Latest News on Corporate Actions

Shares of Bajaj Finance on Thursday tanked over 7 per cent, with its market valuation falling Rs 28,681.29 crore, after its December quarter updates. The stock tumbled 7.21 per cent to settle at Rs 6,099.85 apiece on the BSE. During the day, it plunged 8.23 per cent to Rs 6,032.25. On the NSE, it went [...]

The CBI has booked HDIL promoters Rakesh Wadhawan and Sarang Wadhawan in a new bank fraud case involving an amount of Rs 140 crore pertaining to their subsidiary Guruashish Construction, officials said on Thursday. The fresh action was initiated on a complaint from the Union Bank of India against the businessmen who are embroiled in [...]

Electric vehicle charging network developer Statiq on Thursday said it has bagged a contract from Rajasthan Electronics & Instruments Ltd (REIL) to supply 253 fast chargers. These fast chargers are for four-key highway projects connecting Agra-Lucknow, Meerut-Gangotri, Chennai-Bellary, and Mangaldai-Wakro, the company said in a statement. "While this is an outright sale, Statiq will maintain [...]

Godrej Properties on Thursday said it has sold 870 units for Rs 435 crore in its housing project at Ahmedabad, Gujarat. In a regulatory filing, Godrej Properties informed that it has sold over 1 million square feet of area at the launch of a new phase in its project 'Celeste', which is part of a township, [...]

Prasanna Kumar Motupalli was on Thursday appointed as Chairman and Managing Director (CMD) of the state-run NLC India Ltd (NLCIL), a Personnel Ministry order said. The Appointments Committee of the Cabinet has approved Motupalli's appointment till the date of his superannuation that is June 30, 2026, it said. Motupalli, Executive Director of NTPC Ltd, is [...]

The All India Gem and Jewellery Domestic Council (GJC) on Thursday said its members have elected Saiyam Mehra as Chairman and Rajesh Rokde as Vice Chairman of the industry body for a period of two years (2023-24). GJC represents over 6,00,000 industry players comprising manufacturers, wholesalers, retailers, distributors, laboratories, gemologists, designers and allied services providers. [...]

State-owned BSNL will start 5G services in 2024, Union Telecom Minister Ashwini Vaishnaw said on Thursday. BSNL has shortlisted a TCS and C-DOT led consortium for rolling out 4G network, which will be upgraded to 5G in about a year of placing the order under the contract. "BSNL will start 5G services in 2024," Vaishnaw [...]

Telecom operators Jio and Bharti Airtel on Thursday started their 5G services in the state capital. The 5G services of both the companies were unveiled by Union Education Minister Dharmendra Pradhan and Union Telecom Minister Ashwini Vaishnaw at an event here. Vaishnaw said that the Narendra Modi government has sanctioned a total of Rs 5,600 [...]

Enterprise software solutions provider Ramco Systems on Wednesday said it would provide ERP (enterprise resource planning) software solutions to Addison and Co Ltd of the Amalgamations Group and maker of metal-cutting tools. The software offers modules for finance and accounts, inventory, purchases, sales, production, quality management as well as supplier and customer portal on a [...]

Shares of Radiant Cash Management Services ended with over 13 per cent gain in its debut trade on Wednesday against the issue price of Rs 94. The stock listed at Rs 99.30, registering a gain of 5.63 per cent against the issue price on the BSE. During the day, it jumped 24.14 per cent to [...]

Telecom infrastructure company Indus Towers on Wednesday said it has appointed Prachur Sah as managing director and chief executive officer of the company with effect from January 3, 2023. The position had been vacant since the resignation of Bimal Dayal in July. Prior to his appointment as MD and CEO of Indus Towers, Sah led [...]

Public sector Indian Overseas Bank (IOB) on Wednesday said Sanjay Mudaliar has joined the bank as its executive director with immediate effect. Prior to taking up this responsibility, he was in Bank of Baroda serving as its chief general manager and chief technology officer. He was a postgraduate in science and technology and a certified [...]

