Mumbai, May 20 (IANS) Gurugram-based renewable energy player ACME Solar Holdings Limited has reported a steep decline of over 77 per cent year-on-year (YoY) in its consolidated net profit, which dropped to Rs 122 crore in the March 2025 quarter (Q4 FY25).The company had posted a net profit of Rs 532.3 crore in the same period last financial year (Q4 FY24), according to its stock exchange filing.For the full financial year (FY25), ACME Solar’s net profit declined by around 64 per cent to Rs 250.8 crore, compared to Rs 697.7 crore in FY24.The sharp fall in profits came despite a strong rise in revenue. The company’s revenue from operations in Q4 stood at Rs 486.88 crore, up from Rs 295.16 crore a year ago — marking a YoY growth of nearly 65 per cent.Total income also increased significantly to Rs 539.2 crore in Q4 FY25, from Rs 318 crore in the corresponding quarter last fiscal — showing a 69.56 per cent rise.However, finance costs grew to Rs 205.5 crore from Rs 177.3 crore in the same period last fiscal — an increase of around 15.90 per cent.Depreciation and amortisation expenses also rose sharply to Rs 102.2 crore, up 66.99 per cent from Rs 61.2 crore in Q4 FY24.Despite the decline in profits, the company highlighted strong operational progress.Chairperson and Managing Director Manoj Kumar Upadhyay said FY25 was a ‘remarkable year’ for ACME Solar, as it expanded its operational portfolio and commissioned its largest single-location project — a 1,200 MW SECI ISTS solar project.He added that the company is now witnessing stronger earnings performance, with Q4 revenue rising 70 per cent YoY to Rs 539 crore and EBITDA jumping 118 per cent to Rs 488 crore.He also stated that ACME’s focus on hybrid and firm-dispatchable renewable energy (FDRE) solutions is making the business more resilient.–IANSpk/rvt/

Seoul, May 20 (IANS) South Korea’s automobile exports declined slightly in April from a year earlier, largely due to a sharp drop in shipments to the United States following Washington’s imposition of steep tariffs on foreign-made cars, government data showed on Tuesday.The value of outbound shipments of automobiles came to US$6.53 billion last month, down 3.8 percent from a year earlier, according to data from the Ministry of Trade, Industry and Energy.By region, exports to North America tumbled 17.8 percent on-year to $3.36 billion, with shipments to the U.S. plunging 19.6 percent to $2.89 billion, reports Yonhap news agency.In contrast, exports to the European Union surged 26.7 percent to $953 million, driven by robust sales of Kia Corp.’s EV3 and Hyundai Motor Co.’s Casper Electric.On the domestic front, car sales increased for the third consecutive month in April, growing 6.7 percent from a year earlier.The rise was led by strong demand for electric vehicles (EVs) and hybrid models, which saw sales growth of 50.3 percent and 29.9 percent on-year, respectively.EVs and hybrids accounted for 46 percent of the total 151,000 vehicles sold in the domestic market last month.The South Korean auto industry is closely monitoring the impact of the 25 percent tariff imposed by the Donald Trump administration, which took effect on April 3.In response, the government announced plans to inject an additional 2 trillion won ($1.43 billion) in liquidity into the industry, on top of the previously pledged 13 trillion won in policy financing.Seoul also vowed to consider a range of measures to bolster the domestic automotive sector, including expanded subsidies for EV purchases, extended tax incentives for new vehicle buyers and efforts to diversify export markets.Meanwhile, South Korea and the U.S. are scheduled to begin working-level consultations later this week to draw up a comprehensive agreement by early July. The talks will cover the new U.S. tariff regime, as well as broader economic and industrial cooperation.—IANSna/

