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Showing posts from January, 2022

DHFL: NCLAT sets aside order that directed to consider Wadhwan's 2nd offer

The National Company Law Appellate Tribunal (NCLAT) has set aside an earlier order of the Mumbai bench of the NCLT, which had directed the administrator of the debt-ridden DHFL to put the second settlement proposal by erstwhile promoter Kapil Wadhwan before its lenders for consideration. The appellate tribunal observed that NCLT has passed directions to consider the second proposal from Wadhwan, despite the fact that the Committee of Creditors (CoC) of DHFL had already by an overwhelming majority approved the Piramal Capital & Housing Finance's resolution plan and the administrator had applied before it for its approval. Citing a recent judgement passed by the Supreme Court in the case of Ebix Singapore, the NCLAT said "there was no scope for negotiations between the parties once the CoC has approved the resolution plan". "The said exercise was beyond the jurisdiction of the adjudicating authority (NCLT), hence unsustainable and liable to be set aside," said...
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Govt extends bid submission deadline for PDIL sale till Feb 28

The government has extended by about a month till February 28 the deadline for prospective buyers of PDIL to submit EoI. The Department of Investment and Public Asset Management (DIPAM) had on December 14 invited preliminary bids for selling the government's 100 per cent stake in the CPSE which is under the Ministry of Chemicals and Fertilisers. Earlier, the last date for submitting expression of interest (EoI) was January 31. In view of the prevailing situation arising out of the COVID-19 pandemic and on the request of the interested bidders, the late date for submission of EoIs is extended to February 28, DIPAM said in a notice on its website. As of March 31, 2021, Projects & Development India Ltd (PDIL) has paid-up equity share capital of Rs 17.30 crore, revenue of 129.68 crore and net profit of Rs 19.07 crore. PDIL was incorporated on March 7, 1978 and is engaged in providing engineering and consultancy services in design engineering and related project execution services f...
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Satin Creditcare raises Rs 225 crore via preferential allotment of shares

Microfinance institution Satin Creditcare Network Ltd (SCNL) on Friday said it has raised Rs 225 crore through preferential allotment of shares. The micro lender has allotted a total of 30,76,916 shares (i.e. 7,69,229 shares each) to a group of investors namely Aarti Agrifeeds LLP, Adesh Agricare LLP, Adesh Agrifarm LLP and Trimudra Trade & Holdings Private Ltd, a release said. It has also allotted a total of 2,46,15,384 warrants (i.e. 1,23,07,692 warrants each) to Trishashna Holdings & Investments Pvt Ltd (promoter & promoter group) and Florintree Ventures LLP (non-promoter). The warrants have a convertible option in one or more tranches, within 18 months from the date of allotment into equivalent number of fully paid-up equity shares, the release said. The funds will be used as growth capital to boost the company's position in the lending ecosystem and to accelerate its strategic priorities. SCNL's Chairman and Managing Director H P Singh said the investment will ...
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Jet Airways appoints Priyapal Singh as its 'accountable manager'

Grounded carrier Jet Airways has appointed Priyapal Singh as its 'accountable manager', replacing Sudhir Gaur who resigned from the company late last year, an airline source said on Friday. A seasoned pilot, Singh took over the charge of the position in January, according to the source. The source also said that immediately after assuming the position, Singh along with the Jet Airways team met the DGCA officials and discussed various issues concerning the re-launch of operations. The consortium had on December 17 last year said Jet Airways 2.0 plans to start domestic operations at the earliest in 2022 as a full-service carrier. Singh, a squadron leader with IAF who has been associated with Jet Airways and JetLite in various capacities prior to its grounding in April 2019, moved back to Jet, which is now owned by the Murari Lal Jalan-Kalrock consortium, from the Nepal Airlines Corporation. "The new Accountable Manager Captain Priyapal Singh took over the charge on January 2...
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Minor impact of new Covid-19 wave on sales, says Abhishek Lodha