The National Company Law Appellate Tribunal on Wednesday directed Google to pay 10 per cent of the Rs 1,337.76-crore penalty imposed on the tech giant by fair trade regulator CCI. A two-member bench admitted the petition filed by Google against the Competition Commission of India (CCI) penalty. It, however, declined to grant any immediate stay [...]

The government-backed National Asset Reconstruction Company Ltd has taken lead in taking over two stressed entities of the Srei group as it submitted the "highest net present value bid of Rs 5,555 crore" among bidders, an official said on Wednesday. NARCL's net present value bid, submitted in the 10-hour-long "challenge mechanism" conducted by the committee [...]

Non-Banking Financial Company IIFL Finance on Tuesday said it will raise up to Rs 1,000 crore through a public issue of secured non-convertible debentures (NCDs). The funds raised through the issue will be used for business growth, IIFL Finance said in a statement, adding that the public issue opens on January 6 and closes on [...]

Punjab National Bank (PNB) on Tuesday increased the interest rate of fixed deposits across various tenures by 50 basis points or 0.5 per cent in a bid to attract deposits. Interest rates on term deposits below Rs 2 crore between one year and three years have been raised by 50 basis points to 6.75 per [...]

Sebi on Tuesday ordered the attachment of bank and demat accounts of Jindal Cotex and its three officials to recover Rs 14.55 crore in a matter related to manipulation in the issuance of global depository receipts (GDR). The recovery proceedings against the four entities -- Jindal Cotex, Sandeep Jindal, Rajinder Jindal and Yash Paul Jindal [...]

RailTel, a PSU under the Ministry of Railways, has tied up with a technology firm in a bid to monetise its Wi-Fi project at more than 6,100 railway stations across the country, the company said on Tuesday. The rail PSU has signed a five-year contract with a consortium led by 3i Infotech Ltd, a global [...]

Capital Markets regulator Sebi on Tuesday barred four entities from the securities markets for providing unauthorised investment advisory services without the regulator's authorisation. The regulator has restrained PNP Shareon Solutions, its proprietor Pradeep Haldar, PNP Solutions and its proprietor Prakash Haldar from securities markets for six months. PNP Shareon Solutions, PNP Solutions, Pradeep and Prakash [...]

PTC India Financial Services Limited (PFS) on Tuesday said its shareholders have approved the reappointment of Pawan Singh as the Managing Director and Chief Executive Officer (CEO) of the company. The approval was accorded at the company's annual general meeting (AGM) held on Friday, PFS said in a statement. "One of the major decisions taken [...]

State-owned ONGC's vintage offshore drilling rig 'Sagar Samrat' has a new role -- as a mobile production unit that started doing its job last month, the company said on Tuesday. The rig, which had outlived its sell-by date, was refurbished into a mobile offshore production unit (MOPU), capable of bringing to surface oil and gas [...]

State-owned power giant NTPC on Tuesday said it has started India's first green hydrogen blending operation in the PNG (piped natural gas) network of its township in Kawas, Surat. "The project is a joint effort of NTPC and Gujarat Gas Limited (GGL). The first molecule of green hydrogen from the project was set in motion [...]

Richest Asian Gautam Adani's group on Tuesday said it will pay an additional Rs 48.65 a share to NDTV stockholders who tendered their shares in its open offer to help match what it had paid to buy out a stake of the news broadcaster's founders. Adani Enterprises in a stock exchange filing said it will [...]

Capital markets regulator Sebi has asked Oravel Stays Ltd, the parent company of travel-tech firm OYO, to refile the draft IPO papers with certain updates. The move might delay the Gurugram-based hospitality unicorn's initial public offering (IPO). OYO filed preliminary documents with the Securities and Exchange Board of India (Sebi) in September 2021 for a Rs [...]

