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Showing posts from October, 2022

MG Motor India logs 53% rise in retail sales at 4,367 units in October

MG Motor India on Tuesday reported 53 per cent rise in retail sales at 4,367 units for October 2022. The company had sold 2,863 units in the same month last year, MG Motor India said in a statement. During the month, the company also achieved its highest ever production monthly milestone at 5,008 units, which included 784 units of electric vehicle (MG ZS EV), it added. The company, which had earlier been plagued by chip shortage, said it was able to enhance production due to "some improvement in semiconductor supplies through localisation initiatives". The production uptick has made the commencement of the deliveries of the company's SUV Astor in both continuously variable transmission (CVT) and automatic transmission (AT) variants possible, it added. "The coming weeks should hopefully see some more improvement," it said. from Companies https://ift.tt/3Gm6zeW via IFTTT
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Equitas Small Finance Bank Q2 profit jumps over two-fold to Rs 116 crore

Equitas Small Finance Bank on Monday reported over two-fold jump in its net profit at Rs 116 crore in the quarter ended September 2022 on good growth in loan disbursals. The SFB (small finance bank) had posted a net profit of Rs 41 crore in the year-ago period. The net interest income of the lender grew to Rs 610 crore in the July-September period of the current fiscal as against Rs 484 crore in the same period of FY22, Equitas SFB said in a release. The net interest margin during the quarter stood at 9 per cent. The lender said its disbursement during the second quarter of FY23 rose by 22 per cent to Rs 3,845 crore from a year ago. Advances as of Q2FY23 was at Rs 22,779 crore, up 20 per cent from the same quarter a year ago. The gross non-performing assets decreased to 3.82 per cent from 3.95 per cent in the first quarter of FY23. P N Vasudevan, Managing Director and CEO of Equitas Small Finance Bank, said: "Demand for credit continues to remain strong, especially in the inform ...
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Adani group to invest $150 billion in pursuit of $1 trillion valuation

Richest Asian Gautam Adani's group will invest over USD 150 billion across businesses ranging from green energy to data centres to airports and healthcare as it chases the dream to join the elite global club of companies with USD 1 trillion valuations. On October 10, Adani Group Chief Financial Officer Jugeshinder 'Robbie' Singh detailed the growth plans of the group, which started off as a trader in 1988 and expanded rapidly into ports, airports, roads, power, renewable energy, power transmission, gas distribution and FMCG and more recently into data centres, airports, petrochemicals, cement and media, at an investor meet organised by Ventura Securities Ltd in New Delhi. The group plans to invest USD 50-70 billion in green hydrogen business and another USD 23 billion in green energy over the next 5-10 years, he said. It will invest USD 7 billion in electricity transmission, USD 12 billion in transport utility and USD 5 billion in the road sector. Its foray into data centre...
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Future Enterprises defaults on principal amount of Rs 126.13 cr in Sep

Debt-ridden Future Enterprises has defaulted on a principal amount of Rs 126.13 crore in September, which includes payment obligation of Rs 98.35 crore for NCDs and Rs 27.78 crore to banks, under a one-time restructuring (OTR) scheme. Future Enterprises Ltd (FEL) had entered into the OTR scheme for COVID-hit companies with its consortium of banks and lenders on October 27, 2020, as per the RBI guidelines. The due date for payment of the principal amount of Rs 126.13 crore to various banks and lenders, who were part of OTR scheme, was on September 30, 2022. "The company was not able to discharge the aforesaid obligations to banks and lenders, on the Due Date," FEL said in a regulatory filing on Saturday. FEL has missed a deadline for payment of the principal amount of 12 non-convertible debentures (NCDs) totalling Rs 98.35 crore. These NCDs had Coupon Rates ranging between 9.25 per cent to 10.50 per cent. It has defaulted on principal repayment of a term loan of Rs 15.76 crore...
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Valuation of startup ecosystem nearly Rs 3 trillion, says Piyush Goyal

The valuation of the startup ecosystem in the country is nearly Rs three lakh crore, Union Commerce and Industry Minister Piyush Goyal said on Saturday. "...the fact that we are probably 110-plus unicorns, about 75 or so soonicorns which are on their way to become unicorns, is truly a remarkable achievement. The last time we did a valuation of our startup ecosystem, it came to about USD 368 billion, that's nearly three lakh crore rupees," he said. Goyal said there are over 80,000 startups in the country registered with the Industry Ministry. "We have about over a million people directly engaged by them. Must be many million more who are indirectly involved in the entire startup ecosystem. Over a 110 unicorns," he said. He spoke about the various initiatives taken by the government to promote the startups. The government is also strengthening the patent offices and everything is going to be online, he said. He was replying to a query on what is being done to boos...
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NTPC Q2 net profit dips over 7% to Rs 3,418 cr on back of higher expenses

State-run power giant NTPC on Saturday reported an over 7 per cent dip in its consolidated net profit at Rs 3,417.67 crore for the September quarter, mainly due to higher expenses. The consolidated net profit of the company stood at Rs 3,690.95 crore in the quarter ended September 30, 2021, it said in a BSE filing. Total income rose to Rs 44,681.50 crore in the quarter from Rs 33,095.67 crore in the year-ago period. Total expenses jumped to Rs 40,000.99 crore in the second quarter of this fiscal from Rs 28,949.53 crore earlier. Average power tariff of the company during April to September this year was at Rs 4.77 per unit, compared to Rs 3.86 per unit in the same period in 2021. Plant load factor (PLF or capacity utilisation) of coal-based thermal power plants climbed to 74.08 per cent in the second quarter from 69.29 per cent. The imported coal supply rose to 5.58 MMT from 0.42 MMT in the same period a year ago. The domestic coal supply also increased to 48.72 MMT from 44.83 .. from...
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ArcelorMittal looks to supply steel for proposed bullet train project

ArcelorMittal's arm AMNS India is eyeing to supply high strength special steel for the proposed bullet train project in India. AMNS India Chairman Aditya Mittal on Friday announced a Rs 60,000-crore expansion plan for his company's plant based in Hazira, Gujarat. As per the plan, the capacity of the plant will be scaled up to 15 million tonnes (MT) from 9 MT at present, he said. The company has been working hard on the expansion plan to ensure it captures the potential that is here in India. The expansion is in line with government initiatives like Atmanirbhar Bharat, Mittal said. He was addressing a gathering after performing the 'Bhoomi Pujan' to mark the beginning of the expansion project here. As the company grows, the plan is to expand specialty steel portfolio and focus on segments such as automotive, transportation and renewables, the chairman said. Prime Minister Narendra Modi and Japan's erstwhile prime minister Shinzo Abe had laid the foundation stone for ...
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IFCI raises Rs 100 crore via preferential allotment of shares to govt

