KEC International, SBI Life Insurance and Birlasoft to see some action today

KEC International has secured new orders of Rs. 1,036 crores across its various businesses. Transmission & Distribution (T&D) business has secured orders for T&D projects in Middle East and Americas for Setting up Overhead Transmission lines in the United Arab Emirates (UAE) and Supply of towers, hardware and poles in Americas. Railways business has secured an order for additional work in the conventional segment in India. Cables business has secured orders for supply of various types of cables in India and overseas.

SBI Life Insurance Company has reported 4.37% rise in its net profit at Rs 810.80 crore for the quarter ended March 31, 2024 as compared to Rs 776.85 crore for the same quarter in the previous year. Net premium income of the company increased by 26.23% at Rs 25,116.47 crore for Q4FY24 as compared Rs 19,896.92 crore for the corresponding quarter previous year.

Birlasoft has reported 60.54% rise in its consolidated net profit at Rs 180.08 crore for fourth quarter ended March 31, 2024 as compared to Rs 112.17 crore for the same quarter in the previous year. Total income of the company increased by 15.05% at Rs 1408.27 crore for Q4FY24 as compared Rs 1224.08 crore for the corresponding quarter previous year.

CWD has received a payment order valued at Rs 9.05 crore (plus taxes) with a potential to grow 3 to 5 fold over the next two years for the supply of Sound Boxes from a leading FinTech Service Company. The said order is expected to be completed in 12 months. 

South Indian Bank has signed a Memorandum of Understanding (MoU) with Tata Motors. The MoU is for offering convenient financing solutions to Tata Motors’ commercial vehicle customers and dealerships. South Indian Bank will offer financing across the entire commercial vehicle portfolio, and customers will benefit from the bank’s wide network and specially curated easy repayment plans.  The alliance represents a significant stride towards providing enhanced support to dealerships, fostering growth, minimising collateral requirements, lowering rate of interest and streamlining credit processing.

Rathi Steel & Power has commenced implementing Cost Optimisation Project. Almost all major equipment(s) related to the project have already been received at the site / expected to be received soon. The project involves synchronising the steel casting and rolling process. Once implemented and stabilised, the said project is expected to result in net savings of fuel and yield. It will also enhance sustainability by reducing Carbon Foot Print. The company is targeting to commence Trial Runs of the said project in the month of May 2024. The subsequent stabilisation period may take further time. There may also be some impact on production and sales volumes during the said period due to above project activities.

RITES has received a letter of acceptance (LoA) from Bangladesh Railway in connection with the supply of 200 Broad Gauge (BG) Passenger Carriages to Bangladesh Railways. The contract is valued at $111.26 million with a stipulated execution period of 36 months.