Morning Buzz: From IndiGo recording its best quarterly net profit to Tesla leasing office space in Pune, and more

The low-cost airline plans to use the cash hoard to acquire aircraft and related assets, while the American automaker's lease is for five years with a lock-in period of three years

By Salil Panchal Forbes India Staff

Published: Aug 3, 2023 09:50:40 AM IST

Updated: Aug 3, 2023 09:56:49 AM IST

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IndiGo posted its best quarterly net profit of Rs3,094 crore in the June-ended quarter. Image: Regis Duvignau / Reuters

IndiGo records best quarterly net profit

IndiGo posted its best quarterly net profit of Rs3,094 crore in the June-ended quarter on account of lower fuel prices, higher load factors and lower foreign exchange rates. Total revenue was up by 32 percent year-on-year to Rs17,160 crore. The company is now planning to use its cash hoard to acquire a few aircraft and related assets. Separately, subject to regulatory approvals, the airline plans to set up a venture capital arm to invest in aviation and consumer-focussed allied sectors like travel, hospitality and lifestyle.

(Business Standard, Economic Times, Mint, BusinessLine, Financial Express)

Tesla leases office space in Pune

Tesla’s India arm, Tesla India Motor and Energy, has leased office space at a cowering centre in one of the towers of Paschal Business Park in Viman Nagar, Pune. The lease is for five years with a lock-in period of three years. The company has started discussions with the government on setting up a plant in India. In 2021, Tesla had registered an Indian company in Bengaluru with the intent to import vehicles, but after a meeting with the prime minister in June, Elon Musk had said the company met to explore setting up a plant.

(Economic Times)

Adani set to acquire Sanghi Cement

Adani Cement plans to acquire Sanghi Cement at an enterprise valuation of Rs6,000 crore. The company will invest Rs4,500 crore and acquire debt of Rs1,500 crore of the Gujarat-based cement maker. The move will add 6.1 million tonnes to Adani Cement’s 70 million tonnes that it owns through Ambuja Cement and ACC, and help it get to its targeted 140 million tonnes before 2023. The industry expects more consolidation with the top players Ultratech, Adani, Dalmia and JSW looking for targets.

(Economic Times, Business Standard)

Godrej Properties to spend Rs155 crore on repairs

Godrej Properties plans to spend Rs155 crore on repairs in its Godrej Summit project in Gurugram after chloride was found in building concrete. The company also plans to either buyback flats or provide home owners with rentals for the duration of the repair work. The project was completed in phases in 2017 and 2018. Godrej Properties did an audit after the partial collapse of a residential tower in the Chintels Paradiso project, which led to the death of two women. The Paradiso project was declared unsafe after an audit by IIT-Delhi.

(Financial Express)