Latest News on Corporate Actions

The Essar group on Monday announced a USD 3.6 billion investment in low carbon energy transition projects in the UK and India including the production of green hydrogen and ammonia over the next five years, as it looks at a new phase of growth. Essar Group, invested in energy, metals and mining, infrastructure and technology [...]

IT company Tech Mahindra expects to soon hit USD 7 billion revenue run rate for current fiscal year, out of which the telecom vertical is estimated to contribute USD 3 billion, a top official of the company said on Monday. Tech Mahindra Managing Director and Chief Executive Officer CP Gurnani told PTI that the company [...]

Dr Reddy's Laboratories Ltd on Monday said its subsidiary entered into a definitive agreement to acquire the US generic prescription product portfolio of Australia-based Mayne Pharma Group Limited for USD 105 million. A press release form Dr Reddy's said the portfolio includes approximately 45 commercial products, four pipeline products and 40 approved non-marketed products, including [...]

Uttar Pradesh government has signed a Memorandum of Association (MoA) of over Rs 5,000 crore with Tata Technologies to upgrade 150 ITIs in the state, an official statement said on Sunday. Uttar Pradesh Chief Minister Yogi Adityanath said UP's Skill Development department is ushering in a new era where the youth will not only be [...]

Electrification and automation company ABB India on Friday announced to invest Rs 1,000 crore in the country in the next five years. The company, which inaugurated a new facility in Nashik on Friday, will be investing the money in adding capacity across the country, its country head and managing director Sanjeev Sharma said here. According [...]

State-owned NTPC Ltd has paid an interim dividend of Rs 4,121.08 crore to its shareholders for the financial year 2022-23. The dividend paid is 42.50 per cent of the paid-up equity share capital of the company, NTPC Ltd said in a statement on Friday. "NTPC Ltd has paid an interim dividend of Rs 4,121.08 crore [...]

Adani Power on Friday said its subsidiary APML and Orient Cement have decided to terminate a pact signed between the two entities for utilisation of a parcel of land in Maharashtra. The pact, which was signed in September 2021, had a validity period of six months. In a regulatory filing, Adani Power said its wholly-owned [...]

Integra Essentia aims to make the recently acquired Chateau Indage Winery asset operational in the next two months and plans to infuse fresh capital of Rs 20 crore, managing director Vishesh Gupta said. Integra Essentia is into the business of steel, renewable energy, textile and agro products. On February 15, the company announced its foray [...]

India’s Adani Power on Thursday promised to supply electricity to Bangladesh at a reduced price keeping consistent with the generation cost in the country’s existing coal-fired plants. “The Adani will import the coal for its plants at the same price the Bangladeshi coal-run plants do for themselves,” the mass-circulation Prothom Alo newspaper reported quoting an [...]

Fitch Ratings has affirmed its BBB- ratings with a stable outlook on USD 400 million senior secured notes issued by Adani Transmission Limited (ATL). On the rationale behind the move, the rating agency said the credit assessment of the group reflects the project companies' availability-based revenue under a supportive regulatory framework, with low technical complexity, [...]

Realty firm Mahindra Lifespace Developers Ltd's Managing Director and Chief Executive Officer Arvind Subramanian has resigned from the company, while Amit Kumar Sinha has been appointed as MD (Designate). In a regulatory filing, Mahindra Lifespace said that the board has approved resignation of Arvind Subramanian as Managing Director and Chief Executive Officer and as a [...]

E-commerce major Flipkart has tightened its purse and will not be doling out any increment for top 30 per cent employees for January-December 2022 performance development cycle this fiscal, according to internal communication sent out to the employees. The move impacts around 4,500 employees in the grade 10 and above. Flipkart Chief People Officer Krishna [...]

Sebi has banned Capital Worth Research House and its partners from the securities market for a period of three years for providing unauthorised investment advisory services. Besides, they have been directed to refund more than Rs 1.54 crore to clients within three months. The debarment of the entity and its partners will continue till the [...]

India's top oil and gas producer ONGC will invest over USD 2 billion in drilling a record 103 wells on its main gas-bearing asset in the Arabia Sea as it pivots a turnaround plan that will add 100 million tonnes to production, a company official said. Oil and Natural Gas Corporation (ONGC) has three main [...]

