Latest News on Corporate Actions

Air India Express CEO Aloke Singh will be the chief of Air India's low-cost airline business from January 1 next year, according to an internal communication. The Low Cost Carrier (LCC) business will comprise AirAsia India and Air India Express. "The two constituent airlines will continue to have the full complement of regulatory post-holders until [...]

Schneider Electric on Thursday said it plans to invest Rs 425 crore to develop a new smart factory in Bengaluru. "The new smart facility will consolidate 6 out of 10 existing factories of the company in Bengaluru, under one roof," Schneider Electric said in a statement. Under the plan, the new factory will be expanded [...]

Business Wire India TATA Projects Limited, one of India's fastest growing and most admired infrastructure companies yesterday inked a Memorandum of Understanding (MoU) with the Council of Scientific and Industrial Research – Indian Institute of Petroleum (CSIR – IIP) to collaborate and work together towards ensuring clean energy solutions. As part of this endeavor, clean [...]

With state-owned CIL not buying out of any coal blocks abroad at present, a Parliamentary panel on Thursday said the PSU can still pursue overseas acquisition of mines after detailed study and analysis of the blocks, especially low ash coking coal. The committee is of the view that this will not only reduce import of [...]

Indian Oil Corporation (IOC), the nation's largest oil firm, has selected Reliance Jio's managed network services to connect a fifth of its petrol pump network. Jio will connect 7,200 IOC sites with SD-WAN managed service solution, zero-touch provisioning and 24x7 real-time monitoring, the firm said in a statement Thursday. "Jio wins IOC order for providing [...]

Maruti Suzuki India Ltd on Thursday said it has signed a five-year pact with Kamarajar Port Ltd for export of its passenger vehicles to international markets. Under the agreement starting December 2022, Kamarajar Port will be used for exports to Africa, Middle East, Latin America, ASEAN, Oceania and SAARC regions by the company, Maruti Suzuki [...]

Reliance Projects and Property Management Services, a subsidiary of telecom major Jio, has deposited Rs 3,720 crore in an SBI escrow account to acquire mobile tower and fibre assets of Reliance Infratel. The National Company Law Tribunal (NCLT) gave approval to Jio for the acquisition of Reliance Infratel (RITL) in November. "Reliance Infratel transaction is [...]

Adani Solar on Wednesday said it has begun manufacturing of large sized monocrystalline silicon ingots in India. The monocrystalline ingots will drive indigenisation to produce renewable electricity from silicon-based PV (photovoltaic) modules with efficiencies ranging from 21 per cent to 24 per cent, the company said in a statement. "We are delighted to become India's [...]

Kalpataru Power Transmission Ltd (KPTL) on Wednesday said the National Company Law Tribunal has approved the merger of JMC Projects (India) Ltd with the firm, making it one of the country's largest listed engineering and construction companies. The combined entity will have a significant presence in India and projects in 67 countries, with offerings in [...]

Max Ventures Investment Holdings, a promoter of financial services firm Max Financial Services, on Wednesday offloaded 58.85 lakh shares in the company for Rs 400 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), Max Ventures Investment Holdings sold 58,85,000 shares (1.7 per cent) of [...]

Reliance Industries Ltd will acquire German firm Metro AG's wholesale operations in India for Rs 2,850 crore as the conglomerate run by billionaire Mukesh Ambani seeks to strengthen its dominant position in India's mammoth retail sector. "Reliance Retail Ventures Limited (RRVL), a subsidiary of Reliance Industries Ltd, today signed definitive agreements to acquire a 100 [...]

The Competition Commission of India (CCI) on Wednesday said it has approved the purchase of a minority stake in UPL Sustainable Agri Solutions (UPL SAS) by TPG and Abu Dhabi Investment Authority (ADIA). The deal has been cleared under the green channel route. Under this framework, a transaction which does not raise any risk of [...]

Pharmaceuticals firm Lupin Ltd on Wednesday said it has received an approval from the US health regulator for the generic version of Brivaracetam tablets used for control of partial onset seizures. The approval by the US Food and Drug Administration (USFDA) is for Brivaracetam tablets of strengths 10 mg, 25 mg, 50 mg, 75 mg, [...]

