Latest News on Corporate Actions

New Delhi, Apr 4 (PTI) Leisure hospitality player Sterling Holiday Resorts Ltd on Monday said it has appointed Vikram Lalvani as its new Managing Director and CEO with effect from April 1, 2022. He takes over from Ramesh Ramanathan, who continues to be the Chairman of the company, Sterling Holiday Resorts said in a statement. [...]

New Delhi, Apr 4 (PTI) HYM Drive Systems, a joint venture between Hero Motors and Yamaha Motor Co Japan, on Monday said it expects to start production of electric drive units at its facility in Ludhiana from November this year. The ground-breaking ceremony for the manufacturing facility with a capacity of 10 lakh drive units [...]

New Delhi, Apr 4 (PTI) Agritech venture capital firm Omnivore on Monday said it will raise USD 130 million (around Rs 1,000 crore) to set up its third fund.The company has launched its third fund with a target corpus of USD 130 million (Rs 1,000 crore), Omnovire said.The new fund will continue to invest in [...]

New Delhi, Apr 4 (PTI) Agritech startup Agrizy has raised USD 4 million (around Rs 30 crore) from investors including Ankur Capital to grow its business.The seed round also saw participation from Omnivore and angel investors Rajesh Yabaji (CEO, BlackBuck), Zetwerk’s Co-founders Srinath Ramakkrushnan, Amrit Acharya, Rahul Sharma, and Vishal Chaudhary, among others."The funds raised [...]

New Delhi, Apr 4 (PTI) Automaker Renault India on Monday said it has opened 300 booking centres across the country in collaboration with CSC Grameen e-Stores, a subsidiary of CSC e-Governance Services India Ltd (CSC-SPV), in order to strengthen its presence in the smaller towns and rural areas. Through this initiative, the company and CSC [...]

Mumbai, Apr 4 (PTI) Talks of a merger between HDFC Bank and parent HDFC Ltd had gained steam nearly eight years ago, when the Reserve Bank of India allowed banks to issue long-term bonds to fund infrastructure and affordable housing. At that time, key executives at both entities denied any such proposal. And today, the [...]

New Delhi, Apr 4 (PTI) India's top oil firm IOC, engineering and construction giant Larsen & Toubro and renewable energy company ReNew Power on Monday came together to form a joint venture to develop green hydrogen business. Indian Oil Corporation (IOC) and L&T have additionally signed a pact to form a joint venture with equity [...]

Guwahati, Apr 3 (PTI) PSU major Indian Oil Corporation on Sunday said it will invest nearly Rs 840 crore in expanding its Petroleum, Oil and Lubricant (POL) storage capacities, including setting up a greenfield facility, in the Northeast.The company is planning to take its POL capacities to 5,530 Thousand Metric Tonnes Per Annum (TMTPA) by [...]

New Delhi, Apr 1 (PTI) Dr Reddy's Laboratories on Friday said it has inked a pact with Novartis AG to acquire the cardiovascular medicine brand Cidmus in India for USD 61 million (about Rs 463 crore). Under the agreement, Dr Reddy's will be assigned and transferred the Cidmus trademark in India from Novartis AG for [...]

New Delhi, Apr 1 (PTI) Bharat Biotech on Friday said it is temporarily slowing down production of its COVID-19 vaccine Covaxin across its manufacturing units for facility optimisation as it has already completed its supply obligations to procurement agencies and foresees decrease in demand. The company further said after the recent WHO post Emergency Use [...]

New Delhi, Apr 1 (PTI) Two leading companies of the Kishore Biyani-led Future Group -- Future Retail and Future Enterprises -- on Friday collectively defaulted on loan repayments worth Rs 8,157.97 crore. The due date for payment of Rs 2,835.65 crore by Future Enterprises Ltd (FEL) and Rs 5,322.32 crore by Future Retail Ltd (FRL) [...]

New Delhi, Apr 1 (PTI) Debt-ridden Future Enterprises Ltd (FEL) on Friday said it has defaulted on payment of Rs 2,835.65 crore to various banks and lenders. The due date to "pay an aggregate amount of Rs 2,835.65 crore" to its lenders, who are parties to an agreement under the One Time Restructuring (OTR) scheme, [...]

