BUSINESS DUNIYA

Bengaluru-headquartered global technology and business process outsourcing company Mphasis will create 1,000 jobs in the northern England region of West Yorkshire, according to the regional Mayor who has just returned from a visit to India. West Yorkshire Mayor Tracy Brabin led a trade mission to India recently and announced on Friday that she had secured multi million-pound investment for the region. The latest investment by Mphasis, expected to be completed over the next two years, will boost the company's existing presence in West Yorkshire, where it already has a workforce of 500 based in the city of Leeds. It builds on the company's creation of a UK centre of excellence in Leeds for its insurance clients last year. "I'm delighted that Mphasis has chosen to invest millions of pounds here in West Yorkshire, and proud to have them as part of our business community and partners in driving the region forward," said Brabin. "These 1,000 new jobs will have a tr...

As per the data, transaction volumes for offices have gone up but the rental levels have also stabilised or grown in YoY and sequential terms across all markets. from Companies https://ift.tt/IhcqokL via IFTTT

The carrier, controlled by India's oldest conglomerate Tata Group, is in discussions with potential investors including private equity funds and sovereign wealth funds, said the people from Companies https://ift.tt/JHoONhd via IFTTT

This follows Indus Towers's warning letter to Vi to pay up its accumulated dues or face disconnection from November. from Companies https://ift.tt/aEzU2Id via IFTTT

The expansion comes as India's dealmaking is bucking a global downturn driven by concerns over heightened inflation and a potential recession from Companies https://ift.tt/EjbUH3a via IFTTT

American tech giant Google has announced that it will be ending its game streaming service Stadia. It will be finally shut down on January 18, 2023. from Companies https://ift.tt/HXDtmzj via IFTTT

Fide has expanded its presence from 18 cities to 150 cities and increased its customer base from 35,000 to 1 lakh new customers per month, the firm said. from Companies https://ift.tt/n64BIKM via IFTTT

Venture Catalysts-backed Elev8 Venture Partners on Thursday announced the launch of a USD 200 million fund to invest in tech companies. The fund intends to invest in growth-stage, technology-driven companies in Series B and C rounds, an official statement said, adding that each bet will be between USD 5-USD 15 million. It will be led and co-founded by Navin Honagudi, who was working as a partner at Kae Capital for over a decade and has invested in over 50 companies, the statement noted. Early-stage platform Venture Catalysts is an institutional backer for Elev8, which will be the fourth fund to be backed by the firm and take the total assets under management for the group to over USD 450 million. It can be noted that the announcement comes at a time when the entire ecosystem is going through what is being referred to as a 'funding winter' where investors are shying away from taking newer bets. "Even though liquidity in technology investments is drying up, Elev8 has receive...

BharatPe is the No. 2 private POS player in the country with an installed base of close to 2 lakh machines across more than 250 cities in the country, the firm said in a statement from Companies https://ift.tt/GDEAWsR via IFTTT

No-frills carrier IndiGo on Thursday announced the induction of its first freighter aircraft, converted from a passenger plane. The airline is already a market leader in the domestic passenger segment in the country with a fleet of over 275 aircraft, operating over 1,600 daily flights to and from 74 domestic destinations. In addition, as part of its international operations, it caters to 26 destinations in the overseas market. The induction of A321 P2F (passenger to freighter) will help the airline offer cargo services on both domestic and international routes, IndiGo said. The aircraft will be able to service markets between China in the east and the Gulf in the west, as well as the CIS countries to the north, the airline said. IndiGo also said it will be utilising the same pool of pilots and engineers that fly and service its current fleet for the cargo plane. The CarGo business brought in revenues when the scheduled commercial flights were at a standstill. Our partnership with fro...

Reliance JioMart is trying to catch up with Amazon and Walmart. This festival season, it started a digital push for all shopping needs. Can Reliance repeat its brick-and-mortar success in e-commerce? from Companies https://ift.tt/hsqulz2 via IFTTT

The French oil major is increasing spending on renewable energy and on reducing its emissions next year to 33% of annual capital expenditure, compared with 25% going into clean power this year from Companies https://ift.tt/JS69hrX via IFTTT

The French energy giant bought 20% of Adani Green in 2021 for $2 billion, building on a series of previous deals with Indian billionaire Gautam Adani. from Companies https://ift.tt/jr0w1zq via IFTTT

Shareholders of state-owned Hindustan Copper Ltd (HCL) on Wednesday approved a 23.2 per cent dividend for the financial year ended in March 2022. The company would make a total dividend payout of Rs 112.17 crore as approved in the 55th Annual General Meeting, HCL said in a statement. During the meeting, HCL Arun Kumar Shukla said the production from the company's flagship project, Malanjkhand underground mine, has commenced. He also informed that the company has repaid a loan of Rs 729 crore in FY2021-22 from its internal accruals. As the global economy moves toward net zero carbon emissions through the energy transition, the role of copper remains pivotal as the most efficient conductive material, indispensable for capturing, storing and transporting green energy, he said. Hence, a significant rise in demand for copper has been predicted on account of the thrust on a low-carbon economy, he added. from Companies https://ift.tt/tb5lVTJ via IFTTT

The e-commerce firm's revenue grew 15% to Rs 19,090 cr in FY22 from Companies https://ift.tt/GdnLAtm via IFTTT

Kamath is followed by Bhavish Aggarwal of Ola Electric with a wealth of Rs 11,700 crore from Companies https://ift.tt/A3gB1TO via IFTTT

The Indian EV industry suffers from overdependence on imports, limited local manufacturing, finite access to raw materials, and refining capacities from Companies https://ift.tt/Y9gJlQD via IFTTT

Vodafone Idea's (Vi) total tower dues exceed Rs 10,000 crore. Out of this, Rs 7,000 crore is owed to Indus Towers alone from Companies https://ift.tt/ukEqQm8 via IFTTT

India's JSW Energy plans to raise 2.50 billion rupees ($30.60 million) through sale of bonds maturing in three years, three merchant bankers said on Wednesday from Companies https://ift.tt/Tzu8m1W via IFTTT