Mumbai, May 20 (IANS) India’s top three southern cities – Bengaluru, Hyderabad and Chennai – dominated Global Capability Centre (GCC) office space leasing in Q1 (January-March) 2025 with a 64 per cent overall share, according to a report released on Tuesday.GCCs have been ramping up their presence on India’s commercial real estate landscape in the last few years, with government initiatives announced in the Union Budget further accelerating this trend.The top cities are witnessing escalating demand from both new GCC entrants and those expanding their existing operations. Approximately 8.35 million square feet gross office space has been leased by GCCs in Q1 2025 across the country’s top 7 cities, said the report by by real estate consultancy Anarock.Peush Jain, MD at Anarock Group said, “GCCs in Bengaluru, Chennai and Hyderabad collectively leased approximately 5.34 mn sq ft of gross office space in Q1 2025, followed by Delhi-NCR which saw 1.95 mn sq ft gross office space leased to GCCs”.Of the gross office space leasing recorded in the top seven cities in Q1, GCCs accounted for about 43 per cent overall share. In Q1 2024, they had leased about 4.87 mn sq ft. In short, there has been a 72 per cent annual jump in their office space absorption, Jain mentioned.City-wise data indicates that Bengaluru leads in gross leasing by GCCs in Q1 2025 with a 40 per cent share, or approx. 3.3 mn sq ft, followed by Delhi-NCR with a 23 per cent share – or nearly 1.91 mn sq ft and Chennai with 1.22 mn sq ft, or a 15 per cent share.A sector-wise analysis shows that of the overall GCC leasing of 8.35 mn sq ft office space in top 7 cities in Q1 2025, IT/ITeS held the lion’s share with 35 per cent. BFSI came next with a 22 per cent share, followed by manufacturing and industrial with 13 per cent.E-commerce held a 6 per cent share, and consultancy businesses had a share of 5 per cent. The remaining 19 per cent were leased by miscellaneous sectors. Notably, though IT/ITeS continues to dominate overall GCC leasing, other sectors like BFSI and manufacturing and industrial are also gaining ground, said the report.“Driven by India’s rising economic influence over the last two to three years, GCCs are deploying not just in the top 7 cities but also in various Tier 2 and 3 cities, including Ahmedabad, Kochi, and Coimbatore.This is due to a combination of factors, including a growing skilled workforce beyond the metros, cost competitiveness, supportive government policies, and concerted infrastructure development in Tier 2 and Tier 3 cities, Jain added.–IANSsps/na

New Delhi, May 20 (IANS) Bharti Airtel and Google on Tuesday announced a partnership that brings Google One cloud storage subscription service for Airtel customers, helping address the mounting challenge of limited device storage.All postpaid and Wi-Fi customers will get access to six months of 100 GB Google One cloud storage at no extra cost. They will also be able to share this storage with up to five additional people, said the companies in a statement.The 100 GB cloud storage will be available at no extra cost for the first six months from the date of activation, enabling customers to back up their data and experience the convenience of cloud storage.After six months of 100 GB storage at no charge, a fee of Rs 125 per month will be added to the customer’s monthly bill.If a customer chooses not to continue the subscription, they can cease to be a Google One member.“We are excited to partner with Airtel to bring Google One to millions in India. Together, we will make it easier for our users to safely back up photos, videos and important files on their phones with more storage across Google Photos, Drive, Gmail and more,” said Karen Teo, Vice President, Platforms and Devices Partnerships, APAC, Google.The partnership aims to address the issue of growing data storage constraints faced by users by ensuring that customers have ample space to store their cherished photos, videos, documents and other digital content without the need to frequently delete files or resort to expensive physical storage expansions.Additionally, WhatsApp chats on Android are backed up to Google Account storage which will make device switching easier for customers. The cloud storage provision is compatible with both Android and iOS platforms, making it widely accessible to Airtel’s diverse customer base.According to Siddharth Sharma, Director Marketing and CEO–Connected Homes, Bharti Airtel, with smartphones becoming the main device for managing both personal and professional information, storage has become a significant concern for users.“We are pleased to collaborate with Google to address this issue by providing our customers with dependable, secure and user-friendly storage solutions. This partnership will present an opportunity for millions of our postpaid, Wi-Fi customers allowing them access to a further 100 GB of storage,” he added.–IANSna/

