Latest News on Corporate Actions

Non-banking finance company Sundaram Finance Ltd is revising the interest rates on various term deposits with effect from March 16, the company said on Tuesday. The interest rate on 12-month deposits has been increased to 7.45 per cent for the general public from the earlier 7.20 per cent. For deposits of 24 and 36 months, [...]

Power trading solution provider PTC India on Tuesday announced its collaboration with Belgium-based N-Side to work on developing a predictive solution for the Indian power market. As part of a long-term strategy to position itself as a technology-enabled solutions provider in the electricity value chain, PTC India is building a portfolio of forecasting tools across [...]

India Post Payments Bank (IPPB) wants to convert itself to a universal bank as the vast network of post office branches would help in achieving financial inclusion, its MD and CEO J Venkatramu said on Tuesday. He said when the IPPB started operations in 2018, 80 per cent of the transactions would happen in cash. [...]

Vedanta Aluminium on Tuesday said it has entered into a long-term pact with Dalmia Cement for supply of industrial wastes such as fly ash and spent pot lining for manufacturing low carbon cement. Under the pact, Vedanta's mega aluminium smelter at Jharsuguda, Odisha will supply around 20 rakes of fly ash every month for five [...]

Amid early onset of summer and a pick-up in industrial demand for electricity, state-owned CIL on Tuesday said it is geared up to meet the demand of dry fuel from the power sector. The public sector coal producer also expressed hope to supply 156 million tonnes of coal to the power sector during April-June quarter [...]

State-owned power producer SJVN Ltd on Tuesday said the power ministry has appointed Shashikant Jagannath Wani as an independent director of the company for three years. His appointment is effective from Monday. "Ministry of Power ...has appointed Shashikant Jagannath Wani as Non-Official Part-Time Director (Independent Director) on the board of directors of the company with [...]

Life Insurance Corporation (LIC) on Tuesday said it has elevated Tablesh Pandey, executive director of the company, as its managing director. His appointment is effective from April 1, 2023, according to a regulatory filing. Pandey will replace present managing director B C Patnaik, it said. LIC presently has four managing directors. Pursuant to a government [...]

Hindustan Petroleum Corporation Ltd (HPCL) has entered into an agreement to manufacture, distribute and market lubricants of global supermajor Chevron in India, the two companies said on Tuesday. "Chevron Brands International LLC (Chevron), a subsidiary of Chevron Corporation, has entered into a long-term trademark licensing agreement with HPCL. This collaboration encompasses the licensing, production, distribution, [...]

Tata Motors-owned Jaguar Land Rover on Tuesday said it is partnering with Tata Technologies to accelerate its digital transformation. As part of the collaboration, Tata Technologies will deliver end-to-end integrated Enterprise Resource Planning (ERP) to transform Jaguar Land Rover's manufacturing, logistics, supply chain, finance and purchasing modules by bringing data and knowledge from multiple departments [...]

Markets regulator Sebi on Monday provided relaxation of 60 days to large Registrars to an issue/ Share Transfer Agents (RTAs) from complying with the enhanced requirements pertaining to periodic reporting. Under the rules, QRTAs or qualified RTAs are required to comply with enhanced responsibilities through adoption and implementation of an internal policy framework and periodic [...]

Nazara Tech, whose two step-down subsidiaries have Rs 64 crore deposits in Silicon Valley Bank, on Monday said the US administration's statements on protecting depositors for the entire amount is a "positive outcome" and gives confidence about the recovery of money. The two subsidiaries have working capital to meet their requirements, including payroll, Nitish Mittersain, [...]

Markets regulator Sebi on Monday said it will auction 66 properties of Saradha Group on April 11 at a reserve price totalling Rs 32 crore to recover money raised by the firm from the public through illicit schemes. The properties to go under the hammer include land parcels located in West Bengal, the Securities and [...]