Realty firm Macrotech Developers saw a "minor" impact on housing demand in the first two weeks of January this year due to surge in COVID cases and remains confident of meeting the Rs 9,000-crore sales bookings target for this fiscal, its MD & CEO Abhishek Lodha said. Macrotech Developers markets its properties under the Lodha brand. It is developing projects in the Mumbai region and Pune. In an interview with PTI, Abhishek Lodha said the company has increased prices by an average 4-5 per cent so far this fiscal. Continuing with its asset-light model, Lodha said the company has entered into 11 joint development agreements (JDAs), worth Rs 14,500 crore sales value potential, so far this fiscal and hopes to conclude more by March-end. When asked about the impact of new wave of the COVID infections, Lodha said: "There was a minor impact in the first two weeks of this months as there were restrictions on movement." However, he said the sentiments among homebuyers re...
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GE T&D India to sell global engineering biz to GEIIPL for Rs 140 crore

GE T&D India Ltd board has approved a proposal to sell its Global Engineering Operations Division (GEOD Business) to GE India Industrial Private Ltd (GEIIPL) via a slump sale for a cash consideration of Rs 140.6 crore. "The company has, in the meeting of its board of directors that was held on January 24, 2022, agreed to sell its Global Engineering Operations Division (India for Global) (GEOD Business) to GE India Industrial Private Ltd (GEIIPL) (a related party) together with the assets and manpower comprised therein along with its corresponding liabilities by way of a slump sale on an "as is where is" basis," a BSE filing said. The GEIIPL (the buyer) is a company incorporated under the Companies Act, 1956, and it is a part of the General Electric Group. As per the filing, the lump sum consideration for sale is Rs 140.6 crore and the Business Transfer Agreement is expected to be executed by January 31, 2022. The expected date of completion of sale is March 31, ...
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B2B e-commerce firm Indiamart Intermesh posts 12% decline in Q3 net profit

B2B e-commerce firm Indiamart Intermesh on Monday posted a 12.4 per cent decline in consolidated net profit to Rs 70.2 crore in the December 2021 quarter. The company had registered a net profit of Rs 80.2 crore in the corresponding period of the last fiscal. Its revenue grew 8.3 per cent to Rs 188.1 crore in the third quarter of FY22 from Rs 173.6 crore in the year-ago period, a regulatory filing said. Indiamart registered a traffic of 259 million and unique business enquiries of 23 million during the third quarter of FY22. Supplier storefronts grew to 7 million, an increase of 10 per cent year-on-year and with a net addition of 5,833 subscribers during the said quarter, paying subscription suppliers grew to 1.56 lakh. "We are pleased to report a good financial performance in this quarter with growth in customers and deferred revenue with healthy margins and cash flows. Growing internet adoption strengthens our value proposition of helping businesses transform themselves to do .....
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Shoppers Stop Q3 net profit at Rs 77.32 cr; sales up 33.82% at Rs 95,811 cr

Retail chain Shoppers Stop Ltd on Thursday reported a consolidated net profit of Rs 77.32 crore for the third quarter ended December 2021. The company had posted a net loss of Rs 25.11 crore in the October-December quarter a year ago, said Shoppers Stop in a regulatory filing. Its revenue from operations was up 33.82 per cent at Rs 958.11 crore during the period under review as against Rs 715.97 crore in the corresponding quarter of the previous fiscal. According to the company, it has returned to "profitability with a zero net debt. Shoppers Stop total expenses were at Rs 905.14 crore, up 16.23 per cent in Q3/FY 2021-22, as against Rs 778.78 crore. Shoppers Stop MD & CEO Venu Nair said: "We are witnessing positive signs from a strategy that we initiated in the last 2 years. As the fashion and beauty retail is seeing encouraging early trends from the Wardrobe Reboot, we are rightly poised to capture the pent-up demand." Customer sentiments are extremely positive owin...
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CredR to invest $15 million to expand used two-wheeler business

Used two-wheeler buying and selling platform CredR on Wednesday said it will invest USD 15 million (around Rs 110 crore) in 2022-23 to expand its business. The Bengaluru-based firm plans to open 50 CredR showrooms for used two-wheelers in FY22-23 and over 100 showrooms by 2024, CredR said in a statement. Commenting on the company's plans, CredR CEO & Co-founder Sasidhar Nandigam said, "The pandemic was an unexpected boon to our business. The break in business allowed us to reposition and strategically plan the next few stages of our growth trajectory." He further said, "The post-Covid response has been so massive that we have decided to go all out with our expansion plans, keeping profitability and customer satisfaction as paramount objectives." The way forward is to keep building supply entryways into various cities, with refurbishment and showroom setups to follow, Nandigam said. CredR has already expanded operations in new markets -- Ahmedabad, Rajkot, Va...
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Indian Energy Exchange divest 4.93% equity stake to Indian Oil Corp