Oracle India's employees used "an excessive discount scheme" in connection with a transaction with a transportation company, says the SEC order from Companies https://ift.tt/WtLgYsi via IFTTT

The companies want law firms to redraft employment agreements, find loopholes and enforce restrictions to address the issue of moonlighting from Companies https://ift.tt/ohCK4Ux via IFTTT

The NDTV acquisition, if successful, would make Adani and Ambani straight-up rivals in a sector for the first time, given Ambani's control of large media assets including news channels from Companies https://ift.tt/pY81rEy via IFTTT

The Tata group has 29 listed companies, over 60 unlisted and hundreds of subsidiaries across 10 verticals. Now, its chairman N Chandrasekaran wants consolidation to make the group efficient. from Companies https://ift.tt/k7gaLxv via IFTTT

YouTube Shorts has grown a community of more than 1.5 billion monthly logged-in users globally, generating 30 billion views per day, four times more than 1 year ago from Companies https://ift.tt/4VEwmfg via IFTTT

Jet Airways is in an advanced stage of talks with aircraft makers and lessors to lease planes and expects to restart operations in the coming weeks, according to executives at the airline. The once-storied carrier is now under the ownership of the Jalan-Kalrock consortium and its air operator certificate was revalidated by aviation regulator DGCA in May this year. The executives said the operations of Jet Airways will commence before the end of this year and the initial fleet plan is close to being finalised. Earlier, the airline had said it was targeting to launch operations in October. Amid reports of the launch being delayed, a spokesperson for the consortium said the airline is very close to finalising its initial fleet plan in preparation for opening for sale soon and restart of operations in the coming weeks. "There is no deadline; target dates are set by us alone, and we have always maintained that this is a marathon, not a sprint. We had said we were targeting to launch by...

In addition to the dynamic work spaces, the new office has a 3,000 square feet cafeteria that will serve local and multi-cuisine food for the company's diverse employee base from Companies https://ift.tt/sp1nI6Z via IFTTT

Torrent Pharmaceuticals on Tuesday said it will acquire Curatio Healthcare for Rs 2,000 crore to strengthen its presence in the dermatology segment. The company has entered into definitive agreements to acquire 100 per cent of Curatio Healthcare for Rs 2,000 crore, Torrent Pharmaceuticals said in a regulatory filing. "The consideration includes Rs 115 crore (on the date of signing) of cash and cash equivalents in the acquired business indicating an enterprise value of Rs 1,885 crore," it added. The acquisition offers Torrent the opportunity to enhance its presence in dermatology with a differentiated portfolio and is a strong strategic fit, Torrent Pharmaceuticals Director Aman Mehta said. "Curatio has built a commendable set of high market share brands in cosmetic and pediatric dermatology that we look forward to adding to our product offerings," he added. Chennai-headquartered Curatio has a portfolio of over 50 brands, including Tedibar, Atogla, Spoo, B4 Nappi and...

The shareholders rejected appointments of Rakesh Mohan as an independent director as well as S.N. Dhawan & Co LLP, Chartered Accountants as the auditor of the company from Companies https://ift.tt/kCTmvwI via IFTTT

Sector takes hope from High Courts previously overturning such prohibitions by state governments from Companies https://ift.tt/IXZzylM via IFTTT

Company in sight to become one of the least expensive producers of green electron and green hydrogen, says Gautam Adani from Companies https://ift.tt/vYT2wn0 via IFTTT

The delivery giant also offers Rs 5,000 worth of Out-Patient Department (OPD) support, which can be extended to their families from Companies https://ift.tt/A3x9CaN via IFTTT

The infusion of fresh capital comes at a time when the company is aiming to expand its core offerings to compete with competitors like Dunzo, Zepto, Swiggy Instamart and others from Companies https://ift.tt/ZM4nvRC via IFTTT

Study also found actual hikes in 2022 were 10.6% as against its previous projections of 9.9% in Feb 2022, the highest since 2012 from Companies https://ift.tt/npELZSW via IFTTT

While it took seven months after its global launch for the iPhone 13 to start getting assembled in India, iPhone 14's assembly started just ten days after the global launch from Companies https://ift.tt/pUfkM7a via IFTTT

Public sector firm WAPCOS Ltd has filed preliminary papers with capital markets regulator Sebi to float an Initial Public Offering. The public issue will be a complete Offer For Sale (OFS) of up to 32,500,000 equity shares by the promoter, Government of India, according to the Draft Red Herring Prospectus (DRHP). WAPCOS provides consultancy, and engineering, procurement and construction services in the field of water, power and infrastructure sectors. It comes under the Ministry of Jal Shakti. The company also provides its services abroad, particularly in South Asia and across Africa in the fields of dam and reservoir engineering, irrigation and flood control. It has ongoing projects in 30 countries and has been associated with over 455 overseas projects, both completed and ongoing, as per DRHP. The company's revenue from operations increased 11.35 per cent to Rs 2,798 crore in the financial year 2022 while profit after tax rose 14.47 per cent to Rs 69.16 crore during the same ... ...

Under the current chairman N Chandrasekaran, Tata Sons has been taking steps to consolidate its business to improve its efficiency from Companies https://ift.tt/eKpbCTU via IFTTT

The greenfiled facility by Hero Electric will be spread over 170 acres and have an annual capacity of manufacturing 2 million units from Companies https://ift.tt/3RH1jOU via IFTTT

While Indigo continues to attract budget fliers, some Indian airlines have launched 'premium economy' to attract fliers. So, did Indigo miss the premium economy class flight? Or it has other plans? from Companies https://ift.tt/I2qYxFD via IFTTT

LML Electric plans to raise up to Rs 500 crore to fund setting up of its own manufacturing plant and scale up business, according to company MD and CEO Yogesh Bhatia. The company is gearing up to launch its first product in the Indian market in the second half of 2023 to mark the return of one of the popular two-wheeler brands of yesteryears, LML in an electric reincarnation. LML Electric has already entered into a partnership with Saera Electric Auto Pvt Ltd, which had acquired American cult bike maker Harley Davidson's manufacturing plant at Bawal in Haryana, to roll out its products in the initial phase. "We are planning to launch three products and all are in different categories. Our first product, an electric bike (bicycle), is coming in the first half of 2023 for the European and the US market. Our second and third products will be launched in the second half of 2023 for India and other markets," Bhatia told PTI. The second product will be a "hyper bike" ...

