Hinduja Group | Business Upturn

Hinduja Tech completes TECOSIM Group acquisition, expanding global automotive engineering reach

Matrika Shukla — Fri, 29 Nov 2024 13:40:35 +0000

Hinduja Tech Limited, a mobility-focused engineering and R&D company and a subsidiary of Ashok Leyland, announced the successful acquisition of the TECOSIM Group, a renowned European engineering services provider. This strategic move positions Hinduja Tech as a stronger global player in the automotive engineering sector, aligning with its vision to become one of the top 10 global mobility engineering and R&D companies.

The acquisition enhances Hinduja Tech’s footprint in the European market, bringing together TECOSIM’s expertise in virtual validation and body engineering with Hinduja Tech’s advanced technology solutions. This partnership aims to deliver a broader range of services, increase operational efficiencies, and strengthen the company’s market competitiveness globally.

TECOSIM Group, headquartered in Wiesbaden, Germany, is recognized for its cutting-edge simulation, testing, and engineering services across industries like automotive, energy, and industrial sectors. With operations in the UK, Germany, Romania, Japan, and India, TECOSIM’s 650-strong workforce will integrate with Hinduja Tech’s global delivery model, offering clients a more comprehensive suite of solutions.

Kumar Prabhas, CEO of Hinduja Tech, said:
“We are delighted to welcome TECOSIM Group to the Hinduja Tech family. Their virtual validation and body engineering expertise perfectly complement our capabilities, enabling us to drive the future of automotive engineering and deliver unparalleled value to our clients.”

Udo Jankowski, Managing Director of TECOSIM Group, expressed enthusiasm for the partnership:
“Joining forces with Hinduja Tech is transformative. This collaboration enhances our global reach and technical strengths, enabling us to deliver exceptional value to clients while advancing the global mobility landscape.”

Hinduja Group may increase shareholding in IndusInd Bank from 17% to 26% by Rs. 10,000 crore investment

Avinash Ram — Sat, 24 Jun 2023 12:41:32 +0000

According to media reports, the Hinduja Group is in discussions to contribute Rs. 10,000 crore to increase its shareholding in IndusInd Bank. According to the Economic Times, Hinduja Group will probably expand its ownership from 17% to 26%. By the second half of FY24, the deal is most likely to be finished.

On BSE, IndusInd Bank’s shares closed Friday at 1,308.45, up 2.76 percent. The stock has up 6.66 percent so far this year, while it has increased 58.99 percent overall.

IndusInd International Holdings, a member of the Hinduja Group, received preliminary clearance from the RBI earlier this year to increase its ownership in IndusInd Bank to 26%.

As of the March quarter, IndusInd Bank was owned by 12.58% of IndusInd International Holdings and 3.92% of IndusInd Ltd.

With a standalone net profit of 2,040.51 crore for the quarter ending in March, IndusInd Bank beat Wall Street estimates. This is an increase of about 50% over the figure of 1,361.37 crore from the prior year.

The lender’s net interest income was $4,669.46 crore, an increase of 17% over the prior year. The bank’s overall income in Q4FY23 jumped 16% year over year to $6,823 crore, while its other income rose 13% year over year to $2,514 crore.

Net interest income (NII) for the institution climbed 17% to 4,669 crore for Q4FY23 compared to the same quarter the previous year.

During the quarter ending in March, IndusInd Bank’s provisions (excluding taxes and contingencies) dropped as much as 29% to 1,030 crore. In the same time frame the year before, it was 1,461 crore.

The bank reported a satisfactory quarter for asset quality since gross and net non-performing assets (NPAs) are both decreasing. The gross NPA ratio dropped from 2.27% in the prior quarter and 2.06% sequentially for the months of January through March to 1.98%.

SP Hinduja: Chairman of Hinduja Group, oldest of 4 brothers dies at 87

News Desk — Wed, 17 May 2023 14:41:40 +0000

SP Hinduja, the oldest of the four Hinduja brothers and the chairman of the Hinduja Group, passed away on Wednesday in London, United Kingdom, at the age of 87, according to a spokeswoman for the family. According to the statement, SP Hinduja has been experiencing health problems for some time.

The family released a statement in which they stated, “Gopichand, Prakash, Ashok, and the whole Hinduja family with a heavy heart regret to announce the passing away of our family patriarch, and Chairman of the Hinduja Group, Mr. S P Hinduja today.”

