Weeks after it revised the rating outlook of two companies of embattled Adani group, S&P Global Ratings on Wednesday said it is watching for additional information on the conglomerate's governance and funding for any ratings action. Investors, it said, seek clarity on the credit impact of a string of allegations against the group in a [...]

JK Tyre & Industries Ltd on Wednesday said World Bank Group member IFC will invest USD 30 million (about Rs 240 crore) to pick a 5.6 per cent stake in the company to part-fund expansion of energy-efficient tyre manufacturing. The investment by IFC in JK Tyre & Industries will part-finance the expansion of manufacturing capacities [...]

Adani Airports chief Arun Bansal on Wednesday said the cost of operating airports has to come down by 30-50 per cent in the coming years as he highlighted the growth potential of the Indian aviation market. Currently, the company is operating seven airports and is building another one. Bullish on the Indian market, Bansal said [...]

Mahindra & Mahindra on Wednesday said World Bank Group arm IFC will invest Rs 600 crore in a new unit of the company, which is being incorporated to scale up the last-mile electric mobility business. IFC is investing Rs 600 crore in a new last-mile mobility (LMM) company -- a wholly-owned subsidiary of Mahindra & [...]

Vedanta Group firm Hindustan Zinc Ltd (HZL) on Tuesday said its board has approved a fourth interim dividend of Rs 26 per equity share or 1,300 per cent for FY2022-23 amounting to Rs 10,985.83 crore. This takes the Udaipur-based Hindustan Zinc's total payout to shareholders at a record Rs 32,000 crore this fiscal, making it [...]

The Department of Telecom has sought Rs 33,111 crore for payment of adjusted gross revenue dues of state-run BSNL which is likely to be made in the upcoming April-June quarter, according to a Parliamentary panel report. In a submission to the Standing Committee of Communications and Information Technology, the Department of Telecom shared that against [...]

Tata Power Renewable Energy Ltd (TPREL) on Tuesday said it has received a letter of award from MSEDCL to set up a 200 MW solar project in Solapur, Maharashtra. The letter of award has been received from the Maharashtra State Electricity Distribution Company Limited (MSEDCL). The project will be commissioned within 18 months from the [...]

State-owned Power Finance Corporation (PFC) on Tuesday said its board has approved raising up to Rs 80,000 crore through various financial instruments. An amount of Rs 40,000 crore will be raised through long-term domestic borrowings, and another Rs 20,000 crore by way of long-term foreign currency borrowing, according to a filing. Besides, proposals have been [...]

E-vehicle manufacturer Ola Electric is close to raising funds of around USD 300 million for its expansion plans and to meet other corporate needs, sources close to the company said. The fresh round of fundraising comes amid expectations that Ola Electric would break even soon and achieve profitability. The fundraising would be managed by investment [...]

Tata Motors on Tuesday announced increasing the prices of commercial vehicles by up to 5 per cent from April 1. The price increase comes in the wake of the implementation of the more stringent BS-VI phase II emission norms from next month, it said. The price increase will be applicable across the entire range of [...]

India's housing sector is witnessing probably the "biggest boom" in the last one and half decade driven by various factors such as affordability and customers aspiration to own homes, HDFC Capital Advisors Managing Director and CEO Vipul Roongta said on Tuesday. Addressing a real estate summit organised by FICCI, he noted that the residential real [...]

Engineering and construction conglomerate Larsen & Toubro (L&T) on Tuesday said it has bagged major orders in the range of Rs 5,000 crore to Rs 7,000 crore for its hydrocarbon business. The scope of work comprises engineering, procurement, construction and installation of offshore structures and upgradation of existing facilities. "The hydrocarbon business...of Larsen & Toubro [...]

Omnichannel travel services firm Thomas Cook India and its group company SOTC Travel on Tuesday partnered with LTIMindtree to launch 'Green Carpet', a global platform that will help companies to monitor and manage their business travel emissions. Markets regulator Sebi has mandated the top 1,000 listed companies in India by market capitalisations to make filings [...]

NTPC Renewable Energy Ltd (NTPC REL), an arm of NTPC Ltd, has signed an agreement with the Indian Army for the implementation of green hydrogen projects in armed forces establishments. Under the MoU (memorandum of understanding) with the Army, a joint identification of potential sites would be undertaken for setting up of green hydrogen projects [...]

India has exploited 29 per cent of its hydropower potential against over 80 per cent and 70 per cent developed by the US and European Union respectively, Parliament was informed on Tuesday. As per the Reassessment Study carried out by the Central Electricity Authority (CEA) during 1978-1987, the assessed hydropower potential in the country is [...]