Infrastructure investment trust India Grid Trust and G R Infraprojects have joined hands to bid for identified power transmission projects worth Rs 5,000 crore. "India Grid Trust (IndiGrid), India's first listed power sector infrastructure investment trust (InvIT) and G R Infraprojects Ltd (GRIL), one of India's leading players in Infrastructure sector, have announced a strategic [...]

Telecom operator Bharti Airtel on Wednesday announced the launch of high-speed 5G services in Ahmedabad and Gandhinagar. The company also announced the roll out of 5G services in Imphal. In a statement anouncing that 5G services have gone live in Ahmedabad and Gandhinagar, the company said that the services are currently operational at SG Highway, [...]

The IIFL Group's early-stage investment vehicle, IIFL Fintech Fund, has invested USD 2 million (around Rs 16.5 crore) in insurance technology startup Insurance Samadhan for a 16 per cent stake, valuing the platform at around USD 13 million (around Rs 107 crore). The startup also received another USD 1 million from other investors in the [...]

With more than 600 listings on BSE & NSE SME exchanges and the notable success of many SME IPO, investors have started showing interest in this new category of SME IPOs. A wave of fresh air comes for the realty sector with a young property technology firm, Homesfy Realty opening its IPO for subscription on [...]

Jammu and Kashmir Bank on Tuesday signed a memorandum of understanding with the Administration of Ladakh union territory, conferring preferential status to each other. According to the MoU, the Ladakh UT Administration would nominate J&K Bank as ‘preferred banker’ for all its banking-related services, while as, J&K Bank would give the ‘most favoured client’ status [...]

Debt-ridden Future Enterprises Ltd (FEL) on Tuesday said it has defaulted on interest payment of Rs 6.07 crore for non-convertible debentures. The due date for payment was December 19, 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 December [...]

The government has approved Rs 357.17 crore for Apple's vendor Foxconn India and Rs 58.29 crore for Dixon Technologies subsidiary Padget Electronics under the Production-Linked Incentive scheme for mobile phones. This is the first time the government has cleared an incentive of a global company engaged in electronics manufacturing in the country. "Foxconn Hon Hai [...]

Shyam Metalics and Energy Ltd on Tuesday said it has forayed into the stainless steel business by acquiring Mittal Corp Ltd in an NCLT-led resolution process. The company will invest about Rs 7,500 crore over the next 4-5 years to scale up its metal business, Shyam Metalics vice-chairman and managing director Brij Bhusan Agarwal said. [...]

The Competition Commission of India (CCI) on Tuesday said it has approved Woodhall Holdings Ltd's acquisition of a minority stake in UPL Sustainable Agri Solutions Ltd (UPL SAS). The deal has been cleared under the green channel route. Under this framework, transaction which does not raise any risk of an appreciable adverse effect on competition [...]

MSME-focused shadow lender Trucap Finance has announced two deals -- buying out the retail MSME book of the Jalandhar-based EZ Capital in a share swap deal and a Rs 105 crore funding in a mix of equity and debt from the Mauritius-based fund Zeal Global. The city-based NBFC has a loan book of around Rs [...]

Building material manufacturer Visaka Industries Ltd on Tuesday said its Rs 130-crore plant that is being built in West Bengal will be operational by August 2023. The project will raise the total capacity of environment-friendly boards and panels to 3.5 lakh tonne, a company official said. This will be Visaka’s fifth cement fibre board plant [...]

Logistics firm Delhivery on Tuesday announced that it will acquire Pune-based supply chain solutions provider Algorhythm Tech to strengthen its offerings in this space.  Post completion of the transaction, which is expected to be completed by next month, Algorhythm Tech will operate as a wholly-owned subsidiary of the company, Delhivery Ltd said, without disclosing the [...]

Construction firm Capacit'e Infraprojects Ltd on Tuesday said it has bagged an order worth Rs 117.20 crore from DLF Ltd for the construction of a mall in Goa. The contract amount of Rs 117.20 crore excludes GST and labour cess. "Capacit'e Infraprojects Ltd has been a preferred construction company for leading corporates in India. In [...]

Salasar Techno Engineering Limited (STEL) on Tuesday said it has bagged orders of about Rs 750 crore from Pashchimanchal Vidyut Vitran Nigam Limited (PVVNL). The work orders are for the development of distribution infrastructure for loss reduction in Bulandshahar, Hapur, Baghpat and Meerut districts of Uttar Pradesh under Revamped Reforms based and Result Linked Distribution [...]

