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Showing posts from December, 2022

JSW Group mulls foray into EVs, to manufacture 4-wheelers: Seshagiri Rao

Sajjan Jindal-led conglomerate JSW Group is considering a foray into the manufacturing of electric vehicles, according to a top official of the group. "The group had examined EV manufacturing plans earlier also but now it is becoming attractive," JSW Group Chief Financing Officer Seshagiri Rao told PTI. The manufacturing of EVs is being discussed actively at the group level, he said while divulging JSW Group's plan to expand its presence into more sectors. The group is looking to manufacture four-wheelers, Rao said. When asked about details of the manufacturing location, he said it is yet to be decided. On the timeline for the launch of an EV manufacturing facility, he said, "it (plan) is at advanced stages." JSW Group company JSW Steel owns and operates a one million tonne per annum (MTPA) steel plant at Salem in Tamil Nadu. The company manufactures auto-grade steel at Salem plant and supplies the high-value steel to automobile companies including the EVs maker...
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Over 98,000 unsold homes in Delhi-NCR at 2022-end: PropTiger report

The Delhi-NCR market has 98,290 unsold housing units at the end of 2022 calendar year and it will take around five years for builders to sell these stocks at current sales velocity, according to PropTiger.com. In its latest report, housing brokerage firm PropTiger has mentioned that unsold inventory rose 17 per cent in 2022 to 8,49,510 units across eight major cities. Out of these, nearly 8.5 lakh unsold stocks, 80 per cent units are under construction, while 20 per cent homes are completed and ready-to-move-in. These cities are -- Delhi-NCR, Mumbai Metropolitan Region (MMR), Kolkata, Chennai, Bengaluru, Hyderabad, Pune and Ahmedabad. With improvement in housing sales across 8 cities, the inventory overhang -- the estimated time builders would take to sell off the existing unsold stock based on the current sales velocity -- has declined to 33 months in 2022, as compared to 42 months during 2021, the consultant said. "Pune, Kolkata and Chennai have the lowest inventory overhang of ...
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Post pandemic pent-up demand surge, realty space may face global headwinds

A surge in post-pandemic pent-up demand helped India's property market overcome risks from rising interest rates this year but the dream run might face hurdles from global headwinds in 2023. Any moderation in growth will mark a premature end to what industry watchers believe to be the start of a "long-term upcycle" in the Indian real estate sector. The optimism emanates from record housing sales this year, surpassing the pre-COVID 2019 numbers and the previous high of 2014. "2022 proved to be a successful year for the residential real estate market as momentum of sales and consolidation of players continued," property consultant Anarock's Chairman Anuj Puri said. Fundamentally, the market is much more mature and stable than it was prior to the pandemic, he told PTI. Puri said he is "hoping that 2023 calendar year is as vibrant as 2022 for the residential market, provided the headwinds of possible global recession, high inflation and interest rates and C...
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Airtel plans to invest additional Rs 27-28,000 crore with focus on 5G

Telecom operator Bharti Airtel has plans to invest Rs 27,000-28,000 crore in telecom network with a focus on 5G rollout, a company official said on Wednesday. While the company is planning to increase capital expenditure by 10-15 per cent, it has no plans to charge a premium rate for 5G services as it has not worked in several countries that tried to do so. "Airtel capex will be in line with that spent in the last three years. It may go up and down because of the faster rollout of 5G-- around Rs 27,000-28,000 crore. We may see an upsurge in one year and gradually moderate around the same level," the official, who did not wish to be named, told PTI. The company earlier had an annual average capex in the range of Rs 24,000-25,000 crore. The official said that capex is being largely spent on radios (mobile antennas), fibre, broadband, enterprise technology data centres etc. According to data shared by the telecom ministry, Bharti Airtel has rolled out 3,293 base stations for 5G ...
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Appliances, consumer electronics sector aim for double-digit growth in 2023

Bolstered by premiumisation trends, pent-up demand and policy initiatives, the country's appliances and consumer electronics sector expects to continue on the double-digit growth trajectory in 2023, as companies seek to expand capacity and roll out new-age smart products. Learning the hard way in the wake of the global supply chain disruptions caused by the coronavirus pandemic and prolonged lockdown in China, leading companies in the sector are focusing on enhancing production capacity as well as domestic supply chain to reduce dependence on imported components. All said, geopolitical developments and rupee depreciation could have an adverse impact on companies. Appliances & Consumer Electronics (ACE) industry body CEAMA is "optimistic about good growth in 2023 as well" and expects to almost double the value of the industry in the next three years to Rs 1.48 lakh crore by 2025, as well as make the country an alternative hub for exports. In 2022, ACE industry logged a...
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Radiant Cash Management Services IPO subscribed just 53% on last day

