Latest News on Corporate Actions

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

JSW Energy on Thursday said that its arm JSW Renew Energy Five has bagged two battery energy storage system projects totalling 500 MW/ 1,000 MW from Solar Energy Corporation of India (SECI). The company will be entitled to receive a fixed capacity charge of Rs 10.8 lakh per MW per month for twelve years, a [...]

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

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

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

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

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

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

Adani Green Energy arm Adani Renewable Energy Holding Two Ltd will acquire 50 per cent equity in Essel Saurya Urja Company of Rajasthan Ltd from Essel Infraprojects for Rs 15 crore. Adani Renewable Energy Holding Two Ltd (ESUCRL) has entered into a binding term sheet with Essel Infraprojects Ltd on January 17, 2023 to this [...]

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

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

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

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

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

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

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

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

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

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

City-based coating major Berger Paints Ltd is scouting for land in Odisha for a new manufacturing plant, a top company official said on Tuesday. The company is also gearing up to operationalise the Rs 1,015 crore integrated fully-automated paint manufacturing plant near Lucknow soon. The 36-acre plant in Sandila industrial park, Uttar Pradesh, is expected [...]

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

Motilal Oswal Alternates, which has already committed Rs 2,000 crore to realty projects during this fiscal so far, is planning to launch a new fund with similar investible corpus by March. Sharad Mittal, chief executive of real estate funds at MO Alternates, said, "in addition to the money already committed, we plan to launch a [...]

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

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

Capital markets regulator Sebi has returned the draft IPO papers of Lava International and asked the home-grown mobile maker to file documents again with certain updates. The move might delay the company's initial public offering (IPO). Lava International had filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in [...]

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

Shares of Bank of Maharashtra on Monday rallied nearly 5 per cent after the company reported a two-fold jump in its standalone profit after tax in the quarter ended December 2022. On the BSE, shares of the company climbed 4.26 per cent to settle at Rs 33.05 each. During the day, it jumped 8.51 per [...]

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

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

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

A special CBI court here on Monday rejected a plea seeking to call Reliance Industries Chairman Mukesh Ambani as a witness in a 1989 case related to an alleged attempt to murder businessman Nusli Wadia. Ivan Sequeira, one of the accused in the more than 33-year-old case, had moved the special Central Bureau of Investigation [...]

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

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

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

Paytm Payments Bank on Monday said it has received final approval from the Reserve Bank of India to operate as a Bharat Bill Payment Operating Unit (BBPOU). Under Bharat Bill Payment System (BBPS), a BBPOU is allowed to facilitate bill payment services of electricity, phone, DTH, water, gas insurance, loan repayments, FASTag recharge, education fees, [...]

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

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

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

The National Company Law Tribunal (NCLT) on Friday approved the transfer of ownership of bankrupt-Jet Airways to the Jalan Kalrock consortium and gave the winning bidder more time to pay the dues to the creditors. The latest rulings have come on two petitions filed by the consortium. One plea pertained to approval of transfer of [...]

Realty firm Mahindra Lifespace Developers Ltd on Friday said it has acquired 4.25 acre land in Bengaluru to develop a housing project and is expecting revenue of around Rs 400 crore from this property. The company expects to launch the first phase of the project within the calendar year 2023. In a regulatory filing, Mahindra [...]

The handsome credit growth witnessed at present will taper down next year if deposit growth continues to lag behind, Axis Bank chief executive and managing director Amitabh Chaudhry said on Friday. Chaudhry also advised some caution to be exercised by the system as it witnesses a high growth at present, saying decisions made today should [...]

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

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

The lawyer of Videocon Group promoter Venugopal Dhoot on Friday argued before the Bombay High Court that the industrialist's arrest in the ICICI Bank loan fraud case was unwarranted as he was cooperating with the probe. The Central Bureau of Investigation (CBI), on the other hand, claimed that he was trying to avoid probe. Dhoot, [...]

