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Showing posts from November, 2021

Seven firms, including JSW Steel, submit bids for coal blocks

JSW Steel and Adhunik Power & Natural Resources are among seven companies that have submitted bids for four coal blocks put up for sale under "second attempt" of auction process for 11 mines for commercial mining. These coal mines were also offered in the first attempt launched on March 25 this year and had fetched single bids. "A total of 7 companies have submitted their bids in the auction process," the coal ministry said in a statement. The seven firms are Auro Coal Pvt Ltd, JSW Steel, MP Natural Resources Pvt Ltd, Adhunik Power & Natural Resources, Assam Mineral Development Corp Ltd, Virtuous Mining Ltd and Twenty First Century Mining Pvt Ltd. Total seven bids were received by the ministry for four coal blocks namely Beheraband North Extn, GondbaheraUjheni East, Lalgarh (North) and Tokisud Block II. "A total of 7 bids have been received for 4 coal mines," the ministry said. The online bids were decrypted and opened electronically in the presenc...
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Amazon infuses fresh capital of Rs 650 cr in Amazon Wholesale (India)

US-based ecommerce giant Amazon has infused fresh capital to the tune of Rs 650 crore into one of its India units, Amazon Wholesale (India), according to regulatory documents. Amazon Corporate Holdings Private Limited and Amazon.com.incs Limited have made the Rs 650 crore investment in the wholesale B2B arm of Amazon India, documents filed with the corporate affairs ministry and shared by market intelligence firm Tofler showed. The date of allotment was October 26, 2021, it added. Amazon India did not respond to emailed queries. According to the documents, a significant share of the funds (over Rs 649.94 crore) came from Amazon Corporate Holdings Pvt Ltd. The fresh funds will provide more arsenal to Amazon in India to bolster its wholesale B2B business in India. Amazon has been aggressively investing across various business units in India. These investments have been deployed towards expanding infrastructure and adding solutions to enhance consumer and seller experience. In Oct from ...
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An open letter to PM Modi

Dear Prime Minister, your government has brought in transparency in the appointment process of CEOs; capitalised the banks; cleaned their books; and consolidated a few of them to create scale from Today's Paper https://ift.tt/3D1B0ic
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MG Motor India ties up with CleanMax, adopts wind-solar hybrid energy

MG Motor India has collaborated with CleanMax to become the first passenger car company to adopt wind-solar hybrid energy, a statement said on Thursday. Under the collaboration, Clean Max Enviro Energy Solutions (CleanMax) will supply 4.85 MW of wind-solar hybrid power to MG Motor's manufacturing facility in Halol. "With this partnership, MG will abate approximately 2 lakh MT of CO2 over 15 years which is equal to planting more than 13 lakh trees," the statement said. The carmaker has been at the forefront of promoting EV adoption in India with the launch of India's first Pure Electric Internet SUV MG ZS EV, it stated. CleanMax is the first renewable energy company to set up a wind-solar hybrid power park in Gujarat to sell clean energy to private consumers and corporates. It plans to expand to 150 MW by 2022. MG's Halol facility is expected to begin drawing power in February 2022 from CleanMax's hybrid park in Rajkot and will continue to do so for 15 years. ...
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Joyville sales bookings jump three-times to Rs 450 cr in April-September

Business conglomerate Shapoorji Pallonji's housing platform Joyville has clocked nearly three-fold jump in its sales booking at Rs 450 crore during the first half of this fiscal year on strong demand for mid-income residential properties, a top company official said. Joyville, which is a Rs 1,240 crore platform established by Shapoorji Pallonji, ADB, IFC and Actis, had sold properties worth Rs 160 crore in the corresponding period of the last fiscal year. In an interview with PTI, Joyville Shapoorji Housing Managing Director Sriram Mahadevan said, "the real estate market is doing well because of improved market sentiments driven by progress in the vaccination programme." Moreover, COVID-19 cases have also come down significantly, he added. "We have sold over 700 apartments for around Rs 450 crore in the first six months of this financial year. The sales bookings have grown almost three times compared to the year-ago period," Mahadevan told PTI. Sales have been g...
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Piramal Capital & Housing Finance ties up with API Holdings

Piramal Capital & Housing Finance (PCHFL) has tied up with API Holdings to provide financing solutions to customers and has earmarked an amount of Rs 100 crore for disbursement by the end of this fiscal. Piramal Capital & Housing Finance Limited (PCHFL), the wholly-owned subsidiary of Piramal Enterprises Limited, has forged a strategic partnership with API Holdings through its digital platform Retailio, a release said on Thursday. Retailio is India's largest digital B2B healthcare platform. The partnership aims at synergizing respective capabilities to provide efficient and seamless financing solutions to consumers, retailers and merchants in the API Holdings' healthcare ecosystem. "Under this partnership, PCHFL Finance has earmarked an initial amount of Rs 100 crore for disbursement by March 2022, which will get upsized basis initial market response," PCHFL said. PCHFL will cater to products like Buy Now Pay Later (BNPL) for consumers and merchants, multi-col...
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New Wage Rate Index series released; base year revised to 2016 from 1963-65

