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OYO estimates its revenue to be USD 751 million in 2022-23: Ritesh Agarwal

Hospitality and travel-tech firm OYO estimates its revenue in 2022-23 to be USD 751 million on the back of which it expects to post its first operating profit in a full year, company Founder and Group CEO Ritesh Agarwal has told its employees. At an employees townhall held this week, Agarwal is understood to have [...]

DGCA slaps Rs 10 lakh fine on Go First for Bangalore airport incident on January 9

Aviation regulator DGCA on Friday imposed a Rs 10 lakh fine on Go First for the incident wherein 55 passengers were left behind in a passenger coach at Bangalore airport on January 9. The Directorate General of Civil Aviation (DGCA) had issued a show-cause notice to the airline following the incident. "Perusal of (the) reply [...]

Coal India to produce sand using overburden rocks; likely to begin ops at 5 plants by next year

State-owned CIL intends to produce sand using overburden rocks lying at its various coal mines and the operation of five such sand plants is likely to commence by next year, the government said on Friday. Under the 'overburden (OB) rocks-to-manufactured sand' initiative, Coal India Ltd (CIL) facilitates processing of waste overburden at its open cast [...]

DLF plans to launch in Feb Rs 7500cr worth premium housing project in Gurugram

Realty major DLF Ltd plans to launch a luxury housing project in Gurugram next month with an estimated sales revenue of around Rs 7,500 crore as it seeks to tap strong demand for high-end apartments. The company plans to develop around 1,100 apartments in this residential project, DLF Group Executive Director and Chief Business Officer Aakash [...]

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Coal India to produce sand using overburden rocks; likely to begin ops at 5 plants by next year

State-owned CIL intends to produce sand using overburden rocks lying at its various coal mines and the operation of five such sand plants is likely to commence by next year, the government said on Friday. Under the 'overburden (OB) rocks-to-manufactured sand' initiative, Coal India Ltd (CIL) facilitates processing of waste overburden at its open cast [...]

Vertex signs deal with Tata Chemicals Europe for sale of low-carbon hydrogen

Essar group-promoted Vertex Hydrogen has signed a deal for the sale of over 200 megawatts of low-carbon hydrogen to Northwich-based Tata Chemicals Europe (TCE), the firm said Thursday. "Under the new offtake agreement, Vertex will supply TCE with hydrogen as the manufacturer continues to decarbonise its operations in the UK with a target of achieving [...]

Vodafone Idea board to discuss Rs 1,600 cr debenture issue for ATC on Jan 31

Debt-ridden Vodafone Idea's board will meet on Tuesday to discuss a proposal to issue Rs 1,600 crore debentures to mobile tower vendor ATC Telecom Infrastructure. Vodafone Idea (VIL) and ATC had agreed to extend the last date to issue optionally convertible debentures (OCD) till February 28 after the shareholder's approval to issue the debentures lapsed [...]

CBI books GTL for cheating, bank fraud in Rs 4,760 crore credit facilities

The CBI has filed an FIR against telecom infrastructure major GTL for allegedly diverting a substantial portion of a Rs 4,760 crore loan availed from a consortium of banks led by IDBI Bank, officials said. The agency has booked the company, unidentified directors, public officials and vendors under IPC sections related to criminal conspiracy, cheating [...]

Adani group looks to invest in petrochem, mining in Azerbaijan

Asia's richest man Gautam Adani's group is eyeing petrochemical and mining projects in Azerbaijan as the ports-to-energy conglomerate looks to expand the business beyond Indian shores. Adani met Azerbaijan President Ilham Aliyev in Davos last week, according to a statement from the office of the President of Azerbaijan. "During the conversation, the parties discussed Azerbaijan's [...]

Hindenburg alleges ‘brazen’ fraud by Adani; company calls it malicious, baseless

Well-known US activist investor Hindenburg Research has alleged that Adani Group was "engaged in a brazen stock manipulation and accounting fraud", a charge the conglomerate described as malicious, unsubstantiated, one-sided, and having done with malafide intention to ruin its share-sale. Hindenburg, a US-based investment research firm that specialises in activist short-selling, said its two-year investigation [...]