The initial public offer of Radiant Cash Management Services was subscribed just 53 per cent on the last day of subscription on Tuesday. The Rs 388-crore initial share-sale received bids for 1,45,98,150 shares against 2,74,29,925 shares on offer, according to NSE data. The category meant for Qualified Institutional Buyers (QIBs) was fully subscribed, while non-institutional investors portion received 66 per cent subscription and Retail Individual Investors (RIIs) 20 per cent. The Initial Public Offer (IPO) has a fresh issue of up to Rs 60 crore and an offer for sale of up to 33,125,000 equity shares. Price range for the offer is at Rs 94-99 a share. IIFL Securities, Motilal Oswal Investment Advisors and YES Securities were the managers to the offer. from Companies https://ift.tt/HcD5A3k via IFTTT
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Coal India to meet 700 MT production target of FY23, says chairman

Coal India Chairman Pramod Agrawal on Tuesday exuded confidence that the PSU will achieve the production target of 700 million tonnes for the current financial year. Coal India (CIL) accounts for over 80 per cent of the domestic coal output. I am confident...Coal India will achieve the 700 million tonne coal production target this financial year, the chairman was quoted as saying in a statement. Addressing virtually a team of CIL-arm MCL, Agrawal congratulated company officials for registering a growth of 15.9 per cent over the targeted production of coal, which is almost 19 million tonne. Stating that the demand for power will increase in coming days, Agrawal said, There will be increased demand for coal from Coal India, and MCL, which is successfully supplying about 435,000 tonne of coal daily to the power sector, will have to increase its contribution. from Companies https://ift.tt/ygf7jtS via IFTTT
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Startups to attract large foreign direct investments in 2023: DPIIT Secy

The country's startups will attract significant foreign direct investments (FDI) in 2023 on account of steps being taken by the government to strengthen the ecosystem for budding entrepreneurs, a top government official has said. Secretary in Department for Promotion of Industry and Internal Trade (DPIIT) Anurag Jain said India has the third largest startup ecosystem in the world and the way startups here are performing; soon the country will become a top ecosystem globally. Number of recognized startups is increasing significantly, the Fund of Funds for Startups (FFS) and Startup India Seed Fund Scheme are doing good. Startups too will attract significant FDI in 2023, Jain told PTI. Presently, India has one of the most liberalized FDI policies wherein very few sectors require government approval, he said. The government with an intent to nurture innovation, startups and encouraging private investments in the startup ecosystem of the country launched Startup India initiative on ......
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FMCG industry hopes to recover lost volume, to shrug off shrinkflation

Shrinkflation or reducing the size or quantity of a product while keeping the price unchanged was a little-known term in India but a surge in raw material costs following the war in Ukraine pushed several FMCG companies to resort to such a practice to ensure there is no impact on the fragile recovery in demand. And when they exhausted all options, FMCG (Fast Moving Consumer Goods) companies raised prices. Now, they are hoping to recover the lost ground in 2023, with a recovery in margins and volumes, especially from the distressed rural areas amid softening commodity prices. FMCG companies are "cautiously optimistic" and expect the rural market, which accounts for more than one-third of the overall sales, to bounce back in 2023 riding on a good harvest season, government impetus, and improvement in farm income. Besides, they expect the tailwinds of emerging channels like modern trade and e-commerce driving urban demand, and from a rise in premium discretionary categories. Bes...
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Agrochemical's revenue to grow 15-17% this fiscal, driven by demand: Report

Agrochemical players are likely to witness 15-17 per cent revenue growth this fiscal, mainly driven by strong global and domestic demand, according to a report. Revenue is expected to grow by 10-12 per cent in the next 2023-24 financial year as India continues to benefit from the China+1 strategy of global players and key molecules going off patent, Crisil Ratings said in a report said on Monday. Higher operating leverage will help sustain operating margins at 15-16 per cent in the current fiscal and FY24, despite input prices remaining elevated, it added. Capital spending will continue at similar levels as in the past, but elongation in the working capital cycle will result in higher borrowings, as per the report. "Export revenue is seen rising 18-20 per cent this fiscal, with the US dollar appreciating 9 per cent so far and volume growing as global players continue to de-risk their China dependency. "Next fiscal, exports will likely grow 12-14 per cent as players keep up ca...
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Jakson Group bags 121 MW solar project from Amplus Solar in Rajasthan

Jakson Group on Monday said it has bagged a 121 MW solar project from Amplus Solar in Bikaner, Rajasthan. Without disclosing financial details of the project, the company said the green capacity will be constructed on an engineering, procurement and construction (EPC) mode. According to industry estimates, to set up every 1 MW of solar capacity, an investment of around Rs 4.5 crore is required. In a statement, Jakson Group said its group company "Jakson Green has bagged a solar EPC order from Amplus Solar. Jakson Green will deliver the solar power project in Bikaner within 8.5 months of initiation." Once completed, the project is expected to offset over 3.1 million tonne of CO2 per year which is equivalent to taking 5,58,100 fuel-engine cars off the road. The project is slated to supply power to leading commercial and industrial customers on a long-term basis. from Companies https://ift.tt/MmETXaf via IFTTT
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Google's anti-competitive activities harm Indian consumers: MapMyIndia CEO