Electric vehicle charger and lithium-ion battery maker Exicom on Tuesday said it signed an agreement with Hero Electric to supply its battery management systems. Under the agreement, Hero Electric intends to purchase 5 lakh units of Exicom BMS (Battery Management Systems) per annum, the company said in a statement. Exicom will provide intelligent BMS, built [...]

Telecom operator Bharti Airtel on Tuesday announced the launch of its 5G services in Indore. In a statement, the company said customers with 5G-enabled devices will experience high speed Airtel 5G Plus network at no extra cost until the rollout is more widespread. "Currently operational at Vijay Nagar, Rasoma chowk, Bombay Hospital Square, Radisson square, [...]

Agrochemicals maker Safex Chemicals Ltd on Tuesday said it plans to invest Rs 100 crore in its new agri-tech arm, AgCare Technologies, in the next 3-4 years for launching an interactive tech platform and for setting up a manufacturing unit. Speaking to PTI, the company's Group Director Piyush Jindal said, "We are investing Rs 100 [...]

Society of Manufacturers of Electric Vehicles on Tuesday sought extension of subsidies for EVs under the FAME II scheme and also include light to heavy commercial vehicles in it to promote electric mobility. In its pre-Budget recommendations, the industry body also called for a uniform 5 per cent GST on spare parts for electric vehicles. [...]

Online food delivery platform Zomato Ltd said its Co-founder and Chief Technology Officer Gunjan Patidar resigned from the post on Monday. Patidar was one of the first few employees of Zomato and built the core tech systems for the company, it said in a regulatory filing. "Over the last ten plus years, he also nurtured [...]

The Indian Performing Right Society (IPRS) Ltd has moved the insolvency tribunal NCLT against Zee Entertainment Enterprise Ltd, claiming a default of Rs 211.41 crore, the media major said in a regulatory filing. However, Zee Entertainment Enterprise Ltd (ZEEL) added that it "will be filing its reply rejecting the claim on, inter alia, the ground [...]

Grounded carrier Jet Airways on Monday said Sanjiv Kapoor remains the CEO-designate of the company till the airline's ownership is transferred to the consortium by the lenders. Earlier CNBCTV18 reported that the head of the Jet Airways management committee and erstwhile Resolution Professional Ashish Chhawchharia in a notice to Kapoor has asked him to refrain [...]

Hinduja Leyland Finance, a non-banking financial entity and a subsidiary of heavy commercial vehicles-maker Ashok Leyland, on Monday announced the revision in ratings by CARE Ratings. CARE has upgraded the long-term rating of the company to 'AA' (double A). "This rating applies to long-term bank loan facilities, non-convertible debentures, market-linked debentures and subordinated debt," said [...]

The Aam Aadmi Party (AAP) on Monday accused the Maharashtra government of conspiring to hand over state-run electricity distribution company Mahavitaran to the private conglomerate Adani group. The Arvind Kejriwal-led outfit fully supports the proposed strike on January 4 called by a section of state electricity workers in Mumbai, Thane, Nashik, Raigad and other districts [...]

State-owned NMDC on Monday announced that it has hiked the prices of iron ore lumps by Rs 200 to Rs 4,300 per tonne. The country's largest iron ore miner has also increased rates of iron ore fines by Rs 500 to Rs 3,410/tonne, NMDC said in a regulatory filing. The prices are effective January 1, [...]

The Committee of Creditors (CoC) of debt-ridden Reliance Capital Ltd is scheduled to meet on Tuesday to discuss bids submitted by Torrent Group and Hinduja Group as part of the insolvency resolution process. Ahmedabad-based Torrent Group submitted a bid of Rs 8,640 crore for acquiring the NBFC firm set up by the Anil Ambani Group, [...]

Rishabh Instruments, a global energy efficiency solution company, has filed preliminary papers with markets regulator Sebi to mop-up funds through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares aggregating to up to Rs 75 crore and an offer for sale (OFS) for up to 94.17 lakh equity shares by [...]

