Page 2 - Aditya Birla Group

Grasim Industries Q4 results: Net profit rises 15.5% to Rs 2,721.81 cr

Grasim Q4 results: The board recommended dividend of Rs 10 per equity share for FY24

'Hardest decision', says Ananya Birla as she quits music for business

Ananya Birla is the founder of microfinance company Svatantra Microfin and design house Ikai Asai; she is the elder daughter of Aditya Birla Group chairman Kumar Mangalam Birla

Birla Pivot targets revenue of $1 bn in next three years, leverage tech

Birla Pivot, a B2B e-commerce platform for building materials of the Aditya Birla Group, is targetting revenue of USD 1 billion in the next three years, according to a top company official. The platform, a business unit of Grasim Industries, has crossed Rs 1,000 crore revenue in its first year of operations in FY24, the company said in a regulatory filing on Monday. "Birla Pivot's vision is to leverage technology to create smarter and more efficient solutions across the value chain for buyers and sellers. The aspiration is to reach USD 1 billion revenue in the next three years," Birla Pivot CEO Sandeep Komaravelly said. Bullish on India's construction industry, he said it is undergoing exponential growth and is projected to reach USD 1.4 trillion by 2025. "With less than 2 per cent digital penetration, the construction industry faces many challenges from fragmented supplier networks, and logistical bottlenecks to access to credit," he added. Launched in August 2023, Birla Pivot of

Voda Idea gets board nod to raise Rs 2,075 cr from Aditya Birla group

Debt-ridden telecom firm Vodafone Idea on Saturday said its board has approved raising of Rs 2,075 crore from promoter Aditya Birla group and increasing its authorised share capital to Rs 1 lakh crore. The company will seek shareholders' approval at an extraordinary general meeting on May 8 on the proposals, it said in a regulatory filing. The Vodafone Idea board has approved "issuance of up to 1,395,427,034 equity shares of face value of Rs 10 each at an issue price of Rs 14.87 per equity share (including a premium of Rs 4.87 per equity share), aggregating to Rs 2,075 crore to Oriana Investments Pte. Ltd (Aditya Birla Group entity forming part of the promoter group), on a preferential basis," the filing said. The board also approved an increase in the authorised share capital of the company from existing Rs 75,000 crore, divided into Rs 70,000 crore equity share capital and Rs 5,000 crore preference share capital, to Rs 1 lakh crore, the filing said. The increased authorised share

ABCL gains over 10% as Macquarie initiates coverage with 'outperform' call

In its note, Macquarie said ABCL's lending non-banking finance (NBFC), housing finance company (HFC), and life insurance portfolio makes it an attractive proposition

ABFRL to demerge Madura Fashion & Lifestyle into separate listed entity

The aforesaid proposal will be subject to all statutory approvals from ABFRL board of directors, shareholders, creditors, regulators, along with other customary approvals

Grasim Industries secures Rs 1,250 cr from International Finance Corp

The investment by IFC, World Bank's private sector arm, will be in the form of a subscription to non-convertible debentures (NCD) issued by Grasim

Birla AMC promoters to sell 11.47% to raise about Rs 1.4K crore

The Aditya Birla Group, which holds a 50 per cent stake in the AMC, will offload 5 per cent, while Sun Life, which has a 36.48 per cent, will sell the remaining 6.47 per cent stake in the OFS

Grasim enters paint biz with Birla Opus, aims Rs 10k cr revenue in 3 years

The company has also inaugurated three plants of Birla Opus at Panipat (Haryana), Ludhiana (Punjab) and Cheyyar (Tamil Nadu)

Hindalco Industries subsidiary Novelis files draft papers for US IPO

Novelis will not receive any proceeds from share sale

ABFRL Q3 result: Net loss at Rs 107.60 cr, revenue at Rs 4,166.71 cr

Aditya Birla Fashion and Retail Ltd has reported a consolidated net loss of Rs 107.60 crore for the third quarter ended December 2023. The company had posted a net profit of Rs 11.21 crore during the October-December quarter a year ago, according to a regulatory filing from Aditya Birla Fashion and Retail Ltd (ABFRL). Its revenue from operations was at Rs 4,166.71 during the quarter under review. In the year-ago period, the company's revenue from operations stood at Rs 3,588.80 crore. According to the Aditya Birla group firm, the consolidated financial results for the quarter ended December 31, 2023 are "not comparable with previous quarters" pursuant to the acquisition of TCNS Clothing and Styleverse Lifestyle. ABFRL's total expenses were at Rs 4,302.93 crore in the December quarter. Growth in the quarter was "driven by new businesses", ABFRL in an earnings statement said, adding the "overall market remained subdued leading to modest growth for the traditional portfolio." Its re

