Negotiation with Chauhan's to acquire their packaged water business Bisleri International has "ceased", Tata group's FMCG arm Tata Consumer Products Ltd (TCPL) said on Friday. Resting the speculations about a possible acquisition, TCPL in a regulatory update said it has not entered into any agreements over the acquisition of Bisleri. "In this regard, the company [...]

The government on Friday said it is planning to shut down the operation of state-owned Hindustan Insecticides Ltd's (HIL) two plants located in Kerala and Punjab due to losses incurred for the last several years. Minister of State for Chemicals and Fertilisers Bhagwanth Khuba, in his written reply to the Lok Sabha, said: "Yes Sir", [...]

The government on Friday said the disinvestment of IDBI Bank is on track as per the defined strategic sale process. Debunking media reports which indicated a possibility of deferment of IDBI Bank disinvestment, the Department of Investment and Public Asset Management (DIPAM) said the stake sale is in the post-EoI stage. "The transaction continues to [...]

Sterlite Power on Friday said it has bagged a green energy transmission project in Rajasthan. The project was bid out through tariff-based competitive bidding (TBCB) process, a company statement said. Sterlite Power received the Letter of Intent (LoI) from PFC Consulting Ltd to build the project on BOOT (build, own, operate, transfer) basis, for a [...]

Mortgage lender HDFC Ltd on Friday said its board would consider raising funds through non-convertible debentures (NCDs) in tranches aggregating to Rs 57,000 crore. "A meeting of the Board of Directors of the Corporation is scheduled to be held on Monday, March 27, 2023 to consider issuance of unsecured redeemable nonconvertible debentures, in various tranches, [...]

India's largest gas utility GAIL on Friday said it has signed an agreement with Shell Energy India Pvt Ltd to explore ethane sourcing and other opportunities along the energy value chain. GAIL is planning to import ethane from the US to replace natural gas and naphtha as feedstock at petrochemical plants. In a statement, GAIL [...]

PhonePe, one of India's largest fintech platforms, on Friday said it has raised an additional USD 200 million (around Rs 1,649 crore) in primary capital from Walmart, at a pre-money valuation of USD 12 billion. This new funding comes as a part of PhonePe's ongoing fundraise of up to USD 1 billion in capital, following [...]

FSIB, the headhunter for directors of state-owned banks and financial institutions, on Thursday recommended the name of Indian Bank executive director Ashwani Kumar for the post of managing director of UCO Bank. Prior to joining Indian Bank, Kumar was serving as chief general manager of Mumbai Zone of Punjab National Bank (PNB). The Financial Services [...]

TCS chief Rajesh Gopinathan has put in his papers, nearly four years ahead of the completion of his tenure, and will be replaced by company veteran K Krithivasan. The country's largest software exporter on Thursday said Krithivasan has been nominated as the CEO designate with immediate effect while Gopinathan, who has been at the helm [...]

ICICI Prudential Life Insurance on Thursday named ICICI Bank veteran Anup Bagchi as its MD & CEO with effect from June 19. Bagchi will take over as the chief executive of ICICI Prudential Life from N S Kannan, who will superannuate on June 18, 2023. “ The Board of Directors of ICICI Prudential Life Insurance [...]

The National Stock Exchange (NSE) and the BSE has announced that three Adani group companies -- Adani Enterprises, Adani Power and Adani Wilmar -- will move out of the short-term additional surveillance measure (ASM). The stocks will be excluded from the short-term ASM framework with effect from March 17, according to separate circulars available on [...]

Markets regulator Sebi on Thursday barred former Religare Finvest Ltd CEO Kavi Arora from the securities market for two years and imposed a fine of Rs 5 crore in connection with a case of fund diversion. The case relates to the diversion of funds to the tune of Rs 2,473.66 crore of Religare Finvest Ltd [...]

Fair trade regulator CCI on Thursday alleged that Google has created a digital data hegemony and called for a market space with "free, fair and open competition". Concluding the arguments of the Competition Commission of India (CCI) before the appellate tribunal NCLAT in the Google matter, Additional Solicitor General N Venkataraman said a market with [...]

Eris Lifesciences on Thursday said it has acquired nine dermatology brands from Dr Reddy's Laboratories for Rs 275 crore. The acquired brands are largely in cosmetology segments like anti-acne, moisturisers, cleansers, anti-ageing, hair health, melasma etc, it said in a statement. Post this deal, Eris will rank third in the dermatology market with a market [...]

Caller ID verification platform Truecaller on Thursday announced the opening of its first exclusive office space outside of Sweden, in Bengaluru. The office was inaugurated virtually by Union Minister of State for Skill Development and Entrepreneurship & Electronics and Information Technology, Rajeev Chandrasekhar. A press release issued by the company said the Bengaluru facility occupies [...]

 With stock exchanges freezing shares of its promoters, Patanjali Foods on Thursday said the move will not impact the company's operation and it will start the process of launching a Follow-On Public Offering (FPO) in April to increase the public shareholding to 25 per cent. Stock exchanges NSE and BSE have frozen the shares of [...]

