Skip to main content

Posts

Showing posts from August, 2022

Netherlands: Tata Steel to invest over 65 mn euros for hydrogen-based mfg

Tata Steel on Tuesday said it will invest more than 65 million euros for hydrogen-based steel manufacturing in the Netherlands. Hydrogen has the potential to decarbonise steel manufacturing. Tata Steel has inked pacts with three firms -- McDermott, Danieli and Hatch -- for the further technical preparations for hydrogen-based steel manufacturing in the Dutch city of Ijmuiden. All three companies have their own specific proficiency that is needed together to assist Tata Steel in hydrogen-based steel manufacturing. "The cost for this first development step is in excess of 65 million euros and will result in an engineering package that forms the basis for a final permitting and project planning," the company said in a statement. The overall project is led by the Tata Steel internal project and sustainability team, with close support from the main delivery partners. McDermott is responsible for the construction input and support of the technical project management. Danieli will o...
Post a Comment
Read more

Fundsmith Emerging Equities sells Thyrocare shares worth Rs 36 crore

An entity on Monday offloaded 5.88 lakh shares of diagnostic chain Thyrocare Technologies Ltd for Rs 36 crore through an open market transaction. Fundsmith Emerging Equities Trust Plc sold 3,20,000 shares on BSE and 2,68,707 shares on NSE, amounting to a 1.1 per cent stake in the company, as per the bulk deal data available with the National Stock Exchange and BSE. The shares were disposed of at an average price of Rs 615.14 apiece on BSE and Rs 614.79 on NSE, taking the combined transaction value to Rs 36.20 crore. However, buyer(s) of the shares could not be ascertained. As of June quarter, Fundsmith held 1.15 per cent stake in the company, shareholding pattern showed with the exchange. Shares of Thyrocare Technologies closed 2.97 per cent lower at Rs 610 apiece on BSE and slipped 2.65 per cent on NSE. from Companies https://ift.tt/CbrkoPx via IFTTT
Post a Comment
Read more

Loss on petrol ends; continue to incur loss on diesel sales: BPCL chairman

A moderation in international oil prices has helped Indian fuel retailers to break even on petrol and domestic cooking gas LPG but they continue to lose money on diesel, the most used fuel in the country, an official said on Monday. State-owned fuel retailers Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) did not raise petrol and diesel prices for almost five months now despite rising international oil prices. This is because international oil prices were highly volatile, rising or falling by USD 5-7 per barrel on a single day, BPCL chairman and managing director Arun Kumar Singh told reporters. "Our ability to pass on this kind of volatility is simply not there. No marketer can transfer this kind of volatility," he said, adding, "It is our deep desire to absorb volatility. We don't pass on sharp increase or fall in prices." And so the oil companies decided to absorb "some losses with hop...
Post a Comment
Read more

Vi 5G launch to depend on use case, customers demand, competitive dynamics

Debt-ridden telecom operator Vodafone Idea's 5G services launch will depend on several factors such as use cases, customer demand, competitive dynamics etc., a senior official of the company said on Monday. While speaking at the 27th annual general meeting, Vi Managing Director and CEO Ravinder Takker said that the promoters of the company have invested Rs 4,940 crore and the company is in active discussion with investors for fund raise. VIL acquired spectrum worth Rs 18,800 crore, which includes radiowaves in the mid band (3,300 MHz band) in 17 priority circles and spectrum in the 26 GHz band in 16 circles for 5G services. The company also acquired additional 4G spectrum in three circles of Andhra Pradesh, Karnataka and Punjab. The fresh spectrum bid adds an annual installment liability of Rs 1,680 crore on the company. "5G roll-out will depend on various factors such as how use cases will evolve, demand from customers, capacity requirement as well as competitive dynamics,...
Post a Comment
Read more

OVL gets another 2-yr extension for Vietnamese oil block in South China Sea

India's flagship overseas firm ONGC Videsh Ltd has got the seventh extension to explore for oil and gas in a Vietnamese block in the contested waters of the South China Sea, officials said. OVL, the overseas arm of state-owned Oil and Natural Gas Corporation (ONGC), has secured extension of the exploration phase upto June 15, 2023, they said. The company has not found any commercially recoverable oil and gas reserves in the block in the 16 years it has been exploring there but has continued presence there because of India's strategic interest in the South China Sea. Vietnam too wants the Indian firm to counter China's interventions in the contested waters. OVL had signed a production sharing contract (PSC) with Vietnam's national oil firm PetroVietnam for deepwater exploratory Block- 128 having an area of 7,058 square kilometres in Offshore PhuKhanh Basin, Vietnam in May 2006. An investment licence was issued to it on June 16, 2006, thereby giving effect to the PSC. The...
Post a Comment
Read more