New Delhi, May 20 (IANS) Union Commerce and Industry Minister Piyush Goyal on Tuesday said that he had fruitful talks with US Commerce Secretary Howard Lutnick towards concluding the first tranche of India-US Bilateral Trade Agreement (BTA).India and US are working to sign the first tranche of BTA to bring down tariffs before the agreed timeline of the fall of 2025, as the the terms of reference for the pact have already been finalised.“Good discussions with Secretary @Howard Lutnick towards expediting the first tranche of India-US Bilateral Trade Agreement,” Goyal posted on X social media platform.Earlier, Goyal had said that “very good negotiations” with the US were underway.India presents a compelling case to the United States for a bilateral trade deal, given the outlook on growth and demography.”Looking at the growth, India offers in the next 25-30 years with a large, aspirational, young population who will add to the demand for goods and services, we believe India will be a compelling case to enter into a good agreement with the US,” Goyal had told reporters.If both the countries come to an agreement on reducing tariffs, it would lead to higher trade for US and India. Prime Minister Narendra Modi and US President Trump have set an ambitious target of $500 billion bilateral trade by 2030 in a joint statement during the Indian PM’s recent visit to Washington, DC.Trump claimed last week that India offered to remove all tariffs on American goods, but added that he was in no rush to finalise a trade deal despite the apparent breakthrough.External Affairs Minister S Jaishankar also said last week that the ongoing trade negotiations are complex.”Between India and the US, trade talks have been going on. These are complicated negotiations. Nothing is decided till everything is. Any trade deal has to be mutually beneficial; it has to work for both countries. That would be our expectation from the trade deal. Until that is done, any judgment on it would be premature,” EAM Jaishankar said while speaking to reporters.–IANSna/

Mumbai, May 20 (IANS) The domestic benchmark indices opened lower on Tuesday amid mixed global cues, as selling was seen in the auto, PSU bank and financial service sectors in the early trade.At around 9.31 am, Sensex was trading 40.79 points or 0.05 per cent down at 82,018.63 while the Nifty declined 22.10 point or 0.09 per cent at 24,923.35.Nifty Bank was down 51.40 points or 0.09 per cent at 55,369.30. The Nifty Midcap 100 index was trading at 56,943.00 after declining 162.45 points or 0.28 per cent. Nifty Smallcap 100 index was at 17,606.90 after dropping 42.75 points or 0.24 per cent.According to analysts, from a technical perspective, the Nifty formed a bearish candle on the daily chart while trading within an inside bar pattern, closing just below the crucial 25,000 level.”The index moved sideways throughout the session, fluctuating within a narrow intraday range of 24,900 to 25,100 — a sign of market indecision. Immediate support is seen at 24,900–24,800, while resistance levels are placed at 25,100 and 25,235. A decisive breakout above 25,235 may open the path for an upside move toward 25,500–25,743,” said Mandar Bhojane, Equity Research Analyst at Choice Broking.The Indian Rupee exhibited strength, appreciating by 10 paise against the greenback to settle at 85.40.“This upward movement in the rupee can be attributed to cooling crude oil prices and a softening of the US dollar,” added Devarsh Vakil, Head of Prime Research of HDFC SecuritiesMeanwhile, in the Sensex pack, Tata Steel, Sun Pharma, Infosys, Tech Mahindra, ITC, Adani Ports, L&T and HCL Tech were the top gainers. Power Grid, Nestle India, Titan, Kotak Mahindra Bank, M&M and HDFC Bank were the top losers.In the Asian markets, China, Hong Kong, Japan, Bangkok, Seoul and Jakarta were trading in green.In the last trading session, Dow Jones in the US closed at 42,792.07, up 137.33 points, or 0.32 per cent. The S&P 500 ended with a gain of 5.22 points, or 0.09 per cent, at 5,963.60 and the Nasdaq closed at 19,215.46, up 4.36 points, or 0.02 per cent.On the institutional front, both foreign and domestic investors turned cautious, marking the first simultaneous sell-off in over a month.According to provisional data from the NSE, foreign institutional investors (FIIs) sold Indian equities worth Rs 525.95 crore on May 19, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 237.93 crore.–IANSskt/na