New Delhi, Apr 1 (PTI) Acrysil Ltd, a manufacturer of composite quartz kitchen sinks, on Friday said it will fully acquire UK's Tickford Orange Ltd (TOL), a producer of solid surface products for kitchens and bathrooms, for 11 million pounds (nearly Rs 110 crore). The acquisition will be through the company's wholly owned subsidiary Acrysil [...]

New Delhi, Apr 1 (PTI) JSW Energy arm JSW Neo Energy has inked a pact with the Chhattisgarh government for setting up a 1,000 MW capacity hydro pumped storage project. With rapid addition of renewable energy capacity in the country, development of energy storage solutions such as hydro pumped storage projects (PSPs) become essential due [...]

New Delhi, Apr 1 (PTI) S Raju has taken over as the Director General of Geological Survey of India (GSI), the Ministry of Mines said on Friday. He succeeds R S Garkhal who superannuated on Thursday. "Prior to assuming the present post, Raju was holding the post of Additional Director General and National Head, Mission-III [...]

New Delhi, Apr 1 (PTI) Kansai Nerolac Paints Ltd on Friday said its Executive Director Anuj Jain has been elevated as the managing director of the company. Jain succeeds H M Bharuka, vice chairman and managing director, who has been spearheading the firm for the last 21 years, Kansai Nerolac Paints said in a statement. [...]

Chennai, Apr 1 (PTI) Chennai and Kamarajar Ports have jointly handled 87.3 million metric tonnes of cargo traffic in financial year 2021-22 registering a growth of 25.8 per cent, according to a top official. Chennai Port handled 48.56 million metric tonnes (MMT) of cargo while 38.74 MMT was taken up by Kamarajar Port registering an [...]

Ranchi, Apr 1 (PTI) Coal India arm Central Coalfields Ltd on Friday reported a record output of 68.83 million tonne in the 2021-22 fiscal, registering a 10 per cent growth over the previous year's production.The Jharkhand-based subsidiary of the coal behemoth also posted the highest-ever off-take at 71.86 mt during the last financial year, with [...]

New Delhi, Apr 1 (PTI) Nearly two years after submitting its plea citing "violations" of companies law, the National Company Law Tribunal (NCLT) on Friday allowed the central government to take over the management of the prestigious Delhi Gymkhana Club. Passing a 149-page order on the petition filed by the corporate affairs ministry, a two-member [...]

Mumbai, Apr 1 (PTI) App-based taxi firm Uber on Friday said it has raised fares by 15 per cent for travel in Mumbai to offset the impact of rising fuel prices.Diesel and petrol prices have gone up by Rs 6.40 per litre each between March 22, when they were hiked by 80 paisa per litre [...]

Ranchi, Apr 1 (PTI) The Central Coalfields Limited (CCL) on Friday said district level committees are assessing the Central PSU dues against claims made by the Jharkhand government. Last week, Jharkhand Chief Minister Hemant Soren had hit out at central PSUs alleging non-payment of Rs 1.36 lakh crore by coal companies was impacting the socio-economic [...]

Hyderabad, Apr 1 (PTI) Drillmec, an Italy-based oil and gas drilling rig maker and a part of city-based MEIL Group, on Friday said its board of directors approved investment plan of 35 million euros in energy transition, which includes initiatives in production of hydrogen. A press release from MEIL said hydrogen production would be through [...]

New Delhi, Apr 1 (PTI) State-run power giant NTPC on Friday said its joint venture firm NTPC Sail Power Company Ltd (NSPCL) has made a 250 MW captive power unit commercially operational at Rourkela in Odisha. With this, the installed and commercial capacity of NSPCL has become 1,064 MW, while the NTPC Group's installed and [...]

Mumbai, Apr 1 (PTI) Agriculture value chain enabler Samunnati on Friday said it plans to increase its workforce by 20 per cent this year. Currently, the company has a headcount of 611. According to a statement, the company intends to bolster its workforce further by adding 20 per cent more talent in 2022, with close [...]

New Delhi, Apr 1 (PTI) Multiplex operator PVR on Friday said it has discontinued operations of 23 screens across nine properties after the expiry of their lease with Cineline India. After this, PVR's screen count as on date has come down to 848 at 172 properties in 73 cities, the company said in a regulatory [...]

