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Showing posts from November, 2022

Adani Green raises JPY 27,954 mn through subsidiary to refinance debt

Adani Green Energy Ltd on Thursday said it has raised 27,954 million Japanese Yen (around Rs 1,630 crore) through its subsidiary Adani Solar Energy AP Six to refinance its existing indebtedness. The project loan facility is supported by MUFG Bank and Sumitomo Mitsui Banking Corporation with equal participation, a company statement said. This is an excellent result for AGEL, showing strong support from our lenders and demonstrates our ability to access bank debt at competitive terms in sync with the underlying asset development model to provide a long-term solution, said Phuntsok Wangyal, CFO, Adani Green Energy. Latham & Watkins LLP and Cyril Amarchand Mangaldas acted as legal counsels for the transaction. from Companies https://ift.tt/eIqUtdx via IFTTT
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Amazon CEO says won't take down anti-semitic film Kyrie Irving promoted

Amazon CEO Andy Jassy said Wednesday the company does not have plans to stop selling the antisemitic film that gained notoriety recently after Brooklyn Nets guard Kyrie Irving tweeted out an Amazon link to it. Pressure has been mounting on Amazon to discontinue sale of the film, called Hebrews to Negroes: Wake Up Black America," since Irving shared the link to the documentary with his millions of Twitter followers in October. The synopsis on Amazon says the film uncovers the true identity of the Children of Israel. At The New York Times' DealBook Summit in New York City, Jassy said it is difficult for the company to determine what content crosses the line to where Amazon doesn't make it available to customers. As a retailer of content to hundreds of millions of customers with a lot of different viewpoints, we have to allow access to those viewpoints, even if they are objectionable objectionable and they differ from our particular viewpoints, the Times quoted Jassy as sayin...
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BNP Paribas Arbitrage sells 1.8 mn shares of Wipro worth Rs 73 crore

BNP Paribas Arbitrage on Tuesday offloaded over 18 lakh shares of IT major Wipro for Rs 73 crore through an open market transaction. BNP Paribas Arbitrage sold 18,00,164 shares of the company at an average price of Rs 405 apiece, according to the block deal data available with the BSE. This took the deal value to Rs 72.90 crore. On Tuesday, Societe Generale picked up the shares of the company. Shares of Wipro closed 0.12 per cent lower at Rs 405.20 per scrip on the BSE. from Companies https://ift.tt/idrHzk5 via IFTTT
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Ola, Uber drivers fret over 5% convenience fee on each autorickshaw ride

The Ola Uber Drivers and Owners' Association (OUDOA) and the autorickshaw drivers linked with the ride-hailing companies are apprehensive about the five per cent convenience fee and Goods and Services Tax levied on every autorickshaw ride taken up by passengers. The Karnataka government on November 25 directed the regional transport authorities to charge five per cent convenience fee and GST from the ride hailing companies on each autorickshaw ride by the passengers. OUDOA president Tanveer Pasha blamed the state government for not presenting the case properly before the Karnataka High Court. The government should have brought an amendment to the Karnataka On-Demand Transportation Technology Aggregators' Rules because there is no provision for autorickshaw in it, Pasha told PTI. "If they (transport department) had given proper information to the court, then the court would have directed the government to bring an amendment to the rule," he said. Pasha also alleged tha...
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Godrej Properties to launch Rs 8,000 cr housing project in Delhi by March

Godrej Properties expects to launch a luxury housing project at Ashok Vihar in the national capital in March quarter and is eyeing Rs 8,000 crore of sales revenue from this property. It had in February 2020 acquired a nearly 27-acre land in the national capital for Rs 1,359 crore to develop a luxury housing project. The land parcel belonged to Rail Land Development Authority (RLDA). In an interview with PTI, Godrej Properties Executive Chairman Pirojsha Godrej said the company is still awaiting the final approval to start the work and sales of its upcoming housing project at Ashok Vihar. "There has been a good progress on the approvals. We are still hoping for a Q4 launch (January-March)," he said. The total development potential of the Ashok Vihar project would be around 4 million square feet and the company is eyeing sales of Rs 8,000 crore, said Pirojsha Godrej. "I am very very confident about this project. Quality of the land is so good because of those three parks i...
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Indian pharma exports rise by 4.22% to $14.57 bn during April-Oct

Pharmaceutical exports from India registered a growth of 4.22 per cent to reach USD 14.57 billion during the April-October period despite a negative trend last month, according to a senior official of an export promotion body under Government of India. Udaya Bhaskar, Director General of Pharmaceuticals Export Promotion Council of India (Pharmexcil) which is an organisation under the Ministry of Commerce, said he was hopeful of ending the current fiscal at around USD 27 billion as against USD 24.62 billion during the last financial year. "There was a dip (-0.32 per cent) in July and (-5.45 per cent) and there was 8.47 per cent positive growth in September. I am optimistic that it will be revived in the coming months and may touch USD 27 billion at the end of the fiscal," Bhaskar told PTI. During the same period last fiscal, the exports fetched USD 13.98 billion. USA, Canada and Mexico (NAFTA countries), Europe and Africa account for 67.5 per cent (nearly USD 5 billion) of the ...
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Wabag inks agreement with Asian Development Bank to raise Rs 200 cr

Water technology player VA Tech Wabag on Friday said it has signed an agreement with Asian Development Bank (ADB) to raise Rs 200 crore through unlisted non-convertible debentures (NCDs) carrying a 5-year and 3-month tenor. This NCD will be subscribed by ADB over a 12-month period, Wabag said in a statement. The Rs 200 crore capital raised through this NCD issuance will be used towards working capital requirements of Wabag and will be within the current borrowing limits, which will, therefore, not increase the debt levels of the company, it added. "This is an important milestone for us as we add another feather to our cap with this strategic funding tie-up with ADB. ADB's decision to collaborate with us is a key validation of its focus on clean, green and sustainable technologies. We have been working for many years on projects funded by multilateral agencies, including ADB," Wabag Chief Financial Officer Skandaprasad Seetharaman said. The disposal of wastewater without p...
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PVR Cinemas opens first ever IMAX, superplex at Lulu Mall in Kerala

