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 [...]
The shares of Hindustan Aeronautics Ltd. (HAL) increased by 4.7% to touch their near 52-week high of Rs 2,850 during the early hours of trading on Friday. This rise comes on the back of Defence Minister Rajnath Singh approving a large capital project worth Rs 70,584 crore to indigenously procure military hardware equipment. On Wednesday, [...]
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 [...]
Union Minister Rajeev Chandrasekhar on Thursday said deposits close to USD 1 billion attributable to Indian startups were with the US-based Silicon Valley Bank. The failure of Silicon Valley Bank (SVB), which was a key funding source for startups, has sent shockwaves across the global financial system. During a Twitter live session, Chandrasekhar said he [...]
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 [...]
The domestic equity market opened on a strong note on Friday, with benchmark Sensex jumping more than 350 points tracking positive global cues and ebbing concerns over the fallout of the banking sector woes in the US and Europe. The 30-share BSE Sensex surged 352.26 points or 0.61 per cent to 57,987.10 points while the [...]
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 [...]
Navratna-status National Aluminium Company (NALCO) Ltd. is one of the low-cost bauxite and alumina producers globally. Along with this, it is also a prominent alumina exporter in India. Incorporated in 1981, it is a government company under the Ministry of Mines, Government of India. It has a market capitalization of Rs 15,000 crore. The alumina [...]
Corporate travel is expected to rebound with as many as 77 per cent of Indian businesses expecting a rise in their travel budget in 2023 as compared to 2022, said a survey commissioned by American Express. In terms of the practical methods used to pay for travel expenses, the most common way, used by two-thirds [...]
Loan disbursals by microfinance companies increased 19 per cent to Rs 77,877 crore during December quarter 2022-23, said the MFIN Micrometer. The total microfinance loan portfolio increased to Rs 3.21 lakh crore as on December 31, 2022, the report said. "Microfinance loan disbursals during Q3 FY 22-23 improved to Rs 77,877 crore as compared to [...]
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 [...]
Shares of K&R Rail Engineering, a small-cap railway stock, have been on an uptrend. Its shares were locked in a 5% upper circuit on Thursday at ₹ 382.65 apiece on the Bombay Stock Exchange (BSE). The company is engaged in the business of laying private railway sidings on a turnkey basis. K&R Rail Engineering recently [...]
Varun Beverages Ltd. (VBL) is one of the largest franchisees of PepsiCo globally. It is valued at Rs 85,000 crore and is involved in the production and distribution of a broad range of carbonated soft drinks, non-carbonated soft drinks, and packaged drinking water. Pepsi, Mirinda, Mountain Dew, and Tropicana Juices are some of the top [...]
Thermal power plants monitored by the Central Electricity Authority (CEA) had 33.5 million tonne of coal stock as on Sunday, which was sufficient to run them for 12 days at 85 per cent capacity utilisation, Parliament was informed on Thursday. This assumes significance in view of projection of an unprecedented high demand of electricity during [...]
Cooling crude oil prices sent the shares of major oil marketing companies (OMC) higher. Shares of state-run OMCs like Indian Oil, Bharat Petroleum and Hindustan Petroleum appreciated to the tune of 5%, a day after international crude oil prices used to their lowest levels recorded in more than a year. Brent crude and US WTI [...]
With a market capitalization of ₹ 63,874 crores, Tata Consumer Products Ltd. (TCPL) is a large-cap Tata group stock with a presence in the food and beverages business in India and internationally. It is one of the largest tea companies globally and has a significant market presence and leadership in many markets. Tata Consumer’s shares [...]
The domestic equity market on Thursday snapped the five-day losing streak as the benchmark Sensex recouped its lost ground and closed 78 points higher on fag-end value buying in banking, energy and financial stocks. A positive opening in the European market helped the investor sentiments even as clouds hovered over the health of the global [...]