State-run NLC India Ltd on Sunday said its chairman and managing director Rakesh Kumar has relinquished his post on attaining superannuation. The Tamil Nadu-based Navratna company, in a BSE filing, said its Director Planning and Projects K Mohan Reddy has been entrusted the additional charge of the post of CMD for a period of three [...]

Toyota Kirloskar Motor on Sunday reported a data breach in its system but said the extent of intrusion is being confirmed. In a statement, the company said it has been "notified by one of its service providers of an incident that might have exposed personal information" of some of its customers on the internet. "The [...]

Texmaco Rail & Engineering is in the process of executing an export order of wagons worth Rs 64 crore for ArcelorMittal Liberia Ltd engaged in iron-ore mining in the West African country, an official said on Sunday. The Kolkata-based company had designed and manufactured 'Gondola' wagons, open-topped rail vehicles, for the first time for AML [...]

Hero MotoCorp on Friday said it has commenced customer deliveries of its first electric scooter VIDA V1. The first electric vehicle of the brand was delivered in Bengaluru. Deliveries in Jaipur and Delhi will follow, the company said in a statement. "Our vision with VIDA is to establish future oriented mobility trends that will benefit [...]

Kalpataru Power Transmission Ltd (KPTL) and its international arms have secured new orders worth Rs 1,247 crore. The orders are in India and overseas markets in the T&D (transmission and distribution) business for Rs 1,247 crore, a company statement said. Manish Mohnot, Managing Director & CEO, KPTL, said in the statement, "With these new orders, [...]

Debt-ridden Religare Finvest Ltd (RFL) on Friday said it has signed a settlement agreement with all its lenders for a one-time settlement, clearing the deck for the NBFC to exit from the Corrective Action Plan imposed by the RBI. Religare Enterprises, the parent company of RFL, has entered into an agreement in connection with the [...]

Tamilnad Mercantile Bank Ltd (TMB) has drawn up plans to strengthen itself by opening up additional branches across the country in the near future, said a top official of the bank on Friday. The over-a-century old bank recently inaugurated its 510 and 511th branches here and in Salem respectively. "Upon being listed on the stock [...]

Shareholders of Dish TV have again rejected the proposal for the adoption of audited standalone and consolidated financial statements for FY21 and FY22 in the AGM held on Thursday. Earlier, the shareholders of the Direct-to-Home service provider had rejected the proposals to approve the balance sheet of the company for the last two fiscals in [...]

Multilateral funding agency Asian Development Bank (ADB) has sanctioned USD 100 million (about Rs 830 crore) to Shriram Finance Limited (SFL) to provide vehicle loans to women entrepreneurs. The USD 100 million External Commercial Borrowing (ECB) is a five-year loan and is under SFL's Social Finance framework to provide credit towards the purchase of new [...]

Reliance Industries Ltd and its partner bp plc of the UK have sought bids for the sale of natural gas from the eastern offshore KG-D6 block at a price linked to the rate at which LNG is delivered to Japan and Korea. The two partners invited bids for the sale of 6 million standard cubic [...]

The Adani Group on Friday said it has acquired 27.26 per cent equity stake in NDTV from Prannoy Roy and his wife Radhika Roy -- founders of the news broadcaster. "RRPR, an indirect subsidiary of the company and member of the promoter/promoter group of NDTV, has acquired a 27.26 per cent equity stake in NDTV [...]

Power company Skipper Limited on Friday said it has secured new orders worth Rs 2,570 crore from Bharat Sanchar Nigam Ltd (BSNL). The contract is for the supply and erection of ground-based telecom towers, infrastructure as a service provider (IaaSP) for supply, installation of infrastructure items and subsequent O&M (operations and maintenance). The projects are [...]

IRB Infrastructure Developers on Thursday said its special purpose vehicle -- Udaipur Tollway Limited -- has raised Rs 700 crore through issuance of redeemable non-convertible debentures on a private placement basis. According to a statement, the Special Purpose Vehicle (SPV) will use proceeds to refinance the existing project debts. "The NCD (Non-Convertible Debenture) proceeds from [...]