Film exhibition company PVR Cinemas has opened Kerala's first ever IMAX along with a 12-screen superplex at Lulu Mall in the state capital here. The cinemas, which will be opened to the public from December 5, was formally inaugurated jointly by the Chairman and Managing Director of PVR Limited, Ajay Bijli, Chairman and Managing Director of LuLu Group International, M A Yusuff Ali and the Joint Managing Director of PVR Limited, Sanjeev Kumar Bijli, on Thursday evening. Sanjeev Kumar Bijli said the group was very optimistic about the Kerala market. "We have had a successful venture with the Lulu Mall. We are thrilled to bring the first superplex in Thiruvananthapuram which is in line with our expansion strategy in the South," Bijli told PTI. Strengthening its foothold across markets, the new property is served in a palatial setting with the highest standard of entertainment making it the state's most advanced cinema. "The 12-screen property is an innovative excell...
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Keystone Realtors shares climb over 3% in stock market debut trade

Shares of Keystone Realtors, which sells properties under brand 'Rustomjee', ended over 3 per cent higher in its debut trade on Thursday against the issue price of Rs 541. The stock listed at Rs 555, reflecting a gain of 2.58 per cent from the issue price on the BSE. It further rallied 5 per cent to Rs 568.25. Shares of the firm ended at Rs 557.80 apiece, higher by 3.10 per cent. At the NSE also, it made its debut at Rs 555. It later ended at Rs 556.80, a gain of 2.92 per cent. The company commanded a market valuation of Rs 6,352.08 crore on the BSE. In volume terms, 4.16 lakh shares of the firm were traded at the BSE and over 58.63 lakh shares on the NSE during the day. The initial public offering of Keystone Realtors received 2 times subscription on the last day of the offer on November 16. The IPO had a fresh issue of up to Rs 560 crore and an offer-for-sale of up to Rs 75 crore. Price range for the IPO was at Rs 514-541 a share. Founded in 1995, Keystone Realtors has 32 com...
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Adani group's open offer: 16.54% of NDTV shares tendered by Day 3

Nearly 28 lakh shares were tendered by shareholders of NDTV under the Adani group's open offer at the end of the third day on Thursday. Adani group's open offer to acquire an additional 26 per cent stake in the media firm New Delhi Television (NDTV) started on Tuesday. According to the data from BSE, a total of 27,72,159 NDTV shares amounting to 16.54 per cent of the offer size were tendered by the shareholders by 1600hrs on Thursday. Adani's offer price is Rs 294 per share, while NDTV shares settled at Rs 368.40 on Thursday, which is 25.3 per cent higher compared to the offer price. In the last three months, NDTV shares reached a high of Rs 540.85 on September 5, 2022. The offer closes on December 5, a notice by JM Financial, the firm managing the offer on behalf of Adani Group firms, said. Markets regulator Sebi on November 7 granted its approval to the proposed Rs 492.81 crore-open offer. The conglomerate, run by India's richest man Gautam Adani, in August acquired a...
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Prosus posts $80-million loss on investment in PayU India

Technology investor Prosus on Wednesday reported widening of its consolidated trading loss to USD 80 million, about Rs 654 crore, on account of investment in PayU India business during first half of the current fiscal. The Netherlands-based investor firm, however, registered a 59 per cent growth in total payments volume (TPV) at USD 28 billion, about Rs 2.29 lakh crore, in India. PayU revenue increased to USD 183 million, about Rs 1,497 crore. "Consolidated trading losses expanded to USD 80 million, as we continued to invest in growing our credit operations in India. In India, our largest payments market, TPV grew 59 per cent to USD 28 billion, and revenue increased 48 per cent to USD 183 million, following increased digitalisation in e-commerce, financial services and bill payments, and a rebound in post pandemic travel," the company said. The Prosus group's overall trading loss widened to USD 1.4 billion during the reported period from USD 2.8 billion a year ago. The re...
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Govt needs to share risks with private companies in projects: L&T CFO

The government needs to share risk with private companies it partners with "and not just talk about what can be done" in a project, Larsen & Toubro chief financial officer R Shankar Raman said on Wednesday. He also called out regulatory overreach and over regulation as one of the biggest risks when it comes to India, saying that such a posturing destabilises growth. The belief that private capital can court larger risk is "misplaced" and there has to be an "optimal risk share" between the government and the private partner in a project, Raman said. "partnership in its true sense means holding hands and not just leading the horse to the pond and watching the fun," Raman said, speaking at the annual SBI Conclave here. The bureaucracy and thought leaders in the government need to "evolve" to understand the risk aspect, "and not just talk about what can be done", Raman said, urging the government to play an enabling role. Asse...
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13 companies including Reliance in final list of prospective buyers for FRL

Reliance Retail, Adani Group's JV April Moon Retail and 11 other companies have made it to the final list of prospective bidders for acquiring debt-ridden Future Retail Ltd. These companies have been included in the final list of prospective resolution applicants after receiving no objections from stakeholders concerned to the provisional list issued on November 10, said an update from Resolution Professional for Future Retail Limited (FRL). "No objections were received pursuant to the issuance of the provisional list of the prospective resolution applicants which was issued on November 10, 2022," as per the update. Besides Reliance Retail and April Moon Retail, other prominent entities in the race are Capri Global Holdings, Dharampal Satyapal, Nalwa Steel and Power, Shalimar Corp, SNVK Hospitality and Management, United Biotech and WH Smith Travel. FRL was dragged into insolvency proceedings by its lender Bank of India after it defaulted on loans. Its lenders rejected a ...
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AirAsia partners with Sugarbox to provide in-flight wi-fi service

AirAsia India in partnership with cloud technology firm Sugarbox has started providing in-flight wi-fi service on all its aircraft, according to a joint statement. The service will enable travellers on AirAsia India flights to access over 1,000 international and Indian movies, short movies, web series episodes and stream buffer-free content from OTT apps from the system installed in the flight. "We are delighted to partner with AirAsia India to launch a multi-feature in-flight experience hub - 'AirFlix'. This service will be pivotal in enhancing the in-flight experience for passengers and generating ancillary revenue for the airline, by unlocking an in-air digital economy through commerce and Ads. 'AirFlix' is available across the AirAsia India fleet of 28 aircraft," Sugarbox co-founder Rohit Paranjpe said. He said AirFlix will be available to all fliers through a local in-flight wi-fi at no extra cost. According to the statement, the service has launched with...
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Export duty on steel was imposed to control inflation: JSW chairman