18 teams with two men golfers and one woman golfer each to tee-off for the title New Delhi, Delhi, India – Business Wire India In continuation with their promise of many firsts in the Indian Golf Circuit, Ballantine’s, from the house of Pernod Ricard, is ready to host India’s first Golf Mixed Pro Challenge. The [...]

New Delhi, Apr 1 (PTI) Axis Bank's planned acquisition of Citigroup's consumer banking portfolio will strengthen its retail market position as well as diversify the revenue profile, global rating agency S&P said on Friday. "We expect significant profitability improvements to only accrue from fiscal 2025 onwards as it will take time to complete the acquisition [...]

Kolkata, Apr 1 (PTI) Direct selling companies are betting big on the eastern part of the country to expand their businesses as West Bengal, Bihar and Odisha are among the top five states in terms of the performance of the sector that witnessed over 7 per cent growth in the country in the COVID-hit 2020-21 [...]

Mumbai, Apr 1 (PTI) House economists at the State Bank of India (SBI) have called for a slew of reforms to incentivise regional rural banks, including granting them on-tap licence for conversion into Small Finance Banks (SFBs). In September 2018, the Reserve Bank of India (RBI) allowed urban cooperatives and microfinance lenders to convert themselves [...]

Bhubaneswar, Apr 1 (PTI) After bagging Utkal B1 and B2 coal block in the Angul-Talcher belt in the state, Jindal Steel & Power Limited (JSPL) on Friday said it would develop its Odisha plant into the largest and greenest facility in the world. This was stated by the company’s chairman Naveen Jindal. He said JSPL [...]

New Delhi, Apr 1 (PTI) Honda Cars India on Friday said Takuya Tsumura has taken charge as President and CEO of the company. As part of the organisational changes, the company has also elevated Kunal Behl as Vice President, Marketing and Sales from his erstwhile position of Operating Head – Sales and Network Development. In [...]

Kolkata, Apr 1 (PTI) Coal India on Friday said it registered production of 622.6 million tonne in 2021-22, a 4.4 per cent jump over that in FY21, bucking two years of declining streak.The mining major informed the bourses that its total off-take in 2021-22 was nearly 661.9 million tonne, a sharp 15.3 per cent jump [...]

Kolkata, Apr 1 (PTI) Gross loan portfolio of the microfinance institutions stood at Rs 2,56,058 crore as of December 2021, according to an industry body report.As many as 13 banks hold the largest share of the portfolio with an outstanding at Rs 1,03,569 crore, which is 40.4 per cent of the disbursal by the MFIs, [...]

Mumbai, Apr 1 (PTI) Belstar Microfinance Limited (BML), a subsidiary of Muthoot Finance Ltd, on Friday said it has raised equity capital of Rs 275 crore from a new investor Affirma Capital and others. Existing investors Muthoot Finance and Maj Invest also participated in the latest funding round. The funding will help the microfinance player [...]

New Delhi, Apr 1 (PTI) Asian Paints Ltd on Friday said it will acquire stake in two companies -- White Teak and Weatherseal Fenestration -- in a move to strengthen its presence in the fast-growing home improvement and décor segment. Asian paints will acquire 100 per cent of Obgenix Software, popularly known by the brand [...]

Coimbatore, Apr 1 (PTI) Tanishq, noted jewellery brand from the diversified conglomerate Tata Group, has drawn up plans to set up nearly 45-50 new stores during the current financial year which include seven in Tamil Nadu, a company official said on Friday. With customers moving to organised jewellery shops, the company was making huge investment [...]

UDAIPUR, India, April 1, 2022 /PRNewswire/ -- In line with Prime Minister Narendra Modi's vision of making India' Net Zero', Hindustan Zinc has joined the global movement of leading companies that are aligning their business to limit global temperature rise to 1.5°C above preindustrial levels and reach net-zero value chain emissions by no later than [...]

New Delhi, Apr 1 (PTI) State-owned Engineers India Ltd (EIL) has signed a memorandum of understanding (MoU) with Numaligarh Refinery Ltd (NRL) for the development and commercialization of technologies. The MoU was signed on March 31, 2022, the company said in a statement. "Under the MoU, EIL and NRL will jointly develop and license indigenous [...]

New Delhi, Apr 1 (PTI) Torrent Power on Friday announced the takeover of the power distribution operations in Union territory Dadra & Nagar Haveli and Daman & Diu.The assets were privatised under the government's ambitious programme to privatise the distribution network in Union territories through a competitive bidding process, Torrent Power said in a statement."Torrent [...]

