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Ola setting up Futurefoundry in UK, creating $100-mn vehicle design centre

After raising over $200 million from investors at a $5 billion valuation, Ola Electric, the ride-hailing firm’s electric vehicle (EV) arm, is setting up Ola Futurefoundry, its global centre for advanced engineering and vehicle design. This centre will be based in Coventry, UK, a global hub for the best automotive design and engineering talent in the world.

SoftBank-backed Ola will invest over $100 million over the next 5 years into the state-of-the-art centre and staff it with over 200 designers and automotive engineers. The centre will also partner with world-class education and research institutions in the UK to collaborate on technology research and development.

Renault, Nissan to invest $26 bn to build a line-up of 35 EVs by 2030

The French-Japanese auto alliance of Renault and Nissan plans to invest 23 billion euros ($26 billion) in electric vehicle technology over the next five years, the companies said Thursday.

The alliance, which also includes smaller Japanese automaker Mitsubishi Motors Corp, will share research, auto parts and technology to bring down costs and produce 35 new electric vehicle models by 2030, aiming at markets around the world.

Canara Bank Q3 net rises 115.8% on steady growth in NII, dip in provisions

Canara Bank’s net profit rose by 115.8 per cent year on year at Rs 1,502 crore for the third quarter ended December 2021 (Q3FY22) on steady growth in Net Interest Income (NII) and dip in provisions.

The net profit was Rs 696 crore in Q3FY21 and Rs 1,333 crore in the second quarter ended September 2021 (Q2FY22). The bank's NII grew by 14.11 per cent to Rs 6,946 crore in Q3FY22 as against Rs 6,087 crore in Q3FY21. Sequentially, growth was 10.73 per cent with NII of Rs 6,273 crore in Q2FY22.

BoAt-owner Imagine Marketing files papers for Rs 2,000-crore IPO

Imagine Marketing, owner of consumer electronics brand BoAt, has filed a preliminary prospectus with capital markets regulator Sebi to raise Rs 2,000 crore through an initial public offering (IPO).

The public issue consists of a fresh issue of equity shares, aggregating up to Rs 900 crore and an offer for sale aggregating up to Rs 1,100 crore, according to the draft red herring prospectus (DRHP). The company will use proceeds from the fresh issue towards payment of debt.

FMCG major Colgate-Palmolive India Ltd on Thursday reported an increase of 1.6 per cent in its net profit to Rs 252.33 crore for the third quarter ended December 2021. The company had posted a net profit of Rs 248.36 crore in the corresponding quarter of the last financial year, Colgate-Palmolive India Ltd (CPIL) said in a BSE filing.

Its revenue from operations during October-December 2021 increased 3.84 per cent to Rs 1,271.29 crore, against Rs 1,224.21 crore in the year-ago period. Total expenses stood at Rs 945 crore in the December 2021 quarter, a rise of 3.98 per cent as compared with Rs 908.77 crore a year ago.

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