Mumbai, Feb 12 (PTI) Industrial power electronics and power conversion equipment Hind Rectifiers Tuesday reported nearly four times jump in net profit at Rs 3.15 crore for the quarter ended December 31, 2018 as against Rs 66 lakh in the same period last year on the back of improved sales.
Its total income for the October-December quarter increased by 135 percent to Rs 68.53 crore as compared to Rs 29.15 crore in Q2 FY19.
“Our focus on R&D has increased substantially, thus enabling us to enhance our product offering with cost effective and innovative products. We are in line with our growth estimates and are looking to expand through global strategic partnerships,” its chief executive officer Suramya Nevatia said.
Smallcase Technologies raises $8 mn from investors *Bengaluru-based Smallcase Technologies Tuesday said it has raised USD 8 million in the Series A round of funding from leading investors, including Sequoia India.
In the current round the existing investors such as Blume Ventures, Straddle Capital, Beenext Pte, WEH Ventures and DSP Adiko also participated.
The company operates platforms for individual investors to invest in portfolios of stocks and ETFs (smallcase) with their exiting demat accounts.
“We are excited to partner early with them, working with the company as it pioneers a new way to invest in equity markets, and grows rapidly on the back of its partnerships with top brokerages in the country,” Sequoia Capital India’s Harshjit Sethi said in a statement.
Ceat inks bat sponsorship deal with cricketer Mayank Agarwal *Tyre maker Ceat Tuesday said it has inked a bat sponsorship deal with cricketer Mayank Agarwal.
He will join the likes of Rohit Sharma, Ajinkya Rahane, Ishan Kishan, Shubman Gill and Harmanpreet Kaur, who also have signed a bat endorsement deal with the company.
27-year old Agarwal recently made his Test debut against Australia.
Ebixcash’s open offer to buy 25.16% in Weizmann Forex *Software provider Ebixcash Tuesday announced an open offer to buy 25.16 percent of Weizmann Forex at Rs 528 per share within 90 days.
The Nasdaq listed Ebixcash also said that it has completed the 74.84 percent acquisition of the local forex company, as per an official statement.
The Weizmann Forex scrip moved up marginally to Rs 511.65 a piece on the BSE, as against a 0.66 per cent correction in the benchmark.
Tata Capital launches chatbot for personal loan borrowers *Non bank lender Tata Capital Tuesday launched a chatbot for its personal loan borrowers.
A customer can check loan eligibility and aid the customer through the loan approval process in minutes, it said in an official statement.
This is published unedited from the PTI feed.