Long-term infrastructure financier IFCI Ltd on Thursday raised Rs 100 crore through preferential allotment of shares to the government. The Committee of Directors at its meeting held on October 27 has allotted 9,29,36,802 number of equity shares at a price of 10.76 each including a premium of Rs 0.76 each share to the Government of India, IFCI said in a regulatory filing. Following the allotment of equity shares to the Government of India on preferential basis, the shareholding of the government has increased from 64.86 per cent to 66.35 per cent of the total paid-up share capital of the company, it said. Earlier in the day, shareholders of the company approved the proposal to issue the preferential issue of equity shares to the government as a promoter. from Companies https://ift.tt/CmIOVXJ via IFTTT
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Apple's revenue, profit up despite slowing economy; not immune to recession

Apple managed to boost both its sales and profit during a summertime quarter that depressed the fortunes of most other major tech companies, but that doesn't necessarily mean the iPhone maker will be immune to a potential recession. Even though Apple fared reasonably well, the July-September results released Thursday signalled that the world's most valuable company is facing some of the same economic headwinds that hammered the profits of Microsoft and the corporate parents of both Google and Facebook. Apple's fiscal fourth quarter revenue rose 8% from the same time last year to $90.1 billion. That was an improvement from the scant 2% uptick in revenue during its April-June quarter when supply problems caused by pandemic-related factory shutdowns dinged its sales. The Cupertino, California, company's profit for the most recent quarter totalled $20.72 billion, or $1.29 per share, up by less than 1% from the same time last year. Both the revenue and earnings per share wer...
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MoS speaks to Apple after reports of iPhone 14 Pro running out of stock

Minister of State For Electronics and IT Rajeev Chandrasekhar on Wednesday said he has spoken to Apple on reports of stores in the national capital running out of stock of the firm's latest phone offering iPhone14 Pro. The minister also said there has been a surge in demand for iPhone 14 Pro and Apple is addressing the supply constraints. "I have spoken with Apple and they have said while iPhone14 demand is being met also with India production, the iPhone14 pro demand has surged and is facing supply constraints which they are addressing," he tweeted. His tweet came in response to a complaint of stores running out of stock of Apple iPhone 14 Pro and Pro Max versions for weeks in the national capital region and that private sellers were selling them in the black market. "Private sales are probably "alternate" supply channels," Chandrasekhar said. iPhone 14 Pro and iPhone 14 Pro Max went on sale on September 16. from Companies https://ift.tt/irRp15Q vi...
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USFDA issues import alert on Glenmark Pharma's Baddi manufacturing plant

Glenmark Pharmaceuticals on Wednesday said the US health regulator has put its manufacturing plant at Baddi under import alert. The drugs produced at the Baddi unit can now be detained without physical examination. The US Food and Drug Administration inspected the facility in June 2022 and subsequently placed it under "Official Action Indicated" status. The OAI classification implied that the USFDA may withhold approval of any pending product applications or supplements filed from such facility till the outstanding observations related to non-compliance with manufacturing norms laid down by the regulator. "We now wish to inform you that the US FDA has placed the Baddi (India) facility under import alert 66-40," Glenmark Pharmaceuticals said in a regulatory filing. As per the USFDA, import alert 66-40 implies detention without physical examination of drugs from firms which have not met drug GMPs. "The US revenues from products supplied from this facility contrib...
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Jakson Green to invest Rs 22,400 cr in green hydrogen project in Rajasthan

Jakson Green has inked a pact to invest Rs 22,400 crore to set up a green hydrogen and green ammonia project, in phases, in Rajasthan. The company has signed a Memorandum of Understanding (MOU) with the government of Rajasthan to this effect, Jakson Green said in a statement. Jakson Green will set up a 3,65,000 tons per annum Green Hydrogen & Green Ammonia plant along with an integrated hybrid renewable power complex in a phase wise manner, it stated. The project is expected to generate over 32,000 direct and indirect employment opportunities across various phases of the scale-up, planned between 2023 and 2028, it claimed. The MoU was signed by Vish Iyer, Global Chief Commercial Officer, Jakson Green and Bhaskar S Sawant, Principal Secretary of Energy to the government of Rajasthan. "This agreement with Jakson Green is further testimony to the state's investor centric policies," Sawant said. The government of Rajasthan would facilitate Jakson Green in obtaining necess...
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Sony Pictures India rebrands channel portfolio to align with global ethos

Sony Pictures Networks India (SPNI) has rebranded all its network channels to be more aligned with the Japanese conglomerate's global ethos, the company said in a statement on Monday. According to N P Singh, managing director and CEO, SPNI, "The power of the Sony brand and its values have driven our work ethics so far, and today, it reflects in our channel-brand architecture as well." "The work that we started three years ago has now reached fruition. We are creating a powerful unified entertainment conglomerate with a broader appeal by refocusing our existing channel portfolio in its latest look and feel," he added. Sony's networks exist at the intersection of technology and entertainment -- and the logos reflect this. The new branding colours are energetic, inspiring and remind us of a brilliant light spectrum, it said. "The curve in the logo comes from the swing of the Sony-S, with the dominant background being synonymous with the Sony brand. With th...
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Realty firm Puravankara's Apr-Sept sales bookings up 43% to 1,306 crore

Bengaluru-based realty firm Puravankara Ltd's sales bookings have risen 43 per cent to a record Rs 1,306 crore during April-September period of this fiscal year on better housing demand. Its sales bookings stood at Rs 910 crore in the year-ago period. According to an operational update, the company's sales bookings in volume terms rose 32 per cent to 1.76 million square feet during the first six months of this fiscal, from 1.33 million square feet in the year-ago period. Sales realisation improved to Rs 7,421 per square feet in the April-September from Rs 6,845 per square feet in the corresponding period of the previous year. The company achieved its highest sale value of Rs 1,306 crore for the first half of any financial year since inception. Puravankara is on track for its launch pipeline of over 15 million square feet and doing necessary investments for the same. "The demand for real estate is seeing new peaks with each passing day specially with festive starting, we ex...
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Reliance to commission its deepwater MJ gas condensate field by year-end

Reliance Industries Ltd will commission its deepwater MJ gas condensate field in Bay of Bengal block KG-D6 by year end, boosting natural gas output to 30 per cent of India's total. "With respect to the MJ gas condensate field project being pretty much on track, for the first gas production by the end of the year," said Sanjay Roy, senior vice-president for exploration and production, Reliance Industries Ltd, at an investor call post announcement of the company's second quarter earnings. MJ is the third and last of a set of discoveries that Reliance and its partner bp are developing in the eastern offshore block. The two will use a floating production system at the high sea in the Bay of Bengal to bring to production the deepest gas discovery in the KG-D6 block. "The offshore installation campaign has been completed. So, the subsea production system has been installed. The Phase-II drilling and completion campaign is currently underway, and we've completed one...
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Office building leasing up 37% in September in top 7 cities: JLL India