A Kotak Mahindra Bank arm on Wednesday announced a Rs 1,070 crore investment in Biocon to help a subsidiary of the Bengaluru-based company in an acquisition. The Kotak Special Situations Fund (KSSF) investment will help Biocon Biologics' acquisition of the biosimilars business of its partner Viatris, according to an official statement. In November 2022, Biocon [...]

Patel Engineering on Wednesday said it has bagged a water tunnel and an irrigation project totalling Rs 1,026 crore in Maharashtra and Karnataka. With the latest contract, the company's total order book has increased to Rs 18,600 crore, Patel Engineering said in a statement. "Patel Engineering declared L1 (lowest bidder) for a water tunnel project [...]

HDFC Bank, a major private sector bank, and UAE-based Lulu Exchange have signed an MoU to strengthen cross-border payments between India and the Gulf Cooperation Council (GCC) region. In the first phase of the partnership, Lulu Exchange's expertise and regulatory framework would be utilised to launch a digital inward remittance service titled 'RemitNow2India'. That will [...]

Digital financial services firm One97 Communications, which operates under the Paytm brand, has sought shareholders' approval for a transaction totalling Rs 3,250 crore with Paytm Payments Bank Limited. The transaction includes availing of services of up to Rs 1,550 crore from the Paytm Payments Bank and rendering of services of up to Rs 1,700 crore [...]

Coal India Tuesday said deaths and accidents in its mines decreased by a third in 2022 bringing down the number of accidents to an all-time low of 20 in which 18 fatalities were reported. The reduction of 31 per cent from was the result of laser-like focus on ensuring the safety of its workers, the [...]

Aditya Birla Sun Life AMC on Tuesday said it has collected Rs 1,574 crore through its newly launched multi-asset allocation fund. The new open-ended scheme-- Aditya Birla Sun Life Multi Asset Allocation Fund -- which invests in equity, fixed income, gold, silver and real estate investment trusts (REITs) was launched on January 11. "The NFO [...]

Baring Private Equity India Investment Manager LLP has settled with markets regulator Sebi a case pertaining to alleged flouting of AIF rules. This came after Baring Private Equity (noticee) proposed to settle the proceedings through a settlement order "without admitting or denying the findings". In the settlement order passed on Monday, Sebi said, "The instant [...]

SpiceJet on Tuesday said its board will meet on Friday to consider options to raise funds as well as to convert certain outstanding liabilities into equity shares of the company. The no-frills airline, which has been grappling with multiple headwinds, including legal woes, is looking to raise fresh capital through issuance of eligible securities to [...]

Jaguar Land Rover India on Tuesday said it has appointed Rajan Amba as the managing director, with effect from March 1. Amba will succeed incumbent Rohit Suri, who is due to retire from the post on March 31, Jaguar Land Rover (JLR) India said in a statement. Amba is currently serving as the vice president [...]

OYO on Tuesday announced its plan to double the number of premium hotels in India with the addition of around 1,800 such hotels in 2023. Its premium hotel brands include Townhouse Oak, OYO Townhouse, Collection O and Capital O. OYO currently has about 1,800 premium hotels in India. The move is aimed at capitalising on [...]

NTPC arm NTPC Green Energy Ltd (NGEL) has invited bids for rupee denominated term loan of up to Rs 9,000 crore. The bid document showed that NGEL intends to raise fresh debt and repay outstanding liability of Rs 8,200 crore towards NTPC by March 31, 2023 along with applicable interest cost. Also, additional funds to [...]

JK Tyre Industries is looking to expand its retail network across the country by up to 20 per cent over the next 12-18 months, a top company official said on Monday. The company, which on Monday expanded its retail presence in North India by opening six outlets, is also looking to bolster presence in the [...]

Advertising agency Crayons Advertising Ltd on Monday said it has filed draft papers with NSE Emerge for its initial public offering (IPO). The company plans to offer 64.30 lakh equity shares of face value Rs 10 each through the book-building process, according to a statement. Proceeds to the tune of Rs 15.28 crore from the [...]

Homegrown Servotech Power Systems Ltd (SPSL) has inked a pact with Dubai-based Al Ansari Motors to provide electric vehicles charging solutions to the Middle Eastern and African markets. The two entities have signed a sole distributorship agreement, which will see Al Ansari Motors bring Servotech’s EV charging capabilities to the potential electric vehicle adopting segment [...]

Tata Motors on Monday said it will supply 25,000 XPRES–T electric vehicle units to Uber in one of the largest deals in the green mobility space till date. As per a memorandum of understanding inked between the two entities, Uber will utilise the electric sedans in its premium category service, the companies said in a [...]