Fitch Ratings on Monday affirmed the credit rating of Adani Electricity Mumbai, saying the Hindenburg Research report alleging governance issues at the Adani group has a limited near-term impact on the company's cost of funding. In a statement, the rating agency said, it has affirmed the 'BBB-' rating on Adani Electricity Mumbai Ltd (AEML) US [...]

The UK government announced on Monday that it has facilitated London-based banking major HSBC to buy the embattled UK arm of Silicon Valley Bank for 1 pound, securing the deposits of more than 3,000 customers worth around 6.7 billion pounds. Santa Clara, California-based Silicon Valley Bank – which specialised in lending to technology companies – [...]

LIC's debt exposure in Adani group companies fell marginally to Rs 6,183 crore as of March 5 from Rs 6,347 crore as of December 31, 2022, Parliament was informed on Monday. In a written reply to the Lok Sabha, Finance Minister Nirmala Sitharaman said, "The Life Insurance Corporation of India (LIC) has informed that its [...]

The Indian soft drink market is expected to see "significant growth" as consumption is anticipated to increase steadily, which will deliver sustainable and healthy volume growth across all product categories, said Varun Beverages Ltd (VBL), PepsiCo's largest franchise bottler. This would be driven by factors such as shifting population demographics, the rising spending power of [...]

State-owned Bank of Maharashtra (BoM) on Sunday announced a reduction in the interest rate on home loans to 8.4 per cent from the existing 8.6 per cent. The new rate is effective from March 13, 2023, BoM said in a statement. The home loan at 8.4 per cent makes it one of the lowest in [...]

The 300 MW hybrid project in partnership with ReNew is expected to commence operation in the next 18 months, Jindal Stainless Managing Director Abhyuday Jindal has said. In December 2022, Jindal Stainless Ltd (JSL) partnered with ReNew to develop the proposed 300 MW hybrid energy project. When asked about the timeline of the project, Jindal [...]

Embattled Adani Group on Sunday said it has repaid loans aggregating USD 2.65 billion to complete a prepayment programme ahead of the March 31 deadline to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller. In a statement, Adani group said it has repaid [...]

Indian Energy Exchange on Friday said it has commenced trade in the High Price Day Ahead Market segment to provide a new avenue of high variable cost electricity generators like imported coal and gas-based projects. "IEX, India’s premier energy exchange, today announced the commencement of trade in the High Price Day Ahead Market (HP-DAM) segment," [...]

SpiceJet's two Boeing 737-800 planes have been deregistered by aviation watchdog DGCA, with the no-frills carrier saying both aircraft are being returned in the "most efficient manner consensually". A SpiceJet spokesperson also said the return of the two aircraft will not impact its operations. The Directorate General of Civil Aviation (DGCA) deregistered VT-SZK and VT-SYA [...]

Tata Power Renewable Energy has signed an agreement with Tata Power Delhi Distribution Ltd (TPDDL) to supply electricity from its 510 MW solar-wind hybrid project, a statement said on Friday. It is one of the largest hybrid projects in the country with the capacity bifurcation of 170 MW solar & 340 MW wind power. The [...]

FMCG major HUL on Friday announced the appointment of Rohit Jawa as the Managing Director & Chief Executive Officer. Jawa, presently the Chief of Transformation for Unilever, would take over the leadership role for five years with effect from June 27, 2023. "The appointment of Rohit Jawa as a whole-time Director and MD & CEO [...]

Deloitte in India has hired close to 50,000 professionals over the last three years, nearly doubling the headcount as it invests in people and productive capacity in the country, the audit firm said on Friday. In a statement Deloitte Touche Tohmatsu India LLP said it focused on building skills to deliver technology-driven growth. It also [...]

Energy and environment solution provider Thermax on Friday announced its foray into the green hydrogen market in partnership with Australia-based Fortescue Future Industries (FFI). Thermax and FFI plan to explore opportunities to jointly develop fully integrated green hydrogen projects for commercial and industrial customers in India, a statement said. Thermax Ltd, an energy and environment [...]