New Delhi, Dec 20 (PTI) Oracle and Tata Motors on Tuesday announced the migration of the automotive company's entire Dealer Management System to Oracle Cloud Infrastructure (OCI). The move is expected to bolster the operational efficiencies of Tata Motors, with deeper business insights, greater security, increased flexibility, and cost optimisation, according to a statement. "With [...]

Motilal Oswal Asset Management Ltd on Tuesday announced that it will withdraw temporary suspension of subscriptions in five of its international funds from January 1, 2023. The asset management company (AMC) will now be accepting fresh subscriptions in these schemes via Lump-sum and Systematic Investment Options without any restrictions, according to a statement. The five [...]

Homegrown Axiscades Technologies on Tuesday said it has received a repeat work order to provide engineering services for product design for all aircraft programmes of global aerospace leader Airbus. In a statement, Axiscades said it has "bagged repeat work order to provide engineering services for product design and development and plant engineering for all Airbus [...]

Solar tracker provider Nextracker on Tuesday said it has inked a pact with Amara Raja Power Systems Selects to supply solar trackers for state-owned power giant NTPC's 306 MWp Nokh project. "Nextracker, the leading global provider of intelligent solar tracker and software solutions announced the signing of a master supply agreement (MSA) with Amara Raja [...]

Mortgage leader HDFC on Monday announced a 35 basis points increase in its retail prime lending rate and now the minimum rate will be 8.65 per cent. The revised rates would be effective from Tuesday. The retail prime lending rate on housing loans, on which the adjustable rate home loans are benchmarked, has been increased [...]

PTC India on Monday said it has entered into an agreement with Bhutan's electricity utility firm Druk Green Power Corporation Limited to supply 600 MW power to the neighbouring country during the winter season. "Bhutan, through Druk Green Power Corporation Limited, has entered into an agreement with PTC India Ltd, for purchase of power from [...]

Cadila Pharmaceuticals on Monday said it has appointed Ashraf Allam as its global Chief Operating Officer (COO). Allam, who served as the CEO at the Public Investment Fund prior to joining Cadila Pharmaceuticals, will report to Group Chairman and Managing Director Rajiv Modi, the company said in a statement. Previously he has worked with multinationals [...]

Dhanuka Agritech Ltd on Monday said its buyback offer for shares worth Rs 85 crore will open on December 26. The buyback will close on January 6, 2023, the company said in a regulatory filing. The company has proposed to buy back 10 lakh shares of face value of Rs 2 each at Rs 850 [...]

Google, the world's most popular search engine, is working on making text and voice internet search available in over 100 Indian langugages, its India-born CEO Sundar Pichai said on Monday. Pichai, who is visiting India, said the pace of technological change in the country has been extraordinary and Google is supporting small businesses and startups, [...]

Express logistics firm DTDC Express on Monday said it has signed a non-binding initial pact with UAE-based Aramex India to leverage synergies and enhance collaboration across multiple avenues. The move aims at offering reliable and service responsive international solutions to India-based Business-to-Business (B2B) and Business to Consumer (B2C) customers, DTDC said in a statement. "We [...]

Italian superbike maker Ducati on Monday said it will hike the prices of its entire range of motorcycles in India from January 1. The company, however, did not disclose the quantum of the hike. Ducati India announces an increase in price on its entire motorcycle range to be effective on ex-showroom price from January 1, [...]

Yes Bank has concluded assignment of the Rs 48,000-crore stressed asset loan portfolio of the bank to JC Flowers Asset Reconstruction company. The bank had earlier declared JC Flowers Asset Reconstruction Private Limited (JC Flowers ARC) as the winner of the Swiss Challenge process for sale of its identified portfolio of stressed assets. "The bank [...]

IT company Tech Mahindra will sell its entire stake in its the Netherlands-based subsidiary Dynacommerce Holdings BV to its step-down subsidiary Comviva Netherlands for about Rs 58 crore, the company said in a regulatory filing. The agreement for the deal is expected to be signed during the first week of January 2023 and the transaction [...]

The promoter of engineering firm GMM Pfaudler on Friday divested 17.3 per cent stake in the company for Rs 1,324 crore through open market transactions. Pfaudler Inc offloaded a total of 77,85,819 shares on both BSE and NSE, amounting to 17.32 per cent stake in the company, as per bulk deal data available with the [...]