Google's anti-competitive activities are harming Indian consumers and the economy by stifling "swadeshi" (indigenous) competitors, a top official of home-grown navigation firm MapMyIndia said. The Competition Commission of India (CCI) in October slapped a steep penalty of Rs 1,337.76 crore on internet giant Google for abusing its dominant position in multiple markets in relation to Android mobile devices and ordered the internet major to cease and desist from various unfair business practices. Google has approached the appellate tribunal NCLAT to challenge the CCI order on unfair business practices in the Android mobile device ecosystem, alleging that the decision presents a major setback for its Indian users and businesses, who trust Android's security features and potentially raises the cost of mobile devices. "It is common knowledge in industry, government, regulators and those who have studied the matter in detail that Google is an anti-competitive monopoly t...
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Piramal Realty eyes Rs 2,200 cr sales bookings in FY23, up over 40% YoY

Piramal Realty is targeting about Rs 2,200 crore sales bookings this fiscal, up over 40 per cent year-on-year, on strong housing demand, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate development arm of business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial space under development in the Mumbai Metropolitan Region (MMR). In an interview with PTI, Sawhney said the company has achieved average annual sales bookings of around Rs 2,000 crore in the past five years as it witnessed robust demand for its residential properties across four projects that it has launched so far. Asked about the performance this fiscal, he said, "Our target is in the range of about Rs 2,200 crore. So as of now we look confident that we will cross the Rs 2,000 crore mark, given the demand is buoyant." Sales bookings were more than Rs 1,500 crore last financial year, he informed. Piramal Realty is ...
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Wadhwani AI gets $1 mn from Google.org to build AI solutions in agriculture

The Wadhwani Institute for Artificial Intelligence has received a USD 1 million grant from Google.Org. Wadhwani AI will utilise the grant towards building AI-powered solutions in the agriculture sector, it said in a statement. These solutions will help farmers gain timely, localised, and accurate weather-related information, crop and other farm-related information. Wadhwani AI had received a USD 2 million grant from Google.org in 2019 to support the CottonAce AI-powered pest management solution. With roughly half of India's population dependent on agriculture for their livelihood, this is a sector where technological advancements can lead to pervasive benefits, said Manish Gupta, Research Director, Google Research India. The Wadhwani Institute for Artificial Intelligence (Wadhwani AI) is an independent nonprofit institute developing and deploying AI-based solutions for under-served communities in developing countries. It is currently building solutions in the agriculture and ... ...
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Air India takes steps to minimise impact of fog-related flight disruptions

To minimise the impact of fog-related flight disruptions, Air India on Saturday said it will proactively reach out to passengers and provide them the option to reschedule or cancel their impacted flights free of cost. The Tatas-owned airline has launched the 'FogCare' initiative to mitigate the impact of disruptions due to fog on passengers, and it will be initially for the flights departing from and arriving at Delhi airport. The initiative is to proactively reach out to passengers whose flights have been badly impacted and are likely to be cancelled during periods of fog. Such passengers can decide whether to travel to the airport or not, and avoid the inconvenience of long waits. They will have the option to reschedule or cancel their impacted flights at no extra cost. In a release, the airline said the effort will also help in easing congestion at the airports. "Customer-friendly e-mails, calls, and SMS with flight-specific advisories will be sent to passengers on impa...
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Piramal Realty to invest Rs 3,500 cr in 2 yrs; aims to deliver 5,000 flats

Piramal Realty will invest Rs 3,500 crore over the next two years in four ongoing housing projects as it aims to deliver a 6 million square feet area to customers, its CEO Gaurav Sawhney said. Founded in 2012, Piramal Realty is the real estate arm of the business conglomerate Piramal Group. It is one of the leading developers with 15 million square feet of residential and commercial under development in the Mumbai Metropolitan Region (MMR). In an interview with PTI, Sawhney said the company is developing 13 million square feet in phases across four residential projects in Mulund, Thane, Mahalaxmi and Byculla in the MMR. The company is developing around 12,000 apartments across these four projects. "We have launched around 8-8.5 million square feet so far in these four projects and the remaining 4-5 million square feet will be launched over the next two years," he said. Sawhney said the company is focusing on delivery and has started handing over the first set of 1,000 apartme...
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Karnataka HC sets aside I-T seizure order of Rs 3,700 crore against Xiaomi