India Energy Exchange on Wednesday announced divesting 4.93 per cent equity stake to India's largest oil company Indian Oil Corporation. IEX chairman and managing director SN Goel said that the move augurs well in the joint endeavour to build the gas market in India and is aligned with the government's vision of accelerating the share of gas in the energy mix to 15 per cent by 2030. "We strongly believe that IndianOil will bring huge value through guidance and support to our new initiative of IGX. IndianOil ... their huge expertise in the gas sector will help add new products for Indian markets," Goel said in a statement. Indian Oil has a diversified presence across oil, gas, petrochemicals, and fertilizer segments. At Indian Oil, we acknowledge the important role Indian Gas Exchange has to play in building a gas-based economy and also creating vibrant gas markets in the country," Indian Oil chairman Shrikant Madhav Vaidya said. Energy major Indian Oil has presen...
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AT&T, Verizon to delay launch of some new 5G after airlines raise alarm

AT&T and Verizon will delay launching new wireless service near key airports after the nation's largest airlines said the service would interfere with aircraft technology and cause massive flight disruptions. The decision from the telecommunication companies arrived Tuesday as the Biden administration tried to broker a settlement between the telecom companies and the airlines over a rollout of new 5G service, scheduled for Wednesday. Airlines want the new service to be banned within two miles of airport runways. AT&T said it would delay turning on new cell towers around runways at some airports it did not say how many or for how long and work with federal regulators to settle the dispute. A short time later, Verizon said it will launch its 5G network but added, we have voluntarily decided to limit our 5G network around airports." It blamed airlines and the Federal Aviation Administration, saying they have not been able to fully resolve navigating 5G around airports alt...
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Exide Life appoints Sanjay Vij as Executive Director and Principal Officer

Exide Life has announced the appointment of Sanjay Vij as the Executive Director and Principal Officer with effect from January 10. On January one, 2022, HDFC Life Insurance Company Limited announced the completion of the acquisition of Exide Life Insurance Company Limited, subsequent to receiving all relevant regulatory approvals, an Exide Life statement noted on Monday. Pursuant to the agreement, there was a cash pay-out of Rs. 726 crore and 8,70,22,222 equity shares at an issue price of Rs 685 per share were allotted to Exide Industries Limited. Exide Industries now holds 4.1 per cent stake in HDFC Life. The process for merger of Exide Life into HDFC Life will be initiated shortly, the statement said. Vij joined HDFC Life in July 2001. As the Group Head - Bancassurance and Chief Values Officer (CVO) in HDFC Life, he was responsible for managing the P&L, market growth, and business of crucial bancassurance channels, it was stated. from Companies https://ift.tt/3tAwOVC via IFTT...
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Mercedes-Benz aims to accelerate sales of electric vehicles in India

With plans afoot to locally assemble its all-electric sedan EQS in India, luxury carmaker Mercedes-Benz is looking to accelerate sales of electric vehicles in the country, according to a senior company official. Mercedes-Benz India plans to bring to the market the locally assembled EQS electric sedan in the fourth quarter of 2022 to add to the all-electric SUV EQC, which was launched as a fully imported unit in October 2020 priced at Rs 1.07 crore. "We have taken a step by step approach in developing electric vehicle strategy in India. EQC was first available in six markets in India and gradually expanded. Now we are in 50 cities with the EQC and the next step is to expand the portfolio with a car, which we believe has a stronger volume appeal and producing it locally," Mercedes-Benz India Managing Director & CEO Martin Schwenk told PTI. Elaborating further on the electrification plans, he said, "When we did the rollout of the brand EQC we actually looked into what s...
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Coworking firms lease 21% more office space in 2021 across top 8 cities