The total leasing of office space for all grades of buildings rose 37 per cent year-on-year in September across seven major cities to 6.3 million square feet on better demand, according to property consultant JLL India. The aggregate office market leasing activities refer to transactions for all grades or types of buildings in the top 7 cities (Delhi-NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata). The total leasing of office space stood at 4.6 million square feet in September last year and 3.9 million square feet in the previous month, according to JLL India Aggregate Monthly Office Leasing Tracker. The data includes confirmed pre-commitments and term renewals. Deals in the discussion stage are not included. Mumbai, Delhi-NCR and Pune were the top three cities, accounting for three-fourth of all leasing activities in September 2022. The BFSI (Banking, Financial Services and Insurance) sector emerged as the strongest driver of aggregate market activities in September fr...
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Dr Reddy's, Cipla, and Aurobindo units recall products in US market

Leading drug firms Dr Reddy's Laboratories, Cipla and Aurobindo Pharma are recalling different products in the US market for various issues, according to the US Food and Drug Administration. As per the enforcement report by the US Food and Drug Administration (USFDA), the US-based unit of Dr Reddy's Laboratories is recalling 2,838 ampules of vitamin K deficiency treatment drug Phytonadione Injectable Emulsion. According to the USFDA, Dr Reddy's Laboratories is recalling the affected lot due to "failed stability specifications". "Out of specification results reported at 12-month stability testing for aluminum content," it stated. Dr Reddy's initiated the Class III voluntary recall on September 14 this year. As per USFDA, a Class III recall is initiated in a "situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences". USFDA further said the US-based arm of domestic drug major Cipla is re...
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Tree House Education gets clean chit in misstatements of financial case

After a six-year long forensic audit, Sebi has given a clean chit to Tree House Education & Accessories Ltd, its promoters and other officials in a case related to alleged misstatements of the company's financials. In its letter to Tree House Education dated October 19, Sebi's corporate finance investigation department has written to the promoters that no action would be taken against the company after the forensic audit initiated by the regulator showed no instances of any financial misgivings. "The forensic audit and investigation of Sebi now completed. In furtherance of the terms and reference to the forensic auditor and consequent investigation of Sebi, no action is proposed to be taken against you," the regulator said in its letter. The reprieve for the company comes after a six-year long audit by Sebi following unsubstantiated allegations. Following the allegations in 2016, Sebi had initiated an investigation for the period from April 2011 to June 2017. Afte...
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Indraprastha Gas net rises 4% in Sept quarter as gas prices hurt margins

Indraprastha Gas Ltd, which retails CNG and piped cooking gas in the national capital and adjoining cities, reported a 4 per cent rise in its September quarter net profit as rise in input natural gas prices hurt margins. The net profit stood at Rs 416.15 crore in July-September compared with Rs 400.54 crore in the same period a year back, the company said in a statement. Revenue almost doubled to Rs 3,922.02 crore in the second quarter of fiscal year starting April 1 against Rs 2,015.99 crore revenue in the year ago period. Gas prices have doubled since Russia invaded Ukraine. IGL's expense on purchase of natural gas soared from Rs 929.97 crore in July-September 2021 to Rs 2,610.03 crore in the current year. The firm registered an overall sales volume growth of 12 per cent over the corresponding quarter in the last fiscal, with the average daily sale going up from 7.24 million standard cubic metres per day (mmscmd) to 8.09 mmscmd. Product wise, CNG recorded sales volume growth of ...
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SpiceJet to operate more than 50% flights from Oct 30 as DGCA lifts curbs

SpiceJet will be able to operate more than 50 per cent of its flights from October 30 as the three-month long restrictions imposed on the embattled airline will be lifted in the winter schedule. In the wake of multiple incidents involving the aircraft of SpiceJet, aviation watchdog DGCA had on July 27 capped the number of flights the no-frills carrier could operate at 50 per cent. Later, the restrictions were extended till October 29, also the last day of the summer schedule. Now, in the winter schedule starting from October 30, the airline will be operating 3,193 flights every week. This is also 6.6 per cent more than the number of weekly flights operated by the airline in the previous winter schedule. From October 30, SpiceJet has been allowed to operate more than 50 per cent of their flights. The 50 per cent restriction on the number of flights was co-terminus with the summer schedule that ends on October 29, Directorate General of Civil Aviation (DGCA) chief Arun Kumar told PTI f...
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United Breweries Q2 net rises 67% to Rs 134.12 cr, revenue up 11.5%

Beer maker United Breweries Ltd has reported a 66.94 per cent growth in its consolidated net profit at Rs 134.12 crore in the second quarter ended September 30, mainly on the back of volume growth. The company, controlled by Dutch multinational brewing company Heineken NV, had posted a net profit of Rs 80.34 crore in the year-ago period, it said in a regulatory filing on Thursday. The revenue from operations of United Breweries Ltd (UBL) was up 11.49 per cent to Rs 3,673.51 crore during the quarter under review. It stood at Rs 3,294.73 crore in the corresponding period of the previous fiscal. The company's volumes in the second quarter of the current fiscal were up 23 per cent, compared to the corresponding quarter, 3 per cent higher than the pre-pandemic numbers of the July-September period of 2019, said UBL. However its "gross margin during the quarter was lower by 508 bps as compared to Q2 2021, due to continued inflationary pressures on costs, particularly on prices of bar...
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Triton EV issues Rs 8,060 cr LoI to BEL for purchase of battery packs

Electric vehicle maker Triton Electric India has issued a letter of intent to defence public sector unit Bharat Electronics for the procurement of battery packs for its semi-truck project in India at an estimated value of Rs 8,060 crore, according to a regulatory filing. The 300 kilowatt lithium-ion battery packs are to be delivered by Bharat Electronics (BEL) to Triton in 24 months commencing from January 2023, the filing stated. "Triton Electric Vehicle India Pvt Ltd, a part of Triton Electric Vehicle LLC, USA today issued a letter of intent to Navaratna Defence PSU Bharat Electronics for procurement of 300 KW Li-Ion battery packs for its semi-truck project in India at an estimated value of Rs 8,060 crore," the filing said. BEL chairman and managing director Dinesh Kumar Batra received LoI from Triton Electric Vehicle LLC CEO and Founder Himanshu B Patel at Defexpo 2022 in Gandhinagar. "The purchase order for first-off quantity with 100 per cent advance payment has bee...
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Metro Brands acquires 100% shareholding of Cravatex Brands