Anil Agarwal-led Vedanta on Thursday announced the appointment of Omar Davis as its President–Strategy. Davis will work closely with Vedanta chairman Agarwal to lead the Group's strategic initiatives and will be based out of the group's London office. A seasoned natural resources banker, Davis has an experience of 25 years in the industry, Vedanta said [...]

State-owned power giant NTPC has commissioned first-of-its-kind commercial green coal project in Varanasi, which will make torrefied charcoal from municipal waste. Nearly three years ago NTPC had planned to make green coal (torrefied charcoal) from municipal waste, a company statement said. NTPC's arm NTPC Vidyut Vyapar Nigam Ltd (NVVNL) had awarded the project on an [...]

Almost one and a half months after resigning from the suspended board of debt-ridden Future Retail Ltd, Kishore Biyani has withdrawn his resignation. The Resolution Professional of Future Retail Ltd (FRL), which is currently going through an insolvency resolution process, had raised objections to the contents of Biyani's resignation letter and had requested him to [...]

Realty major DLF Ltd on Thursday said it has sold 1,137 luxury apartments, priced Rs 7 crore and above, in its housing project in Gurugram for over Rs 8,000 crore within 3 days, reflecting a strong demand for premium flats across major cities. In a regulatory filing, DLF informed that it has "witnessed record breaking [...]

State-owned project consultancy company Engineers India Ltd (EIL) is looking to diversify in new areas such as nuclear energy and tap overseas markets in regions such as the Middle East to drive the next phase of growth, its chairman and managing director Vartika Shukla said on Wednesday. Starting in 1965 as an answer to head [...]

Mindspace Business Parks REIT (Mindspace REIT) has raised Rs 550 crore through an issue of green bonds. In a regulatory filing, Mindpsace REIT stated that the Executive Committee of the manager (K Raheja Corp Investment Managers LLP) has approved the allotment of 55,000 green debt securities in the form of listed, rated, secured, noncumulative, taxable, [...]

Shares of eight listed Adani group firms settled with gains on Wednesday, with flagship company Adani Enterprises snapping four-day losing run by rallying more than 5 per cent. At the close, eight group firms ended in the green territory while the two were in losses. Shares of Adani Enterprises Ltd (AEL) advanced 5.81 per cent [...]

Homegrown Balu Forge Industries Limited (BFIL) has bagged a major order from a manufacturer in the Middle East for supply of powertrain sub-assemblies. Powertrain assembly includes component like engine, transmission, driveshaft, axles, and differential that keep a vehicle in motion. "BFIL is pleased to announce that it has secured a major trial order to supply [...]

Indian Oil Corporation (IOC) has floated a new subsidiary under low-carbon, clean and green energy business as the nation's biggest oil refining and fuel marketing company pivots a transition plan to achieve net zero emissions from its operations by 2046. In a stock exchange filing, IOC said its board in its meeting held on March [...]

The government penalised the RailYatri app custodian company for a data leak and the app was restored after taking necessary security measures, Parliament was informed on Wednesday. Minister of State for Electronics and IT Rajeev Chandrasekhar in a written reply to the Lok Sabha said that IRCTC took action on the RailYatri app following information [...]

Hero Future Energies has inked an initial pact with the Andhra Pradesh government to invest Rs 30,000 crore to develop renewable energy facilities in the state. "Hero Future Energies (HFE) is delighted to announce the signing of a Memorandum of Understanding with the Government of Andhra Pradesh, as per which it will be setting up [...]

Adani Transmission Ltd has been recognised as a 'single-use plastic-free' company by the Confederation of Indian Industry-ITC Centre of Excellence for Sustainable Development. The company has been certified for its successful voluntary implementation of single-use plastic-free measures within its 37 operational locations spread across 10 states of the country. This certificate is valid from February [...]

Federal Bank on Wednesday said its board will meet on March 18 to decide on a proposal to raise up to Rs 1,000 crore by issue of debentures. The bank's board will meet in Kochi to discuss the proposal to raise funds by way of issue of unsecured Basel III Tier-II Subordinate Bonds in the [...]

Equitas Small Finance Bank on Wednesday said it has partnered T20 cricket team Royal Challengers Bangalore (RCB) for the 2023 season of the T20 league. The RCB team will don the Equitas Small Finance Bank logo on the lead trousers as part of the team's jersey. "Equitas Small Finance Bank partners with India's most beloved T20 [...]

Three companies, including the state-run Steel Authority of India, have submitted bids to the Indian Railways to set up a manufacturing facility that will supply 80,000 wheels of various types per annum for the next 20 years to the national transporter. The two other companies which have shown interest in setting up the facility are: [...]

Life Insurance Corporation (LIC) on Wednesday said it has sold 2 per cent of its equity stake in state-owned NMDC, taking its total shareholding in the public sector unit to 11.69 per cent as of March 14. In a regulatory filing, LIC said its holding in NMDC has decreased from 13.69 per cent to 11.69 [...]