Ministry of Labour on Wednesday released a new series of Wage Rate Index (WRI) with base year 2016, being compiled and maintained by the Labour Bureau, an attached office of the ministry. The new series of WRI with base 2016=100 will replace the old series with base 1963-65, a labour ministry statement said. The government periodically revises the base year for major economic indicators to reflect the changes in the economy and to capture the wage pattern of workers, it said. Thus, as per the recommendations of International Labour Organization, National Statistical Commission etc, the base year of WRI numbers has been revised from 1963-65 to 2016 by the Labour Bureau to enhance the coverage and to make index more representative. The new series of WRI has increased the scope and coverage in terms of number of industries, sample size, occupations under selected industries, weightage of industries etc. Professor S P Mukherjee and other members of the expert group on Minimum Wages & ...
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Central Vista: 6 firms submit technical bids to construct Executive Enclave

Six infrastructure firms, including Tata Projects Limited and L&T Limited, have submitted technical bids for the construction of an executive enclave that will house the prime minister's office (PMO), Cabinet secretariat, India House and National Security Council Secretariat, a CPWD official said on Wednesday. The other four firms are Shapoorji Pallonji and Company Limited, NCC Limited, PSP Projects Limited and Ahluwalia Contracts India Limited. The official said the documents submitted by these six construction firms are being checked for their qualification to participate in the financial bids. According to the CPWD's bid document, the project, which is being executed under the Narendra Modi government's ambitious Central Vista redevelopment plan, will be completed within 24 months at an estimated cost of Rs 1,171 crore. The Central Public Works Department (CPWD), which comes under the Union Housing and Urban Affairs Ministry, said the Executive Enclave will come up o...
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Central Vista: 6 firms submit technical bids to construct Executive Enclave

Six infrastructure firms, including Tata Projects Limited and L&T Limited, have submitted technical bids for the construction of an executive enclave that will house the prime minister's office (PMO), Cabinet secretariat, India House and National Security Council Secretariat, a CPWD official said on Wednesday. The other four firms are Shapoorji Pallonji and Company Limited, NCC Limited, PSP Projects Limited and Ahluwalia Contracts India Limited. The official said the documents submitted by these six construction firms are being checked for their qualification to participate in the financial bids. According to the CPWD's bid document, the project, which is being executed under the Narendra Modi government's ambitious Central Vista redevelopment plan, will be completed within 24 months at an estimated cost of Rs 1,171 crore. The Central Public Works Department (CPWD), which comes under the Union Housing and Urban Affairs Ministry, said the Executive Enclave will come up o...
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Acer India, Dixon Tech partner to manufacture 500,000 laptops annually

Taiwanese IT hardware firm Acer has roped in domestic electronic manufacturing services firm Dixon Technologies for making its laptops in India, both companies said in a joint statement on Wednesday. The facility will have a capacity to manufacture up to 5 lakh Acer laptops annually. "Acer India, the leading PC brand, and Dixon Technologies have partnered for the manufacturing of laptops at Dixon's state-of-the-art manufacturing facility situated in Noida," the joint statement said. The manufacturing unit was inaugurated by Ministry of Electronics and Information Technology joint secretary Saurabh Gaur in the presence of Dixon Technologies Executive Chairman Sunil Vachani, Acer India President & Managing Director Harish Kohli, Acer India Chief Business Officer Sudhir Goel. "This will give a strong impetus to India's manufacturing competitiveness and leverage the Production-Linked Incentive (PLI) by the Government of India. The factory will have capacity to pr...
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ONGC union protests Centre's proposal to give away Mumbai High fields

The petroleum ministry's proposal to give away ONGC's biggest oil and gas fields to foreign companies has met with strong resistance from the officers union of the company, which has said that the government should empower and give the company a level-playing field rather than giving away its prime assets to the private sector on a platter. The Association of Scientific & Technical Offices of ONGC petitioned Oil Minister Hardeep Singh Puri against a proposal put by Amar Nath, additional secretary (exploration) in the Ministry of Petroleum and Natural Gas, for giving away 60 per cent stake and operatorship of Mumbai High and Bassein & Satellite (B&S) offshore assets to international partners for raising output. The union, which represents ONGC's 17,000 officers, said the company and its employees are completely aligned with the government objective of raising domestic production to cut imports, and for this to happen ONGC should be given the same fiscal and regul...
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Grofers plans to open 150 more dark stores by December for quick commerce

E-commerce firm Grofers plans to open 150 dark stores by December, taking the total count to 350, for quick commerce to deliver orders in about 10 minutes, the company's co-founder said Wednesday. The company claims to have a 3 million monthly order run rate and growth of 3.5 times in the last two months while gaining one million quick commerce users. "At Grofers, we are all humbled by these stories every day, and it motivates us to do more for our country and communities. We have been able to roll out 200 stores in the last three months and are working hard with entrepreneurs like Hardik to roll out another 150 stores in the next 45 days," Grofers co-founder Albinder Dhindsa said in a blog. The company's spokesperson said that the average weekly retention in the segment is 50 per cent, which means half of the users come back next week itself to order again and consistently keep coming back. Grofers claims to have recorded a weekly ordering frequency of 4.5 orders for...
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SpiceJet's Q2 net loss widens to Rs 562 cr; total income rises 19%