Footwear retail chain Metro Brands has signed a share purchase agreement to acquire 100 per cent shareholding of Cravatex Brands to expand its presence in the sports and athleisure space in India, a regulatory filing said on Wednesday. BSE-listed Cravatex Brands is a retail, brand licensing, distribution and sourcing company that has the exclusive long-term license for the Italian sportswear brand FILA, owns sportwear brand Proline, and represents other international brands. The acquisition is based on fulfilment of closing conditions by both parties. Paragon Partners, an existing investor in Cravatex Brands Limited, will also sell its entire stake as part of this transaction, Cravatex said in the filing. "This acquisition fits our strategic vision at Metro Brands Ltd to leverage our expertise in brick and mortar and e-commerce retail while serving the growing need of the consumer in the sports and athleisure category. "We are truly committed to our vision to be India's l...
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IIFL Wealth & Asset Management Q2 PAT rise 23% to Rs 173 cr; revenue up 12%

IIFL Wealth & Asset Management on Wednesday reported a 23 per cent growth in profit after tax (PAT) to Rs 173 crore for three months ended September 2022. The company had posted a PAT of Rs 140 crore in the same quarter of the last fiscal, IIFL Wealth & Asset Management said in a statement. The company's total revenue rose 12 per cent to Rs 405 crore in the second quarter of 2022-23, from Rs 362 crore in the same quarter of preceding fiscal. The company's board declared the third interim dividend of Rs 17 per share. "In the near term, we are cognizant of the global volatility which can provide both challenges as well as opportunities. We continue to look out for exciting new products and opportunity areas, while remaining relatively cautious in our approach," the company's MD and CEO Karan Bhagat said. He, further, said that people and technology remain the company's key investment themes. It would continue to add new talent and deep expertise to the o...
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Prestige Estates Q2 sales bookings rise 66 pc; H1 bookings jump over 2-fold

Realty firm Prestige Estates Projects Ltd's sales bookings rose 66 per cent year-on-year to Rs 3,511 crore in the second quarter of this fiscal on higher demand despite a rise in home loan interest rates. Prestige Group has registered sales of Rs 3,511 crore in the July-September period against Rs 2,111.9 crore in the year-ago period. The collection from customers increased 68 per cent year-on-year to Rs 2,602.9 crore, the company said in its operational update for the Q2 and H1 of this fiscal filed on stock exchanges. "The sales during this period are attributed to 4.55 million square feet volume with an average realisation of Rs 7,711 per square feet," the company said. During the April-September period of this fiscal, Prestige Group's sales bookings more than doubled to Rs 6,523.1 crore from Rs 2,845.9 crore in the corresponding period of the previous year. The sales during this period are attributed to 8.18 million square feet volume with an average realisation of...
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BEL to manufacture Hydrogen fuel cells with technology from US-based TEV

Navratna defence PSU Bharat Electronics Ltd has signed an MoU with US-based Triton Electric Vehicle for manufacturing Hydrogen fuel cells with technology transfer from the latter to meet the requirements of the Indian market and mutually agreed export markets. The Memorandum of Understanding (MoU) aims at tapping the demand for clean energy solutions for various applications, including e- mobility, by leveraging central government's thrust for adoption of clean energy fuels for applications in transport and energy storage, the Bengaluru-headquartered company said in a statement. TEV has set up its R&D centre and manufacturing facility in India. It has recently forayed into Hydrogen-run vehicles and started the journey of manufacturing Hydrogen-run two-wheelers, three-wheelers and buses, according to the statement. from Companies https://ift.tt/U57Tryz via IFTTT
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Invesco, others sell 5.51% of Zee Entertainment shares worth Rs 1,396 crore

Investment firm Invesco and OFI Global China along with other entities sold 5.51 per cent in Zee Entertainment Ltd (ZEEL) for more than Rs 1,396 crore through open transactions. A total of 5,29,35,068 shares of the company were offloaded at a price of Rs 263.7 apiece, according to block deal data available with the National Stock Exchange (NSE). OFI Global China and funds managed by Invesco offloaded a total of 5.46 per cent stake. The funds are Invesco Developing Markets Fund, Invesco Emerging Markets Equity Trust, MML Strategic Emerging Markets Fund and Invesco Emerging Markets Equity Trust. Besides, PF Emerging Markets Fund and Emerging Markets of the Pacific Select Fund sold ZEEL shares, as per the data. The total transaction value is more than Rs 1,395.89 crore. At the end of the June quarter, OFI Global China owned 10.14 per cent stake in the company. A clutch of mutual funds, foreign investors and insurance companies bought the shares. They include Aditya Birla Sun Life M from...
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Policy must to ensure airlines maintain 4-6 months of cash reserves: CAPA

Indian airlines industry will continue to be sick unless there are policies in place to ensure that the operators have at least 4-6 months of cash kept in reserves for continuity of operations, according to global consultancy and aviation firm CAPA. CAPA said it estimates the domestic airline industry could post losses to the tune of USD 1.4-1.7 billion or more losses this fiscal. The two listed airlines, IndiGo and SpiceJet, have already reported losses of Rs 1,064.30 crore and Rs 789 crore, respectively, in the April-June quarter of the current fiscal. Financial fitness is a fundamental criterion of operating (globally)India is the only country where technically insolvent companies can expand, can continue to operate, Kapil Kaul, CEO for South Asia at CAPA, said at an industry event in Mumbai recently. He said going by the global practice, the airlines have to ensure that they have at least 4-6 months of cash reserves when no revenue is coming in while their air operator permits fr...
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Family feud: Kirloskar Brothers Ltd refutes charges of mis-utilising funds

Kirloskar Brothers Limited (KBL) on Sunday refuted allegations that it had spent Rs 274 crore towards payment of professional legal expenses and consultancy charges in the personal dispute of its Chairman and Managing Director Sanjay Kirloskar against his brothers Rahul and Atul. Kirloskar Pneumatic Co Ltd Executive Chairman Rahul Kirloskar and Kirloskar Oil Engines Ltd Executive Chairman Atul Kirloskar had on Saturday accused KBL of "mis-utilising shareholder resources of a publicly listed company and misusing regulatory machinery" after being cleared of insider trading charges by the Securities Appellate Tribunal (SAT). Rahul and Atul had stated that being a listed entity, KBL should justify the rationale and basis on which the company "has been spending huge amounts aggregating to approximately Rs 274 crore towards payment of professional and legal expenses" ever since their dispute arose in 2016. The brothers have been in a feud over the deed of family settlemen...
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IT companies headed for lower attrition in coming quarters, say analysts