Production-linked incentive schemes should also focus on companies providing packaging materials and other services in addition to manufacturers of branded pharmaceutical items to reduce import dependence, according to Bharat Biotech Executive Director Sai Prasad. He also emphasised on shifting the focus towards innovative pharmaceuticals products in order to enhance the margins for industry players. "We already have policies like production-linked incentive (PLI) schemes and research-based schemes and these policies are going to be very helpful for the sector... It is our view that such policies should also focus on companies which provide goods and services to the pharma industry," Prasad told PTI in an interaction. The incentives also need to be given to single-use consumer companies, raw material packaging firms and other service providers in the pharmaceutical supply chain, he added. "If the ecosystem is strong only then the branded companies could be strong," ...

Candle Partners study shows that from the peak of 30% of gross block in FY16, the capex is down to 9-10% of gross block from Companies https://ift.tt/2l9LvAU via IFTTT

The third-quarter earnings outlooks for Samsung Electronics and SK hynix, the world's top two leading chip manufacturers, remain largely grim due to a recent fall in global demand for memory chips from Companies https://ift.tt/uzn6YTv via IFTTT

Noted footwear brand Walkaroo International Ltd is setting up a new greenfield manufacturing facility in Rajasthan at an investment of Rs 70 crore as it plans to strengthen presence in the northern market, according to a company official. With two-thirds of the revenue contributed from the southern region, the company expects to garner a topline of Rs 2,100 crore during the current financial year, Walkaroo International Ltd Director Rajesh Kurian said on Sunday. According to him, the Coimbatore-based company reaches out to 1.5 lakh retail outlets through its 750 distributors. "We have close to 5 per cent market share in the footwear market and we are at the bottom of the pyramid market. What we manufacture is polyurethane synthetic. In our new factory in Rajasthan, we will be producing rubber hawai (slippers) which will cater to markets like Bihar and Uttar Pradesh," he told PTI. Elaborating, he said, "The new factory is under process. We will be manufacturing the rubber...

Newly appointed director of the All India Institute of Medical Sciences here M Srinivas has issued an order that files should be submitted in electronic mode, except for the confidential ones. Srinivas, who earlier served as the Dean of ESIC Hospital and Medical College in Hyderabad, is now entrusted with the job of steering the country's most sought-after medical institute. "All concerned are hereby informed that henceforth all the files be submitted to the undersigned in e-file mode only unless the matter is confidential and cannot be submitted in e-filing mode," the office memorandum issued on Saturday said. The AIIMS director is also learnt to have visited the paediatric surgical ward and AB5 ICU at AIIMS, and spoke with doctors and staff posted there. Srinivas, who had not applied for the top post at AIIMS, was selected ahead of several illustrious names that were doing the rounds. from Companies https://ift.tt/uNER7fG via IFTTT

The upcoming 'DefExpo 2022', slated to be held in Gujarat's Gandhinagar, is set to be the first-ever edition exclusively for Indian companies, the Ministry of Defence said on Saturday. Over 1,000 exhibitors have registered and the numbers are anticipated to be the highest-ever recorded during the previous editions of DefExpo, it said. Defence Secretary Ajay Kumar comprehensively reviewed the preparations for the event, scheduled to be held from October 18-22, during the Apex Committee meeting here on Saturday, the ministry said in a statement. Chief Secretary, Government of Gujarat, Pankaj Kumar and other senior officers of the state government as well as the Ministry of Defence attended the meeting. "The 12th edition of DefExpo is scheduled to be held in Gandhinagar, Gujarat between October 18-22, 2022 in a first ever four-venue format which promises to engage the public and inspire them to join the aerospace and defence manufacturing sector for 'Aatmanirbharta...

Industrial and logistic park developer Logiy Spaces has tied up with AA Holdings to build a new project at Narasapura, Karnataka with an investment of USD 37 million (around Rs 300 crore). In a statement, AA Holdings, which has recently been formed by Abhijit Verma, said it has formed a joint venture with Logiy Spaces to invest USD 37 million for the development of 1 million square feet of industrial and logistics park. The project is scheduled for completion by September 2023. "In our endeavour to enable local landlords and aggregators to become successful micro entrepreneurs and fulfil the need for quality commercial spaces in the country, we floated AA Holdings to provide them the right guidance and mentorship," said Verma, the MD and CEO of AA Holdings. "We will be developing 1 million square feet of industrial and logistics park in the suburbs of Karnataka at an investment outlay of USD 37 million. This project will be executed in a joint venture with Logiy Spaces,...

India's Byju's has paid 19 billion rupees ($234 million) to Blackstone Inc, settling its dues owed to the private-equity firm as part of a $950 million deal to buy Aakash Educational from Companies https://ift.tt/EuXh2i0 via IFTTT

Some of the Revlon Inc. creditors who were accidentally sent more than $900 million by Citigroup Inc. asked a federal appeals court for a rehearing, after it ruled that they had to give the money back from Companies https://ift.tt/BsY5cRZ via IFTTT

Abu Dhabi's sovereign wealth fund, one of the world's largest, is likely to pick up at least half of the stake that Blackstone is to sell, one of the sources said from Companies https://ift.tt/ArYixlS via IFTTT

E-commerce firm Flipkart on Friday said its platform saw 1.6 million concurrent users per second on the first day of its festive season sale. Leading e-commerce portals like Flipkart, Amazon, Meesho and Snapdeal have started their annual festive season sales. Without disclosing the actual sales number, Flipkart said early trends in its 'The Big Billion Days (TBBD)' sale indicate that the overall consumer sentiment towards festive shopping is very positive. Categories such as mobiles, large appliances, fashion, furniture, and home appliances witnessed the greatest interest and demand among buyers, it added. "TBBD 2022 witnessed an unprecedented number of concurrent users on the app - 1.6 million per second. The number of Flipkart Plus customers using Early Access during TBBD 2022 saw healthy growth as compared to last year's event. The majority of these customers were from Tier-2 cities and beyond," Flipkart said. The Walmart-owned firm said its easy payment option...

