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Before the IPO, RR Kabel collects more than Rs 585 Cr from anchor investors
On Tuesday TPG-backed wires and cables manufacturer RR Kabel Ltd said that it has mobilised Rs 585.62 crore from anchor investors ahead of its initial share sale. According to a circular uploaded on the NSE, an average price of Rs 1,035 apiece, the company has allocated 56,58,201 equity shares to 54 entities. HDFC Mutual Fund, [...]
Citi Reports Net Profits at Rs. 13,600 Crore; Sale of Axis Retail Key Driver
Due to the sale of the retail division to Axis Bank, the net profit for the Indian operations of the American lender Citi increased to Rs 13,614 crore in FY23. A net profit of Rs 4,700 crore, or a 26% increase over the Rs 3,727 crore it reported for FY22, was reported by the lender [...]
Tata Power Delhi Distribution Partners with US Firm Utiltyx for Cybersafe, Seamless Power Supply
On Tuesday, Tata Power Delhi Distribution disclosed a strategic alliance with Utiltyx, the Indian division of a US-based software company that specializes in data analytics and cyber security. According to a statement from the company, the partnership aims to improve the organization's readiness against potential threats and challenges related to cyber security. According to the [...]
Coal India Commits Rs. 25,000 Crore for 61 FMC Projects
In an effort to promote environmentally friendly coal transportation, Coal India Ltd has committed to investing a total of about Rs 24,750 crore in 61 first-mile connectivity (FMC) projects over the next few years. The projects, which will be built in three phases, will have a combined annual capacity of 763.5 million tonnes, according to [...]
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Hitachi Energy inaugurates transformer component factory in Gujarat
Hitachi Energy India Ltd on Wednesday said it has inaugurated a transformer component manufacturing factory in Vadodara, Gujarat. Located at the company's largest plant in the country, this factory will produce dry bushings using the most reliable technology called 'resin-impregnated paper', Hitachi Energy India said in a statement. This will be the country's first facility [...]
Tirupur Exporters Association urge SBI to help MSMEs tide out liquidity crisis
The Tirupur Exporters Association (TEA) on Wednesday requested public sector State Bank India (SBI) to help MSMEs tide over the liquidity crisis, as the knitwear sector is passing through a difficult situation due to an unprecedented surge in cotton prices that have more than doubled. The subsequent hike in yarn prices have also doubled compared [...]
DHL Supply Chain expands fulfilment network to 3 cities
Global contract logistics services provider DHL Supply Chain on Wednesday said it has expanded its India fulfilment network (IFN) to three new cities including Delhi and Mumbai and has invested Rs 25 crore in capacity building through such facilities. The company had launched its first fulfilment network in Bengaluru in September last year. IFN is [...]
Electric mobility player MoEVing raises USD 5 mn
New Delhi, May 11 (PTI) Electric mobility player MoEVing on Wednesday said it has raised USD 5 million (nearly Rs 40 crore) through a mix of equity and debt capital. The investors included BeyondTeq, a UAE-based venture capital firm, GCC family offices, Stride One, TradeCred and N+1 Capital, among others, the company said in a [...]
Arunachal inks pact with Creduce & HCPL for bamboo resources development
The Arunachal Pradesh government on Wednesday signed a memorandum of understanding (MoU) with Creduce and Hydel Consultants Private Limited (HCPL) for cultivation and development of bamboo resources in the state. This is the world’s largest bamboo cultivation drive by a public-private partnership, an official claimed. The agreement encompasses the plantation of 100,000 hectares of forest [...]
HOP Electric Mobility raises USD 2.6 mn
Jaipur-based electric vehicle maker HOP Electric Mobility on Wednesday said it has raised USD 2.6 million (about Rs 20 crore) in a funding round to drive its business expansion plans. The fresh funding round is part of the ongoing USD-10-million pre-series fundraising, it said without disclosing the investor's identity. "Hop Electric Mobility has closed a [...]
Alembic Pharma gets final USFDA nod for generic version of Arformoterol Tartrate inhalation solution
Alembic Pharmaceuticals Ltd on Wednesday said it has received final approval from the US health regulator for its generic version of Arformoterol Tartrate inhalation solution indicated for long-term treatment of bronchoconstriction in patients with chronic obstructive pulmonary disease. The approval by the US Food & Drug Administration (USFDA) for the abbreviated new drug application (ANDA) [...]
Ahead of IPO, Delhivery collects Rs 2,347 cr from anchor investors
Supply chain company Delhivery on Tuesday raised Rs 2,347 crore from anchor investors, ahead of its initial share-sale, which opens for public subscription on Wednesday The company has decided to allocate a total of 4,81,87,860 equity shares to anchor investors at Rs 487 apiece, which is also the upper end of the price band, aggregating [...]
Merrill Lynch fund sells ICICI Bank shares worth Rs 34 cr
Merrill Lynch India Equities Fund Mauritius Ltd on Tuesday sold 4.80 lakh shares of private lender ICICI Bank worth Rs 34 crore through an open market transaction. According to block deal data available with the BSE, Merrill Lynch sold 4,80,440 shares at an average price of Rs 714.65 apiece, taking the transaction size to Rs [...]