Co-working operators expanded their portfolio aggressively last year and took on a lease 21 per cent more office area across the top 8 cities to meet the rising demand of flexible workspaces from corporates amid the COVID pandemic, according to Cushman & Wakefield. The leasing of office spaces by co-working operators across eight major cities increased to 4.91 million square feet in 2021 from 4.05 million square feet in the previous year. These eight cities are -- Bengaluru, Hyderabad, Pune, Mumbai, Delhi-NCR, Chennai, Kolkata and Ahmedabad. Cushman and Wakefield India in its quarterly Office Market Beat report highlighted that the share of the co-working segment in the gross office leasing grew to 9.4 per cent last year from 8.1 per cent in the previous year. Across eight major cities, the coworking players provided on lease 78,869 seats or desks in the 2021 calendar year to occupiers, mainly to corporates. In 2020, the report said that 37,759 seats were given on lease to ... fr...
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Metro Brands third quarter net profit jumps 54.6% to Rs 100.85 cr

Footwear retail chain Metro Brands has reported a 54.63 per cent jump in consolidated net profit to Rs 100.85 crore for the third quarter ended December 2021. The company had posted a net profit of Rs 65.22 crore during the October-December quarter of the previous fiscal, Metro Brands Ltd (MBL), earlier known as Metro Shoes, said in a regulatory filing. Its total revenue from operations was up 59.02 per cent at Rs 483.77 crore during the quarter under review against Rs 304.21 crore in the corresponding period of the previous fiscal. MBL's total expenses rose 47.26 per cent to Rs 362.59 crore in Q3 FY 2021-22, compared to Rs 246.21 crore in the year-ago period. MBL CEO Nissan Joseph said it was the best quarterly revenue, EBITDA and PAT in the history of the company. "We also are encouraged by the growth we have witnessed across the multiple Tiers of cities that we operate in and the continued growth of our e-commerce and omnichannel business," he added. As of December 31,...
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Oil India exits US shale venture, sells 20% stake for $25 million

State-owned Oil India Ltd (OIL) has exited from a US shale oil venture, selling its 20 per cent stake to its venture partner for USD 25 million -- the second exit of an Indian firm from the US shale business in two months. "Oil India (USA) Inc (wholly owned subsidiary of OIL), divested its entire stake in Niobrara shale asset, USA," a regulatory filing by the company said, adding the consideration received was USD 25 million. OIL and Indian Oil Corporation (IOC) had together in October 2012 bought a 30 per cent stake in Houston-based Carrizo Oil & Gas's Niobrara shale asset in Colorado for USD 82.5 million. While OIL had acquired 20 per cent, IOC bought 10 per cent in Carrizo's Niobrara basin acreage assets through their respective subsidiaries. The total investment of USD 82.5 million included an upfront cash payment of USD 41.25 million and a carry amount of USD 41.25 million, linked to Carrizo's future drilling and development cost. The stake was sold to Ve...
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L&T's arm dispatches mega tubular reactors to overseas plants

Larsen & Toubro (L&T) on Tuesday said that its heavy engineering arm has dispatched two large ethylene oxide reactors, weighing 1,200 tonnes each, from Hazira, Gujarat to a large petrochemical complex overseas. This was a repeat order after four identical reactors were supplied by L&T to the same client in 2020, during the first wave, the company said in a press release. "Such a repeat order is testimony of our unique ability to handle these large & complex equipment and customer's confidence in our reliable delivery performance even during the unprecedented COVID-19 pandemic," Anil V Parab, member L&T Executive Committee, Senior VP & Head Heavy Engineering said. The reactors were manufactured at L&T's heavy engineering complex located at Hazira near Surat. These highly complex reactors are crucial equipment for production of mono ethylene glycol in the petrochemical complex. "Our focus on high-end products, in-house development of dis...
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JSW Steel says group's combined output grows 28% to over 5 MT in Oct-Dec