The Broadband India Forum (BIF) on Monday announced that former telecom secretary Aruna Sundararajan has joined the industry body as the chairperson, with immediate effect. Sundararajan will guide the forum in its mission of improving affordable broadband proliferation and usage access in India, according to a statement from BIF. "BIF today welcomed Aruna Sundararajan IAS [...]

The country's largest two-wheeler maker Hero MotoCorp plans to expand its electric two-wheeler range over the next 18-24 months as it looks to cater to demand across multiple customer segments, according to a senior company official. The company, which has already commenced sales of its electric scooter under Vida brand across Delhi, Bengaluru and Jaipur, [...]

Tata Consultancy Services (TCS) is not considering any layoffs as it believes in grooming talent for longer careers once it hires an employee, a top official has said. The country's largest information technology services exporter is also looking to hire startup employees who have lost their jobs, its chief Human Resources officer Milind Lakkad told [...]

Public sector asset reconstruction company NARCL is likely to revive Srei Infrastructure Finance Ltd (SIFL) and wind up the group's equipment financing arm SEFL after recovering outstanding debt in seven years, a source said on Sunday. NARCL (National Asset Reconstruction Company) on Wednesday won the bid to take over the two Srei group firms -- [...]

Samvardhana Motherson Automotive Systems Group BV (SMRPBV) on Sunday said it has inked a pact to acquire Germany-based SAS Autosystemtechnik GmbH at an enterprise value of 540 million euros (around Rs 4,789 crore). The company, a unit of Samvardhana Motherson International Ltd (SAMIL), has entered into an agreement with FORVIA Group firm Faurecia to acquire [...]

Toyota Kirloskar Motor (TKM) on Friday said it has inked a pact with the Indian Sugar Mills Association (ISMA) to create awareness and promote the use of ethanol as a sustainable biofuel in India. Through the Memorandum of Understanding (MoU) exchange, TKM and ISMA aim to accelerate the adoption of ethanol as an indigenous alternate [...]

India's second largest IT services company Infosys on Friday announced the appointment of Shaji Mathew as Group Head of Human Resources (HR). The appointment is effective March 22, 2023, the company said in statement, adding that Mathew will be taking over from Krish Shankar who retires on March 21, 2023, after serving in this role [...]

Amid layoffs and a severe cost-cutting, Twitter has closed offices in Delhi and Mumbai and asked staff to work from home, according to sources. The micro-blogging platform's Bengaluru office that largely has engineering staff remains operational, the sources said. The Delhi and Mumbai offices shuttered a few weeks ago, with remaining staff now working from [...]

Tata Steel successfully completed the first multi-modal shipment of 960 tonnes of TMT bars from West Bengal's Haldia Port to Tripura's Agartala, the company said on Thursday. The entire transportation from flag-off to receiving material at the distributor's warehouse in Agartala was completed in 17 days, it said. "The possibility of using this route to [...]

Godrej Properties Ltd on Friday said it has acquired legendary film actor, director, and producer Raj Kapoor's Bungalow at Chembur in Mumbai to develop a luxury housing project. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in a regulatory filing. The deal value has not been disclosed. [...]

Hindustan Zinc is planning to get in touch with the mines ministry to resolve the differences over the acquisition of overseas assets of holding company Vedanta Ltd, Hindustan Zinc CEO Arun Misra said. Valuation of the assets is among several concerns flagged by the government, which holds a 29.54 per cent stake in Hindustan Zinc Ltd [...]

Indian Oil Corporation (IOC) on Thursday took to Twitter to clarify on its initial pact for hiring Adani Group's port at Gangavaram in Andhra Pradesh for LPG imports in addition to existing pacts with nearby ports, saying there is no take-or-pay agreement. The statement, which came in response to TMC's Mahua Moitra raising a stink [...]

Godrej Appliances, part of the diversified firm Godrej & Boyce Mfg Co, expects a 20 per cent increase in gross sales at around Rs 6,200 crore in FY24, according to a top company official. The company is expecting contribution from its premium products of up to 40 per cent from 35 per cent at present, [...]

Non banking financial company Akme Fintrade (India) Ltd has filed preliminary papers with capital markets regulator Sebi to raise funds through an Initial Public Offering (IPO). The public issue comprises fresh issuance of 1.1 crore equity shares and no offer for sale (OFS) component, according to the Draft Red Herring Prospectus (DRHP). Proceeds of the [...]