NCLAT asks Jet Airways to vacate office from Mack Star Marketing’s premises
The National Company Law Appellate Tribunal (NCLAT) has directed Jet Airways, which is preparing to resume flight services in the coming months, to vacate its office from the premises of Mack Star Marketing in Mumbai. While passing an order on May 6, a three-member bench of the NCLAT also said that no monthly fees shall [...]
SBI hikes interest rates on bulk term deposits by 40-90 basis points
Country's largest lender State Bank of India on Tuesday announced a hike of 40-90 basis points in the interest rates on several bulk term deposits. The revised interest rates on bulk term deposits amounting to Rs 2 crore and above are effective from Tuesday, the bank said. While interest rate on deposits maturing between 7 [...]
Bank of Baroda hikes lending rate by up to 10 bps
State-owned Bank of Baroda (BoB) on Tuesday announced an increase in its lending rate by up to 10 basis points (0.1 per cent), joining its peers that have raised rates after the surprise tightening of monetary policy by the RBI last week. The bank has hiked the marginal cost of funds based lending rate (MCLR) [...]
Govt warns cab aggregators of strict action for unfair trade practices
Cab aggregators, including Ola and Uber, have been warned of strict action unless they improve their systems and redress rising consumer complaints, a senior government official said on Tuesday. The government held a meeting on Tuesday with the ride-hailing platforms amid a rise in consumer complaints of alleged unfair trade practices by them, including ride [...]
Black Box India Partnership with Juniper Networks Elevated to Elite Plus Partner Program Status
MUMBAI, India, May 10, 2022 /PRNewswire/ -- Black Box Limited (formerly AGC Networks Ltd), (BSE: BBOX) and (NSE: BBOX), a trusted IT solutions provider today announced that its partnership with Juniper Networks, a leader in secure, AI-driven networks, has been elevated to the highest level of their partner Juniper Partner Advantage Program 2022 - Elite [...]
Sebi amends InvITs rule; specifies draft filing fees for initial offer, rights issue
Capital markets regulator Sebi came out with a new norm to implement draft filing fees to be paid by infrastructure investment trusts (InvITs) for initial offers and rights issues. Now InvITs are required to pay non-refundable filing fees of 0.1 per cent in case of initial offer and 0.05 per cent in case of rights [...]
P&G India increases spending on women-led businesses to Rs 500 cr by 2025
FMCG major Procter & Gamble (P&G) on Tuesday announced new commitments as part of its efforts to strengthen equality and inclusion in India and increased the total spending to support women-led businesses to Rs 500 crore by 2025. Last year, P&G India - which owns power brands including Ariel, Tide, Whisper, Gillette, Oral B, head [...]
Home construction app Kolo raises USD 4 million
Home construction and renovation app Kolo on Tuesday said it has raised USD 4 million from global venture capital firm RTP Global and existing investor Better Capital. The new investment will help fuel the company's continued growth, enhance the consumer side product offerings, including the content-recommendation engine, the community offering, digital portfolio and tools for [...]
BharatPe sacks employees, vendors; to claw back shares from Grover
\Payments startup BharatPe on Tuesday said it has terminated several employees and vendors as well as filed criminal cases against them for misconduct besides deciding to claw back former founder Ashneer Grover's restricted shares in the firm. The steps have been taken by the company's board following a detailed corporate governance review against the backdrop [...]
Hero Electric partners ReadyAssist to provide service support to B2B customers
Electric two-wheeler maker Hero Electric on Tuesday said it has partnered with roadside assistance firm ReadyAssist to provide service support and annual maintenance to its B2B customers. The initiative will improve business for B2B customers by increasing the uptime of customer e-Bikes and providing quick and efficient service support to fleets deployed in last-mile delivery, [...]
Sun Pharma gets 10 observations from USFDA for Halol plant
Sun Pharma on Tuesday said the US health regulator has issued a 'Form 483' with ten observations after inspecting its Halol-based manufacturing plant in Gujarat. As per USFDA, a Form 483 is issued to a firm's management at the conclusion of an inspection when the investigator has observed any conditions that in its judgment may [...]
Audi names PPS Motors as new dealer partner for Kerala
Luxury carmaker Audi India on Tuesday said it has appointed PPS Motors Pvt Ltd as its new dealer partner in Kerala. This partnership includes Audi Kochi, Audi Service Kozhikode and Audi Service Trivandrum, effective May 1, 2022, the German carmaker said in a statement. "Kerala is an extremely important market for Audi India, and we [...]
BharatPe initiates action against former founder to claw back restricted shares
BharatPe on Tuesday said it has initiated necessary action against a former founder to claw back his restricted shares following a governance review. In a statement, the firm said it will take all steps to enforce its right under the law. In January 2022, the board of BharatPe initiated the corporate governance review of the [...]
