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Tata Steel board approves merger of six subsidiary companies

Tata Steel will merge with itself six of its subsidiary companies, a statement said on Friday. A proposal in this regard was approved by the Board of the company on Thursday, it said. "The Board of Directors of Tata Steel considered and approved schemes for the proposed amalgamation of six subsidiaries into and with Tata [...]

Two entities offload Dodla Dairy shares worth Rs 106 cr

Two entities on Wednesday offloaded dairy company Dodla Dairy Ltd's shares for Rs 106 crore through open market transactions. According to block deal data available with the National Stock Exchange (NSE), TPG Dodla Dairy Holdings Pte sold 18,31,434 shares while Sunil Reddy Dodla -- one of the promoters of Dodla Dairy -- disposed of 1,95,000 [...]

Triveni Engineering sells entire 21.85% stake in Triveni Turbines for Rs 1,600 crore

Sugar firm Triveni Engineering & Industries Ltd on Wednesday said the company has sold its entire 21.85 per cent stake in Triveni Turbines for about Rs 1,600 crore. The shares have been sold to Rati Sawhney, one of the promoter of Triveni Turbine, and a few institutional investors, including sovereign wealth funds of Singapore and [...]

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Adani Group pledges stake worth USD 13 bn in Ambuja Cements and ACC

The Adani Group has pledged its entire stake worth USD 13 billion in Ambuja Cements and ACC, days after completing its USD 6.5 billion acquisition of the two companies. According to regulatory updates on Tuesday, billionaire Gautam Adani-led group has encumbered its 63.15 per cent stake in Ambuja Cements and 56.7 per cent stake in [...]

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Reliance acquires 20% stake in solar tech firm Caelux for USD 12 million

Reliance Industries Ltd on Friday said it has acquired a 20 per cent stake in California-based solar tech firm Caelux for USD 12 million as it strengthens its new energy manufacturing capabilities. Reliance New Energy Ltd, a wholly-owned subsidiary of the firm, signed definitive agreements to invest in Caelux Corporation, a Pasadena, California-headquartered company engaged [...]

Tata Steel board approves merger of six subsidiary companies

Tata Steel will merge with itself six of its subsidiary companies, a statement said on Friday. A proposal in this regard was approved by the Board of the company on Thursday, it said. "The Board of Directors of Tata Steel considered and approved schemes for the proposed amalgamation of six subsidiaries into and with Tata [...]

Two entities offload Dodla Dairy shares worth Rs 106 cr

Two entities on Wednesday offloaded dairy company Dodla Dairy Ltd's shares for Rs 106 crore through open market transactions. According to block deal data available with the National Stock Exchange (NSE), TPG Dodla Dairy Holdings Pte sold 18,31,434 shares while Sunil Reddy Dodla -- one of the promoters of Dodla Dairy -- disposed of 1,95,000 [...]

Adani Group pledges stake worth USD 13 bn in Ambuja Cements and ACC

The Adani Group has pledged its entire stake worth USD 13 billion in Ambuja Cements and ACC, days after completing its USD 6.5 billion acquisition of the two companies. According to regulatory updates on Tuesday, billionaire Gautam Adani-led group has encumbered its 63.15 per cent stake in Ambuja Cements and 56.7 per cent stake in [...]

GMR Infra changes name to GMR Airports Infra

GMR Infrastructure on Friday said the company's name has been changed to GMR Airports Infrastructure Ltd after the demerger of its non-airport business. "Post receipt of approval of the shareholders of the company and necessary regulatory approvals, the change of name is effective from September 15, 2022," it said in a release. The company had [...]

Shell to install 10,000 charging points across India by 2030

Energy giant Shell plans to set up more than 10,000 electric vehicle (EV) charging points in India by 2030. Shell launched its first EV chargers in India, for the four-wheeler and two-wheeler segments in Bengaluru on Thursday. India is the first market for Shell to launch chargers for two-wheelers. "The company plans to set up [...]