Twin towers constructed as per plan approved by Noida Authority: Supertech

Realty firm Supertech on Sunday said the twin towers set to be demolished this afternoon were constructed as per the building plan approved by Noida development authorities and no deviations were made. Supertech added that the demolition of these two towers will not impact its other real estate projects, which will be delivered to homebuyers. The nearly 100-metre-tall Apex and Ceyane towers are scheduled to be demolished at 2.30 pm on Sunday in pursuance of a Supreme Court order that found their construction within Emerald Court premises in violation of norms. More than 3,700 kgs of explosives are being used in this operation. "The Twin Towers Apex and Ceyane in Noida are a part of the Emerald Court project at Sector 93A constructed on land allotted by Noida authority. The building plans of the Project including the two towers were approved by the Noida Authority in 2009 which was strictly in accordance with the then prevailing Building Bye laws announced by the State Government,...
Post a Comment
Read more

Adani Group's firm plans to build 1,000-MW data centres in 10 years

Adani Group firm AdaniConneX is planning to build 1,000 megawatt data centres -- almost double the present size of the total industry -- over a period of 10 years, a senior company official said. AdaniConneX Senior Vice President and Head of Data Centre Business, Sanjay Bhutani said the the first seven data centres of the company will come up in Mumbai, Chennai, Hyderabad, Delhi, Bengaluru and Pune. "We are building 1,000 megawatt data centres. Today, the industry stands at 550 MW. Building 1,000 megawatt data centre in the next one decade is something which is our business plan," Bhutani said while speaking at 9.9 Group's CIO and Leader Conference on Saturday. Data centre capacity is measured in terms of power they consume. According to market research firm Arizton, India's data centre market size stood at 447 MW in 2021, valued at USD 10.9 billion. Bhutani said the six cities which will get first seven data centres will have total capacity of 450 MW over the next th...
Post a Comment
Read more

NDTV defers AGM by a week to on Sep 27 amid Adani group's open offer

NDTV has deferred its Annual General Meeting (AGM) by a week to September 27 in view of the open offer from the Adani group to acquire a 26 per cent stake in the media company, according to a regulatory filing. The New Delhi Television Limited (NDTV)'s AGM was originally scheduled to be held on September 20. Last week, the Adani group announced to indirectly acquire 29.18 per cent shareholding in NDTV, and launch an open offer to buy an additional 26 per cent stake. "The 34th AGM of NDTV is being moved from September 20, 2022, to September 27, 2022 as a result of the processes required after the Notice and Public Announcement of the Open Offer made by VCPL (an indirect subsidiary of Adani Enterprises Ltd) to our public shareholders for acquiring up to 26 per cent of the Voting Share Capital of the Company," said Saturday late night filing. The AGM shall now be held on September 27, 2022 through Video Conference in accordance with the circulars issued by the Ministry of Co...
Post a Comment
Read more

InterGlobe Aviation shareholders approve appointment of three directors

Shareholders of InterGlobe Aviation have approved the appointment of three directors and re-appointment of Anil Parashar as a director. At the annual general meeting of the company, the parent of the country's largest airline IndiGo, gave their nod for the appointment of Air Chief Marshal (Retd) Birender Singh Dhanoa and former Shell India chairman Vikram Singh Mehta as independent directors. Former Sebi chief Meleveetil Damodaran has been appointed as a non-independent non-executive director while Anil Parashar has been re-appointed as a director, according to a regulatory filing on Friday. In the three months ended June 2022, the company posted a loss of Rs 1,064 crore. from Companies https://ift.tt/q4wVrL5 via IFTTT
Post a Comment
Read more

Indo-Japan partnership in manufacturing can be best in world: R C Bhargava

With Maruti Suzuki proving to be a successful Indo-Japan collaboration, company Chairman RC Bhargava feels if the two countries work with full partnership and trust in the manufacturing sector, they would be the best in the world. Also, the growing partnership between India and Japan is going to be a huge positive factor for the growth of Indian manufacturing, he told PTI in an interview. "I believe that India Japan partnership, which we have seen in Maruti Suzuki and some other areas, is becoming stronger, and more and more Japanese companies are getting interested in investing in India, partnering with Indian companies," Bhargava said. He cited the example of Escorts Kubota, where the latter has become a promoter in the Indian farm equipment and construction equipment maker, and said, "I think this kind of partnerships between India and Japan is going to be a huge positive factor for the growth of Indian manufacturing." Bhargava noted that a lot can be learnt from...
Post a Comment
Read more