State-owned non-banking finance firm REC Ltd board on Thursday approved Rs 1,20,000 crore market borrowing programme for 2023-24 in its meeting. "Board of Directors of REC Ltd in its meeting held on March 9, 2023, inter-alia approved the market borrowing programme under different debt instruments for the financial year 2023-24," a BSE filing stated. REC [...]

Bessemer India Capital Holdings II on Thursday divested 7.75 per cent stake in Home First Finance Company India for over Rs 467 crore through an open market transaction. Fidelity Funds - Asian Smaller Companies Pool and Nomura Trust and Banking Co. Ltd bought a total of 11.93 lakh equity shares of the company. Bessemer India [...]

Mumbai-based Suraksha Group, which recently got the NCLT approval to acquire Jaypee Infratech, will infuse Rs 250 crore in the debt ridden Jaypee Group firm and also arrange Rs 3,000 crore loan for completion of around 20,000 apartments in various stalled projects over the next four years. As per the resolution plan of Suraksha Group [...]

Billionaire Mukesh Ambani's Reliance re-launched the 50-year-old iconic beverage brand Campa Cola in a new contemporised avatar as it looks to ramp up its own consumer goods offering to take on competition from Adani, ITC and Unilever. In January this year, Reliance Consumer Products Ltd, the fast-moving consumer goods arm of Reliance Retail, acquired a [...]

Swan Energy through its subsidiary Triumph Offshore has signed an agreement to lease out its floating storage regasification unit (FSRU) vessel to Turkish government-owned natural gas and LNG firm Botas for an annual rentals of around Rs 800 crore. The lease arrangement is for a daily rental of USD 250,000, or about Rs 2 crore, [...]

Jio Platforms, the digital arm of Reliance Industries Ltd, will buy communications equipment maker Mimosa Networks for USD 60 million as it looks to bolster its 5G telecom and broadband services. Radisys Corporation, a subsidiary of Jio Platforms, signed a definitive agreement with US-based Airspan Networks Holdings for acquisition of "Mimosa Networks for USD 60 [...]

IT services company Infosys on Thursday said it has collaborated with mobility specialist ZF to revamp its supply chain with SAP Integrated Business Planning and Infosys Cobalt. Infosys was chosen to assist ZF on this transformation journey for its expertise in SAP IBP implementation and a plethora of in-house tools and accelerators, backed by efficient [...]

The country's largest airline IndiGo has appointed Mark Sutch as the Chief Commercial Officer for its international cargo business. From March 1, the carrier said its cargo business CarGo will have two CCOs -- Mahesh Kumar Malik for domestic and Sutch for international segments. IndiGo inducted its first A321 freighter in November and the second [...]

L&T Technology Services (LTTS) on Thursday announced a new Centre of Excellence (CoE) in Mysore, Karnataka, that leverages the power of the cloud with Amazon Web Services (AWS). The CoE will allow L&T Technology Services to transition its suite of technologies focused on the future of mobility and reduce time-to-market for end customers. "By leveraging [...]

Agrochemical firm Best Agrolife on Thursday said its board has approved capital expenditure (capex) plan of Rs 200 crore towards brownfield expansion and brand building. The company plans to utilise Rs 150 crore towards brownfield expansion in the technical manufacturing unit of Best Crop Science, its wholly-owned subsidiary, Best Agrolife said in a statement. The [...]

Public sector Indian Overseas Bank has disbursed Rs 5 crore worth of loans to self help groups during a campaign held in the city recently coinciding with the Women's Day celebrations, the bank said on Thursday. The women entrepreneur branch of Indian Overseas Bank in the city sanctioned loans worth Rs 1.53 crore during the [...]

PTC India Financial Services on Thursday said it has received full pre-payment of its loan account of Patel Darah-Jhalawar Highway. The erstwhile independent directors of the company had highlighted the loan account, and hence, as a matter of prudence, PTC India Financial Services has taken proactive measures to recover the entire outstanding dues, the company [...]