Reliance Industries gains 1% on Shubhalakshmi Polyesters acquisition

Shares of Reliance Industries gained nearly 1 per cent in morning trade on Monday after the company announced the acquisition of polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore. On September 10, Reliance Industries said the acquisition is part of the strategy to expand its downstream polyester business. Shares of the [...]

Reliance acquires Shubhalakshmi Polyesters for Rs 1,592 crore

Billionaire Mukesh Ambani's Reliance Industries Ltd has acquired polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore, the company said in a stock exchange filing. "Reliance Petroleum Retail Ltd (under name change to 'Reliance Polyester Ltd'), a wholly owned subsidiary of the company, today executed definitive documents to acquire polyester business of [...]

SpiceJet appoints Ashish Kumar as CFO

Budget carrier SpiceJet on Friday said it has appointed Ashish Kumar as its Chief Financial Officer. Kumar's appointment for the post is effective from September 9, SpiceJet said in a statement. Kumar succeeds Sanjeev Taneja, who quit the struggling carrier on August 31. Before joining the Gurugram-based low-cost airline, Kumar was serving as vice president [...]

PSU stock jumps 10% in 2 days after a demerger; might declare dividend 

Bharat Earth Movers Limited (BEML) is hiving off its land assets business from its core business. This will help it to specify the real value of its core business and fixed assets separately, in order to fast-track privatization.  The state-run player’s shares are currently locked at ₹ 1614.05 apiece on the National Stock Exchange (NSE). [...]

Adani to build 3 giga factories as part of USD 70 bn green investment

Asia's richest man Gautam Adani on Wednesday said his ports-to-power conglomerate will build three giga factories for manufacturing solar modules, wind turbines, and hydrogen electrolyzers as part of a USD 70 billion investment in clean energy by 2030. Adani group is stepping up investments across the green energy value chain as it aims to become [...]

Adani group says not overleaveraged, loans from public sector banks halved

Richest Indian Gautam Adani's conglomerate has cited an improved net debt to operating profit ratio and more than halving of loans from public sector banks to allay concerns about it being overleveraged. In a 15-page note in response to CreditSights report calling the group overleveraged, it said companies in the group have consistently de-levered, with [...]

Nomura invests Rs 125 crore in telecom company iBus

Global financial services group Nomura has invested Rs 125 crore in Morgan Stanley-backed telecom infrastructure firm iBus Group, the Bengaluru-based firm said on Monday. The strategic investment will enable iBus Group in the consolidation and transformation of digital infrastructure in wifi-managed services and other value-added services. The funding will also help expand the iBus Group's [...]

Sameer Khetarpal joins Jubilant FoodWorks as CEO, MD

Jubilant Foodworks Ltd (JFL) on Monday announced that Sameer Khetarpal has joined as its chief executive officer and managing director. "Shareholders have also approved his appointment in the 27th Annual General Meeting of the Company convened on August 30, 2022," said a statement from JFL. Earlier in May this year, JFL, which operates fast-food chains [...]

Sembcorp sells India unit to Omanese consortia for Rs 11,734 cr

Singaporean utility firm Sembcorp Industries on Monday announced the sale of its entire stake in its India unit to an Omanese consortium for Rs 11,734 crore as part of its decarbonisation drive. The firm will sell 100 per cent of its shares in Sembcorp Energy India Ltd (SEIL) to Tanweer Infrastructure Pte Ltd, it said [...]

IOC raises 2,500 cr in debt at interest lower than sovereign

Indian Oil Corporation (IOC), the nation's top oil firm, raised Rs 2,500 crore in debt through non-convertible debentures (NCD) at an interest rate lower than government bonds, its director (finance) Sandeep Gupta said on Friday. "Today, Indian Oil fetched a competitive price of a 5-year unsecured NCD issue at an annual fixed coupon of 7.14 [...]

EV company Olectra Greentech plans to raise Rs 800 crore

Electric mobility firm Olectra Greentech on Thursday said its board has approved a plan to raise up to Rs 800 crore through issuance of securities. The company is looking to raise the amount through issuance of equity shares and /or through sale of securities convertible into equity shares. These could include issuance of warrants through [...]

