Latest News on Corporate Actions

The government has exercised the call option for the redemption of non-interest bearing special security to the tune of Rs 255 crore given to IDBI Bank in 2004. With this redemption the total outstanding amount will come down to Rs 2,378.73 crore, a gazette notification dated March 27, 2023, said. These 20-year tenure special securities [...]

State-owned NTPC Renewable Energy will supply 1,300 MW round-the-clock clean power to Greenko’s upcoming green ammonia plant at Kakinada. NTPC Renewable Energy Ltd, a wholly-owned subsidiary of NTPC Green Energy Limited, has signed a term sheet with Greenko ZeroC Pvt Ltd (A Greenko Group company) on March 28, 2023, to supply 1,300 MW round-the-clock RE [...]

Microsoft-owned GitHub has laid off 142 people in India, including the entire staff in its engineering division, people aware of the development said on Tuesday. Those affected by the decision were deployed across the company's offices in Bengaluru, Hyderabad and Delhi. When contacted, a GitHub spokesperson said the decision was part of the company's reorganisation [...]

Tata Power on Tuesday exuded confidence that the financial capital will be able to avoid a re-occurrence of an electricity outage courtesy of improved coordination between stakeholders and more investments in multiple areas, including cybersecurity. The company, which competes with Adani Electricity Mumbai and claims to have a 70 per cent share in the transmission [...]

Honeywell Building Technologies will complete the Rs 600 crore Bangalore Safe City project by September, which will equip the local police with 7,500 surveillance cameras, control and command centre for swift action against crime, a senior company official said. Honeywell India and Honeywell Building Technologies Asia President Ashish Modi said that phase 1 of the [...]

Biscuit maker Saj Food Products, which is expecting to touch a revenue of Rs 2,500 crore in the 2023-24 fiscal, is eyeing at Rs 5,000 crore turnover in five years, a company official said on Tuesday. The Kolkata-headquartered company, which owns ‘Bisk Farm’ brand, is likely to close the current financial year with a revenue [...]

Axis Securities has appointed Pranav Haridasan as its new managing director & chief executive for a three-year tenure, following the incumbent B Gopkumar moving to head Axis AMC. Haridasan is currently managing director and co-head of equities at Axis Capital and has over 20 years of experience in financial markets across different asset classes. Before [...]

Vedanta Ltd on Tuesday said its board has approved an interim dividend of Rs 7,621 crore for the current financial year. The company has fixed April 7 as record date for the purpose of dividend payment. "The Board of Directors at a meeting held on Tuesday, March 28, 2023 approved the fifth interim dividend of [...]

City-based public sector lender UCO Bank on Tuesday said it hopes to achieve a net profit of Rs 1,500 crore this fiscal year. MD & CEO of UCO Bank S S Prasad said the bank had also doubled market capitalisation in less than a year from Rs 13,000 crore to Rs 28,000 crore thereby increasing [...]

Jindal Stainless Ltd (JSL) will invest around Rs 1,300 crore to set up a greenfield nickel pig iron (NPI) smelter facility in Indonesia to enhance its raw material security, the company's MD Abhyuday Jindal said. JSL is the first Indian company to own nickel reserves in any offshore market, he said, adding that the company [...]

JSW Energy on Tuesday said its subsidiary has agreed to acquire entire equity of 12 special purpose vehicles of Mytrah Energy (India) Pvt Ltd (MEIPL). In August 2022, JSW Neo Energy Ltd (JSWNEL) had agreed to acquire a portfolio of 1,753 MW of renewable energy generation capacity from MEIPL comprising 17 SPVs and 1 Ancillary [...]

State-owned NBCC has signed an MoU to cooperate in the construction of 1,00,000 housing units in Zambia. NBCC, the Navratna CPSE of the Government of India, signed the MOU for cooperation with Scirocco Enterprises Ltd of Zambia for the construction of 1 lakh low and medium-cost houses to mitigate an acute shortage of housing in [...]