New Delhi, Apr 1 (PTI) Bosch Ltd, a provider of technology and services in the mobility ecosystem, on Friday said it has acquired a 14 per cent stake in Bengaluru-based B2B start-up Zeliot Connected Services Pvt Ltd. This investment will enhance Bosch Ltd's role in the mobility landscape through offerings on digital platforms in the [...]

New Delhi, Apr 1 (PTI) Global investment firm Brookfield has agreed to buy 51 per cent stake in Bharti Enterprises' four commercial properties, including Worldmark at Aerocity in the national capital, at an enterprise value of Rs 5,000 crore. In a statement, Bharti Enterprises and Brookfield announced that they have entered into a joint venture [...]

New Delhi, Apr 1 (PTI) Coliving operator Stanza Living has acquired enterprise IoT platform Singularity Automation in an all-cash deal to strengthen its technology ecosystem.Gurugram-based Stanza Living, which provides managed accommodations to students and working professionals, did not disclose the deal value.In a statement, Stanza Living said the acquisition is expected to strengthen its in-house [...]

Nagpur, Mar 31 (PTI) State-run Indian Oil Corporation (IOC) on Thursday said it has suspended three of its Nagpur-based employees for alleged financial malpractice.A press release by Indian Oil said in response to two separate FIRs filed by the CBI and the ACB, Nagpur, against three of its city-based employees for alleged financial malpractice, the [...]

Mumbai, Mar 31 (PTI) The Shapoorji Pallonji Group on Thursday said it has settled the company's debt with a one-time payment of Rs 12,450 crore to its all 22 lenders, leaving the group's balance sheet with just Rs 3,600 crore loan. To overcome the impact of lockdown due to COVID-19, the Mistry group had applied [...]

New Delhi, Mar 31 (PTI) IndiGo on Thursday announced that pilots' salaries have been increased by eight per cent in view of the continuous steady flight operations.Full regular international flight services resumed in India after the COVID-19 outbreak on March 27. Full regular domestic flights resumed in the country on October 18 last year."Now, as [...]

New Delhi, Mar 31 (PTI) Swan Energy Limited (SEL) on Thursday said it has approved the allotment of over 1.96 crore shares for about Rs 318 crore to promoter group and non-promoters on preferential basis. The company's board at its meeting held on March 31, 2022, "considered and approved the allotment of 1,96,60,000 equity shares [...]

New Delhi, Mar 31 (PTI) Four public sector lenders -- State Bank of India, Canara Bank, Punjab National Bank and Union Bank of India -- on Thursday said their stakes in India Debt Resolution Company Ltd (IDRCL) have come down to 5 per cent each. The bad bank or the National Asset Reconstruction Company Ltd [...]

Mumbai, Mar 31 (PTI) The Japan International Cooperation Agency (Jica) has signed a loan agreement with the government to extend 1,16,520 million yen or around Rs 7,517 crore to the Western leg of the dedicated freight railway project. The agency on Thursday said the soft loan is being extended under the government of Japan's official [...]

New Delhi, Mar 31 (PTI) Mining giant Vedanta Limited on Thursday said its board has approved a proposal to source 580 MW of green energy for its operations across India. The company said a power delivery agreement has been signed with the Sterlite Power Technologies Private Ltd, a special purpose vehicle for supply of solar [...]

New Delhi, Mar 31 (PTI) The Department of Telecom has asked telecom operators to withdraw all COVID pre-call announcements and caller tunes. The telecom service providers have been playing the pre-call announcements and caller tunes related to coronavirus to spread awareness among citizens and to tell them about the precautions and vaccination to be taken during [...]

New Delhi, Mar 31 (PTI) The National Company Law Tribunal (NCLT) has approved the scheme of transfer of Raymond Apparel Ltd business to Raymond Ltd. In September 2021, board of Raymond had approved demerging the B2C business, including apparels, of Raymond Apparel Ltd (RAL), on a going concern basis to merge with the company itself. [...]

New Delhi, Mar 31 (PTI) Adani Enterprises on Thursday said it has received a letter of award from NHAI to develop a section of National Highway 48 under the government's Bharatmala Pariyojana. In a regulatory filing, Adani Enterprises said its wholly-owned subsidiary Adani Road Transport Ltd (ARTL) recently participated in the tender invited by National [...]