MakeMyTrip plans to enhance business-to-business segment
Online travel services firm MakeMyTrip on Tuesday said it is planning to enhance its business-to-business segment, targeting large corporates and micro, small and medium enterprises to tap the opportunity in domestic corporate travel. The company currently has over 1,650 mid-to-large corporates and more than 30,000 MSME clients. It has engaged over 2,6000 offline travel agents [...]
Cipla inks pact with Genes2Me to launch COVID-19 RT PCR test kit
Drug major Cipla on Tuesday said it has launched a COVID-19 RT PCR testing kit in the country in partnership with diagnostics firm Genes2Me. With the launch of the "RT-Direct multiplex COVID-19 RT PCR" test kit, the Mumbai-based drug firm is expanding its diagnostics offerings, it said in a regulatory filing. Cipla will be responsible [...]
NSE Academy joins hand with RIMS to strengthen biz resiliency via risk management education
NSE Academy, a subsidiary of the National Stock Exchange, on Tuesday said it has collaborated with the Risk and Insurance Management Society (RIMS) to strengthen business resiliency through risk management education. The pact is aimed at delivering a series of RIMS-Certified Risk Management Professional Certification (RIMS-CRMP) instructor-led virtual preparation courses for both aspiring students and [...]
Borosil Renewables to invest Rs 1,500 crore in two years to add capacity by 2.5 times
Solar panel glass manufacturer Borosil Renewables on Monday said it will invest Rs 1,500 over the next two years to expand its capacity by nearly 2.5 times and supply 15 GW of solar modules by FY25. "We are doubling down on our investments because being the first and the only domestic manufacturer of solar panel [...]
Adani Ports & SEZ moves HC against disqualification from JNPA tender
Adani Ports and Special Economic Zone Ltd (APSEZ) on Monday moved the Bombay High Court challenging the disqualification of its bid in connection with a tender issued by state-run Jawaharlal Nehru Port Authority (JNPA) for upgradation of the latter's container terminal in Navi Mumbai. A vacation bench of Justices AK Menon and NR Borkar sought [...]
Indian Overseas Bank hikes repo based lending rate to 7.25%
Indian Overseas Bank has revised the external benchmark linked lending rate to 7.25 per cent from May 10, the bank said on Monday. "Our bank has revised the Repo Linked Lending Rate (RLLR) to 7.25 per cent (ie 4.40 per cent +2.85 per cent = 7.25 per cent) with effect from May 10, 2022," the [...]
NTPC invites bids to import 4.53 million tonnes of coal
State-owned power giant NTPC has invited bids to procure imported 4.53 million tonnes (MT) coal mainly for blending with the domestic dry fuel in thermal plants. The NTPC tender for the import of coal assumes significance in view of the ongoing dry fuel shortage at power plants. Earlier this month, the power ministry had directed [...]
IDBI Bank board approves appointment of T N Manoharan as part-time chairman
IDBI Bank on Monday said its board has approved the appointment of T N Manoharan as the part-time chairman for a period of three years. The bank also announced that M R Kumar has ceased to be the non-executive non-whole time chairman of the bank with effect from May 8, 2022, after completion of the [...]
Shipping Corp board approves changes in demerger scheme for non-core assets
State-owned Shipping Corporation of India on Monday said its board has approved certain modifications in the scheme of arrangement for demerger of the company's non-core assets into Shipping Corporation of India Land and Assets Ltd. As part of the strategic sale process, the government is hiving off Shipping House, training institute and some other non-core [...]
Mindtree, L&T Infotech fall post merger announcement
Shares of Mindtree and L&T Infotech declined on Monday after the announcement of the merger of the two companies to create the country's sixth latgest IT company. Shares of Mindtree tumbled 5.30 per cent to end at Rs 3,195.65 on the BSE. During the day, the stock tanked 5.88 per cent to Rs 3,176. L&T [...]
Coal India spends more than Rs 1,600 cr on CSR in last 3 yrs
State-owned Coal India Ltd has spent more than Rs 1,600 crore on corporate social responsibility projects in the last three years, a company release said. The mandated target for expenditure on CSR by Coal India (CIL) during the last three years was Rs 1,284 crore. "During the last three years, CIL has spent more than [...]
HCL Tech to buy digital banking company Confinale
HCL Technologies UK, a subsidiary of IT services company HCL Technologies, has signed a definitive pact for acquisition of Switzerland-based Confinale, a digital banking and wealth management consulting specialist. With this strategic acquisition, HCL will expand its footprint in the global wealth management market with emphasis on Avaloq consulting, implementation and management capabilities, it said [...]
Railways signs MoU with C-DOT for using local gears, cut dependence on foreign technology
The Railways Ministry and the Centre for Development of Telematics (C-DOT) have signed an MoU for developing local digital solutions for railways to reduce its dependence on foreign technology, a top official of the DoT's research unit said on Monday. Under the agreement, C-DoT is expected to replace over Rs 2,100 crore of foreign technology [...]
