Latest News on Corporate Actions

Power Finance Corporation has inked a pact with Japan Bank for International Cooperation (JBIC) for a project loan of JPY 2.65 billion or about Rs 165 crore. Under this facility, JBIC has proposed to finance some of PFC's projects which ensure effective reduction of greenhouse gas emissions and conservation of the global environment. This pact [...]

Chemicals maker Anupam Rasayan India Ltd on Wednesday signed a memorandum of agreement with the Gujarat government for setting up three new plants in Surat and Bharuch with an investment of Rs 670 crore. The company aims to commission these plants before 2025. "The investment of Rs 670 crore is in line with the strategic [...]

Adani Airports on Wednesday said there is no rethink on the pace of expansion and it was following the investments as per plans submitted to the government, amid the parent group facing certain challenges in recent times. The comments from company's CEO Arun Bansal come against the backdrop of Adani Group facing challenges in the [...]

India's top oil company IOC will invest Rs 61,077 crore in building a petrochemical complex at Paradip in Odisha - its largest ever investment at a single location - as it doubles down on its transition plan. In a statement, Indian Oil Corporation (IOC) said its board has given "Stage-1 approval for setting up Paradip [...]

Axis Mutual Fund, the seventh largest fund house, is looking to raise at least Rs 50 crore from a new fund offer during the primary subscription period of March 22-April 5. The open-ended S&P 500 ETF fund of funds will invest in exchange-traded funds replicating the S&P 500 index. Vinayak Jayanath will be managing the [...]

Indian dye company Kiri Industries has expressed full confidence in the Singapore International Commercial Court's (SICC) decision and hopes its China-linked partner would honour the "final outcome" of an 8-year old dispute. Kiri, a minority shareholder in Dystar, initiated a legal battle in 2015 against Senda, a subsidiary of China's largest dye firm Longsheng and [...]

Hero MotoCorp on Wednesday said it will increase prices of its model range by around 2 per cent from next month in order to offset the impact of rise in production cost in order to conform to stricter emission norms. The company will make an upward revision in the ex-showroom prices of its select motorcycles [...]

Auto components major Bosch Ltd on Wednesday announced leadership changes with Guruprasad Mudlapur appointed as its Managing Director, and President of the Bosch Group in India with effect from July 1, 2023. He will succeed Soumitra Bhattacharya who will be retiring from Bosch India effective June 30, 2023, after 28 years of service in various [...]

Private lender Bandhan Bank on Wednesday announced the appointment of Ratan Kumar Kesh as its executive director. The bank said in a statement that pursuant to the recommendation of the board, RBI has granted approval of Kesh as ED. The appointment will be effective from March 31, 2023, for a period of three years subject [...]

Battery-as-a-Service (BaaS) startup VoltUp on Wednesday said it has partnered with BSNL for setting up electric vehicles battery swapping stations in the country. Initially, under the partnership battery swapping stations will be set up in four locations across Gurugram, enabling an infrastructure of over 150 charging docks, the company said in a statement. It will [...]

Weeks after it revised the rating outlook of two companies of embattled Adani group, S&P Global Ratings on Wednesday said it is watching for additional information on the conglomerate's governance and funding for any ratings action. Investors, it said, seek clarity on the credit impact of a string of allegations against the group in a [...]

JK Tyre & Industries Ltd on Wednesday said World Bank Group member IFC will invest USD 30 million (about Rs 240 crore) to pick a 5.6 per cent stake in the company to part-fund expansion of energy-efficient tyre manufacturing. The investment by IFC in JK Tyre & Industries will part-finance the expansion of manufacturing capacities [...]

Adani Airports chief Arun Bansal on Wednesday said the cost of operating airports has to come down by 30-50 per cent in the coming years as he highlighted the growth potential of the Indian aviation market. Currently, the company is operating seven airports and is building another one. Bullish on the Indian market, Bansal said [...]

Mahindra & Mahindra on Wednesday said World Bank Group arm IFC will invest Rs 600 crore in a new unit of the company, which is being incorporated to scale up the last-mile electric mobility business. IFC is investing Rs 600 crore in a new last-mile mobility (LMM) company -- a wholly-owned subsidiary of Mahindra & [...]