Hinduja Group flagship Ashok Leyland has inaugurated its new light commercial vehicle retail outlet in Tamil Nadu under its move towards strengthening presence, the company said on Tuesday. The company inaugurated its 11th light commercial vehicle dealership at Thiruparankundram Main Road, Pasumalai in Madurai on Tuesday offering sales, service and spares facility to customers. "...this [...]

Air India Express and AirAsia India have moved to a unified reservation system, whereby passengers can make bookings for both airlines through an integrated website. The move is part of the ongoing process of merging AirAsia India with Air India Express. The combined entity will focus on leisure-oriented and price-sensitive markets. On March 27, the [...]

As many as 11 companies, including Indosol, Reliance and First Solar, have bagged solar photovoltaic manufacturing projects of a total 39,600 MW capacity under the second tranche of the production-linked incentive scheme of the government. The government has allocated a total capacity of 39,600 MW of domestic Solar PV module manufacturing capacity to 11 companies, [...]

Embassy Office Parks REIT on Tuesday said it has agreed to acquire a 1.4 million square feet office property in Bengaluru for an enterprise value of Rs 334.8 crore. The acquiree, Embassy Business Hub is a 59-acre business park situated in North Bengaluru and is close to both the airport and Embassy REIT's flagship property [...]

GR Infraprojects Ltd on Tuesday said it has emerged as the lowest bidder for two NHAI projects worth Rs 1,613.84 crore. The financial bids were opened on March 28, 2023, GR Infraprojects said in a BSE filing. "Our company has emerged as an L1 bidder in a financial bid for the following tenders invited by [...]

Logistics aggregator Shiprocket on Tuesday said it has collaborated with global e-commerce platform eBay for cross-border shipping solutions to domestic SMEs. As a part of this partnership, all eBay cross-border trade sellers from India will be able to choose its cross-border shipping solution, Shiprocket X, as their shipping partner for eBay shipments, the company said [...]

Zinc oxide manufacturer JG Chemicals has received capital markets regulator Sebi's go-ahead to raise funds through an initial public offering (IPO). The IPO comprises fresh issue of equity shares worth up to Rs 202.50 crore and an offer-for-sale (OFS) of 57 lakh equity shares by its existing promoter group shareholders, according to its draft red [...]

Electronic manufacturing services firm Avalon Technologies on Tuesday said it has fixed a price band of Rs 415-436 a share for its Rs 865-crore initial public offering (IPO). The three-day initial share-sale would be open for public subscription during April 3-6 and the bidding for anchor investors will open on March 31, the company announced. [...]

Taiwan-based battery swapping firm Gogoro Inc on Tuesday said it has joined hands with Zomato and Kotak Mahindra Prime to promote fast adoption of electric mobility in the last-mile transportation segment. As per the partnership, the companies will offer last-mile delivery partners associated with Zomato affordable loan terms and battery swapping services. "The urban transformation [...]

A Kotak Mahindra Bank arm on Tuesday announced that it has raised USD 1.25 billion for its second special situations fund. The money raised will be deployed in equity, debt capital and hybrid instruments across sectors, a statement from Kotak Investment Advisors (KIA), the arm of the private sector lender, under which the fund comes, [...]

Honasa Consumer Ltd, which owns FMCG brands Mamaearth and The Derma Co, on Monday said it is still in conversation with Sebi on its preliminary IPO papers and awaiting approval from the capital markets regulator. The clarification comes after certain media reported that the company has put its initial public offering (IPO) on hold amid [...]

State-owned SJVN Ltd has secured Rs 915 crore 'GREEN' finance from Japan Bank for International Cooperation to fund its 90 MW Omkareshwar floating solar project in Madhya Pradesh and 100 MW Raghanesda solar project in Gujarat. "SJVN secured GREEN financing from Japan Bank for International Cooperation (JBIC) amounting to JPY 15 billion. (approx. INR 915 [...]

