Tata Power on Monday announced that it has inked a pact with the Tamil Nadu government to invest Rs 3,000 crore for setting up a new facility to manufacture solar cells and modules in Tirunelveli district of the state. "Tata Power, one of India's largest integrated power companies, has signed a Memorandum of Understanding (MoU) [...]
The windfall taxes imposed by the government on domestic crude oil production and fuel exports will hit ONGC's earnings severely while shaving off up to USD 12 per barrel in refining margins for Reliance Industries Ltd. The new levies will give the government up to Rs 1.3 lakh crore additional revenue, brokerages said. In a [...]
Bajaj Auto on Monday said it has commenced its Rs 2,500 share buyback programme. In a regulatory filing, the Pune-based company said the buyback initiative has begun with effect from July 4. The company's board, at its meeting held on June 27, had approved the proposal for buyback of the fully paid-up equity shares of [...]
Debt-ridden Future Enterprises Ltd (FEL) has announced another default, this time on payment of interest of Rs 6.15 crore for its non-convertible debentures. The due date for payment was June 29, 2022, FEL said in a regulatory filing on Thursday. "The Company is unable to service its obligations in respect of the interest on Non-Convertible [...]
State-owned Indian Oil Corporation (IOC) will invest over Rs 740 crore to raise the capacity of the nation's oldest oil refinery at Digboi in Assam. In a stock exchange filing, IOC said its board has approved raising of Digboi refinery capacity from 0.65 million tonnes per annum to 1 million tonnes along with associated facilities [...]
JB Chemicals & Pharmaceuticals on Thursday said its board has approved a proposal to acquire four paediatric brands from Dr Reddy's Laboratories for about Rs 98 crore. The company's board at its meeting held on June 29, has considered and approved the acquisition of a portfolio of brands, for use sales within India, from Dr [...]
Edtech major Byju's group firm Toppr has laid off 1,100 staff or about 36 per cent of its workforce from the company earlier this week, according to some of the employees who have been hit by the decision. Toppr's sacked employees said that they got a call from the company on Monday and were asked [...]
The government on Wednesday allowed firms like ONGC and Vedanta to sell locally produced crude oil to any Indian refinery for turning it into fuel, such as petrol and diesel, as it deregulated one of the last few avenues that were still under its control. While contracts for oilfields awarded since 1999 gave producers the [...]
Karnataka Bank has raised the interest rates on deposits of below Rs 2 crore to up to 5.50 per cent per annum to be effective from next month. The bank said it has increased the deposit rates by 10 basis points (0.10 per cent) for 1-2 years of deposits as well for above 2-5 years [...]
As the competition heats up between banks and the new-age fintech firms, large banks with healthy operational perfomances and strong balance sheet will continue to grow faster than the industry, Axis Bank MD&CEO Amitabh Chaudhry said in the annual report 2021-22 released on Wednesday. With a number of transformation driven initiatives like One Axis and [...]