MTNL fails to pay Rs 35.15 cr interest to Union Bank of India

Loss-making state-owned telecom firm MTNL has defaulted on an interest payment of Rs 35.15 crore to Union Bank of India, which was due to be paid in July, the company said in a regulatory filing. The company is reeling under a total debt of Rs 27,330 crore. "MTNL has defaulted in the payment of Interest [...]

Ambani details succession plan; Retail to Isha, Energy to Anant

Billionaire Mukesh Ambani on Monday laid bare the succession plan at India's most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. He, however, insisted he isn't retiring yet and will "continue to provide hands-on leadership as before". At the annual shareholders' meeting [...]

PNB to sell NPA account Apollo Distilleries & Breweries

State-owned Punjab National Bank (PNB) has put up for sale its NPA account Apollo Distilleries & Breweries with loan outstanding of nearly Rs 44 crore due against the company. Inviting asset reconstruction companies (ARCs) to put their bids for transferring the loan account of Apollo Distilleries & Breweries, the city-based lender said it will expedite [...]

HDFC Bank to acquire 9.94% stake in Go Digit Life Insurance

The country's largest private sector lender HDFC Bank on Thursday said it will pick up 9.94 per cent stake in Go Digit Life Insurance Ltd. HDFC Bank on August 24, 2022 has entered into an indicative and non-binding term sheet with Go Digit Life Insurance Limited, which summarises the principal terms of a proposed investment, [...]

BNP Paribas Arbitrage offloads PVR shares worth Rs 74 crore

BNP Paribas Arbitrage on Thursday offloaded 4.05 lakh shares of multiplex film exhibition company PVR Ltd for more than Rs 74 crore through an open market transaction. According to bulk deal data available with BSE, BNP Paribas Arbitrage sold 4,05,183 shares of the company. The shares were disposed of at an average price of Rs [...]

Bharti Telecom to buy 3.33% Airtel stake from Singtel for Rs 12,895 cr

Bharti Airtel promoter Bharti Telecom will buy a 3.33 per cent Airtel stake from Singtel for 2.25 billion Singapore dollars or about Rs 12,895 crore in 90 days' time, the telecom operator said on Thursday. Bharti Group chairman Sunil Bharti Mittal's family and Singtel are co-investors in Bharti Telecom (BTL). Singtel in a statement said [...]

NDTV shares gain 5%; hit upper circuit

Shares of NDTV Ltd continued to climb for the second consecutive day on Thursday and touched the upper circuit limit of Rs 407.60 on the National Stock Exchange amid the Adani group making an offer to take over the media firm. On NSE as well as BSE, the scrip jumped 5 per cent in opening [...]

Sebi approval required to acquire NDTV promoters stake in holding firm RRPR: Filing

Approval from market regulator Sebi is "necessary" for Adani group firm Vishvapradhan Commercial Private Ltd to acquire interests in NDTV's promoter entity RRPR Ltd against an unpaid loan, a regulator filing said on Thursday. The Securities and Exchange Board of India (Sebi) on November 27, 2020, restrained the founder-promoters Prannoy and Radhika Roy "from accessing [...]

TVS to acquire 48% stake in Narain Karthikeyan two-wheeler startup DriveX

TVS Motor Company on Wednesday said it will acquire 48 per cent stake in Narain Karthikeyan’s pre-owned two-wheeler startup 'DriveX' for a consideration of Rs 85 crore. The company said it will acquire 48.27 per cent stake in NKars Mobility Millennial Solutions Pvt Ltd (NMMSPL), which operates under the brand ‘DriveX’, through primary and secondary [...]

SpiceJet scouting for funds from airlines, external parties; plans to add 7 planes by Dec end: Ajay Singh

SpiceJet is looking for investments from external parties, including airlines, and also plans to add seven more Boeing planes to its fleet, the carrier's chief Ajay Singh said on Tuesday. In recent times, SpiceJet has faced turbulence -- especially with many of its flights suffering technical snags -- and subsequently, the airline has faced actions [...]