Capital markets regulator Sebi on Monday imposed a Rs 1 crore penalty on Mysore Amalgamated Coffee Estates for 'aiding and abetting' Coffee Day Enterprises in the diversion of funds to the tune of Rs 3,535 crore. The company was directed to pay the fine within 45 days, according to an order passed by the Securities [...]

Clean energy solutions provider Gentari on Monday said it has signed an agreement with Tata Motors for the delivery of 5,000 units of e-commercial vehicles. The memorandum of understanding (MoU) through its affiliate entity is for three years, Gentari said in a statement. "Gentari, through its affiliated entity Amplus Power Supply Private Limited, signed an [...]

Billionaire Gautam Adani's AMG Media Networks has acquired about a 49 per cent stake in Raghav Bahl-curated digital business news platform Quintillion Business Media Pvt Ltd for about Rs 48 crore. In a stock exchange filing, Adani Enterprises Ltd said its subsidiary AMG Media Networks Ltd has completed the acquisition which was originally announced in [...]

The Department of Financial Services (DFS) had given Rs 8,800 crore to State Bank of India as part of recapitalisation exercise without the country's biggest lender asking for such funds in FY18, a CAG report presented in Parliament on Monday said. The department under the finance ministry did not conduct assessment of the capital requirement [...]

Competition Commission has cleared the proposed acquisition of certain shareholding of JM Baxi Ports and Logistics Ltd by Germany's HLAG. The acquisition would be done by HL Terminal Holding B.V., a wholly-owned subsidiary of Hapag Lloyd Aktiengesellschaft. JM Baxi Ports is a private terminal and inland transport service provider in India. In a release on [...]

The Gujarat government has paid Rs 16,900 crore to Adani Power and Tata Power for purchasing electricity during the last two years, the state Assembly was informed on Monday. As per the data tabled by Energy Minister Kanubhai Desai during Question Hour, the state government paid Rs 8,160 crore to Adani Power Mundra Ltd while [...]

The Cochin Shipyard Limited (CSL) here on Monday started the steel cutting for six Multi-Purpose Vessels being constructed for a Germany-based group. As part of a contract with HS Schiffahrts group, the CSL is constructing eight Eco freighter 7,000 DWT Multi-Purpose Vessels. The CSL said the Ice Class Vessels with an overall length of 110m [...]

Financial Services firm Aditya Birla Capital on Monday said it has decided to sell its entire stake in Aditya Birla Insurance Brokers Limited (ABIBL) to Edme Services for an undisclosed amount. The proposed deal includes the sale of the entire 25,65,103 equity shares of Rs 10 each held by the company (along with its nominees), [...]

Adani group-owned NDTV Ltd on Monday said it has appointed former Sebi Chairman Upendra Kumar Sinha and Welspun India Ltd CEO and MD Dipali Goenka as Independent Directors. The Board has approved the appointment of Sinha and Goenka with immediate effect, said a regulatory filing by the news broadcaster. Both of them have been appointed [...]

Leading bourses NSE and BSE have said that Adani Green Energy will be put under the second stage of the long-term additional surveillance measure (ASM) framework from Tuesday. In two separate circulars, the bourses said Adani Green Energy shall continue in the ASM framework but will be moved to the respective higher stage from March [...]

Drug firm Sanofi India on Monday said it has received marketing authorisation for its diabetes drug Soliqua from the Central Drugs Standard Control Organization (CDSCO). Soliqua (in pre-filled pen) is indicated as treatment to improve glycemic control as an adjunct to diet and exercise in adults with obesity and type 2 diabetes. It comes in [...]

Mahindra Logistics Ltd on Monday said it will set up a new 1-million sq ft multi-client warehouse park in Talegaon, Pune, in association with industrial real estate developer Ascendas-Firstspace. With comprehensive connectivity, the entire development will be spread over three phases, with the first phase of 0.5 million sq ft to be operational by the [...]