The government had levied export duty on steel to control inflation which has now come down, JSW Group Chairman Sajjan Jindal said on Monday. He made the remarks reacting to the government's action of removing the export duty on steel items. "Duty was brought in because there was huge pressure on inflation and government wanted to cool down the inflation and the industry supported the government in the efforts," he told PTI on the sidelines of the 3rd Indian Steel Association (ISA) Conclave event here. Inflation has come down and the steel prices have also corrected in the domestic as well as global market, Jindal said without sharing any details. At that time, the government felt duty is important. It has been removed now and industry welcomes the move. The industry will continue to make steel for domestic needs as well as for world market, he added. The government has cut the export duty on steel products and iron ore to nil with effect from November 19, 2022 -- six mon...
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Larsen & Toubro hires more than 3,000 engineering trainees in FY23

Engineering and construction conglomerate Larsen & Toubro (L&T) on Monday said it has hired more than 3,000 fresh engineering trainees in the current financial year. The onboarding of over 3,000 graduate and postgraduate engineering trainees in the ongoing fiscal marks a more than three-fold rise as against 1,067 trainees last fiscal. The number of female engineers hired has more than quadrupled to 1,009 trainees in FY23 from 248 trainees in FY22, L&T said in a statement. "It is worth noting that 30 per cent of current batch of fresh engineers are women which is commendable given the fact that 75 per cent of the fresh engineers are hired from mechanical, civil and electrical streams where women candidates are less. "Currently, women employees comprise 7.6 per cent of the total workforce at L&T, and they have already successfully forayed into fields long considered to be male bastions," company's Executive Vice President & Head, Corporate Human Res...
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NCLAT allows Jindal Stainless to bid for debt-ridden Rathi Super Steel

Appellate tribunal NCLAT has upheld the NCLT order to allow Jindal Stainless to participate in the auction of debt-ridden Rathi Super Steel even after a bidder was selected. The National Company Law Appellate Tribunal (NCLAT) said the NCLT "did not commit any error" as sales were not completed and the object was to obtain the maximisation of the assets, hence it "sees no reason to take a different view". "The Adjudicating Authority (NCLT) did not commit any error in taking note of the offer made by Respondent No 1 (JSL) who made an offer of initial Rs 190 crore and revised offer was Rs 201 crore i.e. much higher than the one on which Appellant was declared successful bidder," the NCLAT said. Jindal Stainless Ltd (JSL) submitted its Rs 190 crore bid for Rathi Super Steel after the liquidator forwarded the application before the National Company Law Tribunal (NCLT), seeking closure of the liquidation process and approval of terms and conditions of sale to Ri...
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All-round optimism over residential property sales in Q2: CREDAI report

There has been a renewed demand on sales of real estate properties across categories with an 'all-round optimism' in the residential sector witnessed during the July-September quarter, a report by CREDAI Chennai said. According to the realtor's body Confederation of Real Estate Developers' Associations of India (CREDAI), a total of 3,636 residential units were sold in Chennai during the July-September period, which is 16 per cent higher than previous quarter. Chennai alone accounted for 3,175 housing units, of the 3,636 units sold with the Old Mahabalipuram Road (OMR) popularly known as Information Technology corridor and Grand Southern Trunk (GST) Road becoming the most preferred locations among buyers, a report by CREDAI Chennai Research and Analysis Wing (RAW) said on Sunday. As many as 113 residential projects were registered with Tamil Nadu Real Estate Regulatory Authority (TN RERA)during the quarter ending September 30, 2022 comprising 5,232 residential units whic...
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Expect substantial increase in SUV market share this fiscal: Maruti Suzuki

Maruti Suzuki expects substantial increase in its market share in the sports utility vehicle (SUV) segment this fiscal with the new Brezza and Grand Vitara receiving robust response, according to a senior company official. The auto major also plans to introduce more models in the SUV segment in the remaining part of the financial year. "In July we were at 7.1 per cent (market share) in the SUV segment...it increased to 10.8 per cent in August, 13.01 per cent in September and 14.4 per cent in October. So it is showing an increasing trend," Maruti Suzuki India (MSI) Senior Executive Officer Marketing & Sales Shashank Srivastava told PTI in an interaction. He noted that the market share would have increased further if the company had not faced supply issues with Brezza last month. "I would not like to project a going forward figure but can safely say that we are expecting a good increase (in market share) this fiscal as we expect to launch a few more SUVs," Srivast...
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ONGC to reverse oil, gas output dip; eyes 18% jump in production in FY25

India's largest oil and gas producer ONGC will this year reverse years of decline in production and gradually raise output thereafter as it invests billions of dollars to produce from newer discoveries, company's management told investors in a call. Oil and Natural Gas Corporation (ONGC) in fiscal year 2021-22 produced 21.707 million tonne of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic meter (bcm) of natural gas, which is used to produce electricity, manufacture fertilizer and as CNG in automobiles. In current fiscal year (2022-23), crude oil production is slated to rise to 22.823 million tonne and gas to 22.099 bcm. In the following fiscal year, oil production will climb to 24.636 million tonne and to 25.689 million tonne in 2024-25, the management told investors in a call post announcement of second quarter earnings last week. Natural gas production is slated to rise to 25.685 bcm in 2023-24 and to 27.529 bcm in th...
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Air India to introduce premium economy class in some long haul flights: CEO

Air India will be introducing premium economy class in some of its long haul international flights next month, its chief Campbell Wilson said on Saturday as the Tata group-owned airline works on ways to expand its market share as well as the global network. In his speech at an event by the JRD Tata Memorial Trust here, Wilson said the airline will increase its market share to at least 30 per cent in domestic and international routes. The airline is implementing a long-term revival plan and over the next five years, it aims to grow its wide-body and narrow-body fleet as well as expand the global network. "The short-term actions have been to replace carpets, curtains, seat cushions and covers. To fix defective seats and inflight entertainment systems as fast as supply chains will allow. And where parts are no longer available in the market, to work with the likes of Tata Technologies to design and manufacture parts ourselves. "We've recently completely revamped the domestic...
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Private equity player TPG Growth sells Nykaa shares worth Rs 1,000 crore

