Key Stock News: India Inc, Mahindra & Mahindra Financial Services, Bharti Airtel, ITC, L&T Technology Services, Motherson Sumi Wiring India - ARETE Securities
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India Inc moves to Dubai in droves as emirate eases ownership rules
Reliance Industries Chairman Mukesh Ambani might have made news for purchasing the most expensive beach-side villa in Dubai recently, but he is not the only Indian eyeing the city for investment. Since Dubai allowed foreign investors full ownership in specific sectors in June 2021, a horde of Indian companies have moved or expanded into the desert city. The list even includes a kindergarten, an elementary and middle school, and a hotel that has sought 100 per cent ownership.
Mahindra & Mahindra Financial Services raises Rs 275 crore by issuing bonds
Mahindra & Mahindra Financial Services on Monday said it has raised Rs 275 crore by issuing bonds on a private placement basis. A meeting of the committee of directors was held on October 31, 2022 and it approved the allotment of 2,750 secured redeemable principal protected non-convertible market linked debentures, the company said in a regulatory filing. The face value of the bond is Rs 10 lakh each, aggregating to Rs 275 crore.
Bharti Airtel Q2 net profit jumps 89% to Rs 2,145 crore; revenue up 22%
India's second largest telecom operator Bharti Airtel on Monday posted an 89 per cent year-on-year rise in consolidated net profit for second quarter ended September 2022 to Rs 2,145 crore, amid improved average realisation per subscriber. The total revenue rose 22 per cent year on year to Rs 34,527 crore during the just-ended quarter, according to a statement.
ITC cooks up a storm, sets up 12 cloud kitchens and 48 brand outlets
Diversified conglomerate ITC Ltd has tiptoed into the rapidly growing food tech industry adding a potent revenue stream for the future. Drawing synergies from its food and hospitality verticals, the company has set up a string of cloud kitchens dotting Tech City, Bengaluru, dishing out quite a fare– from Whole Wheat Paratha Kathi Rolls to Afghani Biryani and Pull Apart Bagels
L&T Technology Services plans to hire 1,000 engineers in new Mysuru campus
Engineering services company L&T Technology Services (LTTS) announced on Monday the opening of its new campus in Mysuru to cater to the design and development of embedded solutions, digital products and software engineering. The new 'Module X' campus houses eight floors with engineers in this centre working on a wide spectrum of services covering multiple industries, the company said in a statement.
Motherson Sumi Wiring India Q2 net profit rises 2% to Rs 116 crore
Auto component maker Motherson Sumi Wiring India Ltd on Monday reported a 2 per cent rise in net profit at Rs 116.45 crore in the second quarter ended September 30, 2022. Total revenue from operations stood at Rs 1,835.21 crore as against Rs 1,399.95 crore in the year-ago period, it added.
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