HDFC Bank has become the first private sector lender to offer its customers the option to use their Rupay credit cards on the unified payments interface (UPI). Till last year, UPI was being linked to savings accounts from where the payments used to be debited. From now on, HDFC Bank Rupay credit cards can be [...]

S&P Global Ratings on Thursday placed its ESG evaluation for Adani Transmission Ltd (ATL) 'under review' following a US short-seller raising governance issues at the group helmed by billionaire Gautam Adani. When monitoring environment, social and governance (ESG) evaluations, S&P uses the term 'under review' (and the label 'UR') to identify certain ESG Evaluations as [...]

Adani Power Ltd's Rs 7,017-crore deal to buy thermal power assets of DB Power has fallen after the initial pact expired. "We wish to inform that the long stop date under the memorandum of understanding dated August 18, 2022, has expired," Adani Power said in a regulatory filing on Wednesday. Earlier in August 2022, Adani [...]

Bharat Forge Ltd & global aerospace and technology company, Paramount Group on Wednesday signed a Memorandum of Understanding for the development and production of composite rotor blades, mission systems and stores management systems for medium lift helicopters. The MoU was signed by CEO –Aerospace, Bharat Forge, Guru Biswal, and SVP, Paramount Group, Clifford Dewell in [...]

HAL on Wednesday said it has signed a contract with Argentinian Air Force (AAF) for supply of spares and engine repair of legacy two tonne class helicopters. The contract was signed by Brigadier General Xavier Issac, Chief of Air Force, AAF and C B Ananthakrishnan, CMD, HAL, the company said in a release. Brigadier General [...]

Navratna Defence PSU Bharat Electronics Ltd (BEL) has signed an MoU with Israel Aerospace Industries (IAI) for domestic manufacture and supply of its Long Range Artillery Weapon System (LORA) for the Indian Tri-services. The state-of-the-art strategic weapon system will be manufactured by BEL, as the prime contractor, based on the workshare arrangement with IAI. The [...]

The nation's largest lender State Bank of India on Wednesday marginally increased the short-term lending rates across overnight to three year maturities by 10 basis points (bps) with immediate effect. While banks have almost fully passed on the 250 bps interest rate hikes by the Reserve Bank since last May, they have not yet increased [...]

State-owned power giant NTPC plans to raise term loan of USD 750 million (about Rs 6,213 crore) in Japanese Yen (JPY) denomination to finance its capital expenditure on new and ongoing projects. The company has sought bids for the JPY loan, which is to be raised through External Commercial Borrowing route. According to a bid [...]

Registrar and transfer agent of mutual funds Computer Age Management Services Ltd (CAMS) on Wednesday said its payment platform CAMSPay, has received in-principal authorisation from the Reserve Bank of India to operate as a payment aggregator, the company said on Wednesday. CAMSPAy, a payment platform specialising in solving banking and finance services sector's payment challenges [...]

Auto components maker Uno Minda Ltd will invest Rs 175 crore to expand its facility at Neemrana in Rajasthan to meet the growing demand for airbags ahead of mandatory norm of six airbags for passenger cars and SUVs coming up in October this year, according to its group CFO Sunil Bohra. The company, which has [...]

National Skill Development Corporation has entered into a partnership with HDFC Life to impart skills among youth in the insurance sector, in a bid to facilitate livelihood creation and promote entrepreneurship opportunities. As part of this collaboration, NSDC will support HDFC Life in inducting trained life insurance advisors. It will also provide training to candidates [...]

Billionaire Gautam Adani's embattled conglomerate said its balance sheet is "very healthy" and is laser focused on continuing business momentum, as it looked to reassure investors to keep faith in the conglomerate despite a share rout triggered by a damning report by a US short-seller. Group CFO Jugeshinder (Robbie) Singh in an earnings call said [...]

Digital financial services firm One97 Commuications, which operates under the Paytm brand, on Tuesday said it has completed buyback of shares worth Rs 849.83 crore at an average price of Rs 545.93 per share. The company bought back shares in the price range of Rs 702.65 to Rs 480.25 apiece, according to a regulatory filing. [...]

Billionaire Anil Agarwal's Vedanta Resources Ltd on Wednesday said it has slashed debt by USD 2 billion in the current fiscal as it looked to soothe investor concerns over ability to repay upcoming obligations. The company, which is the parent firm of Mumbai-listed Vedanta Ltd, had a net debt of USD 9.66 billion as of [...]