Private equity player TPG Growth on Friday sold shares of e-commerce beauty company Nykaa for more than Rs 1,000 crore. As many as 5.42 crore shares of FSN E-Commerce Ventures, which runs Nykaa, were offloaded at a price of Rs 184.55 apiece through a block deal, as per data from the National Stock Exchange (NSE). The total value of the transaction is a little over Rs 1,000 crore, the data showed. These shares were acquired by various entities, including Societe Generale, HSBC Indian Equity Mother Fund and Goldman Sachs (Singapore) Pte, among others. The stock of Nykaa, which got listed last November, is in focus as the mandatory lock-in period for pre-offer investors came to an end on November 10. Shares of the company rose more than 3 per cent to close at Rs 192 apiece on the NSE on Friday. from Companies https://ift.tt/TNXtBfr via IFTTT
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BEML's demerged non-core businesses entity's listing in one month

The BEML's demerged non-core businesses entity, BEM Land Assets Ltd, is expected to be listed in the next one month, a step toward divestment of the engineering major. The government seeks strategic divestment of 26 per cent post BEML demerger process of non-core assets. "Listing of demerged land company will be in a month's time. The valuation process is on. After listing, disinvestment process will be started," BEML chairman and managing director Amit Banerjee said. He was speaking on the sidelines of CII-organized Global Mining Summit 2022. He told PTI that the main assets of the demerged entity will be some total 550 acre of prime land in Bangalore and Mysore. The existing BEML shareholders have been given shares in the new demerged entity in a 1:1 ratio. State-owned BEML was focusing on defence and the metro railway business. Banerjee also mentioned that BEML, which currently has a 90 per cent localisation rate for defense trucks, in light of the government's...
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Page Industries to invest Rs 290 cr to set up two facilities in Telangana

Apparel manufacturer Page Industries on Wednesday said it will invest Rs 290 crore to set up two facilities in Telangana. The new units will provide a total employment to 7,000 local youngsters. It will manufacture garments which include sportswear and athleisure wear, a release said. The announcement was made after a top management team from the company led by V Ganesh, Managing Director, met Telangana Industries Minister K T Rama Rao here. The two proposed locations of Page Industries are at Whitegold Spintex Park Facility in Ibrahimpatnam and at Mulugu in Siddipet district, it said. The Ibrahimpatnam facility will be a 1,50,000 sq ft Plug and Play facility built by Whitegold Spintex Park and leased to Page Industries. This facility will provide jobs to 3,000 local youngsters. Page Industries will build their own facility at Mulugu in Siddipet district in a 25 acre parcel. This facility will provide employment to 4,000 local youngsters, the release said. Rama Rao welcomed Pa from C...
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Consultation paper on OTT framework to come next month, says Trai

Telecom regulator Trai will issue a public consultation paper to discuss regulations for internet-based calling, messaging and entertainment apps in December, a senior official said on Wednesday. The Department of Telecommunications has sought recommendations of the Telecom Regulatory Authority of India (Trai) to set up a legal framework for the over-the-top (OTT) apps that provide calling and messaging services. "Trai officials will make presentation on OTT on November 25, after which issues for discussion will be framed and a consultation paper will be issued for the same next month," a senior Trai official told PTI. Under the new telecommunication bill, the government has proposed to place OTT apps that provide calling and messaging service as telecom services company. The telecom bill proposes OTT players also to comply with 'Know Your Customer' rules and facilitate lawful interception. from Companies https://ift.tt/zJ0UKIk via IFTTT
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JM Financial Q2 net income rises slightly to Rs 180 cr; bad loans spike

JM Financial on Monday reported a marginal 3.20 per cent increase in its net income on a consolidated basis in the September quarter at Rs 180 crore as the company saw its revenue falling and bad loans rising. Total income fell 9.53 per cent to Rs 877.13 crore in the reporting quarter from Rs 969.49 crore in the year-ago period, the company said in a statement. JM Financial's loan book rose to Rs 14,670 crore from Rs 11,072 crore, but the asset quality worsened with gross NPAs climbing to 3.85 per cent from 2.32 per cent in September 2021 and from 3.52 per cent in June 2022. Net NPAs nearly doubled to 2.44 per cent from 1.38 per cent year on year and from 2.31 per cent sequentially. The company said 0.37 per cent of assets are still under the Covid protection cover, down from 0.87 per cent on-year and 0.45 per cent on-quarter. Of the total loan book, the wholesale mortgage stood at Rs 7,321 crore, up 11.3 per cent, and retail mortgage jumped 62.8 per cent to Rs 1,392 crore. Visha ...
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Alembic Pharma gets USFDA nod for generic cancer treatment medication

Alembic Pharmaceuticals on Monday said it has received approval from the US health regulator to market Cyclophosphamide capsules, used in the treatment of different kinds of cancers, in the American market. The company has received approval from the US Food and Drug Administration (USFDA) to market its product which is a generic version of Hikma Pharmaceuticals USA Inc product, Alembic Pharmaceuticals said in a statement. Cyclophosphamide capsules is an alkylating drug indicated for the treatment of malignant disease and minimal change nephrotic syndrome in pediatric patients. According to IQVIA, cyclophosphamide capsules, 25 mg and 50 mg, have an estimated market size of USD 8 million in the US for twelve months ending Sep 2022. Shares of the drug firm were trading 1.32 per cent down at Rs 630.35 apiece on the BSE. from Companies https://ift.tt/P8JbNiq via IFTTT
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Inflation now at manageable level, expect better margins in H2: Pidilite MD

The inflation is still high compared to the past, but it has come down to a 'manageable level', Pidilite Industries Managing Director Bharat Puri has said. He also expects better margins in the second half of this fiscal. The current quarter will have some lag due to the carry forward of some of the high-priced inventory, but the fourth quarter would witness better margins, Puri said. He is optimistic about India and the home improvement sector, and Pidilite is ready for the next phase of growth with its ongoing capex programme. Puri expects the rural markets to bounce back with positive volume growth, helped by a good monsoon in the next six months. According to Puri, it will take a little bit of time but will come back. The demand is most impacted in rural and semi-urban India. "As inflation moderates and more money comes into the hands of the consumer because of the good monsoon, we do think that over the next six months, hopefully, demand should improve from there also...
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Jio strongest telecom brand in India, ahead of Bharti Airtel and Vi: TRA