Parliament panel grills Twitter officials over data security, privacy

A parliamentary panel Friday questioned top Twitter officials over a whistle-blower's revelations on its India operations, and gave them a dressing-down as their replies on issue of data security and privacy were "not satisfactory", sources said. Top Twitter executives including Senior Director (Public Policy) Samiran Gupta, Director (Public Policy) Shagufta Kamran deposed before the Parliamentary Standing Committee on Information and Technology chaired by senior Congress leader Shashi Tharoor. The panel questioned them about the reports on former head of Twitter (security) Peiter Zatko's allegations the microblogging site knowingly allowed the Indian government to place its "agents" on the company payroll where they had "direct unsupervised access to the company's systems and user data". The Twitter officials denied any such thing having happened and refused there was any data security breach in India, sources in the panel said. The members al...
Post a Comment
Read more

32 cos submit applications for design-led incentive scheme of telecom

As many as 32 companies have submitted applications for Design-led Incentive Scheme (DLI) and Production Linked Incentive (PLI) scheme of telecom, according to an official release. The Design-led Incentive scheme has received an "enthusiastic response" from telecom equipment manufacturers, it said. "A total of 32 companies...have submitted applications. 17 of these 32 companies have applied as Design-led manufacturers and remaining as Production linked manufacturers," the statement said but did not give the names of applicants. Production Linked Incentive scheme in telecom sector was launched in 2021. A total of 31 companies are existing beneficiary for manufacturing of various telecom equipment under the said scheme. Moreover, in order to promote the entire value-chain in telecom manufacturing, design-led PLI was launched in June 2022. It provided additional incentive of 1 per cent over and above the existing incentives for products that are designed in India. The ...
Post a Comment
Read more

GIC Housing Finance to raise up to Rs 2,500 crore via issue of bonds

GIC Housing Finance has said it is mulling to raise up to Rs 2,500 crore by issuing bonds on a private placement basis to augment its capital resources. "Seeing the long-term borrowing requirement of the company and to augment resources at a cheaper rate of interest, approval is sought to mobilise some more funds by way of issue of redeemable NCDs/bonds on private placement basis," GIC Housing Finance said in its annual report 2021-22. The housing financier will seek approval from its shareholders on the capital raise plan in the upcoming annual general meeting on September 23, 2022. The company said whether the funds will be moped-up in one or more tranches will depend upon the requirement, time of issue as well as market conditions, in accordance with the decision of the committee of the board members. GIC Housing Finance stock closed at Rs 144.95 apiece on BSE on Thursday, up by 3.83 per cent from previous close. from Companies https://ift.tt/MKoJ6am via IFTTT
Post a Comment
Read more

Priyanka Chopra Jonas partners Nykaa to sell her haircare brand Anomaly

Actress Priyanka Chopra Jonas on Thursday announced partnership with beauty and wellness e-commerce firm FSN E-commerce, which operates under Nykaa brand, to launch her haircare brand Anomaly in India. During the launch, Jonas said that she still prefers to use Indian traditional methods of beauty care like rouge, curd, honey but her product Anomaly has been developed with ingredients to enable people treat their hair when they are running short of time. "I'm so proud to bring Anomaly haircare to India. What makes our India launch incredibly special is that this brand was born here, from the hair care routines I followed growing up, and now it's coming home," Jonas said. She said that Indian beauty has been entrenched in nature and plants. "You will see a massive use of plants, vegetable protein, rice starch, avocado, oil...just really beautiful ingredients that go into making your hair strong and the best that they can possibly be. I wouldn't say it's (A...
Post a Comment
Read more

Maruti chairman says understanding customers key to firm's 40-year success

From what started out as an "accident" doomed to fail to becoming a dominant force in the automotive industry, helping the country to become the fourth largest automobile market in the world, the success of Maruti Suzuki India needs to be replicated in other industries, according to its Chairman R C Bhargava. As the company gears up to celebrate 40 years of operations, Bhargava said Maruti Suzuki India has played a significant role in the development of the country's automotive industry, supply chain of components and allied sectors which are now playing a major role in the global markets. In an interview with PTI, he said India is generally ranked low globally when it comes to the overall manufacturing sector, but in automobiles the country is the fourth largest car manufacturer in the world. Also, the components industry last year exported USD 19 billion worth of items. "So, some of these things have to be viewed in the context of what we added to that thing,"...
Post a Comment
Read more