Private sector lender Kotak Mahindra Bank has a "small exposure" to the embattled Adani Group which has been made in line with its credit philosophy, a senior official has said. Paritosh Kashyap, president and head for wholesale banking at Kotak Mahindra Bank, said the issues surrounding Adani Group are more of a "capital market and [...]

Religare Enterprises Limited (REL) on Thursday said its wholly-owned subsidiary Religare Finvest Limited (RFL), has completed the One-Time-Settlement (OTS) with 16 lenders by making a full and final payment of Rs 400 crore. The OTS was completed on March 8, nearly a month in advance before the deadline, as per the settlement agreement with the [...]

Two entities on Wednesday offloaded shares of non-banking financial company Shriram Finance's shares worth over Rs 1,329 crore through open market transactions. Private equity player Apax Partners' subsidiary Dynasty Acquisition (FPI) and Arkaig Acquisition (FPI) offloaded the shares in the NBFC firm. Dynasty sold 83.50 lakh shares on NSE, and Arkaig offloaded 24.98 lakh shares [...]

The nation's largest lender State Bank of India on Wednesday raised Rs 3,717 crore through additional tier 1 bond sale. The bank said this is the third Basel III compliant additional tier 1 (AT1) bond sale and the latest issue was closed at a coupon rate of 8.25 per cent. The proceeds will be used [...]

Reliance Jio, the country's largest telecom operator, on Wednesday announced the launch of its 5G services in 27 more cities of 13 states and union territories to extend its network of ultra high-speed telephony to 331 cities across India. Jio True 5G is now available in 27 additional cities in states like Andhra Pradesh, Chhattisgarh, [...]

Oil marketing PSU Indian Oil Corporation (IOC) is keen to develop its existing refinery in West Bengal Haldia into a petrochemicals complex for “sustaining operations profitably”, a company official said on Wednesday. Running a standalone refinery is “not sustainable in terms of profitability” for which it has to be supplemented by a petrochemicals complex, he [...]

Embattled Adani Group on Tuesday said it has repaid share-based financing of Rs 7,374 crore (over USD 900 million) and will prepay all such remaining loans by the end of the month, as it looks to allay concerns over leverage and debt to win over investors. The repayment will release pledge on shares of promoters [...]

The National Company Law Tribunal (NCLT) on Tuesday approved the Mumbai-based Suraksha group's bid to buy Jaypee Infratech Ltd, a development that comes as a relief for more than 20,000 homebuyers nearly six years after the debt-ridden company entered into the insolvency process. The ruling, which also comes nearly two years after the Committee of [...]

Adani Power on Tuesday said it has amalgamated its six subsidiaries, including Adani Power (Mundra), with itself. An amalgamation of six wholly-owned subsidiary companies of Adani Power Ltd (APL) -- Adani Power Maharashtra Ltd (APML); Adani Power Rajasthan Ltd (APRL); Udupi Power Corporation Ltd (UPCL); Raipur Energen Ltd (REL); Raigarh Energy Generation Ltd (REGL) and [...]

Sterlite Power on Monday said that it has successfully commissioned its largest green energy corridor in Gujarat called Lakadia-Vadodara Transmission Project. The project aims to deliver more than 5,000 MW of power from renewable rich regions of Bhuj and Kutch to the national grid, a step towards accelerating India's transition towards a greener economy, a [...]

After supermajors ExxonMobil and Chevron, French multinational TotalEnergies has signed a preliminary pact to look at opportunities to explore oil and gas in state-owned ONGC's Mahanadi and Andaman acreage. Oil and Natural Gas Corporation (ONGC) signed a memorandum of understanding (MoU) with TotalEnergies "to establish a holistic framework between the two for exchange of each [...]