Billionaire Mukesh Ambani's Reliance Jio is India's strongest telecom brand in India, ahead of Bharti Airtel and Vodafone Idea Ltd, according to brand intelligence and data insights company TRA. TRA, formerly Trust Research Advisory, in its 'India's Most Desired Brands 2022' ranked companies according to their brand strength. Reliance Jio topped the telecom category, followed by Bharti Airtel, Vodafone Idea Ltd and BSNL. In the apparel category, Adidas was the top brand followed by Nike, Raymond, Allen Solly and Peter England. BMW topped the automobile list, followed by Toyota, Hyundai and Honda, while LIC was ranked 1 on the banking and financial services index that had State Bank of India at number 2 and ICICI Bank at 3rd. Kent topped the consumer appliances ranking, followed by Livpure and Okaya. In consumer electronics, LG, Sony and Samsung were the top three brands. ITC topped the diversified conglomerate list, followed by Tata and Reliance. Hindustan Petroleum...
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Sembcorp to acquire Vector Green for Rs 2,780 cr, expand India presence

Sembcorp Industries will acquire Vector Green Energy for Rs 2,780 crore to expand its renewable energy footprint in India to 3 gigawatts (GW), the company said on Sunday. The completion of the acquisition will bring the Singapore-based group's gross renewable energy capacity to 8.5 GW, closer to its 2025 target of 10 GW of gross installed renewable capacity. "Sembcorp Industries (Sembcorp) announces that its wholly-owned subsidiary, Sembcorp Green Infra Limited, has signed an agreement with India Infrastructure Fund II, a fund managed by Global Infrastructure Partners India Pvt Ltd, to acquire 100 per cent interest in Vector Green Energy Private Limited (Vector Green) for a base equity consideration of approximately Rs 2,780 crore," it said in a statement. Vector Green is an independent power producer with renewable power generation assets across 13 Indian states. The portfolio includes 495 megawatts (MW) of solar capacity and 24 MW of wind capacity in operation, with 64 ...
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BHEL's defence unit in Haridwar gets certificate to manufacture naval guns

The defence production unit of BHEL, Haridwar, has been given 'Self Certification Status Certificate' for manufacturing naval guns for the Indian Navy. The certificate was given to BHEL Managing Director Amit Gupta by Rear Admiral Sanjay Sharma, Additional Director General, Quality Assurance, said Acting Director of BHEL, Haridwar, Praveen Chandra Jha on Saturday. Jha congratulated officials and employees of the defence production unit for the significant achievement saying it was a result of their collective hard work. from Companies https://ift.tt/LMGYHfi via IFTTT
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IREDA Q2 net profit surges 67% to Rs 184 crore on higher revenues

The Indian Renewable Energy Development Agency (IREDA) on Saturday posted 67 per cent jump in net profit at Rs 184.30 crore for September quarter 2022-23, mainly due to higher revenues. In the year-ago period, the profit after tax was Rs 110.27 crore, according to a statement from Ministry of New & Renewable Energy. Gross income rose to Rs 791.56 crore from Rs 682.94 crore. IREDA's Net Non-Performing Assets (bad loans) were reduced to 2.72 per cent in the quarter under review from 4.87 per cent in the same period a year ago. Its loan book stood at Rs 33,783.36 crore in the quarter as against Rs 28,856.48 crore earlier. The agency sanctioned loans of Rs 11,226.49 crore in the quarter as compared with Rs 5,925.12 crore in the same period a year ago. from Companies https://ift.tt/TgGZfHA via IFTTT
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RITES Q2 PAT drops 20% to Rs 140 crore, income declines to Rs 684 crore

RITES Ltd, a public sector transport consultancy and engineering firm, has reported 19.6 per cent decline in consolidated profit after tax (PAT) at Rs 140.20 crore for September quarter 2022-23. The company had logged a PAT of Rs 174.49 crore in the year-ago period, RITES said in a BSE filing on Friday. Income dropped to Rs 684.30 crore from Rs 788.85 crore in the year-ago period. "The trend of sequential growth as also seen vis-a-vis H1 (April-September) of the previous year continues despite a dip in the export stream of revenue. "The results reiterate our core strength and the USP (unique selling point) of having a diversified business portfolio," Chairman and Managing Director Rahul Mithal said. RITES is a miniratna public sector enterprise and a leading player in the transport consultancy and engineering sector in the country. from Companies https://ift.tt/b0DfHEA via IFTTT
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Ashok Leyland Q2 net profit increases to Rs 199 cr as sales improve

Hinduja group flagship Ashok Leyland has reported a profit after tax of Rs 199 crore for the second quarter ended September 30, aided by robust sales across segments. It had posted a net loss of Rs 83 crore in the September 2021 quarter, the commercial vehicle major stated in a late-night regulatory filing on Thursday. Revenues in the period under review stood at Rs 8,266 crore compared to Rs 4,458 crore a year ago, it added. Ashok Leyland's domestic MHCV (medium and heavy commercial vehicles) volume rose to 25,475 units in the second quarter against 11,988 units in the year-ago period, it said. It helped the company achieve market share gains of 9.6 per cent in the quarter, Ashok Leyland said. Similarly, the company stated that its light commercial vehicle sales volume increased by 28 per cent to 17,040 units against 13,328 units in the same period last fiscal. Export volumes (MHCV & LCV) for the September quarter surged 25 per cent to 2,780 units against 2,227 units a year .....
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Narayana Hrudayalaya Q2 PAT surges 71% to Rs 169 cr on robust performance

Narayana Hrudayalaya on Wednesday reported a 71 per cent increase in consolidated profit after tax at Rs 169 crore for the second quarter ended September 2022, riding on the back of robust performance across units. The healthcare provider had posted a profit after tax (PAT) of Rs 99 crore in the July-September period of the previous fiscal. Consolidated total operating income stood at Rs 1,142 crore in the September quarter, as against Rs 941 crore in the corresponding period of the previous year, Narayana Hrudayalaya said in a statement. "Building upon the momentum of the previous quarter and backed by continued strong performance across our units, we are pleased to have delivered record profitability for the group during the quarter gone by," Narayana Hrudayalaya Managing Director and Group CEO Emmanuel Rupert stated. Anchored by the flagship units along with sustained uptick in other hospitals ensured that Indian operations, after having been severely impacted during the p...
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Govt appoints 15 judicial, technical members at Company Law Tribunal