Air India Express, India's first international budget airline, on Monday said it has commenced operations from Goa International Airport, with four weekly direct flights on the Goa-Dubai route. The first flight IX 840 took off at 1:00 am on Monday with 148 passengers on board from Dabolim Airport. To mark the occasion, Aloke Singh, Managing [...]

Vodafone Idea or Vi stares at a bleak future, including the possibility of "shutting shop" due to factors triggered by heightened competition, a domestic brokerage said on Monday.  It also expects telecom companies to start hiking tariffs only after the general elections in June 2024 amid inflation staying above the RBI's upper tolerance level. In [...]

Four projects of Steel Authority of India Ltd (SAIL) worth Rs 2,338 crore are facing delay due to reasons like delayed placement of orders and supply of materials/equipment, Parliament was informed on Monday. However, there is no cost overrun in these projects, Union steel minister Jyotiraditya M Scindia said in a reply to Rajya Sabha. [...]

Despite the fact that electric vehicles are becoming increasingly popular in India, the hassle of charging the batteries is becoming a major inconvenience. A Surat-based startup identified this issue and responded by opening the first-of-its-kind "battery swapping center," where drivers of electric rickshaws and tempos can swap batteries without having to wait for their vehicles [...]

Mortgage lender HDFC Ltd on Monday said its board has approved raising funds through non-convertible debentures (NCDs) in tranches aggregating to Rs 57,000 crore. The board has cleared issuance of unsecured, redeemable, non-convertible debentures under a Shelf Placement Memorandum, aggregating Rs 57,000 crore, in various tranches, on a private placement basis, HDFC said in a [...]

Drug major Sun Pharma has said the IT security incident that happened earlier this month will impact revenues of some of its businesses. As part of the containment measures, the company proactively isolated its network and initiated the recovery process. "As a result of these measures, the company's business operations have been impacted. Consequently, revenues [...]

Pharmaceuticals firm Lupin Ltd on Monday said it has received tentative approval from the US health regulator to market its generic valbenazine capsules used to treat involuntary movements of the face, tongue or other body parts. The approval by the US Food and Drug Administration (USFDA) is for the abbreviated new drug application (ANDA) of [...]

Sunlit Power, maker and distributor of ARENQ brand of batteries, on Monday announced a five-year partnership with RDL Technologies in the battery management system space. Under the collaboration, the IoT products and software solutions provider RDL Technology will develop touchscreen displays, data loggers, vehicle navigation, and monitoring systems for Sunlit Power, according to a statement. [...]

IDFC First Bank on Monday said it has partnered with Swedish company Crunchfish to pilot a project to demonstrate offline retail payments. IDFC First Bank, is set to be a part of RBI's pilot project to enable offline payments, the private sector lender said, adding that the project will give access to digital payments even [...]

Hospitality and travel-tech firm OYO estimates its revenue in FY23 to be more than Rs 5,700 crore, up 19 per cent from Rs 4,780 crore it had recorded in FY22, according to its Founder & Group CEO Ritesh Agarwal. At a town hall on Monday, Agarwal told employees of the firm that OYO is aspiring [...]

TVS Motor Company on Monday said it has introduced seven new products in Ghana, Africa. The company has launched various new models like Apache 180 and Neo NX among others. "We take pride in our diverse and robust product portfolio that encompasses Bebeks, motorcycles, and three-wheelers, catering to the needs of customers seeking daily and [...]

Murugappa Group's engineering firm Tube Investments of India and (TII) Azim Premji's private equity fund Premji Invest announced on Saturday that together they would be acquiring Lotus Surgicals, a maker of wound closure products, for a sum of Rs 348 crore. Tube Investments will invest Rs 233 crore for 67 per cent stake, while Premji [...]

Electric vehicles (EV) financing digital platform RevFin Services is targeting to finance 20 lakh vehicles in the next five years, with an aim to grow three to four times every year, according to its CEO & Founder Sameer Aggarwal. With the Indian electric vehicle industry poised for an accelerated growth, he said the company is [...]

