Latest News on Corporate Actions

Japanese auto major Honda Motor Co Ltd on Wednesday announced top management changes in its Indian two-wheeler arm with the appointment of Tsutsumu Otani as the President, CEO & Managing Director of Honda Motorcycle & Scooter India. Otani, also a Vice President at Honda Motor Co., Japan, will succeed Atsushi Ogata, who returns to Shanghai, [...]

The Bombay High Court on Wednesday continued till further orders an interim stay on show-cause notice and penalty demand issued to industrialist Anil Ambani by the Income Tax department under the Black Money Act. A division bench of Justices Gautam Patel and Neela Gokhale posted Ambani's petition challenging the notice and penalty demand for hearing [...]

Billionaire Gautam Adani's Adani Ports and Special Economic Zone Ltd (APSEZ) on Wednesday reported 9 per cent growth in cargo handling at seaports it operates for fiscal year ended March 31. At 339 million tonne, this is the largest port cargo ever, APSEZ said in a statement. The firm handled about 32 million tonne of [...]

The board of clean energy solution provider Suzlon Energy has appointed J P Chalasani as the company's Chief Executive Officer following the resignation of Ashwani Kumar from the post. Ashwani Kumar has resigned as the CEO with effect from 5th April 2023 on account of personal reasons, a BSE filing stated. The Board of Directors, [...]

Construction major Larsen & Toubro (L&T) on Wednesday said it has bagged multiple contracts of worth more than Rs 7,000 crore in the Middle East region. The scope of work comprises engineering, procurement, construction and installation for various new offshore facilities and integration with existing installations, L&T said in a statement. L&T wins "mega" contracts [...]

Electric mobility solutions provider Magenta on Wednesday said it has closed a Series A1 funding round with USD 22 million equity investment from the UK-headquartered bp and Morgan Stanley India Infrastructure-managed investment fund. The company plans to deploy the freshly raised capital in fleet and geographical expansion besides investing a part of the funds in [...]

INOX Air Products on Tuesday said it has signed an agreement with TP Saurya Bandita Ltd to set up a 40 MW captive solar plant at Dhule in Maharashtra. TP Saurya Bandita is a special-purpose vehicle of Tata Power Renewable Energy Ltd (TPREL). In a statement, INOX Air Products (INOXAP) said, "The power project with [...]

State-owned non-banking finance firm REC Ltd has raised USD 750 million through issuance of green bonds. The expected settlement date for these bonds is April 11, 2023. "REC Ltd under its USD 7 billion Global Medium Term Note Programme, has priced and issued USD 750,000,000; 5.625 per cent green bonds on April 3," according to [...]

Private sector Karur Vysya Bank has inked a pact with SBI Life Insurance to offer their insurance products to customers at its branches, the bank said on Tuesday. The Tamil Nadu-based bank offers a range of financial services through similar tie-ups with leading service providers. "In an attempt to offer a wider choice to customers [...]

Leading bakery foods company Britannia Industries on Tuesday announced an interim dividend of Rs 72 per equity share for FY 2022-23. The board of the company in its meeting held on Tuesday declared an interim dividend of 7200% i.e, Rs 72 per equity share of the face value of Re 1 each for 2022‐23, Britannia [...]

State-owned MOIL has registered a 6 per cent rise in its manganese ore production to 13.02 lakh tonnes (LT) in 2022-23. The company also utilised 14 per cent higher capital expenditure in the financial year that ended March 31 over 2021-22, the Ministry of Steel said in a statement. MOIL Ltd recorded its second-highest production [...]

Electronics company Samsung India has collaborated with Ministry of Electronics and IT, IIT Delhi and other entities for rolling out a national innovation competition "Solve for Tomorrow, the company said on Tuesday. The competition is open for youth in the age group of 16-22 years who can participate in the programme by submitting their innovative [...]