New Delhi, May 20 (IANS) India has highlighted energy security as one of the most pressing current challenges, emphasising the need to strengthen BRICS cooperation to ensure economic stability and sustainability, as well as to promote equitable access to energy resources globally, the government said on Tuesday.At the BRICS Energy Ministers’ Meeting hosted in Brasília, Union Minister for Power and Housing and Urban Affairs, Manohar Lal, reaffirmed India’s unwavering commitment to building a sustainable and inclusive energy future and lauded Brazil’s leadership under the theme, ‘Strengthening Global South Cooperation for More Inclusive and Sustainable Governance.’He further emphasised the critical role of energy security, access, and affordability in advancing global development goals.Manohar Lal also showcased India’s rapid progress in clean energy, like 90 per cent increase in electricity capacity over the past decade, reaching 475 GW in 2025 and targeting 900 GW by 2032 and becoming the world’s third-largest producer of solar and wind energy.India is marching fast towards achieving Nationally Determined Contributions (NDCs), along with achieving a 20 per cent ethanol blending milestone, thus advancing biofuel adoption and emissions reduction.The country is investing in smart grids, advanced metering infrastructure, and an expanded transmission network, including the Green Energy Corridor, informed the minister.India has set ambitious goals for green hydrogen and nuclear energy, including a 100 GW nuclear capacity target by 2047.Manohar Lal also emphasised the role of the Global Biofuels Alliance in advancing cooperation in the biofuels sector and underscored India’s commitment to energy efficiency through innovative programs such as the Energy Conservation Sustainable Buildings Code, rooftop solar initiatives, and efficient appliance standards.He underscored the vital role of fossil fuels in the global energy mix —especially for developing countries — and urged greater cooperation to promote their cleaner and efficient use through technologies such as coal gasification, carbon capture and storage, and green chemical innovations.Manohar Lal extended an invitation to the BRICS nations to participate in the next BRICS energy gathering, scheduled for 2026 in India, reaffirming the country’s commitment to leading the energy agenda for the Global South.—IANSna/

Chennai, May 20 (IANS) Dr M.R. Srinivasan, eminent nuclear scientist and former Chairman of the Atomic Energy Commission, passed away in Tamil Nadu’s Udhagamandalam on Tuesday. He was 95. A key architect of India’s civil nuclear energy programme, Dr Srinivasan’s career in the Department of Atomic Energy (DAE) spanned over five decades, beginning in September 1955.He worked closely with Dr Homi Bhabha on the construction of Apsara, India’s first nuclear research reactor, which attained criticality in August 1956.In 1959, he was appointed Principal Project Engineer for the country’s first atomic power station. His contributions became even more prominent in 1967 when he took charge as the Chief Project Engineer of the Madras Atomic Power Station, helping lay the groundwork for India’s self-reliant nuclear power capabilities.In 1974, he became Director of the Power Projects Engineering Division in the DAE and, a decade later, assumed the role of Chairman of the Nuclear Power Board.Under his leadership, the country witnessed rapid growth in its nuclear infrastructure, with Srinivasan overseeing the planning, construction, and commissioning of major power plants across India.In 1987, he was appointed Chairman of the Atomic Energy Commission and Secretary of the Department of Atomic Energy. That same year, he also became the founding Chairman of the Nuclear Power Corporation of India Limited (NPCIL).His tenure saw remarkable expansion: 18 nuclear power units were developed under his guidance — seven became operational, seven were under construction, and four remained in the planning phase.For his exemplary contributions to the field of nuclear science and engineering, Dr Srinivasan was awarded the Padma Vibhushan, India’s second-highest civilian honour.“His legacy of visionary leadership, technical brilliance, and tireless service to the nation will continue to inspire future generations,” his daughter, Sharada Srinivasan, said in a statement issued by the family.Dr Srinivasan’s death marks the end of an era in India’s scientific and technological history. He leaves behind an enduring legacy that helped power the nation’s progress and energy security.–IANSaal/dpb