Grasim Industries Q3 results: Net profit rises 48% to Rs 1,514 crore

On a standalone basis, the net profit for the quarter was Rs 236 crore in the December 2023 quarter as compared to Rs 257 crore reported in December 2022

Aditya Birla Capital consolidated net profit declines 77.50% in Q3FY24

Sales rose 26.84% to Rs 8800.06 crore in the quarter ended December 2023 as against Rs 6938.14 crore during the previous quarter ended December 2022

India awash with optimism, pride and anticipation: Kumar Mangalam Birla

In his annual note, Birla said that the viral meme 'just looking like a wow' echoes the vibrant energy of the Indian economy and captures the 'unparalleled' nature of this moment

Tata Communications subsidiary issues termination notice to Vodafone Idea

In a notice to the stock exchange, the company said the carrying amount of trade receivables (including unbilled revenue) from the customer was Rs 221.19 crores as on December 2023

NCLAT rejects insolvency proceedings plea against Aditya Birla Fashion

The National Company Law Appellate Tribunal (NCLAT) on Tuesday dismissed a plea of an operational creditor to initiate insolvency proceedings against Aditya Birla Fashion and Retail Ltd (ABFRL). The appellate tribunal upheld the order of the Mumbai bench, which had on October 11, 2023, dismissed the plea of In Style Fashion on the ground of pre-existing dispute. "Considering the overall facts and circumstance of the present case and in view of the foregoing discussion, we are satisfied that the Adjudicating Authority (NCLT) did not commit any error in rejecting the Section 9 Application filed by the Appellant on the ground of pre-existing dispute," said the NCLAT. In Style Fashion was a franchisee and commission agent for running the showroom of ABFRL. However, the NCLAT also said, "We do not agree with the finding of the Adjudicating Authority that the Section 9 application was time-barred and hit by limitation". Meanwhile, the appellate tribunal said the operational creditor has

Grasim Industries rights issue price fixed at Rs 1,812 per share

The company has decided on a rights entitlement ratio of six shares for every 179 fully paid-up equity shares held by the eligible equity shareholders as of the record date

UltraTech Cement slapped with two GST demand orders totalling Rs 72 lakh

Leading cement maker UltraTech Cement has received two demand orders, interest and penalties totalling Rs 72.06 lakh from the GST authorities. The company said it will challenge the orders before the appellate authorities. It has received an order from Assistant Commissioner, Bathinda, for a demand of "Rs 25.11 lakh together with interest and penalty, alleging that the ISD (Input Service Distributor) credit not reflected" in the statement of FY18, the Aditya Birla Group firm said in a regulatory filing on Friday. On Saturday, UltraTech in a regulatory informed that it has received another order on GST from Deputy Commissioner, State Tax, Bhavnagar, raising demand for "Rs 46.95 lakh together with interest and penalty, alleging availing ineligible ITC (input tax credit )". According to UltraTech, it has a "good case on merits to defend the matter before the Appellate Authorities" and shall contest the order. The order has no major financial impact on the company, it added. The Adit

Aditya Birla Capital infuses Rs 900 cr in 2 wholly-owned subsidiaries

Diversified financial services player Aditya Birla Capital Ltd (ABCL) on Tuesday said it has infused Rs 849.99 crore and Rs 50 crore in two wholly-owned subsidiaries -- Aditya Birla Finance and Aditya Birla Capital Digital Ltd, respectively. The investments were done through rights basis, ABCL said in a regulatory filing. Pursuant to the investments, there is no change in the percentage shareholding of ABCL and both continue to be wholly-owned subsidiaries, it said. ABCL made the investment in Aditya Birla Finance to meet its growth and funding requirements and improve its leverage ratio, it said. The investment in the other wholly-owned subsidiary is to meet growth and funding requirements, it added.

UltraTech hits new high, nears Rs 10,000-mark; stock up 6% in two days

A sharp surge in the stock price has seen the market capitalisation of this Aditya Brila Group firm near the Rs 3 trillion mark, BSE data shows.