In a major relief to Xiaomi Technology India Pvt Ltd, the Karnataka High Court has set aside Income Tax's seizure order of Rs 3,700 crore of the company's fixed deposits. Justice S R Krishna Kumar in his judgment on December 16 imposed three conditions for setting aside the August 11, 2022, order of seizure of the Deputy Commissioner of Income Tax. The first condition was that Xiaomi "shall not be entitled to make payments from the subject fixed deposits accounts in the form of royalty or in any other form to any companies / entities located outside India." Secondly, Xiaomi is "at liberty to take overdrafts from the subject fixed deposits accounts and make payments from such overdrafts to such companies / entities located outside India." And thirdly, the Income Tax Department was "directed to complete the draft assessment proceedings of the petitioner for the Assessment Years 2019-20, 2020-21 and 2021-22 on or before March 31, 2023." The IT Departm...
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Ensure public sector oil marketing companies follow quota policy: Par Panel

A parliamentary panel has asked the Centre to propose amendments to existing rules of public sector oil marketing companies for appointment of Scheduled Caste and Scheduled Tribe members in their boards of directors, noting that they were "rarely" included in the top governing bodies. In a report tabled in Parliament on Tuesday, the committee also termed the percentage of Scheduled Tribe (ST) representation "quite low" in Group A, B and C category posts in Bharat Petroleum Corporation Limited (BPCL). It also said representation of Scheduled Castes (SC) in Group B and C in the company was "not up to the mark". "The recruitment figures relating to SCs and STs are also quite dismal (in BPCL) being 7.7 per cent and 2.1 per cent, respectively, for the year 2019. "Likewise, the percentage of promotion to the lowest rung of Group A stands at 11.11 per cent and 5.55 per cent for SCs and STs, respectively, whereas the same is nil for promotion to Group B ...
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Mark Zuckerberg takes witness stand in FTC case against startup acquisition

Mark Zuckerberg, the CEO of Facebook parent company Meta, took the witness stand Tuesday in the FTC's effort to stop the tech giant from buying a virtual reality startup. At issue is whether Meta's acquisition of the small company that makes a VR fitness app called Supernatural will hurt competition in the emerging virtual reality market. If the deal is allowed to go through, the Federal Trade Commission argues, it would violate antitrust laws and dampen innovation, hurting consumers who may face higher prices and fewer options outside platforms controlled by Meta Platforms Inc. The case, expected to wrap up Tuesday, is being heard by U.S. District Judge Edward Davila, who also oversaw the trial of disgraced Theranos founder Elizabeth Holmes and her partner Ramesh Sunny Balwani. Both were sentenced to over a decade in prison for their roles in the company's blood-testing hoax. from Companies https://ift.tt/Sb9TlCs via IFTTT
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Twitter revamp: A shaky, whiplash-inducing timeline since Musk's takeover

Since Elon Musk took control of Twitter in late October, confusion over what is, and what is not allowed on the platform, even what a verified account is, has run rampant. Rules and policies can change daily, or even hourly. Little of what's transpired at Twitter in almost two months under Musk's leadership has anything to do with what was originally his biggest complaint about the platform: the scourge of bots, or spam accounts. Here's a rundown of some of the events, policy changes and confusion that has been a hallmark of Musk's Twitter. Oct. 27: Musk takes control of Twitter and fires the CEO, chief financial officer and the company's top attorney. Oct. 28: Some accounts recirculate long-debunked conspiracy theories in an attempt to test whether Twitter's policies on misinformation were still being enforced. Oct. 30: Musk tweets a link to an unfounded rumor about the attack on House Speaker Nancy Pelosi's husband. He later deleted the tweet. Oct. 31: Mus...
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Wipro acquires packaged traditional food and spices brand Nirapara

Wipro Consumer Care on Monday announced its entry into the packaged food and spice segment by acquiring Nirapara, one of the largest-selling traditional food brands in Kerala. The deal size was not disclosed by the company. The Wipro group arm has signed a definitive agreement with Nirapara, a company statement said. With this acquisition, Wipro Consumer Care joins FMCG firms such as Dabur, Emami, Tata Consumer Products Ltd and ITC, which are already present in the spices market. Launched in 1976, Nirapara is known for its blended spices. The brand leads in producing a large variety of spice mixes, and rice powder used in making 'appam', 'idiyappam', etc. "Nirapara is our 13th acquisition and gives us a clear foothold in the spices and read-to-cook segment," Wipro Consumer Care and Lighting and Executive Director - Wipro Enterprises Vineet Agarwal said. Presently, Nirapara's 63 per cent business comes from Kerala, 8 per cent from rest of India and the rema...
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Migrate your tweets and come to Koo, CEO Radhakrishna offers in new move

Koo -- the Made-in-India rival of Twitter -- has offered to migrate all historic tweets of any Twitter user willing to shift to its platform that will continue to not charge users for verification badge, its co-founder and CEO Aprameya Radhakrishna said. Since taking over Twitter in a USD 44 billion deal in October, Elon Musk has sacked its employees, overhauled its moderation policies, put a price for account verification, and restored previously banned accounts including that of former US President Donald Trump. In recent days, he suspended the accounts of several prominent journalists without warning who had been covering him, but had to reinstate the accounts following strong criticism from government officials, journalist organisations, and advocacy groups. Koo, which allows users to express views in Indian languages, has already crossed 50 million downloads and is now flying into the rival's nest, starting a campaign to woo Twitter users, offering self-verification and a ... ...
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Ambani to take on ITC, Patanjali, Adani with FMCG brand 'Independence'