Easy Trip Planners Ltd to acquire 55% stake in Glegoo Innovations

Online travel service provider, Easy Trip Planners Ltd on Wednesday said it will acquire a 55 per cent stake in Glegoo Innovations Pvt Ltd, an online travel and tours firm, for Rs 3 crore. The company signed a share purchase agreement with Glegoo Innovations Pvt Ltd on January 24, 2023, Easy Trip Planners, which operates [...]

Religare Finvest case: Sebi orders attachment of bank, demat accounts of Shivinder Mohan Singh, 4 others

Sebi has ordered the attachment of bank and demat accounts of Shivinder Mohan Singh and four entities to recover Rs 32.10 crore in a matter related to fund diversion case of Religare Finvest. Religare Finvest Ltd (RFL) is a subsidiary of Religare Enterprises Ltd (REL). The recovery proceedings against these entities -- Shivinder Mohan Singh, [...]

Akasa Air to commence daily flights from Hyderabad to Bengaluru, Goa from Jan 25

Akasa Air on Tuesday announced it will operate daily flights between Hyderabad and Bengaluru and between Hyderabad and Goa starting from January 25. Two additional Hyderabad-Bengaluru frequencies will be added starting February 15, the airline said. Akasa Air Co-Founder and Chief Commercial Officer Praveen Iyer said, "Commencing operations from Hyderabad, our 13th destination with daily [...]

Vistara to have 70 planes in fleet by mid-2024: CEO Vinod Kannan

Full service carrier Vistara will continue to expand and expects to have a total of 70 planes by mid-2024, its chief Vinod Kannan said on Tuesday. The airline, a joint venture between Tata Sons and Singapore Airlines, reported an operating profit for the first time since inception in the three months ended December 2022. "The [...]

BPCL to set up 1 GW renewable energy plant in Rajasthan

Bharat Petroleum Corporation Ltd (BPCL) will set up 1 gigawatt (GW) of renewable energy capacity in Rajasthan as the nation's second-largest state oil refiner pivots its path to achieving a net zero emission target by 2040. In a statement, BPCL said it has signed a memorandum of understanding (MoU) with the government of Rajasthan for [...]

Sebi penalises Wealthit Global, proprietor for violating regulatory norms

Sebi on Monday slapped a penalty of Rs 30 lakh on Wealthit Global and its proprietor Mohit Manghnani for violating regulatory norms. In addition, the two have been restrained from the securities markets for a period of five years. Wealthit Global is a Sebi-registered Investment Adviser. The order came after the regulator had conducted an [...]

UltraTech Cement stock fall nearly 5% after quarterly results

Shares of UltraTech Cement on Monday declined by nearly 5 per cent after the firm reported a decline in its consolidated net profit for the third quarter. The stock of the largest cement manufacturer fell 4.62 per cent to settle at Rs 6,846.90 apiece on the BSE. On the NSE, it declined by 4.42 per [...]

Vistara turns profitable for first time in December 2022 quarter

Full service carrier Vistara on Monday said it reported a profit for the first time since inception in the three months ended December 2022. Without disclosing the exact profit figure in the December quarter, the airline also said it crossed the USD 1 billion revenue mark and remained EBITDA positive in the current fiscal year. [...]

Sebi asks PayMate India to refile IPO papers with certain updates

Sebi has asked B2B payments and services provider PayMate India to refile the documents for the initial public offering with certain updates. PayMate India had filed the Draft Red Herring Prospectus (DRHP) for a Rs 1,500 crore-IPO with the Securities and Exchange Board of India (Sebi) in May 2022. The proposed Initial Public Offering (IPO) [...]

Coal India arm MCL to set up Rs 12,000-crore power plant in Odisha

Coal India arm MCL is in the process of diversifying into power generation and will set up a coal-based plant entailing an investment of around Rs 12,000 crore in Odisha, its chairman-cum-managing director O P Singh said. Mahanadi Coalfields Ltd (MCL) also has plans to diversify into aluminium business. "We are into process of diversifying [...]