RBL Bank to raise Rs 3,000 crore

RBL Bank on Monday said its board has approved raising up to Rs 3,000 crore to fund the lender's business growth. The fund raising will be subject to the approval of the shareholders, the bank said in a regulatory filing. Besides, the board has approved issuance of 1.75 crore additional equity stock options exercisable into [...]

Sukhmal Jain takes over as Director (Marketing) of BPCL

State-owned Bharat Petroleum Corporation Ltd (BPCL) on Monday announced the appointment of Sukhmal Jain as its director for marketing. Prior to his elevation to the board, he was the Executive Director Incharge (Marketing Corporate) in the Corporate Office and before that the head of Gas Business Unit, the firm said in a statement. A Mechanical [...]

Ladakh rolls out EV policy with subsidies to encourage buyers

The Union Territory of Ladakh has announced a new electric vehicle policy with subsidies to encourage the citizens to procure e-vehicles in order to create a carbon-neutral future, an official spokesman said on Saturday. Ladakh’s Electric Vehicle and Allied Infrastructure Policy aims to transform the UT into a torch bearer in terms of the adoption [...]

RBL Bank cuts stake in Kilburn Engineering

RBL Bank has further brought down its shareholding in Kilburn Engineering by selling an additional 2.92 per cent stake through stock exchanges. The bank has further sold 10,00,000 equity shares representing 2.92 per cent of the paid-up share capital of Kilburn Engineering Ltd, RBL Bank said in a regulatory filing on Friday. The private sector [...]

CAMS promoter entity pares 3.79% stake for Rs 428 crore

Computer Age Management Services Ltd (CAMS) promoter entity on Friday divested a 3.79 per cent stake in the IT services company, garnering Rs 428 crore through an open market transaction. Great Terrain Investment Ltd offloaded a total of 18.55 lakh shares, amounting to a 3.79 per cent stake in the company, as per bulk deal [...]

Insured assets worth Rs 150 crore affected in fire at Neemrana unit: Havells

Assets worth Rs 150 crore, which were fully insured, were affected in the massive fire at its Neemrana-based manufacturing unit, said consumer electrical goods manufacturer Havells India. On July 27, a massive fire had broken out at Havells factory at Neemrana in Rajasthan's Alwar district. There was no human loss/injury and the entire building, plant [...]

Future Enterprises defaults on Rs 12.68 crore interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) said it has defaulted on payments of interest of two non-convertible debentures totalling Rs 12.68 crore. The due date for payment was August 17, 2022, FEL said in a regulatory filing. "The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures (NCDs) due on [...]

American Balanced Fund offloads 2.9 crore shares of Embassy Office Parks REIT worth Rs 1,046 crore

American Balanced Fund on Thursday offloaded 2.9 crore shares of real estate investment trust Embassy Office Parks REIT for Rs 1,046 crore through an open market transaction. According to the bulk deal data available with BSE, American Balanced Fund sold 2,92,62,468 shares of the company. The shares were disposed of at an average price of [...]

Wipro holds back employees variable pay due to pressure on margins

IT company Wipro has held back variable pay of employees mainly due to pressure on margins, inefficiency in its talent supply chain and investment in technology, according to sources. According to the sources, the company has informed employees in an email about the cut in variable pay. Two sources aware of the development told PTI [...]

SpiceJet, Credit Suisse AG tell SC they resolved financial dispute

SpiceJet and Swiss firm Credit Suisse AG Thursday told the Supreme Court about the resolution of their financial dispute which led to the withdrawal of an appeal by the low-cost airline against a Madras High Court verdict which had ordered its winding up due to alleged non-payment of dues to the Swiss firm. "There is [...]

KKR sells 27% stake in Max Healthcare Institute for over Rs 9,100 crore

The US private equity major KKR on Tuesday sold 27 per cent stake in hospital chain Max Healthcare Institute for Rs 9,185 crore through open market transactions. The shares were picked up by a host of entities, including the Government of Singapore, Monetary Authority of Singapore, Smaller Cap World Fund Inc, New World Fund Inc, WF Asian [...]