Patel Engineering on Friday said its board has approved raising funds worth up to Rs 350 crore through a rights issue. The go-ahead was given during a meeting of the company's board held on Friday. "The board of directors of the company....approved the raising of funds, through issuance and allotment of equity shares having face [...]

Kravis Investment Partners II LLC on Thursday offloaded shares of e-commerce beauty company Nykaa for a little over Rs 629 crore through open market transactions. As many as 3.67 crore shares of FSN E-Commerce Ventures, which runs Nykaa, were sold by Kravis Investment Partners II LLC in five tranches at a price of Rs 171 [...]

Poonawalla Fincorp, the non-banking arm of the vaccine major Cyrus Poonawalla Group, on Wednesday announced sale of its housing subsidiary Poonawalla Housing Finance to private equity major TPG for Rs 3,900 crore. The transaction, subject to regulatory approvals, is being carried out by TPG global arm Perseus SG, the statement said, adding the deal will [...]

General Atlantic Singapore Fund PTE sold a stake in IIFL Wealth Management. However, its shares were in the green. They were trading at ₹ 1826.65 apiece at 11:47 AM on Wednesday.  According to the bulk deals data available on the National Stock Exchange (NSE), General Atlantic Singapore Fund PTE sold 31,15,981 shares of the company [...]

Mahindra & Mahindra Ltd on Wednesday said it will invest Rs 10,000 crore in the next 7-8 years in the manufacturing and development of electric vehicles at Pune, Maharashtra. The investment of Rs 10,000 crore for electric vehicles has been approved under the Maharashtra government's industrial promotion scheme for electric vehicles, M&M said in a [...]

Proxy advisory firm IiAS has said that One97 Communications share buyback plan is essentially a return of equity capital to its shareholders as the company has been reporting cash losses every year, while the digital financial services firm said that it remains focussed on building long-term value for stakeholders. Institutional Investor Advisory Services (IiAS) on [...]

Shareholders of Kirloskar Brothers Ltd have rejected a resolution for forensic audit of the affairs of the company by an external agency, according to a regulatory filing on Monday. On December 8, an extraordinary general meeting of the company's shareholders was convened following requisition by Kirloskar Industries Ltd (KIL) along with Atul Kirloskar and Rahul [...]

Oil and Natural Gas Corporation Ltd proposes to drill 53 exploratory wells in Andhra Pradesh- 50 in Godavari on-Land PML (Petroleum Mining Lease) Block of KG Basin and three in CD-ONHP-2020/1 (OALP-Vi) Block Of Cuddapah basin with an investment outlay of Rs 2,150 crore. Andhra Pradesh State-Level Environment Impact Assessment Authority (SEIAA) in a meeting [...]

Adani Green Energy Ltd on Thursday said it has raised 27,954 million Japanese Yen (around Rs 1,630 crore) through its subsidiary Adani Solar Energy AP Six to refinance its existing indebtedness. The project loan facility is supported by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation, a company statement said. “This is an [...]

The Committee of Creditors (CoC) of debt-ridden Reliance Capital is not in the favour of all binding bids that it received from the bidders, sources said on Wednesday. According to the sources, the lenders are of the opinion that the bid value offered by the bidders is too low. The CoC is likely to ask [...]

Wind energy solutions provider Inox Wind on Tuesday said the company and its arm Inox Green Energy Services have paid debts of ₹ 411 crores. The Inox GFL group has initiated strategic action to deleverage its Wind business.  Inox Wind has paid ₹ 161 crores, while Inox Green has paid ₹ 250 crores towards reducing [...]

A Kotak Mahindra Bank arm on Tuesday announced that it has invested Rs 550 crore in Sanghi Industries Group by subscribing to non-convertible debentures of the cement-making company and its promoter grouping. Kotak Special Situations Fund's infusion will correct Sanghi Industries' capital structure, help the company's liquidity profile, and enhance its operations, according to a [...]

Gland Pharma on Tuesday said it has entered into a put option agreement to acquire Europe-based Cenexi Group for up to EUR 120 million (around Rs 1,015 crore), marking its foray into the international markets. The company's wholly-owned Singapore-based unit Gland Pharma International PTE has entered into a 'Put Option Agreement' to acquire 100 per [...]

The race for acquisition of Reliance Capital's 51 per cent stake in Reliance Nippon Life Insurance Co (RNLIC) is intensifying, with the top brass of the Japanese partner in the joint venture likely to visit India this week to flag its concerns with the ongoing resolution process under insolvency laws, sources said. Japan's Nippon Life, [...]

