Rail Vikas Nigam, Datamatics Global Services and Infosys to see some action today

Rail Vikas Nigam has received Letter of Acceptance from SER HQ-ELECTRICAL/SOUTH EASTERN RAILWAY for Design, Supply, Erection, Testing and Commissioning for upgradation of Electric traction system from 1 x 25 KV to 2 x 25 KV traction system for Rajkharsawan -Nayagarh-Bolani section of Chakradharpur division of South Eastern Railway to meet 3000 MT loading target. Cost of work is Rs 167.28 crore including applicable taxes. 

Datamatics Global Services has received approval to acquire the balance 23% stake in Datamatics Cloud Solution, Joint Venture Company (JVC) held by CloudGrowth. This acquisition is undertaken pursuant to terms and conditions of Joint Venture Agreement dated October 4, 2022 entered between the company and CloudGrowth. The object of this acquisition of balance 23% equity in the JVC is to clean up the company’s Salesforce business structure. Post-acquisition, JVC will become wholly owned subsidiary of the company and Joint Venture Agreement between the company and CloudGrowth will be terminated on completion of acquisition & payment of consideration in full.

Infosys has collaborated with Yunex Traffic, a global leader in intelligent traffic solutions, to help accelerate their SAP S/4HANA-led digital transformation journey across 16 countries, including the United States, United Kingdom, and Germany. This strategic collaboration will help advance the ‘Yunex OneERP’ program, which aims to drive harmonization across diverse business units. In addition, Infosys will help Yunex Traffic consolidate disparate business processes and IT systems in the Enterprise Resource Planning (ERP) space into a cloud-based unified system powered by Infosys Cobalt, a set of services, solutions and platforms for enterprises to accelerate their cloud journey.

Great Eastern Shipping Company (G E Shipping) has taken delivery of a 2013 built Medium Range product tanker ‘Jag Prachi’ of about 51,486 dwt. The company had contracted to buy the vessel in Q4 FY24. Including this vessel, the Company’s current fleet stands at 44 vessels, comprising 30 tankers (6 crude carriers, 20 product tankers, 4 LPG carriers) and 14 dry bulk carriers aggregating 3.46 mn dwt. This vessel is financed entirely from internal accruals. The purpose of the acquisition is expansion of the fleet.

Tata Power Company has reported 11.37% rise in its consolidated net profit at Rs 1,045.59 crore for fourth quarter ended March 31, 2024 as compared to Rs 938.81 crore for the same quarter in the previous year. Total income of the company increased by 23.55% at Rs 16463.94 crore for Q4FY24 as compared Rs 13,325.30 crore for the corresponding quarter previous year. 

Larsen & Toubro has reported results for fourth quarter (Q4) ended March 31, 2024. The company has reported 11.22% fall in its net profit at Rs 2,666.07 crore for the quarter under review as compared to Rs 3,002.85 crore for the same quarter in the previous year. However, total income of the company increased by 7.30% at Rs 40,573.76 crore for Q4FY24 as compared Rs 37,814.05 crore for the corresponding quarter previous year. On consolidated basis, the company has reported 12.52% rise in its net profit at Rs 5,003.54 crore for fourth quarter ended March 31, 2024 as compared to Rs 4,446.74 crore for the same quarter in the previous year. Total income of the company increased by 15.31% at Rs 68,120.42 crore for Q4FY24 as compared Rs 59,076.06 crore for the corresponding quarter previous year.

Bank of Baroda (BoB) announced that the Reserve Bank of India (RBI) has removed the restriction imposed on the bank in October last year, allowing it to onboard customers onto the ‘bob World’ platform once again.