Fears of global recession and spate of layoffs in the start up space are expected to have a sobering effect on high attrition levels in Indian IT industry over the next 2-3 quarters, say market watchers as majority of large tech companies talked of easing of supply side pressures in September quarter. Infosys, whose high levels of attrition had alarmed analysts at one point, reported lower attrition of 27.1 per cent in just-concluded quarter, compared to 28.4 per cent in June quarter. For Wipro, the attrition came down to 23 per cent in Q2FY23, from 23.3 per cent in the previous sequential quarter. The attrition rates for HCL Tech had been rising since quarter ended September 2021 (15.7 per cent in Q2FY22), but it plateaued at 23.8 per cent in Q2 FY23, holding on to the same levels as June quarter (Q1FY23). "It has already stabilised, and it is early indication of where we are in terms of what we look forward to, from here on. So we are in a good place there," Ram Sundararaja...
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ReNew Power to invest Rs 30,000 cr to scale up green capacities: Chairman

Green energy company ReNew Power plans to invest Rs 30,000 crore over the next two years to scale up its solar and wind energy capacities, its Chairman Sumant Sinha said. "We have 5,000 megawatts (MW) of projects that we are building right now. We have won various auctions... have PPAs (power purchase agreements)," Sinha, who is also the founder and CEO of the company, told PTI. The company plans to spend almost Rs 30,000 crore over the next two years to scale up solar and wind energy capacities, he said. ReNew Power, a subsidiary of ReNew Energy Global Plc, is one of the largest renewable energy independent power producers (IPPs) globally. The company currently has an aggregate capacity of 13.2 gigawatt (GW), including capacity already won in competitive bids. Sinha also said his company plans to produce green hydrogen in India. In his Independence Day speech last year, Prime Minister Narendra Modi had announced the launch of the National Hydrogen Mission with a view to aidi...
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IREO group money laundering case: ED attaches assets worth over Rs 1,300 cr

The Enforcement Directorate has attached assets worth more than Rs 1,317 crore of real estate group IREO, its managing director and vice president Lalit Goyal and associated entities as part of a money laundering investigation. The attached properties include land, commercial spaces, plots, residential houses and bank accounts, the federal agency said in a statement issued on Saturday. The total value of these attached properties is Rs 1,317.30 crore. The ED took cognisance of at least 30 FIRs filed in various police stations located in Gurugram, Panchkula, Ludhiana and Delhi against the group, linked entities, its directors, key managerial persons and others, to file a money laundering case. The probe found, the agency said, that the accused allegedly "duped" innocent buyers by promising them to deliver flats, plots, commercial spaces etc.However, they neither delivered the projects nor returned their money. The directors of the company in connivance with others "siphon...
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D-Mart's net profit jumps 64% to Rs 686 crore; sales up 37% in Q2

Avenue Supermarts Ltd, which owns and operates retail chain D-Mart, on Saturday reported an increase of 64.13 per cent in its consolidated net profit at Rs 685.71 crore for the July-September quarter for FY23. The company had posted a net profit of Rs 417.76 crore in the corresponding quarter a year ago, said Avenue Supermarts in a BSE filing. Its revenue from operations rose 36.58 per cent to Rs 10,638.33 crore during the quarter under review as against Rs 7,788.94 crore in the same quarter last fiscal. Avenue Supermarts' total expenses stood at Rs 9,925.95 crore, up 36.93 per cent in Q2/FY23, as against Rs 7,248.74 crore in the year-ago quarter. from Companies https://ift.tt/WUBLuXD via IFTTT
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CCI constantly honing toolkit to tackle digital mkt challenges: Chairperson

The Competition Commission is constantly honing its toolkit to meet the challenges emanating from digital markets and plans to hire data scientists and algorithm experts for its upcoming digital markets and data unit, the regulator's chief Ashok Kumar Gupta said on Saturday. In recent times, many cases related to technology markets have come up before the Competition Commission of India (CCI), including online marketplace platforms, app stores, payment gateways, online travel, food aggregators and social networking. "Such cases pertain to issues such as self-preferencing, leveraging, data-collection practices, deep discounting, etc. "As market regulators, we cannot overlook the challenges that market power and business practices of gatekeeper platforms pose to other market participants -- those who are competing with them and, more so, those who deal with them (and rely upon them)," he said. Speaking at a conference organised by the CCI and industry body Assocham, Gu...
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HDFC-HDFC Bank merger: NCLT gives nod to hold shareholders' meet

The National Company Law Tribunal (NCLT) has given its nod for holding a shareholders' meeting for obtaining approval for the proposed merger of HDFC with HDFC Bank. The shareholder meeting will be convened on November 25, 2022 for the purpose of considering and approving the Scheme of Amalgamation, HDFC said in a regulatory filing on Friday. HDFC Ltd has also received approval from the Securities and Exchange Board of India (Sebi) for transfer of HDFC Property Ventures Limited (HPVL), a wholly-owned subsidiary, to HDFC Bank. Termed as the biggest transaction in India's corporate history, HDFC Bank on April 4 agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creating a financial services titan. The deal has got in-principle approval from the stock exchanges, Reserve Bank of India (RBI), Sebi, Pension Fund Regulatory and Development Authority (PFRDA) and Competition Commission of India (CCI). The proposed entity will have a combin...
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HAL to showcase indigenous products during DefExpo 2022 in Gandhinagar

Hindustan Aeronautics Limited said on Friday it is geared up to display its indigenous products at the 12th edition of DefExpo to be held at Gandhinagar from October 18 to 22. "HAL's participation will focus on technological excellence and indigenisation initiatives, under its business verticals such as fighters, trainers, transport aircraft, helicopters, engines, systems and avionics besides projecting the company's futuristic programs", the Bengaluru-headquartered company said. HAL will have a dedicated 'Indigenisation Exhibition Stall' for active participation and interaction of Indian industry partners, it said in a statement. More than 200 imported items planned to be indigenised with private industries will be displayed in this stall to attract Indian industry. As many as 26 already indigenised items will be displayed. Launching of a document on indigenisation success stories of HAL, handing over of "Project Sanction Orders" of Positive Indigen...
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Quarterly profit $8.8 billion amid surging demand: Taiwan chipmaker TSMC

Taiwan Semiconductor Manufacturing Co., the biggest contract manufacturer of processor chips for smartphones and other products, said on Thursday that its quarterly profit rose 79.7 per cent over a year earlier to USD 8.8 billion amid surging demand. Quarterly revenue rose 47.9 per cent over a year ago to USD 19.2 billion, the company reported. TSMC, headquartered in Hsinchu, Taiwan, makes processor chips for brands including Apple Inc. and Qualcomm Inc. Chipmakers are benefiting for demand for next-generation telecoms, high-performance computing and chips for use in products from cars to medical devices. TSMC announced plans last year to invest USD 100 billion over the next three years in manufacturing and research and development. Most semiconductors used in smartphones, medical equipment, computers and other products are made in Taiwan, South Korea and China. That has prompted concern among American officials about reliance on supplies that might be disrupted by conflict betw from...
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Fireside Ventures announces $225-mn fund for investment in Indian startups