Vedanta Group firm Hindustan Zinc Ltd (HZL) on Tuesday said its board has approved a fourth interim dividend of Rs 26 per equity share or 1,300 per cent for FY2022-23 amounting to Rs 10,985.83 crore. This takes the Udaipur-based Hindustan Zinc's total payout to shareholders at a record Rs 32,000 crore this fiscal, making it [...]

The Department of Telecom has sought Rs 33,111 crore for payment of adjusted gross revenue dues of state-run BSNL which is likely to be made in the upcoming April-June quarter, according to a Parliamentary panel report. In a submission to the Standing Committee of Communications and Information Technology, the Department of Telecom shared that against [...]

Tata Power Renewable Energy Ltd (TPREL) on Tuesday said it has received a letter of award from MSEDCL to set up a 200 MW solar project in Solapur, Maharashtra. The letter of award has been received from the Maharashtra State Electricity Distribution Company Limited (MSEDCL). The project will be commissioned within 18 months from the [...]

State-owned Power Finance Corporation (PFC) on Tuesday said its board has approved raising up to Rs 80,000 crore through various financial instruments. An amount of Rs 40,000 crore will be raised through long-term domestic borrowings, and another Rs 20,000 crore by way of long-term foreign currency borrowing, according to a filing. Besides, proposals have been [...]

E-vehicle manufacturer Ola Electric is close to raising funds of around USD 300 million for its expansion plans and to meet other corporate needs, sources close to the company said. The fresh round of fundraising comes amid expectations that Ola Electric would break even soon and achieve profitability. The fundraising would be managed by investment [...]

Tata Motors on Tuesday announced increasing the prices of commercial vehicles by up to 5 per cent from April 1. The price increase comes in the wake of the implementation of the more stringent BS-VI phase II emission norms from next month, it said. The price increase will be applicable across the entire range of [...]

India's housing sector is witnessing probably the "biggest boom" in the last one and half decade driven by various factors such as affordability and customers aspiration to own homes, HDFC Capital Advisors Managing Director and CEO Vipul Roongta said on Tuesday. Addressing a real estate summit organised by FICCI, he noted that the residential real [...]

Engineering and construction conglomerate Larsen & Toubro (L&T) on Tuesday said it has bagged major orders in the range of Rs 5,000 crore to Rs 7,000 crore for its hydrocarbon business. The scope of work comprises engineering, procurement, construction and installation of offshore structures and upgradation of existing facilities. "The hydrocarbon business...of Larsen & Toubro [...]

Omnichannel travel services firm Thomas Cook India and its group company SOTC Travel on Tuesday partnered with LTIMindtree to launch 'Green Carpet', a global platform that will help companies to monitor and manage their business travel emissions. Markets regulator Sebi has mandated the top 1,000 listed companies in India by market capitalisations to make filings [...]

NTPC Renewable Energy Ltd (NTPC REL), an arm of NTPC Ltd, has signed an agreement with the Indian Army for the implementation of green hydrogen projects in armed forces establishments. Under the MoU (memorandum of understanding) with the Army, a joint identification of potential sites would be undertaken for setting up of green hydrogen projects [...]

India has exploited 29 per cent of its hydropower potential against over 80 per cent and 70 per cent developed by the US and European Union respectively, Parliament was informed on Tuesday. As per the Reassessment Study carried out by the Central Electricity Authority (CEA) during 1978-1987, the assessed hydropower potential in the country is [...]

Amplus Solar on Tuesday said it aims to set up 7.5 KPTA-distributed green hydrogen plants in Andhra Pradesh with an estimated investment of Rs 1,500 crore. To materialise its plans, the company has also entered into an agreement with the Andhra Pradesh government to set up various distributed green hydrogen plants in the state, Amplus [...]

Turkish Airlines is looking for cooperation with Air India as the carrier looks to expand in the Indian market, a top executive said on Tuesday. At present, Turkish Airlines is closely cooperating with IndiGo, including a codeshare partnership. Turkish Airlines CEO & Board Member Bilal Eksi pitched for more cooperation with Indian carriers and said [...]

Bank of Baroda promoted IndiaFirst Life Insurance Company (IndiaFirst Life) has received capital markets regulator Sebi's approval to float Initial Public Offering (IPO). The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14,12,99,422 equity shares by the promoters and existing shareholders of [...]

Electronics maker Elista India will invest Rs 250 crore to set up a manufacturing plant in Kadapa, Andhra Pradesh, in five years, which will help the company meet the domestic and exports markets demand, Chairman and Managing Director Saket Gaurav said. The investment for the new plant would be funded equally from equities and debts, [...]

