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RIL seeks NCLT nod for shareholder meeting to approve Future group deal

Reliance Industries (RIL) on Wednesday sought permission from the Mumbai bench of the National Company Law Tribunal (NCLT) to hold a shareholders’ meeting to consider and approve the nearly Rs 25,000-crore deal signed last year between its subsidiary Reliance Retail and Future group. RIL has already extended the deadline of closure of the deal with Future in anticipation of procedural as well as delays resulting from the legal battle between Amazon and Future group.

JK Tyre posts consolidated profit after tax of Rs 194 cr for March quarter.

JK Tyre and Industries on Wednesday reported a consolidated profit after tax of Rs 194.96 crore for the March quarter of the previous fiscal against a consolidated loss of Rs 52.78 crore in the year-ago period. Revenue from operations in the quarter under review rose by 63.21 per cent to Rs 2,927.28 crore compared to Rs 1,792.56 crore in Q4FY20, the company said. For the fiscal 2020-21, profit after tax grew more than two-folds to Rs 330.93 crore over Rs 141.31 crore in FY20. The revenue from operations in the previous fiscal grew 4.35 per cent to Rs 9,102.20 crore against 8,722.70 crore logged in the year ended March 31, 2020.

Indiabulls Housing Finance Q4 consolidated net rises 102% at Rs 276 cr

Indiabulls Housing Finance Ltd has posted a 102 per cent rise in net profit at Rs 276 crore for the fourth quarter ended March 2021 as against Rs 137 crore in same quarter of FY20. Its net profit for FY21 was down at Rs 1,201 crore from Rs 2,199 crore. The company’s Board of Directors has recommended a final dividend of Rs 9 per share. Its loan book shrunk to Rs 66,047 crore in March 2021 from Rs 73,065 crore in March 2020. The capital adequacy ratio improved to 30.7 per cent in March 2021 from 27.1 per cent in Mach 2020.

NBCC bags a contract worth about Rs 597 crore in Uttarakhand

State-owned construction firm NBCC (India) Ltd said it has bagged a contract worth about Rs 597 crore in Uttarakhand. It has been awarded the work order for comprehensive design, engineering and project management consultancy (PMC) services for construction and development of infrastructural facilities in the main campus of National Institute of Technology, Uttarakhand at Sumari (Pauri Garhwal). "NBCC is the Project Management Consultant for this project of the value Rs 596.75 crore," the company said in a regulatory filing.

Relief for Indian IT sector as Biden administration removes H-1B visa curbs

The US government has removed a regulation proposed by former president Donald Trump’s administration that sought to narrow the definition of “specialty occupation” under the H-1B visa regime. The change comes as a relief for Indian information technology firms, which are among the largest users of such visas. “The Department of Homeland Security (DHS) has formally vacated a regulation that would have redefined the H-1B specialty occupation, restricted off site placement of H-1B employees, and otherwise increased employer compliance obligations. The vacatur follows a federal court ruling that set aside the regulation because the agency did not have good cause to bypass notice and comment rulemaking, in violation of the Administrative Procedures Act,” explained immigration law firm Fragomen."

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