BALCO has entered into an agreement with Serentica Renewables India Private Ltd (SRIPL) to set up a special purpose vehicle to source hybrid renewable power for its aluminium operations in Chhattisgarh. Bharat Aluminium Company Ltd (BALCO) is a subsidiary of mining major Vedanta Ltd. "BALCO has entered into a Power Delivery Agreement (PDA) to source [...]

Barely days after signing a USD 3 billion financing in India's most widely syndicated loan, Reliance Industries Ltd and its unit Reliance Jio Infocomm have raised USD 2 billion add-on foreign currency facility at most competitive rates, sources said. The USD 3 billion financing closed on March 31 and the add on USD 2 billion [...]

Grasim Industries, the flagship company of the Aditya Birla Group, on Tuesday announced entering into three term loan agreements totalling Rs 5,000 crore to finance capital expenditure and repayment of existing loans. It has executed agreements for a secured loan of Rs 4,850 crore and two unsecured loans of Rs 70 crore and Rs 80 [...]

Microblogging platform Twitter has so far not revoked the legacy verified blue tick from most of the accounts that have not paid for subscribing 'Twitter Blue' service. However, some of the organisations in India shared that they have paid for the blue service to maintain the brand reputation on the microblogging platform. Twitter also replaced [...]

Welspun Enterprises Ltd (WEL) has appointed Kapil Maheshwari as CEO and executive director of its wholly-owned subsidiary Welspun New Energy Limited. Before joining Welspun, Maheshwari was part of Reliance Industries, where he was leading Renewable Energy and Green Hydrogen Ecosystem Development, a statement said. He comes with over 20 years of experience in solar PV, [...]

Housing finance company Aviom has raised USD 30 million (over Rs 246 crore) in a funding round through a mix of primary and secondary investments by Nuveen, a global investment manager. The company is focused on affordable housing sector and the funding will help in expanding its loan book and widen its operations to newer [...]

The government on Monday said Rs 414.24 crore has been paid to a total of 34,497 clients of Karvy Stock Broking Ltd (KSBL) from the National Stock Exchange's (NSE) investor protection fund till March 2023. In addition, NSE along with other market infrastructure institutions (MIIs) have also monetised the mutual fund distribution business of KSBL, and [...]

Billionaire Anil Agarwal's Vedanta Resources Ltd has debt servicing obligations of about USD 3 billion, including interest, in the current fiscal, S&P Global Ratings said on Monday, estimating that the natural resources company will likely have enough liquidity until December 2023. In a statement, S&P said Vedanta is close to securing about USD 1 billion [...]

Moneyboxx Finance, which provides business loans to micro entrepreneurs in smaller towns, on Monday said it has raised equity capital of Rs 24 crore by way of private placement from non-promoter investors. With this funding round, the company said it has raised capital of Rs 48.4 crore in 2022-23 (including warrants of Rs 3.36 crore) [...]

Axis Bank in partnership with Visa on Monday launched an app that will empower merchants to accept payments through various digital modes and also enable them to manage their day-to-day business digitally. The app 'Digital Dukaan' has been specifically designed to address business requirements such as accepting digital payments, inventory management and billing, among others, [...]

Global banking group Standard Chartered on Monday said it has closed an operating lease of five new Boeing 737 MAX 8 aircraft with domestic carrier Akasa Air. While the bank already provides Akasa Air with corporate banking solutions and services, this is the first aviation finance transaction with the airline, Standard Chartered said in a [...]

Nainital Bank, a subsidiary of public sector lender Bank of Baroda (BoB), on Monday said it has raised around Rs 100 crore through a rights issue to meet future capital requirements. BoB holds 98.57 per cent stake in Nainital Bank. The amount was raised on March 29, 2023, Nainital Bank said in a statement. Nainital [...]

State-owned NMDC surrendered the lease for Arki limestone mine in Himachal Pradesh as the project faced various challenges including logistics, Parliament was informed on Monday. NMDC had obtained a lease to mine limestone deposits at Arki in Solan district of Himachal Pradesh on April 23, 1991, Minister of State (MoS) for Steel Faggan Singh Kulaste [...]

