HINDALCO INDUSTRIES MANAGING DIRECTOR SATISH PAI
CXO-level shifts rearrange top deck at Indian startups
The world of startups witnessed a series of top-level movements in the first half of 2024, including Naveen Tahilyani taking the helm as CEO of Tata Digital and the resignation of Surinder Chawla, managing director and chief executive officer of Paytm Payments Bank.
Copper demand to rise significantly with shift to cleaner energy sources: HCL CMD Sharma
According to ICRA, the domestic refined copper demand growth is expected to remain healthy at 11 per cent in FY25, outpacing the rate of global growth in copper demand, given the Centre's thrust on infrastructure development and a gradual transition to renewable energy.
CFI elects Tata Projects MD & CEO Vinayak Pai as President of national council
Tata Projects MD & CEO Vinayak Pai elected as President of Construction Federation of India's National Council for a two-year term (FY25-FY26). The council includes industry leaders like Akhil Gupta, Priti Patel, Ajit Bhate, Arjun Dhawan, Hardik Agrawal, M V Satish, Nalin Gupta, Krishnam Raju P, Vimal Kejriwal, and Yogen Lal.
Startups seek support, policy continuity from new govt
As of 6.30 pm, data from Election Commission showed the incumbent BJP leading with 241 seats, opposition Congress with 98 seats -- leaving both parties short of the 272 Lok Sabha seats needed to form a government and increasing the chances of a coalition.
KITES Senior Care and Columbia Pacific Communites set to merge for one of India's largest senior living firms
Columbia Pacific Communites is set to merge with Kites Senior Care, forming one of India's largest senior living firms. The merger is expected to benefit Columbia Pacific Communities, which has a net worth of over Rs 25 crore. The merger is expected to boost the company's bed capacity to over 1,000 within the next six quarters. Kites Senior Care, a leading provider of out-of-hospital geriatric care services, secured an investment of Rs 45 crore from Ranjan Pai's MEMG Family Office Fund in March 2024.
Hindalco raises FY25 capex target to ₹6,000 crore
Earlier this year, Hindalco said it would spend ₹5,000-5,500 crore on capex in FY25. In FY24, it spent about ₹4,200 crore.
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Hindalco in process of bidding for two nickel, cobalt mines in Maharashtra, Karnataka: MD
Key minerals like copper, lithium, nickel, cobalt, and rare earth elements are crucial elements in numerous rapidly expanding clean energy technologies, ranging from wind turbines and electrical grids to electric vehicles.
Hindalco Q4 Results: Profit jumps 70% YoY to Rs 1,412 crore, beats estimates
Hindalco reported a 69.7% YoY jump in its standalone Q4 profit to Rs 1,412 crore with revenue rising 10.72% to Rs 22,140 crore, beating Street estimates. Consolidated EBITDA was Rs 7,201 crore, up 24% YoY, driven by lower costs and higher volumes.
Honeywell Automation declares Rs 100 dividend along with Q4 results
Honeywell Automation’s net profit for the quarter ended March 31, 2024, was reported at Rs 148.2 crore, up 32% YoY from Rs 112 crore for the same period a year ago. Ashish Gaikwad has resigned as MD and Atul Vinayak Pai has been appointed in his place.
Honeywell Automation India appoints Atul Pai as managing director
Honeywell Automation India Ltd (HAIL) appointed Atul Pai as its new managing director, effective May 16. Pai, who has over two decades of experience at Honeywell, succeeds Ashish Gaikwad, who will lead industrial automation for Honeywell International in India. HAIL’s Chairman Ganesh Natarajan and Ashish Modi, Honeywell India’s president, expressed confidence in Pai’s leadership and business acumen. Established in 1984, HAIL provides automation and control engineering services and has a significant presence across India.
MFs lap up commodity and metal stocks; some buy Kotak Bank, too
Vedanta, Hindalco, NMDC, GAIL India and ONGC were among the top picks in that space. Some leading mutual funds also lapped up Kotak Mahindra Bank, whose shares have been beaten down after the Reserve Bank of India’s ban on the private lender from issuing new credit cards and onboarding new customers through mobile and online banking, and the exit of joint managing director KVS Manian. Some funds bought shares of Axis Bank, while sold ICICI Bank and Jio Financial Services.
Reliance Industries' new business gets fizz from Campa Cola
Mukesh Ambani, the chairman and managing director of Reliance, has a penchant for creating humongous businesses with an amazing sweep across the country. While Reliance looks to shape-shift into a decarbonised business empire with a mega green energy and renewables plan, it has already started making waves in its new consumer products business which is being led by his daughter Isha Ambani.
Karnataka Milk Federation to sponsor Ireland, Scotland cricket teams
The Karnataka Milk Federation, known for its 'Nandini' brand, will sponsor Scotland and Ireland cricket teams in the 2024 T20 World Cup to enhance global brand visibility. While this move has faced criticism, KMF Managing Director M K Jagadish defended it, emphasizing the aim to expand Nandini's reach internationally despite objections like TV Mohandas Pai's questioning of funds allocation.
