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<keyword id="20069374" type="General" weightage="20" keywordseo="IT-services" source="keywords">IT services</keyword> firm <keyword id="19924892" type="General" weightage="20" keywordseo="Tech-Mahindra" source="keywords" meta.keywordsubtype="org" meta.entityname="Tech Mahindra" meta.hostid="261" meta.entityid="Tech Mahindra">Tech Mahindra</keyword> on Saturday reported a more than two-fold jump in its consolidated <keyword id="19942166" type="General" weightage="20" keywordseo="net-profit" source="keywords">net profit</keyword> to Rs 1,250 crore for the July-September quarter, driven by special income from the sale of assets. The Mahindra Group company posted a net profit of Rs 493.9 crore in the year-ago period, according to an exchange filing. Revenue rose by 3.49 per cent to Rs 13,313.2 crore in the second quarter of 2024-25 compared to Rs 12,863.9 crore in the same quarter of 2023-24. "Other income includes gain on sale of property of Rs 4,502 million which comprises of freehold land and its related buildings along with the furniture &amp; fixtures sold for a consideration of Rs 5,350 million, receivable over a period of four years along with interest of 8.2 per cent p.a," the company filing said. Sequentially, net profit rose by 46.81 per cent and revenue by 2.36 per cent. "We continue to progress on our strategic improvement efforts even as the overall IT services industry has remained soft. "We have focused on strengthening client relationships and expanding the partner ecosystem while maintaining a sharp focus on operational excellence through project Fortius, which has resulted in an expansion of margins for the third sequential quarter," Tech Mahindra CEO Mohit Joshi said. The CEO unveiled Project Fortius in April, a three-year plan to achieve a 15 per cent operating margin with a focus on organic growth. "This quarter we see consistent performance around increasing deal wins, <keyword id="19965932" type="General" weightage="20" keywordseo="revenue-growth" source="keywords">revenue growth</keyword>, cost optimisation and steady free cash flow generation as we continue our journey towards FY27 stated targets. In line with our capital allocation policy the board has declared an interim dividend of Rs 15 per share," Tech Mahindra CFO Rohit Anand said. The company's TCV (<keyword id="23580531" type="General" weightage="20" keywordseo="Total-Contract-Value" source="keywords">Total Contract Value</keyword>), or net new deal wins, stood at USD 603 million in the second quarter of FY25. Joshi further said the company is on the right path for a long-term sustainable transformation, with its leading indicators moving in the right direction, and its 'Scale at Speed' narrative resonating in the market. "We have invested in strengthening the capabilities in the focus service lines by broadening the leadership and investing in technical specializations. "We continue to invest in strengthening our fresher hiring program, building the right mindset and future skilling and associates, by building capabilities in AI-first and cloud-first skill sets," he told reporters. Investments shall continue in creating and sustaining an outcome-driven learning organisation and cultivating a high-performance culture based on the pillars of simplifying, clarifying, innovating and driving a high-performance orientation, he added. This year could be volatile because we are in the turnaround phase, Joshi said. "I am confident, however, that the platform is being set for a long-term, valuable franchise thanks to a high-calibre and united leadership team and a clearly articulated strategic plan," Joshi said. The Pune-headquartered firm added 6,653 employees during the quarter under review, bringing the total staff count to 1,54,273. Shares of Tech Mahindra settled at Rs 1,688 apiece on the BSE on Friday, down 0.68 per cent from the previous close. 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Tech Mahindra profit jumps over 2-times to ₹1,250 crore in Jul-Sep quarter