Nomura India Investment Fund on Tuesday acquired shares of Phoenix Mills, a retail led mixed-use developer, for Rs 326 crore through open market transactions. Nomura India Investment Fund Mother Fund bought a total of 24,89,259 shares on both BSE and NSE, amounting to 1.39 per cent stake in the company, as per bulk deal data [...]

In one of the largest aircraft orders by an airline, Tata Group-owned Air India on Tuesday announced it will buy 470 narrow-body and wide-body planes from Airbus and Boeing, with the total deal value estimated to be worth USD 80 billion (over Rs 6.40 lakh crore). Air India will buy 250 aircraft, including 40 wide-body [...]

Tata Group-owned Air India will buy 250 aircraft, including 40 wide-body planes, from Airbus as the airline expands its fleet and operations. This is the first time in more than 17 years that Air India has placed an aircraft order. It is also the first order placed by the carrier under the ownership of Tata [...]

Fintech firm PhonePe has raised another USD 100 million (about Rs 828 crore) in primary capital from new investors Ribbit Capital and TVS Capital Funds with participation from existing investor Tiger Global, at a pre-money valuation of USD 12 billion, the company said on Tuesday. This follows a USD 350 million primary fundraise by the [...]

Himachal Pradesh chief minister Sukhvinder Singh Sukhu on Tuesday launched the fifth generation (5G) internet network of telecom service provider Jio in the state. Expansion of 5G services would further strengthen the digital infrastructure in the state, which would bring new opportunities besides enriching the experiences for every individual especially students, businessmen and professionals, the [...]

Market regulator SEBI has indicated to the Supreme Court that it is not in favour of banning short-selling or sale of borrowed shares, and said it is investigating allegations made by a tiny short-seller against the Adani Group as well as its share price movements. The Securities and Exchange Board of India (SEBI) in written [...]

ICICI Bank and BNP Paribas have signed an initial pact to cater to the banking requirements of European corporates operating in India and Indian companies in the European Union. The Memorandum of Understanding (MoU) between the two entities establishes a framework of partnership between the two banks for providing financial services to corporate customers operating [...]

GE Marine and Hindustan Aeronautics Limited on Tuesday said that have signed a Memorandum of Understanding to explore the expansion of HAL's manufacturing capabilities to include assembly, inspection and testing (AIT) of the LM500 marine gas turbine. Since 1986, HAL's IMGT Division has been providing AIT of GE's LM2500 marine gas turbine, which is installed [...]

The Hindustan Aeronautics Limited has an order book position of Rs 84,000 crore and another Rs 50,000 crore worth of orders are in the pipeline, its Chairman and Managing Director C B Ananthakrishnan said on Tuesday.           He also said Argentina and Egypt have evinced interest in buying the HAL-built Light [...]

India will require around 2,210 new planes in the next two decades and out of them, 1,983 units will be single-aisle jets, Boeing said on Tuesday as it projected a nearly 7 per cent annual domestic air traffic growth through 2041. Unveiling its 2022 Commercial Market Outlook (CMO) for India, Boeing said that largely driven [...]

Shares of SpiceJet on Tuesday fell by 4 per cent on Tuesday after the apex court directed the airline to encash bank guarantee and pay Rs 270 crore to its former promoter Kalanithi Maran. The scrip of the company declined 3.99 per cent to Rs 33.65 apiece on the NSE. The stock witnessed a similar [...]

Competition Commission of India on Monday approved the acquisition of commercial real estate assets by Nexus Select Trust. Nexus Select Trust is a Sebi-registered real estate investment trust (acquirer REIT) and is backed by global investment firm Blackstone. The proposed transaction involves the direct acquisition of 100 per cent shareholding of 15 entities and indirect [...]

Hulst BV, the promoter of Coforge Ltd (formerly NIIT Technologies), on Monday offloaded 9.8 per cent stake in the IT company for Rs 2,430 crore through an open market transaction. Hulst BV is owned and controlled by BPEA (Baring Private Equity Asia). According to the bulk deal data available with the National Stock Exchange (NSE), [...]

Homegrown navigation firm MapmyIndia on Monday said it has acquired 11.11 per cent strategic stake in drone startup Indrone for about Rs 3 crore. With this deal, MapmyIndia and Indrones will jointly offer drones and drone-based solutions across all use cases, including surveying, mapping, inspections and real-time monitoring. "This is further to our letter dated [...]