E-commerce firm Amazon on Friday claimed to have recorded sale of 10 lakh unique products offered by small and medium business, startups etc from its platform during the first 36 hours of festive season sale. The company's festive season sale "Great Indian Festival" started from September 22 as it gave early access to paid users. The company said that its Prime users, who are paid members, grew 1.9 times than last year and 68 per cent of the total new sign ups were from Tier 2 and 3 cities. "It is encouraging to witness small and medium businesses, startups, artisans, women entrepreneurs offer a wide selection of products to our customer across India. We are humbled by the increase in new Prime member sign ups and customers shopping across categories as they trust Amazon as their preferred online shopping destination," said Manish Tiwary, Vice President & Country Manager, India Consumer Business, Amazon. According to Amazon, customers showed preference for t...

Ambuja Cements lost 7 per cent in the previous two sessions before rising on Friday from Companies https://ift.tt/BMc0adZ via IFTTT

JioMart will host two sales during this time- Tyohaar Ready Sale and the Bestival Sale from Companies https://ift.tt/YiSmBMH via IFTTT

Caelux is a research and development-oriented company in perovskite-based solar technology. Its proprietary technology enables high-efficiency solar modules that can produce 20% more energy from Companies https://ift.tt/0HEjOQZ via IFTTT

The settlement, announced by the SEC on Thursday, concludes a probe into whether Boeing withheld key information from shareholders about a flawed software system linked to the 2018 and 2019 crashes from Companies https://ift.tt/RCNl1jH via IFTTT

The silent soldiers behind the world's second-biggest personal fortune are overdue their recognition. They also deserve some scrutiny from Companies https://ift.tt/KlrZsO3 via IFTTT

Ranbaxy promoters Malvinder and Shivinder Singh have been in the news for wrong reasons. The latest development is one more chapter in the story of their downfall. Here's a peek into their journey from Companies https://ift.tt/IDrJMBa via IFTTT

Moonlight the concept of having two jobs has come under fire as companies pointed out that this is unethical and short of cheating from Companies https://ift.tt/4seCPAY via IFTTT

We are moving in a phased manner to get our associates back to office. This is in line with our vision to transition to 25*25 model: TCS spokesperson from Companies https://ift.tt/XWvSuVG via IFTTT

The carrier earlier this week sent 80 pilots on leave without pay for three months to save costs from Companies https://ift.tt/qtkZGip via IFTTT

/ -- In a strategic move to further strengthen its cross-border payment solutions, TerraPay, a leading global payments infrastructure group today announced its partnership with NPCI International Payments Limited (NIPL), the International arm of National Payments Corporation of India (NPCI). This association with NIPL will allow Indian customers and merchants in India with an active Unified Payments Interface Id (UPI Id) to make and accept cross-border payments seamlessly by leveraging TerraPay's agile infrastructure and the UPI network. In this intended collaboration, both companies will work together to further empower Indian customers with active UPI Ids (350 million bank accounts) to be able to transact at QR locations enabled by TerraPay, globally. Together, both companies intend to fortify UPI payments & QR solutions to extract their maximum potential. The partnership will further increase the use of UPI and QR for cross-border merchant payments. This initiative will spee...

Family companies are repositories of family traditions and family loyalties from Companies https://ift.tt/ZveK30N via IFTTT

Pharma giant Roche believes, its ability to reinvent itself through innovation was behind its success. Business Standard's Sohini Das and Nivedita Mookerji spoke to the members of its founding family from Companies https://ift.tt/Ogur9wY via IFTTT

Funds will be used to expand Kuku FM's catalogue, strengthen its content creation ecosystem and offer more language choices to listeners, focusing on the 'Bharat' audience from Companies https://ift.tt/tcJ8mwK via IFTTT

India currently exports Rs. 23,766 crore (2021-22) of medical devices up from previous year Rs 19,736 crore from Companies https://ift.tt/HZl9RNV via IFTTT

In an order dated September 14, the NCLT asked Bajaj Hindusthan to file a reply to the SBI petition in three weeks from Companies https://ift.tt/YVbGy7p via IFTTT

After an entry into the cement sector by acquiring Ambuja Cement and ACC, Adani Group is now eyeing the steel sector with a focus on green energy from Companies https://ift.tt/UO62qvZ via IFTTT

After reporting a loss of Rs 4,588 crore in 2021 fiscal, Byju Raveendran, the founder and CEO of the world's most valuable edtech firm Byju's, has told employees from Companies https://ift.tt/hyzumID via IFTTT

Erratic lockdowns in China have forced manufacturers to explore alternatives. One beneficiary has been India, where Apple is expanding iPhone making capacity. What does it mean for the US tech giant? from Companies https://ift.tt/nAEgcjl via IFTTT

The CBI on Tuesday registered a fresh FIR against Kanpur-based Rotomac Global for allegedly cheating Punjab National Bank to the tune of over Rs 93 crore through loan default, officials said. The central agency has also named the company's directors Rahul Kothari and Sadhna Kothari as accused in the case registered under IPC sections related to criminal conspiracy and cheating, and provisions of Prevention of Corruption Act, they said. The CBI has alleged that directors Vikram Kothari (now deceased) and Rahul Kothari, along with others, acted with "dishonest intention" to defraud the bank by presenting wrong and false statements for book debts, stock statements and other financial papers. The accused projected fake transactions as genuine, knowing fully well that they are thereby causing wrongful loss to the bank, thereby cheating the bank and the public at large, the FIR by the CBI said. Rotomac group companies are already facing two separate CBI investigations related t...