Markets regulator Sebi on Thursday levied a Rs 51.14 lakh fine on the two promoters of Apex Frozen Foods Ltd (AFF) and two others for violation of insider trading rules. The regulator slapped a fine of Rs 11 lakh each on the two promoters -- Karuturi Subrahmanya Chowdary and Vallepalli Hanumantha Rao -- and P [...]

Inox Wind on Friday said that CRISIL has upgraded its ratings on the long-term and short-term bank facilities and has revised its outlook from stable to positive. CRISIL has upgraded its ratings from Crisil BBB to Crisil BBB+ (long-term rating), Crisil A3+ to Crisil A2 (short-term ratings) and outlook has been revised from stable to [...]

FMCG firm Tata Consumer Products Ltd (TCPL) on Thursday said it has acquired 23.3 per cent additional shares of South Africa-based Joekels Tea Packers for Rs 43.65 crore through a step-down subsidiary. Tata Consumer Products Overseas Holdings Ltd (TCP Overseas) -- a step-down wholly-owned subsidiary of the company through Tata Consumer Products UK Group -- [...]

Direct-to-Home operator Dish TV on Thursday said it has appointed former bureaucrat Lalit Behari Singhal as an independent director to its board. The company's board, at its meeting held on Thursday, "considered and appointed Lalit Behari Singhal, as an Independent Director of the company with effect from December 29, 2022, for a term of 5 [...]

Speciality chemical manufacturer Survival Technologies has filed preliminary papers with markets regulator Sebi to mop-up Rs 1,000 crore through an Initial Public Offering (IPO). The IPO comprises a fresh issue of equity shares aggregating to up to Rs 200 crore, and an Offer For Sale (OFS) aggregating to up to Rs 800 crore by its [...]

State-owned MOIL on Thursday said Ajit Kumar Saxena has assumed charge as its Chairman-cum-Managing Director (CMD). MOIL Director (Human Resources) of the company Usha Singh was given the additional charge as CMD earlier after the retirement of MP Chaudhari on October 31, 2022. According to a regulatory filing, "Singh has ceased to be CMD (additional [...]

Transformers and Rectifiers (India) Ltd on Thursday said it has secured new orders worth Rs 123 from one of the central utilities. With the latest win, the company's order book now stands at Rs 1,513 crore, it said in a regulatory filing. "Transformers and Rectifiers (India) has been awarded orders of transformers for a total [...]

NTPC Tamil Nadu Energy Company Limited (NTECL) has paid an interim dividend of over Rs 100.11 crore to NTPC for 2022-23. NTPC Tamil Nadu Energy Company Limited is a 50:50 joint venture of NTPC Limited and Tamil Nadu Generation and Distribution Corporation (TANGEDCO). "NTECL paid second interim dividend of Rs 100,11,68,090 for the year 2022-23 [...]

Nov’22 disbursements grew by 54% year on year • The total disbursals of 30,194 in Nov’22 vs 11,868 in Nov’21 resulted in 154% growth Bajaj Markets, a subsidiary of Bajaj Finserv announced that they have recorded a disbursement of Rs 402 Crores in Nov’22, delivering a 54% year-on-year (YoY) growth. The total disbursals of 30,194 [...]

Dr Reddy's Laboratories on Thursday said all claims against it in the antitrust litigation filed in the US, related to a prescription medicine Revlimid, used in treatment of multiple myeloma have been dismissed. In a regulatory filing, the company said on December 22, 2022 and December 27, 2022, the plaintiffs voluntarily dismissed Dr Reddy's Laboratories [...]

Sheela Foam Ltd, the maker of popular mattress brand Sleepwell, is in advance talks with rival Kurlon to acquire its business, according to industry sources. If it goes through, the deal will help Sheela Foam, a market leader in the fast-growing branded mattress category, to expand its business in South, West and other markets where [...]