The government has appointed a total of 15 judicial and technical members at the National Company Law Tribunal (NCLT), which is grappling with a shortage of judges. The NCLT adjudicates matters related to the Insolvency and Bankruptcy Code (IBC) and companies law. As many as 9 judicial members and 6 technical members have been appointed to the NCLT, according to an official order. These members have been appointed for a period of five years from the date of taking charge or till they attain the age of 65 years, whichever is earlier. Former Madras High Court Judge Justice (Retd) T Krishna Valli, former Allahabad High Court Judge Justice (Retd) Vikas Kunvar Srivastav, Senior Government Advocate at the Department of Legal Affairs Mahendra Khandelwal, CAT Judicial Member Bidisha Banerjee, advocates Praveen Gupta and Ashok Kumar Bhardwaj are among the judicial members. Others are Retd District Judge - Punjab Kuldip Kumar Kareer, Retd District Judge - Gautam Budh Nagar Vishesh Sharma an fr...
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Celebi Delhi Cargo Terminal Management plans Rs 150 crore investment

Celebi Delhi Cargo Terminal Management India Pvt Ltd plans to invest Rs 150 crore to bolster infrastructure at its facility in the national capital as the company expects larger cargo volumes in the coming months. A part of Celebi Aviation, the company operates two cargo terminals with a combined capacity of 7,00,000 tonnes per annum at the Delhi airport. Earlier, one of the two terminals was exclusively catering to erstwhile Jet Airways, which shuttered operations in April 2019. After the airline stopped flying, the terminal remained non-operational. Last month, the company re-opened the refurbished terminal as it started handling cargo of the newly-launched Akasa Air. Celebi Aviation forayed into cargo and warehousing services in 2009 with the setting up of Celebi Delhi Cargo Terminal Management India Pvt, a joint venture with Delhi International Airport Ltd. "For Delhi (cargo facility), we have plans maybe to invest another Rs 150 crore depending on what kind of infrastructure ...
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Zydus Lifesciences gets USFDA's nod for generic hypertension drug

Zydus Lifesciences on Tuesday said it has received approval from the US health regulator to market blood pressure lowering drug Bisoprolol Fumarate and Hydrochlorothiazide tablets in the American market. The company has received approval from the US Food and Drug Administration (USFDA) to market the generic medication in multiple strengths, the Ahmedabad-based drug maker said in a statement. Bisoprolol Fumarate and hydrochlorothiazide combination is indicated to treat high blood pressure (hypertension). The drug will be manufactured at the company's formulation manufacturing facility at Ahmedabad SEZ, the company said. As per IQVIA MAT September 2022 data, Bisoprolol Fumarate and Hydrochlorothiazide tablets had annual sales of USD 27.1 million in the United States. from Companies https://ift.tt/1yUXhIV via IFTTT
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Aurobindo units recall products in US market for manufacturing issues

Aurobindo Pharma units are recalling different products in the US market for manufacturing lapses, as per the US health regulator. According to the latest Enforcement Report by the US Food and Drug Administration (USFDA), New Jersey-based Aurobindo Pharma USA Inc is recalling 9,504 bottles of Quinapril and Hydrochlorothiazide tablets. The affected lot of the medication, which is used to treat high blood pressure, has been manufactured in India and marketed in the US market by Aurobindo Pharma USA, Inc. As per the USFDA, the company is recalling the affected lot due to "Current good manufacturing practices CGMP deviations: Detection of N-Nitroso-quinapril impurity above the acceptable daily intake limit." Nitrosamines are a group of compounds which can damage DNA in the long term. The company, a unit of Hyderabad-based Aurobindo Pharma, initiated the Class II voluntary recall on October 5 this year. In a separate statement, USFDA said AuroMedics Pharma LLC, a unit of Aurobindo...
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BioNTech Q3 earnings drop but forecast for vaccine revenue grows

BioNTech, which teamed with Pfizer to develop a powerful COVID-19 vaccine, reported that its earnings in the third quarter were close to half what they were a year earlier, but the German pharmaceutical company still raised its expectations for vaccine revenue after rolling out updated shots targeting omicron strains. The company said Monday that it made net profit of 1.8 billion euros (USD 1.8 billion) off revenue of 3.5 billion euros (USD 3.5 billion) in the three months to September, a drop from profit of 3.2 billion euros and revenue of 6.1 billion euros in the same period a year ago. BioNTech said the course of the pandemic remains dynamic and led to fluctuations" in earnings. Profit and revenue were largely flat in the first nine months of the year. Thanks to our strong execution in the third quarter of 2022, we updated our COVID-19 vaccine revenue guidance for the year 2022 to the upper end of the original range," said Jens Holstein, CFO of BioNTech. We started shipmen...
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Inox Green IPO to open on Nov 11, sets price band at Rs 61-65 per share

Inox Green Energy Services, a subsidiary of Inox Wind, has fixed a price band of Rs 61-65 per share for its Rs 740-crore initial public offering (IPO). The initial share-sale will open for public subscription on November 11 and conclude on November 15, and the bidding for anchor investors will open on November 10, the company said in a BSE filing. As per the draft papers, the IPO comprises fresh issuance of equity shares worth Rs 370 crore and an offer-for-sale of shares aggregating to Rs 370 crore by promoter Inox Wind. Besides, the company may consider a pre-IPO placement. If such a placement is completed, the fresh issue size will be reduced. Inox Green Energy Services, which had filed draft IPO papers with Sebi on June 20, obtained the observation letter from the regulator on September 13. The issuance of an observation letter by Sebi implies its go-ahead to float an IPO. Going by the draft papers, proceeds from the fresh issue will be used for payment of debt and general ... fro...
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India Cements Q2 net loss at Rs 113 cr, revenue up 7.46 pc to Rs 1,327 cr

India Cements Ltd on Monday reported a consolidated net loss of Rs 113.26 crore for the second quarter ended September 2022. The company had posted a net profit of Rs 29.75 crore during the July-September quarter of the previous fiscal, India Cements said in a regulatory filing. Its revenue from operations was up 7.46 per cent to Rs 1,327.06 crore in the second quarter of this fiscal. The same stood at Rs 1,234.85 crore a year ago. The company's total expenses were at Rs 1,528.01 crore, up 27.16 per cent in the September quarter of FY23, as against Rs 1,201.61 crore a year ago. Shares of India Cements were trading at Rs 248.50 on BSE, up 1.02 per cent from the previous close. from Companies https://ift.tt/PcI6yHA via IFTTT
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Indians likely to use 'Twitter Blue' in a month, says Elon Musk