Future Consumer defaults on Rs 51.85 cr payment

Future Consumer Ltd (FCL) has defaulted on the payment of Rs 51.85 crore towards principal and interest due on non-convertible debentures, a regulatory filing said on Tuesday. The default which happened on August 15, 2022, includes an interest amount of Rs 10.73 crore and a principal Amount of Rs 41.12 crore, FCL said a regulatory [...]

Adani Logistics to acquire ICD Tumb from Navkar Corp for Rs 835 cr

Adani Logistics, a wholly-owned subsidiary of Adani Ports and Special Economic Zone Ltd, on Tuesday said it has signed a definitive agreement to acquire ICD Tumb (Vapi) from Navkar Corporation for Rs 835 crore. Adani Logistics Ltd (ALL) in a statement said the deal comprises the acquisition of the operational ICD with a capacity to [...]

No timeline from govt for selling IDBI stake, says LIC chairman

Life Insurance Corporation has said it has not received any timeline from the government for the stake sale in its subsidiary IDBI Bank. LIC owns 49.2 per cent of the lender and the government and public own the remaining shareholdings in the bank which was on the verge of collapse before it was forced into [...]

Paytm loan distribution touches annual run rate of around Rs 25,000 cr

Digital financial services firm One97 Communications, which operates under the Paytm brand, on Friday said its loan distribution business reached an annual run rate of Rs 25,000 crore in July. The company had reported an annual run rate of around Rs 24,000 crore for the loan distribution business in June. Annual run rate gives an [...]

Tata Elxsi brings new age solutions for driverless cars, connected vehicles and more: Tata Elxsi CMO Nitin Pai

Equipped with new-age technology, design and tech service provider Tata Elxsi is helping customers reimagine products and services in the three key verticals of transportation, media and telecom and healthcare, says the company’s Chief Marketing Officer Nitin Pai. The result is product engineering services to help customers transform their products, and our own platforms such [...]

Kirloskar Pneumatic’s promoter entities sell company’s 14% share for Rs 432 crore

Kirloskar Pneumatic's promoter entities on Wednesday divested over 14 per cent stake in engineering firm Kirloskar Pneumatic Company Ltd for Rs 432 crore through open market transactions. The promoter and promoter group who offloaded shares included Jyotsna Gautam Kulkarni, Ambar Gautam Kulkarni and Nihal Gautam Kulkarni. The shares were picked up by a clutch of [...]

PE/VC investments plummet by 69% in July to USD 3 bn: Report

Investments by private equity and venture capital funds into Indian entities fell by 69 per cent to USD 3 billion during July, a report said on Wednesday. The investments in July are the lowest for any month in a year, and lower than the USD 4.9 billion recorded across 118 deals in the preceding month [...]

Trident founder Rajinder Gupta to step down

Textile major Trident on Tuesday said its founder and chairman Rajinder Gupta has expressed his intention to step down as director and non-executive chairman of the company due to health issues and family commitments. Respecting the request received from Gupta to relieve him from his duties, the company's board commended the unparalleled contribution of the [...]

Hyundai Motor India expects semiconductor shortage issue to improve next year

Hyundai Motor India expects semiconductor shortage issue to improve next year and emergence of a clear picture on the competitive scenario as it faces production constraints at present, according to a senior company official. The second largest passenger vehicle maker in the domestic market by volume has been facing stiff competition from homegrown manufacturers Tata [...]

Tata Motors inks pact to acquire Ford India Sanand plant for Rs 726 crore

Tata Motors on Sunday said its subsidiary has inked a pact to acquire Ford India's Sanand-based manufacturing plant for Rs 725.7 crore. Tata Passenger Electric Mobility Ltd (TPEML), a subsidiary of Tata Motors and Ford India Pvt Ltd (FIPL), have signed a Unit Transfer Agreement (UTA) for the acquisition of the Gujarat-based plant. As part [...]

