Skip to main content

Posts

Showing posts from September, 2021

Ecuador declares prison emergency after 116 killed in riot

Ecuador's president has declared a state of emergency in the prison system following a battle among gang members in a coastal lockup that killed at least 116 people and injured 80 in what authorities say was the worst prison bloodbath ever in the country. Officials said at least five of the dead were found to have been beheaded. President Guillermo Lasso decreed a state of emergency Wednesday, which will give the government powers that include deploying police and soldiers inside prisons. The order came a day after bloodshed at the Litoral penitentiary in Guayaquil that officials blamed on gangs linked to international drug cartels fighting for control of the facility. Lasso, visibly moved by the carnage, said at a news conference that what had happened in the prison was bad and sad. He also said he could not guarantee that authorities had regained control of the lockup. It is regrettable that the prisons are being turned into territories for power disputes by criminal gangs, he sa...

Godrej Industries raises Rs 750 crore through non-convertible debentures

Godrej Industries Ltd on Tuesday said it has raised Rs 750 crore through private placement of non-convertible debentures. The management committee of the board of directors of the company has on September 28 approved the allotment of 7,500 rated, listed, unsecured, redeemable, non-convertible debentures having face value of Rs 10 lakh aggregating to Rs 750 Crore to an identified investor, Godrej Industries Ltd said in a regulatory filing. The company, which is a holding company of the Godrej Group, however, did not disclose the identity of the investor. The proceeds of the issue are proposed to be used for business purposes, investments, repayment or prepayment of certain loans and for general corporate purposes, it added. The NCDs, which will be listed on the National Stock Exchange of India, will have a tenure of 7 years with a redemption date slated for September 28, 2028, it added. Carrying a coupon rate of 7.58 per cent per annum, payable annually, the NCDs will be redeemed from...

Gadkari reviews construction work of all-weather Zojila, Z-Morh tunnels

Union Minister Nitin Gadkari on Tuesday reviewed the construction work of strategically important Zojila and Z-Morh tunnels on the Srinagar-Leh highway. Speaking to reporters at the Z-Morh tunnel site, Gadkari said his ministry is also building 20 tunnels of a total length of 32 km in Jammu and Kashmir and 11 tunnels of a total length of 20 km in Ladakh. The cost of building these 31 tunnels in Union territories of Jammu & Kashmir and Ladakh will be around Rs 1.4 lakh crore, the road transport and highways minister said. The Union minister for road transport and highways also said all the projects undertaken by the BJP-led central government should be completed before the 2024 general elections. He said there will be no compromise on the quality of the construction. Gadkari also said that in the past two years, the Modi government has been able to do the same amount of work related to road projects in Jammu and Kashmir that earlier took 50 years. The Z-Morh tunnel between Gagangi ...

Godrej Industries raises Rs 750 crore through non-convertible debentures

Godrej Industries Ltd on Tuesday said it has raised Rs 750 crore through private placement of non-convertible debentures. The management committee of the board of directors of the company has on September 28 approved the allotment of 7,500 rated, listed, unsecured, redeemable, non-convertible debentures having face value of Rs 10 lakh aggregating to Rs 750 Crore to an identified investor, Godrej Industries Ltd said in a regulatory filing. The company, which is a holding company of the Godrej Group, however, did not disclose the identity of the investor. The proceeds of the issue are proposed to be used for business purposes, investments, repayment or prepayment of certain loans and for general corporate purposes, it added. The NCDs, which will be listed on the National Stock Exchange of India, will have a tenure of 7 years with a redemption date slated for September 28, 2028, it added. Carrying a coupon rate of 7.58 per cent per annum, payable annually, the NCDs will be redeemed from...

REC gets shareholder nod to raise up to Rs 85,000 cr via bonds, debentures

State-owned REC has got shareholders' approval to raise up to Rs 85,000 crore through issuance of non-convertible bonds or debentures. "All resolutions as set out in the Notice of 52nd AGM of the company have been duly approved & passed by the shareholders with requisite majority," a BSE filing said on Monday. The funds would be raised on private placement basis in one or more tranches, according to the notice for 52nd Annual General Meeting (AGM) held on September 24, 2021. "It is proposed to pass a special resolution to enable the company to raise funds through private placement of unsecured/secured non-convertible bonds/debentures up to Rs 85,000 crore, during a period of one year (from September 23, 2022)," the notice had said. Further, it had said the amount planned to be raised shall be within the overall revised borrowing limit, being proposed for approval by the shareholders. The company had also proposed alteration to Objects Clause of Memorandum of...