India’s largest private sector lender HDFC Bank hikes lending rates by 0.25%
Joining its peers that have raised lending rates after the surprise tightening of the monetary policy by the RBI, the country's largest private sector lender HDFC Bank has also upped rates on its offerings by 0.25 per cent. The bank has hiked the marginal cost of funding based lending rate (MCLR) by 0.25 per cent [...]
Reducing Automotive Air Pollution with Advanced European Emission Control Technology for India
ALCOR CB M&A closes a JV transaction between European Company Autometal and Dewas Hydoquip India to bring in the “State of the Art” Technology for Emission Control Systems to India and Asian Markets. Autometal, a European company is bringing in the latest technology for emission control by partnering with an Indian company Dewas Hydroquip from [...]
Debt Mutual Funds see Rs 1.2 lakh cr outflow in March qtr
Mutual funds focused on investing in fixed-income securities saw an outflow of Rs 1.2 crore in the March 2022 quarter on massive withdrawal from segments, such as liquid, short duration, and corporate bond funds, a report by Morningstar India said on Monday. This has taken the net outflow from the category to Rs 68,471 crore [...]
Reliance Brands signs franchise agreement with Italian luxury shoemaker Tod’s
Reliance Brands Ltd (RBL) on Monday said it has entered into a long-term franchise agreement with Tod’s SpA to become the official retailer of the Italian luxury lifestyle brand for the Indian market. As per the agreement, RBL is the official retailer of the brand across all categories, including footwear, handbags and accessories in the [...]
Premas Biotech Announces Appointment of Saumen Chakraborty to Board of Directors
Gurugram, Haryana, India – Business Wire India Premas Biotech today announced the appointment of Saumen Chakraborty to the Premas Biotech Board of Directors, effective April 29 2022. “We are pleased to welcome Saumen Chakraborty to the Premas Biotech Board,” said Mr Avijit Das, Founder Chairman, Premas Biotech. “Saumen’s deep experience in global Pharma businesses with [...]
Reliance to clock USD 20 bn EBITDA by end 2022: Morgan Stanley
A refining golden age, tightening global gas markets and improving telecom subscriber quality point to a USD 20 billion-plus EBITDA run rate for Reliance Industries Ltd by end-2022, Morgan Stanley said Monday. Post becoming the first company to hit USD 100 billion revenue in the fiscal year ended March 31, "Reliance is on a path [...]
Blocktickets, NFT and Blockchain Ticketing Platform Enters Indian Market
Blockchain, cryptocurrency, and Non-fungible Tokens (NFTs) have captivated everyone in the last few years. Blocktickets, a company working in the space of blockchain, and transformative technology has launched a multi chain NFT based ticketing platform rewarding all stakeholders, a one of its kind platform. Blocktickets has now entered the Indian market and is looking to [...]
Mylab appoints Rajesh Patel as executive director IVD biz
Biotech company Mylab Discovery Solutions on Monday said it has appointed Rajesh Patel as the Executive Director of the in-vitro diagnostics (IVD) business. In this role, Patel will be responsible for spearheading the IVD testing equipment and reagent business at Mylab by setting up production units, overseeing the related research and development and the launch [...]
NCLT orders insolvency proceedings against Birla Tyres
The National Company Law Tribunal (NCLT) has ordered the initiation of insolvency proceedings against Birla Tyres Ltd in a case filed by multi-business chemicals firm SRF Ltd, an operational creditor of the BK Birla group firm. A two-member Kolkata bench of the NCLT has also appointed Seikh Abdul Salam as Interim Resolution Professional (IRP) to [...]
Abbott launches solution to detect Hepatitis B virus
Healthcare major Abbott on Monday said it has launched a test that will help in early detection of Hepatitis B virus (HBV) in human serum and plasma samples. The company has introduced HBsAg Next Qualitative solution to help improve patient outcomes while maintaining safe blood supplies. This highly sensitive chemiluminescent microparticle immuno assay (CMIA) assists [...]
Bank of Maharashtra, Karur Vysya raise lending rates across tenors
State-owned Bank of Maharashtra on Monday said it has raised the marginal cost of funding based lending rate (MCLR) across tenors by 0.15 per cent. Meanwhile, Karur Vysya Bank also announced that it has revised the external benchmark rate to 7.45 per cent from 7.15 per cent. This is to inform that the bank has [...]
Etsy inks pact with NEHHDC to support small, traditional artisans from North East
Etsy, which positions itself as global marketplace for 'unique and creative' goods, has partnered with the North Eastern Handicrafts and Handloom Development Corporation (NEHHDC) to support small sellers, weavers and artisans, with market access and enablement support. Under the memorandum of understanding (MoU), Etsy will work with the NEHHDC to develop enablement programmes specifically tailored [...]
Yatra sees 90% pre-Covid level hotel bookings
Online travel services provider Yatra on Monday said it has reached 90 per cent of pre-Covid level hotel bookings and the upswing continues with the return of travel normalcy following relaxation of pandemic-related restrictions and the recent restarting of scheduled international flights after two years. The arrival of the summer travel season coupled with the [...]
