Latest News on Corporate Actions

Mortgage lender HDFC Ltd on Tuesday said it has partnered with software firm Salesforce to support the company's growth priorities. HDFC wanted to build the next generation of integration backbone, to easily connect backend and frontend systems including Salesforce, the mortgage firm said in a statement. Mulesoft with its innovative API-led integration approach and low [...]

Edelweiss Broking on Tuesday said it will raise up to Rs 300 crore through the public issuance of non-convertible debentures to support working capital requirements. The issue will open on July 5 and close on July 26 with an option of early closure, the company said in a statement. The public issue of secured redeemable [...]

Britannia Industries' shareholders have voted against a resolution to authorise the board to make investments, give loans and provide guarantees of up to Rs 5,000 crore in the AGM concluded last week. The special resolution for approval to increase limits for making investments, loans, Special guarantees and security was "not Passed with requisite majority," said [...]

Gold loan-focussed Non-Banking Financial Company (NBFC) Muthoot Finance on Monday said it has received an approval from Reserve Bank of India (RBI) to open additional 150 branches across the country. The non-bank lender plans to open these branches across southern and northern parts of the country, a release said. "As the economy gradually recovers, the [...]

Edtech firm Byju's said on Monday that it has completed payment that was due for the acquisition of Aakash Educational Service and received majority of USD 800 million fund which it announced in March. The company is estimated to have acquired Aakash Educational Services Limited for around USD 950 million. "Our fundraising efforts are on [...]

Tata Power on Monday announced that it has inked a pact with the Tamil Nadu government to invest Rs 3,000 crore for setting up a new facility to manufacture solar cells and modules in Tirunelveli district of the state. "Tata Power, one of India's largest integrated power companies, has signed a Memorandum of Understanding (MoU) [...]

Bajaj Auto on Monday said it has commenced its Rs 2,500 share buyback programme. In a regulatory filing, the Pune-based company said the buyback initiative has begun with effect from July 4. The company's board, at its meeting held on June 27, had approved the proposal for buyback of the fully paid-up equity shares of [...]

Debt-ridden Future Enterprises Ltd (FEL) has announced another default, this time on payment of interest of Rs 6.15 crore for its non-convertible debentures. The due date for payment was June 29, 2022, FEL said in a regulatory filing on Thursday. "The Company is unable to service its obligations in respect of the interest on Non-Convertible [...]

State-owned Indian Oil Corporation (IOC) will invest over Rs 740 crore to raise the capacity of the nation's oldest oil refinery at Digboi in Assam. In a stock exchange filing, IOC said its board has approved raising of Digboi refinery capacity from 0.65 million tonnes per annum to 1 million tonnes along with associated facilities [...]

Edtech major Byju's group firm Toppr has laid off 1,100 staff or about 36 per cent of its workforce from the company earlier this week, according to some of the employees who have been hit by the decision. Toppr's sacked employees said that they got a call from the company on Monday and were asked [...]

Karnataka Bank has raised the interest rates on deposits of below Rs 2 crore to up to 5.50 per cent per annum to be effective from next month. The bank said it has increased the deposit rates by 10 basis points (0.10 per cent) for 1-2 years of deposits as well for above 2-5 years [...]

As the competition heats up between banks and the new-age fintech firms, large banks with healthy operational perfomances and strong balance sheet will continue to grow faster than the industry, Axis Bank MD&CEO Amitabh Chaudhry said in the annual report 2021-22 released on Wednesday. With a number of transformation driven initiatives like One Axis and [...]

Tata Technologies Ltd on Wednesday said it has joined the Foxconn-initiated MIH Consortium to promote development of sustainable mobility solutions and encourage collaboration within the industry. The MIH (Mobility In Harmony Consortium) comprises more than 2,300 members in the field of software, hardware, and services. The goal of this open electric vehicle alliance is to [...]

Moody's Investors Service has changed Tata Steel's outlook to positive from stable. The outlook change to positive shows the domestic steel giant's track record of delivering a solid operating performance while maintaining conservative financial policies and the likelihood that upward rating pressure will build over the next 12 months if the recent performance and credit [...]

Capital markets regulator Sebi has imposed a penalty of Rs 1 lakh on Bharti Infratel, now known as Indus Towers, for flouting rules pertaining to employee stock option schemes. In its order, Sebi found that Bharti Infratel violated the provisions of the SBEB (Share Based Employee Benefits) by not appropriating the excess 5,32,862 shares of the [...]

The National Anti-profiteering Authority (NAA) has found Indiabulls Real Estate guilty of not passing on over Rs 6.46 crore input tax credit benefits to homebuyers by commensurate reduction in prices post rollout of GST. Based on a case filed by a homebuyer that Indiabulls Real Estate has not passed on ITC benefits in project Sierra-Vizag, [...]