Billionaire Mukesh Ambani-led Reliance will rival FMCG food businesses of ITC, Tata Consumer Products Ltd and Adani Wilmar with launch of brand 'Independence' for staples, processed foods, beverages and other daily essentials, analysts said. Reliance Consumer Products Ltd (RCPL), the newly set up FMCG arm of Reliance Retail Ventures Ltd (RRVL) last week made a foray into staples with launch of brand Independence in line with announcement Ambani had made at the company's annual shareholder meeting earlier this year. RRVL is a wholly-owned subsidiary of Reliance Industries Ltd (RIL). The launch is only in Gujarat, possibly on a pilot testing basis, and has indicated that products would be affordably priced. Post development of the brand, it will be rolled out nationally. It will be "competing with Adani Wilmar in edible oil, grains and pulses; Patanjali Foods in biscuits, edible oil, packaged atta; Parle and Britannia in biscuits; Tata Consumer in pulses, packaged water;...
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Rs 25 cr to be granted for Mangaluru industrial cluster in Karnataka

The Karnataka government will release a seed capital of Rs 25 crore for setting up an industrial cluster in the city, state Minister for IT, BT and Higher Education Ashwath Narayan said on Saturday. The government will also establish a two-lakh square feet 'Mangaluru Innovation Hub' through Karnataka State Electronics Development Corporation (KEONICS), aimed at encouraging industrial development of coastal districts, he said, addressing the Mangaluru Technovanza organised by the Mangaluru Cluster of Karnataka Digital Economy Mission (KDEM). The minister said the innovation hub will be established in cooperation with Infosys and other companies, which will cater to the industrial development of Dakshina Kannada, Udupi, Uttara Kannada and Kodagu districts. Narayan praised the coastal region, especially Dakshina Kannada and Udupi districts, for being the cradle of banking. The region has a suitable, conducive and enterprising environment and the government is keen to develop the ....
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Edelweiss Alternatives to buy out L&T Infra Development for Rs 6,000 cr

Edelweiss Alternatives on Saturday entered into an agreement with Larsen & Toubro and Canadian Pension Plan Investment Board to pick up their 100 per cent stakes in L&T Infrastructure Development Projects at an enterprise value of Rs 6,000 crore. Edelweiss Alternatives -- an alternative ivestment fund management platform -- in a statement said that the transaction is being executed by a fund managed by Edelweiss Alternatives and it also involves absorbing the operating team. The portfolio of the target company comprises eight roads and one power transmission asset, spanning 4,900 lane kilometres and 960 circuit kilometres, respectively. Following this acquisition, the infrastructure platform will scale up to 26 assets with cumulative annual revenue of nearly Rs 2,700 crore. The platform will be a diverse mix of power transmission and substations, renewables and highway assets. Sreekumar Chatra, managing director of the infrastructure yield strategy fund, said these assets have ...
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NCPCR summons BYJU's CEO Raveendran over allegation of malpractice

Apex child rights body NCPCR has summoned edtech BYJU's CEO over allegations that it is indulging in malpractices to lure parents and children to buy their courses. According to a media report, BYJU's is facing a range of complaints on social media platforms and consumer websites with customers alleging that they were exploited and deceived as they had to put their savings and futures in jeopardy. The National Commission for Protection of Child Rights, taking cognisance of the matter, has summoned BYJU's CEO Byju Raveendran to appear before it next week. "The Commission is in observance that indulging into malpractices to lure the parents or children into entering loan based agreements and then causing exploitation is against the welfare of children and in pursuance of the functions and powers under Section 13 and 14 of CPCR Act, 2005," NCPCR said. The Commission asked the company to appear in person before it along with the details of all the courses run by BYJU...
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French spirits major Pernod Ricard appoints Paul-Robert Bouhier as India MD

French spirits major Pernod Ricard on Wednesday announced the appointment of Paul-Robert Bouhier as its new Managing Director for India. Robert takes the reins from Thibault Cuny, who stepped down in October 2022 due to health issues. His appointment as Pernod Ricard India Managing Director is with effect from January 1, 2023, a company statement said. In his new role, he will report to Philippe Guettat, Chairman and CEO of Pernod Ricard Asia, and will be a member of the Pernod Ricard Asia Executive Committee, it added. "Paul-Robert will be responsible for continuing to transform and accelerate Pernod Ricard India's business strategy, developing organization and people and finding new opportunities for sustainable and profitable business growth," it said. Most recently, Robert was serving as Managing Director, Pernod Ricard Southern Europe since 2020. Pernod Ricard owns brands, including Chivas, Beefeater, Havana Club, Royal Salute, The Glenlivet and Absolut. Besides, it ...
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Carlyle, Advent buy 9.99% stake in Yes Bank, to pump in about Rs 8,896 cr