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

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

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

Godrej Properties on Friday said it has acquired a 60-acre land in Chennai to develop a residential project, as it seeks to expand business amid rise in housing demand. In a regulatory filing, the company informed that it has purchased the land on an outright basis in the micro market of Oragadam Junction, Chennai. The company [...]

State-owned REC Ltd will extend financial assistance worth Rs 21,086 crore to discoms in Madhya Pradesh, MP Power Management Company Ltd & Rewa Ultra Mega Solar project. REC has inked three separate pacts with MP Power Management Company Limited (MPPMCL), discoms in Madhya Pradesh and Rewa Ultra Mega Solar Ltd to this effect. An MoU [...]

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

Air India will launch 12 weekly flights to London Gatwick airport as well as operate additional services to London Heathrow airport from March, as the Tata group-owned airline strengthens its international network. The new and additional flights to the UK will start from March 26. "To Gatwick, Air India will operate a thrice-a-week service from [...]

After a sharp decline in initial public offer activities in 2022, Kotak Investment Banking on Thursday said it expects a 30 per cent jump in IPO issuances in 2023. Its head of equity capital markets, V Jayasankar told reporters that there is a strong pipeline of over USD 9 billion, which has been approved by [...]

Kamdhenu Ventures, the paints business of Kamdhenu Group, will be listed on the stock exchanges BSE and NSE later this month. The paints division was separated from the steel business of the group last year for better management focus and operational flexibility, its CMD Satish Agarwal said, citing reasons for the demerger. There are plans [...]

Reliance Jio Infocomm has invested Rs 40,446 crore as it expanded the footprint in the Tamil Nadu with the unveiling of True 5G services in five cities, a top company official said on Wednesday. Reliance Jio Infocomm Ltd State Business head Hemanth Kumar Guruswamy said 45 people out of every 100 people were using Jio [...]

The Indian auto manufacturer Mahindra has been named the fastest-growing brand in South Africa for the year 2022 as the company's local subsidiary set several records in the last year, according to a report by the National Association of Automobile Manufacturers of South Africa (NAAMSA). The report said that 'Mahindra SA' increased its sales volume [...]

Aviation watchdog DGCA will seek a report from SpiceJet on an incident at Delhi airport this week where passengers of a Bengaluru-bound flight had to wait for a long time at the aerobridge. A passenger had shared on social media a video and his experience about co-passengers having had to wait for a long time [...]

Transport infrastructure consultancy and engineering firm RITES Ltd has entered into a pact with IIT-Kanpur for exploring opportunities in the areas of sustainability and carbon-related works like carbon neutrality in sectors such as steel and power. The memorandum of understanding (MoU) also includes research and development-related works on air quality sensors to address air pollution, [...]

Tata Power Renewables Limited (TPREL) on Wednesday said it will set up a 3.125 MW solar plant at Himayatnagar in Maharashtra. The plant is expected to generate about 7.5 million units (MU) of clean energy annually and offset 6.15 metric tonnes of CO2 emissions. The project will be commissioned by October 2023. The power generated will [...]

Public sector lender Punjab & Sind Bank and Bajaj Allianz Life Insurance on Wednesday entered into corporate agency partnership, under which bank customers can avail insurance products of the life insurer. Punjab & Sind Bank is the 25th scheduled commercial bank that is partnering with Bajaj Allianz Life Insurance for distributing its life goals-based product [...]

The government will this month invite Expression of Interest or preliminary bids for privatising Container Corporation of India (Concor), an official said on Wednesday. The official said the bid document for Concor is almost ready and has to get approval from 'Alternative Mechanism' which is essentially a group of key Cabinet ministers. "We are trying [...]

Engine and power equipment maker Cummins Group in India will commercially roll out its fuel-agnostic platform in a year, the company's managing director Ashwath Ram said on Wednesday. According to the company, the fuel-agnostic engine platform will reduce carbon emissions by enabling vehicles to run on low to zero carbon fuels using the conventional internal [...]