The order placed by the Railways is for the supply of seats and interior panels for Vande Bharat trains and "not to manufacture its coaches", a Tata Steel official has clarified. As part of the Rs 225 crore order, Tata Steel will supply light-weight seats for 23 coaches of Vande Bharat rails and fibre-reinforced polymer [...]

Drug firm Zydus Lifesciences is recalling over 55,000 bottles of generic medication in the US market due to failed impurities specifications. As per the latest enforcement report by the US Food and Drug Administration (USFDA), Zydus Pharmaceuticals (USA) Inc is recalling 21,936 (30 count) and 33,096 (100 count) bottles of Colchicine tablets, which are used [...]

After stirring a price war in the soft drink segment with the relaunch of Campa, billionaire Mukesh Ambani-led Reliance has entered the personal and home care segment of FMCG, offering products at 30 to 35 per cent lesser price. Experts say "the jury is out" and a competitive offering from Reliance would attract the customers [...]

Electric vehicles energy infrastructure and services provider SUN Mobility on Monday said it has entered into a partnership with online food delivery platform Zomato to power 50,000 electric two-wheelers of the latter's fleet over the next two years. Under the partnership, SUN Mobility will provide its battery swap solutions for last-mile deliveries with the initial [...]

Mirae Asset Investment Managers India hopes to close the current year with an AUM of Rs 1.5 lakh crore, up from Rs 1.20 lakh crore in December 2022, on the back of aggressive growth in systematic investments plans and its forte of equity-linked funds. Mirae Asset is the only Korean fund operating in the country [...]

Tenstorrent, a next-generation computing company that builds computers for AI, is looking to partner with Indian startups for building open source RISC-V based microprocessors, a top official of the company said. Tenstorrent CEO Jim Keller told PTI that he is looking forward to real India projects to come out of the country's startups like building [...]

Flying in the Indian skies for more than seven months now, Akasa Air wants to be nimble and efficient rather than have a label, which will sometimes pigeonhole the airline into doing and not doing certain things, according to its founder Vinay Dube. At the same time, he said that people have started using the [...]

Appreciating the measures taken by IIFCL, a Parliamentary panel said initiative taken by the state-owned entity will keep bad loans under check and also help it in discharging its role as a pioneer lender in financing infrastructure projects. India Infrastructure Finance Company Limited (IIFCL) is a public sector financial institution established in January 2006 that [...]

Satellite communication service provider OneWeb is able to match mobile services rates of western countries but its prices can't be at par with the "extremely low" tariff in India, company's executive chairman Sunil Bharti Mittal said on Sunday. With the launch of 36 Low Earth Orbit (LEO) satellites by NewSpace India Limited early in the [...]

Aviation regulator DGCA has sought details from the Nepal authorities regarding the incident of an Air India and a Nepal Airlines aircraft coming close to a mid-air collision, according to a senior official. On Friday morning, a Nepal Airlines plane coming to Kathmandu from Kuala Lumpur, Malaysia, and an Air India plane coming to Kathmandu [...]

Crompton Greaves Consumer Electricals Ltd (CGCEL) and Butterfly Gandhimathi Appliances have announced a merger to accelerate and smoothen the realisation of synergies of the combined business. This will also simplify corporate and governance structure and convergence of public shareholders of Butterfly at the parent level and align interests for shareholders of both companies, said a [...]

Digital financial services firm One97 Communications, which operates the Paytm brand, has 15 days more to apply for the online payment aggregator licence for its subsidiary PPSL, a regulatory filing said on Sunday. The Reserve Bank of India in November rejected its application for a payment aggregator (PA) licence for Paytm Payments Services Limited (PPSL) [...]

The plan of debt-ridden Reliance Capital's lenders to conduct a second round of auction has hit a roadblock, as bidders are apparently not inclined to another round under the insolvency resolution process, according to sources. Meanwhile, the Supreme Court (SC) has listed the matter regarding the second auction for hearing in August. The apex court [...]

