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Ikea India increases prices of some products as inflation bites

IKEA India has increased prices of some of its products due to rising inflation while also absorbing the high inflation costs on other products. Susanne Pulver, chief executive officer (CEO) of IKEA India, said no one remains unaffected by what is happening in the world and it is the same for the company as well.

Tata Steel signs MoU with start-up for drone-based mining solutions

Domestic giant Tata Steel on Wednesday said it has inked a pact with a Bengaluru-based startup for drone-based mining solutions for effective mine management. The primary goal of this collaboration is to jointly develop and offer sustainable and end-to-end integrated solutions that will focus on efficiency, safety, and productivity of open cast mining operations.

Hindustan Aeronautics signs $100-mn deal with Honeywell for trainer engines

Hindustan Aeronautics Ltd (HAL) has signed a $100 million contract with US engine-maker Honeywell, for 88 engines to power the indigenous Hindustan Turbo Trainer – 40 (HTT-40), on which Army, Navy and Indian Air Force (IAF) pilots will first learn to fly. “HAL signed a contract worth over $100 million for supply and manufacture of 88 TPE331-12B engines/kits along with maintenance and support services to power the HTT-40,” stated a Ministry of Defence (MoD) press announcement on Wednesday.

Colgate-Palmolive India's net profit declines 7.2% in April-June quarter

Colgate Palmolive India saw its net profit down 7.2 per cent year-on-year to Rs 216.6 crore (excluding impact of exceptional item ) in the April-June quarter and its revenue up 2.5 per cent to Rs 1186.59 crore compared to last year. The company's PBIDT stood at Rs 327.9 crore in the quarter ended June, down 9 per cent compared to last year

The toothpaste major witnessed the impact of overall rural slowdown and inflationary pressure during the quarter, however, the company remains cautiously optimistic that the trends will improve in the coming quarters, Mukul Deoras, chairman at Colgate Palmolive India said in the company’s earnings release.

Shriram City Union Finance posts 61 per cent rise in Q1 net profit

Shriram City Union Finance, India’s largest two-wheeler financer and part of the Shriram Group, has posted a 61 per cent rise in consolidated net profit during the first quarter of 2022-23 to Rs 354 crore as compared to Rs 220 crore during the April to June quarter of 2021-22.

The company’s income from operations during the quarter under review was seen up by 24 per cent to Rs 2,003 crore as against Rs 1,611 crore during April to June period of the previous financial year. The company’s disbursements rose by 82 per cent to Rs 8,726 crore, backed by a revival for micro, small and medium enterprises (MSME), gold and two-wheeler loans

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