Intelsat, Nelco partner to offer inflight connectivity in India

Satellite company and broadband services firm Intelsat on Thursday announced the beginning of Intelsat's inflight connectivity services in Indian skies through an agreement with Tata Group satellite services firm Nelco. As part of the collaboration, Intelsat's airline partners and flyers will enjoy end-to-end broadband coverage on domestic and international aircraft flying to and from an Indian airport as well as the aircraft flying over the country. "In addition to expanding our service coverage area for current customer airlines, our agreement with Nelco opens the possibility for Intelsat to serve India's domestic airlines. This is a fast-growing airline market, and there is considerable untapped potential for IFC growth," Intelsat president of Commercial Aviation Jeff Sare said in a statement. Nelco has a permit to provide in-flight telecom services in India. "As India's leading satcom service provider offering best-in-class services, we are now creati...
Post a Comment
Read more

Realty firm Omaxe to invest Rs 2,100 crore to build sports, retail complex

Realty firm Omaxe has bagged a project from DDA to develop a sports complex and retail project at Dwarka in the national capital at a cost of Rs 2,100 crore. The company has secured this 50-acre project from the Delhi Development Authority (DDA) under the "Design Build Finance and Operate" model. It will build both outdoor and indoor sports facilities. A large cricket-cum-football stadium is also being planned, besides a retail area. The total investment is estimated at about Rs 2,100 crore, of which Rs 1,300 -1,400 crore will be on sports complex and the rest on retail area. Omaxe Ltd Chairman Rohtas Goel said: "We have bagged a project from DDA, located in Dwarka, New Delhi." It will be the first sports facility to be developed by the DDA in PPP (Public Private Partnership) model. "We will develop a world-class cricket stadium and sports complex in this project. It will be a marquee project facilitating the sports infrastructure at par with global standards,...
Post a Comment
Read more

Debt-ridden Future Enterprises faces second plea to initiate insolvency

Debt-ridden Future Enterprises Ltd is now facing a second plea filed by an operational creditor of the company before National Company Law Tribunal to initiate insolvency proceedings. The latest petition is filed against Future Enterprises by Retail Detailz India, claiming default of Rs 4.02 crore before the Mumbai bench of the National Company Law Tribunal (NCLT). "The Company has received e-filing confirmation from NCLT with respect to the filing of an application by an Operational Creditor Retail Detailz India Private under section 9 of the IBC for an alleged default amount of Rs 4.02 crore," Future Enterprises said in a late evening filing on Tuesday. No further date has been allotted so far for hearing the said application, it added. Last week, another operational creditor, Foresight Innovations, had filed an application under Section 9 of the Insolvency and Bankruptcy Code (IBC) 2016, for an alleged default amount of Rs 1.58 crore before the Mumbai bench of NCLT. The ne...
Post a Comment
Read more

Creditors file claims worth Rs 21,324 cr against Future Retail before IRP

Creditors of Future Retail Ltd have submitted claims worth Rs 21,324.18 crore against the debt-ridden company presently facing an insolvency resolution process. The financial creditors of the companies, which mainly include banks and financial institutions, have filed claims of Rs 21,057.89 crore before the interim resolution professional of the company. Of this, Rs 17,511.69 crore worth of claims are verified and the rest of Rs 3,546.20 crore are unverified. Operational creditors of the Future group firm have filed claims worth Rs 265.16 crore, according to the documents uploaded on the official website of Future Retail Ltd (FRL). Besides, 462 workmen have also filed claims of Rs 9.83 crore. As per the Insolvency & Bankruptcy Code, the IRP collates the claims and a Committee of Creditors is constituted with voting shares of the lenders in the proportion of their loan exposure. The Mumbai bench of the National Company Law Tribunal had on July 20 directed to initiate the Corporate ...
Post a Comment
Read more

Ikea to open small city outlets along with mega formats in India

Swedish furniture retailer IKEA plans to open small city outlets along with its mega format stores in India supported by online channel, tweaking its strategy in the wake of changing consumer behaviour, according to a senior company official. The company,which had in 2013 received government approval for its Rs 10,500 crore investment for opening stores in India, had envisaged setting up 10 furnishing and home-ware stores as well as allied infrastructure in over 10 years in India. Subsequently, it planned to open 15 more stores. So far it has set up three mega format stores in Hyderabad, Navi Mumbai and Bengaluru and two city centres in Mumbai. "A little bit slowed down during the COVID period but we are also learning from the first markets we have opened," IKEA India CEO Susanne Pulverer told PTI in an interview when asked about the impact of the pandemic on the company's expansion plans in the country. On the way forward, she said, We need to be close to where people ar...
Post a Comment
Read more