Amplus Solar on Tuesday said it aims to set up 7.5 KPTA-distributed green hydrogen plants in Andhra Pradesh with an estimated investment of Rs 1,500 crore. To materialise its plans, the company has also entered into an agreement with the Andhra Pradesh government to set up various distributed green hydrogen plants in the state, Amplus [...]

Turkish Airlines is looking for cooperation with Air India as the carrier looks to expand in the Indian market, a top executive said on Tuesday. At present, Turkish Airlines is closely cooperating with IndiGo, including a codeshare partnership. Turkish Airlines CEO & Board Member Bilal Eksi pitched for more cooperation with Indian carriers and said [...]

Bank of Baroda promoted IndiaFirst Life Insurance Company (IndiaFirst Life) has received capital markets regulator Sebi's approval to float Initial Public Offering (IPO). The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14,12,99,422 equity shares by the promoters and existing shareholders of [...]

Electronics maker Elista India will invest Rs 250 crore to set up a manufacturing plant in Kadapa, Andhra Pradesh, in five years, which will help the company meet the domestic and exports markets demand, Chairman and Managing Director Saket Gaurav said. The investment for the new plant would be funded equally from equities and debts, [...]

State-owned NMDC on Tuesday said it has hiked price of iron ore lumps by Rs 100 to Rs 4,500 per tonne with immediate effect. The country's largest iron ore miner has also increased rate of iron ore fines by Rs 200 to Rs 4,110/tonne, NMDC said in a regulatory filing. The prices are effective from [...]

Tata Sons chairman N Chandrasekaran is learnt to have discussed the engagement of outgoing TCS MD and CEO Rajesh Gopinathan with the group beyond September 15 in an advisory role, according to sources from Tata Group. Tata Sons and IT behemoth Tata Consultancy Services declined to comment on the development. Tata Group sources, who did [...]

IT services and consulting firm Accenture on Tuesday said it will acquire Bengaluru-based industrial artificial intelligence company Flutura. The deal size was not disclosed. Flutura has approximately 110 professionals who specialize in industrial data science services for manufacturers and other asset-intensive companies. "Flutura will strengthen Accenture's industrial AI services to increase the performance of plants, [...]

SBI Mutual Fund on Monday bought 47.33 lakh shares of HDFC AMC for Rs 757 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), SBI Mutual Fund purchased 47,33,788 shares of the company. The shares were acquired at an average price of Rs 1,600 apiece, [...]

Amazon announced on Monday it will lay off 9, 000 corporate and technology workers, eliminating jobs in addition to the 18,000 job cuts undertaken by the company in the last few months. “As we’ve just concluded the second phase of our operating plan (OP2) this past week, I’m writing to share that we intend to [...]

Auto components maker Uno Minda Ltd on Monday said its board has approved the acquisition of a 81.69 per cent stake in Kosei Minda Aluminium and a 49.90 per cent stake in Kosei Minda Mould from JV partner Kosei, Japan. The move will help the company consolidate its 4W alloy business, Uno Minda said in [...]

Private equity company Warburg Pincus on Monday divested a 2.49 per cent stake in multiplex-chain company PVR for Rs 380 crore through the open market transactions. Warburg Pincus, through its affiliate Berry Creek Investment Ltd, sold the shares in PVR. According to the block deal data available with the BSE, Berry Creek Investment sold a [...]

The NCLAT on Monday concluded its hearing over the petition filed by Google, in which the tech giant challenged the Competition Commission's order imposing a Rs 1,337.76 crore penalty for anti-competitive practices in relation to Android mobile devices. A two-member bench of the National Company Law Appellate Tribunal (NCLAT) was conducting the hearing on a [...]

NTPC Green Energy Limited (NGEL) and Indian Oil Corporation Limited (IOCL) have inked pact for setting up of renewable energy projects to meet round-the-clock power requirement of IOCL refineries. The JV agreement was signed in the presence of Gurdeep Singh, Chairman and Managing Director of NTPC Limited and Shrikant Madhav Vaidya, Chairman of IOCL, among [...]

GMR Airports Infrastructure Ltd (GIL) has announced the merger of GMR Airports Limited with GIL. The merger, which is subject to regulatory approvals and expected to be completed within the next financial year, would result in taking the GMR's partnership with Aéroports de Paris SA (Groupe ADP) to the next level, the company said in [...]

Veteran industrialist Ramesh Chauhan on Monday said he has no plans to sell his packaged water business Bisleri International and is not in talks with any parties for the same, three days after Tata Consumer Products Ltd called off their negotiations. Chauhan had been in negotiations with the Tata group's FMCG arm Tata Consumer Products [...]