The announcement comes days after Reliance JioMart partnered with Meta to sell groceries on WhatsApp chat from Companies https://ift.tt/slfe4bA via IFTTT

Before FY22, Air India Express was in the red in FY15, when it posted a net loss of Rs 61 crore from Companies https://ift.tt/jUzJlfM via IFTTT

(Reuters) - Fiat Chrysler on Monday received a second chance to permanently block U.S. sales of redesigned Roxor off-road vehicles made by Indian carmaker Mahindra & Mahindra Ltd, which is fighting claims that it copied Fiat Chrysler's Jeep design. from Companies https://ift.tt/01I8HAL via IFTTT

Barring Air India, the govt has made little progress on the disinvestment front. But, why? This report offers a peek into the government's disinvestment drive and tells why it is in the slow lane? from Companies https://ift.tt/ohRqe3E via IFTTT

Logistics stocks traded mixed on Monday after the govt announced National Logistics Policy. It aims to integrate and develop a technologically-enabled logistics ecosystem in India. Here's a report from Companies https://ift.tt/B2P5D3U via IFTTT

The Numaligarh Refinery Ltd (NRL) has planned to invest Rs 35,000 crore for completion of its five major ongoing projects, including the India-Bangladesh Friendship Pipeline (IBFPL), in the next five years, a top company official said on Monday. The company is determined to execute the major ongoing initiatives, namely, Numaligarh Refinery expansion, Paradip Numaligarh crude oil pipeline and crude oil import terminal at Paradip, 2G ethanol project and IBFPL, Chairman cum Managing Director Ranjit Rath told reporters after the annual general meeting. "In the next five years, the company has planned to invest more than Rs 35,000 crore in completing these projects," he said. The projects will enable long-term business growth, and completion of these initiatives without any time and cost overrun remains the core focus area of the company, Rath said. The approved cost of the expansion project is Rs 18,968 crore and as on June 30, 2022, the physical progress was 14.1 per cent and th...

Currently, there are 57 insurance companies in India- 24 in the life insurance sector and the others in non-life insurance businesses from Companies https://ift.tt/2xFWBzg via IFTTT

TDSG's facility - the first in the country to make batteries with cell-level localisation - has an aggressive export target for the next three years from Companies https://ift.tt/41hAwbo via IFTTT

Increase in efficiency and reduction in logistics expenses with the newly-launched National Logistics Policy will benefit customers by making products available at lower cost, e-commerce company Flipkart said on Monday. Prime Minister Narendra Modi on Saturday unveiled the National Logistics Policy that seeks to address challenges facing the transport sector and bring down the logistics cost of businesses from 13-14 per cent to a single digit. At a grand launch event, he had said the policy aims to expedite the last-mile delivery, helping businesses save time and money. "The National Logistics Policy is a welcome move and this along with PM Gati Shakti plan will help build a more resilient logistics ecosystem in the country. Along with improving efficiency across the value chain, it will also result in a considerable reduction in logistics costs from their present level, thereby benefiting the end customer with lower costs," Flipkart Group Chief Corporate Affairs Officer Rajn...

The firm currently serves over 7.5 million brands including McDonald's, 24 Seven and Taco Bell from Companies https://ift.tt/YE9ep6o via IFTTT

Mining mogul Anil Agarwal-led Vedanta Resources' credit profile will unlikely be weighed down by the group's planned Rs 1.54 lakh crore foray into semiconductor manufacturing, S&P Global Ratings said on Monday. "This is because the company has reiterated that the USD 20 billion related investment will be carried out outside of Vedanta Resources. The business will be undertaken in a separate entity under Vedanta Resources' holding company Volcan Investments Ltd," it said. Vedanta and its partner and Taiwanese electronics manufacturing giant Foxconn last week signed a pact with the Gujarat government for setting up a semiconductor factory in Gujarat. Semiconductor chips, or microchips, are essential pieces of many digital consumer products - from cars to mobile phones and ATM cards. The Indian semiconductor market was valued at USD 27.2 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of nearly 19 per cent to reach USD 64 billion i...

Bharti Airtel and Reliance Jio together are likely to spend the bulk of around Rs 350-400 crore in festive season advertising from Companies https://ift.tt/rTijZLE via IFTTT

Adani said it's due to their unshakeable belief in the India story and conviction that India will be a $25-30 trillion economy by 2050 from Companies https://ift.tt/YVApQKv via IFTTT

Air India has unveiled a five-year transformation plan that is expected to triple its domestic market share. So, can Air India become the 'Maharaja' of Indian skies again? Let us find out from Companies https://ift.tt/XnaT2o6 via IFTTT

A survey by LocalCircles found that only 14 per cent of Indians are likely to use such a service from Companies https://ift.tt/6yIlCZa via IFTTT

Firm says pre-Covid level of sales achieved and that pre-owned vehicles are no longer a second choice from Companies https://ift.tt/FDwfU2J via IFTTT

Vedanta and Foxconn have hired experts who are evaluating possible locations for their upcoming semiconductor plant in Gujarat and a site may be finalised in the next couple of weeks, Gujarat Science and Technology Department Secretary Vijay Nehra said. So far, the joint venture company has not finalised the location as they are evaluating various sites in Gujarat based on technical aspects, commercial viability and connectivity to set up the semiconductor and a display fabrication unit in the state, Nehra told PTI. In the biggest ever corporate investment in the history of independent India, a joint venture of the Vedanta and Foxconn had on September 14 signed a Memorandum of Understanding (MoU) with the Gujarat government to invest Rs 1,54,000 crore to set up the plant in the state. Nehra had signed the MoU on behalf of the state government. "Vedanta and Foxconn have hired sector experts who are evaluating possible sites for the upcoming plant in Gujarat. Earlier they were ... ...

IDBI Trusteeship Services has asked the administrator of Reliance Capital, Nageswara Rao Y to withdraw the allegations of breach of confidentiality from Companies https://ift.tt/ueNRQzs via IFTTT

Stake picked up by Ontario Teachers' Pension Plan Board; Mahindra Susten to set up InvIT for its renewable energy assets from Companies https://ift.tt/rCH5pJI via IFTTT

Karan, who holds a degree in Economics from Purdue University, started his corporate career at Mundra port -- the first mega project undertaken by the Adani group from Companies https://ift.tt/tMl6ck8 via IFTTT

The $1.3-billion group will be investing around Rs 7,000 crore on lithium-ion, while continuing its focus on traditional lead acid batteries from Companies https://ift.tt/0lMCWFu via IFTTT

India's top oil and gas producer ONGC wants the government to scrap windfall profit tax levied on domestically produced crude oil and instead use the dividend route to tap into bumper earnings resulting from surge in global energy prices. The firm also favours a floor price for natural gas at USD 10 per million British thermal unit -- the current government-dictated rate -- to help bring deposits in challenging areas to production, two sources aware of the matter said. State-owned Oil and Natural Gas Corporation (ONGC) management during discussions with government officials stated that levying windfall profit tax on domestic oil producers, while at the same time reaping rich savings from buying discounted oil from Russia was unfair. Buying discounted Russian crude oil, which was shunned by the West since the Ukraine conflict, has helped save Rs 35,000 crore and this savings should be ploughed back by boosting domestic output, they said. ONGC management has told the government the ....