Betting big on the emerging opportunity amid growing power consumption in the periphery of Mumbai, Adani Group aims to invest Rs 5,700 crore over five years for expanding its electricity distribution in the metropolitan region. The group will build the entire power network ground-up to compete with state-owned Maharashtra Electricity Distribution Company (MSEDCL) in the [...]

Lubes maker Castrol India Limited (CIL) on Friday said it will acquire a 7.09 per cent stake in TVS Automobile Solutions' digital subsidiary Ki Mobility Solutions with a planned investment of Rs 487.5 crore in an all-cash deal. With this strategic investment, CIL aims to expand its presence in service and maintenance for both internal [...]

The in-patient psychiatric facility Sukoon Healthcare has secured USD 15 million (about Rs 120 crore) investment from Lightrock India for a majority stake in the hospital. The Gurugram-based hospital in a statement on Wednesday claimed that the investment is the largest in the domestic mental health space so far and will help it create a [...]

The National Company Law Tribunal (NCLT) on Monday gave its approval to Jio for the acquisition of Reliance Infratel (RITL). The tribunal asked Jio to deposit Rs 3,720 crore in the State Bank of India (SBI) escrow account to complete the acquisition of RCOM's tower and fibre assets. On November 6, Jio had proposed to [...]

Power utility CESC on Tuesday said its board has approved a proposal to raise Rs 300 crore through issuance of non-convertible debentures (NCDs). "Committee of the Board at its meeting held today... approved the issue of 3,000 secured, unlisted, redeemable, rated NCDs having a face value of Rs 10 lakh each for cash at par [...]

Amazon India and TVS Motor Company have joined hands to strengthen electric mobility in the country, the companies said in a joint statement on Wednesday. As part of the collaboration, a fleet of electric two-wheelers and three-wheelers from TVS Motor will be deployed for Amazon's last-mile deliveries. In addition, the two companies will work in [...]

Reliance Industries is set to acquire German retailer METRO AG's Cash & Carry business in India in a deal estimated at around 500 million euros (Rs 4,060 crore), industry sources said. The deal includes 31 wholesale distribution centres, land banks and other assets owned by METRO Cash & Carry here, they said. This is going [...]

Malaysia's AirAsia on Wednesday said it has entered into a pact with Air India to sell its remaining stake in budget carrier AirAsia India. Tata group and the Malaysian entity-owned AirAsia India started flying in June 2014. In a statement, AirAsia Aviation Group Ltd said it has entered into a share purchase agreement to sell [...]

Tata Group firm Tejas Networks will invest over Rs 750 crore under design-led Production Linked Incentive (PLI) scheme for manufacturing of telecom and networking products, the company said on Tuesday. Tejas Networks is one of the 42 companies selected for the scheme. "In its application, the company has committed to make a minimum cumulative capital [...]

Infosys will seek shareholders' nod for its proposed Rs 9,300 crore share buyback between November 3 to December 2 through postal ballot, the company said in a regulatory filing. The Infosys board on October 13 had announced a share buyback of Rs 9,300 crore via the open market route, for a price not exceeding Rs [...]

Shareholding by Life Insurance Corporation (LIC) in Tata Motors Ltd has crossed 5 per cent as the insurer stepped up shareholding over the past ten months, investing Rs 11.39 crore in the auto company. LIC said its shareholding in Tata Motors Ltd has increased from 16,59,48,741 to 16,61,98,741 equity shares increasing its shareholding from 4.997 [...]

Byju's founder and chief executive Byju Raveendran has apologised to the firm's employees for the clumsy layoffs in India's largest education technology company, saying 2,500 job cuts were necessitated to avoid role duplication and reduce redundancies. In a message to employees, Raveendran said Byju's has been compelled to focus on sustainability and capital-efficient growth because [...]

Debt-ridden Future Enterprises has defaulted on a principal amount of Rs 126.13 crore in September, which includes payment obligation of Rs 98.35 crore for NCDs and Rs 27.78 crore to banks, under a one-time restructuring (OTR) scheme. Future Enterprises Ltd (FEL) had entered into the OTR scheme for COVID-hit companies with its consortium of banks [...]