UPL settles case with Sebi; pays Rs 19.5 lakh
UPL Ltd has settled with the capital markets regulator Sebi a case pertaining to alleged failure to modify the terms of appointment of the auditor of its subsidiary. The company settled the proceedings initiated against it after paying Rs 19.5 lakh towards settlement charges. "The instant adjudication proceedings initiated against the noticee (UPL) vide SCN [...]
SLK Software names Ajay Kumar as CEO
Technology services provider SLK Software, on Monday announced the appointment of Ajay Kumar as its Chief Executive Officer. Kumar previously held the role of President and Chief Business Officer at SLK Software, the company said in a statement. An alumnus of IIM Bangalore, he brings two decades of experience in leading P&L (profit and loss) [...]
OMC Power signs Agreement with IREDA to Facilitate its Clean Energy Growth Journey
Gurgaon, Haryana, India (NewsVoir) OMC Power is delighted to announce a long-term relationship agreement with the Indian Renewable Energy Dev Agency Ltd. (IREDA) towards building a Rural renewable energy ecosystem. In a welcome move by the IREDA, OMC will be getting economic support for setting up Renewable energy plants to provide sustainable energy in the [...]
Adani Airport Holdings raises USD 250 mn
Adani Airport Holdings Ltd (AAHL) on Monday said it has raised USD 250 million through a 3-year ECB facility from a consortium of Standard Chartered Bank (SCB) and Barclays Bank PLC. The facility has an option to raise additional USD 200 million. The freshly raised capital will be used for capital expenditure and development of [...]
Jet Airways a step closer to relaunch, gets security clearance from home ministry
New Delhi, May 8 (PTI) The Union home ministry has granted security clearance to Jet Airways that is planning to relaunch commercial flight operations in the next few months, according to an official document. The Jalan-Kalrock Consortium is currently the promoter of Jet Airways. The airline in its old avatar was owned by Naresh Goyal [...]
SJVN wins most efficient and profitable miniratna of the year award
New Delhi, May 8 (PTI) State-owned SJVN Ltd, which is mulling Rs 1.8 lakh crore investment in next decade, has bagged the 'Most Efficient & Profitable Miniratna of the Year' award. Dalal Street Investment Journal (DSIJ) has conferred the award to SJVN for playing a crucial role in economic growth of the nation, a statement [...]
Pushp Kumar Joshi takes over as CMD of HPCL
New Delhi, May 8 (PTI) Pushp Kumar Joshi on Sunday took over as the new chairman and managing director of India's third largest oil refining and fuel marketing company Hindustan Petroleum Corporation Ltd (HPCL). "Prior to this Dr Joshi was Director-HR of the Corporation from August 01, 2012," the company said in a statement. Joshi, [...]
Govt to invite financial bids for SCI sale by Sept; Shipping House, MTI to be hived off
New Delhi, May 8 (PTI) The government is likely to invite financial bids for Shipping Corporation of India by September, after the process of demerger of non-core assets is completed, an official said. As part of the strategic-sale process, the government is hiving off Shipping House and the training institute and some other non-core assets [...]
Poonawalla woos Musk to invest in making Tesla cars in India
New Delhi, May 8 (PTI) Serum Institute of India (SII) CEO Adar Poonawalla on Sunday wooed Elon Musk to invest in India to manufacture Tesla electric cars, saying it will be the best investment he would have ever made. Musk, who has made a successful USD 44 billion acquisition bid for Twitter, had in the [...]
Tata steel to grow organically, new acquisitions unlikely this decade: MD
Kolkata, May 7 (PTI) Tata Steel Ltd will look to grow organically, and the steel giant is under “no pressure” to look at fresh acquisitions during this decade, Chief Executive Officer and Managing Director T V Narendran said. Narendran said that the Jamshedpur-based behemoth will fuel its growth ambitions to more than double its output, [...]
Karnataka to acquire 50,000 acres of land for industries ahead of Global Investors Meet in November
Bengaluru, May 7 (PTI) In an effort to allot land in quick time to industrialists who come forward to set up industries, the Karnataka government will acquire over 50,000 acres of land across the state, Large and Medium Industries Minister Dr Murugesh Nirani announced on Saturday after inaugurating the India Manufacturing Show 2022: Curtain Raiser [...]
Food brand aggregator BBFT acquires Puran Singh Ka Mahoor Vishal Dhaba
New Delhi, May 7 (PTI) Food brand aggregator Big Bang Food Tech (BBFT) on Saturday said it has acquired 'Puran Singh Ka Mashoor Vishal Dhaba' for an undisclosed sum. The company plans to open 100 Puran Singh outlets by the end of March next year. The outlets would be in two formats of take away [...]
DCB Bank Q4 net profit jumps to Rs 113 cr
New Delhi, May 7 (PTI) Private sector lender DCB Bank on Saturday posted a 44.87 per cent rise in its net profit at Rs 113 crore for the quarter ended March 2022. The bank had registered a net profit of Rs 78 crore in the same quarter a year ago. Total income in the March [...]