Leading multiplex operator <keyword id="19986619" type="General" weightage="100" keywordseo="PVR-INOX" source="keywords">PVR INOX</keyword> plans to close 70 <keyword id="22996404" type="General" weightage="20" keywordseo="non-performing-screens" source="Orion">non-performing screens</keyword> in FY25 and will go for potential <keyword id="20069509" type="General" weightage="20" keywordseo="monetisation" source="keywords">monetisation</keyword> of non-core <keyword id="20478737" type="General" weightage="20" keywordseo="real-estate-assets" source="keywords">real estate assets</keyword> in prime locations such as Mumbai, Pune, and Vadodara, according to its latest annual report. Though the company will add 120 new screens in FY25, it will also close almost 60-70 non-performing screens, as it chases for <keyword id="738150" type="General" weightage="20" keywordseo="profitable-growth" source="Orion">profitable growth</keyword>. About 40 per cent of new screens addition will come from South India, where it will have a "strategic focus" on this lesser penetrated region as per its medium to long-term strategy. Moreover, <keyword id="799" type="General" weightage="20" keywordseo="PVR" source="Orion">PVR</keyword> <keyword id="6407732" type="General" weightage="20" keywordseo="INOX" source="Orion">INOX</keyword> is redefining its growth strategy by transitioning towards a capital-light growth model to reduce its capex on new screens addition by 25 to 30 per cent in the current fiscal. Now, PVR INOX will partner with developers to jointly invest in new screen capex by shifting towards a franchise-owned and company-operated (FOCO) model. It is also evaluating monetisation of owned real estate assets, as the leading film exhibitor aims to become "net-debt free" company in the foreseeable future. "This involves a potential monetisation of our non-core real estate assets in prime locations such as Mumbai, Pune, and Vadodara," said Managing Director Ajay Kumar Bijli and Executive Director Sanjeev Kumar addressing the shareholders of the company. In terms of growth, they said the focus is to speed up expansion in underrepresented markets. "Our company's medium to long-term strategy will involve expanding the number of screens in South India due to the region's high demand for films and comparatively low number of multiplexes in comparison to other regions. We estimate that approximately 40 per cent of our total screen additions will come from South India," they said. During the year, PVR INOX opened 130 new screens across 25 cinemas and also shut down 85 under-performing screens across 24 cinemas in line with its strategy of profitable growth. "This rationalisation is part of our ongoing efforts to optimise our portfolio. The number of closures seems high because we are doing it for the first time as a combined entity," said Bijli. PVR INOX's net debt in FY24 was at Rs 1,294 crore. The company had reduced its net debt by Rs 136.4 crore last fiscal, said CFO Gaurav Sharma. "Even though we are cutting down on capital expenditure, we are not compromising on growth and will open almost 110-120 screens in FY25. At the same time, not wavering from our goal of profitable growth, we will exit almost 60-70 screens that are non-performing and a drag on our profitability," he said. In FY24, PVR's revenue was at Rs 6,203.7 crore and it reported a loss of Rs 114.3 crore. This was the first full year of operations of the merged entity PVR INOX. Over the progress on merger integration, Bijli said "80-90 per cent of the targeted synergies was achieved in 2023-24" In FY24, PVR INOX had a 10 per cent growth in ticket prices and 11 per cent in F&amp;B spend per head, which was "higher-than-normal". This was primarily on account of merger synergies on the integration of PVR and INOX, said Sharma. "Going forward, the increase in ticket prices and food and beverage spending per head will be more in line with the long-term historical growth rates," he said. PVR INOX aims to restore pre-pandemic operating margins, enhancing return on capital, and driving free cash flow generation. "We aim to boost revenue by increasing footfalls through innovative customer acquisition and retention," said Sharma adding "We are also driving cost efficiencies by renegotiating rental contracts, closing under-performing screens, adopting a leaner organisational structure, and controlling overhead costs."

PVR INOX to close 70 non-performing screens in FY25, plan monetisation of real estate assets

