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Bloomberg Quint
14h
87
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Bharat Electronics Secures Orders Worth Rs 572 Crore
- Bharat Electronics secured additional orders worth Rs 572 crores, including AI-based solutions for ships, simulators, communication equipment, jammers, and spares.
- The company's fourth-quarter profit rose 30% year-on-year to Rs 1,797 crore, with revenue increasing by 32% to Rs 8,564 crore in the January-March period.
- As of April 1, Bharat Electronics' order book stood at Rs 76,000 crore, showing a 25.2% growth compared to the previous fiscal year.
- Amid geopolitical tensions, defence stocks have surged, with Nifty India Defence index rising over 12% in the last three weeks, and Bharat Electronics adding Rs 29,970 crore in market cap.
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Bloomberg Quint
14h
171
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Rise Of Reverse Flip Mergers In India: Insight Into Dream11's Strategic Restructuring
- Indian startups are increasingly opting for reverse flip mergers to align operations with Indian regulatory and investment landscape.
- Corporate restructuring is reshaping India's business environment rapidly, with more companies adopting new approaches to realign growth paths.
- Reverse flip mergers are becoming a popular trend, altering how startups and large firms consider going public.
- Dream11's strategic restructuring provides insight into the rise of reverse flip mergers in India.
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Bloomberg Quint
14h
240
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Railway Ministry Brings New Train Classes 3E, Vistadome Under Upgradation Scheme
- The Railway Ministry has updated its upgradation scheme to include new train classes such as Vistadome non-AC, Vistadome coach, Executive Anubhuti, and Third AC Economy (3E).
- The scheme allows for upgrading passengers to the next higher class based on available vacant accommodation, applicable to all types of trains with sitting accommodation.
- The hierarchy for sitting accommodation upgradation includes classes like 2S, Vistadome non-AC, CC, EC, Vistadome coach, and Executive Anubhuti. For sleeping accommodation, the hierarchy is SL, 3E, Third AC, AC 2nd class, and AC first class.
- Passengers booking full fare tickets are eligible for upgrades, and the new scheme also covers potential future classes introduced by the Railways.
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Bloomberg Quint
14h
164
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Uttar Pradesh's Banda District Records Hottest Temperature In India At 46.2 Degrees Celsius
- Uttar Pradesh's Banda district recorded the highest temperature in India at 46.2 degrees Celsius, with severe heatwave conditions expected till Sunday.
- More than a dozen districts in eastern Uttar Pradesh also experienced severe heatwave conditions, with temperatures crossing 40 degrees Celsius.
- The state government has advised district administrations to implement measures to protect residents from the heatwave and prepare for potential heat-related illnesses.
- IMD forecast predicts dry weather continuing on Saturday, with high probability of heatwave conditions in western Uttar Pradesh and possibility of rain in isolated places in eastern Uttar Pradesh.
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Dynamicbusiness
14h
189
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Funding roundup: The week’s top startup scores
- Bovotica secures $3.4 million to commercialize methane-reduction technology for livestock, aiming to reduce cattle methane emissions and improve metabolic efficiency.
- Phase One Ventures deploys NZ$2.1 million fund into 14 tech startups, with 36% going to female-led companies. Twelve startups secure follow-on funding from major players like Blackbird and Icehouse.
- ACTIVATE digital health accelerator selects 15 high-growth health tech companies, with over half utilizing AI-based solutions, aimed at scaling Victorian medtech innovators.
- Plexus raises over $6 million to expand internationally and enhance its AI product roadmap, focusing on legal automation for in-house legal teams.
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Bloomberg Quint
14h
76
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Lumax Auto To Acquire Remaining 25% Stake In IAC India For Rs 221 Crore
- Lumax Auto Technologies Ltd. is set to acquire the remaining 25% stake in IAC India for Rs 221 crore, making IAC India a wholly-owned material subsidiary of the company.
- The acquisition is expected to be completed by May 31, 2025, subject to customary conditions precedent outlined in the Share Purchase Agreement.
- Despite the change in ownership, there will be no alteration in the day-to-day operations, business activities, or management of IAC India, and the IAC Group will continue to provide technology support.
- IAC India, a Tier-1 interior systems and components supplier to key automotive OEMs in India, has a strong engineering center and provides advanced design services to customers in India and overseas.
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Pymnts
15h
244
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FinTech Roundup: Chime’s IPO, Funding Rounds and Acquisitions Cap a Busy Week
- May has been a busy month for FinTech with high-profile IPOs, acquisitions, and funding rounds.
- Chime filed its IPO documents with the SEC, estimating a $86 billion annual revenue opportunity for digital financial services.
- eToro debuted on Nasdaq, raising over $300 million and experiencing a 29% surge on its first trading day.
- Acquisitions included DAT Freight & Analytics acquiring FinTech Outgo and SavvyMoney acquiring CreditSnap.
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Bloomberg Quint
15h
285
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Kalpataru Projects Q4 Results: Net Profit Surges 37%; Dividend Declared
- Kalpataru Projects International Ltd.'s consolidated net profit surged 37% in Q4 FY25.
- The company proposed a dividend of Rs 9 per share for the fiscal year 2025.
- The closing order book of Kalpataru Projects stands at a historic high of Rs 64,495 crore, driven by strong order inflows.