Crompton Greaves Consumer Electricals promoter sells shares worth Rs 751 cr

A promoter entity of Crompton Greaves Consumer Electricals Ltd on Friday offloaded the firm's shares worth Rs 751 crore through an open market transaction. Those who picked up the shares of the Mumbai-based home appliances company were Copthall Mauritius Investment Ltd and Ghisallo Master Fund LP. According to bulk deal data available with the National [...]

ED freezes over Rs 64 cr bank deposits of crypto exchange WazirX

The Enforcement Directorate (ED) on Friday said it has frozen bank deposits of Rs 64.67 crore as part of a money laundering probe against cryptocurrency exchange WazirX. The federal agency said it conducted raids against a director of Zanmai Lab Pvt Ltd, which owns WazirX, on August 3 in Hyderabad and alleged he was "non-cooperative". [...]

Active Demat accounts on CDSL cross 7-cr mark

Central Depository Services on Thursday said the number of active Demat accounts on its platform has crossed the 7-crore mark. Central Depository Services (India) Ltd or CDSL began operations in 1999. It facilitates holding and transacting in securities in the electronic form and settlement of trades on stock exchanges, according to a statement. CDSL MD [...]

NHAI debt stands at Rs 3.49 lakh crore

The total outstanding debt of state-owned National Highways Authority of India (NHAI) stood at around Rs 3.49 lakh crore as of March 31, 2022, Parliament was informed on Wednesday. In a written reply to the Rajya Sabha, Road Transport and Highways Minister Nitin Gadkari said the fund required by NHAI for debt servicing in 2022-23, [...]

ICICIdirect acquires investor community based networking platform Multipie

Investment platform ICICIdirect on Wednesday said it has acquired Multipie, a web and app-based networking platform for the investor community, that allows its users to exchange ideas and share views on stocks and other securities. The transaction involves acquisition of Multipie App, technology, brand, domain name, user base and other related matters, ICICIdirect said in [...]

Adani says will use spectrum to support data centres, businesses

Richest Indian Gautam Adani's group on Tuesday said the Rs 212 crore worth of spectrum it has bought in a millimetre wave band will be used to create a private network to support its businesses and data centres. Adani Data Networks Ltd (ADNL), a unit of Adani Enterprises Ltd, acquired the right to use 400MHz [...]

5G Auction: Record Rs 1.5 lakh cr bids; Jio top bidder

India's biggest ever auction of telecom spectrum received a record Rs 1.5 lakh crore of bids, with Mukesh Ambani's Jio cornering nearly half of all the airwaves sold with an Rs 88,078 crore bid. Richest Indian Gautam Adani's group, whose entry in the auction was billed by some as another flash point in the rivalry [...]

ICICI Bank, Indian Bank hike lending rates

ICICI Bank, the second-largest private sector lender and state-owned Indian Bank on Monday raised their lending rates across all tenors in anticipation of a rate hike by the RBI later this week. The rates have been increased across all tenors under the marginal cost of funds-based lending rate (MCLR) system, a move that will make [...]

HDFC hikes lending rate by 25 bps; home loan to be costlier

Mortgage lender HDFC Ltd on Saturday increased its benchmark lending rate by 25 basis points, a move that will make loans dearer for both existing and new borrowers. The rate hike comes ahead of the RBI's Monetary Policy Committee (MPC) meeting later next week. It is widely expected that MPC would hike interest rates to [...]

Jio, Airtel, Adani pour Rs 1.45 lakh crore bids for 5G spectrum

Firms run by tycoons Mukesh Ambani, Sunil Bharti Mittal and Gautam Adani bid about Rs 1.45 lakh crore to buy fifth-generation (5G) airwaves on the opening day of India's largest-ever spectrum auction on Tuesday. Telecom Minister Ashwini Vaishnaw said the response on the first day of the auction exceeded all expectations and will surpass the [...]

Policybazar says its IT system compromised; authorities informed

PB Fintech, the parent company of Policybazaar Insurance Brokers Private Ltd, on Sunday said that the IT system of the firm was hacked on July 19 and subsequent corrective action was taken. The company identified certain vulnerabilities on July 19 in a part of Policybazaar Insurance Brokers IT systems leading to illegal and unauthorized access [...]