Budget carrier SpiceJet on Friday reported widening of net loss to Rs 561.7 crore for the quarter ended September 2021. It incurred a net loss of Rs 112.6 crore in the corresponding period of the previous financial year. Total income was Rs 1,538.6 crore in the second quarter of 2021-22. It was Rs 1,292.9 crore in the year-ago period, the company said in release. Total expenses increased to Rs 2,100.4 crore in the period under review from Rs 1,405.6 crore in the second quarter of 2020-21. The airline had incurred a net loss of Rs 729 crore in the first quarter of the current financial year. "With the nationwide vaccination drive growing at an unprecedented pace across geographies, there is a significant jump in travel demand and we are very excited about the demand recovery," Ajay Singh, Chairman and Managing Director, SpiceJet, said. "The settlement with key lessors, the return of the 737 MAX in the current quarter (Q3), transfer of the logistics business and some very ...
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Zomato Q2 net loss widens to Rs 434.9 cr; announces 3 key investments

Online food delivery platform Zomato on Wednesday reported widening of its consolidated net loss to Rs 434.9 crore for the quarter ended September 30, 2021, mainly on account of investments in the growth of its food delivery business. The company had posted a net loss of Rs 229.8 crore for the corresponding period of the previous fiscal, Zomato Ltd said in a regulatory filing. Consolidated revenue from operations of the company stood at Rs 1,024.2 crore for the quarter under consideration. It was Rs 426 crore for the same period a year ago, it added. "Why did our losses go up? This was due to investments in the growth of our food delivery business," Zomato Founder & CEO Deepinder Goyal and CFO Akshant Goyal said in a letter. The losses went up specifically due to three reasons -- increased spending on branding and marketing for customer acquisition, increased investments and growing share of smaller/emerging geographies in the company's business and increased delivery...
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Coca-Cola India net profit declines 28.4% to Rs 443.4 crore in FY21

Coca-Cola India's net profit declined 28.4 per cent year-on-year to Rs 443.38 crore and its revenue from operations was down 16.2 per cent to Rs 2,297.51 crore in the pandemic-hit FY21, according to regulatory documents. The cola major had logged a net profit of Rs 619.14 crore in FY20, while its revenue from operations in that year had stood at Rs 2,741.54 crore. Coca-Cola India's total income also declined 16.2 per cent to Rs 2,355.10 crore in the fiscal ended March 2021 as against Rs 2,811.99 crore in the preceding financial year, according to the Registrar of Companies filing, shared by market intelligence firm Tofler. Reply to an e-mail sent to Coca-Cola India could not be ascertained immediately. In FY21, Coca-Cola India's other income also declined 18.2 per cent to Rs 57.59 crore as against Rs 70.44 crore a year ago. During the financial year 2020-21, the company's total expenses were reduced by 11.2 per cent to Rs 1,740.92 crore as against Rs 1,961.28 crore in t...
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Coca-Cola India net profit declines 28.4% to Rs 443.4 crore in FY21

Coca-Cola India's net profit declined 28.4 per cent year-on-year to Rs 443.38 crore and its revenue from operations was down 16.2 per cent to Rs 2,297.51 crore in the pandemic-hit FY21, according to regulatory documents. The cola major had logged a net profit of Rs 619.14 crore in FY20, while its revenue from operations in that year had stood at Rs 2,741.54 crore. Coca-Cola India's total income also declined 16.2 per cent to Rs 2,355.10 crore in the fiscal ended March 2021 as against Rs 2,811.99 crore in the preceding financial year, according to the Registrar of Companies filing, shared by market intelligence firm Tofler. Reply to an e-mail sent to Coca-Cola India could not be ascertained immediately. In FY21, Coca-Cola India's other income also declined 18.2 per cent to Rs 57.59 crore as against Rs 70.44 crore a year ago. During the financial year 2020-21, the company's total expenses were reduced by 11.2 per cent to Rs 1,740.92 crore as against Rs 1,961.28 crore in t...
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Optiemus to onboard 2,000 in 2 years, raise production capacity

Electronics manufacturing services firm Optiemus Electronics is planning to expand its production capacity and aims to increase its headcount by around 2,000 people in next two years, a senior company official said. The company's existing production capacity is likely to be exhausted within two years and it has started looking for locations to set-up a new manufacturing unit, Optiemus Electronics Limited (OEL) managing director A Gururaj told PTI. "We will have to wait and see how much volume our customers will look at, but I do believe that over the next one to one-and-a-half years, at least a couple of thousand people will be added on the shop floor, if not more," Gururaj said. At present, the company has a team of 300 people. OEL is among the electronic manufacturing services firms that have qualified for production-linked incentive (PLI) schemes for mobile phones, IT hardware and telecom products. The government is giving incentives to companies under the PLI scheme b...
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