State-owned NMDC on Tuesday said it has hiked price of iron ore lumps by Rs 100 to Rs 4,500 per tonne with immediate effect. The country's largest iron ore miner has also increased rate of iron ore fines by Rs 200 to Rs 4,110/tonne, NMDC said in a regulatory filing. The prices are effective from [...]

Tata Sons chairman N Chandrasekaran is learnt to have discussed the engagement of outgoing TCS MD and CEO Rajesh Gopinathan with the group beyond September 15 in an advisory role, according to sources from Tata Group. Tata Sons and IT behemoth Tata Consultancy Services declined to comment on the development. Tata Group sources, who did [...]

IT services and consulting firm Accenture on Tuesday said it will acquire Bengaluru-based industrial artificial intelligence company Flutura. The deal size was not disclosed. Flutura has approximately 110 professionals who specialize in industrial data science services for manufacturers and other asset-intensive companies. "Flutura will strengthen Accenture's industrial AI services to increase the performance of plants, [...]

SBI Mutual Fund on Monday bought 47.33 lakh shares of HDFC AMC for Rs 757 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), SBI Mutual Fund purchased 47,33,788 shares of the company. The shares were acquired at an average price of Rs 1,600 apiece, [...]

Amazon announced on Monday it will lay off 9, 000 corporate and technology workers, eliminating jobs in addition to the 18,000 job cuts undertaken by the company in the last few months. “As we’ve just concluded the second phase of our operating plan (OP2) this past week, I’m writing to share that we intend to [...]

Auto components maker Uno Minda Ltd on Monday said its board has approved the acquisition of a 81.69 per cent stake in Kosei Minda Aluminium and a 49.90 per cent stake in Kosei Minda Mould from JV partner Kosei, Japan. The move will help the company consolidate its 4W alloy business, Uno Minda said in [...]

Private equity company Warburg Pincus on Monday divested a 2.49 per cent stake in multiplex-chain company PVR for Rs 380 crore through the open market transactions. Warburg Pincus, through its affiliate Berry Creek Investment Ltd, sold the shares in PVR. According to the block deal data available with the BSE, Berry Creek Investment sold a [...]

The NCLAT on Monday concluded its hearing over the petition filed by Google, in which the tech giant challenged the Competition Commission's order imposing a Rs 1,337.76 crore penalty for anti-competitive practices in relation to Android mobile devices. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) was conducting the hearing on a [...]

NTPC Green Energy Limited (NGEL) and Indian Oil Corporation Limited (IOCL) have inked pact for setting up of renewable energy projects to meet round-the-clock power requirement of IOCL refineries. The JV agreement was signed in the presence of Gurdeep Singh, Chairman and Managing Director of NTPC Limited and Shrikant Madhav Vaidya, Chairman of IOCL, among [...]

GMR Airports Infrastructure Ltd (GIL) has announced the merger of GMR Airports Limited with GIL. The merger, which is subject to regulatory approvals and expected to be completed within the next financial year, would result in taking the GMR's partnership with Aéroports de Paris SA (Groupe ADP) to the next level, the company said in [...]

Veteran industrialist Ramesh Chauhan on Monday said he has no plans to sell his packaged water business Bisleri International and is not in talks with any parties for the same, three days after Tata Consumer Products Ltd called off their negotiations. Chauhan had been in negotiations with the Tata group's FMCG arm Tata Consumer Products [...]

Tyre maker CEAT Ltd on Monday said its Managing Director and CEO Anant Goenka has resigned to focus on group activities and has been named as its Vice Chairman. The company's board has also approved the appointment of Arnab Banerjee, currently Chief Operating Officer, as its new MD and CEO. Goenka expressed his desire to [...]

Outstanding dues payable by power producers to Coal India for fuel supplies have increased by Rs 3,293.50 crore to Rs 16,629.41 crore since March 31, 2022, Parliament was informed on Monday. "The outstanding dues payable by power sector for the coal sales by Coal India Ltd (CIL)" were Rs 13,335.91 crore as of March 31 [...]

Nine out of ten listed companies of the Adani group closed with losses on Monday, snapping two-day of gains amid an across-the-board sell-off in the broader market. While some Adani stocks hit their lowest circuit prices, flagship Adani Enterprises Ltd declined 3.84 per cent to close at Rs 1,805.10 on BSE. The flagship commanded a [...]