Venture capital firm Fireside Ventures on Wednesday announced closing of its third fund at USD 225 million or Rs 1,830 crore, which it plans to invest in Indian startups over a period of the next 10 years. The new fund is double the size of its previous fund. "We have closed out Fund III at USD 225 million which is about Rs 1,830 crore. We plan to invest Fund III in 25-30 startups in keeping with the Fireside thesis of digital-first consumer brands, across the spectrum of health and wellness, edutainment, lifestyle and FMCG," Fireside Ventures Partner Kannan Sitaram said here. According to Fireside Ventures, the market for D2C brands in India is set to touch USD 100 billion by 2025. Fireside Ventures has invested in 31 brands that include The Baker's Dozen, boAt, Mamaearth, Bombay Shaving Company etc. Launched in 2017, Fireside Ventures with the close of its Fund III has Rs 3,000 crore (USD 395 million) of assets under management. "The first fund had a corpus of Rs 3...
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Adani Data Networks gets unified licence for full fledge telecom services

Adani Data Network has been granted unified licence for access services, which enables it to provide all telecom services in the country, according to two official sources. Adani Group entered the telecom sector after buying spectrum in the recent auction. "Adani Data Networks has been granted UL (AS)," an official source said. Another official said that the permit was granted on Monday. An e-mail query to Adani Group did not elicit any reply. Adani Data Networks Ltd (ADNL), a unit of Adani Enterprises Ltd, acquired the right to use 400MHz of spectrum in the 26GHz millimetre wave band worth Rs 212 crore for 20 years in the recent 5G spectrum auction. The Adani Group had said that it plans to use the airwaves for its data centres as well as the super app it is building to support businesses from electricity distribution to airports, and gas retailing to ports. "The newly-acquired 5G spectrum is expected to help create a unified digital platform that will accelerate the pa...
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Delta Air Lines says it's investing $60 million in air taxi developer

Delta Air Lines says it has invested $60 million in a startup that hopes to build electric helicopter-like air taxis to ferry passengers to the airport. Delta announced Tuesday that it has taken a 2% stake in Joby Aviation, and could invest up to another $140 million as the manufacturer hits key milestones. Joby is among several companies working on electric-powered aircraft that take off and land vertically, like helicopters. The company has said that it expects to begin flying in 2024. Current designs for electric air taxis are too small to use for airline flights the weight of batteries is among the huge obstacles facing manufacturers. But airlines believe the machines could be attractive as a time-saving ride to and from airports in big, traffic-clogged cities. Delta hopes to use the Joby aircraft first in New York and Los Angeles. Delta CEO Ed Bastian called the deal a groundbreaking opportunity to help customers in key markets that Delta has been building for many ... from Comp...
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IOC, HPCL, BPCL may post 2nd consecutive quarterly loss in July-Sept

State-owned oil marketing companies IOC, BPCL and HPCL may for the first time ever post the second consecutive quarterly loss with a combined loss of Rs 21,270 crore in July-September, on holding petrol and diesel prices below the cost of production. The three state-owned firms -- Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL), had in the first quarter of the current fiscal year (April-June) posted a combined loss of Rs 18,480 crore due to erosion in the marketing margin on petrol, diesel and domestic LPG. "The three oil marketing companies IOC, BPCL and HPCL remain trapped in the quagmire of weak marketing losses and there is not enough traction in refining margins," ICICI Securities said in a sector report. The three firms are to announce second quarter earnings later this month or in early November. In the first quarter, record refining margins were wiped away by losses booked on not revising petrol and ...
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Andersen Global sees extraordinary mkt opportunities in India: CEO Vorsatz

Tax firm Andersen Global sees 'extraordinary' market opportunities in India and will continue to add quality manpower and focus on training, its Chairman and CEO Mark L Vorsatz said. The global tax firm is looking to expand its practice in Japan and China and also offer its tax and legal services in several countries as it has set a goal to be the best in the world, he added. Vorsatz was here for Andersen's first regional partner meeting in India. Nangia Andersen LLP is the only member firm of Andersen in India. "We will continue to add quality people. We see the market opportunities as extraordinary. We have invested in both a global tax program (we have about 180 people enrolled globally, and India graduated 7 candidates last year), have launched a global MBA program this last May and hope to add a global accounting master's program next year," he said in an email interview. Vorsatz said the firm has seen rapid growth in Asia in the last 16 months. "We ...
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Karcher India expects double-digit growth, aims to be 100 mn firm by 2030

Germany-based cleaning solutions provider Karcher anticipates a strong double-digit growth in the mechanised cleaning industry in India in coming years and aims its unit here to be a 100 million Euro (around Rs 807 crore) company by 2030, said a company official. Karcher India, a subsidiary of Karcher GMBH, which provides a range of cleaning solutions for both domestic as well as industrial use, also has plans to expand its Tamil Nadu-based local joint venture to push towards local manufacturing and cost rationalisation of its equipment. Besides, the company is exploring the option of setting up an owned manufacturing unit, said Karcher India Managing Director Jatinder Kaul. Karcher India, which offers a range of products such as high-pressure washers, vacuum cleaners, floor scrubbers etc anticipates a "strong double-digit growth" of the mechanised cleaning industry, he said. "Fast-developing nations like ours are expected to grow at a compound annual growth rate (CAGR) ...
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Hyundai Motor India posts highest PAT in 4 years at Rs 2,861.77 cr in FY22

Hyundai Motor India Ltd recorded a 55 per cent rise in its profit after tax at Rs 2,861.77 crore in the fiscal ended March 31, 2022, its highest in four years, according to financial data accessed by business intelligence platform Tofler. The company, which is an unlisted entity, had posted a profit after tax (PAT) of Rs 1,847.16 crore in 2020-21, down from Rs 2,355 crore that it had recorded in 2019-20. The previous highest PAT of Hyundai Motor India Ltd (HMIL) was at Rs 2,581.73 crore in 2018-19. In the fiscal ended March 31, 2018 the company had posted a PAT of Rs 2,124.17 crore, according to the data by Tofler. In terms of operating revenue, it was also the highest in four years at Rs 47,042.79 crore in FY22, as compared to Rs 40,674.01 crore in FY21. The Indian arm of South Korean auto major had posted an operating revenue of Rs 42,978.63 crore in the fiscal ended March 31, 2020. In 2018-19, the company registered its highest operating revenue at Rs 43,258.09 crore. For the from...
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Ambuja gets shareholders' nod for raising Rs 20K-cr from Adani group firm