<ul><li><keyword id="6354427" type="General" weightage="20" keywordseo="apple" source="Orion">Apple</keyword> will be opening four new stores in India</li><li>The company will also manufacture <keyword id="19899647" type="General" weightage="100" keywordseo="iPhone-16" source="keywords">iPhone 16</keyword> in India</li><li>The <keyword id="20054650" type="General" weightage="20" keywordseo="Made-in-India" source="keywords">made in India</keyword> iPhones are expected to launch this month</li></ul> Apple has announced plans to open four new stores in India, expanding its presence in the country. The new locations will be in Pune, Bengaluru, Delhi-NCR, and Mumbai, a PTI report says. This follows the opening of Apple's first two Indian stores in 2023, one in Mumbai and the other in New Delhi. In addition to this, the tech giant also revealed that it will soon launch the <keyword id="20656465" type="General" weightage="20" keywordseo="iPhone-16-Pro" source="keywords">iPhone 16 Pro</keyword> and <keyword id="20746828" type="General" weightage="20" keywordseo="iPhone-16-Pro-Max" source="keywords">iPhone 16 Pro Max</keyword> models in India. In a statement, Apple’s Senior Vice President of Retail, Deirdre O’Brien, talked about the company’s excitement about the expansion. He said, "We're thrilled to build our teams as we plan to open more stores in India because we're inspired by the creativity and passion of our customers across this country. We can't wait for them to have even more opportunities to discover and shop for our amazing products and services, and connect with our extraordinary, knowledgeable team members." <h2>When will Apple launch Made in India iPhone 16 series?</h2> As per the PTI report, Apple announced that the iPhone 16 series smartphones will be now manufactured in India. "Apple is now manufacturing the entire iPhone 16 lineup, including iPhone 16 Pro and iPhone 16 Pro Max, in India," the statement said. The “Made in India” devices will be available locally and exported to select countries, with supplies expected to begin this month. Apple has been manufacturing iPhones in India since 2017, and this marks the first time the entire iPhone 16 lineup, including high-end models, will be produced domestically. The company's statement added, "Manufactured in India iPhone 16 Pro and Pro Max will soon be available for our local customers and for export to select countries across the world." <div type="Article" hostid="261" msid="113895239" title="Apple Diwali sale in India goes live: iPhones, Macbooks and Airpods get discounts" mstype="2" mssubtype="0"></div> <h2><keyword id="19941643" type="General" weightage="20" keywordseo="Apple-stores" source="keywords">Apple stores</keyword> in India </h2> Last year, Apple made headlines with the grand opening of its first two retail stores in India. The Mumbai store, located at Jio World Drive mall in Bandra Kurla Complex, opened on April 18, followed by the New Delhi store at Select Citywalk Mall in Saket. Both events attracted large crowds of Apple fans, and CEO Tim Cook was present at the openings, talking about the importance of the Indian market. Now, as the Cupertino-based tech giant is gearing up to open more stores in the country, it can be said that the move underlines Apple’s commitment to expanding its footprint in India, which is becoming an increasingly important market. According to the PTI report, people aware about the development say that the new stores are likely to be opened next year. <div type="Article" hostid="261" msid="113902265" title="Nvidia’s ChatRTX could be your alternative to ChatGPT for reading long documents, and it doesn’t need an internet connection" mstype="2" mssubtype="0"></div> During an investor call last year, Cook had highlighted Apple’s strong performance in India, saying that the company had achieved an all-time revenue record in the country. He had also said that India offers significant growth opportunities, with a growing middle class and increasing demand for premium products. Cook had also expressed optimism about the success of Apple’s Indian operations.

Apple to manufacture iPhone 16 in India, set to open new stores in Pune, Bengaluru

Actor <keyword id="19915080" type="General" weightage="100" keywordseo="Shilpa-Shetty" source="keywords">Shilpa Shetty</keyword> and her businessman husband <keyword id="19895826" type="General" weightage="20" keywordseo="Raj-Kundra" source="keywords">Raj Kundra</keyword> have moved the <keyword id="19905533" type="General" weightage="20" keywordseo="Bombay-High-Court" source="keywords" meta.keywordsubtype="org" meta.entityname="Bombay High Court" meta.hostid="153" meta.entityid="Bombay High Court">Bombay High Court</keyword> challenging ED's notices directing them to vacate their house in Mumbai's <keyword id="19933318" type="General" weightage="20" keywordseo="Juhu" source="keywords">Juhu</keyword> area and a farmhouse in Pune in connection with a money-laundering case. The pleas came up for hearing on Wednesday before a division bench of Justices Revati Mohite Dere and Prithviraj Chavan. The court issued notice to the <keyword id="19895344" type="General" weightage="20" keywordseo="Enforcement-Directorate" source="keywords" meta.keywordsubtype="org" meta.entityname="Enforcement Directorate" meta.hostid="153" meta.entityid="Enforcement Directorate">Enforcement Directorate</keyword> (ED) and posted the matter for hearing on Thursday. Their petitions challenge ED notices dated September 27 issued to Shetty and Kundra directing them to evict their residential premises here and a farmhouse in Pune within ten days in connection with a money-laundering case linked to an alleged <keyword id="23486542" type="General" weightage="20" keywordseo="Bitcoin-fraud" source="keywords">Bitcoin fraud</keyword>. The couple's advocate Prashant Patil said that Shetty and Kundra received the <keyword id="20675198" type="General" weightage="20" keywordseo="eviction-notices" source="keywords">eviction notices</keyword> only on October 3. He termed the notices arbitrary and illegal and sought them to be quashed. According to the pleas, there is no grave urgency for the petitioners to vacate their premises and that the issuance of such eviction notices was uncalled for. "The petitioners are also seeking relief on humanitarian grounds as the premise in question is their residential premise in which they have been staying with their family of six members for almost two decades," the petitions said. The pleas also sought HC to stay the effect of the eviction notices. As per the pleas, the ED had in 2018 lodged a complaint against one <keyword id="21346793" type="General" weightage="20" keywordseo="amit-bhardwaj" source="keywords">Amit Bhardwaj</keyword> and others for an alleged Bitcoin fraud and on charges of <keyword id="19899231" type="General" weightage="20" keywordseo="money-laundering" source="keywords">money laundering</keyword>. Both Shetty and her husband have not been named as accused in the case. The ED, during its probe, had summoned Kundra for questioning on several occasions. Kundra had appeared before the agency after each summons, the pleas said. In April 2024, Shetty and Kundra received a notice based on an order passed by the ED provisionally attaching their assets including their residential premise in Juhu that had been purchased by Kundra's father in 2009. Both Shetty and Kundra submitted their response to the notice. "However, in contravention to the provisions of law, the adjudicating authority confirmed the provisional attachment order on September 18, 2024. This order clearly states that the attachment is confirmed only till the conclusion of trial and is subject to its outcome," the pleas said. "The petitioners (Shetty and Kundra) on October 3 received two notices dated September 27, 2024, directing them to vacate their residential premises and the farmhouse," the petitions said. The petitions said no eviction order/notice can be issued prior to conviction. The pleas added that their residential premise has no connection with the scheduled offence or any proceeds of crime. The petitions further claimed that Kundra had absolutely no connection with the alleged fraud.

