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, [...]
The markets were deep in the red on the first session of the week. Domestic benchmark indices struggled throughout as foreign investors remained net sellers for the eighth day in a row. The Nifty 50 is currently standing at 17,044.05 points showing an upside of 0.33% today. Moreover, Sensex currently stands at 57,762.49 points with [...]
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 [...]
The government has hiked the windfall profit tax on export of diesel to Re 1 per litre while the levy on domestically produced crude oil has been cut by a fifth, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been reduced [...]
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 [...]
SKF India, in a recent filing with the exchange, said that it has signed a share purchase agreement with ‘Clean Max Enviro Energy Solutions’. The company has shown an agreement to acquire 2,600 fully paid-up equity shares of Rs 10 each which is equivalent to 26% of the total issued and paid-up share capital of [...]
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, [...]
Godawari Power & Ispat Limited (GPIL), in a recent exchange filing, mentioned that its Board of Directors have approved the buyback of upto 50,00,000 fully paid-up equity shares having a face value of ₹5 each at a price of ₹500 per Equity Share which is a 33% premium to the current price levels of the [...]
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, [...]
Indian economy is expected to grow at 7 per cent in FY23 despite global headwinds while retail inflation would moderate in line with wholesale inflation which fell to a 25-month low in January, the Finance Ministry said on Monday. Supported by the gains from high services exports, the moderation in oil prices, and the recent [...]
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 [...]
The rate of unemployment in India has been registering a downward trend for the last three years, Parliament was informed on Monday. As per the latest available annual PLFS reports, the estimated unemployment rate (UR) on usual status for persons of age 15 years and above was 4.8 per cent, 4.2 per cent and 4.1 [...]
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 [...]
The International Monetary Fund on Monday approved USD 3 billion in financial assistance to debt-ridden Sri Lanka to help it immediately overcome its economic crisis. IMF’s Executive Board approved on Monday a 48-month extended arrangement under its Extended Fund Facility (EFF) with an amount of SDR 2.286 billion (395 per cent of quota or about [...]
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 [...]
The ‘Trade-plus-One’ (T+1) settlement cycle has been implemented effectively in the top listed securities in India from 27th January 2023. Market experts believe and mention that this settlement system will allow the money cycle to move faster without waiting for an extra day. What is ‘Dividend’? A dividend, in a generic sense, is a reward [...]