Yes Bank on Tuesday said private equity majors Carlyle Group and Advent have picked up 9.99 per cent stake in the bank. The two private equity (PE) funds together would pump in about Rs 8,896 crore in Yes Bank with full conversion of warrants into equity. The bank has allotted a total of 369.61 crore shares of face value Rs 2 each and 255.97 share warrants convertible into equity shares of face value Rs 2 each on a preferential basis to CA Basque Investments, a Carlyle Group entity, and Verventa Holdings Limited, an Advent group entity, Yes Bank said in a regulatory filing. Pursuant to the allotment of the equity shares, the total issued and paid-up share capital of Yes Bank has increased from Rs 5,011.31 to Rs 5,750.54, it said. CA Basque Investments was allotted 184.80 shares with a face value of Rs 2 at an issue price of Rs 13.78 and 127.98 share warrants carrying a right to exercise, get issued and allotted 1 (One) equity share with a face value of Rs 2 for each warrant at a pr f...
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CBI files charge sheet against ex-BARC CEO in ratings manipulation case

The CBI has filed a charge sheet against former BARC CEO Sunil Lulla for allegedly manipulating viewership ratings of channels from "his ends" during his tenure in the ratings agency, officials said Tuesday. During the probe that was started on a complaint from a Lucknow-based advertiser, the CBI did not find any evidence of alleged manipulation being done at the customer level by channels, they said. The alleged manipulation in TV ratings took place at the level of Lulla when he was heading the Broadcast Audience Research Council (BARC), according to the agency charge sheet filed at a special CBI court in Lucknow. Lulla has denied the charges. Sources refused to share details of the charge sheet as the special court is yet to take cognizance of it. The agency has pressed charges under IPC sections 406 (criminal breach of trust), 420 (cheating) and others, they said. The court will take cognisance of the charge sheet on December 15, for which it has issued summons to Lulla, t...
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Elon Musk's Twitter disbands its 100-member Trust and Safety advisory group

Elon Musk's Twitter has dissolved its Trust and Safety Council, the advisory group of around 100 independent civil, human rights and other organisations that the company formed in 2016 to address hate speech, child exploitation, suicide, self-harm and other problems on the platform. The council had been scheduled to meet with Twitter representatives Monday night. But Twitter informed the group via email that it was disbanding it shortly before the meeting was to take place, according to multiple members. The council members, who provided images of the email from Twitter to The Associated Press, spoke on the condition of anonymity due to fears of retaliation. Our work to make Twitter a safe, informative place will be moving faster and more aggressively than ever before and we will continue to welcome your ideas going forward about how to achieve this goal, said the email, which was signed Twitter. The volunteer group provided expertise and guidance on how Twitter could better combat...
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Vistara inaugurates daily, non-stop flights from Mumbai to Muscat

Full service carrier Vistara on Monday launched daily, non-stop flights from Mumbai to Muscat, a move that will see the airline expand its footprint in the lucrative Middle East region. The inaugural flight departed from Mumbai at 2000 hours (IST) and arrived in Muscat at 2135 hours. Muscat is the fourth destination in the Gulf region for Vistara, which is a joint venture between the Tatas and Singapore Airlines. The airline said there has been a consistent rise in passenger volumes and demand from the Gulf countries, paving way for the airline to bolster its presence in the region. Muscat is the third Gulf city (Abu Dhabi and Jeddah being the other two) that Vistara has added to its network in the last four months. Vistara also operates daily flights to Dubai to/from Mumbai. Vinod Kannan, Chief Executive Officer, Vistara, said the launch of operations to Muscat is in line with the airline's goal to steadily enhance its footprint in the Middle East. The firm bilateral relationsh ...
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Top five steel companies, few others selected under the PLI scheme

The top five steel companies -- Tata Steel, JSW Steel, JSPL, AMNS India and SAIL -- dominate the list of qualifiers under the PLI scheme for specialty steel. Besides, there are a few others like Gallant Metalliks, Shyam Metalics Flat Products, and Sunflag Iron and Steel who have been selected to invest under the production linked incentive (PLI) scheme. On Friday, the government announced shortlisting 67 out of 79 applications, with an investment potential of Rs 42,500 crore, under the PLI scheme for specialty steel. The proposed investments are expected to generate 70,000 job opportunities and add 26 million tonnes of speciality steel capacity in the country. As per an official document, Tata Steel has submitted applications to manufacture seven types of speciality steel products, while JSW Steel submitted for six categories. Jindal Steel Odisha, a subsidiary of Jindal Steel and Power Limited, has submitted the highest number of entries to manufacture eight types of specialty stee f...
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USFDA issues warning letter to Glenmark Pharma for lapses at Goa plant