New Delhi, Mar 31 (PTI) Logistics startup Wiz Freight has raised Rs 275 crore through a mix of equity and debt led by Tiger Global. The series A funding round also saw participation from Axilor Ventures, Foundamental, Arali Ventures, Stride Ventures, and Alteria Capital.The investment marks the largest series A funding in the Indian logistics [...]

New Delhi, Mar 31 (PTI) Bayer, a global enterprise with core competencies in the life sciences field of healthcare and nutrition, on Thursday said it will set up 27 telemedicine centres in India over the next two years. The telemedicine centres will be set up in 12 districts across eight states in the country through [...]

New Delhi, Mar 31 (PTI) Construction of state-run NTPC's Barh thermal power project in Bihar that has involvement of Russian entities has been affected due to various sanctions against Russia, Parliament was informed on Thursday. "In so far as Ministry of Power is concerned, NTPC’s Barh Super Thermal Power Project, Stage-I (3X660 MW), which is [...]

New Delhi, Mar 31 (PTI) Production of eight infrastructure sectors expanded by 5.8 per cent in February against a contraction of 3.3 per cent in the same month last year on better show by coal, natural gas, refinery products and cement industries, according to official data released on Thursday. Production of crude oil and fertiliser [...]

New Delhi, Mar 31 (PTI) ONGC, which opened seven out of India's eight oil and gas producing basins, is on the way to open another basin, Vindhyan as it details out commercialisation of a gas discovery in Madhya Pradesh. An exploratory well in Son valley sector in Madhya Pradesh's Damoh district discovered gas, and on [...]

New Delhi, Mar 31 (PTI) Public sector lender Canara Bank on Thursday said it has reduced its stake in India Debt Resolution Company Ltd (IDRCL) to 5 per cent. The bad bank or the National Asset Reconstruction Company Ltd (NARCL) will acquire bad loans from banks to help clean up their books, while the IDRCL [...]

Bengaluru, Mar 31 (PTI) Molitics Infomedia has raised its first round of funding worth USD 1.5 million from businessman Dinesh Pandey's Saamag Group to expand its social, political, and media application business. Molitics Infomedia said in a statement it has developed two applications -- 'Molitics' for journalists, social activists and political commentators and 'Molitics+', a [...]

Colombo, Mar 31 (PTI) The Indian Oil Corporation will release 6,000 metric tonnes of diesel to Sri Lanka as it pitches in to mitigate the spike in power cuts in the island nation, which is facing an unprecedented economic and energy crisis caused due to shortage of foreign exchange, officials here said on Thursday. Power [...]

New Delhi, Mar 31 (PTI) Agritech startup AgroStar, a farm advisory and input platform, on Thursday said it has acquired INI Farms Pvt Ltd to expand business and is targeting to grow its revenue to more than Rs 1,000 crore in the next fiscal year. Mumbai-based INI Farms Pvt Ltd is one of the leading [...]

New Delhi, Mar 31 (PTI) The finance ministry on Thursday invited bids to sell the entire government stake in Ferro Scrap Nigam Ltd (FSNL).The last date to submit an Expression of Interest (EoI) is May 5."The Government of India is proposing to disinvest Ferro Scrap Nigam Limited (FSNL), a 100 per cent subsidiary of MSTC [...]

New Delhi, Mar 31 (PTI) Asian Development Bank (ADB) and HSBC India have signed an agreement to establish a USD 100 million partial guarantee programme to support more than 4,00,000 micro-borrowers and mostly women-run micro-enterprises across India. HSBC will expand its lending to microfinance institutions (MFIs) and non-bank finance companies, with ADB partially guaranteeing the [...]

MUMBAI, India, March 31, 2022 /PRNewswire/ -- SVKM's Narsee Monjee Institute of Management Studies (NMIMS) Deemed-to-be University, announced on 24th March, 2022 that it has signed memoranda of understanding (MoUs) with four global universities to reform business and professional excellence through educational and academic exchanges across the world. These MoUs will promote educational and academic [...]