ONGC prepares for 3rd interim chairman in a row; 9 shortlisted for top job

State-owned Oil and Natural Gas Corporation (ONGC) is preparing for a record third interim chairman as no full-time head of India's most profitable company has yet been selected in 17 months since the post fell vacant, sources said. ONGC is without a regular chairman and managing director since April 2021. Subhash Kumar, the senior-most director on the company board and the director for finance, was named officiating head after Shashi Shanker superannuated on March 31, 2021. And when Kumar retired on December 31, 2021, Alka Mittal, Director for Human Resources, was given an additional charge. Mittal will superannuate at month-end and unless she is given an extension, the next senior-most director, Rajesh Kumar Srivastava, Director (Exploration), is likely to be named as interim head, two officials with knowledge of the matter said. The third interim chairman - a record for ONGC - is being talked about as the government is yet to even identify a full-time head. A search-cum-selectio...
Post a Comment
Read more

Central Bank of India likely to exit RBI PCA framework soon: Report

Central Bank of India, the only public sector lender under the RBI's prompt corrective action (PCA) framework, may see an exit from restrictions soon following an improvement in its financial health. The bank has already made a representation to the Reserve Bank of India (RBI) based on the improvement in financial parameters on a sustained basis for the past five quarters, sources said. According to sources, the RBI is looking at the bank's request and may take a view on this soon based on quantitative and qualitative parameters. Central Bank of India reported a 14.2 per cent rise in net profit to Rs 234.78 crore in the first quarter ended June this fiscal as compared to Rs 205.58 crore in the same quarter a year ago. In the latest quarter, the bank's gross NPA fell to 14.9 per cent of the gross advances as compared to 15.92 per cent in the year-ago period. Net NPAs too declined to 3.93 per cent from 5.09 per cent in the first quarter of the previous year. Of the three PSU ...
Post a Comment
Read more

LIC sees 20% decline in death claims in Q1 FY23 as Covid impact ebbs

Insurance behemoth LIC witnessed a decline of nearly 20 per cent in death claims in the first quarter of this fiscal with the COVID impact seen to be ebbing, though the amount is still higher than pre-2020 levels, officials said. In the June quarter of the previous fiscal, settlement of death claims was to the tune of Rs 7,111 crore, which for Q1 of this year was Rs 5,743 crore, LIC Chairman M R Kumar said in a post-earnings call with analysts. "So there is quite a decrease, and it's quite obvious that whatever decrease was there based on COVID... going away now, Q1 to Q1 of the previous year," Kumar said. The claim rates had been very stable before the pandemic, said Dinesh Pant, Executive Director and Appointed Actuary, Life Insurance Corporation (LIC). He added that there was a spike in claims in the last two years due to COVID. "Now, from the current quarter (ending September 30, 2022), we see it settling down towards more normal. It is still not back to pre-2020...
Post a Comment
Read more

CDC Group sells 3.56% stake in IIFL Finance for Rs 453 cr via open market

CDC Group Plc, the development finance institution owned by the UK government, on Friday divested a 3.56 per cent stake in IIFL Finance Ltd for Rs 453 crore through an open market transaction. According to the bulk deal data available with the National Stock Exchange (NSE), CDC Group Plc sold 1,35,01,587 shares of the company. The shares were disposed of at an average price of Rs 335.64 apiece, valuing the transaction at Rs 453.16 crore. Meanwhile, Morgan Stanley Asia Singapore Pte picked up the shares of the company. As of the June quarter, CDC Group plc, which is one of the public shareholders of IIFL Finance, owned 1.35 crore shares, amounting to a 3.56 per cent stake in the company, the shareholding pattern showed. Shares of IIFL Finance closed 5.62 per cent lower at Rs 331.50 on NSE. from Companies https://ift.tt/2itL9KJ via IFTTT
Post a Comment
Read more

Govt amends rules for physical verification of cos' registered addresses

The government has amended rules to ensure a transparent process for the physical verification of companies' registered addresses, including by way of having the presence of independent witnesses and clicking a photograph of the registered office at the time of the verification. The rules under the Companies Act, 2014, have been amended by the corporate affairs ministry and will come into effect once notified in the Official Gazette. Under Section 12 of the Act, a Registrar of Companies (RoC) can do a physical verification of a company's registered office if he or she has a reasonable cause to believe that the company concerned is not carrying out business in a proper manner. Now, the process for such physical verifications has been put in place under the Act. The physical verification will be done in the presence of two independent witnesses of the locality in which the company's registered office is situated. If required, the assistance of the local police will be also so...
Post a Comment
Read more