New Delhi, May 19 (IANS) Government-owned Navratna company Bharat Electronics Limited (BEL) on Monday reported an 18 per cent growth in net profit to Rs 2,127 crore for the January-March quarter of financial year 2024-25 compared with the corresponding figure of Rs 1,797 crore in the same period of the previous year.The company’s revenue from operations came in at Rs 9,150 crore, which was a 7 per cent increase over the Rs 8,564 crore reported in the same period of the previous financial year.BEL’s board of directors have recommended a final dividend of Rs 0.90 per equity share for the financial year 2024-25.Meanwhile, BEL has secured additional orders worth Rs 572 crore in May since the last disclosure on April 7, 2025. Major orders received include Integrated Drone Detection and Interdiction System (IDDIS), Software Defined Radio (SDR) and Data Communication Unit (DCU) for attack guns, AI-based solutions for ships, simulators, communication equipment, jammers, spares, services, etc.Earlier, on April 2, the defence PSU signed a contract with the Indian Air Force valued at Rs 593.22 crore for providing maintenance services for the Akash Missile System to kick off the new financial year 2025-26.BEL had also supplied the Akash Missile System to the air force, for which it has won the maintenance contract.Further, the company has concluded negotiations with customers for the acquisition of orders worth Rs 5,000 crore.Meanwhile, BEL has achieved a turnover of around Rs 23,000 crore during the Financial Year 2024-25, against the previous year’s turnover of Rs 19,820 crore, registering a growth of 16 per cent. This includes export sales of around $106 million during FY 2024-25, as against the previous year’s export turnover of $92.98 million, registering a growth of 14 per cent, according to a company statement.In the fiscal year 2024-25, BEL secured orders worth Rs 18,715 crore. Some of the major orders received during the year are BMP II Upgrade, Ashwini Radar, Software Defined Radios, Data link, Multi-Function Radars, EON 51, Seekers, Anti Drone System, Airport Surveillance Radar, Sonar Upgradation, Flycatcher spares, Radar upgradation, Spares and Services, etc, and other projects in the non-defence sector. With this, the total Order Book of BEL as on April 1, 2025, stands at around Rs 71,650 crore, including an export order book of $359 million.–IANSsps/vd

Mumbai, May 19 (IANS) Glassware firm Borosil Limited on Monday reported a 68.58 per cent decline in its net profit to just Rs 11.14 crore for the fourth quarter (Q4 FY25), compared to Rs 35.47 crore in the previous quarter (Q3 FY25).The Mumbai-based company’s profit attributable to the owners also showed a similar steep decline during this period.The drop in net profit comes amid a significant decline in revenue. Borosil’s revenue from operations in Q4 stood at Rs 270.18 crore, down nearly 20.09 per cent from Rs 338.1 crore in Q3.Similarly, the company’s total income dropped by around 23.12 per cent, falling to Rs 272.49 crore in Q4 from Rs 354.45 crore in the previous quarter.On the expenses front, Borosil managed to reduce its total expenses by approximately 16.74 per cent in Q4, from Rs 306.93 crore in Q3 to Rs 255.55 crore.The cost of materials consumed also saw a decline of about 26.61 per cent during this period.However, purchases of stock-in-trade increased significantly by 39.42 per cent, rising to Rs 124.35 crore in Q4 from Rs 89.19 crore in the previous quarter.A notable change was seen in the company’s inventories of work-in-progress and finished goods, which swung from a profit of Rs 33.62 crore in Q3 to a loss of Rs 41.97 crore in Q4.Meanwhile, employee benefits expenses rose by 23.63 per cent, increasing to Rs 33.75 crore from Rs 27.3 crore.Borosil Limited, headquartered in Mumbai, is a glassware manufacturers with operations not only in India but also in the United States and the Netherlands.The company offers a wide range of products, including laboratory glassware, instruments, disposable plastics, liquid handling systems, and explosion-proof lighting glassware.These products cater to the education sector as well as various industries such as microbiology, biotechnology, photoprinting, process systems, and lighting.–IANSpk/vd