Vedanta Ltd on Wednesday said that it has repaid USD 100 million to Standard Chartered Bank through release of encumbrance on March 10. Vedanta Resources Ltd has earlier said it has enough means to meet debt repayment liabilities in the coming quarters as it looked to assuage investor concerns around its financial position. Vedanta Resources [...]

Hero Electric on Wednesday said it is set to roll out over 10 lakh vehicles annually in the next two to three years from its manufacturing units in India. The company, which launched new versions of its three electric scooter models priced between Rs 85,000 and Rs 1.3 lakh, plans to set up a greenfield [...]

Nazara Technologies on Wednesday said that out of Rs 64 crore held by its two step down subsidiaries in Silicon Valley Bank, Rs 60 crore has been successfully transferred to bank accounts outside of SVB. The balance Rs 4 crore remains in SVB accounts for unrestricted operational use, the company said in a regulatory filing. [...]

Suzuki Motorcycle India on Wednesday said it has joined hands with Standard Chartered Bank to provide wholesale funding to its dealer partners for vehicles and spare parts. The initiative will support the company's dealer partners across the country and enable them to expand their businesses and operations, the two-wheeler maker said in a statement. "As [...]

Carbon credit developer EKI Energy Services (EKI) has inked a consultancy service contract for carbon credits project of Kochi Metro Rail. "EKI has signed consultancy service contract with Kochi Metro Rail Ltd (KMRL). The contract has been signed against a tender won by EKI for providing carbon credit advisory services to KMRL," a company statement [...]

Drug major Cipla on Tuesday said it has inked a pact with Africa Capitalworks to sell a 51.18 per cent stake in Uganda-based Cipla Quality Chemical Industries Ltd. The company and its wholly-owned subsidiaries, Cipla (EU) Ltd and Mauritius-based Meditab Holdings Ltd, have entered into a share purchase agreement with Africa Capitalworks on March 14, [...]

NMDC on Tuesday said its Director (Finance) Amitava Mukherjee has taken the additional charge as its Chairman-Cum-Managing Director. Mukherjee, a 1995-batch Indian Railway Accounts Service (IRAS) officer, is also a Cost Accountant and holds a Master's Degree in Commerce from Guru Ghasidas Vishwavidyalaya, Bilaspur. Under his leadership, the demerger of NMDC Steel Ltd from NMDC [...]

Tube Investments of India Ltd, engaged in the manufacturing of precision steel tubes and industrial chains, would foray into contract development and manufacturing organisation (CDMO) as it plans to diversify business portfolio, the company said on Tuesday. Tube Investments of India has identified CDMO and active pharmaceutical ingredients (API) as its new line of businesses [...]

Hindustan Construction Company Ltd (HCC) in a joint venture with Megha Engineering & Infrastructures Ltd (MEIL) has bagged a Rs 3,681 crore project for construction of a bullet train station, a statement said on Tuesday. The contract was awarded by the National High-Speed Rail Corporation Ltd (NHSRCL) for the construction of the Bandra Kurla Complex [...]

Mahindra & Mahindra on Tuesday said its wholly-owned unit Mahindra Bangladesh Pvt Ltd has ceased to exist. Mahindra Bangladesh Pvt Ltd (MBPL) convened the final extraordinary general meeting of its shareholders on March 14, 2023 and approved the final voluntary winding up, Mahindra & Mahindra (M&M) said in a statement. Hence, MBPL has been liquidated [...]

Aditya Birla Sun Life AMC Ltd on Tuesday said its Nifty Bank ETF (exchange traded fund) registered a growth of over 25 times in its asset base in the current financial year and surpassed Rs 2,000 crore mark. The Aditya Birla Sun Life Nifty Bank ETF, an open-ended exchange-traded fund tracking the Nifty Bank index, [...]

Non-banking finance company Sundaram Finance Ltd is revising the interest rates on various term deposits with effect from March 16, the company said on Tuesday. The interest rate on 12-month deposits has been increased to 7.45 per cent for the general public from the earlier 7.20 per cent. For deposits of 24 and 36 months, [...]

Power trading solution provider PTC India on Tuesday announced its collaboration with Belgium-based N-Side to work on developing a predictive solution for the Indian power market. As part of a long-term strategy to position itself as a technology-enabled solutions provider in the electricity value chain, PTC India is building a portfolio of forecasting tools across [...]

India Post Payments Bank (IPPB) wants to convert itself to a universal bank as the vast network of post office branches would help in achieving financial inclusion, its MD and CEO J Venkatramu said on Tuesday. He said when the IPPB started operations in 2018, 80 per cent of the transactions would happen in cash. [...]

Vedanta Aluminium on Tuesday said it has entered into a long-term pact with Dalmia Cement for supply of industrial wastes such as fly ash and spent pot lining for manufacturing low carbon cement. Under the pact, Vedanta's mega aluminium smelter at Jharsuguda, Odisha will supply around 20 rakes of fly ash every month for five [...]

Amid early onset of summer and a pick-up in industrial demand for electricity, state-owned CIL on Tuesday said it is geared up to meet the demand of dry fuel from the power sector. The public sector coal producer also expressed hope to supply 156 million tonnes of coal to the power sector during April-June quarter [...]