Beer maker United Breweries Ltd, controlled by Dutch multinational brewing company Heineken, plans to infuse around Rs 350 crore as capital expenditure in 2023 to meet the expected volume growth in the country, according to a top company official. The company has "good capex plans" in place for its breweries to meet anticipated volume growth [...]

Media groups Sony and Zee have voluntarily agreed to sell three Hindi channels -- Big Magic, Zee Action and Zee Classic -- to address possible anti-competition concerns arising out of their proposed mega-merger deal. They submitted their proposal to the Competition Commission of India (CCI), which cleared the deal, subject to certain modifications on October [...]

Asian Paints on Thursday announced Rs 2,100 crore of phased investment to set up a new plant to produce vinyl acetate ethylene emulsion (VAE) and vinyl acetate monomer (VAM) in the country. The company also announced another Rs 550 crore of investment to set up a white cement plant in the UAE in partnership with [...]

State-owned insurance behemoth LIC is expected to recover its Rs 21,624 crore investment it had made in IDBI Bank as share prices are likely to rebound to 2019 levels by the time the lender is privatised, an official said. The official said that since the commencement of the IDBI Bank privatisation process in May last [...]

Adani Group, which missed the date for the launch of an open offer to buy an additional 26 per cent stake in NDTV, on Wednesday said it is committed to completing the process and has asked SEBI to provide comments on its draft open offer letter. The conglomerate, run by India's richest man Gautam Adani, [...]

Edelweiss Financial Services Ltd (EFSL) on Wednesday said it has raised Rs 415 crore by issuing secured redeemable non-convertible debentures (NCDs) to fund business growth. The Tranche II issue has seen significant demand in the retail segment with a total collection of Rs 4,155.27 million, EFSL said in a statement. The issue has seen interest [...]

Investment firm Invesco and OFI Global China along with other entities sold 5.51 per cent in Zee Entertainment Ltd (ZEEL) for more than Rs 1,396 crore through open transactions. A total of 5,29,35,068 shares of the company were offloaded at a price of Rs 263.7 apiece, according to block deal data available with the National [...]

Air India chief Campbell Wilson on Tuesday said the airline aims to have 30 per cent share in both domestic and international markets in the next five years. Currently, the loss-making carrier, which was taken over by Tata group in January, has put in place the revival plan 'Vihaan.AI'. Air India aims to have 30 [...]

Ambuja Cements Ltd on Tuesday said it has issued 47.74 crore warrants to Adani family firm Harmonia Trade and Investment and raised Rs 5,000 crore. Ambuja Cement, now a part of Adani Cement, has issued 47.74 crore warrants at a price band of Rs 418.87, said a regulatory filing by the company. As per the [...]

Air India is in discussions with aircraft manufacturers for acquiring planes as the Tata group-owned airline plans to expand its fleet by three times compared to the current size, a senior executive said on Friday. Air India Chief Financial Officer Vinod Hejmadi also said the airline is currently in the "taxiing phase" and it will [...]

India's second-largest IT services company Infosys on Thursday announced a share buyback of Rs 9,300 crore via open market route, for a price not exceeding Rs 1,850 per equity share. The board has also declared an interim dividend of Rs 16.50 per share, an increase of 10 per cent over FY22 interim dividend. The total [...]

US-based hedge fund Route One Fund I LP on Tuesday divested a 1.54 per cent stake in IndusInd Bank for Rs 1,401 crore through an open market transaction. Route One Fund I LP offloaded 1,20,00,000 shares, amounting to a 1.54 per cent stake in the company, as per the data available with the National Stock [...]

Richest Asian Gautam Adani on Friday announced a Rs 65,000 crore investment in Rajasthan over the next 5 to 7 years in setting up a mega 10,000 MW solar power capacity, expanding cement plant and upgrading Jaipur airport. The investment by ports-to-energy conglomerate that Adani heads also spans city gas infrastructure for retailing CNG to [...]

Tulsi Tanti, the founder chairman and managing director of Suzlon Energy and a renowned expert on renewable energy, died due to cardiac arrest on Saturday evening. Tanti, 64, who was also the chairman of the Indian Wind Turbine Manufacturers Association, was on his way to Pune from Ahmedabad when he suffered a cardiac arrest, a [...]

Adani Enterprises Ltd on Thursday said it's three wholly-owned subsidiaries have achieved financial closure for the access-controlled six-lane greenfield Ganga Expressway Project in Uttar Pradesh under public-private partnership mode. The company in a statement said it has secured finances of Rs 10,238 crore from lenders, and the concession period of the project shall be 30 [...]