Adani Wilmar rolls out 'Fortune Mart' stores in 6 states

Adani Wilmar, which markets edible oils and other food products under the Fortune brand, on Monday said it has opened 12 physical stores on franchisee model across six states and plans to start outlets across the country. "Adani Wilmar is opening physical stores under the name Fortune Mart which will exclusively sell Fortune and other Adani Wilmar brand products," the company said in a statement. The physical stores are being opened on a franchise model. Adani Wilmar has so far opened 12 Fortune Mart stores in Jaipur, Jodhpur, Lalitpur, Gandhinagar, Surat, Gandhidham, Jabalpur, Vidisha, Gwalior, Kharghar, Akola, and Haldia. These cover the states of Rajasthan, Uttar Pradesh, Gujarat, Madhya Pradesh, Maharashtra and West Bengal. The company further aims to launch Fortune Mart stores in north and eastern parts of India in the coming quarter. "Fortune has become a household name and the most popular and preferred food brand in the country. The rollout of Fortune Mart stores...

Three unsung writers

The intermediation that the old-style publishers offered is almost gone. We can safely expect a lot of old imprints to die out. Perhaps only the university presses will survive from Today's Paper https://ift.tt/2Y88Fsd

Sterling Accuris to raise Rs 250 crore from fund managed by Morgan Stanley

Diagnostic lab chain Sterling Accuris Wellness on Monday said it has inked a pact to raise Rs 250 crore from a fund managed by Morgan Stanley Pvt Equity Asia in order to expand operations. Sterling, which started operations in 2016, has over 1,000 employees and operates around 150 labs and collection centers in Gujarat, Delhi, Rajasthan and Madhya Pradesh. The company is aiming a revenue of around Rs 250 crore in the current fiscal year. As diseases become more complex, the need for their quick and accurate diagnosis through testing will become more critical," Sterling Accuris Chairman Girish Patel said in a statement. This will lead to increased customer preference towards organised pathology lab networks, he added. "Over the last five years, Sterling Accuris have built a strong business in the markets we operate in and the growth capital infusion from a seasoned investor like Morgan Stanley will help the team accelerate the execution of our expansion plan," Patel noted...

Adani Wilmar rolls out 'Fortune Mart' stores in 6 states

Adani Wilmar, which markets edible oils and other food products under the Fortune brand, on Monday said it has opened 12 physical stores on franchisee model across six states and plans to start outlets across the country. "Adani Wilmar is opening physical stores under the name Fortune Mart which will exclusively sell Fortune and other Adani Wilmar brand products," the company said in a statement. The physical stores are being opened on a franchise model. Adani Wilmar has so far opened 12 Fortune Mart stores in Jaipur, Jodhpur, Lalitpur, Gandhinagar, Surat, Gandhidham, Jabalpur, Vidisha, Gwalior, Kharghar, Akola, and Haldia. These cover the states of Rajasthan, Uttar Pradesh, Gujarat, Madhya Pradesh, Maharashtra and West Bengal. The company further aims to launch Fortune Mart stores in north and eastern parts of India in the coming quarter. "Fortune has become a household name and the most popular and preferred food brand in the country. The rollout of Fortune Mart stores...