Ambuja Cements Ltd on Saturday said it has received shareholders' approval for all proposals in its EGM, including a resolution to raise Rs 20,000 crore from an Adani group firm and appointment of Gautam Adani and others on the board of the company. The Extraordinary General Meeting (EGM) has passed the special resolution proposing to raise Rs 20,000 crore by issuing securities on a preferential basis to Harmonia Trade and Investment Ltd, an Adani group entity, with 91.37 per cent votes, Ambuja Cements said in a regulatory update. Resolutions to appoint Adani Group Chairman Gautam Adani, his son Karan Adani and two directors and four independent directors on the board of Ambuja Cements were also approved by the shareholders. The proposal for the appointment of Gautam Adani was approved with 96.51 per cent of the valid votes cast in favour, while the appointment of Karan Adani received 99.96 per cent votes, as per the scrutiniser's report on the voting results. The shareholder a...
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Retail job searches decline 11.8%, after an uptick of 27.70% says report

There has been a decline of 11.80 per cent in Indians searching for retail jobs from August 2021 to August this year, according to a report. Indians searching for retail jobs has seen a fall during the pandemic and beyond as jobs in retail sector have seen a 5.50 per cent degrowth in the past three years (August 2019 - August 2022), global job site Indeed said in the report. Although retail job searches saw an uptick of 27.70 per cent from August 2020 - August 2021, it again de-grew by 11.80 per cent from August 2021 to August this year, the report said. This could largely be due to the lockdowns last year and the work from home set up where people chose to purchase online during festivities, it noted. The report is based on an analysis of data from Indeed platform from August 2019 till August 2022. The report further revealed that in the retail sector, managerial roles like 'branch manager' have the highest number of job postings (22.9 per cent) whereas sales associate level r...
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HCL Tech to hire 1,300 people in Mexico over next 2 yrs, to open 6th centre

IT company HCL Technologies plans to hire 1,300 people in Mexico over the next two years, according to a statement. The move is expected to strengthen its current employee base of 2,400 people in that country. HCL Tech outlined its expansion plans in Mexico at its 14-year anniversary celebration at Guadalajara, in Mexico and said "the company expects to hire 1,300 people in the next two years". The IT firm will also be opening its sixth technology center in Guadalajara. The new center will significantly expand its presence to serve its growing local and international client base across industries and will focus on creating next-generation digital solutions. "In line with the company's hybrid operating model, the center will embrace an agile workplace," the statement said. The company recently announced a digital transformation partnership with Cemex, a global construction materials company and an integrated IT Services partnership with Neoris, a leading global d...
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Yogi Adityanath invites Tata group to participate in investor summit

Uttar Pradesh Chief Minister Yogi Adityanath on Friday invited Tata group to participate in the Global Investors Summit slated for February next year while highlighting the environment created by the state for attracting investment. According to an official release, the chairman of industrial group Tata Sons, N. Chandrasekaran made a courtesy call on the Chief Minister of Uttar Pradesh at his official residence here during which discussions were held regarding future investment plans of Tata Sons in various areas of the state. Referring to state government plans to organize the Global Investors Summit in February 2023, the CM invited Tata Sons to participate in it. In the last five years, the state government has created a better environment for investment and entrepreneurship in the state by undertaking extensive reforms in various sectors, the CM stressed. Appreciating the efforts for holistic development of Uttar Pradesh N. Chandrasekaran said that a favorable environment has be f...
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Mahindra arm forms JV with Actis; to invest Rs 2,200 cr in industrial units

Realty firm Mahindra Lifespace Developers Ltd on Thursday announced a joint venture with Actis to develop industrial and logistics facilities with an initial investment of Rs 2,200 crore. Actis is a global investment firm. In a regulatory filing, Mahindra Lifespace informed that the company has executed definitive documents to establish joint ventures with Actis for developing industrial and logistics real estate facilities across India. Mahindra Lifespace or its affiliates and Actis or its affiliates will jointly invest in asset owning SPVs (special purpose vehicles) and in an entity that will provide business services to the asset owning SPVs. The company may own stakes in the range of 26 per cent to 40 per cent in these entities, and the balance will be owned by Actis or its affiliates. Both partners have earmarked up to 100 acres of land across Mahindra World Cities as seed assets to be acquired by the asset owning SPVs during the course of arrangement. In addition, the two J fro...
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Amazon India terms Redseer's report on festive season speculative

E-commerce player Amazon India on Thursday called the report of Redseer Strategic Consulting on festive season sale numbers as "speculative which lacks transparency", while the consulting firm defended it as an independent research. The Redseer report showed that the Flipkart Group, including Myntra, Shopsy etc, maintains its leadership position, while Softbank-backed Meesho pipped Amazon to become the second-largest contributor in order volume. Amazon said that the first 12 days of the Amazon Great Indian Festival received the highest ever orders. "We cannot comment on speculative reports without robust and transparent methodology especially as these have not been shared with us. We witnessed the highest ever start to the event in the first 48 hours, with 8 times sales as compared to the average business days. This response is reflected across all categories and we have overall seen a substantial increase in visitors vs 2021," Amazon India spokesperson said. Reacti...
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Star Air inaugurates direct flight services between Mumbai and Kolhapur

/ -- Star Air, the aviation arm of Sanjay Ghodawat Group, inaugurated its direct flight services between Mumbai and Kolhapur under the Regional Connectivity Scheme. The launch of Kolhapur not only celebrates the expansion of Star Air's travel route but also marks the airline's homecoming, as it serves as the base of Sanjay Ghodawat Group's operations. With Kolhapur transitioning itself into a commercial hub, Star Air looks forward to serving its passengers with seamless connectivity, utmost care and comfort by reducing the current 8-10 hour travel time via road and rail to just under an hour. Owing to its spiritual history, Kolhapur is also known as 'Dakshin Kashi'. Not only is it one of the oldest civilizations in the country, but it has also become an important industry and tourism hub. Famous for its agricultural and manufacturing industry, pilgrim sites, jewellery, leather chappals, historical monuments, and sports, particularly wrestling, it is a confluence of ...
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Macrotech Developers' sales bookings up 57% to Rs 3,148 crore in Q2