More than 400 women from the rural parts of Maharashtra's Nanded, who recently cleared their Class 12 board examination, have received job offers from Tata Electronics Private Ltd (TEPL) as part of an initiative of the district administration. The initiative was taken up by assistant collector Kirtikiran Pujar who heads the integrated tribal project in Kinvat area of Nanded in Marathwada. "Bureaucracy and the corporate world have come together to provide employment to 410 women, who were chosen during a talent drive in Kinwat, a district official said. Kinwat is a predominantly tribal area, located some 360 km away from Aurangabad. Pujar got in touch with TEPL and the human resources department of the company responded to the proposal, following which a two-day talent hunt was held on September 6 and 7, the official said. At least 600 women who recently cleared their Class 12 examination participated in the drive and of these, 410 were selected, he said. The selected candidate...

The Mahindra Group and Ontario Teachers' on Saturday announced forming a strategic partnership under which they will invest around Rs 4,550 crore to grow future portfolios of Mahindra Susten Private Ltd (MSPL), a renewable energy platform of the former. "Mahindra Group and Ontario Teachers' have agreed to invest an amount of around Rs 4,550 Crores to grow MSPL's future portfolio," a regulatory filing said. The filing showed that under MSPL, a subsidiary of Mahindra Holdings Ltd (MHL) and 2452991 Ontario Ltd (2OL) have inked share purchase agreement and shareholders' agreement under the strategic partnership. The agreements provide for selling 30 per cent equity by MHL in MSPL to 2OL for a cash consideration of Rs 711 crore, it showed. Mahindra Holding Ltd (MHL), a subsidiary of Mahindra & Mahindra Ltd, will sell additional 9.99 per cent of the paid-up equity share capital of MSPL to any other investor(s) or 2OL or any of its affiliates (Ontario Teachers...

Ambuja Cements, which has been acquired by the Adani family, has called for an extraordinary general meeting with its shareholders on October 8. In the EGM (Extraordinary General Meeting), Ambuja Cements will seek shareholders' approval for the appointment of Gautam Adani and others on the board and a Rs 20,000 cash infusion in the company through preferential allotment of warrants. Ambuja Cements has sought approval for allotment of preferential allotment of 47.74 crore warrants at a price band of Rs 418.87 to Harmonia Trade and Investment Ltd, a promoter group entity, totalling Rs 20,001 crore in one or more tranches. The warrant holder would pay a minimum amount of Rs 104.72, around 25 per cent of the issue price at the time of subscription, and a further payment of Rs 314.15 at the time of exercise of the rights to convert in equity shares. Ambuja Cements, which also owns 50.05 per cent in ACC Ltd, has called for an EGM of the shareholders "scheduled to be held on Saturday...

The Tata Memorial Centre (TMC) here has signed a memorandum of understanding (MoU) with Balco Medical Centre (BMC) in Chhattisgarh's Raipur to enable exchange of knowledge, enhancement of skills, capabilities and core practices in cancer treatment. The BMC will gain from the TMC's expertise and decades of experience in cancer treatment to develop best-in-class technical and medical guidance. With this association, the TMC will empanel the BMC as a referral centre for patients from Chhattisgarh and neighbouring states. The BMC will also take part in the National Cancer Grid Virtual Tumour Boards to drive excellence in patient care. The MoU will enable the two institutes to conduct joint or multi-centric research. Speaking on the occasion, TMC director Dr R A Badwe said the institute aims to empower as many centres in India to drive the same vision of excellence in service, research and education. Jyoti Agarwal, chairperson of the BMC, said the two institutes were coming together...

As the Indian government pushes forEV adoption and installing the public charging infrastructure, Siemens has stressed that it has proven capabilities to help the government from Companies https://ift.tt/mSljOh3 via IFTTT

The 12-minute short film tells the story of NBA player Giannis Antetokounmpo, who was born in Greece to Nigerian parents from Companies https://ift.tt/ZvChtrP via IFTTT

Adani becomes India's second largest cement player from Companies https://ift.tt/LeuqbH0 via IFTTT

Maharashtra's Food and Drugs Administration (FDA) on Friday cancelled the baby powder manufacturing licence of Johnson & Johnson Pvt Ltd "in the interest of public health at large". In a release, the state government agency said the company's product, Johnson's Baby Powder, may affect the skin of newborn babies. Samples of the powder for babies did not conform to standard pH value during a laboratory test, the regulator said. The release said the action was taken after Kolkata-based Central Drugs Laboratory's conclusive report that concludes "the sample does not conform to IS 5339:2004 with respect to the test for pH. According to the release, FDA had drawn samples of Johnson's Baby Powder from Pune and Nashik for quality check purposes. The government analyst had declared the samples as "not of the standard quality" as they do not comply with IS 5339:2004 specification for skin powder for infants in the test pH, it said. Thereafter, FDA...

Home services marketplace Urban Company, formerly Urban Clap, on Friday said its consolidated losses more than doubled to Rs 514 crore in FY22. According to a regulatory filing, the Accel India- and Tiger Global-backed company had posted a loss of Rs 249 crore in FY21. The consolidated income of the unicorn firm grew by 75.7 per cent to Rs 509.2 crore in FY22 from Rs 289.8 crore in the preceding financial year. According to Tofler, parent firm of the company Urbanclap Technology India Private Limited has posted a loss of Rs 404 crore during FY22, which is 95 per cent more compared to previous fiscal, and the revenue of the company increased by 36 per cent to Rs 387 crore. "Urbanclap Technology India Private Limited, a home services marketplace, reported its revenues for the financial year 2021-22 as Rs 387 crore, a 36 per cent jump since the last financial year. The company further reported a net loss of Rs 404 crore during the same fiscal. This is a 95 per cent increase from the ...

