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 [...]
Finance minister Nirmala Sitharaman on Friday proposed setting up of a committee to look into the issues related to pension for government employees and evolve an approach to address the need of employees while maintaining fiscal prudence. While moving the Finance Bill 2023 in the Lok Sabha for consideration and passage, the minister also said [...]
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 [...]
Backed by the late ace-investor Rakesh Jhunjhunwala, Nazara Technologies Ltd. communicated in a filing with stock exchanges that it has purchased Pro Football Network, an online platform that follows and studies the National Football League of the USA for a consideration of $ 1.82 million or Rs 16 crore. As per the recent shareholding data [...]
India's exports to the UAE are expected to touch an 'all-time high' of USD 32 billion by the end of this fiscal due to the benefits of free trade agreement between the countries, an official said on Thursday. The two countries also plan to integrate their customs and logistics portals for real-time tracking of shipments [...]
Debt mutual funds are likely to be stripped of the long-term tax benefit if they invest less than 35 per cent of their assets in equities. Such mutual funds will attract short term capital gains tax. The government is likely to make such a proposal in the form of an amendment to the Finance Bill [...]
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 [...]
Over 41,000 sub-standard toys have been seized by enforcement agencies since the implementation of mandatory quality certification, with effect from January 2021, the government said on Thursday. In an official statement, Food and Consumer Affairs Ministry said that the government has taken proactive steps to restrict the import of sub-standard and unsafe toys and promote [...]
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 [...]
The Unique Identification Authority of India and state-owned Society for Electronic Transactions and Security on Thursday signed a pact to conduct joint research for the development of tools and products in deep tech domains, an official statement said. As part of the memorandum of understanding (MoU), both organisations will carry out joint research in deep [...]
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, [...]