Manufacturer of agricultural inputs Nova Agritech Ltd has filed its preliminary papers with capital markets regulator Sebi to mobilise funds through initial public offering (IPO). Shares of the company are proposed to be listed on both NSE and BSE. The IPO comprises fresh issue of equity shares worth up to Rs 140 crore and an [...]

Rating agency Icra has revised thermal power sector outlook to 'stable' from 'negative' due to strong demand growth and realisation of dues from discoms under LPS (late payment surcharge) scheme. The Icra's outlook for the thermal power segment has been revised to stable from negative, supported by the healthy improvement in the thermal PLF (plant [...]

Olectra Greentech Limited, a subsidiary of Megha Engineering & Infrastructures Limited (MEIL), on Monday said it has received an order for 550 pure electric buses from the Telangana State Road Transport Corporation (TSRTC). A press release from the firm said it is the single largest order for electric buses in South India from TSRTC and [...]

The Committee of Creditors of Reliance Capital will hold a second round of auction for the sale of company assets on March 20, sources said. This follows the National Company Law Appellate Tribunal (NCLAT) last week allowing lenders of Reliance Capital to hold an extended challenge mechanism or second round of auction for the sale [...]

Telecom operator Bharti Airtel on Monday announced the launch of its 5G services in 125 cities. With this largest-ever such roll out by the telco, Airtel 5G Plus service is now available to customers in over 265 cities in the country, according to a release by the company. The company said its 5G rollout is [...]

IT company HCL Technologies expects to double semiconductor services business in 3-4 years following capabilities that it will develop around electronic chip plants to be set by its group firm, a senior company official said here. HCL Group is among the companies that have applied to set up electronic chip plants under the "Scheme for [...]

State-owned Bank of Baroda (BoB) on Sunday slashed its home loan interest rates by 40 basis points (bps) to 8.5 per cent to beat the competition. Further, the bank also reduced its MSME loan interest rates starting at 8.40 per cent. Both offers are with effect from March 5, 2023, and are valid for a [...]

IndiGo on Sunday said it is looking at enabling codeshare connectivity to the US and Canada through its partnership with Turkish Airlines. On Friday, a senior official told PTI that the airline has received approval from the civil aviation ministry to wet lease up to two planes for operating flights to the United States and [...]

Realty firm Embassy Property Developments Pvt Ltd has sold 4.2 crore shares in Embassy Office Parks REIT to Bain Capital for Rs 1,250-1,300 crore to pare debt. Bengaluru-based Embassy Group has entered into a strategic sale of a certain portion of its shareholding in Embassy Office Parks REIT to Bain Capital, according to a company [...]

The Reserve Bank of India on Friday said it has imposed a penalty of over Rs 3.06 crore on Amazon Pay (India) Private Limited for non-compliance with certain provisions related to Prepaid Payment Instruments (PPIs) and Know Your Customer (KYC) direction. "It was observed that the entity was non-compliant with the directions issued by RBI [...]

Tata Steel Vice-Chairman Noel N Tata on Friday said the issue of climate change can no longer be ignored and Tata group was aiming at net-zero emission by 2045. Noel Tata was here to pay homage to Tata Steel founder and doyen of Indian industries Jamsetji Nusserwanji Tata, on his 184th birth anniversary. Tata Steel [...]

IT services company Tech Mahindra on Friday said it will invest up to Rs 700 crore in the newly carved out division of products and platforms in the next two years. The Mahindra group company is already present in the products and platforms business with its acquisition of the telecom sector-focused Comviva and other offerings [...]

The GMR Group which is in the process of developing an international airport at Bhogapuram near here will be investing Rs 5,000 crore on the aerodrome in the first phase. Speaking at the inaugural session of the Global Investors Summit 2023 being held here, GM Rao, chairman of GMR Group said the first phase of [...]

Adani group will set up two new cement manufacturing plants, 15,000 MW of renewable power projects and a data centre in Andhra Pradesh as it looks to double down on its presence in the state, Karan Adani, founder family's scion, said on Friday. The apples-to-airport group plans to double the capacity of the two sea [...]