Central Bank inks pacts with Protium Finance, lncred Fin to offer loans

State-owned Central Bank of India has forged co-lending partnerships with Protium Finance and lncred Financial Services to offer loans to MSME borrowers. The partnerships will provide greater expansion of portfolio by the bank and to these players, the bank said on Friday. The state-owned lender said that Protium Finance will originate and process MSME proposals under the priority sector as per jointly formulated credit parameters and eligibility criteria and Central Bank of India will take into its books 80 per cent of the MSME priority sector loans under mutually agreed terms. "Protium Finance Limited will service the loan account throughout the life cycle of the loan. The co-lending arrangement is expected to help both the entities...as well as help expand reach across India," the bank said in a regulatory filing. Protium Finance has a branch network across 11 states and an AUM of 1,671 crore as of July 31, 2022, with a customer franchise at 1,08,447. Likewise, Incred Fina...
Post a Comment
Read more

RBL Bank offloads over 12% stake in Kilburn Engg since May for Rs 17 cr

RBL Bank on Wednesday said it has offloaded over 12 per cent stake in Kilburn Engineering since May for a total consideration of over Rs 17 crore. The private sector lender had acquired 67,50,000 equity shares of Kilburn Engineering (Kilburn) under a debt recast plan. This represented 19.67 per cent share capital of the company, as part of conversion of loans outstanding under debt restructuring plan by RBL Bank in February 2021, and subject to lock-in for one year. "We now wish to inform...the bank has further sold 22,00,000 equity shares representing 6.41 per cent of the paid-up share capital of Kilburn Engineering," RBL Bank said in a regulatory filing. RBL Bank said the sale transactions happened through stock exchanges at prevailing market price during May 17 to August 17, 2022. On August 12, it had sold 7,07,468 shares (2.06 per cent stake) and offloaded 12,42,532 shares (3.62 per cent) on August 11. RBL Bank said the sale percentage crossed 2 per cent on August 11; 4 p...
Post a Comment
Read more

Cactus Venture aims to raise Rs 750 cr by Dec to invest in clean-tech firms

Early stage venture capital fund Cactus Venture Partners expects to raise Rs 750 crore by December and plans to invest the amount in clean-tech, and health-tech companies, among others. Out of the total amount, the VC fund has raised Rs 350 crore. "The fund is in active discussions with several domestic and international institutional investors and anticipates the final close of its fund target of Rs 750 crore by December 2022. "With a significant 15 per cent commitment from the General Partners, the fund plans on deploying this capital over the next 3-4 years," Cactus Venture Partners (CVP) said in a statement. Anurag Goel, Co-Founder of Cactus Communications, Amit Sharma, a seasoned venture investor, and Rajeev Kalambi, a former investment banker, are the founders of CVP. Cactus is a global science communication, and technology company. CVP has been investing in technology and Direct-to-Consumer (D2C) startups in the early growth stage since 2021. "The fund's ...
Post a Comment
Read more

Telecom user base grows to 1.17 bn with Jio taking lead in new addition

Telecom subscriber base in the country grew marginally to 117.29 crore in June with Reliance Jio adding maximum number of new customers, according to data released by sector regulator Trai on Wednesday. There were 117.07 crore subscribers in May 2022. "The number of telephone subscribers in India increased from 1,170.73 million at the end of May 2022 to 1,172.96 million at the end of June 2022, thereby showing a monthly growth rate of 0.19 per cent," Trai said in the report. The wireless subscriber base grew to 114.73 crore in June from 114.55 crore in May. Reliance Jio's wireless subscriber base grew to 41.3 crore with net addition of 42.23 lakh customers. It was followed by Bharti Airtel whose subscriber base increased to 36.29 crore with net addition of 7.93 lakh customers. Vodafone Idea continued to lose subscribers. Its subscriber base fell by 18 lakh to 25.66 crore. State-run BSNL and MTNL also lost 13.27 lakh and 3,038 wireless customers respectively. The wireline ...
Post a Comment
Read more

Indian venture debt platform 8vdX expands to UK, Singapore and Australia

An Indian technology-enabled venture debt platform for early stage start-ups on Wednesday announced its expansion to the UK market. 8vdX said its aim is to offer cross-border venture debt, or a type of finance, to start-ups through local entities in the new geography. By 2024, 8vdX said it aims to fund 100 start-ups with assets under management (AUM) of USD 200 million and also has plans to expand to other countries such as Singapore and Australia. We are delighted to announce the expansion of our operations in key markets like Singapore, UK and Australia within just eight months of launching 8vdX, said Ravi Chachra, Co-Founder of 8vdX. We aim to offer a cross-border venture debt solution to the start-ups in these countries so that founders can spend more time on their businesses and less time on chasing small ticket investors. Start-ups do not require the flip' process in order to raise cash. "We are working to solve a significant problem that start-ups and rapidly expanding ...
Post a Comment
Read more