Bengaluru, March 31 (PTI) With Biocon chief Kiran Mazumdar-Shaw requesting him to resolve "growing religious divide" in Karnataka, Chief Minister Basavaraj Bommai on Thursday called upon all sections of society to observe restraint before going public on social issues, as they can be resolved through discussions. He said Karnataka is known for peace and progress [...]

New Delhi, Mar 31 (PTI) Larsen & Toubro Limited (L&T) has appointed former Chief Executive Officer of Citibank India Pramit Jhaveri as independent director. The board also approved the appointment of Jhaveri as an independent director of the company for a period of five years with effect from April 1, 2022, L&T said in a [...]

New Delhi, Mar 31 (PTI) Sanjeev Gupta-led GFG Alliance on Thursday announced the appointment of Sandip Biswas as Group Chief Investment Officer.Biswas will join the London-based business house from Tata Steel UK, where he was the Chairman.In a statement, GFG Alliance said it has "appointed global steel industry executive Mr Sandip Biswas as Group Chief [...]

New Delhi, Mar 31 (PTI) Bharti Airtel and Tech Mahindra on Thursday announced a strategic partnership to jointly develop and market enterprise-grade digital solutions across 5G, private networks and cloud.Telecom operator Airtel has been undertaking 5G demonstrations and testing in India, while IT services major Tech Mahindra has developed 5G applications and platforms.Airtel and Tech [...]

New Delhi, Mar 31 (PTI) Infrastructure company Ashoka Buildcon on Thursday said it has received a letter of award (LoA) from NHAI to develop a section of National Highway 150 C on a hybrid annuity model.In 2019, the government had approved the hybrid annuity model (HAM) for building national highways (NH) to speed up the [...]

New Delhi, Mar 31 (PTI) Electric two-wheeler maker Ultraviolette on Thursday said it has acquired Triloki Smart Systems, a connected vehicle technology start-up. The acquisition of Triloki Smart Systems, a Bangalore-based technology start-up, is part of the strategy to push towards scaling up the company's automotive intelligence platform (AIP) across multiple products and geographies, Ultraviolette [...]

New Delhi, Mar 31 (PTI) Private equity firm Bain Capital on Thursday said it will acquire a 24.98 per cent stake in IIFL Wealth Management Limited for Rs 3,679 crore.BC Asia Investments X Limited, a subsidiary of Bain Capital, has proposed to pick up a 2.2 crore stake held by General Atlantic Singapore Fund Pte [...]

New Delhi, Mar 31 (PTI) FMCG maker Procter & Gamble India on Thursday said it has become a 'plastic waste neutral' company in FY 2021-22, after having recycled 100 per cent of post-consumer plastic packaging waste. The company, which has a portfolio of power brands including Ariel, Tide, Whisper, Gillette, Oral B, head & shoulders [...]

• HealthQuad is the largest dedicated healthcare VC fund in India • Oversubscribed HealthQuad Fund-II will nurture innovative healthcare models in India • The fund has already invested in seven companies including Medikabazaar, THB, Impact Guru, Stanplus, Ekincare, Qure.ai and HealthifyMe NEW DELHI, March 31, 2022 /PRNewswire/ -- HealthQuad, India's leading healthcare venture capital fund, [...]

New Delhi, Mar 31 (PTI) Jaguar Land Rover (JLR) on Thursday said it has committed to cut 46 per cent greenhouse gas emissions across its operations by 2030.In addition, the Tata Motors-owned automaker will reduce average vehicle emissions across its value chains by 54 per cent, including a 60 per cent reduction throughout the use [...]

Kolkata, Mar 30 (PTI) Damodar Valley Corporation (DVC) on Wednesday said it signed a joint venture agreement with NTPC Renewable Energy Ltd, a fully owned subsidiary of the NTPC Limited, for renewable power projects in its command area.DVC will hold 49 per cent and NTPC Renewable will hold 51 per cent in the JV company [...]

Kolkata, Mar 30 (PTI) The hotel industry in the country which bore the brunt during the COVID-19 pandemic is on the path of recovery with higher occupancy, increased average room rates (ARR) and spurt in merger and acquisition deals, a study said on Wednesday.Domestic leisure travel is the driving force behind the road to recovery [...]

New Delhi, Mar 30 (PTI) Citi Bank on Wednesday joined the list of foreign banks that have exited the retail banking business in India as the US-based banking giant announced selling its consumer banking portfolio to Axis Bank for an estimated Rs 12,325 crore. Global banking majors such as ANZ Grindlays, RBS, Commonwealth Bank of [...]