Tata Motors on Friday said it has crossed 50 lakh cumulative passenger vehicle production milestone. The auto major achieved the 10 lakh production mark in 2004 and the 20 lakh milestone in 2010. It crossed 30 lakh units in 2015 and 40 lakh units in 2020. "This journey, from each million to the next, has been [...]

In order to reduce carbon footprint in its operations, Tata Steel Mining Limited has signed a Memorandum of Understanding (MoU) with GAIL (India) Limited for supply of natural gas to its Ferro Alloys Plant at Athgarh in Odisha’s Cuttack district. According to the MoU, GAIL will supply the agreed quantity of natural gas through its [...]

India Grid Trust (IndiGrid) on Thursday announced completing acquisition of 100 per cent "shareholding and economic interest" in Khargone Transmission Ltd from Sterlite Power Transmission Ltd (SPTL). IndiGrid is India's first listed power sector infrastructure investment trust (InvIT) and STL is one of the sponsors of IndiGrid. "IndiGrid announces the completion of acquisition of 100 [...]

The contract value of Vande Bharat trains for Titagarh Wagons Ltd (TWL)-Bharat Heavy Electricals Ltd (BHEL) consortium is estimated at Rs 25,000 crore for manufacturing of 80 train sets and maintaining them for the next 35 years, a senior company official said on Thursday. Russia's CJSC Transmashholding and Rail Vikas Nigam Ltd (TMH-RVNL) consortium has [...]

The National Company Law Appellate Tribunal (NCLAT) has dismissed the plea of HDFC to stay the sale of IL&FS headquarters in Mumbai's Bandra Kurla Complex (BKC) to Brookfield Asset Management. A two-member bench of the NCLAT said the sale of the property is as per the revised resolution framework approved by the appellate tribunal in March [...]

Indiabulls Housing Finance on Thursday announced a Rs 900-crore debt sale through a public issue of secured, redeemable, non-convertible debentures. The base size of the issue is only Rs 100 crore with a greenshoe option for an additional Rs 800 crore. The public issue opens on Friday and closes March 17, the company said in [...]

A former official of drug maker Wockhardt on Thursday settled with Sebi a case pertaining to alleged non-disclosure of adverse observations made by the USFDA about the company's manufacturing facility to the exchanges in 2013. Vijay Khetan, who was the compliance officer of Wockhardt, paid Rs 27.06 lakh towards the settlement charges to the capital [...]

Billionaire Anil Agarwal's Vedanta Resources Ltd on Thursday said capital is necessary for growth and nation building and companies borrow keeping in view growth prospects and ability to repay. Continuing its efforts to convince the investor community about debt being within manageable limits, Vedanta in a post on Linkedin said the company has always met [...]

CG Power and Industrial Solutions board on Thursday approved an interim dividend of Rs 1.5 per share of face value of Rs 2 each for the fiscal year 2022-23. Board of directors of the company at its meeting held today i.e. 2nd March, 2023 has considered and approved the payment of interim dividend at Rs [...]

Drug major Sun Pharma on Thursday reported an "information security incident" at the company and said it is investigating the matter. The Mumbai-based company said the impacted IT assets have been isolated. "This is to inform that an information security incident has occurred at the company and the impacted IT assets have been isolated," Sun [...]

Embattled tycoon Gautam Adani on Thursday welcomed the Supreme Court order of a time-bound probe into allegations levelled by Hindenburg Research against his group, saying this will bring finality and truth will prevail. Shortly after a bench headed by Chief Justice D Y Chandrachud passed the order, Adani tweeted: "The Adani Group welcomes the order [...]

The National Company Law Appellate Tribunal (NCLAT) on Thursday  allowed a petition filed by lenders of Reliance Capital seeking another round of auction for the debt-ridden firm undergoing insolvency process. A two-member bench set aside an order passed by NCLT and said the Committee of Creditors (CoC) has the power to negotiate and call for [...]