The integration of Air India Express and AirAsia India is expected to be complete by the end of next financial year and the merged entity will have "enormous growth opportunities" in the coming years, according to a top executive. Air India, Air India Express, Vistara and AirAsia India, now rebranded as AIX Connect are part [...]

Mahindra & Mahindra on Monday said it has fully acquired MITRA Agro Equipments Pvt Ltd for an undisclosed amount. The company's Farm Equipment Sector (FES) has increased its stake in MITRA Agro Equipments Pvt Ltd (M.I.T.R.A) to 100 per cent from the existing 47.33 per cent. As part of the acquisition, Mahindra has fully bought [...]

The PepsiCo Foundation on Monday said it will invest USD 4,00,000 in partnership with Pandit Jagat Ram Memorial FORCE Trust to expand its safe water access and sustainable sanitation programme in Mathura, Uttar Pradesh. This initiative is aligned with the three priority campaigns of the central government: the Jal Jeevan Mission, Jal Shakti Mission and [...]

Westlife Foodworld Ltd, which operates McDonald's restaurants in west and south India, has announced the elevation of Saurabh Kalra as the Managing Director (MD). Prior to this, Kalra was the Chief Operating Officer (COO) and now in his new role, he will focus on the overall business strategy and growth opportunities, said a statement. Kalra [...]

SpiceJet chief Ajay Singh on Monday said the airline is significantly restructuring its balance sheet and will aggressively push for fleet expansion. The airline will also be having a significant number of dedicated cargo aircraft, he said, adding that the cargo business has helped the airline pay off its liabilities. Last month, the airline announced [...]

Coal India Chairman Pramod Agrawal on Monday said there is a "strong case" for increasing coal prices, and the hike could be effected "very soon" as discussions are underway with stakeholders. Agrawal also said he is confident the mining behemoth will achieve its production target of 1 billion tonnes by 2025-26. "There is a strong [...]

Air India will reduce the frequency of flights on certain US routes due to crew shortage issues for a temporary period, its chief Campbell Wilson said on Monday. He also said the airline will have 100 pilots for Boeing 777 planes in three months as they are being "activated" and around 1,400 cabin crew are [...]

Adani Krishnapatnam Port Pvt Siding Ltd of South Central Railway zone’s Vijayawada Division has logged highest ever, 12.95 MT, coal loading milestone in 2022–23, said an official. This milestone, accomplished on Friday, surpassed the earlier feat of 12.94 MT logged in fiscal 2014-15, said the official. "This is the highest ever coal volume dealt in [...]

Realty major DLF will invest around Rs 3,500 crore over the next four years to construct a new luxury housing project in Gurugram as its seeks to tap strong demand for residential properties. DLF will develop a new group housing project 'The Arbour', which is spread over 25 acre and comprises 5 towers with a [...]

Jindal Steel and Power Ltd (JSPL) on Sunday said it will manufacture India's first fire-resistant steel structures at its unit in Raigarh, Chhatisgarh. With the production of a special steel item for the first time in India, the company will target segments like refineries, bridges, metro projects, industrial structures, steel, power plants, hospitals, commercial and [...]

A 660-MW unit of the National Thermal Power Corporation's plant at Barh in Patna district was synchronised with the grid on Sunday morning, which is likely to result in supply of an additional 405 MW electricity for Bihar, a company official said. According to NTPC spokesman Vishwanath Chandan, the unit was successfully synchronised at 9.30 [...]

State-owned SJVN on Saturday said its green energy subsidiary has bagged a 200MW solar project entailing an investment of Rs 1,000 crore in Maharashtra. "Wholly-owned subsidiary of the company...SJVN Green Energy Ltd (SGEL) received a Letter of Award from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 200 MW solar power project to be developed [...]

Negotiation with Chauhan's to acquire their packaged water business Bisleri International has "ceased", Tata group's FMCG arm Tata Consumer Products Ltd (TCPL) said on Friday. Resting the speculations about a possible acquisition, TCPL in a regulatory update said it has not entered into any agreements over the acquisition of Bisleri. "In this regard, the company [...]

The government on Friday said it is planning to shut down the operation of state-owned Hindustan Insecticides Ltd's (HIL) two plants located in Kerala and Punjab due to losses incurred for the last several years. Minister of State for Chemicals and Fertilisers Bhagwanth Khuba, in his written reply to the Lok Sabha, said: "Yes Sir", [...]