JK Lakshmi Cement has tied up with GreenLine, a pioneer in green and smart logistics in India, for the introduction of LNG-fuelled heavy trucks for transporting cement. "With this association, GreenLine will enable JK Lakshmi Cement to decarbonise its road logistics operations in a phased manner over the next few years," the company said in [...]

Capital markets regulator Sebi on Wednesday levied a fine totalling Rs 75 lakh on Indian Clearing Corp Ltd (ICCL) and NSE Clearing Corp Ltd (NCL) for violating norms in the matter of Karvy Stock Broking Ltd (KSBL). In two separate orders, the regulator slapped a fine of Rs 50 lakh on ICCL and Rs 25 [...]

State-owned Indian Oil Corporation (IOC) on Wednesday said it has signed a memorandum of understanding (MoU) to collaborate with state authorities in fighting the menace of Tuberculosis in Uttar Pradesh and Chhatisgarh. The MoU was signed with the Central TB Division (CTD) under the Ministry of Health and Family Welfare (MoH&FW), and Uttar Pradesh and [...]

Telecom operator Bharti Airtel has plans to invest Rs 27,000-28,000 crore in telecom network with a focus on 5G rollout, a company official said on Wednesday. While the company is planning to increase capital expenditure by 10-15 per cent, it has no plans to charge a premium rate for 5G services as it has not [...]

Tata Power Renewable Energy Limited has received a Letter of Award (LoA) from Tata Power-DDL for setting up a 225 MW hybrid power project in Karnataka. According to a statement, the project will be commissioned within 24 months from the signing of the Power Purchase Agreement (PPA). The power generated from the project will be [...]

State-owned UCO Bank on Wednesday said it is planning to raise up to Rs 1,000 crore by issuing debt securities. The bank's board will consider the proposal for raising tier I capital in the form of additional tier I bonds in one or more tranches aggregating to Rs 1,000 crore, UCO Bank said in a [...]

City-based Punjab & Sind Bank on Tuesday said its board will meet on December 30 to consider a proposal for raising up to Rs 250 crore by various modes, including equity and bonds issuance, the bank said on Tuesday. The bank said it plans to raise capital up to an amount and aggregating to Rs [...]

Amit Garg has taken over as the new Director (Marketing) of Hindustan Petroleum Corporation Limited (HPCL), the company said on Tuesday. Prior to this, he was Executive Director (Aviation) in Bharat Petroleum Corporation Ltd (BPCL). "Garg is a Post Graduate in Electronics & Management," HPCL said in a statement. He is "a senior leader in [...]

Xiaomi India on Tuesday announced its partnership with Reliance Jio to offer the telco's 'True 5G' experience to its consumers. Smartphone models supporting the Standalone (SA) network have received a software update to work seamlessly on Reliance Jio’s network, according to a statement. The enabled devices include Mi 11 Ultra 5G, Xiaomi 12 Pro 5G, [...]

Indowind Energy board on Tuesday approved a rights issue of 3.58 crore equity shares for Rs 43.07 crore. The right issue will be opened on January 27, 2023, and will be closed on February 10, 2023, a BSE filing showed. The board meeting held today, i.e. December 27, 2022, has inter alia considered and approved [...]

Indian Energy Exchange (IEX) on Tuesday announced setting up a wholly-owned subsidiary, International Carbon Exchange Private Ltd (ICX), to explore business opportunity in the voluntary carbon market. The ICX will enable participants to buy and sell voluntary carbon credits at competitive prices through its transparent & reliable platform and facilitate reduction of global GHG (green [...]

Debt-ridden Religare Finvest Ltd (RFL) is hopeful of restarting its business operation in the New Year following the company's proposal of Rs 2,300 crore One Time Settlement (OTS) finding favour from most of the lenders. Once the OTS process is completed, RFL will come out of the Corrective Action Plan (CAP) imposed by the Reserve [...]

