Agrochemical major UPL Ltd on Wednesday said it has acquired 100 per cent stake in Punjab-based Kudos Chemie through its wholly-owned subsidiary in a bankruptcy resolution process. The National Company Law Tribunal (NCLT) Chandigarh bench gave its approval to UPL's resolution plan submitted under the Insolvency and Bankruptcy Code (IBC) for revival of Kudos Chemie, [...]
Indian Overseas Bank (IOB) on Wednesday said its board has approved raising of up to Rs 1,000 crore equity capital through issuance of shares via various modes. The board approved the capital plan of the bank for 2022-23, IOB said in a regulatory filing. It approved issuance of equity shares to a maximum of Rs [...]
Equitas Small Finance Bank (ESFB) on Wednesday said that the Reserve Bank of India has okayed its proposal to reappoint MD and CEO Vasudevan P N for one year. "We wish to inform that pursuant to the bank's application vide its letter dated May 23, 2022, RBI vide its letter dated June 15, 2022 has [...]
Two officials of Punjab cooperative federation Markfed have been dismissed from service over charges of embezzlement in wheat stock and involvement in other irregularities. Markfed's Managing Director Ramvir dismissed the two officials on Monday after an enquiry into the matter. The matter came to fore after physical verification of the stock at Guruharsahai branch office. [...]
The price of tomatoes in the national capital has jumped 44 per cent in the last one month to Rs 46 per kg with supply being disrupted due to heat wave and lower production in South India. According to data available on the website of the Department of Consumer Affairs, tomato prices in Delhi have [...]
The government is all set to start the auction of 5G airwaves by July end. The airwaves will be auctioned for 20 years with no mandate to make upfront payments by the winners. The successful bidders will be required to pay annual instalments at the start of each year with an option to surrender the [...]
The US on Wednesday announced USD 120 million in new loans to Sri Lanka to grow and support small and medium-sized businesses in the debt-ridden island nation. According to the US Embassy here, the US International Development Finance Corporation (DFC) Board of Directors has approved the loan in new investments that will reach small and [...]
Capital markets regulator Sebi on Wednesday sent notices to stock exchanges BSE and NSE asking them to pay over Rs 5 crore in a case related to Karvy Stock Broking Ltd (KSBL) and warned of attachment of assets and bank accounts if they fail to make the payment within 15 days. The notices came after [...]
Global apparel and jeanswear major Levi Strauss & Co on Wednesday announced the appointment of Amisha Jain as its new Senior Vice-President and Managing Director of South Asia-Middle East and Africa (SAMEA). Jain, who was CEO at Zivame - an intimate-wear brand, will be responsible for leading the company's operations in SAMEA and ensuring that [...]
The UAE has ordered a suspension of exports and re-exports of wheat and wheat flour originating from India for four months, the Gulf nation's ministry of economy said on Wednesday. The move follows India banning the export of wheat last month to check the surge in local prices. With this, Indian wheat cannot be rooted [...]
GST Billing Software: When it comes to accounting, billing, and product inventory, the biggest challenge that most companies face is that they don’t have the manpower to manage all these processes on their own. They also don’t have the time or money to hire someone to do it for them. So what’s the solution? For [...]
PhonePe, part of the Walmart Inc-controlled Flipkart group, is considering to raise funds through an initial public offering for expanding its financial services portfolio and deepening its core United Payments Interface (UPI)-based payments operations, investment banking sources said on Wednesday. The digital payment company is seeking a valuation of USD 8-10 billion, they added. According [...]
The Adani Group has gained the most in terms of value in the six months to April 2022, with a 88.1 per cent jump to Rs 17.6 lakh crore, a report said on Wednesday. In comparison, billionaire Mukesh Ambani's Reliance Industries -- which houses nearly all its ventures -- saw a 13.4 per cent rise [...]
GE Energy Financial Services, an arm of GE, has acquired a 49 per cent stake in Continuum Green Energy's 148.5 megawatt Morjar onshore wind project in Gujarat for an undisclosed sum. This transaction marks GE EFS' first onshore wind equity investment in Gujarat through a structured preferred equity solution, the company said in a statement. [...]
Benchmark indices are in the red these days. The BSE Sensex has shed 15.23% since it reached its 52-week high of 62245.43 points. It is currently trading at 52762 levels. Further, the NSE Nifty has also slipped 15.30% from its 52-week high of 18.604.45 points. It is currently trading at 15758 levels. The markets are [...]
Adani Transmission Limited (ATL) on Wednesday said its USD 700 million revolving loan facility has been tagged as 'green loan' by Sustainalytics. Sustainalytics, a Morningstar Company, provides analytical environmental, social and governance (ESG) research, ratings and data to institutional investors and companies. In a statement issued on Wednesday, ATL said its "USD 700 million revolving [...]
The shares of UltraTech Cement Ltd., the largest producer of grey cement, ready-mix concrete and white cement were trading near their 52-week low. As of 13:20 IST, the stock of the Aditya Birla Group was exchanging hands at ₹ 5,456 per share. It has lost almost 30% of its value since the start of the [...]
The Union Cabinet has approved the auction of airwaves capable of offering fifth-generation or 5G telecom services including ultra high-speed internet, and gave its nod for setting up of captive 5G networks by the big tech firms. The auction of over 72 GHz of the spectrum will be held by July-end, said an official statement [...]
B2B manufacturing startup Groyyo on Wednesday said it has raised USD 40 million (about Rs 310 crore) in a combination of equity and debt in its Series A round led by Tiger Global. The funding round also witnessed strong participation from early investor Alpha Wave Global. Existing investors Sparrow Capital and Stride Ventures, and angel [...]
JSW Steel crude steel production in May on a standalone basis jumped 31 per cent to 17.89 lakh tonnes, the company said on Wednesday. The crude steel output in May of FY'21 was 13.67 lakh tonnes. The flagship company of the USD 22 billion JSW Group stated that production of flat-rolled products also expanded by [...]