Three-wheeler maker Atul Auto on Wednesday announced its foray into the electric vehicle space by launching two models at the Auto Expo 2023. Atul Greentech Private Ltd (AGPL), a subsidiary of Atul Auto, launched Mobili, a passenger vehicle, and cargo variant Energie. Both Mobili and Energie are built with industry-leading technology, telematics and Battery Management [...]

Sterlite Power on Wednesday said it has received funds worth Rs 305 crore from Aseem Infrastructure Finance to set up the Kishtwar Transmission Ltd (KTL) project in Jammu. The project involves construction of a transmission system comprising a 400/132kV GIS sub-station at Kishtwar and a 400 kV transmission line from Kishenpur to Dulhasti, the company [...]

State-owned HLL Lifecare Limited has paid a dividend of Rs 122.47 crore to the health ministry for financial year 2021-22, an official statement said. The cheque was presented to Union Minister of Health Mansukh Mandaviya by Beji George, Chairman and Managing Director, HLL at an event here on Wednesday. HLL had a record turnover of [...]

The government is expecting to get financial bids for IDBI Bank's strategic sale by September, DIPAM Secretary Tuhin Kanta Pandey said. Several global and domestic institutions have expressed interest in buying about 61 per cent of the government and Life Insurance Corporation's (LIC) stake in IDBI Bank and had put in preliminary bids, the last [...]

The National Company Law Appellate Tribunal on Wednesday declined to grant interim relief to Google seeking a stay on competition watchdog CCI's penalty of Rs 936.44 crore on the tech giant for abusing its dominant position with respect to Play Store policies. The appellate tribunal has directed Google to deposit 10 per cent of the [...]

Theranica, an Israeli digital therapeutics company has announced a strategic license and supply agreement with Dr. Reddy's Laboratories Ltd., for the exclusive marketing and distribution of its FDA-approved Nerivio in India, subject to completion of the regulatory approval process. Nerivio is a wearable migraine treatment that stimulates the body's pain receptors in order to relieve [...]

Global investment firm Carlyle on Tuesday said it has acquired a majority stake in homegrown skincare and beauty firm VLCC for an undisclosed amount. Founded in 1989 by Vandana and Mukesh Luthra, VLCC operates in the skincare, beauty and wellness market with an integrated offering of branded skincare products and specialised beauty and wellness services. [...]

State-owned Bank of Baroda (BoB) on Tuesday hiked Marginal Cost of Funds based Lending Rate (MCLR) by up to 35 basis points, making loans linked to the benchmark rates expensive. The new rates will be effective from January 12, BoB said in a regulatory filing. The overnight MCLR has been increased to 7.85 per cent [...]

No-frills airline Go First on Tuesday apologised to passengers who were left behind in a coach at Bangalore airport on Monday and said an inadvertent oversight in the reconciliation of the flight to Delhi led to the incident. The carrier has ordered an inquiry as well as derostered all the staff who were involved in [...]

Axis Bank on Tuesday said it has entered into a revised agreement with Max Financial Services to acquire an additional 7 per cent stake in Max Life Insurance at fair market value using discounted cash flow method. The revision in agreement follows the guidance issued by the Insurance Regulatory and Development Authority (IRDAI) in October [...]

State-owned Coal India's subsidiary NCL will soon start production of M-Sand, a material used for construction works. Northern Coalfields Ltd (NCL) will start production of M-Sand or Manufactured Sand for its Amlohri project in Madhya Pradesh, according to a coal ministry statement on Tuesday. M-Sand is artificial sand produced from crushing hard stones into small [...]

Public sector Indian Overseas Bank has revised interest rates on rupee retail term deposits up to 45 basis points with immediate effect, the city-headquartered bank said on Tuesday. Accordingly, depositors of domestic, NRO (non-resident ordinary) and NRE (non-resident external) would receive interest rate up to 7.75 per cent by opening term deposits for a period [...]