Bajaj Electricals elevates Anuj Poddar as Managing Director, CEO

Consumer durable products maker Bajaj Electricals on Tuesday elevated its Executive Director Anuj Poddar to Managing Director and Chief Executive Officer (CEO). The company has separated the post of Chairman & Managing Director and its patron Shekhar Bajaj will continue as Executive Chairman of the company, said a statement from Bajaj Electricals. "The separation of the Chairman and Managing Director positions is in continuation of the professionalisation of the management of the company and marks the company's commitment to strong corporate governance standards," said Bajaj Electricals. This announcement comes on the back of the ongoing transformation journey and keeping in mind the company's long-term strategy, it added. "Over the last three years, Bajaj Electricals has undertaken multiple initiatives, including strengthening of the leadership, streamlining of its corporate structure, the turnaround of its performance and balance sheet and the planned demer...
Post a Comment
Read more

Future Consumer Ltd defaults on Rs 52-crore debenture repayments

Future Consumer Ltd (FCL) has defaulted on the payment of Rs 51.85 crore towards principal and interest due on non-convertible debentures, a regulatory filing said on Tuesday. The default which happened on August 15, 2022, includes an interest amount of Rs 10.73 crore and a principal Amount of Rs 41.12 crore, FCL said a regulatory filing. "The Company has been unable to service its obligations towards payment of the amount of principal and interest due on unlisted Non-Convertible Debentures issued by the Company to CDC Emerging Markets Ltd," said FCL. The default is on the amount issued for a sum of Rs 200 crore. This was allocated on February 15, 2018, with a coupon rate of 11.07 per cent per annum. As of June 30, 2022, the total financial indebtedness of FCL including short-term and long-term was Rs 446.82 crore. FCL is in the business of manufacturing, branding and distributing FMCG food and processed food products. It was part of the 19 group companies operating in retail...
Post a Comment
Read more

Lupin revising product portfolio in US to overcome price erosion impact

Homegrown pharmaceutical firm Lupin Ltd is rationalising its product portfolio in the US, transitioning from simple oral solid medicines to more complex generics to overcome the impact of price erosion witnessed in the market, according to the company's CEO Vinita Gupta. With its planned product pipeline for complex generic medicines in the next two years, she said in the years to come the company hopes to have up to 40 per cent of its revenue coming from such medicines in the US market. "...Oral solids (are) still the bread and butter (for the company), but the kind of price erosion one has witnessed on the oral solid side, we decided that it made sense to rationalise the portfolio that does not make sense," she told analysts. Gupta further said, "Whether it's negative margin or low margin, it makes sense to really take the overhead out of our P&L (profit and loss) to improve profitability. We are taking those steps." She was responding to a query on Lu...
Post a Comment
Read more

Not getting probed for any financial irregularity: Trell co-founder

Influencer-led video commerce platform Trell is not being investigated for any financial irregularity, said its co-founder Pulkit Agrawal as he looks to steer the startup to reach break-even by the end of current fiscal. Opening up on reports of a cohort of investors ordering a forensic audit of Trell, Agrawal said speculations about any financial irregularities are "totally baseless and unfounded". "There was no investigation but an internal review done by the company itself. Growing at a rapid pace has its challenges, and after an independent review, we have been further realigning our systems and processes to ensure more robust and sustained growth," he said. The company's board and investors of Trell remain deeply committed to the business and have full faith in the founders and the leadership of the company, he claimed. While the reports did not identify the investors who ordered the audit, Trell counts on H&M Group, Sequoia Capital India, Mirae Asset, ...
Post a Comment
Read more

Varroc Engineering's Q1 loss narrows to Rs 85 crore; revenue rises 36%

Auto parts maker and supplier Varroc Engineering on Friday reported narrowing of net loss to Rs 84.51 crore on a consolidated basis in the June quarter. The company had posted a net loss of Rs 229.28 crore in the year-ago period, according to a regulatory filing. Revenue from continued operations surged 36.25 per cent to Rs 1,628.28 crore in the latest June quarter. The same stood at Rs 1,194.99 crore in the corresponding quarter of FY22. The first quarter of FY23 has started with a stable outlook for automotive on back of a forecast of a normal monsoon. The growth is visible mainly due to low base, Varroc Engineering CMD Tarang Jain said in a statement. Semiconductor supply issues continue to impact premium two-wheeler manufacturers whereas passenger vehicle manufacturers are seeing improved supplies, he noted. "Geopolitical issues have resulted in higher energy cost as well as food inflation which is forcing most of the central banks to hike interest rates at a pace which has no...
Post a Comment
Read more