Tyre maker CEAT Ltd on Monday said its Managing Director and CEO Anant Goenka has resigned to focus on group activities and has been named as its Vice Chairman. The company's board has also approved the appointment of Arnab Banerjee, currently Chief Operating Officer, as its new MD and CEO. Goenka expressed his desire to [...]

Outstanding dues payable by power producers to Coal India for fuel supplies have increased by Rs 3,293.50 crore to Rs 16,629.41 crore since March 31, 2022, Parliament was informed on Monday. "The outstanding dues payable by power sector for the coal sales by Coal India Ltd (CIL)" were Rs 13,335.91 crore as of March 31 [...]

Nine out of ten listed companies of the Adani group closed with losses on Monday, snapping two-day of gains amid an across-the-board sell-off in the broader market. While some Adani stocks hit their lowest circuit prices, flagship Adani Enterprises Ltd declined 3.84 per cent to close at Rs 1,805.10 on BSE. The flagship commanded a [...]

The integration of Air India Express and AirAsia India is expected to be complete by the end of next financial year and the merged entity will have "enormous growth opportunities" in the coming years, according to a top executive. Air India, Air India Express, Vistara and AirAsia India, now rebranded as AIX Connect are part [...]

Mahindra & Mahindra on Monday said it has fully acquired MITRA Agro Equipments Pvt Ltd for an undisclosed amount. The company's Farm Equipment Sector (FES) has increased its stake in MITRA Agro Equipments Pvt Ltd (M.I.T.R.A) to 100 per cent from the existing 47.33 per cent. As part of the acquisition, Mahindra has fully bought [...]

The PepsiCo Foundation on Monday said it will invest USD 4,00,000 in partnership with Pandit Jagat Ram Memorial FORCE Trust to expand its safe water access and sustainable sanitation programme in Mathura, Uttar Pradesh. This initiative is aligned with the three priority campaigns of the central government: the Jal Jeevan Mission, Jal Shakti Mission and [...]

Westlife Foodworld Ltd, which operates McDonald's restaurants in west and south India, has announced the elevation of Saurabh Kalra as the Managing Director (MD). Prior to this, Kalra was the Chief Operating Officer (COO) and now in his new role, he will focus on the overall business strategy and growth opportunities, said a statement. Kalra [...]

SpiceJet chief Ajay Singh on Monday said the airline is significantly restructuring its balance sheet and will aggressively push for fleet expansion. The airline will also be having a significant number of dedicated cargo aircraft, he said, adding that the cargo business has helped the airline pay off its liabilities. Last month, the airline announced [...]

Coal India Chairman Pramod Agrawal on Monday said there is a "strong case" for increasing coal prices, and the hike could be effected "very soon" as discussions are underway with stakeholders. Agrawal also said he is confident the mining behemoth will achieve its production target of 1 billion tonnes by 2025-26. "There is a strong [...]

Air India will reduce the frequency of flights on certain US routes due to crew shortage issues for a temporary period, its chief Campbell Wilson said on Monday. He also said the airline will have 100 pilots for Boeing 777 planes in three months as they are being "activated" and around 1,400 cabin crew are [...]

Adani Krishnapatnam Port Pvt Siding Ltd of South Central Railway zone’s Vijayawada Division has logged highest ever, 12.95 MT, coal loading milestone in 2022–23, said an official. This milestone, accomplished on Friday, surpassed the earlier feat of 12.94 MT logged in fiscal 2014-15, said the official. "This is the highest ever coal volume dealt in [...]

Realty major DLF will invest around Rs 3,500 crore over the next four years to construct a new luxury housing project in Gurugram as its seeks to tap strong demand for residential properties. DLF will develop a new group housing project 'The Arbour', which is spread over 25 acre and comprises 5 towers with a [...]

Jindal Steel and Power Ltd (JSPL) on Sunday said it will manufacture India's first fire-resistant steel structures at its unit in Raigarh, Chhatisgarh. With the production of a special steel item for the first time in India, the company will target segments like refineries, bridges, metro projects, industrial structures, steel, power plants, hospitals, commercial and [...]

A 660-MW unit of the National Thermal Power Corporation's plant at Barh in Patna district was synchronised with the grid on Sunday morning, which is likely to result in supply of an additional 405 MW electricity for Bihar, a company official said. According to NTPC spokesman Vishwanath Chandan, the unit was successfully synchronised at 9.30 [...]

State-owned SJVN on Saturday said its green energy subsidiary has bagged a 200MW solar project entailing an investment of Rs 1,000 crore in Maharashtra. "Wholly-owned subsidiary of the company...SJVN Green Energy Ltd (SGEL) received a Letter of Award from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 200 MW solar power project to be developed [...]