Emami acuires 30% stake in a pet care startup Cannis Lupus Services

Leading FMCG company Emami on Thursday announced to acquire a 30 per cent stake in a pet-care startup Cannis Lupus Services India for an undisclosed amount. Cannis Lupus Services India offers Ayurvedic remedies for pets under the brand "Fur Ball Story". It uses a wide range of plants and herbs to formulate its medicines, said [...]

ITC will continue to deliver robust growth: Puri

Diversified conglomerate ITC Limited on Wednesday said that the company will continue to deliver robust growth despite key concerns such as inflation. Speaking at the company's AGM virtually, CMD of ITC Sanjiv Puri said that in the FMCG space, the firm has nurtured 25 brands and the newer ones will garner an annual consumer spend [...]

HDFC sells shares of Ansal Housing to recover dues

Mortgage lender HDFC Ltd on Tuesday said it has sold a portion of the shares of Ansal Housing which it had acquired by way of invocation after the housing construction company failed to pay its loan dues. Details about HDFC's loan exposure to Ansal were not provided. On June 16, Housing Development Finance Corporation (HDFC [...]

Manali Petro inks pact with UK-based Econic Tech to make eco-friendly polyols

Manali Petrochemicals Ltd, manufacturer of polyols and part of the AM International Group, Singapore has signed a commercial agreement with United Kingdom-based Econic Technologies to manufacture eco-friendly polyols, the company said on Tuesday. The agreement further strengthens the MPL-Econic partnership and the tie-up would offer significant upside across MPL's business value chain. The innovative technology [...]

Jio adds over 31 lakh mobile users in May: TRAI data

Reliance Jio cemented its lead in the Indian telecom market as it gained over 31 lakh mobile subscribers in May, as per data released by the sector regulator on Tuesday. Sunil Mittal-led Bharti Airtel added 10.27 lakh subscribers in May, taking its mobile user tally to 36.21 crore. According to monthly subscriber data by Telecom [...]

Shiprocket acquires Arvind’s omnichannel tech biz Omuni for Rs 200 cr

Tech-enabled logistics startup Shiprocket has acquired textile company Arvind's omnichannel technology business Omuni for about Rs 200 crore in a mix of cash and equity deal, the company said on Tuesday. The deal comes about a month after Shiprocket acquired a majority stake in logistics firm Pickrr for USD 200 million in a mix of [...]

Adani Wilmar cuts prices of edible oil by up to Rs 30 per litre

Edible oil firm Adani Wilmar, which sells its products under Fortune brand, on Monday announced reduction in cooking oil prices by up to Rs 30 per litre amid fall in global prices. The maximum reduction has been done in soyabean oil. The stocks with new prices will reach market soon. On February 7, Mother Dairy, [...]

Bank of Baroda to raise Rs 1,000 cr debt capital

Bank of Baroda will raise Rs 1,000 crore debt capital by issuing long-term bonds to cater to the financing requirement in the infrastructure sector. The lender has received approval from its Investment Committee in a meeting held on Saturday. "The Investment Committee of the Bank of Baroda in its meeting held on July 16, 2022 [...]

Torrent Power to seek shareholders nod for raising Rs 2,000 cr

Torrent Power on Friday said it will seek shareholders' approval for raising up to Rs 2,000 crore through issuance of non-convertible debentures ( NCDs). The company is holding its annual general meeting on August 8. "The company seeks the Members’ approval for issuance of NCDs upto an aggregate amount of Rs 2,000 crore, within overall [...]

Bharti Airtel allots 1.2% equity shares to Google for Rs 5,224 crore

Telecom operator Bharti Airtel on Thursday said it has allotted over 7.1 crore equity shares to internet major Google for Rs 734 apiece. The allotment is part of Google's commitment to invest USD 1 billion with Airtel, which included equity investment in the company worth USD 700 million, about Rs 5,224 crore, Airtel said in [...]

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