“He [SP Hinduja] was a visionary and mentor to the family, passing onto us the fundamental ideas and ideals that were instilled in him by our late father, PD Hinduja. “He played a very important role alongside his brothers in building a strong relationship between his host country, the United Kingdom, and his home country, India,” his family stated. “He did this while he was living in the United Kingdom.”

“A giant among his contemporaries, S. P. Hinduja fully lived and exemplified the basic ideas and ideals of the Hinduja Group. He was a brave man who took risks and had a giving attitude, and he was genuinely spiritual and committed to helping others.

Due to the fact that the brothers have always been a cohesive unit consisting of four bodies and one soul, his passing has created a significant hole.

His passing has left the Hinduja Family in a state of deep sadness and sorrow. Our supplications to the Supreme Being, that he may rest at the lotus feet of God for all eternity.

His family released a statement in which they wished everyone “Om Shanti, Om Shanti, Om Shanti.”

The Hinduja Group is a multinational business that has its roots in India. The automobile industry, oil and specialised chemicals, banking and finance, information technology and information technology enabled services (IT and ITeS), cyber security, healthcare, trade, infrastructure project development, media and entertainment, power, and real estate are some of the eleven industries in which the organisation is present.

Stocks to watch: LIC, NDTV, Ashok Leyland, SBI and others

Aryan Jakhar — Mon, 14 Nov 2022 03:08:13 +0000

The Singapore Exchange’s Nifty futures traded 38.5 points, or 0.21 percent, higher at 18,474.5, indicating that Dalal Street will have a good Monday.

Q2 Results: Due to the September quarter results, Apollo Tyres, Bharat Forge, Grasim, Indiabulls Housing Finance, IRCTC, MMTC, MTNL, SpiceJet, and Strides Pharma will be scrutinised.

Hinduja Group: Shares of the Hinduja Group, which includes Ashok Leyland, IndusInd Bank, Nxtdigital, Hinduja Global Solutions, Gulf Oil Lubricants, and GOCL Corporation, are likely to be in the spotlight now that the billionaire brothers have called an end to their power struggle, which had threatened the future of the family’s business empire and made up the wealthiest family in the UK.

Ashok Leyland: According to Dheeraj Hinduja, executive chairman, Hinduja Group’s electric vehicle unit Switch Mobility is in talks with financial investors to raise $200-250 million and is willing to dilution of up to 15% ownership in Switch Mobility.

In the meantime, Ashok Leyland reported a net profit of Rs 199 crore for the second quarter of the fiscal year 2022–23, as opposed to a loss of Rs 83 crore for the comparable period in the previous year.

SBI: Following the acquisition of a Euro 150 million credit line for solar energy financing from a German financial institution, the State Bank of India is negotiating a deal for approximately Euro 200 million in climate finance with the European Investment Bank.

KRBL: Under the India Gate label, the business wants to increase the local and international footprint of its premium regional non-basmati types of Kolam, Sona Masuri, and Gobindobhog.

Mahindra & Mahindra (M&M): The auto industry giant revealed better-than-anticipated results for the three months that ended on September 30. Its standalone net profit (after exceptional items) increased by 46% YoY thanks to strong sales of its SUVs and a strong performance by the farm equipment vertical.

Life Insurance Corporation: India’s state-owned Life Insurance Corporation (LIC) recorded a multiple-fold increase in net profit for the second quarter of FY23, which ran from July to September. In Q2, net profit was Rs 15,952.49 crore, up 11 times from Rs 1,433.71 crore in the same quarter last year. This was brought on by a change in its accounting practices, which involved moving Rs 14,271.80 crore from the non-participatory account to the shareholders’ account.

Hindalco: Because of high energy costs and a decline in aluminium prices, Hindalco, the parent company of the Aditya Birla Group, reported a consolidated net profit decline of 35.5% YoY to Rs 2,205 crore for the second quarter of fiscal year 23. Despite the fact that revenue exceeded expectations, the profit for the quarter fell short of street estimates, coming in at Rs 2,384 crore.

NDTV: The firm and its subsidiary NDTV Networks decided to postpone the sale of their 20% investment in Malaysian media company Astro Awani Network. In order to develop a 24-hour news channel in Malaysia and Indonesia, NDTV and Astro formed a joint venture. The following year, 2006, saw the channels’ premiere.

Fortis Healthcare: In the second quarter of the fiscal year, the business reported a 9.9% increase in sales to Rs 1,607 crore and a 27.9% increase in profit after tax to Rs 166 crore. A larger gain of 67% to Rs 218 crore was seen in the reported profit. Due to an exceptional gain of Rs 51.6 crore related to the reversal of impairment in an associate company, Q2FY23 and H1FY23.