JSW Steel on Tuesday posted a 28 per cent year-on-year growth in group combined steel production at 5.35 million tonnes (MT) during the quarter ended December 30, 2021. In a statement, the JSW Group company said it had produced 4.18 MT in the October-December period of the financial year 2020-21. "JSW Steel reported group's combined crude steel production at 5.35 million tonnes for Q3 FY22, including the production at jointly controlled entity viz. JSW Ispat Special Products Ltd (JISPL)," it said. JSW Steel's standalone output rose by 8 per cent to 4.41 MT from 4.08 MT in the year-ago quarter, the statement said. The capacity utilisation of existing operations at standalone level was at 94 per cent during the third quarter of the ongoing 2021-22 financial year. JSW Steel is the flagship business of the diversified USD 13 billion JSW Group. JSW Group has other business interests also in sectors such as energy, infrastructure, cement, paints, sports and venture capital....
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AMO Electric to raise $100 mn to expand product range, sales infra

Electric two-wheeler maker AMO Electric is looking to raise about USD 100 million next fiscal as it looks to scale up R&D to introduce new products, expand manufacturing capacity and enhance sales infra across the country in order to consolidate its position in the sector. The Noida-based company currently sells four electric scooters through a sales network of over 150 outlets across the country. "The electric two-wheeler segment is poised for tremendous growth over the next few years. In order to consolidate our position, we are looking to raise around USD 100 million next financial year. This will give impetus to the R&D endeavours and enable us to try to be among the top three players in the industry," AMO Electric Founder and MD Sushant Kumar told PTI in an interaction. The company is in talks with various financial institutions for raising the capital, he added. Kumar noted that the company plans to launch two new products in the current quarter and four new hig...
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Alembic Pharma gets tentative USFDA approval for depressive disorder drug

Alembic Pharmaceuticals Ltd on Friday said it has received tentative approval from the US health regulator for its generic Vortioxetine tablets indicated for the treatment of the major depressive disorder. The tentative approval granted by the US Food & Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Vortioxetine tablets of strengths in 5 mg, 10 mg, 15 mg and 20 mg, the company said in a statement. These are therapeutically equivalent to the reference listed drug product (RLD) Trintellix tablets 5 mg, 10 mg, 15 mg, and 20 mg of Takeda Pharmaceuticals, USA, Inc, it added. Citing IQVIA data, the company said these Vortioxetine tablets have an estimated market size of USD 1,249 million for twelve months ending September 2021. Alembic, however, said it is currently in litigation with H Lundbeck in the Court of appeals for the Federal Circuit and the launch of the product will depend on litigation outcome. "It is possible that our ANDA may not be ......
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Hero MotoCorp appoints Arun Jaura as CTO; chief compliance officer resigns

Two-wheeler maker Hero MotoCorp on Friday announced the appointment of industry veteran Arun Jaura as its chief technology officer (CTO) to lead the company's research and development (R&D). The company, in a statement, also announced the resignation of Neerja Sharma, company secretary and chief compliance officer. Jaura, who was the managing director of Michelin India Technology Center before taking up the current position, reports to Hero MotoCorp Chairman and CEO Pawan Munjal, the company said in a statement. Vikram Kasbekar, who has been leading the R&D function at Hero MotoCorp in the past two-and-a-half years, will support Jaura for a seamless transition and continue to work on some key assignments in the coming months, it said. The appointment of Jaura, a global technology expert, is aimed at strengthening the company's leadership team amid its continued focus on its vision 'Be the Future of Mobility', Hero MotoCorp said. Sharma has decided to take a paus...
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Sanjeev Churiwala joins Tata Power as chief financial officer

Tata Power on Monday said Sanjeev Churiwala has joined the company as its new Chief Financial Officer. Ramesh Subramanyam, the erstwhile CFO, will be moving into a new role within the Tata Group, the company said in a statement. Churiwala has more than 27 years of corporate experience spanning across the financial services sector. He was previously with Diageo as the Regional Finance Director-APAC and Global Travel Retail. He has also worked with Holcim's Indian listed subsidiary Ambuja Cements. "We welcome Sanjeev to the Tata Power family. He brings with him vast experience in financial management along with strong strategic capabilities. His vast Indian and global experience will be valuable to us as we accelerate towards the next phase of profitable and sustainable growth," Tata Power CEO and MD Praveer Sinha said. Churiwala holds an Executive MBA degree from the London Business School and is a fellow member of The Institute of Chartered Accountants of India, Institute...
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