Five senior executives of Nykaa, including SuperStore CEO, chief business officer and chief commercial officer, have resigned from the company, according to two people aware of the development. Those who have resigned include Nykaa SuperStore CEO Vikas Gupta, Nykaa Fashion chief business officer Gopal Asthana, chief commercial operations officer Manoj Gandhi, business head Shuchi Pandya [...]

Akasa Air plans to hire nearly 1,000 people and take the total staff strength to more than 3,000 by the end of March 2024 as the airline continues to expand its fleet as well as routes, according to its chief Vinay Dube. The airline, which took to the skies a little over seven months ago, [...]

Electric mobility startup Motovolt on Friday said it has acquired an undisclosed stake in German electric two-wheeler maker eROCKIT AG for 1 million euros (nearly Rs 9 crore). The company plans to further invest around 10 million euros (nearly Rs 90 crore) in India for industrialisation of the latter's products, Motovolt said in a statement. [...]

State-owned CIL on Friday said it is making all efforts to supply higher quantities of coal to the non-regulated sector (NRS) without affecting supplies to the power sector, through increased production. The statement comes days after the maharatna firm stated that it is gearing up to meet the demand of coal from the power sector [...]

Logistics company DP World on Friday announced entering into a partnership with Delhi Capitals cricket team of Indian Premier League (IPL). "DP World is now the Global Logistics Partner of the popular cricket franchise. As part of the long-term partnership, it will provide the necessary logistical support and expertise to Delhi Capitals team throughout the [...]

In signs of protests against the 9-month-old windfall tax, mining mogul Anil Agarwal's Vedanta Ltd has withheld about USD 91 million from the share of profit due to government from its oil and gas fields, to make up for the additional tax outgo, according to sources and correspondence on the issue. India first imposed windfall [...]

Zydus Lifesciences Ltd on Friday said it has received final approval from the US health regulator for its generic doxepin hydrochloride capsules used in the treatment of depression and anxiety. The approval granted by the US Food and Drug Administration (USFDA) is for doxepin hydrochloride capsules of strength 150 mg, the company said in a [...]

State-owned Power Grid Corporation's board has approved rasing up to Rs 600 crore through bonds to be issued on private placement basis. "Committee of directors for bonds, in their meeting held today i.e. on 24th March, 2023, have approved the raising of unsecured, non-convertible, non-cumulative, redeemable, taxable POWERGRID Bonds-LXXII (72nd) issue 2022-23 on private placement [...]

Maruti Suzuki India is targeting for its premium vehicles sold through the Nexa retail outlets to be more than the respective overall sales of Hyundai and Tata Motors by next year, according to Senior Executive Officer, Marketing and Sales, Shashank Srivastava. The Nexa retail chain, started in 2015 to sell Maruti Suzuki's premium vehicles, has [...]

Telecom operator Bharti Airtel overtook Reliance Jio in 5G roll-out with the expansion of the network to additional 235 cities, taking its total reach to 500 cities. Reliance Jio has so far announced the expansion of the ultra high-speed fifth generation (5G) network to 406 cities. "Bharti Airtel...ultra-fast 5G service is available to customers in [...]

Defence training solutions firm Zen Technologies on Friday said it has bagged Rs 127 crore order from armed forces. After setbacks faced in 2012 due to cancellation of large tenders, Zen said in a regulatory filing that it had stopped participating in large tenders and has now made a complete turnaround over the last 10 [...]

Starbucks' new Indian-origin CEO Laxman Narasimhan has said he will work as a barista once a month in stores to stay close to the company's culture, customers, challenges and opportunities. Narasimhan, 55, officially became the Seattle-based coffee giant's chief executive on Monday, taking the reins from Howard Schultz about two weeks earlier than scheduled. In [...]