The government on Friday said the disinvestment of IDBI Bank is on track as per the defined strategic sale process. Debunking media reports which indicated a possibility of deferment of IDBI Bank disinvestment, the Department of Investment and Public Asset Management (DIPAM) said the stake sale is in the post-EoI stage. "The transaction continues to [...]

Sterlite Power on Friday said it has bagged a green energy transmission project in Rajasthan. The project was bid out through tariff-based competitive bidding (TBCB) process, a company statement said. Sterlite Power received the Letter of Intent (LoI) from PFC Consulting Ltd to build the project on BOOT (build, own, operate, transfer) basis, for a [...]

Mortgage lender HDFC Ltd on Friday said its board would consider raising funds through non-convertible debentures (NCDs) in tranches aggregating to Rs 57,000 crore. "A meeting of the Board of Directors of the Corporation is scheduled to be held on Monday, March 27, 2023 to consider issuance of unsecured redeemable nonconvertible debentures, in various tranches, [...]

India's largest gas utility GAIL on Friday said it has signed an agreement with Shell Energy India Pvt Ltd to explore ethane sourcing and other opportunities along the energy value chain. GAIL is planning to import ethane from the US to replace natural gas and naphtha as feedstock at petrochemical plants. In a statement, GAIL [...]

PhonePe, one of India's largest fintech platforms, on Friday said it has raised an additional USD 200 million (around Rs 1,649 crore) in primary capital from Walmart, at a pre-money valuation of USD 12 billion. This new funding comes as a part of PhonePe's ongoing fundraise of up to USD 1 billion in capital, following [...]

FSIB, the headhunter for directors of state-owned banks and financial institutions, on Thursday recommended the name of Indian Bank executive director Ashwani Kumar for the post of managing director of UCO Bank. Prior to joining Indian Bank, Kumar was serving as chief general manager of Mumbai Zone of Punjab National Bank (PNB). The Financial Services [...]

TCS chief Rajesh Gopinathan has put in his papers, nearly four years ahead of the completion of his tenure, and will be replaced by company veteran K Krithivasan. The country's largest software exporter on Thursday said Krithivasan has been nominated as the CEO designate with immediate effect while Gopinathan, who has been at the helm [...]

ICICI Prudential Life Insurance on Thursday named ICICI Bank veteran Anup Bagchi as its MD & CEO with effect from June 19. Bagchi will take over as the chief executive of ICICI Prudential Life from N S Kannan, who will superannuate on June 18, 2023. “ The Board of Directors of ICICI Prudential Life Insurance [...]

The National Stock Exchange (NSE) and the BSE has announced that three Adani group companies -- Adani Enterprises, Adani Power and Adani Wilmar -- will move out of the short-term additional surveillance measure (ASM). The stocks will be excluded from the short-term ASM framework with effect from March 17, according to separate circulars available on [...]

Markets regulator Sebi on Thursday barred former Religare Finvest Ltd CEO Kavi Arora from the securities market for two years and imposed a fine of Rs 5 crore in connection with a case of fund diversion. The case relates to the diversion of funds to the tune of Rs 2,473.66 crore of Religare Finvest Ltd [...]

Fair trade regulator CCI on Thursday alleged that Google has created a digital data hegemony and called for a market space with "free, fair and open competition". Concluding the arguments of the Competition Commission of India (CCI) before the appellate tribunal NCLAT in the Google matter, Additional Solicitor General N Venkataraman said a market with [...]

Eris Lifesciences on Thursday said it has acquired nine dermatology brands from Dr Reddy's Laboratories for Rs 275 crore. The acquired brands are largely in cosmetology segments like anti-acne, moisturisers, cleansers, anti-ageing, hair health, melasma etc, it said in a statement. Post this deal, Eris will rank third in the dermatology market with a market [...]

Caller ID verification platform Truecaller on Thursday announced the opening of its first exclusive office space outside of Sweden, in Bengaluru. The office was inaugurated virtually by Union Minister of State for Skill Development and Entrepreneurship & Electronics and Information Technology, Rajeev Chandrasekhar. A press release issued by the company said the Bengaluru facility occupies [...]