ICICI Lombard General Insurance Company on Monday said it will settle the MSME clients' admissible claims of up to Rs 5 lakh within 10 days of completing the claims survey. This marks the International MSME Day observed on June 27 to recognize the contribution of these industries. The claims settlement process is a first-of-its-kind service [...]

New Proptech startup PropShare has raised USD 47 million (around Rs 367 crore) from investors including WestBridge Capital to ramp up hiring, strengthen technology and offer more asset classes for investments on its platform. Bengaluru-based PropShare, which was founded in 2016, is a technology-driven real estate investment platform that enables investors to purchase commercial real [...]

State-owned Hindustan Copper Ltd's board will meet next week to consider a proposal to raise up to Rs 500 crore by issuing debentures. "A meeting of the board of directors of Hindustan Copper Ltd (HCL) will be held on 30th June 2022 to inter alia, consider and recommend resolutions seeking approval of the shareholders of [...]

IT services firm Infosys gave capital return of over Rs 24,100 crore (about USD 3.1 billion) in 2021-22 with a total dividend of Rs 31 per share along with share buyback of over Rs 11,000 crore, company's co-founder and chairman Nandan Nilekani said on Saturday. While speaking at the 41st Annual General Meeting (AGM) of [...]

Dish TV Managing Director Jawahar Goel has stepped down from the post after the shareholders of the DTH operator rejected the proposal to reappoint him. "The proposal for reappointment of Jawahar Lal Goel as Managing Director of the Company has not received requisite majority at the EGM held on June 24, 2022," said Dish TV in [...]

Axis Bank on Friday said the Reserve Bank has approved the reappointment of Rajiv Anand as the Deputy MD for a period of three years until August 2025. In January this year, the private sector lender had re-appointed Anand as the Deputy Managing Director for a further period of three years, from August 4, 2022, [...]

Dr Reddy’s Laboratories Ltd on Friday announced that it has acquired a portfolio of branded and generic injectable products from USA-based Eton Pharmaceuticals, Inc for USD 50 million. A press release from the Indian drug maker said, the portfolio includes the Biorphen (phenylephrine hydrocholoride) injection and Rezipres (ephedrine hydrochloride) injection NDAs (New Drug Applications) with [...]

Electronics manufacturing services company Foxconn chairman Young Liu on Thursday met Vedanta Group's managing director Akarsh Hebbar to discuss the roadmap of their proposed electronic chip manufacturing plant and its location. Vedanta and Foxconn had signed a memorandum of understanding in February to form a joint venture company in India. Vedanta will hold 60 per [...]

A division bench of the Bombay High Court on Thursday dismissed the petition filed by Dish TV's promoter group firm, seeking to restrain Yes Bank from voting at the DTH operator's extraordinary general meeting. Promoter group entity World Crest Advisors LLP had earlier challenged the June 17 order passed by the single bench of the [...]

Merchant commerce platform Pine Labs on Thursday announced the acquisition of Bengaluru-based API fintech startup Setu in a deal valued at USD 70-75 million. The deal will entail a mix of cash and equity. Commenting on the acquisition, B Amrish Rau, CEO of Pine Labs, said: "Setu will make an incredible addition to the Pine [...]

IIFL Finance is planning to raise debt capital worth Rs 5,000 crore by issuing bonds on a private placement basis, the company said on Thursday. The bonds will be offered through public issue, subject to regulatory and statutory approvals, IIFL Finance said in a regulatory filing. "The board of directors of the company at their [...]

Pitching for urgent reforms in the agro-chemicals sector, Dhanuka Agritech Group Chairman RG Agarwal on Wednesday demanded that the government should reduce goods and services tax (GST) on pesticides to five per cent from the current 18 per cent in line with farm inputs like seeds and fertilisers. Agarwal also urged the government to bring [...]

Capital markets regulator Sebi on Wednesday sent a notice to Future Enterprises asking it to pay over Rs 5 lakh in a matter pertaining to disclosure lapses about initiation of arbitration proceedings against Future Group by Amazon. The regulator also warned the company of attachment of assets and bank accounts if it fails to make [...]

Bengaluru-based startup GIVA, which sells silver jewellery, has raised funds from investors led by Aditya Birla Ventures to expand its business. In a statement, GIVA said it has completed a Series B round of funding led by Aditya Birla Ventures and A91 Partners, along with the participation of Sixth Sense Ventures. The company did not [...]

India's largest software firm TCS has bagged a deal to drive business process transformation at Aadhar Housing Finance for an undisclosed sum, the companies said on Wednesday. The domestic housing financier will be deploying the Tata group company's lending and securitisation platform for market expansion, according to a statement. The partnership with TCS is for [...]