The country's largest car maker Maruti Suzuki India on Monday said its production volume could be hit in the current fiscal with the supply situation of electronic components remaining unpredictable. The auto major said the shortage of electronic components had some impact on the production of vehicles in the last financial year as well. "As [...]

Stainless steel flexible hose manufacturer Aeroflex Industries Ltd has filed draft papers with capital markets regulator Sebi to mobilise Rs 350 crore through an initial share-sale. The initial public offering (IPO) consists of a fresh issue of equity shares worth up to Rs 160 crore and an offer-for-sale (OFS) of up to 1.75 crore equity [...]

Sundaram Home Finance, which forayed into the small business loans segment in 2022, has drawn up plans to double its footprint in Tamil Nadu, the company said on Monday. The wholly-owned subsidiary of non-banking finance company Sundaram Finance also planned to hire over 100 people under the small business loans segment in the first six [...]

Mahindra & Mahindra (M&M) on Monday said its total sales increased by 21 per cent year-on-year to 66,091 units in March. The company had dispatched 54,643 units to dealers in March 2022. In a statement, the Mumbai-based auto major said its utility vehicle wholesales rose by 31 per cent to 35,976 utility vehicles in March, [...]

Shares of Hero MotoCorp on Monday gained over 3 per cent in late morning trade after the firm reported a rise in total sales for March. The stock of two-wheeler maker jumped 3.30 per cent to Rs 2,424.50 in late morning trade on the BSE. The company's scrip witnessed a similar movement on the NSE, [...]

Professional networking startup Blue Circle on Monday said it has raised a fresh round of funding from leading CXOs from private equity, tech, healthcare and legal sectors. The Gurugram-based startup has raised more than USD 500,000 through 2 rounds of angel funding so far and is planning a pre-series A round in next few months, [...]

State-owned SAIL has produced a record 18.28 million tonnes (MT) of crude steel during financial year 2022-23, registering a year-on-year rise of 5.3 per cent. The production of hot metal also rose by 3.6 per cent to 19.40 MT during the financial year ended March 31. In a statement, the Steel Authority of India (SAIL) [...]

The Reserve Bank of India on Monday appointed Neeraj Nigam as executive director (ED) who will look after four departments, including that of consumer education and protection. Prior to being promoted as ED, he was heading the Bhopal regional office of the RBI as director. Nigam has, over a span of more than three decades, [...]

Semiconductor company Renesas is exploring local production of chipsets that the company is developing in partnership with leading software company TCS, a senior official of the company said. Last month, Tata Consultancy Services (TCS) and Renesas Electronics Corporation (Renesas) opened a joint Innovation Center in Bengaluru and Hyderabad to jointly develop semiconductor chipsets for wireless [...]

Ron Malka, former envoy of Israel to India, has said that he has assumed charge as the Executive Chairman of the Haifa Port Company (HPC) owned by a consortium led by the ports-to-energy conglomerate Adani Group. A consortium of Adani Ports and Special Economic Zone (APSEZ) and Israel's Gadot Group won the tender in July [...]

Adani Ports and Special Economic Zone Ltd (APSEZ) on Saturday said it has completed the acquisition of Karaikal Port Pvt Ltd (KPPL) pursuant to National Company Law Tribunal (NCLT) approval. Earlier, APSEZ was declared a successful resolution applicant under the Corporate Insolvency Resolution Process (CIRP) of KPPL. Karaikal Port is an all-weather deep-water port in [...]

After pulling out funds in the past two months, Foreign investors have invested Rs 7,936 crore in the Indian equities in March mainly driven by bulk investment in the Adani Group companies by the US-based GQG Partners. However, if one adjusts for the investments of GQG in Adani Group, the net flow is still negative, [...]