Capital markets regulator Sebi on Wednesday announced that Ruchi Chojer has taken charge as its executive director. She will handle the human resources department as well as corporation finance investigation department, the Securities and Exchange Board of India (Sebi) said in statement. Prior to her promotion as Executive Director, Chojer was chief general manager in [...]

State-owned power giant NTPC has commissioned India's first air-cooled condenser at North Karanpura super critical thermal plant in Jharkhand, which would help in water conservation. This project has been envisaged with Air Cooled Condenser (ACC) which has almost 1/3rd water footprint as compared to a conventional Water Cooled Condenser (WCC), a power ministry statement said. [...]

Adani Ports and Special Economic Zone on Wednesday said its step-down arm Adani Agri Logistics Ltd (AALL) has incorporated a wholly -owned subsidiary HM Agri Logistics for developing and operating silo complex at various locations across the country. "Adani Agri Logistics Limited (AALL), step down subsidiary of the Company has incorporated a WOS namely 'HM [...]

Diversified conglomerate ITC Limited has been reporting on the 'triple bottom line' and the company is doing this for social good, its CMD Sanjiv Puri has said. Speaking at an event here, Puri said that corporates are also contributors to the global 'deficit' which denotes problems like extreme climatic changes. "In ITC, we have been [...]

Sebi has barred Anugrah Stock & Broking and five other entities from the securities market for up to seven years in a case pertaining to providing unregulated portfolio management services (PMS). The others banned by the regulator are the brokerage house's directors -- Paresh Mulji Kariya and Sadhana Paresh Kariya -- Teji Mandi Analytics, its [...]

Leading multiplex operator PVR is working on "getting economies of scale" after the merger of rival Inox Leisure and expects a double-digit growth in its top-line in FY24, said managing director Ajay Bijli. PVR is working on synergies on revenue from ticket prices, food & beverage, advertising, and operating costs, he said, adding that the [...]

Indian Railway Catering and Tourism Corporation Ltd (IRCTC) and HDFC Bank on Wednesday announced a partnership to launch a co-branded travel credit card. Known as the IRCTC HDFC Bank Credit Card, the co-branded card is in a single variant and is available on NPCI’s Rupay network. This is the third tie-up of IRCTC after State [...]

The National Company Law Appellate Tribunal (NCLAT) has set aside the petition filed against the initiation of corporate insolvency resolution process against Avantha Power and Infrastructure, which was a corporate guarantor for loans availed by Korba West Power Company. The appellate tribunal dismissed the plea by Anil Bhargava, director of the suspended board of Avantha [...]

Food delivery apps like Swiggy have complained to the Delhi government against challans being issued to their two-wheeler riders in the name of a ban on bike taxi services in the national capital. The food delivery platforms have also sought clarification from the government on the directive while claiming that there has been misinterpretation of [...]

Adani Power has revised downwards the contracted electricity supply capacity with two discoms of Haryana to 600 MW each, from 712 MW each earlier, under supplementary power purchase agreements for its Mundra plant. The two discoms -- Dakshin Haryana Bijli Vitran Nigam Ltd and Uttar Haryana Bijli Vitran Nigam Ltd -- will now get a [...]

State-owned CIL produced 619.7 million tonnes (MT) in the April-February period of the current fiscal, registering a year-on-year growth of 14.3 per cent. The maharatna firm had produced 542 MT of coal in the year-ago period. "This is a 100 per cent achievement against progressive target. With a quantum gain of 77.3 MT CIL is [...]

Hinduja Group flagship Ashok Leyland has reported a 32 per cent rise in sales at 17,568 units, including medium and heavy commercial vehicles, light commercial vehicles in February, the city-based company said on Wednesday. The heavy commercial vehicle maker had registered sale of 13,281 units during the corresponding month of last year, a company statement [...]