Generali completes acquisition of 25 pc stake in Future Generali India Insurance from Future Group
New Delhi, May 7 (PTI) Italian financial services major Generali on Saturday said it has completed the acquisition from Future Enterprises of 25 per cent stake in Future Generali India Insurance, and its stake in the JV has now gone up to 74 per cent. Generali received the approval from the relevant regulatory and competition [...]
Reliance Q4 net up 22.5 pc; 1st Indian co to cross USD 100 bn annual revenue
New Delhi, May 6 (PTI) Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business. The oil-to-retail-to-telecom conglomerate's consolidated net profit [...]
Eye on bigger deals, L&T decides to merge L&T Infotech and Mindtree
Mumbai, May 6 (PTI) Aiming at bigger deals from clients looking for digital services, L&T Group on Friday announced a merger of L&T Infotech and Mindtree, which will create the country's sixth largest information technology company with combined revenue of USD 3.5 billion. The engineering, projects and construction major, which already owns a majority stake [...]
Coromandel to buy 45 pc stake in Africa’s rock phosphate mining co BMCC for Rs 150 cr
New Delhi, May 6 (PTI) Coromandel International Ltd on Friday said it is set to acquire 45 per cent stake in Baobab Mining and Chemicals Corporation (BMCC) in Africa for about Rs 150 crore and will infuse around Rs 75 crore as debt. In a regulatory filing, the company informed that it is set to [...]
Dr. Lakshmi Venu Takes Over as Managing Director of Sundaram-Clayton Limited
Chennai, Tamil Nadu, India (NewsVoir) Dr. Lakshmi Venu has taken over as the Managing Director of Sundaram-Clayton Limited (SCL), one of India’s leading auto components manufacturer at the board meeting held today. Dr.Venu was the Joint Managing Director of Sundaram-Clayton. Dr. Lakshmi Venu has been leading Sundaram-Clayton from the forefront with aplomb for over a [...]
Azure Power Announces Appointment of New Chief Executive Officer
NEW DELHI, May 6, 2022 /PRNewswire/ -- Azure Power Global Limited (NYSE: AZRE) ("Azure" or "the Company"), a leading independent sustainable energy solutions provider and renewable power producer in India, today announced that Mr. Harsh Shah will be joining as the Chief Executive Officer, effective July 1, 2022. Mr. Shah was previously the Chief Executive [...]
Sundaram-Clayton elevates Lakshmi Venu as MD
New Delhi, May 6 (PTI) Auto components major Sundaram-Clayton Ltd on Friday announced the elevation of Lakshmi Venu as its Managing Director. Venu, who was the Joint Managing Director, has been leading the company for over a decade now. She has been the lead architect in establishing Sundaram Clayton's global footprint, the company said in [...]
Sundaram-Clayton elevates Lakshmi Venu as Managing Director
Chennai, May 6 (PTI) Auto component manufacturer Sundaram-Clayton Ltd has elevated Lakshmi Venu as its Managing Director with immediate effect, the company said on Friday. Prior taking up the new role, Venu was serving the city-based TVS Group firm as its joint managing director. Venu, daughter of TVS Group Chairman-Emeritus, Venu Srinivasan has been leading [...]
Axis AMC conducting suo moto probe; suspends 2 fund managers
Facing allegations of front running and a reported regulatory probe, Axis Asset Management on Friday said it has been suo moto investigating the case since February and has suspended two fund managers pending completion of the investigation. Further, the asset management company has used external advisors to aid the investigation, Axis AMC said in a [...]
L&T Infotech and Mindtree announce mega-merger to create large-scale IT services player
L&T Infotech and Mindtree on Friday announced a mega-merger to create an efficient and scaled-up IT services provider, exceeding USD 3.5 billion in combined revenue, according to a statement. The name of the combined entity will be 'LTIMindtree', the statement said. In an all-share deal, L&T Infotech will offer 73 shares for every 100 shares [...]
Zomato CEO to donate $90 mn for education of delivery partners’ children
Online food delivery platform Zomato's Founder and CEO Deepinder Goyal will be donating around USD 90 million (nearly Rs 700 crore) from vested ESOPs to Zomato Future Foundation to help fund the education of children of its delivery partners. In an internal memo shared with the employees of the company, Goyal said before Zomato went [...]
ONGC wins 18 out of 21 oil, gas blocks in OALP-VI bid round, OIL gets 2
State-owned Oil and Natural Gas Corporation (ONGC) has won 18 out of the 21 areas offered for finding and producing oil and gas in the sixth bid round under Open Acreage Licensing Policy, according to the upstream regulator DGH. Oil India Ltd (OIL) walked away with two blocks and Sun Petrochemicals Pvt Ltd got one [...]
Sudarshan Venu Elevated as Managing Director of TVS Motor Company
Chennai, Tamil Nadu, India – Business Wire India TVS Motor Company, a reputed manufacturer of two-wheelers and three-wheelers globally, announced at its board meeting today the elevation of Sudarshan Venu as Managing Director of the Company, effective today. Sudarshan has been charting the future of one of India’s leading two-wheeler manufacturer and has made it [...]
