Stocks in news
Stocks in News Bajaj Auto’s electric Chetak to roll out in Europe
According to Business Standard, iconic scooter brand Chetak, which has been resurrected by Bajaj Auto in its electric avatar, will be sold in Europe by early 2024 by Pierer Mobility (the parent company of KTM). Speaking on the sidelines of the one millionth KTM bike roll out from Bajaj Auto’s Chakan plant, Stefan Pierer, chief executive officer (CEO), Pierer Mobility, said he will take the Chetak to Europe in early 2024. “It’s a great product,” Pierer said.
Axis Bank to raise via infra bonds
According to Business Standard, the private bank plans to raise up to Rs 5,000 crore, by way of issuance of 10-year infrastructure bonds in coming days.
Adani’s group plans to spin off businesses
According to Mint, billionaire Gautam Adani’s group plans to spin off businesses like hydrogen, airports and data centre between 2025 and 2028 after they achieve a certain investment profile, its chief financial officer Jugeshinder Singh said. Adani Enterprises Ltd, which is looking to raise Rs 20,000 crore in a follow-on share sale, is the business incubator for the group. Over the years, businesses such as ports, power and city gas were first incubated in AEL before being spun off or demerged into separately listed companies. AEL currently houses new businesses such as hydrogen, where the group plans to invest USD 50 billion over the next 10 years across the value chain, flourishing airport operations, mining, data centre and roads and logistics.
Wipro fires 452 freshers
According to Business Standard, Wipro has terminated 452 freshers on the grounds of performance. In a statement Wipro spokesperson said: “We had to let go of 452 freshers after they performed poorly in assessments repeatedly, even after training. At Wipro, we take pride in holding ourselves to the highest standards. In line with the standards we aim to set for ourselves, we expect every entry-level employee to have a certain level of proficiency in their designated area of work.” The company further elaborated that, the evaluation process includes assessments to align employees with the business objectives of the organization and requirements of our clients.
GPT Infra receives rail flyover contract
According to Mint, GPT Infraprojects on Friday said it has signed a contract with state-run Bridge & Roof Company for the construction of a rail flyover under the Allahabad-Bamhrauli fourth line and other allied works for an outlay cost of Rs 270 crore. The project for the construction of the rail flyover comprised of earthwork, pile foundation, composite steel girder, reinforced cement concrete (RCC) deck slabs, rail over bridge (ROB) and utilities shifting, according to a company statement released on Friday. Other allied works pertain to the construction of rail flyover (RFO) -2 (Phase -II) under the North Central Railway (NCR), Prayagraj, Uttar Pradesh.
Retailers eye double digit growth in yearend
According to Business Standard, End-of-season sales (EOSS), which started at the end of December and will continue till the first week of February, have witnessed 15-20 per cent growth, according to retailers and mall developers. Footfalls have also witnessed an increase at both malls and retail outlets. The late arrival of winter did dampen sales in December but January helped push sales.
JSW Steel sees exports >10% of FY23 sales
According to Business Standard, India’s JSW Steel Ltd expects its exports to pick up in the current quarter through March, boosted by the withdrawal of an export tax and robust demand from the Middle East and Asia, a senior company executive said on Saturday. His comments come after JSW, India’s largest steelmaker by capacity, on Friday reported an 89% fall in profits for the quarter ended Dec. 31, hurt by a 56% slump in exports from a year earlier to 1.14 million tonnes.