Max Healthcare on Tuesday said it has entered into a partnership with genomics biotech firm Anuva to conduct genomic-based research on various communicable and non-communicable diseases in India. The two partners have signed a Memorandum of Understanding (MoU) for a five-year engagement, Max Healthcare said in a statement. The objective of the research will be [...]

Kirloskar Systems on Monday said it has appointed Manasi Tata, daughter of late Vikram Kirloskar, as Director on the board of the company's joint-venture firms with immediate effect. These joint ventures include Toyota Industries Engine India Pvt Ltd, Kirloskar Toyota Textile Machinery Pvt Ltd (KTTM), Toyota Material Handling India Pvt Ltd (TMHIN), and Denso Kirloskar [...]

Shareholders of SpiceJet on Monday approved the re-appointment of Ajay Singh as a director of the no-frills airline. At the annual general meeting, the shareholders also gave their nod for the adoption of audited financial statements for financial year ended March 31, 2022. In a regulatory filing, the carrier said the re-appointment of Singh as [...]

Inox Green Energy Services on Monday said it will acquire a majority stake in an independent wind service provider that operates majorly in South India with a 230+MW fleet. However, the company did not disclose the value of the transaction and the name of the target company. The transaction is subject to certain regulatory and [...]

Global private equity investor Advent International on Monday said it is acquiring a significant stake in Suven Pharmaceuticals from its promoters, the Jasti family. The PE major said this will be followed with an open offer to acquire 26 per cent more in the listed contract development and manufacturing organisation from public shareholders, and also [...]

State-owned CIL on Monday said Mukesh Choudhary has taken over as its Director, Marketing. He assumed charge on December 23, Coal India Ltd (CIL) said in a statement. Prior to this, he was Deputy Director General, Department of Defence Production, Ministry of Defence. Choudhary took the charge from B Veera Reddy, Director (Technical) CIL who [...]

Realty firm Godrej Properties on Monday said it has purchased about 62 acres of land in Kurukshetra, Haryana to develop a plotted residential project. In a regulatory filing, the company informed that this project will offer about 1.4 million square feet of plotted residential development. The company did not mention the total deal value of [...]

Siemens, India will manufacture 1,200 electric freight locomotives of 9,000 HP each for the railways, according to the terms of a contract valued at Rs 26,000 crore, the national transporter said on Saturday. The Indian Railways has issued a letter of award (LoA) for the manufacturing and maintenance of the 9,000-HP electric freight locomotives to [...]

With increasing congestion across cities in India, Maruti Suzuki India expects sales of its vehicles with auto gear shift to pick up further next year, according to company Senior Executive Officer, Marketing & Sales Shashank Srivastava. The company had introduced the auto gear shift (AGS) technology that relieves drivers from manually changing gears using the [...]

The Board of Oil and Natural Gas Corporation (ONGC) is being revamped by merging two directorships into one and creating a new position of director for corporate affairs in an attempt to breathe fresh life into the state-owned behemoth that is increasingly looking beyond oil and gas, sources said. ONGC Board presently has six directors [...]

Vedanta Ltd on Friday said it has been declared as a preferred bidder for Bicholim mineral block in Goa. The iron ore mines has resources of 84.92 million tonnes. "The company has been declared as 'preferred bidder' in respect of e-auction of Block I - Bicholim Mineral Block based on highest final price offer of [...]

Axiscades Technologies Ltd on Friday announced the completion of of acquisition of Mistral Solutions Private Ltd (MSPL) for Rs 296 crore. In a statement, Axiscades said it completed the acquisition of MSPL in a phased manner for Rs 296 crore. MSPL is a leader in semiconductor, embedded electronics, defence and product engineering capabilities, the company [...]

Gandhar Oil Refinery (India) Limited has filed preliminary papers with the capital markets regulator Sebi to raise funds through an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth Rs 357 crore and an offer for sale (OFS) of 1.2 crore by promoters and existing shareholders, according to the draf red [...]