Adani Group and French company TotalEnergies' newly built Rs 6,000 crore LNG import facility at Dhamra on the Odisha coast has received its first ever shipment of liquefied natural gas - a fuel that will be used to make steel, produce fertilizers and turned into CNG and cooking gas, helping change the landscape of Eastern [...]

Higher yields on bonds, lack of new launches, limited availability and awareness among investors have made emerging investment instruments REITs and InvITs less attractive with fundraising hitting an all-time low at Rs 1,166 crore in 2022-23. Going forward, a change in the tax rule on distributions classified as repayment could lead to a substantial increase [...]

Damodar Valley Corporation achieved the “highest” power generation in its 75 years of existence, with a 6.5-per cent on-year rise in 2022-23 to 43.32 billion units, which mostly came from thermal sources, company officials said. It also registered a robust 29 per cent growth in power sales to Rs 24,432 crore in 2022-23 over the [...]

Demanding the Centre not to privatise RINL, the corporate identity of Visakhapatnam Steel Plant in Andhra Pradesh, BRS working president and Minister K T Rama Rao on Sunday wrote an open letter to the Union government requesting it to release Rs 5,000 crore to the steel maker. KTR said the BRS party vehemently opposes the [...]

The IL&FS Group has so far paid back Rs 29,000 crore to the secured creditors, with the latest being an interim pay-out of Rs 920 crore for the Chenani Nashri Tunnelway, a subsidiary of IL&FS Transportation Network. Chenani Nashri Tunnelway (CNTL) had a secured debt of around Rs 5,500 crore and the interim payout takes [...]

Smartworks, which provides managed office space, plans to raise USD 70-90 million equity fund this fiscal year for future growth to tap the rising demand for flexible workspace. In an interview with PTI, Smartworks founder Neetish Sarda said the company's revenue is set to cross Rs 700 crore last fiscal from Rs 394 crore in [...]

SpiceJet Ltd on Monday said it has hived off its cargo and logistics business SpiceXpress into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way [...]

Global Pharma Healthcare is recalling 50,000 tubes of eye ointment in the US market due to bacterial contamination, according to the US Food and Drug Administration (USFDA). As per its latest Enforcement Report, the US health regulator noted that the Chennai-based drug firm is recalling the affected lot of "Artificial Eye Ointment" in the US [...]

AMNS Luxembourg Holding S.A has signed a USD 5 billion loan agreement with a consortium of Japanese banks to finance the expansion of AMNS India's plant located in Gujarat. ArcelorMittal Nippon Steel (AMNS) India is a 60:40 joint venture between Luxembourg-based ArcelorMittal and Nippon Steel of Japan. "AMNS Luxembourg Holding S.A, the parent company of [...]

Education firm Aakash expects to close the financial year 2023 with Rs 3,000 crore revenue thereby registering three-fold growth since its acquisition by BYJU's, the company said on Friday. BYJU's acquired Aakash Educational Services Limited (AESL) for about USD 950 million, about Rs 7,100 crore, in April 2021. "With AESL's continued expansion in the physical [...]

Shares of Reliance Industries jumped over 4 per cent on Friday, helping the equity benchmark indices finish the day with smart gains. A rally in the equity also added Rs 64,723.85 crore to the company's market valuation. The stock rallied 4.29 per cent to finish at Rs 2,331.05 on the BSE. During the day, it [...]

Markets regulator Sebi on Friday cancelled the registration of three brokerage houses for facilitating its clients to trade on the platform of the now defunct National Spot Exchange Ltd (NSEL) in illegal 'paired contracts'. The brokerage houses, whose registrations were cancelled, are Paterson Commodities, Blue Crest Commodities and Fair Intermediate Products. In three separate orders, [...]

State-owned NTPC on Friday said it has registered the highest-ever power generation of 400 billion units -- a 10.8 per cent year-on-year growth in 2022-23. "NTPC Ltd has registered the highest-ever power generation of 400 BU in FY23, a growth of 10.80 per cent via-a-vis previous year," a statement said. NTPC continues to demonstrate an [...]