Healthcare technology company HGS Healthcare has rebranded itself as Sagility and targets to become a USD 1 billion firm in terms of revenue by 2026, a top official of the company has said. The company closed 2021-22 with a revenue of USD 460 million. "From tonight, Sagility will be the go-forward name for us and we will sunset the HGS Healthcare brand name. We ended the financial year with USD 460 million in revenue and the goal is to try and be a billion dollar company by 2026," Sagility Group CEO Ramesh Gopalan said. The Hinduja Global Solutions' healthcare unit started operations in 2000 and it was acquired by Baring Private Equity Asia for about USD 1.2 billion in August last year. The company, now based out of Colorado has more than 25,000 employees across 5 countries -- India, the Philippines, Jamaica, Colombia and the US. "Right now, we have a very strong presence in the large category of customers, large health insurances. Going forward we will continue to f...

Divestment will help Swiss company become global leader in sustainable building solutions, says CEO from Companies https://ift.tt/29RpLcS via IFTTT

Gautam Adani's wealth surged to make him the second richest man in the world, led by a sharp rally in the Adani Group stocks. from Companies https://ift.tt/CSDJivV via IFTTT

With more than 238,000 of the 570,000 units exported from India in fiscal 2022, Maruti Suzuki overtook Hyundai Motor India as the foremost passenger vehicle exporter from Companies https://ift.tt/XI0xWtn via IFTTT

Several new-age startups in the D2C space in India are increasingly being gobbled up by bigger FMCG companies. A rush for brand acquisitions is on. Watch our next report to know more from Companies https://ift.tt/0w8FauZ via IFTTT

Digital financial services firm One97 Communications, which owns the Paytm brand, on Thursday announced a collaboration with e-commerce firm Flipkart for its annual festive season sale 'The Big Billion Days' as payments partner. Flipkart, which owns majority stake in Paytm's competitor PhonePe, will host its annual festive season sale between September 23 - 30, 2022. "With this partnership, Paytm is offering exciting cashbacks on payments made through Paytm UPI and Paytm Wallet," Paytm said in a statement. Paytm will offer assured cashback of 10 per cent on all transactions, the Noida-based firm said. "Our association with Flipkart as a payments partner for The Big Billion Days will provide a secure payments experience to millions of shoppers in small cities and towns of India," a Paytm spokesperson said. from Companies https://ift.tt/h9qyvr3 via IFTTT

Air India aims to have a domestic market share of 30 per cent and significantly strengthen its international operations in next five years, with the Tatas-owned airline putting in place a transformation plan after gathering feedback from staff. The carrier, which plans to induct 30 new wide-body and narrow-body aircraft, on Thursday announced 'Vihaan.AI', a comprehensive transformation plan with a detailed road map for next five years. Under the plan, the focus will be on dramatically growing both its network and fleet, developing a completely revamped customer proposition, improving reliability and on-time performance, and taking a leadership position in technology, sustainability, and innovation, as well as aggressively investing behind the best industry talent, according to a release. "Over next 5 years, Air India will strive to increase its market share to at least 30 per cent in the domestic market while significantly growing the international routes from the present ...

SpiceJet announced the reintroduction of 'SpiceLock', a unique service that allows passengers to lock their desired fare for 48 hours without name from Companies https://ift.tt/I6peWwP via IFTTT

In the results, declared on Wednesday after a delay of over 18 months, Byju's recorded a revenue of Rs 2,280 crore. The loss for FY21 stood at Rs 4,500 crore from Companies https://ift.tt/BmhUMFf via IFTTT

Finance industry veteran Deepak Parekh on Wednesday said regulators are lenient on state-run companies, and there is a need to have a parity between public and private enterprises. He said the leniency is seen in various mandates like adhering to having required number of independent directors or women directors on board, and added that there is a "little less accountability" in the public sector. "Regulators are a bit lenient on public sector companies," Parekh said, speaking at the launch of the book "The Undercover Monk" here. Parekh, who is the chairman of mortgage major HDFC which is presently seeking regulatory nods for merging with subsidiary HDFC Bank, added, "same rules should apply on governance and disclosure norms". Parekh said sometimes, government nominee director's unavailability leads to cancellation of a meeting and recounted an experience while serving a state-run company's board. Parekh said after reaching New Delhi, he...

About 700 acres of land have been acquired for over USD 1.1 billion during January-June across eight cities to develop housing, office, retail, logistics and data centre projects, according to a CII-CBRE report. Industry body CII and property consultant CBRE India on Wednesday released the report Indian Realty Outlook - Demystifying Future growth opportunities at a real estate conference here. "We are quite optimistic about the real estate sector. But we need to be cautious considering global factors," said Anshuman Magazine, Chairman & CEO, India, South-East Asia, Middle East & Africa, CBRE. He said all segments of real estate in the 2022 calendar year will perform better than last year, because of higher demand for apartments as well as commercial, data centre and warehousing spaces. However, Magazine said there is a need for caution in view of rising interest rates, higher commodity prices and possible recession in US and European economies. He also pointed out tha...

Vedanta on Tuesday announced a $19.5 billion investment with Taiwan's Foxconn to set up semiconductor and display production plants in Gujarat from Companies https://ift.tt/5ot8d1z via IFTTT

Contract logistics provider DHL Supply Chain will invest 500-million Euro (around Rs 4,000 crore) in India over the next five years to expand its warehousing capacity, workforce and sustainability initiatives. With this expansion, DHL Supply Chain will add 12 million sq ft of warehousing space in its existing portfolio to take its total capacity to about 22-million sq ft by 2026, the company said in a statement on Wednesday. The company will add this 12-million square feet of capacity in wholly-owned DHL multi-client sites in key metro cities such as Bangalore, Chennai, Kolkata, Mumbai, NCR and Pune, to cater to growing sectors such as e-commerce, retail, consumer, manufacturing as well as automotive. Moreover, multi-client sites are being built in the fast-growing state capitals and tier-2 cities such as Baddi, Cochin, Coimbatore, Guwahati, Sanand, Indore, Lucknow, Bhubaneshwar, Hosur, and Visakhapatnam, among others. It also plans to double its workforce in India to around 25,000 f...

