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Hind Rectifiers rose 1.16% to Rs 1,003.15 after the company announced that it has incorporated wholly-owned subsidiary in the name of Coincade Studios on 15 April 2025.
Coincade Studios has been established to develop cutting-edge products and solutions in the fields of information technology (IT), artificial intelligence (AI), Web3, and various software domains.
The subsidiary has an initial paid-up share capital of Rs 10 lakh and Hind Rectifiers will hold 100% equity ownership in Coincade Studios. The initial investment does not fall under related party transactions.
The company has appointed Suramya Nevatia, chairman & managing director (CEO), and Akshada Nevatia, executive director of Hind Rectifiers, as directors of the newly incorporated entity.
Hind Rectifiers is engaged in developing, designing, manufacturing, and marketing of electronic, electrical and electro-mechanical equipment, power electronic equipment & railway traction equipments.
The company's net profit zoomed 558.6% to Rs 10.01 crore on 23.6% increase in revenue from operations to Rs 168.94 crore in Q3 FY25 over Q3 FY24.
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