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 [...]
Indian-American business leader Ajay Banga is poised to become the next President of the World Bank which on Thursday said he is the sole nominee for the post as no other candidates were nominated. The World Bank's Board of Executive Directors will interview Banga before he is formally appointed. In February, President Joe Biden announced [...]
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 [...]
The Assam government disbursed Rs 63.05 crore as a financial incentive to 370 tea gardens in the state to help them mitigate the adverse impact of the pandemic. Chief Minister Himanta Biswa Sarma said the tea industry was the backbone of the state's economy, making up nearly 90 per cent of its gross export value, [...]
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 [...]
Benchmark indices Sensex and Nifty rallied more than 1 per cent in early trade on Friday in line with firm trends in the global markets and heavy buying in index major Reliance Industries. Fresh foreign fund inflows also added to the positive momentum in the equity market. The 30-share BSE Sensex jumped 705.26 points to [...]