- Shares of Kalpataru Projects closed 3.05% higher on Friday after the results were declared post-market hours.
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Bloomberg Quint
15h
201
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Shipping Corp Q4 Results: Profit Drops 40%, Margin Shrinks
- Shipping Corp reported a 40% drop in consolidated net profit to Rs 185 crore in Q4 of fiscal year 2025.
- Revenue decreased by 6.2% to Rs 1,325 crore, Ebitda down by 10% to Rs 364.6 crore, and margin narrowed to 27.5%.
- The board recommended a dividend of Rs 6.59 per equity share for fiscal 2025, pending shareholder approval at the AGM.
- Shipping Corp's stock price closed 9.28% higher at Rs 188.77 apiece on the NSE before the results were announced.
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Bloomberg Quint
16h
69
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US Tax On Outward Remittances To Pinch Indians Sending Money Home
- The Trump administration plans to impose a 5% tax on outward remittances from Indians in the US, totaling an estimated annual outgo of over $1.6 billion.
- The proposed tax would apply to more than 40 million people, excluding US citizens, including those with green cards and H1B visas.
- India's remittances have significantly increased from $55.6 billion in 2010-11 to $18.7 billion in 2023-24, with a shift towards advanced economies like the US, UK, and others.
- The cost of remittance transactions involves fees and exchange rate conversions, impacting socio-economics. India has been the top recipient of remittances, with $129 billion inflow in 2024.
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Bloomberg Quint
16h
109
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NDTV Profit Pulse On May 15: Top 8 Stories At 8 P.M. Under 8 Minutes
- India's foreign exchange reserves rose to $690.61 billion, boosted by increased gold holdings as per RBI data.
- Amazon's Project Kuiper set to launch satellite internet in India after obtaining Letter of Intent from Department of Telecommunications.
- Defence Minister Rajnath Singh mentions Operation Sindoor is not over, hinting at more actions to come.
- Russia and Ukraine engage in peace talks in Turkey after over three years, hosted by Turkish Foreign Minister Hakan Fidan.
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Bloomberg Quint
16h
157
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Turkiye's Celebi Explores Legal Remedies To Challenge Termination Of Pacts In India
- Turkiye's Celebi Hava Servisi AS explores legal remedies to challenge the termination of various license and concession agreements in India after the security clearance for its India company was revoked.
- The security clearance was revoked by the Bureau of Civil Aviation Security (BCAS) citing national security interests, leading to the suspension of operations of Celebi's entities in India.
- Several concession and license agreements between Celebi's subsidiaries and Indian airport authorities have been unilaterally terminated, prompting Celebi to pursue administrative and legal actions against these allegations.
- In response, the Civil Aviation Minister emphasized that national interest and public safety are non-negotiable, while efforts are being made to ensure a smooth transition for Celebi's employees and operations in India.
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TechCrunch
16h
250
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The Nuclear Company raises $46M to develop massive reactor sites
- The Nuclear Company has raised $46.3 million in a Series A fundraise out of a targeted $51.3 million total from investors including CIV, Goldcrest Capital, MCJ Collective, True Ventures, and Wonder Ventures.
- Founded in 2023, the startup aims to develop a series of nuclear reactors using existing designs, prioritizing sites with permits to operate and planning to develop 6 gigawatts in its first fleet.
- Tech companies and utilities are turning to nuclear startups for power as electricity demand in the U.S. is expected to surge, with Google, Amazon, Meta, and Microsoft engaging in nuclear energy initiatives amid competition from solar power.
- Potential financial hurdles for nuclear power include the House Ways and Means Committee's draft of a reconciliation bill that may end subsidies for nuclear power plants, affecting new projects like those of The Nuclear Company that are anticipated to be operational in the early 2030s.
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Bloomberg Quint
17h
180
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Sterling Powergensys Appoints Pundlik Davane As Chief Financial Officer
- Sterling Powergensys appointed Pundlik Davane as the Chief Financial Officer on Feb. 13, 2025, following the resignation of Dinesh Agarwal from the position on Nov. 20, 2024.
- The appointment of Davane was delayed due to overlapping responsibilities, administrative procedures, and the need for regulatory compliance. The company assured that the delay was unintentional and steps have been taken to strengthen internal processes for timely disclosures in the future.
- Davane, who was previously associated with the company as Compliance Assistance and had served as CFO before, was considered for re-appointment after the resignation of the previous CFO.
- The Board of Directors appointed Davane based on recommendations from the Nomination and Remuneration Committee and Audit Committee, confirming his role as the CFO with effect from Feb. 13, 2025.
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Eu-Startups
17h
183
German search engine Ecosia unveils new climate impact experience for users, shifting away from tree planting
- Berlin-based Ecosia, known for investing profits into climate action initiatives, introduces new climate impact experience for users, moving focus from tree planting.
- Users can now track their contribution to various initiatives like deforestation, renewable energy, and ClimateTech through an 'impact counter' on their profile page.
- Ecosia shifts its primary climate impact focus from planting trees to broader initiatives like regenerative agriculture, renewable energy, and biodiversity protection.
- In addition to showing their impact visually, Ecosia plans to offer personalized climate tips, exclusive content, and collaboration opportunities to further promote climate action.
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