The Financial Services Institutions Bureau (FSIB), the headhunter for directors of state-owned banks and financial institutions, on Thursday selected Siddhartha Mohanty to head insurance behemoth LIC. As per the guidelines, the chairman is selected from the four managing directors of the company. After interviewing four candidates based on their overall experience and extant parameters on [...]

Fitch Ratings on Thursday affirmed its 'BBB-' rating on Adani Ports and Special Economic Zone Limited with a stable outlook, saying the Hindenburg report has a limited near-term impact on APSEZ's cost of funding. Hindenburg Research in a January 24 report accused Adani group of "brazen stock manipulation and accounting fraud" and using a number [...]

Rithwik Projects will build 382 MW Sunni Dam hydro power project for Rs 1,098 crore for state-run SJVN Ltd. SJVN on Thursday signed the Contract Agreement for engineering, procurement and construction of civil and hydro-mechanical works of 382 MW Sunni Dam Hydro Electric Project, a SJVN statement said. The Letter of Award for Civil & [...]

Bajaj Hindusthan Sugar Ltd on Thursday said it has acquired a 98 per cent stake in Phenil Sugars by converting existing preference shares worth Rs 350 crore into equity shares. The company has converted 3,50,03,927 redeemable non-cumulative convertible preference shares of Rs 100 amounting to Rs 350.04 crore into equity shares of 35,00,39,270 equity shares [...]

Vascon Engineers Ltd on Thursday said it has bagged Rs 158 crore contract from Uttar Pradesh Public Works Department (UP PWD). The work has to be completed within 18 months from the date of receipt of the letter of acceptance, according to a company filing. In the filing, Vascon Engineers said, "It has received a [...]

Shriram Life Insurance, which already nets 44 per cent of its premium from rural markets, is planning to maximize rural penetration and hopes to grow its assets under management by 45 per cent to Rs 13,000 crore by FY25. Started in 2005, Shriram Life began as a joint venture between the Shriram Group and the [...]

No-frills airline IndiGo is expecting to fly 100-million passengers and is planning to have 350 aircraft in its fleet in the next fiscal, according to a presentation by the airline at the analysts/investors meet on Thursday. At the same time, the airline is looking to end the current fiscal with around 306 planes in the [...]

Canara Bank on Thursday said it has sold its stake in Russian joint venture Commercial Indo Bank LLC (CIBL) to the other venture partner State Bank of India (SBI) for about Rs 121.29 crore. CIBL, incorporated in 2003, is a joint venture in Russia between SBI (60 per cent) and Canara Bank (40 per cent). [...]

Patel Engineering Ltd has emerged as the successful bidder for Dibang Multipurpose Project worth Rs 3,637.12 crore in Arunachal Pradesh, which will be undertaken in a joint venture. The company's share in this order is Rs 1,818.56 crore, according to a regulatory filing. "Patel Engineering Ltd (PEL) has emerged as L1 bidder in financial bid [...]

Fair-trade regulator Competition Commission of India (CCI) on Thursday said it has given approval under the green channel route to Abu Dhabi Investment Authority for acquiring a stake in Lenskart Solutions Pvt Ltd (LSPL). Under the green channel route, wherein a transaction, which does not raise any risk of an appreciable adverse effect on competition, [...]

Markets regulator Sebi has settled with Morgan Stanley France SA a case of an alleged violation of securities norms after payment of a settlement amount. The matter pertains to certain trades in long-dated Nifty options between Reliance Strategic Investments Ltd and Morgan Stanley France SA done back in 2017. The case has been settled upon [...]

IT services and consulting firm Accenture will lay off 2.5 per cent or 19,000 employees over a period of the next one and half years, the company said in a regulatory filing. Accenture currently employs over 7 lakh people and is estimated to have the largest employee base of 3 lakh people in India. "While [...]

Anil Agarwal-led Vedanta Ltd on Thursday said its board will next week consider and approve the fifth interim dividend for FY'23. The announcement comes days after Vedanta Resources which is a majority shareholder of Vedanta Ltd stating that it has enough means to meet debt repayment liabilities in the coming quarters as it looked to [...]