Shilpa Shetty and Raj Kundra's money laundering case takes new turn as they challenge the ED's eviction notices

<keyword id="1390483" type="General" weightage="50" keywordseo="housing-sales" source="Orion">Housing sales</keyword> rose 36% year-on-year to a record 1,20,280 units across seven major cities during the July-September period on robust demand amid stable mortgage rate, according to Anarock. Housing sales stood at 88,230 units in the year-ago period across the seven major cities. Releasing the data, <keyword id="6354553" type="General" weightage="80" keywordseo="real-estate" source="Orion">real estate</keyword> consultant Anarock said average housing prices across the seven cities grew 11% annually in the July-September period this year. Hyderabad saw the highest rise of 18%. Anarock highlighted that quarterly sales in July-September touched an all-time high. In housing data, sales of apartments, villas and independent floors are included while plots are excluded. Anarock Chairman Anuj Puri highlighted that Mumbai Metropolitan Region (MMR) and Pune contributed 51% of the total sales. Puri noted that the continued healthy sales momentum is at least partially attributable to the repo rate pause maintained by the Reserve Bank of India in the two recent monetary policies. "This has kept home loan interest rates stable, keeping housing purchase sentiment high," he added. According to the data, housing sales in Delhi-NCR rose 6% to 15,865 units during July-September 2023 from 14,970 units in the year-ago period. In MMR, housing sales increased 46% to 38,500 units from 26,400 units during the period under review. Housing sales in Bengaluru went up 29% to 16,395 units during July-September this year from 12,690 units in the corresponding period of last year. In Pune, sales grew maximum by 63% to 22,885 units from 14,080 units. Sales of residential properties in Hyderabad increased 41% to 16,375 units from 11,650 units. In Chennai, housing sales rose 42% to 4,940 units from 3,490 units. Housing sales in Kolkata went up 7% to 5,320 units during July-September from 4,950 units in the year-ago period. "The ever-rising aspiration of owning a home mainly driven by rising income levels has meant a strong demand for housing over the last couple of years. The trend is expected to continue in the foreseeable future," Gurugram-based realty firm Krisumi Corporation Managing Director Mohit Jain said. The demand for luxury housing too is likely to remain strong amid the desire for upscale living experiences, he said. "Keeping pace with the demand for luxury homes, the supply is also expected to remain strong," Jain said.

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Tech Mahindra profit jumps over 2-times to ₹1,250 crore in Jul-Sep quarter

PTI

PVR INOX to close 70 non-performing screens in FY25, plan monetisation of real estate assets

PTI

Apple to manufacture iPhone 16 in India, set to open new stores in Pune, Bengaluru

Divyanshi Sharma

Shilpa Shetty and Raj Kundra's money laundering case takes new turn as they challenge the ED's eviction notices

PTI

Housing sales up 36% in Jul-Sep in top 7 cities: Anarock

PTI

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