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L&T aims to grow IT & Tech services revenue to high teens by 2026

Engineering giant Larsen & Toubro (L&T) is aiming to grow the Information Technology (IT) services and technology services (TS) revenue contribution to the group to high teens by 2026, said the company in its FY22 annual report. “The IT&TS businesses will continue to balance the risk and cyclicality associated with the traditional projects and manufacturing segment. The momentum from existing and emerging tech trends such as Cloud, Digital, AI, Industry 4.0 is expected to propel growth in the near term. This portfolio will aim at revenue growth in the high teens during the Plan period and be vigilant to tap opportunities for inorganic growth as they emerge,” said S N Subrahmanyan, CEO & MD, L&T in his letter to shareholders in the annual report.

Hindustan Zinc gets nod to set up 30 KTPA plant to produce zinc alloys V

Vedanta group firm Hindustan Zinc is looking at expanding its footprint in the production of zinc alloys and has received approval to set up a 30 kilo tonnes per annum plant (KTPA), company's CEO Arun Misra has said. The move will make way for the production of value-added zinc alloy products and enable the company to deliver international quality products in the domestic market.

Tata Steel to invest Rs 12,000 cr in FY23 on India, Europe operations: CEO

Tata Steel has planned capital expenditure (capex) of Rs 12,000 crore on its India and Europe operations during the current financial year, the company's Chief Executive Officer T V Narendran said. The domestic steel major plans to invest Rs 8,500 crore in India and Rs 3,500 crore on the company's operations in Europe, Narendran, who is also the Managing Director (MD) of Tata Steel, told PTI in an interview. On Tata Steel's CAPEX plans for FY23, he said: "We have planned for about Rs 12,000 crore of capex for the year of which about Rs 8,500 crore will be spent in India and the balance in Europe.“

Vedanta seeks shareholder nod for related-party deals worth Rs 8,661 cr

Metals and mining major Vedanta is seeking shareholder approval for related-party transactions worth Rs 8,661 crore for the ongoing financial year (FY23). Three resolutions have been listed on the agenda of the company's annual general meeting (AGM), to be held on August 10, involving subsidiaries. This includes a related-party deal with Bharat Aluminium Company (BALCO) in which Vedanta has a 51 per cent stake.

ICICI Pru Life sees profit of Rs 156 cr in Q1 on lower claims, provisions

ICICI Prudential Life Insurance on Saturday reported a net profit of Rs 156 crore in April-June quarter (Q1) of FY23, compared to a loss of Rs 186 crore in the year-ago period, aided by significantly lower claims and provisions due to Covid-19. The private sector life insurer saw value of new business (VNB) increase by 32 per cent to Rs 471 crore in Q1FY23, compared to Rs 358 crore in the yearago period. Annualised premium equivalent (APE) of the insurer stood at Rs 1,520 crore, up 25 per cent over the same period last year.

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