Auto component maker SEG Automotive India is looking to penetrate electric passenger and commercial vehicle segments with its high voltage motors after consolidating its position in two and three-wheeler verticals, a top company official said on Tuesday. The Bengaluru-based firm, a leading supplier of various auto components like starter motors and mild hybrid systems, has [...]

State-owned Coal India Ltd (CIL) has issued the letter of acceptance for nine coal mining projects, having a production capacity of around 127 million tonnes, to be operationalised through engagement of mine developer and operators. Another six mining projects are at different stages of implementation. "The state-owned coal miner is tracking a total of 15 [...]

Zydus Lifesciences Ltd on Tuesday said it has received final approval from the US health regulator to market its generic version of Febuxostat tablets used to treat high uric acid in the blood. The approval granted by the US Food and Drug Administration (USFDA) to market Febuxostat tablets is for strengths of 40 mg and [...]

Auction of as many as 132 coal mines will be conducted this month under the sixth tranche in states including Odisha, Jharkhand, Chhattisgarh, West Bengal among others, according to MSTC CMD Surinder Kumar Gupta. MSTC, under the Ministry of Steel, conducts e-auction of various materials and minerals and mines. This will be the sixth tranche [...]

Multiplex operator PVR aims to operate 1,000 screens by the end of FY24, by adding 100 more screens in the next 15 months, the company's Joint Managing Director Sanjeev Kumar Bijli said. The company, which on Monday achieved the milestone of 900 screens, would invest around Rs 300 crore to add another 100 screens, Bijli [...]

HDFC Capital, the real estate private equity arm of HDFC Group, on Monday achieved the initial close for second scheme of its third fund, raising USD 376 million. The latest fund raising is the third by HDFC Capital's affordable real estate fund (H-Care 3) and the primary investor in the H-Care schemes is a wholly-owned [...]

The Bombay High Court on Monday questioned the Income Tax department’s move seeking to prosecute Reliance ADAG chairman Anil Ambani under the Black Money Act for alleged tax evasion, and asked how Acts criminalising certain action can have a retrospective effect. A division bench of Justices Gautam Patel and S G Dige, while hearing a [...]

Hi-Tech Pipes on Monday said it has signed an agreement with the UP Government to set up a steel manufacturing facility in the state at an investment of Rs 510 crore. The Memorandum of Understanding (MoU) has been signed under the Invest UP Programme of the Uttar Pradesh Government, the steel pipes maker said in [...]

Social media platform Meta has appointed Vikas Purohit as Director of Global Business Group in India to lead the strategy and delivery of the charter that is focused on the country's leading advertisers and agency partners, the company said on Monday. Purohit will report to Arun Srinivas, Director and Head of Ads Business for Meta [...]

The battle between Torrent and Hinduja Group for the acquisition of debt-ridden Reliance Capital may take a new turn as the lenders are considering running a second round of 'Challenge Mechanism' or e-auction for the bidders, sources said. The Committee of Creditors (CoC) will meet on Monday to decide on the second round of auction as [...]

Paytm Payments Bank has received banking regulator RBI's nod to appoint Surinder Chawla as its Managing Director and CEO, the company said in a statement on Sunday. The RBI, however, continues to bar Paytm Payments Bank from on-boarding new customers.  "Paytm Payments Bank Limited (PPBL) has appointed veteran banker Mr. Surinder Chawla as its new Managing [...]

Serum Institute of India chief executive officer Adar Poonawalla on Sunday said its Covovax vaccine will get approval as a booster in the next 10 to 15 days, adding it works very well against the Omicron variant of coronavirus. Speaking to reporters on the sidelines of an event at Bharti Vidyapeeth University here, Poonawalla, when [...]

A consortium of alternative investment firm Varde Partners and institutional asset manager Arena has submitted a revised bid for the debt-laden Srei group entities after its previous plan was termed as "non-compliant", sources said on Sunday. Plans of the resolution applicants will be put up for voting after submission of a viability report by Dun [...]

