Titan Company, Gensol Engineering and Asian Paints to see some action

Titan Company has reported growth across most businesses with overall sales growing by around 12% in Q3FY23 on Year-on- Year (Y-o-Y) basis. Retail network continued the pace of expansion adding 111 stores (net) for the quarter. Its Jewellery division grew 11% YoY in Q3FY23 compared to the same period last year. Its Watches & Wearables Division grew 14% YoY in Q3FY23, led by strong traction in the wearables space. A slew of exciting product launches in the fiscal year leading to the festive season contributed well to more than tripling sales from the wearables sub-segment in the quarter compared to same period last year.

Gensol Engineering has acquired 58.08% equity in Gensol Electric Vehicles, by investing Rs 3.50 crore. The company has acquired this stake with view to enter into Electric Vehicles Manufacturing Facility and accordance with business strategy of the company. With this transaction, the Gensol Electric Vehicles will become the subsidiary of the company. Gensol Electric Vehicles belongs to Manufacturing of Electric Vehicles.

Asian Paints has received approval for setting up a new water-based paint manufacturing facility with a capacity of 4 lakh kilolitres per annum at an approximate investment of Rs 2,000 crore. The manufacturing at the facility is expected to be commissioned in 3 years, after acquisition of land. The Board of Directors of the company at their meeting held on January 6, 2023 approved the same.

Tata Steel Long Products (TSLP) has reported 15.45% rise in its total production to 4.11 lakh tonne (LT) during the 3QFY23 as compare to 3.56 LT in the same quarter of the previous fiscal. Of the total production, crude steel production of the company was 2.28 LT up 33.33% from 1.71 LT in the same period a year ago, while its Direct Reduced Iron production came down by 1.08% to 1.83 LT in Q3FY23 as compared to 1.85 LT in the same quarter of the previous fiscal.

HCL Technologies (HCLTech) has been selected by The ODP Corporation (ODP) as primary IT partner. The company will be the IT partner for ODP for end-to-end IT operations and enterprise-wide digital transformation to support ODP’s business strategy in its Office Depot, ODP Business Solutions and Veyer business units. As part of this agreement, HCLTech will leverage its automation and artificial intelligence (AI) capabilities to enable efficient IT operations with personalized and intuitive IT services. ODP will also benefit from HCLTech’s vast experience in application modernization and operating model transformation to further evolve as an agile, product-centric IT organization.

Reliance Industries’ subsidiary -- Reliance Jio Infocomm has launched its True 5G services in Jaipur, Jodhpur and Udaipur at an event at State Data Centre, Jaipur. In the next couple of months, Jio True 5G services will be available in Kota, Ajmer and Bikaner as well. By the end of 2023, every town, taluka and tehsil of Rajasthan will have Jio True 5G coverage.

InterGlobe Aviation’s (IndiGo) fleet size has grown to 300 aircraft, which will help it cater to the growing passenger volume amid the recovery in travel demand and growth in 2023. Besides operating Airbus A320 NEO and A320 CEO aircraft along with A321 Neo, the company’s fleet also has regional jets ATR 72-600. The airline offers 180 seats on its A320 CEO fleet while its A320 NEO planes are 180 and 186 seaters. The seating capacity on the A321 fleet is 222/232 and ATR fleet offers 78 seats.