Hindustan Aeronautics Limited said on Friday it has registered highest-ever revenue from operations of around Rs 26,500 crore (provisional and unaudited) for 2022-23 as against Rs 24,620 in the previous financial year, an eight per cent growth. HAL CMD, C B Ananthakrishnan said, “Despite the challenges of supply chain disruptions due to geo-political situations, the [...]

Navratna defence PSU Bharat Electronics Limited (BEL) has received export orders worth USD 52 million during this month, the company said on Friday. This includes communication equipment, electronics assembly, micro modules and mechanical parts for various customers from France, Israel, and the USA, among others, the Bengaluru-headquartered company said in a statement. "This is reflective [...]

State-owned Power Grid Corporation on Friday said the POWERGRID Rampur Sambhal Transmission project has been commissioned. POWERGRID Rampur Sambhal Transmission Limited (a wholly-owned subsidiary of Power Grid Corporation of India Ltd, secured Intra-State TBCB (tariff based competitive bidding) project of Uttar Pradesh through tariff based competitive bidding has successfully commissioned the project on March 30, [...]

Private lender Bandhan Bank on Friday said it has added 50 more branches to its existing network of around 1350 others across the country. The majority of the new branches opened are in Bihar, Gujarat and Madhya Pradesh, the Kolkata-based bank said in a statement. It said that the spread of the new branches is [...]

NCLT has directed initiating insolvency proceedings against Bengaluru-based real estate firm Mantri Developers admitting the plea filed by Indiabulls Housing Finance Ltd. A two-member bench has also suspended the board of Mantri Developers and appointed Ahsan Ahmad as the interim resolution professional for the company. Indiabulls Housing Finance Ltd (IHFL) had moved the Bengaluru bench [...]

Citigroup CEO Jane Fraser along with top management officials visited the company's Citi Solutions Centre here and held discussions about the landscape of Global Capability Centres (GCC) in the country, the company said on Friday. On her maiden visit to Chennai and to any Citi Solutions Centre in the country, Fraser during her brief visit [...]

State-owned Coal India Ltd (CIL) on Friday said it has crossed the annual coal production target of 700 million tonne (MT) in 2022-23. As of Thursday, March 30, the company produced 700.4 MT of coal, up 13 per cent over 619.8 MT on the same date a year ago, the miner said in a statement. [...]

Real estate developer Urbanrise has acquired a land parcel of 9.24 acre from Mahindra Life Spaces to develop a two million sq ft luxury highrise apartment community at Mahindra World City in Singaperumal Koil town about 45 km from here, the company said on Friday. The Alliance Group company's latest project is located near Chennai's [...]

Oravel Stays - which operates hospitality tech firm OYO - on Friday pre-filed its Draft Red Herring Prospectus with stock market regulator Sebi, sources said. Sources close to the company told PTI OYO may launch its initial public offering (IPO) around Diwali this year. Unlike the traditional route where companies have to launch the IPO [...]

Nutrition snacking start-up Kikibix has raised USD 300,000 from founders and co-founders of nine unicorns, including Mama Earth, Pristyn Care, Fashinza etc, the company said on Friday. Early-stage venture capital firms Blume Ventures led the funding round and US-based Angelist also participated in the fundraising. Founded by paediatrician Ridhi Kaur in 2022, the company makes [...]

Water treatment company Va Tech Wabag (WABAG) has bagged a Rs 4,400-crore seawater reverse osmosis project in Tamil Nadu which after completion would be the largest sea-water desalination project in the South East Asia region. The project has been bagged in a joint venture with Metito Overseas Ltd and will be implemented on a design, [...]

Zee Entertainment Enterprises Ltd (ZEEL) has entered into a one-time settlement agreement with Standard Chartered Bank for the loan taken by Siti Networks, a part of the Essel Group. Standard Chartered Bank had sanctioned certain credit facilities to Siti Networks, which was inter-alia secured by DSRA (Debt Service Reserve Account) support and undertaking from ZEEL. [...]

