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Time of India
29-04-2025
- Business
- Time of India
Azad Engg opens dedicated lean manufacturing facility for GE Vernova's steam power services biz in Hyderabad
HYDERABAD: Precision engineering player Azad Engineering on Tuesday announced the opening of its lean manufacturing facility to cater to GE Vernova 's steam power services business unit at the Azad's Centre of Excellence & Innovation Centre at Tunikibollaram on the outskirts of Hyderabad. The 7,600 sq mt facility will make highly engineered, complex rotating and stationary airfoils for advanced nuclear, industrial and thermal power turbine engines for GE Vernova's global demand in power generation and essential industries, the company said in a regulatory filing with the bourses. The facility features cutting-edge technology for high-precision components, and lean principles aimed at enhancing productivity, integrates with Azad's Centre for Excellence and Innovation and strengthens India's position in global manufacturing, it added. Azad Engineering chairman & CEO Rakesh Chopdar said the inauguration of the facility marks a significant milestone in the company's journey with GE Vernova's steam power services business unit that began in 2013. 'The facility is part of our broader strategy to create dedicated manufacturing spaces for key global OEM partners at our centre of excellence & innovation centre. With over 180 direct skilled professionals currently employed and plans to add several hundred more, we are creating a robust ecosystem of precision engineering excellence to produce approximately 1 lakh blades per annum from this factory,' Chopdar said. The rigorous qualification processes we've undergone, achieving precision tolerances measured in microns, reflect Azad's dedication to meeting the exacting standards of global industry leaders while continuously pushing the boundaries of engineering excellence,' he added. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
Time of India
24-04-2025
- Business
- Time of India
Like Voda Idea, now Airtel looks to convert govt's statutory debt with equity swap
NEW DELHI: In a significant development, Bharti Airtel is understood to have approached the govt for swapping its statutory dues with equity, something that has been done in the case of beleaguered Vodafone Idea. The company is understood to have outstanding govt payment dues of over Rs 70,000 crore, including Rs 40,000 crore of AGR dues. Sources said that Airtel believes that the measure will help it conserve cash, while also enabling the govt to be a part of a fast-growing enterprise which carries prospects of a growth in share price and resultant valuations. 'A proposal to this effect is understood to have been submitted to the department of telecom,' a source said. Airtel has not officially commented on the matter as yet. The formula to swap the outstanding statutory payment dues with equity had been initiated by the department of telecom to help the industry, particularly loss-making Vodafone Idea tide over the financial challenges and continue as a going concern. Airtel's current market cap is around Rs 10.5 lakh crore, as per the details on the Bombay Stock Exchange. The company will need to transfer around 6% equity to the govt to clear its statutory dues. Shares of Airtel closed the day at Rs 1,845 on the BSE, down 2%. Market analysts believe that govt has 'a chance of realising positive returns' from the Airtel equity, considering that the company has been growing in profitability. This will be unlike Vodafone Idea where the value of its stake value has so far only fetched negative returns with the company's scrip remaining below Rs 10 for most of the period of govt's holding. Govt had converted the Voda Idea statutory debt into equity at a price of Rs 10 per share, which is the face value. The current price of the company's share is Rs 8, down one per cent at close on Thursday. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
Time of India
24-04-2025
- Business
- Time of India
DS Group aims to double revenue
New Delhi: Dharampal Satyapal Group (DS Group), which owns brands such as Pulse candy, and Catch Spices, doubled its turnover to Rs 10,000 crore in 2024-25 over five-year period. It plans to double the revenue to Rs 20,000 crore in its centenary year 2029. The Rs 10,000-crore milestone has been mainly driven by F&B category, which accounts for 42% of total revenue. tnn Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
Time of India
23-04-2025
- Business
- Time of India
Shares of J&K Bank fall most after Pahalgam terror attack
MUMBAI: Jammu and Kashmir Bank was the biggest loser on the bourses on Wednesday, with its stock falling 0% to close at Rs 103. The decline followed the killing of 26 tourists by terrorists in Pahalgam during the peak travel season, which led to many visitors cutting short their trips. The bank, which is primarily owned by the state govt, operates 1,012 branches, with 837 located in the Union Territory of J&K, 37 in Ladakh, and 138 across 20 other states and UTs. The region generates a significant portion of its revenue from tourism. During an investor call for the third quarter, Amitava Chatterjee, the newly appointed MD of the bank, said the J&K Tourism Department had declared 2024 as one of the best tourist seasons in the valley's history. 'The UT of J&K welcomed 2.35 crore tourists in 2024, with an extraordinary 300% increase in foreign tourist arrivals over the past two and a half years,' he said. He added that the inauguration of the Z-Morh tunnel would enable winter tourism in Sonamarg, and plans were underway to develop four new destinations — Kokernag, Doodhpathri, Bhadarwah and Baradari — with tourist infrastructure. This initiative is a joint venture involving the World Bank, the J&K govt, and the Centre. 'These developments will further boost tourism in the UT and contribute to the region's economic transformation, with tourism being the second main industry after horticulture,' he said. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
Time of India
22-04-2025
- Business
- Time of India
Boeing announces $10.55 billion sale of digital aviation assets to Thoma Bravo
Aerospace major Boeing announced on Tuesday that it will sell parts of its digital aviation solutions business to software-focused investment firm Thoma Bravo in a deal valued at $10.55 billion. The agreement includes the sale of Jeppesen , an 81-year-old aviation navigation company that Boeing acquired in 2000. Despite the divestiture, Boeing stated it will retain its " core digital capabilities " to continue supporting fleet maintenance and repair services for its customers, AFP reported. Boeing CEO Kelly Ortberg described the sale as part of a broader strategy to streamline operations and strengthen the company's financial standing following a period of sustained losses. "This transaction is an important component of our strategy to focus on core businesses, supplement the balance sheet and prioritize the investment grade credit rating," Ortberg said in a statement. Approximately 3,900 employees are currently part of Boeing's digital aviation solutions unit. The company said it is working closely with Thoma Bravo to ensure a smooth transition for employees and uninterrupted service to customers. Thoma Bravo, which manages around $179 billion in assets, is one of the largest software-focused investors globally. Following the announcement, shares of Boeing rose 1.2% in early trading. Stay informed with the latest business news, updates on bank holidays and public holidays . Master Value & Valuation with ET! Learn to invest smartly & decode financials. Limited seats at 33% off – Enroll now!