Twitter's chargeable blue tick verification service is expected to roll out in India in "less than a month", the microblogging platform's new owner, billionaire Elon Musk has said. Earlier this month, Musk had announced that verification blue tick in front of a user's name that authenticates an account will be charged USD 8 per month. Twitter's strategy to introduce a monthly charge for the verified badge has polarised users globally. Musk, the CEO of electric car maker Tesla Inc, completed his USD 44-billion takeover of Twitter in October-end, placing the world's richest man at the helm of one of the most influential social media apps in the world. He also fired the social media company's four top executives, including CEO Parag Agrawal and legal executive Vijaya Gadde. Twitter then proceeded to fire majority of its over 200 employees in India as part of mass layoffs across the globe, ordered by Musk who is looking to make the blockbuster acquisition ...
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Voda Idea expands retail presence with 300 new 'Vi shops' in rural markets

Vodafone Idea (VIL) on Sunday said it has rolled out 300 new-format 'Vi Shops' across multiple towns in Maharashtra, Tamil Nadu, Kerala, West Bengal and UP West, in line with its expansion blueprint to digitally connect the rural population. VIL plans to further strengthen its local presence and enhance engagement with mobile users by expanding its retail footprint to cover more rural markets in the coming months. "To ramp up its retail footprint at the sub district level, Vi has rolled out 300 new format 'Vi Shops' across multiple towns in Maharashtra, Tamil Nadu, Kerala, West Bengal and UP West," the company said in a statement. Customers in Indapur, Maharashtra; Hapur in Western UP; Basirhat in West Bengal; Usilampatti in Tamil Nadu; Payyoli in Kerala; and hundreds of other such towns will have access to quick, face-to-face service along with a range of differentiated products and offerings, it added. The Vi Shops concept for Tier 3 towns is intended to del...
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Reliance Industries India's best employer, in top 20 worldwide: Forbes

Reliance Industries, the country's largest company by revenues, profits and market value, is India's best employer and the world's 20th best firm to work with, according to Forbes' World's Best Employers rankings 2022. The global ranking was topped by South Korean giant Samsung Electronics, followed by US giants Microsoft, IBM, Alphabet and Apple. US companies occupy rankings from 2nd to 12th , followed by German automaker BMW Group at 13th. The world's largest online retailer Amazon is ranked 14th in the list and French giant Decathlon is at 15th rank. Oil-to-telecom-to-retail conglomerate Reliance, with 2,30,000 employees, is ranked 20th - the highest ranked Indian firm. It is ranked above Mercedes-Benz of Germany, US beverage maker Coca-Cola, Japanese auto giants Honda and Yamaha, and Saudi Aramco. There is no Indian company other than Reliance in the top 100. HDFC Bank is ranked 137th. Bajaj (173rd), Aditya Birla Group (240th), Hero Motocorp (333rd), Larsen ...
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Less than 50% capex planned for FY23 utilised, says Tata Steel CEO

Tata Steel has spent less than half of the capex planned for ongoing 2022-23 fiscal year, its CEO T V Narendran said. The company had planned Rs 12,000 crore of capex for the year, of which about Rs 8,500 crore was for India and the balance for Europe. "We have spent a little less of the 50 per cent (of the planned capex) till now," Narendran told PTI in reply to a question related to capital expenditure plan for FY23. For September quarter, Tata Steel reported 90 per cent drop in consolidated net profit to Rs 1,297 crore as against Rs 12,547.70 crore in the year-ago period. In India, Tata Steel acquired Odisha-based steel maker Neelachal Ispat Nigam Ltd (NINL) for Rs 12,000 crore in a bidding process in July. In the UK, the company is seeking 1.5 billion pounds from the UK government to execute its decarbonisation plans. Tata Steel owns the UK's largest steelworks at Port Talbot in South Wales and employs around 8,000 people across all its operations in the country. Nare...
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Crystal Crop Protection eyes 15% jump in revenue to Rs 2,600 cr this fiscal

Agro-chemicals firm Crystal Crop Protection Ltd is expecting 15 per cent growth in its turnover this fiscal to around Rs 2,600 crore on better sales, its MD Ankur Aggarwal said. The Delhi-based company last week raised Rs 300 crore from IFC to fund its expansion and growth plans. "We will utilise the fund for future growth including capacity expansion of existing plants, and working capital requirements," he told PTI. Crystal Crop, which has seven manufacturing plants across various states, posted a turnover of Rs 2,283 crore during the previous financial year. "We are expecting the revenue to reach around Rs 2,600 crore this fiscal year," Aggarwal said, when asked about the outlook. The sales in rabi (winter sown) season are expected to be strong because of the late monsoon, he added. On acquisition of new brands, Aggarwal said the company keeps looking for suitable opportunities in regular course of business. To expand its business, Crystal Crop has made nine acqu...
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Russia cafe blaze kills 13, injures five others; investigation underway

A fire in a cafe in the Russian city of Kostroma killed at least 13 people and injured five others on Saturday, local authorities said. The governor of the Kostroma region, Sergei Sitnikov, said 13 people died in the fire and five more were slightly injured. Russian news agency Interfax cited local emergency officials as saying that the death toll stood at 15. The contradicting numbers couldn't be immediately reconciled. The blaze erupted in the early hours after someone apparently used a flare gun, according to the authorities. The Russian state news agency RIA Novosti reported that a brawl erupted in the cafe shortly before the fire, but it wasn't immediately clear if it had anything to do with the use of a flare gun. Rescuers were able to evacuate 250 people. The roof of the cafe collapsed during the fire, which engulfed an area of 3,500 sq metres (more than 37,000 sq feet). Firefighters spent five hours battling the blaze, and a dozen residents of a nearby residential build...
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Soon, 300 drug formulations to have mandatory bar codes on packages

To curb the menace of spurious medicines, the government is finalising the process of mandating pharmaceutical companies to print bar code on the packages of 300 drug formulations so that information such as manufacturing licence and batch number can be accessed upon scanning. The amendments to Drugs and Cosmetic Rules, 1945 which, once approved, will come into force from May next year. "A sizable of the drugs mentioned in the list are mostly bought over the counter exposing people to the possibility of consuming counterfeit medicines. This amendment aims to prevent supply of fake medicines and ensure improvement in public healthcare," an official source told PTI. "A bar code or QR code will authenticate whether a particular drug is original or not," the official added. The Union health ministry had issued a draft gazette notification regarding the same in June seeking comments and feedback from the public. Based on the comments and further deliberations, the minist...
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Byju's ropes in Messi as global brand ambassador for social initiative EFA