Varun Beverages chairman Ravi Kant Jaipuria has settled with capital markets regulator Sebi a case related to alleged violations of insider trading rules after paying nearly Rs 56 lakh towards settlement charges. It was alleged that Jaipuria had communicated unpublished price-sensitive information (UPSI) relating to a strategic partnership between Varun Beverages Ltd (VBL) and PepsiCo [...]

Tata Steel has not made any purchase of PCI coal from Russia post its April announcement of severing business ties with Russia amid the ongoing conflict with Ukraine, a company spokesperson said on Wednesday. On April 20, Tata Steel had said it would stop doing business with Russia. To ensure business continuity, all its steel [...]

Electric two-wheeler maker Okinawa Autotech on Wednesday said it will invest Rs 500 crore to set up a new manufacturing plant at Karoli in Rajasthan. Spread across 30 acres of land, the factory will have an annual production capacity of 10 lakh units and will be fully operational from October 2023, Okinawa Autotech said in [...]

Adani Enterprises and 10 other companies including offshore firms have expressed interest in bidding for coal import tenders floated by Coal India Limited, the public sector minor said on Tuesday. In a statement, the miner said it has held three pre-bid meetings with prospective coal importing agencies evincing interest in pitching in, in the three [...]

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on payment of interest of Rs 6.07 crore for its non-convertible debentures. The due date for payment was June 20, 2022, said a regulatory filing from FEL. "The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on June 20, [...]

Private sector lender South Indian Bank (SIB) is planning to raise up to Rs 2,500 crore to shore up its capital base for business growth and meet regulatory norms. The bank's shareholders had given approval for this fundraise in the previous AGM last fiscal, however, the bank did not raise the funds. A banking company [...]

Home appliance maker Whirlpool of India is expecting a better performance this fiscal after having a muted demand in FY22, as it sees green offshoots and a rebound in consumer sentiments, according to its Managing Director Vishal Bhola. In his address to shareholders in the latest annual report of the company, Bhola, however, said global uncertainties [...]

State-owned Oil and Natural Gas Corporation (ONGC) is seeking a minimum USD 17 price for the gas it plans to produce from coal seams in its Bokaro CBM block in Jharkhand. ONGC invited bids for the sale of 0.20 million standard cubic metres per day of gas it plans to produce from the Bokaro CBM [...]

Ace investor Rakesh Jhunjhunwala-promoted Akasa Air's first aircraft Boeing 737 MAX arrived in New Delhi on Tuesday, bringing it closer to securing the mandatory Air Operator Permit to start operations. The airline had received the ceremonial keys for the aircraft in Seattle, the US, on June 15, Akasa Air said in a statement. This is [...]

ICICI Prudential Life Insurance on Monday announced a record bonus of Rs 969 crore for policyholders in FY2022, 12 per cent higher than the preceding fiscal. This is the company's 16th consecutive annual bonus, and the highest ever to date, ICICI Prudential Life said in a release. All participating policies in force as of March [...]

Vodafone Idea's Board is scheduled to meet on June 22, to consider and approve a proposal for raising funds to the tune of Rs 500 crore. The fundraising will be through the issuance of equity shares or convertible warrants on a preferential basis to one or more entities belonging to Vodafone Group (one of the [...]

Infrastructure finance firm PTC India Financial Services (PFS) has signed an agreement with the Global Green Growth Institute for setting up a renewable energy-focused infrastructure debt fund. Under the pact, GGGI (Global Green Growth Institute) will provide technical support to PFS for the development and establishment of Renewable energy focused Infrastructure Debt Fund (RIDF). Discussions [...]

State-owned CIL is looking at green mining options by leveraging a slew of eco-friendly technologies in both underground and opencast mines, a move that would help in augmenting the production and reduce the adverse impact on environment. With land turning out to be a major pain point for expansion of coal mining operations, these technologies [...]

Integrated logistics player Delhivery on Friday said it has launched "guaranteed same-day delivery" service in 15 key cities in the country to help direct to-consumer (D2C) brands deliver their orders the same day. Under the new service, orders received as late as 3 pm will be delivered on the same day, Delhivery said in a [...]

India's largest telecom operator Reliance Jio gained 16.8 lakh mobile subscribers in April, cementing its lead in the market, while Bharti Airtel added 8.1 lakh users, according to TRAI data. Vodafone Idea lost about 15.7 lakh mobile subscribers during April 2022, the monthly subscriber data released by the Telecom Regulatory Authority of India (TRAI) on [...]