Flipkart's flagship event The Big Billion Days will start on September 23 and will go on until September 30 from Companies https://ift.tt/FTa3hG5 via IFTTT

As India is set to enter its festive season, Amazon.in, country's leading e-commerce platform is set to launch its annual festive sale. from Companies https://ift.tt/xoL0TfU via IFTTT

In August, Swiggy said it had witnessed a 16-fold growth in orders in the 12 months to June, with Bengaluru, Mumbai, Hyderabad ordering more items than the whole population of Canada from Companies https://ift.tt/4nCrv1G via IFTTT

Discoms' regulatory assets cumulatively increased to Rs 88,720 crore by June 30, showed government data from Companies https://ift.tt/Hvq9tOE via IFTTT

Signs MoU with state govt; Vedanta to invest $10 billion of the $20 billion earmarked for the project in the first phase from Companies https://ift.tt/dTAnG7D via IFTTT

Nirmala Sitharaman said it is encouraging that larger companies are including amounts owed to MSMEs in annual statements from Companies https://ift.tt/PmzRMyp via IFTTT

Byju Raveendran, co-founder and the CEO of the unicorn, has briefed the shareholders and the board members about the difference from Companies https://ift.tt/AJ5d68Q via IFTTT

The central government has held the disbursement of incentive amount under the PLI scheme to Samsung Electronics for FY21 after some discrepancies were found in the invoices from Companies https://ift.tt/AzBe3mh via IFTTT

The deadline for the shareholder vote on the deal is Tuesday but enough investors had voted by Monday evening for the outcome to be certain from Companies https://ift.tt/94xHTIU via IFTTT

Vedanta obtained financial and non-financial subsidies including on capital expenditure and cheap electricity from Gujarat to build the semiconductor plants, says a source from Companies https://ift.tt/8qj5kPQ via IFTTT

Amazon Indian said it will halve the fee for new sellers on its platform as the e-commerce giant gears up for the festive season in one of its key markets. from Companies https://ift.tt/kTfzJFU via IFTTT

Air India on Monday said it will progressively induct 30 new aircraft, including 5 wide-body Boeing planes, from December this year, as the Tatas-owned airline looks to boost its domestic and international services. The airline has signed leases and letters of intent for inducting 5 wide-body Boeing and 25 Airbus narrow-body planes over the next 15 months. "These new aircraft, which will enter service from late 2022, will increase the airline's fleet by over 25 per cent. Not counting the 10 long-grounded narrow-body and 6 wide-body aircraft that have been returned to service in recent months, these new aircraft mark the first major fleet expansion since Air India's acquisition by the Tata Group earlier this year," it said in a release. The planes being leased include 21 Airbus A320 neos, 4 Airbus A321 neos and 5 Boeing B777-200LRs. The B777-200LRs will join the fleet between December 2022 and March 2023. They will be deployed on routes from Indian metro cities to the ...

Company reportedly looking to launch three two-wheeler concepts later this month from Companies https://ift.tt/q06zdPh via IFTTT

Appliances and consumer durable makers are looking for up to 35 per cent growth in sales during this festive season on increasing demand for premium products and price hikes. Some of the companies, however, are "cautiously optimistic" about the sales of their entry-level mass products in the country's hinterlands. Companies such as Panasonic, LG, Sony, Samsung, Haier, Godrej Appliances, Voltas, Thomson and BSH Home Appliances expect this festive sale, which started with the onset of Onam in the south, to be better than the last year and even cross the pre-Covid sales volume. The festive season, which starts from Onam and covers Durga Puja and ends with Diwali, contributes around one-third of the overall annual sales value across categories of the industry, which is estimated to be around Rs 75,000 crore. Makers are finalising schemes such as extended warranties, easy EMIs and investing in promotional activities to attract customers, but are worried also over sales of entr...

Reliance cited a breach in the terms of a December 2017 agreement, and filed its statement of claim before the Mumbai Centre for International Arbitration from Companies https://ift.tt/k4vpi5q via IFTTT

Rising credit card and UPI payments indicate towards increase in consumption amid recovery in economic activities with ebbing impact of Covid pandemic, said experts and market players. As per the RBI's monthly data, Unified Payments Interface (UPI) transaction increased from Rs 9.83 lakh crore in April this year to Rs 10.73 lakh crore in August. Similarly, credit card spends through PoS (Point of Sale) terminal increased from Rs 29,988 crore in April this year to Rs 32,383 crore in August. The credit card spending on e-commerce platforms, which was valued at Rs 51,375 crore in April, rose to Rs 55,264 crore in August. Rama Mohan Rao Amara, MD and CEO, SBI Card, said the outstanding on credit cards has grown at a Compounded Annual Growth Rate (CAGR) of 16 per cent between FY17 and FY22, as per the RBI's industry data. "With the increased adoption and use of credit cards, there has also been an increase in spends. Over the last few months, the industry has seen monthly credi...

Jindal Stainless Limited (JSL) is taking a host of measures to reduce carbon emissions of its present and planned capacities, which includes setting up renewable energy capacities, Managing Director Abhyuday Jindal said. During FY22, JSL reduced its carbon emissions by 3,100 metric tonnes and initiated a switch from a thermal energy-intensive manufacturing setup to renewable energy alternatives such as solar and wind power, Jindal told PTI during an interaction. "Continuing forward, we are taking proactive steps to decarbonise and reduce carbon emissions of our present and planned capacities. The move is aimed to support the government's mission of carbon-neutrality," he said. In the renewable energy space, JSL is looking for partners to set up 300 MW solar and wind capacities in states like Odisha, Haryana and Rajasthan, Jindal said, adding that the talks with a few players are already underway. The investment will be through joint venture/ventures which will be formed p...