The US health regulator has pulled up drug maker Glenmark Pharmaceuticals for manufacturing lapses, including failure to establish required laboratory control mechanisms, at its Goa-based manufacturing plant. In a warning letter addressed to Glenmark Pharmaceuticals Chairman and Managing Director Glenn Saldanha, the US Food and Drug Administration (USFDA) pointed out various lapses at the company's Bardez-based facility in Goa, which produces drug formulations. The US Health regulator noted that the "warning letter summarises significant violations of Current Good Manufacturing Practice (CGMP) regulations for finished pharmaceuticals". It further said: "Because your methods, facilities, or controls for manufacturing, processing, packing, or holding do not conform to CGMP, your drug products are adulterated..." The USFDA inspected the manufacturing facility from May 12, 2022, to May 20, 2022. In the warning letter, the US health regulator pointed out the company...
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Mahindra Holidays to invest Rs 1,500 crore on expansion in next 3 years

Mahindra Holidays & Resorts India Ltd plans to invest up to Rs 1,500 crore in the next three years in expansion, including room additions and resort acquisitions, according to company MD and CEO Kavinder Singh. The company is also considering launching a new upscale brand for managing resorts, through which it would also look to further grow its Club Mahindra memberships. "We are on a growth path. We have added 1,000-odd rooms in just about two and a half years," Singh told PTI. At present, Mahindra Holidays & Resorts India Ltd (MHRIL) has a total of about 4,700 rooms across 86 resorts -- 74 in India and 12 internationally, he added. When asked about future expansion, he said, "For us, we have to add resorts, that's the business we are in. We have a plan to easily add 1,200 to 1,500 rooms in about three years' time and that will happen at an estimated capital expenditure of about Rs 1,200 crore to Rs 1500 crore, which is sanctioned by the board". Amo...
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Paytm can't use IPO proceeds for buyback; co's strong liquidity to be used

One 97 Communications Ltd, the operator of India's largest digital payments provider Paytm, cannot use proceeds of its mega initial public offering (IPO) for the proposed repurchase of its own shares, as rules prohibit such a move, sources said, adding the firm will use its strong liquidity for the purpose. Paytm has a liquidity of Rs 9,182 crore, as per its last earnings report. The company's board is scheduled to meet on December 13 to consider a share buyback proposal. "The management believes that given the company's prevailing liquidity/ financial position, a buyback may be beneficial for our shareholders," it had stated in an exchange filing on Thursday. After a much-watched listing late last year, the stock is down 60 per cent in 2022 amid a global tech selloff and questions swirl around the firm's profitability, competition and costs related to marketing and employee stock options. Sources said regulations prevent any company from using IPO proceeds fo...
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Vee Technologies to hire 3,000 fresh graduates in south India in next 1 yr

Bengaluru-New York headquartered IT services firm, Vee Technologies has announced its plan to add over 3,000 fresh graduates to its work force in south India in the next 12 months, to cater to the growing business from its healthcare customers in the US. As a first step, the company said it has initiated the hiring process to induct 1,200 fresh graduates in biotech, science and arts as part of the Rs 200 crore expansion plan. Vee Technologies' delivery centres in Karnataka, Tamil Nadu and Telangana in India, and in Manila in the Philippines and multiple locations in the USA service global customers in healthcare, engineering and design space, through proprietary platforms. Vee's software, analytics and strategic IT services clients are made up of hundreds of hospitals, including six of the top 10 US hospitals, deploying proprietary platforms and tools, a company statement said. CEO and Managing Director of Vee Technologies, Chocko Valliappa said the company aims to triple the n...
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Jaypee Power board meet on Monday over divestment of cement grinding unit

Jaypee group firm Jaypee Power Ventures will hold a board meeting on Monday to consider a proposal to divest its Nigrie cement grinding plant in Madhya Pradesh. In a regulatory filing, Jaypee Power Ventures informed that a board meeting has been convened on Monday to "apprise the board of the recommendations of the Audit Committee to consider the proposal of divestment of Jaypee Nigrie cement Grinding unit." Separately, Jaypee Group flagship firm Jaiprakash Associates informed that a board meeting has been convened on Monday to apprise the board of the recommendations of the audit committee and the progress on the various divestment initiatives. Jaiprakash Associates Ltd (JAL) presently has an aggregate capacity of around 6 million tonnes per annum (MTPA) and Jaiprakash Power Ventures Ltd has around 4 MTPA. In October, Jaiprakash Associates and Jaiprakash Power Ventures had announced plans to divest their cement business as well as some non-core assets to reduce debt. Sources...
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Adani group entity operating Guwahati airport gets aerodrome licence

