Tata Group firm Tejas Networks will invest over Rs 750 crore under design-led Production Linked Incentive (PLI) scheme for manufacturing of telecom and networking products, the company said on Tuesday. Tejas Networks is one of the 42 companies selected for the scheme. "In its application, the company has committed to make a minimum cumulative capital [...]
Infosys will seek shareholders' nod for its proposed Rs 9,300 crore share buyback between November 3 to December 2 through postal ballot, the company said in a regulatory filing. The Infosys board on October 13 had announced a share buyback of Rs 9,300 crore via the open market route, for a price not exceeding Rs [...]
Shareholding by Life Insurance Corporation (LIC) in Tata Motors Ltd has crossed 5 per cent as the insurer stepped up shareholding over the past ten months, investing Rs 11.39 crore in the auto company. LIC said its shareholding in Tata Motors Ltd has increased from 16,59,48,741 to 16,61,98,741 equity shares increasing its shareholding from 4.997 [...]
Byju's founder and chief executive Byju Raveendran has apologised to the firm's employees for the clumsy layoffs in India's largest education technology company, saying 2,500 job cuts were necessitated to avoid role duplication and reduce redundancies. In a message to employees, Raveendran said Byju's has been compelled to focus on sustainability and capital-efficient growth because [...]
Debt-ridden Future Enterprises has defaulted on a principal amount of Rs 126.13 crore in September, which includes payment obligation of Rs 98.35 crore for NCDs and Rs 27.78 crore to banks, under a one-time restructuring (OTR) scheme. Future Enterprises Ltd (FEL) had entered into the OTR scheme for COVID-hit companies with its consortium of banks [...]
Beer maker United Breweries Ltd, controlled by Dutch multinational brewing company Heineken, plans to infuse around Rs 350 crore as capital expenditure in 2023 to meet the expected volume growth in the country, according to a top company official. The company has "good capex plans" in place for its breweries to meet anticipated volume growth [...]
Media groups Sony and Zee have voluntarily agreed to sell three Hindi channels -- Big Magic, Zee Action and Zee Classic -- to address possible anti-competition concerns arising out of their proposed mega-merger deal. They submitted their proposal to the Competition Commission of India (CCI), which cleared the deal, subject to certain modifications on October [...]
Asian Paints on Thursday announced Rs 2,100 crore of phased investment to set up a new plant to produce vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) in the country. The company also announced another Rs 550 crore of investment to set up a white cement plant in the UAE in partnership with [...]
State-owned insurance behemoth LIC is expected to recover its Rs 21,624 crore investment it had made in IDBI Bank as share prices are likely to rebound to 2019 levels by the time the lender is privatised, an official said. The official said that since the commencement of the IDBI Bank privatisation process in May last [...]
Adani Group, which missed the date for the launch of an open offer to buy an additional 26 per cent stake in NDTV, on Wednesday said it is committed to completing the process and has asked SEBI to provide comments on its draft open offer letter. The conglomerate, run by India's richest man Gautam Adani, [...]