The government has received multiple preliminary bids for strategic sale of about 61 per cent stake in IDBI Bank. "Multiple Expressions of Interest received for the Strategic Disinvestment of Govt and LIC Stake in IDBI Bank," Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey tweeted. The transaction will now move to [...]

Private telecom company Reliance Jio launched 5G internet service in Jaipur, Jodhpur and Udaipur on Saturday. Rajasthan Chief Minister Ashok Gehlot formally launched Jio's 5G internet services in these cities. During the inaugural event, the chief minister said that this service is a revolutionary step in the field of information technology and telecommunication. With this, [...]

The National Company Law Tribunal (NCLT) has on Friday admitted the insolvency plea filed against Future Supply Chain Solutions Ltd (FSCSL). Future group firm FSCSL in a regulatory filing said the Mumbai bench of NCLT has allowed the plea filed by DHL E-commerce (India) Pvt Ltd, claiming default. "NCLT has pronounced its Order today i.e. [...]

Reliance Jio has launched 5G services in Gwalior, Jabalpur, Ludhiana and Siliguri, taking the total number of cities to 72. Jio has announced plans to launch its "True 5G" services in every town, taluka of India by the end of December 2023. "The launch strengthens Jio True 5G coverage in Madhya Pradesh, close to unveiling [...]

Coal India arm MCL on Friday said Subhadra mining project in Angul district of Odisha, having a capacity of 25 million tonnes per annum (MTPA), is advancing towards production. The project is being developed under Mine, Developer and Operator (MDO) mode. In a statement, Mahanadi Coalfields Ltd (MCL) said that under MDO mode the company [...]

No-frills carrier IndiGo on Friday said its fleet size has grown to 300 aircraft, which will help it cater to the growing passenger volume amid the recovery in travel demand and growth in 2023. Besides operating Airbus A320 NEO and A320 CEO aircraft along with A321 Neo, the Gurugram-based airline's fleet also has regional jets [...]

E-commerce company Amazon plans to lay off around 1,000 employees in India as part of its biggest retrenchment exercise across the globe, according to sources. The company has announced the elimination of over 18,000 roles across the globe due to uncertain economic conditions. "The decision to eliminate 18,000 job roles across the globe will impact [...]

Zinc oxide manufacturer JG Chemicals has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth up to Rs 202.50 crore and an offer-for-sale (OFS) of 57 lakh equity shares by its existing promoter group shareholders, according to its [...]

The CBI has filed a new case against Unitech Limited and its former directors in connection with an alleged fraud in the IDBI bank involving an amount of Rs 395 crore, officials said. Nearly six months after a complaint from the bank, the Central Bureau of Investigation (CBI) has booked the company and its former [...]

Telecom operator Bharti Airtel on Friday announced the launch of its 5G services in Hissar and Rohtak, expanding the reach of the new age hi-speed network in Haryana. Airtel's 5G services are already live in Gurugram and Panipat. "Hissar and Rohtak gets ultrafast Airtel 5G Plus services in addition to Gurugram and Panipat," the company [...]

After facing a setback at NCLAT, which refused to stay a CCI order on abuse of dominant position in multiple markets in the Android mobile device ecosystem case, Google is mulling approaching the Supreme Court, according to sources. When contacted, Google declined to comment on the matter. While Google remained tightlipped about its next move, [...]

The Varde Partners-Arena consortium has emerged as the highest bidder after it submitted a revised bid on Thursday with an additional cash component of Rs 3,600 crore for the two Srei group of companies under the insolvency and bankruptcy process, sources said. It has offered a marginally higher cash component in its earlier bid, which [...]

IDBI Bank on Thursday said the Sebi has permitted the Union government to classify its stake in the bank as "public" after its stake sale on condition that its voting rights do not exceed 15 per cent of the total voting rights. The intention of the Government of India to get its shareholding re-classified as [...]