Investor funding in edtech drives behaviour which is not good for industry: Byju's Aakash CEO
Byju's AESL's CEO Deepak Mehrotra raised concerns about investor-driven behavior in edtech, emphasizing the inadequacy of digital tools for medical and engineering aspirants. He highlighted the need to address new learners' requirements and discussed industry challenges and his background.
Adani's $1.2 billion copper smelter to import concentrates from Peru, Chile, Australia
Indian billionaire Gautam Adani's group, through Kutch Copper Ltd, plans to start a $1.2 billion copper smelter in Mundra, Gujarat, to meet India's robust demand for copper driven by clean energy and electric vehicles. The smelter will have an initial capacity of 500k metric tons, scaling up to 1 million metric tons.
Novelis may take bridge loans for higher capex, says Hindalco MD
Novelis, a subsidiary of Hindalco, will now spend $4.1 billion on its integrated recycling and rolling plant being set up in Bay Minette, US as compared to $2.7-$2.8 billion estimated earlier. Novelis was to initially fund this capex through internal accruals.
Time for a reset: Paytm’s opportunity to get back to basics; and other top stories this week
The stringent action by the Reserve Bank of India (RBI) against Paytm Payments Bank could have a positive fallout. It can actually push One 97 Communications, which runs Paytm, to focus on what it does best — build distribution. It can also focus on technology and product development like it did with Soundbox — a desi way of reducing fraud and confirming merchant payments.
Hindalco to invest Rs 800 crore for a new plant in Odisha
The plant, set to be opened in the eastern state of Odisha, is slated to be operational by July 2025 to produce 25,000 tonnes of aluminium foils, a key component in Lithium-ion cells essential for rechargeable batteries, primarily used in electric vehicles (EVs), the Aditya Birla Group-owned company said in statement.
Hindalco Q2 net flat, says Novelis on recovery path
Revenue from the company's American subsidiary Novelis, which accounts for three-fifths of the consolidated revenue, declined more than a tenth to ₹33,961 crore. The American unit reported an EBITDA of ₹3,998 crore, down 1% year-on-year. "Novelis steadily continues on the recovery path," said Satish Pai, managing director, Hindalco. The company reported its highest-ever copper sales during the quarter.
Ranjan Pai rides to Byju’s rescue; Ten IT firms to secure PLI nod soon
Manipal Group boss Ranjan Pai has pumped Rs 1,400 crore into Bjyu’s subsidiary Aakash Institute, enabling the embattled edtech major to clear its debt to Davidson Kempner. This and more in today's ETtech Top 5.
OMC inks pact with Hindalco to supply raw minerals to alumina refinery
The Odisha Mining Corporation (OMC) has signed an agreement with Hindalco Industries to provide long-term raw material linkage for its refinery project in Rayagada district. The pact will accelerate the construction of a two-million ton alumina refinery, creating jobs and contributing to Odisha's industrial growth. Chief Minister Naveen Patnaik emphasized the importance of business and socio-economic growth working together and urged the local community to support the project.
Hindalco, Texmaco to make aluminium rail wagons, coaches; to invest Rs 200 cr
The companies are identifying land in the Eastern region to set up a manufacturing unit and will invest around Rs 200 crore, Sudipta Mukherjee, the Deputy Managing Director of Texmaco Rail & Engineering Ltd, which is the world's largest aluminium rolling and recycling company, told PTI.
We are seeing robust demand in auto, Can segment: Satish Pai, Hindalco
So that is what is keeping the commodity prices a little bit depressed. On the macroeconomic side, in the second half of this year, we are going to have to see if the Chinese economy can pick back up.
Hindalco Q1 sales fall 5%, operating profit rises 5%
Revenue of the Aditya Birla group company fell 9% on year to Rs 52,991 crore, while earnings before interest, tax, depreciation and amortization fell by nearly a third on year to Rs 6,109 crore. On a sequential basis, sales fell by 5%, but operating profit rose by 5%, while the bottom-line was 2% higher.
Hindalco Q1 Results: Consolidated PAT slumps 40% YoY to Rs 2,454 crore; sales drop 9%
On the standalone level, the net profit plunged 59% on year to Rs 600 crore, but was tad higher than the ET Now poll of Rs 590 crore. Sales rose a mere 2% YoY to Rs 19,904 crore, but topped the estimated Rs 17,753 crore.
Sell Hindalco Industries, target price Rs 388: Religare Broking
Trading on the verge of a breakdown from a rising channel on weekly chart.
Hindalco Industries Q4 Results: Standalone profit falls 48% YoY to Rs 832 crore
On a consolidated level, PAT fell 37% YoY to Rs 2,411 crore, while revenue jumped 5% YoY to Rs 55,857 crore. The Board has also recommended a dividend of Rs 3 per equity share for the year ended March 2023.
Greenko to develop up to 400 MW green capacity for Hindalco's aluminium smelter in Odisha
The project will be set up as a captive generation facility under a 25-year offtake arrangement to supply power to Hindalco's Aditya aluminium smelter in Odisha, enabling reduction of CO2 emissions by 6,80,000 tonnes annually, Greenko said without sharing any financial details of the deal.
Vinayak Pai appointed as Managing Director of TATA Projects
Pai has over three decades of experience with leading engineering and EPC companies where he held key positions across various teams working towards engineering design, technology licensing, project management, business development, and operations.
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