Sterlite Power bags orders worth Rs 3,800 cr in Apr-Dec

Sterlite Power on Monday said it has bagged orders worth Rs 3,800 crore in the first three quarters of this fiscal, which is 90 per cent higher than a year ago. The orders were bagged by the ‘solutions’ business unit in the domestic and international markets during the first three quarters FY23, showing a growth [...]

IndiGrid to acquire Khargone Transmission at about Rs 1497.5 cr

India Grid Trust (IndiGrid) will acquire a 100 per equity stake in Khargone Transmission at an enterprise value of about Rs 1,497.5 crore. The acquisition will be for a cash consideration of an enterprise value not exceeding Rs 1,497. 5 crore, according to a BSE filing. IndiGrid signed a share purchase agreement on January 21, [...]

HPCL’s Vizag oil refinery to expand by June : Chairman

Hindustan Petroleum Corporation Ltd (HPCL) will complete expansion of its Vizag oil refinery in Andhra Pradesh to 15 million tonne per annum by June, its Chairman Pushp Joshi said on Sunday. HPCL is expanding the 8.33 million tonne per annum (MTPA) refinery and building a new one at Barmer in Rajasthan to bridge the gap [...]

Bandhan-led consortium’s IDFC MF acquisition to conclude this month

The acquisition of IDFC Asset Management Company by the Bandhan Financial Holdings-led consortium is likely to be concluded this month with the payment of Rs 4,500 crore, an official said on Sunday. Re-branding of the company and mutual fund as Bandhan Asset Management Company Ltd and Bandhan Mutual Fund is also expected within January, he [...]

Lithoz GmbH ties up with Wendt (India)

Ceramic materials and 3D printer-maker Lithoz GmbH has signed a sales partnership agreement with Murugappa Group company Wendt (India) Ltd for strengthening its operations in the country, the company said on Saturday. The agreement would enable the two companies further expand and develop their businesses. "With Lithoz's bases in Austria, the USA and China, this [...]

Google axes 12,000 jobs; CEO Pichai says ‘sorry’

Google will lay off 12,000 jobs across the globe, its CEO Sundar Pichai announced on Friday, becoming the latest tech giant to retrench staff en mass amid the global economic downturn. In an email to employees, the Indian-origin CEO said:"I have some difficult news to share. We’ve decided to reduce our workforce by approximately 12,000 [...]

Swiggy lays off 380 employees; CEO Majety says overhiring ‘poor judgement’

Online food delivery platform Swiggy on Friday laid off 380 employees as part of a "restructuring exercise" citing challenging macroeconomic conditions, with its CEO Sriharsha Majety saying that overhiring was a case of "poor judgement" where he should have done better. In an internal email, Majety, Co-Founder and CEO, also apologised to the affected employees [...]

Moody’s affirms deposit rating of SBI, upgrades for PNB, BoB, Canara Bank

Moody's on Friday affirmed long-term deposit rating of State Bank of India (SBI) and upgraded it for Punjab National Bank, Canara Bank and Bank of Baroda on improving credit profile. The outlooks on long-term ratings of all the four banks remain stable, Moody's Investors Service said in a statement. Moody's has affirmed the Baa3 long-term local [...]

Hindustan Unilever shares fall over 4%

Shares of Hindustan Unilever Ltd declined over 4 per cent in morning trade on Friday as investors preferred to desert the counter amid concerns over increase in royalty and central services arrangement fee to its parent Unilever group. The stock fell 4.15 per cent to Rs 2,540.05 apiece on the BSE. At the NSE, it [...]

Adani now plans to enter water segment; FPO opens next Friday

Adani Enterprises, which is launching India Inc's second-largest follow-on public offer worth Rs 20,000 crore next week, on Thursday said it is planning to enter the water segment as this is a key element of its core business of infrastructure. The group is into the entire gamut of infrastructure -- being its ports, airports, roads, [...]