Tata Motors reappoints ex SBI Chairman Om Prakash Bhatt as additional director
New Delhi, May 6 (PTI) Tata Motors on Friday said it has reappointed former SBI Chairman Om Prakash Bhatt as an additional director till March 7, 2026. The company's board, based on the recommendation of the nomination and remuneration committee, has approved appointment of Bhatt as an additional non-executive independent director for the second consecutive [...]
Redcliffe Lifetech raises USD 61 mn from investors
New Delhi, May 6 (PTI) Leading diagnostics platform Redcliffe Lifetech on Friday said it has raised USD 61 million (around Rs 466 crore) in a funding round led by LeapFrog Investments. Healthquad, Schroders, LC Nueva, Growth Spark Ventures and existing investors Chiratae Ventures and Alkemi Venture Partners also participated in the funding round. The investment [...]
Vedantu lays off 200 employees
Edtech firm Vedantu has laid off 200 employees as it did not find them in sync with the company's growth expectation. When contacted, the company spokesperson confirmed the development and said the firm is also hiring over 1,000 new people. "We have over 6,000 employees out of which 120 contractors and 80 full-time or 3.5 [...]
ABB India Chairman Morten Wierod resigns
New Delhi, May 5 (PTI) Engineering firm ABB India on Thursday said its Chairman Morten Wierod has resigned."Morten Wierod vide letter dated May 5, 2022, has tendered his resignation from the position of Chairman and Non-executive & Non-independent Director of the Company, effective closure of business hours of May 5, 2022," a BSE filing said.The [...]
Future Group sells 25% stake in FGIICL to JV partner Generali for Rs 1,266 cr
New Delhi, May 5 (PTI) Debt-ridden Future Group on Thursday said it has completed the sale of its 25 per cent equity in Future Generali India Insurance Company Ltd (FGIICL) to its JV partner Generali for Rs 1,266.07 crore as part of its asset monetisation plans to pair debts.After receiving mandatory approvals from the government [...]
Wipro, HFCL join hands to develop 5G product portfolio
New Delhi, May 5 (PTI) IT company Wipro Limited and domestic telecom gear maker HFCL have entered into a partnership to jointly develop 5G product portfolio, mainly the routers required to connect mobile sites with the core network of telecom operators. The companies will collaborate on a portfolio of 5G products for the telecommunications sector, [...]
Alkesh Kumar takes charge as new IT Secretary
New Delhi, May 5 (PTI) Alkesh Kumar Sharma has assumed charge as new Secretary for the Ministry of Electronics and Information Technology, an official release said on Thursday.Sharma, an Indian Administrative Services Officer of the 1990 batch from Kerala cadre, has earlier served as additional secretary and secretary in the Cabinet Secretariat.In addition to other [...]
Kotak Mahindra Bank raises savings rate on fixed deposits by up to 0.35%
Kotak Mahindra Bank Limited (Kotak) on Thursday announced an increase in interest rates on fixed deposit across multiple tenor baskets for its retail customers by up to 0.35 per cent. The increase in FD (Fixed Deposit) rates comes after the Reserve Bank of India announced a 40 basis points hike in the repo rate, Kotak [...]
Sudarshan Venu Elevated as Managing Director of TVS Motor Company
Chennai, Tamil Nadu, India (NewsVoir) TVS Motor Company, a reputed manufacturer of two-wheelers and three-wheelers globally, announced at its board meeting today the elevation of Sudarshan Venu as Managing Director of the Company, effective today. Sudarshan has been charting the future of one of India’s leading two-wheeler manufacturer and has made it the most awarded [...]
TVS Motor elevates Sudarshan Venu as Managing Director
New Delhi, May 5 (PTI) TVS Motor Company on Thursday said it has elevated Sudarshan Venu as Managing Director with immediate effect. Venu, 33, has been charting the future of the two-wheeler manufacturer and has played a pivotal role in the company's growth in domestic and key international markets, including Asia, Africa, and more recently [...]
Flipspaces acquires architect and interior design platform Renomania
New Delhi, May 5 (PTI) Startup Flipspaces, which is into interior design, has acquired Renomania, a platform for end customers to comprehensively discover and engage with architects, interior designers and brands.The acquisition is a 100 per cent sale of the platform’s assets, database and all technology and related intellectual property (IP), Flipspaces said in a [...]
Airtel Payments Bank appoints Manish Pandey as Chief Information Security Officer
New Delhi, May 5 (PTI) Airtel Payments Bank has appointed Manish Pandey as its new Chief Information Security Officer. Pandey will head the information and cyber security practice for Airtel Payments Bank and report to Pradeep Rangi, Chief Risk Officer. "We welcome Manish Pandey, our new Chief Information Security Officer, on board," Airtel Payments Bank [...]