Oil India Ltd, the nation's second-largest national oil and gas explorer, on Thursday said it has signed an initial agreement with homiHydrogen to work together in the green hydrogen value chain. The memorandum of understanding (MoU) signed with homiHydrogen Pvt Ltd is "to boost India's efforts towards energy transition for achieving net-zero by 2070 and [...]

Mumbai, Jun 16 (PTI) The RBI on Thursday lifted restrictions on Mastercard that it had imposed last year for failing to comply with local data storage norms. The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms. "In view of the satisfactory [...]

Aditya Birla group firm Grasim Industries on Thursday announced the appointment of Pavan Jain as its next Chief Financial Officer with effect from August 15, 2022. His appointment comes in the wake of incumbent Ashish Adukia's plan to pursue career opportunities outside the Aditya Birla Group, Grasim Industries said in a regulatory filing. Adukia will [...]

Direct to consumers brand aggregator G.O.A.T Brand Labs on Thursday said it has secured USD 50 million (about Rs 390 crore) in funding as part of Series A1 round. The round saw the participation from new investors, including Winter Capital, 9Unicorns, Venture Catalysts, Vivriti Capital and Oxyzo along with most of the company's existing investors, [...]

Third-party end-to-end logistics provider Xpressbees on Thursday said it has set up an engineering centre in Bengaluru to bring in specialised competencies and attract IT talent. The over 600-seat capacity engineering centre at Bengaluru is the second such facility of Xpressbees after Pune. The centre will focus on cutting-edge research, end-to-end logistics management and knowledge [...]

Strides Pharma Science on Thursday said its subsidiary has received EU-GMP certification  for two of its manufacturing facilities from Hungary's National Institute of Pharmacy and Nutrition. Stelis Biopharma, an emerging biopharmaceutical and vaccine Contract Development and Manufacturing Organisation (CDMO) and the biologics arm of Strides Pharma, has received the European Union Goods Manufacturing Practices (EU-GMP) [...]

Equitas Small Finance Bank (ESFB) on Wednesday said that the Reserve Bank of India has okayed its proposal to reappoint MD and CEO Vasudevan P N for one year. "We wish to inform that pursuant to the bank's application vide its letter dated May 23, 2022, RBI vide its letter dated June 15, 2022 has [...]

Two officials of Punjab cooperative federation Markfed have been dismissed from service over charges of embezzlement in wheat stock and involvement in other irregularities. Markfed's Managing Director Ramvir dismissed the two officials on Monday after an enquiry into the matter. The matter came to fore after physical verification of the stock at Guruharsahai branch office. [...]

Global apparel and jeanswear major Levi Strauss & Co on Wednesday announced the appointment of Amisha Jain as its new Senior Vice-President and Managing Director of South Asia-Middle East and Africa (SAMEA). Jain, who was CEO at Zivame - an intimate-wear brand, will be responsible for leading the company's operations in SAMEA and ensuring that [...]

GE Energy Financial Services, an arm of GE, has acquired a 49 per cent stake in Continuum Green Energy's 148.5 megawatt Morjar onshore wind project in Gujarat for an undisclosed sum. This transaction marks GE EFS' first onshore wind equity investment in Gujarat through a structured preferred equity solution, the company said in a statement. [...]

B2B manufacturing startup Groyyo on Wednesday said it has raised USD 40 million (about Rs 310 crore) in a combination of equity and debt in its Series A round led by Tiger Global. The funding round also witnessed strong participation from early investor Alpha Wave Global. Existing investors Sparrow Capital and Stride Ventures, and angel [...]

JSW Steel crude steel production in May on a standalone basis jumped 31 per cent to 17.89 lakh tonnes, the company said on Wednesday. The crude steel output in May of FY'21 was 13.67 lakh tonnes. The flagship company of the USD 22 billion JSW Group stated that production of flat-rolled products also expanded by [...]

E-commerce logistics SaaS company Shiprocket has inked a deal to acquire a majority stake in its competitor e-commerce platform Pickrr for about USD 200 million (about Rs 1,560 crore) in a mix of cash and equity transaction, the firms said in a joint statement. Shiprocket and Pickrr cater to India's burgeoning D2C (direct-to-customer) sector, where [...]

IT services company Wipro Ltd on Tuesday said it expects to ramp up employee count in Norway to 350 in the next two years, and is increasing investment there locally to help clients capitalise on digital transformation. With increased local investment, Wipro is positioning itself as a core part of the business ecosystem in Norway, [...]

Tata Technologies, a global engineering and product development digital services company has signed a memorandum of understanding with the Tamil Nadu government to transform industrial training institutes into technology centres. The collaboration with the state government is an extension of Tata Technologies' continued efforts to implement projects of high social impact and complement nation building [...]