IT solutions firm Rashi Peripherals files Rs 750-cr IPO papers with Sebi

IT solutions major Rashi Peripherals has filed preliminary papers with capital markets regulator Sebi to raise Rs 750 crore through an Initial Public Offering (IPO). The public issue is completely fresh issue of shares with no offer-for-sale component, according to the Draft Red Herring Prospectus (DRHP). The company may consider a private placement of equity [...]

Chaitanya Sarawate named as Wipro GE HealthCare MD

Wipro GE HealthCare on Thursday said it has appointed Chaitanya Sarawate as Managing Director of the company. He has also been designated as the President & CEO of GE HealthCare South Asia. Sarawate succeeds Shravan Subramanyam, who is leaving to pursue an opportunity outside the company, the company said in a statement. In his new [...]

Nick Walker is new CEO of Vedanta Cairn Oil and Gas

Vedanta's Cairn Oil & Gas on Thursday announced the appointment of Nick Walker as the new chief executive officer (CEO) of the company. In a statement, the company said the appointment is effective January 5. "Before this appointment, Walker was president and chief executive officer at Lundin Energy, one of the leading European independent E&P [...]

PhonePe raises USD 350 mn at USD 12 bn valuation

Walmart-owned digital payments app Phonepe on Thursday said it has raised USD 350 million at a valuation of USD 12 billion in a funding round led by private equity firm General Atlantic. "Marquee Global and Indian investors are also participating in the round," PhonePe said in a statement adding the investment marks the first tranche [...]

ICICI Pru confident of crossing FY23 VNB target by Mar

ICICI Prudential Life Insurance is "very confident of crossing doubling the VNB target" by March on the back of a record jump in its high-margin protection business share and the resultant highest-ever margin it has booked in the just-concluded December quarter. The company reported a 23.2 per cent growth in the value of the new [...]

Microsoft to axe 10,000 jobs, nearly 5% of global workforce

Microsoft will lay off 10,000 workers, about five per cent of its total workforce, its CEO Satya Nadella announced on Wednesday, terming it a hard choice that the tech giant had to make to remain a "consequential company" amid global economic uncertainties. Microsoft is the latest company after Facebook and Amazon to cut jobs as [...]

Mahindra Lifespace to redevelop 2 adjacent housing societies in Mumbai; eyes Rs 500 cr revenue

Realty firm Mahindra Lifespace Developers Ltd on Wednesday said it has entered into society redevelopment business and has bagged two projects in Mumbai with a revenue potential of Rs 500 crore. In a regulatory filing, the company informed that it has been "selected as the preferred partner to redevelop two adjacent residential societies in Santacruz [...]

NCLT delays fresh auction for Reliance Capital

 The National Company Law Tribunal (NCLT) on Wednesday asked the lenders to delay the second auction for Reliance Capital, which was scheduled for Thursday, till January 23 as it could not complete hearing arguments from both sides. Torrent Investment, the winning bidder of the first round of auction of Anil Ambani-promoted Reliance Capital, had moved [...]

Vedanta to acquire Meenakshi Energy for Rs 1,440 crore through insolvency

Anil Agarwal-promoted Vedanta on Wednesday said it will acquire bankrupt thermal power company Meenakshi Energy for Rs 1,440 crore through an insolvency process. Vedanta which made the highest bid for the thermal power company emerged as the successful bidder. "Post submission of bid for Meenakshi Energy Limited under Corporate Insolvency Resolution Process (CIRP) under IBC, [...]

Jubilant Food Works brings US chicken brand Popeyes to Chennai

Jubilant Food Works Ltd, a food services player, has opened its first restaurant of the American fried chicken brand, Popeyes in the city, a top official of the company said on Wednesday. The company inaugurated its first restaurant in Bengaluru, which was followed by rapid expansion to 12 restaurants across the city in less than [...]

Dr Reddy’s cuts price of cardiovascular drug Cidmus

Dr Reddy's Laboratories on Wednesday said it has reduced the price of its cardiovascular drug Cidmus. The drug comprises combination of sacubitril and valsartan and is indicated for heart failure patients. The company's Cidmus tablets are available in three strengths – 50mg, 100mg and 200mg, to be taken twice a day. "Following the price reduction, [...]

