same period last year. Retail disbursements for Q2FY24 are estimated at Rs 13,490 crore, a growth of 32% YoY and the retail loan book at the end of Q2FY24 is estimated at Rs 69,400 crore, a growth of 33% over a year.

Indian Energy Exchange: The energy exchange recorded a 13 percent annual growth in total electricity volume for September at 9.147 million units. The real-time market volume in September increased by 33% YoY to 2,923 million units, and the market clearing price for the month increased by 11% YoY to Rs 6.23 per unit.

SAL Automotive: The company said the board of directors has appointed Namrata Jain as the company’s chief financial officer with immediate effect. Currently, Namrata Jain is the Executive Director of Finance.

Sheela Foam: The company has received a show cause and demand notice from the GST Intelligence Commissioner, Greater Noida, alleging a tax demand of Rs 20.26 crore, besides an equivalent penalty of Rs 20.26 crore.

Axita Cotton: The members of the board of directors have reappointed Nitinbhai Govindbhai Patel as CMD of the company with effect from October 1, 2023. Additionally, Kushal Nitinbhai Patel is appointed as a non-executive director and Utsav Himanshu Trivedi is appointed as an independent director of the company. .

Maruti Suzuki India: The company has received a show cause notice amounting to Rs 1.79 crore from the Gujarat GST Authority, for the period July 2017 to March 2018 due to reconciliation of income tax returns filed by the company. The company will file its response to the show cause notice with the jurisdictional authority.

ACC: The cement company has incorporated two wholly owned subsidiaries – ACC Concrete South and ACC Concrete West. Both subsidiaries will carry out manufacturing and trading activities in cement, RMC and related products and by-products.

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