Shares of Adani group companies settled lower on Monday, with flagship company Adani Enterprises witnessing a 7 per cent slump after credit rating firm Moody's revised the rating outlook on four companies of the conglomerate to 'negative' from 'stable'. Amid volatile trading in the market, shares of the group companies closed in the red. "Adani [...]

Kalpataru Power Transmission will seek shareholders' approval to appoint Shailendra Kumar Tripathi as its Deputy Managing Director. As per a postal ballot notice, the company proposes to appoint Tripathi as Deputy Managing Director for the period January 4, 2023 to October 21, 2025. It has also proposed combining monetary limits sanctioned by shareholders of the [...]

The USD 57-billion HDFC-HDFC Bank deal helped the overall merger and acquisition activity in the country rise by 40 per cent to reach USD 163 billion in 2022, a report said on Monday. Strategic deals like the one involving the HDFC twins accounted for a bulk USD 126 billion of the overall quantum, while transactions [...]

Five state-run general insurance companies have a total exposure of Rs 347.64 crore, or 0.14 per cent of their total assets under management (AUM), in Adani group of companies, Finance Ministry said on Monday. In reply to a question on details of money lent by banks and financial institutions to the Adani group, the Minister [...]

Billionaire Mukesh Ambani's Reliance Industries Ltd and state-owned Oil and Natural Gas Corporation (ONGC) are separately auctioning natural gas extracted from coal seams at prices linked to Brent crude oil price. Reliance is seeking a minimum USD 12.75 per million British thermal unit for coal bed methane (CBM) from a block in Shahdol district of [...]

Realty firm Brigade Enterprises has sold housing and commercial properties worth Rs 2,618.5 crore during the first three quarters of 2022-23 fiscal, up 31 per cent from the year-ago period, on better demand and higher price realisation. Bengaluru-based Brigade Enterprises is one of the leading real estate firms in the country with a strong presence [...]

The National Company Law Tribunal (NCLT) has directed to initiate insolvency proceedings against Zee Learn, following a petition filed by private sector lender Yes Bank Ltd. Yes Bank Ltd (YBL) had claimed a default of Rs 468.99 crore by the Essel Group company. Out of the default amount of Rs 468.99 crore, the principal amount [...]

JSW Steel on Monday reported a 15 per cent rise in crude steel production at 18.91 lakh tonnes in January. The company's crude steel production was at 16.46 lakh tonnes (LT) in January 2022, JSW Steel said in a regulatory filing. "JSW Steel reported highest-ever standalone crude steel production for the month of January, 2023 [...]

Adani Ports & SEZ Ltd (APSEZ) remains committed to Rs 15,000 crore deep-sea port project in Tajpur, West Bengal and the company is waiting for completion of statutory formalities, such as the draft concession agreement from the state, a top official of Adani Group said. Once the formalities are complete, APSEZ will work towards developing [...]

Amazon and Flipkart Health plus are among the 20 online sellers that have been issued show-cause notices by the Drugs Controller General of India (DCGI) over the online sale of drugs in violation of norms. The show-cause notice dated February 8 by DCGI V G Somani cited a Delhi High Court order dated December 12, [...]

Three Adani Group companies have pledged additional shares for State Bank of India, days after a scathing report by a US short-seller led to over USD 100 billion loss in its market value, as per stock exchange filings. Adani Ports and Special Economic Zone (APSEZ), Adani Transmission Ltd and Adani Green Energy pledged shares to [...]

The government will revoke the ban imposed on fintech firms LazyPay and Kissht after representations were made by these companies, a senior official said on Friday. The government last week ordered the blocking of 232 apps operated by overseas entities, including Chinese, for being involved in betting, gambling and unauthorised loan service. Sources said that [...]

Moody's Investor Service on Friday revised downwards the rating outlook on four Adani Group companies to negative from stable after a significant and rapid decline in market value following a report by US-based short seller Hindenburg Research. In a statement, Moody's said the rating outlook for Adani Green Energy Ltd, Adani Green Energy Restricted Group, [...]

Nathan Anderson, the founder of Hindenburg Research whose damning report led to a USD 100 billion-plus rout in Adani Group shares, has said that his firm has never been banned, its bank account never seized and that it is not under any investigation. Since it published a scathing 100-plus-page report alleging that Adani pulled "the [...]