Hinduja Global Solutions (HGS) on Wednesday said it has completed the acquisition of 100 per cent stake in TekLink International for USD 58.8 million, subject to earnouts and other agreed adjustments. HGS is a provider of solutions in digital consumer experience (CX), business process management and digital media services. TekLink International Inc, on the other [...]

Tata Power Renewable Energy Ltd (TPREL) has received an investment of Rs 2,000 crore from GreenForest New Energies Bidco with allotment of 20 crore preference shares to the latter. "TPREL...has received the second and final round of investment of Rs 2,000 crore from GreenForest and has successfully allotted 20,00,00,000 Compulsorily Convertible Preference Shares (CCPS) at [...]

Sanjeev Kumar Choudhary has taken charge as Executive Director and State Head, Bihar State Office, IndianOil, the nation's largest oil firm said. He would be spearheading the marketing activities of the states of Bihar and Jharkhand. Choudhary succeeds Vibhash Kumar who recently superannuated from the services of the corporation. The company in a statement on [...]

Ambuja Cements Ltd bagged a coal mine in Maharashtra on the second day of the commercial mines auction on Tuesday. While Assam Mineral Development Corporation Ltd emerged as the highest bidder for a coal block in Jharkhand, Shreesatya Mines Private Ltd bagged a coal block in the eastern state. The auction of three other coal [...]

Housing finance major HDFC and state-run Punjab National Bank on Tuesday announced up to 25 basis points increase in their lending interest rates, making their new and old loans expensive for consumers. The revised rates would be effective from March 1. Mortgage lender HDFC has increased its retail prime lending rate by 25 basis points [...]

With about USD 140 billion in market value of its group companies being wiped off in five weeks, Adani Group needs a third-party audit of accounts to allay fears of shareholders even though the concern over group debt may be "overstated", a proxy advisory firm said. "In addition to the response to Hindenburg, who is [...]

Bharti Airtel is looking to raise mobile phone call and data rates across all plans this year, telecom firm's Chairman Sunil Bharti Mittal said here. The company last month increased the price of its minimum recharge or the entry-level for the 28-day mobile phone service plan by about 57 per cent to Rs 155 in [...]

State Bank of India on Tuesday said it has concluded a landmark USD 1 billion syndicated social loan, making it the largest ESG loan raised by a commercial bank in the Asia Pacific market. In a statement, the bank said the loan is of USD  500 million of primary issue and an equal amount in [...]

Vodafone Idea Ltd (VIL) on Monday said it has allotted 12,000 optionally convertible debentures to ATC Telecom Infrastructure. The balance 4,000 debentures will be allotted on receipt of application form and subscription money and due intimation of the same shall be filed as necessary, according to a regulatory filing. "... it is hereby informed that [...]

Triveni Glass Ltd will invest Rs 1,000 crore to set up a 840 metric tonnes per day capacity solar glass manufacturing plant in Andhra Pradesh, the government said on Monday. The glassmaker will set up the plant at Pangidi in East Godavari district, which will create 2,000 jobs. Triveni Glass managing director Varun Gupta met [...]

The Return on capital in the telecom business is very low and a tariff hike is likely to be the mid of this year, Bharti Airtel chairman Sunil Bharti Mittal said here on Monday. While responding to a PTI query at the Mobile World Congress, Mittal said that the company has a healthy balance sheet [...]

A high-powered Sebi committee on Monday asked investors in illegal schemes of PACL group, with claims of up to Rs 17,000, to produce original documents by March 20 for receiving refunds. The panel has asked only those investors, whose applications have been successfully verified, to submit their original certificates. The committee, headed by former Chief [...]

The National Company Law Appellate Tribunal (NCLAT) has upheld the 2019 Resolution Plan of Adani Power's bid for Korba West Power and has asked Shapoorji Pallonji & Co to pursue arbitration proceedings for pending claims. A two-member NCLAT bench said "there is no illegality in the order of the approval of the resolution plan by [...]