IT services company HCL Technologies will hire 1,000 people in Romania in the next two years as it scales up operations in that country. HCL Tech, which completed five years of operations in Romania, will ramp up its offices in Bucharest and Lasi. A third of the new roles will be offered to graduates recruited [...]

Integrated facilities management Updater Services Ltd (UDS) has filed preliminary papers with capital market regulator Sebi to raise funds through an initial public offering. The Initial Public Offering (IPO) will comprise fresh issue of equity shares aggregating up to Rs 400 crore and an Offer For Sale (OFS) of up to 1.33 crore equity shares by [...]

Automation solutions provider Schneider Electric has appointed Deepak Sharma as its MD and CEO and "Zone President for Greater India region". Sharma's appointment is effective from May 1, 2023, the company said in a statement. "Schneider Electric announces the appointment of Deepak Sharma as Zone President, Greater India and MD & CEO, SEIPL. Sharma will [...]

Hindustan Petroleum Corporation Ltd (HPCL) on Thursday said it has signed a pact with Bharat Petroleum Corporation Ltd (BPCL) for synergy in purchase and sale of hydrogen between the refineries the two firms operate in Mumbai. Hydrogen is an essential utility required for treating of diesel and petrol to produce low-emission fuel of Euro-VI or [...]

The industry is expecting the government to invite bids for power transmission infrastructure projects worth Rs 1.50 lakh crore in the next 18 months, Sterlite Power Transmission said on Thursday. In December, the government had launched a plan with investment opportunities of about Rs 2.44 lakh crore for building a transmission system for evacuating 500 [...]

Jain Irrigation Systems on Thursday said it has completed the deal to merge global irrigation business with Temasek-owned Rivulis. In June last year, Jain Irrigation Systems Ltd had announced that its global irrigation business will be merged with Temasek-owned Rivulis in a cash-and-stock deal and the combined entity will have a revenue of USD 750 [...]

Water pumps company Shakti Pumps on Thursday said it has been assigned 'IND A' ratings by India Ratings and Research (Ind-Ra) with a stable outlook. The Madhya Pradesh-based company is a leader in the manufacturing of energy-efficient pumps and motors, including solar. In a regulatory filing, Shakti Pumps said, "India Ratings and Research (Ind-Ra) has [...]

PepsiCo India, through its brand Lay’s, on Thursday announced a crop and plot-level predictive intelligence model to help farmers with real-time tracking of the health of potato crop. Launched in collaboration with global agri-tech firm Cropin, the predictive and plot intelligence models are fine-tuned for specific crop varieties, conditions, and locations, it said in a [...]

Sansera Engineering on Thursday announced it has entered into a definitive agreement for strategic investment of Rs 20 crore in MMRFIC Technology. Sansera would make an investment of Rs 200 million (Rs 20 crore) in MMRFIC by way of 1,49,250 CCPS (Compulsory Convertible Preference Shares) of Rs 100 each with a premium of Rs 1,240 [...]

Mahindra Group's agritech business on Thursday launched an IoT-based aftermarket device Krish-e-Smart Kit for farm equipment. The device, developed by agri-tech startup Carnot Technologies, provides detailed insights into tractors and farm equipment through GPS-enabled time-tracking and remote monitoring of various parameters through a smartphone, the company said in a release.   The startup was founded [...]

Insolvency appellate tribunal NCLAT has dismissed the plea of Jindal Stainless Ltd, one of the bidders for debt-ridden Mittal Corp, challenging the issuance of a fresh Request for Resolution Plan (RFRP) by the lenders. A two-member NCLAT bench observed the lenders of Mittal Corp were "empowered to issue fresh RFRP" when none of the resolution [...]

Tata Power on Thursday said it has re-appointed Praveer Sinha as the company's Chief Executive Officer (CEO) and Managing Director. His re-appointment to the top post is for a period of four years from May 1, 2023, to April 30, 2027, subject to the approval of the members of the company, Tata Power said in [...]

