Latest news with #Oracle-led
Axios
17 hours ago
- Business
- Axios
East Bank scrapyard sells for $245 million
The old East Bank scrapyard site sold Thursday to an investment group spearheaded by local businesspeople David Byerley and Sam Lingo. Why it matters: Politicians and business leaders dreamed for years about redeveloping the site, located across the Cumberland River from downtown. With its prime location along the riverfront and south of the new stadium property and John Seigenthaler Pedestrian Bridge, the site made little sense for a scrapyard business as the city developed. The intrigue: The main obstacle to redevelopment was that the business was profitable, making relocation expensive. By the numbers: The property, owned by mogul Carl Icahn, sold for $245 million. The big picture: The East Bank is in the midst of a dramatic revitalization, including a new Titans stadium, the surrounding mixed-use development by the Fallon Co., and the Oracle-led River North project. What's next: The new owners did not unveil a detailed vision for the property.
Business Standard
21-07-2025
- Business
- Business Standard
Mastek spurts after Q1 PAT jumps 13% QoQ to Rs 92 cr
Mastek surged 9.08% to Rs 2,718 after the company's consolidated net profit jumped 13.54% to Rs 92.05 crore on 1.02% increase in revenue from operations to Rs 914.70 crore in Q1 FY26 over Q4 FY25. On a year on year basis, the companys revenue and net profit jumped 12.5% and 28.7%, respectively in Q1 FY26. During the quarter, profit before tax (PBT) stood at Rs 120.70 crore, up 13.95% QoQ and 22.4% YoY. Operating EBITDA stood at Rs 137.3 crore in the June quarter, registering a decline of 1% QoQ and a growth of 10.8% YoY. The operating EBITDA margin narrowed to 15% in Q1 FY26, compared to 15.3% in Q4 FY25 and 15.2% in Q1 FY25. In terms of dollars, the firm's revenue was $107.4 million in Q1 FY26, up 2.6% QoQ and 10.4% YoY. In constant currency terms, revenue was down by 1.1% QoQ and 6.8% YoY. 12 months order backlog was Rs 2,347.9 crore ($273.8 million) as on 30th June, 2025 as compared to Rs 2,168.8 crore ($260.1 million) in Q1FY25, reflecting growth of 8.3% in rupee terms on Y-o-Y basis and Rs 2,290.9 crore ($264.5 million) in Q4FY25, reflecting growth of 2.5% in rupee terms on Q-o-Q basis. The company added 12 new clients in Q1 FY26. Total active clients during Q1 FY26 were 323 as compared to 348 in Q4 FY25. As on 30th June, 2025, the company had a total of 4,824 employees, of which 3,262 employees were based offshore in India while the rest were at various onsite locations. The total cash, cash equivalents and fair value of Mutual Funds stood at Rs 549.0 crore as on 30th June, 2025 as compared to Rs 622.2 crore as on 31st March, 2025. Umang Nahata, chief executive officer (CEO), Mastek, said, We are pleased to report another steady quarter, with revenue growth of 12.5% Y-o-Y in rupee terms. Growth was led by strong performance in the UK and Europe, driven by momentum in healthcare and secured government services. The US business witnessed headwinds in some accounts, however pipeline and order backlog remain strong. Our 12-month order backlog grew 8.3% Y-o-Y in rupee terms, supported by strong demand across Digital Engineering and Data, Automation & AI. Oracle-led engagements in healthcare and commercial sectors continuing to scale. Our AI proposition is building tremendous traction with customers with over 10 deals finalised this quarter across generative and agentic AI solutions delivering significant productivity gains. We also signed a strategic partnership with Open Ana which significantly elevates our AI capabilities. While the external environment remains dynamic, our execution focus, combined with deep client relationships, positions us well to deliver sustainable and profitable growth in the coming quarters. Mastek is a global provider of enterprise AI, digital, and cloud services, enabling clients to achieve measurable and sustainable returns on their technology investments. It partners with industry leaders such as Oracle, Salesforce, Microsoft, AWS, Snowflake, and Databricks, serving key sectors such as the public sector, healthcare, retail, manufacturing, higher education, and financial services.
Time of India
18-06-2025
- Business
- Time of India
TikTok gets to live for another 3 months in US as Donald Trump extends sale deadline
Donald Trump is set to once again extend the deadline by which TikTok needs to distance itself from ByteDance, its Chinese parent company in order to avoid a ban in the US. The platform will now have to restructure its ownership by mid-September. This is the third time TikTok has received a reprieve from Trump this year. Donald Trump gives TikTok another few months to live TikTok will live for another three months. Donald Trump has extended the deadline by which it needs to be sold to a new US owner. Karoline Leavitt , the White House Press Secretary, confirmed this in a statement on Tuesday (June 17) and added that Trump will sign the executive order this week. She further added that the administration will utilise this time to ensure that this deal is closed so that the American people can continue to use TikTok with the assurance that their data is safe and secure." The extension, originally signed in January, on paper gives legal protection to TikTok's US service providers. This, however, has not been codified into the law. Moreover, several lawmakers have called these extensions 'illegal' After the last extension in April, Senate Intelligence Committee Vice Chair Mark Warner (D-VA) termed the move "against the law." Similarly, some senators have warned that further extensions can spell trouble for TikTok's US service providers to face legal issues. They can be fined for allowing access to the app even after the deadline. What is the status of ByteDance's deal with the Oracle-led group? In April, ByteDance was nearing an agreement with a group led by Oracle. However, the deal failed to materialise amid tariffs imposed by the Trump administration. Although trade relations between the U.S. and China have since improved, there has been no news about revisiting that agreement. Even if a sale were to happen, it was still not clear if China would allow ByteDance to give up the valuable algorithm behind TikTok's recommendation system
Yahoo
02-04-2025
- Business
- Yahoo
Amazon reportedly submits last-minute bid to acquire TikTok
Amazon has submitted a bid to acquire all of TikTok, according to a new report from The New York Times. The last-minute bid comes as TikTok faces an April 5 deadline to shed its Chinese ownership or face a ban in the U.S. However, the parties involved in the deal talks do not appear to be taking Amazon's bid seriously, according to The Times' report. President Donald Trump is scheduled to meet with officials to discuss the app's fate on Wednesday. Trump said earlier this week that a deal with TikTok's parent company ByteDance to sell the app will be finalized before the April 5 deadline. On Tuesday, Financial Times reported that Andreessen Horowitz is in talks to invest in TikTok as part of an Oracle-led bid that includes other American investors interested in purchasing the app. Last week, Reuters reported that private equity firm Blackstone is considering joining ByteDance's current non-Chinese shareholders, led by Susquehanna International Group and General Atlantic, in providing fresh capital to bid for TikTok's U.S. operations. This article originally appeared on TechCrunch at Sign in to access your portfolio