Realty firm Macrotech on Thursday reported a 57 per cent increase in its sales bookings during the July-September quarter to Rs 3,148 crore on strong housing demand. Macrotech Developers, which sells its properties under the Lodha brand, is one of the leading real estate firms in the country. Its sales bookings stood at Rs 2,003 crore in the year-ago period. "Lodha achieved its best ever Q2 pre-sales performance of Rs 3,148 crore, showing a growth of 57 per cent on a YoY (year-on-year) basis," the company said in a regulatory filing. The company's sales bookings have reached Rs 6,004 crore, which is 52 per cent of its guidance of Rs 11,500 crore for the full 2022-23 fiscal. On operational performance, Abhishek Lodha, MD and CEO of Macrotech Developers said, "Despite this being the seasonally weakest quarter, it is the 2nd time in the last 3 quarters when we have surpassed Rs 3,000 crore of pre-sales, suggesting a strong underlying housing demand, the attraction of Lo...
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Property consultant Anarock aims 37% revenue growth in FY23 to Rs 550 cr

Property consultant Anarock is targeting 37 per cent growth in revenue this fiscal to Rs 550 crore driven by rise in housing sales and income from other advisory services, its Chairman Anuj Puri said. Mumbai-based Anarock, one of the leading housing brokerage firm, had achieved a 32 per cent growth in its revenue at Rs 402 crore during the last fiscal year on account of sharp recovery in housing demand post second wave of the Covid pandemic. Anarock was established by Anuj Puri in April 2017. Before setting up his own firm, Puri had served as chairman and country head at a global property consultancy firm for 10 years. "We have set a revenue target of Rs 500-550 crore this fiscal year and we are on track. Our team is working hard to achieve it," Puri told PTI when asked about the turnover guidance for the 2022-23 financial year. Puri noted that housing market has further consolidated its growth and sales have risen sharply so far this year despite rise in property prices and ...
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Mid-course changes in gas pricing to delay investments, says Reliance

Billionaire Mukesh Ambani's Reliance Industries has told a government-appointed panel reviewing gas pricing that any 'retrograde' move to artificially cap rates will add to fiscal policy instability, delays investment and dent India's attempt to become Atmanirbhar in fuel production. In a submission to the committee headed by Kirit Parikh, which has been asked by the Oil Ministry to look at setting a 'fair price to consumers', the firm detailed how the economics of its about-to-start field in the KG-D6 block, where billions of dollars have been spent to recover reserves lying several kilometres below the seabed, will be impacted under different prices. The mid-course changes through price caps not just go against pricing and marketing freedom contracts and government policy promises to companies but also add to uncertainty to a fiscal regime which would impact investments, according to sources briefed on the matter and the presentation. The government biannually...
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No charge on UPI payments via RuPay credit card for up to Rs 2,000: NPCI

There will be no charge for RuPay credit card use on Unified Payments Interface (UPI) for transactions up to Rs 2,000 in line with the RBI direction, a recent NPCI circular said. RuPay credit card has been operational for the last four years, and all major banks are enabled and are issuing incremental cards for both commercial and retail segments. "During credit card on-boarding on the apps, the device binding and UPI PIN setting process shall include and be construed as customer consent for credit card enablement for all types of transactions," the circular dated October 4 said. For international transaction enablement, the existing process from the app will apply to credit cards too, the National Payments Corporation of India (NPCI) said in the circular. Nil Merchant Discount Rate (MDR) would apply for this category up to the transaction amount less than and equal to Rs 2,000, it noted. MDR is the cost paid by a merchant to a bank for accepting payment from their customers ...
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JSW Cement secures Rs 400 cr as sustainability-linked loan from MUFG Bank

JSW Cement on Monday said it has raised Rs 400 crore from MUFG Bank India as its first sustainability-linked loan. The Sajjan Jindal-led company plans to deploy the fund for capital expenditure to achieve its annual capacity target of 25 million tonne by FY25, it said in a statement. While this credit line is the first sustainability-linked loan for the company, it is also MUFG Bank India's first transaction undertaken out of its new IFSC unit branch launched in August 2022 in the Gift City, it said. Parth Jindal, Managing Director of JSW Cement, said the funding will enable the company to meet its goal of 25 million tonne per annum capacity by FY25 and also forms part of its environmental, social, and governance (ESG) objectives. JSW Cement has installed capacity of 17 million tonne across its units at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha and Dolvi in Maharashtra. Its subsidiary Shiva Cement is investing Rs 1,500 crore in a ...
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Addteq APAC announces rebranding; changes corporate name to 'Enreap'

/ -- Addteq APAC announced its plan to change its corporate name to "Enreap" to enable sharper strategic focus to be a global leader in ALM, DevOps and Digital Services. The name is derived from two powerful components, "en" and "reap". "en" signifies an association that envisions, enhances, enables, energizes, and improves the adjoining part, and "reap" signifies the business value realization for our customers. As part of the name change, the company has released a new company logo and launched a new company website at www.enreap.com. "2022 is a crucial point in the evolution of our organization. Over the past decade, as one of the most trusted partners for Atlassian in India and Southeast Asia, we have served over 300 customers and developed competencies that help organizations achieve enterprise agility with DevOps and ALM. Digital transformation is now an urgent priority for enterprises, as market needs have changed. To addres...
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Zydus Lifesciences' generic drug for overactive bladder gets USFDA nod

Zydus Lifesciences on Monday said it has received the USFDA's final nod to market its generic version of Mirabegron extended-release tablets used to treat overactive bladder, with 180 days of shared generic drug exclusivity. The final approval granted by the US Food and Drug Administration (USFDA) to the company's US arm Zydus Pharmaceuticals Inc is for the tablets of strengths 25 mg and 50 mg, it said in a regulatory filing. Zydus was one of the first applicants to submit a substantially complete ANDA (abbreviated new drugs application) with a paragraph IV certification for Mirabegron extended-release tablets, 25 mg and 50 mg and is therefore eligible for 180 days of shared generic drug exclusivity for the drug, it added. Mirabegron is indicated for the treatment of overactive bladder (OAB) with symptoms of urinary incontinence, urgency and urinary frequency. The drug will be manufactured at the group's formulation manufacturing facility at Ahmedabad SEZ, the filing added....
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ONDC seeks public comments on 24 issues to strengthen its network

ONDC, a government entity to democratise e-commerce in India, has sought public comments on 24 issues pertaining to payments, fulfilment of orders, refunds and cancellations to build trust among network participants. Open Network for Digital Commerce (ONDC) has floated a consultation paper to seek views on steps it is taking to build trust so that more and more participants (buyer apps, sellers apps, payment gateways and delivery apps) take advantage of the fast-growing e-commerce sector. "This is an open consultation. The last date for submitting responses is 31st October 2022," the 43-page paper titled - Public Consultation: Building Trust in the ONDC Network - said. The questions pertain to search and discovery, placing an order, fulfilment of an order, payment and settlement, returns, refunds and cancellations, grievance management, enforcement and compliance, and community governance. It has listed 24 questions, including what more can ONDC do to make the process of sear...
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