Tata Power on Friday said it has received a Rs 450 crore "sustainable trade finance facility" from MUFG Bank of Japan to fund its solar projects in India. This credit facility was extended for two solar projects under TP Kirnali Limited (TPKL), the company said in a statement. TPKL is a 100 per cent subsidiary [...]

Honda Cars India (HCIL) on Friday said it has tied up with Indian Bank to provide vehicle finance for its customers. The partnership will offer easy loan disbursement, reasonable interest rates, special offers, flexible policies and simplified process, the company said in a statement. The customers can avail financing benefits across over 5,700 branches of [...]

Realty firm Mahindra Lifespace Developers Ltd has completed the acquisition of a 9.24-acre land parcel in Mumbai from Mahindra & Mahindra Ltd for Rs 365 crore. In February this year, Mahindra Lifespace had announced that it would purchase the land in Kandivali, Mumbai from Mahindra & Mahindra Ltd for the development of a housing project. [...]

Wipro Gallagher Solutions, a wholly-owned subsidiary of Wipro Ltd, has sold its shareholding in Wipro Opus Risk Solutions, according to a filing by the company. With this transaction, Wipro Gallagher has divested only the non-core mortgage due diligence business, while retaining the core mortgage business with itself through other subsidiaries. "Wipro Gallagher Solutions Inc., a [...]

Debt-ridden Future Enterprises Ltd (FEL) on Thursday said it has defaulted on interest payment of Rs 86.18 lakh for its non-convertible debentures. The due date for payment was December 21, 2022, it said in a regulatory filing. "The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures... due on [...]

New India Assurance on Thursday said it has launched a product to offer insurance cover to drones, becoming the first public sector player to enter the segment. The unmanned aircraft system (UAS/UAV/RPAS/drone) insurance will cover large aircraft to solo flying gliders. Coverage will be offered to drone owners, operators and manufacturers, the company said in [...]

RIL's arm Reliance Strategic Business Ventures has acquired 23.3 per cent stake in US-based Exyn Technologies Inc for USD 25 million (about Rs 207 crore). Exyn is one of the leading autonomy technology companies, which enable drones and robots to navigate difficult terrains without GPS or other navigation technologies. "Reliance Strategic Business Ventures Limited (RSBVL), [...]

Telecom operator Bharti Airtel and Apollo Hospitals have carried out India's first 5G driven, artificial intelligence guided trial to detect colon cancer, the telecom firm said on Thursday. The trial was conducted using AI on Airtel's 5G technology with ultra-low latency and high processing capabilities, as a result of which the colon cancer was detected [...]

Godrej Properties is expecting around Rs 3,000 crore sales revenue from development of a new housing project in Gurugram. In a regulatory filing, the company said it has "entered into an agreement for development of 14.27 acres of land in Gurugram, Haryana." The development will comprise predominantly premium residential apartments. The proposed development on 14.27-acre [...]

Zydus Lifesciences Ltd on Thursday said its subsidiary Zydus Worldwide DMCC has received final approval from the US health regulator to market its generic version of Selexipag tablets with 180 days of shared exclusivity. The approval granted by the US Food and Drug Administration (USFDA) is to market Selexipag tablets of strengths 200 mcg, 400 [...]

SBI Funds Management Ltd on Thursday said it has appointed Shamsher Singh as managing director and chief executive officer of the company. Singh, who was deputy managing director at State Bank of India (SBI), has taken over the charge from Vinay M Tonse following his repatriation to the public sector lender, the asset management company [...]

NTPC Ltd on Thursday said it has inked an agreement with GE Power India Limited to reduce carbon emission from its coal-fired units. This agreement aims at partnering on research, development and engineering of technologies that will enable NTPC to reduce the amount of coal fired at units and gradually replace it by co-firing of [...]

State-owned Bank of Maharashtra (BoM) on Thursday said it has raised Rs 880 crore through Basel III-compliant Additional Tier 1 (AT1) bonds. The issue, including green shoe option of Rs 680 crore, was subscribed more than four times against base size of Rs 200 crore, the bank said in a statement. The fund raised through [...]