 With stock exchanges freezing shares of its promoters, Patanjali Foods on Thursday said the move will not impact the company's operation and it will start the process of launching a Follow-On Public Offering (FPO) in April to increase the public shareholding to 25 per cent. Stock exchanges NSE and BSE have frozen the shares of [...]

Anil Agarwal-led Vedanta on Thursday announced the appointment of Omar Davis as its President–Strategy. Davis will work closely with Vedanta chairman Agarwal to lead the Group's strategic initiatives and will be based out of the group's London office. A seasoned natural resources banker, Davis has an experience of 25 years in the industry, Vedanta said [...]

State-owned power giant NTPC has commissioned first-of-its-kind commercial green coal project in Varanasi, which will make torrefied charcoal from municipal waste. Nearly three years ago NTPC had planned to make green coal (torrefied charcoal) from municipal waste, a company statement said. NTPC's arm NTPC Vidyut Vyapar Nigam Ltd (NVVNL) had awarded the project on an [...]

Almost one and a half months after resigning from the suspended board of debt-ridden Future Retail Ltd, Kishore Biyani has withdrawn his resignation. The Resolution Professional of Future Retail Ltd (FRL), which is currently going through an insolvency resolution process, had raised objections to the contents of Biyani's resignation letter and had requested him to [...]

Realty major DLF Ltd on Thursday said it has sold 1,137 luxury apartments, priced Rs 7 crore and above, in its housing project in Gurugram for over Rs 8,000 crore within 3 days, reflecting a strong demand for premium flats across major cities. In a regulatory filing, DLF informed that it has "witnessed record breaking [...]

State-owned project consultancy company Engineers India Ltd (EIL) is looking to diversify in new areas such as nuclear energy and tap overseas markets in regions such as the Middle East to drive the next phase of growth, its chairman and managing director Vartika Shukla said on Wednesday. Starting in 1965 as an answer to head [...]

Mindspace Business Parks REIT (Mindspace REIT) has raised Rs 550 crore through an issue of green bonds. In a regulatory filing, Mindpsace REIT stated that the Executive Committee of the manager (K Raheja Corp Investment Managers LLP) has approved the allotment of 55,000 green debt securities in the form of listed, rated, secured, noncumulative, taxable, [...]

Shares of eight listed Adani group firms settled with gains on Wednesday, with flagship company Adani Enterprises snapping four-day losing run by rallying more than 5 per cent. At the close, eight group firms ended in the green territory while the two were in losses. Shares of Adani Enterprises Ltd (AEL) advanced 5.81 per cent [...]

Homegrown Balu Forge Industries Limited (BFIL) has bagged a major order from a manufacturer in the Middle East for supply of powertrain sub-assemblies. Powertrain assembly includes component like engine, transmission, driveshaft, axles, and differential that keep a vehicle in motion. "BFIL is pleased to announce that it has secured a major trial order to supply [...]

Indian Oil Corporation (IOC) has floated a new subsidiary under low-carbon, clean and green energy business as the nation's biggest oil refining and fuel marketing company pivots a transition plan to achieve net zero emissions from its operations by 2046. In a stock exchange filing, IOC said its board in its meeting held on March [...]

The government penalised the RailYatri app custodian company for a data leak and the app was restored after taking necessary security measures, Parliament was informed on Wednesday. Minister of State for Electronics and IT Rajeev Chandrasekhar in a written reply to the Lok Sabha said that IRCTC took action on the RailYatri app following information [...]

Hero Future Energies has inked an initial pact with the Andhra Pradesh government to invest Rs 30,000 crore to develop renewable energy facilities in the state. "Hero Future Energies (HFE) is delighted to announce the signing of a Memorandum of Understanding with the Government of Andhra Pradesh, as per which it will be setting up [...]

Adani Transmission Ltd has been recognised as a 'single-use plastic-free' company by the Confederation of Indian Industry-ITC Centre of Excellence for Sustainable Development. The company has been certified for its successful voluntary implementation of single-use plastic-free measures within its 37 operational locations spread across 10 states of the country. This certificate is valid from February [...]

Federal Bank on Wednesday said its board will meet on March 18 to decide on a proposal to raise up to Rs 1,000 crore by issue of debentures. The bank's board will meet in Kochi to discuss the proposal to raise funds by way of issue of unsecured Basel III Tier-II Subordinate Bonds in the [...]