Srinivasan Services Trust, the social arm of automobile major TVS Motor Company and auto-component maker Sundaram-Clayton Ltd, has invested more than Rs 21 crore over the last six years towards water conservation efforts in Tamil Nadu and Maharashtra, the company said on Thursday. Srinivasan Services Trust has also planned to invest over Rs 10 crore [...]

Specialty chemicals company Aether Industries on Thursday said it has signed an initial pact with the Gujarat government to set up new manufacturing plants at its Panoli Site with an investment of around Rs 1,000 crore. The company has signed a Memorandum of Understanding (MoU) with the Gujarat government to this effect, Aether Industries said [...]

Jio-bp, a joint venture of Reliance Industries Ltd and bp for fuel retailing, will install EV charging stations across all residential projects of Piramal Realty in Mumbai, the companies said on Thursday. "As part of this partnership, customers and visitors to Piramal's residential projects will be able to charge their electric vehicles seamlessly at Jio-bp [...]

IT services major Infosys on Thursday announced the retirement of Kiran Mazumdar-Shaw as independent director of the board, effective March 22, 2023, upon completion of her tenure. Infosys board has appointed D Sundaram as the lead independent director of the company, effective March 23, 2023 based on the recommendation of the Nomination and Remuneration Committee, [...]

A former unit of Russian energy giant Gazprom will supply 4 shiploads of LNG to state-owned GAIL (India) Ltd for the first time since it halted supplies in May last year, Union minister Rameswar Teli said on Thursday. Sefe Marketing and Trading Singapore Pte Ltd (SMTS), erstwhile Gazprom Marketing and Trading Singapore Pte Ltd, will [...]

Larsen & Toubro (L&T) has entered into a pact with French firm McPhy Energy for a long-term partnership to explore opportunities in the emerging green hydrogen market. Green hydrogen is the hydrogen generated by renewable energy or from low-carbon power. It has significantly lower carbon emissions than grey hydrogen. Under this partnership, McPhy will grant [...]

 Maruti Suzuki India on Thursday said it will increase prices of its model range in April to partially offset the impact of "overall inflation and regulatory requirements". The auto major, however, did not share the quantum of the price hike it intends to implement from next month. The company continues to witness increased cost pressure [...]

Air India is looking to enhance collaborations with airports in India and overseas as the Tata Group-owned carrier works on upgrading its systems. The airline has put in place a roadmap under Vihaan.AI for transformation over a five-year period. Rajesh Dogra, Chief Customer Experience Officer & Global Operations - Airport Operations, on Wednesday, said Air [...]

A promoter entity of Max Financial Services Ltd (MFSL) on Wednesday offloaded the company's shares worth Rs 94 crore through an open market transaction. MFSL is the holding firm for Max Life Insurance company. According to the block deal data available with the National Stock Exchange (NSE), Max Ventures Investment Holdings sold 14,99,997 shares of [...]

Reliance Consumer Products Limited (RCPL), a wholly-owned subsidiary of Reliance Retail Ventures Limited, on Wednesday said it has expanded its play in the FMCG segment by launching its range of home and personal care products. RCPL, which has ambitions to be a relevant player in the FMCG segment, will now compete with the leading players [...]

Leading bourses NSE and BSE on Wednesday said they will include Adani Power under the short-term additional surveillance measure (ASM) framework from Thursday. Adani Power is shortlisted in short-term ASM framework Stage-I effective March 23, according to separate circulars available on the exchanges. The move also comes close on the heels of the two exchanges [...]

Walmart Foundation on Wednesday announced its plan to support an additional 1 million smallholder farmers in India, with at least 50 per cent women, in the next five years. The foundation also announced two new grants, which include USD 3 million to TechnoServe for reaching out to 30,000 farmers and 24 farmer producer organisations (FPOs) [...]