Tata Steel sets up Centre for Innovation in Mobility at IIT-M Research Park

Steel manufacturer Tata Steel has set up a Centre for Innovation in Mobility at the Indian Institute of Technology, Madras Research Park here, to develop application technologies for current and future mobility platforms, the company said on Wednesday. The Centre would work closely with academia and the mobility industry. It has facilities for Computer Aided [...]

360 ONE acquires controlling stake in Mumbai Angels; launches two new funds

360 ONE (earlier known as IIFL Wealth & Asset Management) on Wednesday said it has completed the acquisition of controlling stake in early-stage venture investments platform Mumbai Angels. Mumbai Angels, one of the leading players in the early-stage investment space, will now be looking at deals with a deeper penetration in the early-stage startup pool, [...]

GoMechanic cooked books; founder admits to grave errors, 70% staff sacked

Automobile after-sales service startup GoMechanic co-founder Amit Bhasin on Wednesday admitted to errors in financial reporting, following which a forensic audit has been ordered and a business restructuring undertaken which will see 70 per cent of the 1,000-odd workforce being laid off. Nearly two years after it raised a mammoth USD 42 million in funding, [...]

Salasar Techno Engineering gets Rs 143 cr EPC contract from Nepal govt

Homegrown Salasar Techno Engineering Ltd (STEL) on Wednesday said it has secured a Rs 143 crore contract from the Nepal government. "The order is for procurement of materials, associated accessories and necessary installation services including design and commissioning of 33/11 KV substations and 33 KV, 11 KV, 400 V lines and distribution systems networks," the [...]

Ashok Leyland to supply 500 buses to Sri Lankan Transport Board

Heavy commercial vehicle maker Ashok Leyland has bagged an order from the Sri Lankan Transport Board to supply 500 buses. Sri Lanka Transport Board is the state owned single largest bus transport provider with 110 depots throughout the island nation and operates buses in city routes, hilly and rural routes and also in long distance [...]

Torrent Investment asks NCLT to quash fresh CoC’s fresh auction round for Reliance Capital

Mumbai, Jan 17 (PTI) Torrent Investment on Tuesday urged the National Company Law Tribunal (NCLT) to quash the lenders' plans to hold a fresh auction for the takeover of the Anil Ambani-promoted Reliance Capital. Darius Khambata, representing Torrent Investments, in a plea said the Committee of Creditors have been saying that the 'challenge mechanism' or [...]

11-member committee formed for framing new agricultural policy in Punjab

Punjab Agriculture Minister Kuldeep Singh Dhaliwal on Tuesday said he has constituted an 11-member committee of agriculture experts for framing a new agricultural policy. Dhaliwal said the new agricultural policy will be ready by March 31. The Punjab government has been making continuous efforts to improve welfare of the farmers and the agricultural system of [...]

Show cause notices to cement plant in Himachal for environment norm violation

The Himachal Pradesh State Pollution Control Board (HPSPCB) has issued show cause notices under the Air (Prevention & Control of Pollution) Act, 1981 to Ultratech Cement Plant, Baga in Solan district for allegedly violating anti-pollution norms. "The results of stack emission monitoring of the unit of Ultratech Cement Plant, Baga conducted last year did not [...]

Sojitz Corp pares 2.35% stake in Samvardhana Motherson for Rs 776 cr

Sojitz Corporation on Tuesday divested a 2.35 per cent stake in auto component major Samvardhana Motherson International for Rs 776 crore through an open market transaction. According to the bulk deal data available with BSE, Sojitz Corporation offloaded 10,61,88,248 shares, amounting to 2.35 per cent stake in the company. The shares were sold at an [...]

OYO to refile updated draft IPO papers by mid February

Oravel Stays Ltd, which operates travel tech firm and brand OYO, on Wednesday said it will refile its draft public listing application by the middle of next month. Earlier this month capital markets regulator Sebi had asked the company to refile the draft initial public offering (IPO) papers with certain updates. "We are working on [...]