Ambuja Cements, now controlled by billionaire Gautam Adani-led Adani Group, on Wednesday said it has pledged 50.5 per cent shareholding in its subsidiary ACC Ltd as "collateral for loans taken by the company". The company pledged its total 9.39 crore shares of ACC Ltd on September 26, 2022, said a regulatory filing by Ambuja Cements. [...]

Suzlon Energy on Wednesday announced opening of its Rs 1,200 crore rights issue on October 11, 2022. "Suzlon Energy Ltd announces the opening of its Rs 1,200 crore rights issue on October 11, 2022," a company statement said. According to the statement, the company will issue up to 2,40 crore partly paid-up equity shares for [...]

Film exhibition company PVR Cinemas will invest up to Rs 350 crore to open 100 new screens in FY23, a top official has said. It also expects its mega-merger with Inox Leisure to close by February 2023, after which it will start to run as a combined business, PVR's chief executive Gautam Dutta told PTI [...]

Torrent Pharmaceuticals on Tuesday said it will acquire Curatio Healthcare for Rs 2,000 crore to strengthen its presence in the dermatology segment. The company has entered into definitive agreements to acquire 100 per cent of Curatio Healthcare for Rs 2,000 crore, Torrent Pharmaceuticals said in a regulatory filing. "The consideration includes Rs 115 crore (on [...]

Dubai-based Mark AB Capital LLC has picked up 26.48 per cent stake in city-based SEPC (formerly Shriram EPC Ltd) through an equity investment of Rs 350 crore, sources said on Tuesday. The move was part of the SEPC Ltd's restructuring exercise under the stressed asset provisions of the Reserve Bank of India. Mark AB Capital [...]

Even as MCX decided not to renew its software contract with 63 Moons after September 30, the commodity bourse expects glitch-free trading till its transition to a new trading platform from TCS over the next three-four months. Meanwhile, 63 Moons Technologies, the trading platform vendor to the exchange, in exchange filings on Monday said, MCX [...]

Reliance Industries Ltd on Friday said it has acquired a 20 per cent stake in California-based solar tech firm Caelux for USD 12 million as it strengthens its new energy manufacturing capabilities. Reliance New Energy Ltd, a wholly-owned subsidiary of the firm, signed definitive agreements to invest in Caelux Corporation, a Pasadena, California-headquartered company engaged [...]

Tata Steel will merge with itself six of its subsidiary companies, a statement said on Friday. A proposal in this regard was approved by the Board of the company on Thursday, it said. "The Board of Directors of Tata Steel considered and approved schemes for the proposed amalgamation of six subsidiaries into and with Tata [...]

Sugar firm Triveni Engineering & Industries Ltd on Wednesday said the company has sold its entire 21.85 per cent stake in Triveni Turbines for about Rs 1,600 crore. The shares have been sold to Rati Sawhney, one of the promoter of Triveni Turbine, and a few institutional investors, including sovereign wealth funds of Singapore and [...]

The Adani Group has pledged its entire stake worth USD 13 billion in Ambuja Cements and ACC, days after completing its USD 6.5 billion acquisition of the two companies. According to regulatory updates on Tuesday, billionaire Gautam Adani-led group has encumbered its 63.15 per cent stake in Ambuja Cements and 56.7 per cent stake in [...]

Yes Bank on Tuesday said its board has approved the sale of stressed assets worth around Rs 48,000 crore to JC Flowers ARC, which has turned out to be the sole bidder for the portfolio. The US-based asset reconstruction company (ARC) had in July this year emerged as the base bidder for the proposed sale [...]

McLeod Russel Limited’s (MRIL) shares are nearing their 52-week high as they hit two straight upper circuits, triggered by a bulk deal. The shares are locked at ₹ 34.25 apiece on the National Stock Exchange (NSE) on Monday. The stock reached its 52-week high of ₹ 35.45 on September 30 last year.  Carbon Resources (P) [...]

Vedanta and Foxconn have hired experts who are evaluating possible locations for their upcoming semiconductor plant in Gujarat and a site may be finalised in the next couple of weeks, Gujarat Science and Technology Department Secretary Vijay Nehra said. So far, the joint venture company has not finalised the location as they are evaluating various [...]