IRB Infrastructure Developers Ltd (IRB) on Friday said its revenue from toll collection grew 36 per cent to Rs 374.81 crore in January 2023. The toll collection stood at Rs 276.44 crore in January 2022, IRB said in a statement. "The consistently robust growth in toll revenue across all our projects over last year reflects [...]

State-owned GAIL (India) Ltd has signed an advance pricing agreement with the Central Board of Direct Taxes (CBDT) for determining the transfer pricing margin payable on the long-term LNG the firm sources from the US. The pact was signed by Rasmi Ranjan Das of CBDT and R K Jain, Director (Finance), GAIL, the company said [...]

Aditya Birla Group on Friday committed Rs 25,000 crore investment across its various businesses in Uttar Pradesh. Speaking at Global Investors Summit here, Kumar Mangalam Birla said the investment would go into various businesses like cement, metals, chemicals, financial services and renewable energy. The Mumbai-based group's seven businesses have a significant presence in Uttar Pradesh, [...]

The Competition Commission of India (CCI) on Thursday cleared the acquisition of stake in Hindustan Ports Pvt Ltd by National Investment and Infrastructure Fund (NIIF). The proposed transaction relates to NIIF's acquisition of up to 25 per cent in Hindustan Ports Pvt Ltd (HPPL). The regulator also approved the merger of Hindustan Infralog Pvt Ltd [...]

Engineering company Greaves Cotton on Thursday signed an agreement to acquire the entire shareholding in motion-control systems player Excel Controlinkage for a present valuation of Rs 385 crore in a four-tranche deal. In the first tranche of the deal, Greaves Cotton will acquire 60 per cent in Excel Controlinkage for Rs 231 crore and in [...]

The LIC management will soon meet the top management of the crisis-ridden Adani Group and seek clarification on the crisis being faced by the diversified conglomerate, chairman M R Kumar said here on Thursday. LIC's investment into Adani group firms' stock has come under criticism by the opposition parties as well as investors after US-based [...]

Direct-to-Home operator Dish TV will convening an Extraordinary General Meeting (EGM) on March 3 to seek shareholders' approval for the appointment of four new independent directors. The EGM would be held virtually through video conferencing and other audio-visual means, said a notice by Dish TV. Dish TV's largest shareholder Yes Bank Ltd (YBL) and the [...]

Drug maker Lupin on Thursday said it has received approval from the US health regulator to market a generic medication, used before a surgery to decrease the volume of secretions from mouth, lungs and stomach, in the American market. The company has received approval from the US Food and Drug Administration (USFDA) for Glycopyrrolate Injection, [...]

Mining billionaire Anil Agarwal-led Vedanta Resources' liquidity will depend on a USD 2 billion fundraising exercise and the proposed sale of international zinc assets to Hindustan Zinc Ltd, S&P Global Ratings said. The rating on Vedanta Resources will likely come under immediate pressure if neither of these transactions progresses over the coming weeks, S&P said [...]

Jio-bp, the fuel and mobility joint venture of Reliance Industries Ltd and UK's bp, has launched petrol blended with 20 per cent ethanol, aligning with the government programme to cut oil imports and reduce carbon emissions. "In line with the roadmap set by the Government, Jio-bp has become one of the first fuel retailers in [...]

France's TotalEnergies, one of the largest foreign investors in billionare Gautam Adani's business empire, said it has put on hold participation in Indian conglomerate's USD 50 billion hydrogen project pending results of an audit launched following allegations by a US short-seller. While the partnership with Adani group was announced in June last year, TotalEnergies has [...]

Telecom firm Bharti Airtel and Vultr, a privately-held cloud computing company, on Wednesday announced a strategic partnership to offer cloud solutions to enterprises in India. As per the pact, Airtel will offer Vultr's suite of cloud solutions to its enterprise customers, especially those in the digital space and help them gain global reach and cost-performance [...]

Electric two-wheeler maker Hero Electric on Wednesday said it has partnered with Dhoot Transmission Pvt Ltd for new wiring harness solutions. The company's products will be equipped with the latest wiring harnesses of Dhoot Transmission under the partnership, it said in a statement. "Our partnership with Dhoot Transmission to procure wiring harnesses for our products [...]

Reserve Bank Governor Shaktikanta Das on Wednesday said the strength, size and resilience of the Indian banking system now are much stronger and larger "to be affected by a case like this" in reference to the developments at Adani Group. Concerns have been raised in various quarters about Adani Group companies, including about the exposure [...]