Equitas Small Finance Bank on Wednesday said it has partnered T20 cricket team Royal Challengers Bangalore (RCB) for the 2023 season of the T20 league. The RCB team will don the Equitas Small Finance Bank logo on the lead trousers as part of the team's jersey. "Equitas Small Finance Bank partners with India's most beloved T20 [...]

Three companies, including the state-run Steel Authority of India, have submitted bids to the Indian Railways to set up a manufacturing facility that will supply 80,000 wheels of various types per annum for the next 20 years to the national transporter. The two other companies which have shown interest in setting up the facility are: [...]

Life Insurance Corporation (LIC) on Wednesday said it has sold 2 per cent of its equity stake in state-owned NMDC, taking its total shareholding in the public sector unit to 11.69 per cent as of March 14. In a regulatory filing, LIC said its holding in NMDC has decreased from 13.69 per cent to 11.69 [...]

Vedanta Ltd on Wednesday said that it has repaid USD 100 million to Standard Chartered Bank through release of encumbrance on March 10. Vedanta Resources Ltd has earlier said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns around its financial position. Vedanta Resources [...]

Hero Electric on Wednesday said it is set to roll out over 10 lakh vehicles annually in the next two to three years from its manufacturing units in India. The company, which launched new versions of its three electric scooter models priced between Rs 85,000 and Rs 1.3 lakh, plans to set up a greenfield [...]

Nazara Technologies on Wednesday said that out of Rs 64 crore held by its two step down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred to bank accounts outside of SVB. The balance Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing. [...]

Suzuki Motorcycle India on Wednesday said it has joined hands with Standard Chartered Bank to provide wholesale funding to its dealer partners for vehicles and spare parts. The initiative will support the company's dealer partners across the country and enable them to expand their businesses and operations, the two-wheeler maker said in a statement. "As [...]

Carbon credit developer EKI Energy Services (EKI) has inked a consultancy service contract for carbon credits project of Kochi Metro Rail. "EKI has signed consultancy service contract with Kochi Metro Rail Ltd (KMRL). The contract has been signed against a tender won by EKI for providing carbon credit advisory services to KMRL," a company statement [...]

Drug major Cipla on Tuesday said it has inked a pact with Africa Capitalworks to sell a 51.18 per cent stake in Uganda-based Cipla Quality Chemical Industries Ltd. The company and its wholly-owned subsidiaries, Cipla (EU) Ltd and Mauritius-based Meditab Holdings Ltd, have entered into a share purchase agreement with Africa Capitalworks on March 14, [...]

NMDC on Tuesday said its Director (Finance) Amitava Mukherjee has taken the additional charge as its Chairman-Cum-Managing Director. Mukherjee, a 1995-batch Indian Railway Accounts Service (IRAS) officer, is also a Cost Accountant and holds a Master's Degree in Commerce from Guru Ghasidas Vishwavidyalaya, Bilaspur. Under his leadership, the demerger of NMDC Steel Ltd from NMDC [...]

Tube Investments of India Ltd, engaged in the manufacturing of precision steel tubes and industrial chains, would foray into contract development and manufacturing organisation (CDMO) as it plans to diversify business portfolio, the company said on Tuesday. Tube Investments of India has identified CDMO and active pharmaceutical ingredients (API) as its new line of businesses [...]

Hindustan Construction Company Ltd (HCC) in a joint venture with Megha Engineering & Infrastructures Ltd (MEIL) has bagged a Rs 3,681 crore project for construction of a bullet train station, a statement said on Tuesday. The contract was awarded by the National High-Speed Rail Corporation Ltd (NHSRCL) for the construction of the Bandra Kurla Complex [...]

Mahindra & Mahindra on Tuesday said its wholly-owned unit Mahindra Bangladesh Pvt Ltd has ceased to exist. Mahindra Bangladesh Pvt Ltd (MBPL) convened the final extraordinary general meeting of its shareholders on March 14, 2023 and approved the final voluntary winding up, Mahindra & Mahindra (M&M) said in a statement. Hence, MBPL has been liquidated [...]

Aditya Birla Sun Life AMC Ltd on Tuesday said its Nifty Bank ETF (exchange traded fund) registered a growth of over 25 times in its asset base in the current financial year and surpassed Rs 2,000 crore mark. The Aditya Birla Sun Life Nifty Bank ETF, an open-ended exchange-traded fund tracking the Nifty Bank index, [...]