British carrier Virgin Atlantic has expanded its codeshare pact with budget airline IndiGo, offering new destinations to its customers pan-India, a statement said on Thursday. The two airlines had in August last year inked a codeshare partnership to help them expand their access to customers flying to the destinations serviced by them. In total, the [...]

Edtech firm Uncademy will lay off 12 per cent or about 350 employees amid a funding crunch as it strives to make the core business profitable, a top company official said. In an internal note, Unacademy co-founder and CEO Gaurav Munjal mentioned that a decision has been taken to meet the goals in the current [...]

Korean electronics major Samsung is planning to set up 15 premium experience stores across nine cities in India by the end of this year to increase the share of high-end products in total sales, a company official said on Thursday. Samsung India D2C business senior director Sumit Walia told PTI that the trigger for expansion [...]

Welspun Group on Thursday said it has acquired water tank maker Sintex for Rs 1,251 crore to expand its building material portfolio. In a statement, Welspun Group said Sintex has been a household name in India for decades for water tanks and other plastic products. It has a strong distribution network across India. "With its [...]

The country's largest two-wheeler maker Hero MotoCorp on Thursday said it has elevated Niranjan Gupta as the new Chief Executive Officer (CEO). Gupta, currently designated as Chief Financial Officer (CFO), Head - Strategy and M&A, takes over as the CEO with effect from May 1, 2023. The company's board has appointed Gupta as the new [...]

In a boost to the Centre's 'Aatmanirbhar Bharat' initiative, the Ministry of Defence on Thursday inked a Rs 1,700 crore contract with BrahMos Aerospace Private Limited (BAPL) for procurement of next generation maritime mobile coastal batteries and BrahMos missiles. The delivery of these batteries is scheduled to commence from 2027, the ministry said in a [...]

Realty major Emerald Haven Realty Ltd (TVS Emerald) has signed a term sheet agreement with HDFC Capital Affordable Real Estate Fund-3, the city based company said on Wednesday. The two companies have come together to create Rs 1,000 crore platform for plotted development projects across Chennai and Bengaluru markets. TVS Emerald, an associate of TVS [...]

Pharmaceuticals firm Granules India Ltd on Wednesday said it has received approval from the US health regulator for its generic gabapentin tablets indicated for management of postherpetic neuralgia in adults. The approval by the US Food & Drug Administration (USFDA) is for the abbreviated new drug application (ANDA) for Gabapentin tablets of strengths 600 mg [...]

Pilots' bodies at Tata Group-owned Air India have accused the airline management of making unilaterally "rapid" and "regressive" changes in the service conditions of pilots. In a letter to Air India Chief Human Resources Officer Suresh Dutt Tripathi on Tuesday, Indian Pilots Guild (IPG) and Indian Commercial Pilots Association (ICPA) also stated that "all unilateral [...]

The Comptroller and Auditor General (CAG) has pulled up J&K Bank Limited for not utilising the land worth over Rs 140 crore acquired during 2016-21 and recommended a proactive plan for its effective utilisation. It also said the bank's improper planning resulted into blockage of funds to the tune of Rs 22.78 crore and wasteful [...]

Billionaire Gautam Adani-led promoter group has paid off all of the USD 2.15 billion loans taken pledging their shares in the conglomerate, and only debt at operating company level remains, Adani Group said seeking to assure investors of its ability to repay debt. Adani Group in a statement termed reports of the group not completing [...]

Telecom gear maker HFCL on Wednesday said it bagged a Rs 282.61 crore contract from Gujarat Metro Rail Corporation to deploy communication systems for Surat Metro Rail Project Phase-1. The company has to deploy the project within 90 weeks from the date of contract. "..the company has bagged an order worth Rs 282.61 crore from [...]