Jammu and Kashmir Bank profit rises 59% to Rs 170 crore in June quarter

Jammu & Kashmir Bank on Wednesday reported a 59 per cent jump in net profit at Rs 165.9 crore in the first quarter of FY23 on the back of higher income. It had reported a net profit of Rs 104.3 crore in the year-ago period. In the April-June quarter of FY23, total income increased to Rs 2,306.26 crore from Rs 2173.92 crore in the same period a year ago, Jammu & Kashmir Bank said in a regulatory filing. During the quarter, the bank's Net Interest Income (NII) rose 6.7 per cent on an annual basis to Rs 1,034.23 crore. The Net Interest Margin (NIM) was 3.46 per cent as against 3.41 per cent recorded on March 31, 2022, it said. The lender's gross non-performing assets fell to 9.09 per cent of the gross advances as on June 30, 2022. In the same period a year ago, it was 9.69 per cent. However, net NPAs (Non-Performing Assets) rose to 3.02 per cent from 2.94 per cent. The overall provisioning and contingencies for June quarter was increased to Rs 381.45 crore as against Rs 36...
Post a Comment
Read more

What are ESOPs?

Employers looking to attract and retain talent are going beyond offering traditional benefits like allowances, special pay packages etc. One such compensation is ESOPs. Find out what are ESOPs from Companies https://ift.tt/Bdw8Ysr via IFTTT
Post a Comment
Read more

DGCA deregisters three SpiceJet aircraft after lessor puts in request

The DGCA deregistered three SpiceJet aircraft on Thursday, five days after their lessor Dubai Aerospace Enterprise (DAE) asked the aviation regulator for it, sources said. Moreover, the Directorate General of Civil Aviation (DGCA) is expected to deregister another SpiceJet aircraft on Friday, acceding to the request put forward by Irish lessor company Alterna aircraft on August 1, they added. DAE and Alterna had put in the Irrevocable Deregistration and Export Request Authorisation (IDERA) requests to deregister the aforementioned four planes. The IDERA request is usually filed by a lessor when its negotiation with the airline regarding payment of dues fails. While SpiceJet did not issue any fresh statement on Thursday, it had issued a communiqu on the DAE's action earlier this week. "SpiceJet plans to replace all its older Boeing aircraft with the new Max model in a phased manner. Between now and next calendar year, SpiceJet will induct around 20 new Max planes into its fleet...
Post a Comment
Read more

Adani Transmission Q1 PAT declines 61% to Rs 168 cr; total income up 11%

Adani Transmission Limited (ATL) on Wednesday reported a consolidated net profit after tax (PAT) of Rs 168.46 crore for the quarter ended June 30. The consolidated PAT of the company in the year-ago period stood at Rs 433.24 crore, according to a regulatory filing. The company's total income from operations was at Rs 3,249.74 crore in the first quarter of the current fiscal, and Rs 2,935.72 crore in the same period last year. Expenses were at Rs 3,582.59 crore as against Rs 2,380.14 crore earlier. In a separate statement, the company said "the consolidated profit after tax (PAT) in Q1FY23 ended lower y-o-y. It is not comparable due to Rs 288 crore one-off income (Rs 238 crore net-off tax) in Q1FY22 and adverse forex movement of Rs 185 crore in the current quarter." Anil Sardana, MD and CEO, Adani Transmission Ltd, said the company's pipeline of projects and recently operationalised assets will further strengthen its pan-India presence and consolidate position as the l...
Post a Comment
Read more

Godrej Properties buys land parcel in Mumbai for its luxury housing project

Real estate firm Godrej Properties on Monday said it has acquired 0.5 acres of land in Mumbai to develop a luxury housing project with an estimated sales value of Rs 1,200 crore. In a regulatory filing, the company informed that it has bought a land parcel to develop a luxury project near Carmichael Road in Mumbai. The land parcel, spread across 0.5 acres, was purchased from the Karam Chand Thapar (KCT) group. The new project will have an estimated booking value potential of approximately Rs 1,200 crore, the company said. "The demand for luxury realty has been strong over the past few years and this location affords us the opportunity to create a landmark boutique luxury residential development," said Mohit Malhotra, MD & CEO, Godrej Properties. Varun Thapar, Vice Chairman and Executive Director - KCT Group, said Indian City Properties Ltd, the real estate arm of the KCT Group, owned this prime land asset in South Mumbai for nearly seven decades. Mumbai-based Godrej Prope...
Post a Comment
Read more