ITC to acquire Yoga Bar; to strengthen presence in healthy foods space

Diversified conglomerate ITC on Tuesday announced the acquisition of Sproutlife Foods Pvt Ltd (SFPL), which owns Direct-to-Consumer (D2C) brand Yoga Bar. ITC has signed a binding term sheet to acquire 100 per cent shares of SFPL over a period of three to four years, said a statement. It will initially acquire a 47.5 per cent [...]

Sundram Fasteners bags USD 250 million deal from global auto maker

Sundram Fasteners Ltd, engaged in manufacturing of auto components has bagged a USD 250 million contract from a top automobile manufacturer for supply of sub-assemblies to its electric vehicle segment, the company said on Tuesday. The city-based company said the award of contract was the biggest EV contract secured in its 60 year old history. [...]

Wheels India rolls out flow form technology equipped in cast alloy wheel

Steel wheels manufacturer, Wheels India Ltd has launched flow form technology equipped in cast alloy wheel considered one of the most advanced manufacturing technologies in the wheel industry, the company said on Tuesday. The city-headquartered company recently commenced shipment of the flow forming wheel to the United States and expects to unveil the product soon [...]

Sagar Cements to acquire Andhra Cements

Sagar Cements has been declared as the successful bidder for debt-ridden Andhra Cements, a company which was owned by the Jaypee Group and is under the Corporate Insolvency Resolution Process. The Committee of Creditors (CoC) of Andhra Cements has voted with a majority in favour of the resolution plan filed by Sagar Cements Ltd, Andhra [...]

Innova Captab, Blue Jet Healthcare get Sebi’s nod to float IPO

Pharmaceutical companies Innova Captab Ltd and Blue Jet Healthcare have received Sebi's go-ahead to raise funds through initial public offering (IPO). The two firms, which filed their preliminary papers with Sebi between June and September 2022, obtained its observation letters during January 9-11, an update with Sebi showed on Tuesday. In Sebi's parlance, its observation [...]

BoM to raise up to Rs 1,000 crore from share sale in Q4: MD

State-owned Bank of Maharashtra (BoM) on Monday said it proposes to raise up to Rs 1,000 crore from qualified institutions placement (QIP) in the January-March quarter to meet minimum public shareholding (MPS) norms of market regulator Sebi. The bank has initiated the process to meet the norms of Securities and Exchange Board of India (Sebi), [...]

Maruti Suzuki transports record 3.2 lakh units via railways in 2022

Maruti Suzuki India on Monday said it transported over 3.2 lakh vehicles using Indian railways last year, its highest-ever dispatch in a calendar year. The company had obtained a Automobile Freight Train Operator (AFTO) licence in 2013 allowing it to fabricate and operate high-speed, high-capacity auto-wagon rakes on the Indian Railways network. In the last [...]

Tripura govt, NTPC REL ink pact for development of green energy projects

The government of Tripura and NTPC Renewable Energy Limited (NTPC REL) have signed an agreement for development of renewable energy projects in the northeastern state. The Memorandum of Understanding (MoU) was signed between Tripura Chief Minister Manik Saha and senior officials of NTPC Ltd in the national capital on Monday, an official statement said. "NTPC [...]

Reliance suspends gas auction after change in marketing rules

Reliance Industries Ltd and its partner bp plc on Monday suspended a planned auction for the sale of natural gas from their eastern offshore KG-D6 block after the government altered marketing rules to cap margins. In a notice, Reliance and its partner BP Exploration (Alpha) Ltd (BPEAL) said the auction has been suspended indefinitely. E-bidding [...]

Axis Bank tops Re-bond league table for the 16th year in a row

Axis Bank has trumped every competitor for the 16th consecutive year in 2022 as a rupee domestic bond issue arranger, cornering 19.20 per cent market share or Rs 92,904.5 crore across 127 issuances. Significantly, the top three spots are retained by private sector lenders with the second position maintained by ICICI Bank with a market [...]

