Latest news with #Bengaluru
Zawya
2 hours ago
- Business
- Zawya
Accenture beats third-quarter revenue estimates
Accenture beat Wall Street estimates for third-quarter revenue on Friday, driven by growing demand for the consulting giant's AI-driven services from enterprise customers. It reported revenue of $17.7 billion for the quarter ended May 31, compared with analysts' average estimate of $17.30 billion, according to data compiled by LSEG. Shares of the company fell 2.6% in premarket trading after Accenture said new bookings decreased 6% to $19.7 billion in the third quarter. The company is grappling with weak U.S. federal contracting environment as the Trump administration has slowed new contracts and cut existing agreements in a bid to reduce federal spending. The company said these changes have not had a material impact on its operations or financial condition. (Reporting by Meghana Khare and Jaspreet Singh in Bengaluru; Editing by Shinjini Ganguli)
CNA
2 hours ago
- Business
- CNA
Warplane maker HAL wins bid to make India's small satellite launch rockets
BENGALURU : State-run Hindustan Aeronautics Ltd has won a bid to commercially make India's small satellite launch rockets, in the government's biggest move yet to open its fast-growing space industry to private players. Fighter jet maker HAL won with a bid of 5.11 billion rupees ($59 million), space regulator the Indian National Space Promotion and Authorisation Centre said on Friday. Reuters reported in February that three consortiums - Alpha Design Technologies, a unit of Adani Defence Systems and Technologies, state-backed Bharat Dynamics and HAL - were the finalists to acquire India's Small Satellite Launch Vehicle (SSLV) technology. "One of the big things we have been wanting to do is to make India the global hub for small satellite launches," Pawan Goenka, chairman of IN-SPACe told reporters. Shares of HAL rose as much as 1.6 per cent to hit a session high of 4,980 rupees after the announcement. Handing SSLV's technology to HAL marks a significant shift for India's space industry, which has already granted satellite communication service licenses to global and domestic firms such as France's Eutelsat and Reliance Jio's satellite venture. The rocket is capable of carrying 500kg payloads to low-Earth orbit. HAL will have the capability to build, own, and commercialize SSLV launches, Goenka added. HAL intends to offer a "very competitive" price on launches both for India and international clients, said Barenya Senapati, Director (Finance) at Hindustan Aeronautics. About 20 companies had initially expressed interest in bidding for the SSLV, under Prime Minister Narendra Modi's policy drive to open up India's space industry. The global low-Earth orbit launch vehicle market was valued at $13.9 billion in 2023 and is estimated to grow to about $44 billion by 2032, according to Global Market Insights. India, which accounts for only 2 per cent of the global space economy, is eyeing a fivefold expansion to $44 billion by the end of the decade. Hindustan Aeronautics and Larsen & Toubro, an industrial conglomerate, have a government contract to manufacture and deliver larger rockets to Indian Space Research Organisation. The first of those are due for launch between October and December, said Radhakrishnan Durairaj, chairman and managing director of New Space India Limited, the commercial arm of ISRO.