AstraZeneca Pharma India gets nod to import, market Selumetinib capsules

Drug firm AstraZeneca Pharma India on Sunday said it has received import and market permission from the Indian drug regulator for Selumetinib capsules. The company has received the import and market permission in Form CT-20 from the Drugs Controller General of India for Selumetinib 10 mg & 25 mg capsules, AstraZeneca Pharma India said in a regulatory filing. The receipt of this permission paves way for the launch of Selumetinib 10 mg & 25 mg capsules in India, subject to the receipt of related statutory approvals and licenses, it added. Selumetinib 10 mg & 25 mg capsules are indicated for treatment of pediatric patients 3 years of age and older with neurofibromatosis type 1 and who have symptomatic, inoperable plexiform neurofibromas, it added. from Companies https://ift.tt/3EU2etu via IFTTT

FDI equity inflows up 112% to $20.42 bln in Apr-July period: Govt data

Foreign direct investments into the country more than doubled to USD 20.42 billion during the April-July period of the current fiscal, the commerce and industry ministry said on Wednesday. Total Foreign Direct Investment (FDI) inflow rose to USD 27.37 billion during the first four months of 2021-22. In the year-ago period, the same was at USD 16.92 billion. Total FDI comprises equity inflows, reinvested earnings and other capital. "FDI equity inflows grew by 112 per cent in the first four months of 2021-22 (USD 20.42 billion) compared to the year ago period (USD 9.61 billion)," the ministry said in a release. Automobile industry has emerged as the top sector during the period under review, accounting for 23 per cent share of the total FDI equity inflows followed by computer software & hardware (18 per cent) and services sector (10 per cent), respectively. Karnataka is the top recipient state with 45 per cent share of the total FDI equity inflows followed by Maharashtra (2...

RBI to conduct open market purchase, sale of G-secs on Thursday

The Reserve Bank on Monday said it will conduct an open market purchase of government securities aggregating to Rs 15,000 crore under the G-sec Acquisition Programme (G-SAP 2.0) on September 23. On a review of current liquidity conditions, the central bank also decided to conduct a simultaneous sale of government securities under open market operations (OMO) for an aggregate amount of Rs 15,000 crore on the same day. In a statement, the RBI said it will purchase three government securities of different maturity dates amounting to Rs 15,000 crore. It will also sell three government securities amounting to Rs 15,000 on September 23. The central bank further said it reserves the right to decide on the quantum of purchase and sale of individual securities. The result of the auctions will be announced on the same day. from Today's Paper https://ift.tt/39qOzLK

Iconic French pâtisserie, Laduree, debuts in India: Check details here

With a master franchisee deal with Noida-based CK Israni Group, Ladurée is kickstarting its foray into India with its first salon de thé in Delhi's upscale Khan Market from Companies https://www.business-standard.com/article/companies/iconic-french-pâtisserie-laduree-debuts-in-india-check-details-here-121092000028_1.html via IFTTT

Ease of doing business helped create more startups: Piyush Goyal

Simplification, facilitation and ease of doing business has helped India create more startups, Commerce and Industry Minister Piyush Goyal said on Sunday. For promoting startups, the government is creating future global leaders and wants to become the innovation hub of the world, he said during an interaction with the industry representatives in Bengaluru. "India has been able to create the third largest startup ecosystem in the world since its launch.This has been possible by the government's focus on reforms like simplification, facilitation and ease of doing business," he said. He called upon the industries to be self-sufficient in the area of semiconductors. Goyal also suggested the participants to formulate a draft road map for the development of startups. from Companies https://ift.tt/3nMaV2K via IFTTT

Welspun India to invest Rs 800 cr on capacity enhancement over next 2 years

Welspun India has said it is looking to invest around Rs 800 crore on capacity expansion of its home textiles and flooring businesses over the next two years. Welspun India, the country's largest home textiles manufacturer, would invest Rs 656.5 crore on its home textiles business expansion during FY'22-23. Its plans include augmenting its towel manufacturing capacity by 20 per cent to meet the growing demand from the overseas customers. The board of the company in a meeting held on Saturday approved plans to augment towel manufacturing capacity at its Anjar, Kutch (Gujarat)-based plant to 1,02,000 metric tonnes per annum (MTPA) from the existing 85,400 MTPA. "Keeping in view the recent trend of customers focus to track the entire value chain i.e., 'Farm to Shelf', the board has approved an investment in 40 looms for towel fabric at Anjar which represents 7 per cent of installed capacity," said Welspun India in a late night regulatory filing. While for its Vap...