Airtel launches 5G services in 5 UP cities

Bharti Airtel on Monday announced the launch of 5G services in Agra, Meerut, Gorakhpur, Kanpur and Prayagraj in Uttar Pradesh. The services are already live in Lucknow and Varanasi. Airtel '5G Plus' services will be available to customers in a phased manner as the company continues to construct its network and complete the rollout. Customers [...]

Maruti Suzuki hikes vehicle prices by around 1.1% across models

Maruti Suzuki India on Monday said it has hiked prices of its vehicles across models by about 1.1 per cent. This is the second price hike that the carmaker is undertaking in the ongoing fiscal year, after increasing it in April 2022. In December last year, the company had said it would hike prices of [...]

HDFC Bank shares climb over 1% after Q3 earnings

Shares of HDFC Bank gained more than 1 per cent in initial trade on Monday after the firm reported 19.9 per cent jump in its net profit for the third quarter ended December 2022. The stock climbed 1.47 per cent to Rs 1,624.40 at the BSE. On the NSE, it advanced 1.29 per cent to [...]

Wipro shares climb nearly 2% after earnings announcement

Shares of Wipro on Monday climbed nearly 2 per cent in early trade after the company reported a better-than-expected 2.8 per cent rise in consolidated net profit for the December 2022 quarter. The stock gained 1.81 per cent to Rs 400.80 apiece on the BSE. At the NSE, it climbed 1.80 per cent to Rs [...]

Three senior NDTV executives resign

NDTV's three senior executives, including the group president, have resigned weeks after the Adani group took control of the broadcaster. NDTV group's President Suparna Singh, Chief Strategy Officer Arijit Chatterjee and Chief Technology and Product Officer Kawaljit Singh Bedi have resigned, the company said in a regulatory filing. "The Company is in the process of [...]

HCL Tech to modernise IT operations for State Farm

HCL Technologies has been selected by State Farm, a provider of auto, home, and commercial insurance, to modernise its IT service desk and infrastructure operations, according to a statement. Some State Farm employees supporting this work will transfer to HCL Tech to continue their key role in delivering technology services to State Farm, it said. [...]

BCL Industries board approves raising Rs 201 crore

BCL Industries on Friday said its board has approved a proposal to raise Rs 201 crore through issuance of warrants on a preferential basis. BCL Industries is the only company in India and the South Asian region to have a forward and backward integrated distillery ethanol plant. The board has approved issuance of 55,83,334 fully [...]

Infosys shares bounce back after falling in early trade

Shares of Infosys bounced back after declining in initial trade on Friday and were trading in the positive territory, a day after it announced its December quarter earnings. The stock, after making a positive beginning, declined 0.84 per cent to Rs 1,468 on the BSE. However, later it bounced back and climbed 0.74 per cent [...]

HCL Tech bags digital transformation deal US firm Mattel Inc

IT company HCL Tech has bagged a digital transformation deal from US-based toy manufacturing company and owner of children's and family entertainment franchises Mattel Inc, the company said on Thursday. Unde the deal, HCLTech will serve as Mattel's primary IT digital transformation partner for the next several years. HCL Tech will support Mattel's future direction [...]

LTTS to acquire SWC business of parent firm for Rs 800 cr

IT company L&T Technology Services will acquire the Smart World & Communication (SWC) Business of its parent firm Larsen & Toubro Limited in an all-cash deal worth Rs 800 crore. Smart World & Communication (SWC) was founded in 2016 to cater to the demands in smart cities, address opportunities and provide smart solutions in the [...]

NCLT directs Rel Cap lenders, administrator to reply on Torrent Investments plea by Jan 16

The National Company Law Tribunal (NCLT) on Thursday asked insolvency-bound Reliance Capital's lenders and administrator to file a response by January 16 on Torrent Investments' plea to halt their plans to hold a fresh auction for better realisation. Torrent Investments -- one of the bidders for the Anil Ambani-promoted Reliance Capital -- has offered Rs [...]

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