Entrepreneur
4 hours ago
- Business
- Entrepreneur
Capillary Technologies Files for IPO with SEBI, Plans to Raise USD 50 Mn
The filing was submitted on Thursday, marking a major step in the company's renewed effort to go public after postponing plans in 2021 due to poor market conditions. You're reading Entrepreneur India, an international franchise of Entrepreneur Media. Bengaluru-based SaaS firm Capillary Technologies has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). The filing was submitted on Thursday, marking a major step in the company's renewed effort to go public after postponing plans in 2021 due to poor market conditions. The IPO will include a fresh issue of shares worth USD 50 million (approximately INR 430 crore) and an offer for sale (OFS) of 1.83 crore equity shares. The company's promoter, Capillary Technologies International Pte Ltd, will sell around 1.43 crore shares, which is nearly 77.6% of the OFS. Other participants in the OFS include institutional investors Ronal Holdings, Trudy Holdings, and Filter Capital, along with individual shareholders such as Sripathi Venkata Ramana Reddy, Harminder Sahni, Adarsh Reddy, Sudhakar Reddy, Sripathi Damodar Reddy, and Manjunath Nanjaiah. As per the DRHP, Capillary Technologies International Pte Ltd holds a 65.47% stake in the company. Other major shareholders include Ronal Holdings with 7.53%, AVP Fund (Avataar Ventures) with 5.51%, Trudy Holdings at 4.49%, and Filter Capital India at 3.66%. The company plans to use the IPO proceeds to enhance its cloud infrastructure and invest in product research and development. About INR 120 crore will go towards cloud infrastructure, INR 151.5 crore towards R&D, and INR 10.3 crore for purchasing computer systems. A part of the funds will also be used for potential acquisitions and general corporate purposes. JM Financial, IIFL Capital, and Nomura Financial Advisory have been appointed as the book-running lead managers for the issue. Capillary Technologies recently reported a 14% increase in operational revenue, reaching INR 598 crore in FY24. It also turned profitable in FY25, posting a net profit of INR 13.3 crore, compared to a INR 59.4 crore loss the previous year.
CNA
4 hours ago
- Business
- CNA
Warplane maker HAL wins bid to privatise India's small satellite launch rockets
BENGALURU :Hindustan Aeronautics Ltd has won the bid to privately make India's small satellite launch rockets, the country's space regulator said on Friday, the government's biggest step yet to open its fast-growing space industry to private players. Reuters reported in February that three consortiums - Alpha Design Technologies, a unit of Adani Defence Systems and Technologies, state-backed Bharat Dynamics and HAL - were the finalists to acquire India's Small Satellite Launch Vehicle (SSLV) technology. Fighter jet maker HAL had applied independently, Indian Space Research Organisation (ISRO) said in a statement on Friday. HAL's wining bid was 5.11 billion rupees ($59 million), Pawan Goenka, the head of Indian National Space Promotion and Authorisation Centre (IN-SPACe) told reporters, adding that the technology transfer phase will take two years. Shares of HAL rose as much as 1.6 per cent to hit session's high at 4,980 rupees after the announcement. The move to hand the SSLV's technology to HAL marks a significant shift for India's space industry, which has already granted satellite communication service licenses to global and domestic firms such as France's Eutelsat and Reliance Jio's satellite venture. By winning the bid to make the rocket, capable of carrying 500kg payloads to low-Earth orbit, HAL will have the capability to independently build, own, and commercialize SSLV launches, Goenka added. About 20 companies had initially expressed interest in bidding for the SSLV, the first privatisation of its kind under Prime Minister Narendra Modi's policy drive to open up India's space industry. The global low Earth orbit launch vehicle market was valued at $13.9 billion in 2023 and is estimated to grow to about $44 billion by 2032, according to Global Market Insights. India, which accounts for only 2 per cent of the global space economy, is eyeing a fivefold expansion to $44 billion by the end of the decade.
Reuters
5 hours ago
- Business
- Reuters
India's Delhivery unveils short-haul cargo service rivalling Uber, Porter
June 20 (Reuters) - Indian courier delivery firm Delhivery ( opens new tab launched its short-haul parcel transport service in two locations on Friday, ramping up competition in a market dominated by the likes of Uber (UBER.N), opens new tab and Kedaara Capital-backed, opens new tab Porter. Near-distance parcel delivery - often within city limits - has grown increasingly popular, following the success of quick-commerce delivery services, where everything from milk to mobile phones is delivered within 10 minutes. Currently, Uber, Swiggy ride-hailing app Rapido and Porter are among firms that ferry parcels from one area of a city to another. Delhivery's service is currently live only in the national capital region and the southern IT hub of Bengaluru, but the company aims to rapidly expand to other key metro cities, MD and CEO Sahil Barua said in a statement. Third-party logistics firms, including Delhivery, have been looking for options to diversify as their mainstay long-haul freight businesses battle intense competition from in-house logistics arms of e-commerce giants such as Amazon (AMZN.O), opens new tab and Walmart (WMT.N), opens new tab-backed Flipkart.