Queer phobias

An academic studies tribal folktales through a queer lens to highlight how they speak out against colonial-era moral policing that, ironically, still prevails in contemporary India from Today's Paper https://ift.tt/3CBXveb

Wipro launches co-innovation space with Google Cloud in Bengaluru

IT services major Wipro on Friday announced the launch of the Wipro-Google Cloud Innovation Arena in Bengaluru to accelerate adoption of cloud services. This cloud collaboration space will provide in-house technical expertise, ensure seamless cloud adoption, and accelerate innovation to drive business transformation for customers, a statement said. "By combining the expertise and resources of Wipro FullStride Cloud Services and Google Cloud, this jointly developed innovation centre will offer a unique combination of people, processes, and platforms that will collectively create a futuristic experience for customers globally," it added. This arena will also showcase the talent, tools and best practices required to develop and deploy applications on Google Cloud. "We are excited to strengthen our partnership with Google Cloud, and look forward to leveraging the Wipro-Google Cloud Innovation Arena to increase cloud capabilities, build solutions across industries, and help o...

Tata Motors drives in Safari Gold Edition at Rs 21.89 lakh

Tata Motors on Friday said it has launched a special edition of its flagship model Safari priced at Rs 21.89 lakh (ex-showroom) to further spruce up the range ahead of the festive season. The Safari Gold Edition, which comes in two carefully crafted special colour schemes -- The White Gold and The Black Gold -- is set to be showcased at the upcoming second leg of the VIVO IPL 2021. The interiors have been further enhanced with premium features like leather seats with ventilation on both the first and second rows, wireless charger, air purifier, Android Auto & Apple Carplay over Wifi, making it the most impressive version of the Safari yet, the auto major said in a statement. "In less than five months after its launch, our premium flagship SUV, the new Safari reached the milestone of its 10,000th rollout and today is among the highest selling SUVs in its segment. "The Safari has received immense love from our customers and keeping in mind the response, we are delighted to ...

Tata Consultancy Services to invest Rs 690 cr in Innovation Park in Kochi

In a big boost to the Kerala government's bid to attract investment, leading IT services provider Tata Consultancy Services (TCS) has agreed to invest Rs 690 crore to set up an Innovation Park in Kochi. The state government has allotted 36.84 acres of land to TCS Ltd for setting up a unit for Electronics Hardware & IT/ITES in KINFRA Electronics Manufacturing Cluster, Kakkanad, Kochi. A Memorandum of Understanding (MoU) in this regard was signed here on Friday in the presence of Chief Minister Pinarayi Vijayan and Industries Minister P Rajeev, an official statement said. KINFRA Managing Director Santhosh Koshy Thomas and TCS Kerala Vice President Dinesh P Thampi signed the MoU. TCS Ltd intends to operate a campus for Electronics Hardware & IT / ITES in an area of ??36.84 acres of land in KINFRA Electronics Manufacturing Cluster, Kakkanad, with an investment of Rs 698 crore and would accommodate nearly 10,000 employees in a phased manner, the release said. The proposed projec...

Wonderchef eyes Rs 400 crore revenue in FY22, says MD Ravi Saxena

Kitchenware brand Wonderchef is eyeing 23 per cent growth in revenue at Rs 400 crore in 2021-22 as compared to the previous year due to increase in upgradation of cookware following the pandemic, a top company executive said. "The COVID-19 related disruptions forced many people to enter their kitchen where they found the need to upgrade their cookware. "This increased the demand for Wonderchef products. Looking at the growth momentum, we expect to touch Rs 400 crore revenue in this financial year compared to Rs 325 crore during 2019-20," Wonderchef founder and managing director Ravi Saxena told PTI. With more and more young people entering the kitchen following the pandemic, there was a growth in demand for stylish, modern, healthy and convenient cooking appliances, which will drive the demand and help Wonderchef become a Rs 1,000 crore company in next five years, he said. The company, which manufactures its products through 65 vendors in India as well as overseas, is al...

US Justice Dept sues in bid to void Texas' restrictive anti-abortion law

The 27-page complaint, filed Thursday in federal court in Austin, seeks both an immediate and permanent injunction against the law, which bars almost all abortions after the sixth week of pregnancy from Today's Paper https://www.business-standard.com/article/international/us justice-dept-sues-in-bid-to-void-texas-restrictive-anti-abortion-law-121091001173_1.html