Mumbai, Mar 30 (PTI) With Axis Bank taking over retail banking operations of Citibank in India, 30 lakh account and credit card holders of the US banking giant will have to indicate if they are willing to migrate their business to the new owner. If the customers agree to Axis managing their business, their accounts, [...]

Chennai, Mar 30 (PTI): Danfoss Group company, Eaton Fluid Power, on Wednesday inaugurated a new hydrostatics production line at its facility in Pune aimed at increasing the localisation levels and cater to the demand in the local market. The state-of-the-art facility at its Pune Pimpri campus would help the customers to improve the response time [...]

New Delhi, Mar 30 (PTI) Steel major Tata Steel on Wednesday said it will acquire ferro alloys producing assets of Odisha-based Stork Ferro and Mineral Industries for Rs 155 crore in an all-cash deal. In this regard, an Asset Transfer Agreement has been signed between the two companies on Wednesday, a regulatory filing said. Tata [...]

New Delhi, Mar 30 (PTI) The government's sale of 1.5 per cent stake in ONGC on Wednesday saw institutional buyers putting in bids worth Rs 4,854 crore -- three and half times their quota -- but the company's share took a beating on stock exchanges, falling 5.14 per cent and eroding shareholders' value. The government [...]

New Delhi, Mar 30 (PTI) Realty firm Godrej Properties Ltd on Wednesday said it has acquired a 9 acres land parcel in Pune to develop a housing project with an estimated revenue of Rs 1,400 crore. The project located at Pimpri-Chinchwad in Pune will have a developable potential of about 1.7 million square feet of [...]

New Delhi, Mar 30 (PTI) Markets regulator Sebi on Wednesday came out with timelines for rebalancing of portfolios of mutual fund schemes in order to bring uniformity. Issuing a circular, the watchdog said the rebalancing period will be applicable in the event of deviation from mandated asset allocation mentioned in the Scheme Information Document (SID) [...]

New Delhi, Mar 30 (PTI) The National Company Law Tribunal (NCLT) has ordered initiation of insolvency proceedings against realty firm Santasha Real Estate. The order came on a plea filed by Vani Advertising, an operational creditor to the company that has claimed a default of Rs 40.77 lakh. Admitting the plea, a two-member New Delhi [...]

New Delhi, Mar 30 (PTI) The government's 1.5 per cent stake sale in ONGC witnessed a smooth start on Wednesday, with institutional buyers putting in bids worth Rs 4,854 crore and over-subscribing the portion reserved for them.The government is selling up to 1.5 per cent of its stake in the country's top oil and gas [...]

New Delhi, Mar 30 (PTI) Working capital loan facilitating platform for small and medium businesses CredAble disbursed record USD 3 billion (Rs 22,500 crore) during the financial year 2021-22, and expects to double the amount in next fiscal on more customer acquisitions and high demand for short-term business loans, co-founder and CEO Nirav Choksi said. [...]

New Delhi, Mar 30 (PTI) Gaming platform Games24x7 on Wednesday said it has raised USD 75 million (nearly Rs 570 crore) in funding led by Malabar Investments. Existing investors Tiger Global and Raine Group also participated in the latest funding round, the company said in a statement.The funds will be used to accelerate user growth, [...]

New Delhi, Mar 30 (PTI) Italian financial services firm Generali on Wednesday said it has become the majority shareholder of the Indian life insurance joint venture following all the regulatory approval. The company has completed the acquisition of the entire stake of around 16 per cent held by Industrial Investment Trust Limited (IITL) in Future [...]

New Delhi, Mar 30 (PTI) Axis Bank on Wednesday announced the acquisition of Citigroup's India consumer banking business, including credit card, retail banking, consumer loan and wealth management, for Rs 12,325 crore.Axis Bank will acquire about 30 lakh customers of Citibank India and grow its credit card portfolio by 31 per cent.The deal will give [...]

New Delhi, Mar 30 (PTI) Food supply startup FarMart on Wednesday said it has secured USD 32 million (over Rs 240 crore) funding in a round led by General Catalyst. Existing investors -- Matrix Partners India and Omidyar Network India -- also participated in the Series B round. Elluminate Capital acted as the exclusive financial [...]