Edtech major BYJU's has roped in football star Lionel "Leo" Messi as the first global brand ambassador of its social impact arm Education For All, the company said on Friday. Messi, who plays for Paris Saint-Germain and captains the Argentinian football team, has signed an agreement with BYJU'S to promote the cause of equitable education, BYJU'S said in a statement. "We are honoured and excited to collaborate with Lionel Messi as our global ambassador. He rose from the grassroots to become one of the most successful sports persons ever. That is the kind of opportunity that BYJU'S Education For All (EFA) wants to create for the nearly 5.5 million children it currently empowers. No one represents the power of enhancing human potential more than Lionel Messi," BYJU'S co-founder Divya Gokulnath said. The engagement of BYJU's with Messi will enhance visibility of the edtech firm overseas as football has roughly 3.5 billion fans worldwide, and Lion...
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SC order against extending term of GMR Upper Karnali hydropower in Nepal

Nepal's Supreme Court on Thursday issued an interim order and asked the government not to implement its decision to extend the term of India's power giant GMR that is developing the Upper Karnali Hydropower Project. The Cabinet had decided to extend GMR's term by two years. A single bench of Justice Ishwor Prasad Khatiwada issued the interim order against the Cabinet's July 15 decision, according to the apex court sources. The supreme court questioned why the Cabinet made the decision on the extension of the project when it was earlier decided by the Investment Board of Nepal. The Investment Board of Nepal and GMR signed the project development agreement seven years ago with two years term. Later, the Cabinet decided to extend the term by another ten years up to 2023 as the project could not move forward as agreed upon in the contract. Likewise, the board again had given one more year for financial closure for the Indian company. Advocate Ratan Bhandari, working in Nepa...
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JSW Group plans to invest Rs one trillion in Karnataka in five years

The JSW Group plans to invest Rs one lakh crore in Karnataka over the next five years, its Chairman Sajjan Jindal said on Wednesday. In his address to the inaugural function of ''Invest Karnataka 2022", the State's Global Investors' Meet (GIM) here, he also requested the state government to consider mineral auctions. Jindal said the Group has so far invested over Rs one lakh crore in Karnataka. "And over the next five years, we have plans to invest additional Rs one lakh crore in Karnataka". The investment would head into expansion of its steel plant, and renewable energy and port infrastructure development space. The Group's Ballari steel plant in Karnataka has grown to be the biggest in India and would soon become the biggest steel plant in the world, Jindal noted. Urging the state government to consider mineral auctions, he said the move would further encourage investment in the manufacturing sector and support Karnataka's growth trajectory. In...
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Glenmark Pharma gets US health regulator nod for generic medication

Glenmark Pharmaceuticals on Wednesday said it has received approval from the US health regulator to market Sodium Phenylbutyrate tablets, used in treating urea cycle disorders, in America. The company has received final approval from the US Food and Drug Administration (USFDA) for the product which is a generic version of Horizon Therapeutics' Buphenyl, the Mumbai-based drug maker said in a statement. According to IQVIA sales data for 12-month period ended September 2022, Buphenyl had annual sales of around USD 8.7 million. Glenmark's current portfolio consists of 177 products authorised for distribution in the US marketplace and 46 abbreviated new drug applications (ANDAs) pending approval with the USFDA. from Companies https://ift.tt/zA3ou1H via IFTTT
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NPCI CEO pitches UPI autopay after Musk demands fee for blue ticks

Even as a debate rages about Twitter's decision to charge users for 'blue ticks', the NPCI has pitched its UPI autopay offering to take care of the monthly payments. National Payments Corporation of India (NPCI) managing director and chief executive Dilip Asbe replied to a tweet by billionaire Musk, saying the UPI's recurring payments offering already has 7 million users. "No worries, India has UPI AutoPay (7 Mn new approved collection mandates/month) to collect every anytime/month/quarter or yearly as you wish dear Twitter," Asbe wrote in response to Musk's tweet, tagging the microblogging site as well. "To all complainers, please continue complaining, but it will cost USD 8," Musk said in a tweet. It can be noted that the NPCI operated Unified Payments Interface (UPI) has been at the centre of the Indian digital payments story and taken the electronic alternative to newer highs. Twitter has been giving the 'blue tick' for public figures...
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IFC invests Rs 300 cr in agro-chemical firm Crystal Crop Protection

Agro-chemical firm Crystal Crop Protection Ltd on Wednesday said it has raised Rs 300 crore from IFC to fund its expansion and growth plans. International Finance Corporation (IFC), a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. According to a statement, the "investment of Rs 300 crore (approx USD 37 million) by IFC and IFC Emerging Asia Fund (EAF)" will help Crystal Crop to boost farm productivity, reduce supply chain disruptions, and set up a robust infrastructure for sustainable production of crop protection products. The statement did not mention the dilution of stake by Crystal Crop for raising this equity fund from IFC. The project will increase farmers' access to customised, affordable, and environment-friendly crop protection products. The IFC Emerging Asia Fund, launched in 2016, makes equity and equity-like investments across all sectors in emerging markets in Asia alongside IFC....
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Coal India production increases 17% in April-October to 352 million tonnes

State-owned CIL on Tuesday said its coal production increased by 17.4 per cent to 351.9 million tonnes (MT) in the April-October period of the ongoing fiscal. The company's coal output in the corresponding period of last fiscal was 299.6 MT, Coal India Ltd (CIL) said in a filing to BSE. The coal production by the maharatna firm also increased to 52.9 MT last month, over 49.8 MT of coal production in the corresponding month of previous fiscal. The public sector enterprise also said its coal offtake during April-October went up to 385.7 MT from 364.4 MT in the year-ago period. However, in October the offtake dropped to 53.7 MT from 56.5 MT in the same month of last fiscal. The coal major did not give the reason for the drop in offtake. Coal India accounts for over 80 per cent of domestic coal output. CIL will achieve 1 billion tonnes of coal production target by 2025-26 as against the earlier timeline of 2023-24 in view of the COVID-19 pandemic, coal minister Pralhad Joshi had earl ...
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