Mahindra ties up with J&K Bank for tractor, farm equipment loans
New Delhi, May 5 (PTI) Mahindra & Mahindra (M&M) on Thursday said it has tied up with Jammu & Kashmir Bank to offer loans for tractors and farm machinery.Farm Equipment Sector (FES), a part of Mahindra Group, has inked an MoU with the lender in this regard.As part of the partnership, J&K Bank will provide [...]
Vodafone Idea Foundation ties up with Ericsson for ‘robotic labs’ in schools
New Delhi, May 5 (PTI) Vodafone Idea Foundation, the CSR arm of telecom operator VIL, has collaborated with Ericsson India to set up 'robotic labs' in ten schools across the country with a view to providing digital learning skills to underserved students. The tie-up is aimed at improving the students’ education and employment prospects across [...]
Dhampur Sugar Mills designate Ashok Kumar Goel as Chairman
New Delhi, May 5 (PTI) Dhampur Sugar Mills Ltd on Thursday said that Ashok Kumar Goel has been designated as its Chairman. "Ashok Kumar Goel, Promoter (Executive) Director of the company has been designated as Chairman of the company with effect from May 4, 2022 consequent upon resignation of Vijay Kumar Goel as Chairman and [...]
Delhivery IPO to open on May 11; sets price band at Rs 462-487 per share
New Delhi, May 5 (PTI) Supply chain company Delhivery on Thursday said it has set a price band of Rs 462-487 a share for its Rs 5,235-crore initial public offering (IPO), which will open for subscription on May 11. At the upper end of the price band, the company is valued at Rs 35,284 crore, [...]
ABB India’s PAT More Than Doubles to INR 370 Crores Year-on-Year in Q1 CY2022
Solid performance in an uncertain environment Bengaluru, Karnataka, India – Business Wire India Q1 2022 HIGHLIGHTS • Strong growth in orders (26%) and revenue (21%) • Emerging sectors & core sector recovery create momentum • Capacity utilization & operation efficiencies yield traction in profit • Published the first Business Responsibility and Sustainability Report (BRSR) 2021 [...]
Adani Power net profit surges to Rs 4,645 crore in March quarter
New Delhi, May 5 (PTI) Adani Power's consolidated net profit jumped to Rs 4,645.47 crore in the March quarter from Rs 13.13 crore in the year-ago period, mainly on the back of higher revenues. Total income of the company rose to Rs 13,307.92 crore in the quarter ended on March 31, 2022 from Rs 6,902.01 [...]
FREED raises USD 2.8 mn in funding round led by Inflection Point Ventures
New Delhi, May 5 (PTI) Consumer debt relief platform FREED has raised USD 2.8 million in a funding round led by Inflection Point Ventures. The round saw participation from Multiply Ventures, Chandigarh Angels Network, Lead Angels, Hyderabad Angels, The Chennai Angels, and a clutch of high networth individuals, according to a statement. The funds will [...]
Tata Motors unveils Ace EV; receives orders for 39,000 units
Homegrown auto major Tata Motors on Thursday unveiled the electric version of its popular mini truck, Ace, as it continues the drive for electrification of its portfolio. The company has also signed pacts with leading e-commerce players such as Amazon, BigBasket, City Link, DOT, Flipkart, LetsTransport, MoEVing and Yelo EV, to supply the Ace EV [...]
Sona Comstar partners with US-based C-Motive Technologies to develop electrostatic drive motors
New Delhi, May 5 (PTI) Auto components major Sona Comstar on Thursday said it has partnered with US-based start-up C-Motive Technologies to develop electrostatic drive motors for electric vehicle applications. The serial production of the electrostatic drive motors is expected to start in 2026, the company said in a statement. Under the partnership, Sona Comstar [...]
Copthall Mauritius Investment sells Rs 31 crore worth shares of Indiabulls Real Estate
New Delhi, May 4 (PTI) Investment firm Copthall Mauritius Investment Ltd has sold 37 lakh shares of Indiabulls Real Estate Ltd for Rs 31.08 crore through an open market transaction. According to the bulk deal data available with BSE, BofA Securities Europe SA bought 37 lakh shares of the company at an average price of [...]
Future Retail MD Rakesh Biyani steps down, Company Secretary resigns
Future Retail Managing Director Rakesh Biyani has stepped down while officials, including the company secretary of the debt-ridden firm, have tendered resignations. The Future Group flagship firm is facing an insolvency petition by its lenders before the National Company Law Tribunal. There is an exodus of people from the board and at other levels in [...]
Tata Technologies, industry partners to set up common facility in EV domain
Global engineering and product development digital services firm Tata Technologies along with global industry partners and Lamrin Tech Skills University will set up a common facility in the electric vehicle domain, said a government statement on Wednesday. It will cater to developing skills needed in the field of electric vehicle segment. A delegation of Tata [...]
Google India appoints former Niti Ayog joint secretary as head of public policy
New Delhi, May 4 (PTI) Internet major Google has appointed former joint secretary at Niti Aayog Archana Gulati as head of public policy in India. A Google spokesperson confirmed the appointment. Messages sent to Gulati elicited no immediate reply. Gulati was looking after digital communications policy matters at the government think tank and took voluntary [...]
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