Pharmaceutical ingredients maker SPC Lifesciences Ltd has filed preliminary papers with the capital market regulator Sebi to raise funds through an initial public offering. The Initial Public Offering (IPO) consists of fresh issuance of equity shares worth Rs 300 crore and an Offer For Sale (OFS) of 89.39 lakh equity shares by promoter -- Snehal [...]

Oil and Natural Gas Corporation's (ONGC) delayed Krishna Godavari basin KG-D5 project is likely to start crude oil production in May this year and gas output a year later, a senior company official said. ONGC was originally to start gas production from Cluster-II fields in block KG-DWN-98/2 (KG-D5) in June 2019 and the first oil [...]

The NCLAT on Wednesday upheld the order of the fair trade regulator CCI imposing a penalty of Rs 1,337.76 crore on Internet giant Google. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) directed Google to implement the direction and deposit the amount in 30 days. The NCLAT bench comprising Chairperson Justice Ashok [...]

Automaker Maruti Suzuki India Ltd on Wednesday said it has crossed the 25 lakh units milestone of cumulative exports since starting overseas shipments in 1986-87. The company, which started exports with shipments to neighbouring markets like Bangladesh and Nepal in 1986-87, said it currently exports to nearly 100 countries, including markets in Africa, Latin America, [...]

Honda Motorcycle & Scooter India on Wednesday said it is setting up a separate unit at its Narsapura plant in Karnataka to roll out electric two-wheelers with the first two models expected to hit the market in the next fiscal itself. The company aims to touch 10 lakh electric vehicles production capacity annually by 2030. [...]

Online travel services provider, MakeMyTrip on Wednesday said it plans to grow its franchise base by over 50 per cent this year to expand its reach in smaller cities and towns across India. The company is seeking to tap into the opportunities provided by the government's initiative to increase the number of airports in India [...]

Homegrown server maker Netweb Technologies India Ltd has filed draft papers with the capital markets regulator Sebi to raise up to Rs 700 crore through an initial public offering (IPO). The IPO comprises a fresh issue of equity shares worth Rs 257 crore and an offer for sales of 85 lakh equity shares by promoters, [...]

Goyal Aluminiums has plans to invest Rs 200 crore to set up an electric vehicle (EV) manufacturing plant in Uttar Pradesh. The company has been allotted 4,000 square metre land from the Greater Noida Industrial Development Authority (GNIDA) for the project. "Goyal Aluminiums...is gearing up to set up a new electric vehicle manufacturing plant with [...]

Edtech firm Upgrad has raised Rs 300 crore in a right issue led by co-founder and chairperson of the company Ronnie Screwvala, the start-up said on Wednesday. Screwvala contributed Rs 212 crore in the internal funding round. Existing investor Temasek contributed Rs 81 crore and the rest of the amount was raised from other minority [...]

Auto components maker Lifelong Group on Wednesday said it has acquired stressed automobile after-sales service startup GoMechanic for an undisclosed amount. The GoMechanic business has been acquired by the Lifelong Group as the majority shareholder under Servizzy consortium, the Delhi-based firm said in a statement. The Lifelong Group is an Indian company established in 1985 [...]

ReNew Energy Global Plc (ReNew) on Tuesday said it has repaid more than USD 1 billion to its offshore bondholders in the current financial year. The amount repaid includes the recent amortisation of USD 180 million, ReNew said in a statement. "ReNew has repaid more than USD 1 billion to its offshore bondholders in FY [...]

Adani Group CFO Jugeshinder Robbie Singh on Tuesday said stock exchanges update data on promoter share pledges at the end of the quarter, as he tried to clarify on present data not matching with the conglomerate's statement of repaying all the USD 2.15 billion of share-backed debt. Singh termed reports suggesting that the company's March [...]

Aster DM Healthcare on Tuesday said its main promoters, the family of its founder Azad Moopen, recently bought the 4 per cent stake held by a private equity investor for Rs 460 crore, increasing their holding to 41.88 per cent now. The deal values Aster DM Healthcare at USD 1.4 billion, the company said. Its [...]