The Guwahati International Airport Ltd, the Adani group entity that operates the LGBI Airport, here, has been granted aerodrome licence by the DGCA for complete management of the airport, an official statement said on Saturday. The licence was granted by the Directorate General of Civil Aviation (DGCA) on Friday, the Guwahati International Airport Ltd statement said. It said the aerodrome licence has been given for "ensuring complete management, operations and development of the Lokpriya Gopinath Bordoloi International (LGBI) airport in accordance with the concession agreement". "The license authorises the aerodrome to be used as a public airport of the country," it added. The licence was received by the Chief Airport Officer of LGBI Airport, Utpal Baruah, in Delhi from Arun Kumar, Director General, DGCA, Government of India. So far, Guwahati International Airport Ltd was operating the LGBI Airport with the licence of the AAI, the facility's earlier operator. Th...
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PM Relocations to invest Rs 150 cr to expand business: CEO Bhargava

Global relocation company PM Relocations (PMR) will invest up to Rs 150 crore over the next three years to expand its business, its CEO Aakanksha Bhargava has said. The company is also expecting to double its revenues to over Rs 200 crore in the ongoing financial year, Bhargava told PTI in an interaction. The Gurugram-based firm, which is into relocating commercial and housing spaces, had clocked Rs 100 crore in 2021-22. On the company's investment plan, the CEO said: "We will invest up to Rs 150 crore over the next three years to expand our business". The amount will be utilised to upgrade technology, set up the physical infrastructure and towards marketing and branding purposes, she said. "It will be our own funding. We are not going to raise it from the market," the CEO added. According to Bhargava, her firm has helped relocate more than 5,000 households within India and 8,000 families abroad in the last 15 years. The company has recently introduced new busin...
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FRL's digital database before insolvency not available: Compliance officer

Future Retail's structured digital database prior to the corporate insolvency resolution process has not been available for verification for the quarter that ended September due to various reasons, including non-cooperation from erstwhile management and lack of administrative arrangements, the company's newly-appointed company secretary and compliance officer said in a regulatory filing. The company has now initiated the process of inviting competitive quotes to purchase the software necessary for the maintenance of the structured digital database to comply with Sebi regulations, FRL Compliance Officer Pratiksha Salecha said in note filed on BSE by the company. Under the Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, listed companies are required to maintain a secured digital database which has to be verified. Salecha was appointed on September 29, 2022, Compliance Officer of Future Retail Ltd (FRL) against which the Corporate ....
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Tata Motors mulling price hike for passenger vehicles from next month

Tata Motors is looking to increase passenger vehicle prices from next month in order to make its model range compliant with stricter emission norms which kick in from April 1 next year, according to a top company official. In an interaction with PTI, Tata Motors Managing Director - Passenger Vehicle and Electric Vehicles Shailesh Chandra said the price revision would also offset the impact of commodity prices, which have remained high for the most part of the year. "The regulatory change will have its impact on the cost. Even the real impact of softening of commodity prices is only going to come from next quarter and we still have the residual impact of the commodity escalation that we have seen during the year," Chandra said. He noted that even the battery prices have gone up and the same has not been passed on to the market. "So we are evaluating a price increase basis some of the residual effect that is left as far as the commodity prices are concerned. Battery prices...
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Li-ion battery pack maker Lohum targets 3-fold jump in topline to Rs 300 cr

Lithium-ion battery pack maker and recycling firm Lohum has said it is eyeing a three-fold jump in its topline at over Rs 300 crore this fiscal driven by surging demand. The company has drawn up an aggressive expansion plan for the next five years amid the Lithium-ion battery industry expecting to grow 11-times between 2020-2030, Lohum Cleantech said. This growth will come on the back of rising demand for electric vehicle batteries, and energy storage systems(ESS) that power smart devices, and stationary applications, it said. Lohum Cleantech is looking to expand at a faster pace to meet the needs of the market. At the end of this financial year, the company is expecting to triple its revenue from Rs 110 crore achieved in FY22, the Greater Noida-based firm said. Lohum claims holding as much as 60-70 per cent share of the total domestic Li-ion battery recycling market. The company had in September announced a collaboration with Switzerland-headquartered diversified natural resour from...
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CIEL Group makes 'strategic investment' in Next Leap Career Solutions

City-based CIEL Group has made a strategic investment in Next Leap Career Solutions Pvt Ltd by signing a definitive agreement to acquire 100 per cent equity stake in tranches, the company said on Sunday. The acquisition is part of the strategic vision of the company to expand its offering in the human resource services space. "With this acquisition, CIEL Group strengthens its position further as a workforce solutions company leveraging technology," said a company statement. Pi Capital and Legalogic are advisors of Next Leap Career Solutions, while NovoJuris represents CIEL Group in this deal. However, the company did not disclose the value of the deal. CIEL (HR services) managing director Aditya Narayan Mishra said, "This acquisition, in line with our IPO plans, is part of our strategic vision to expand our technology-led offerings in the HR services domain." "It will complement our existing subsidiary Integrum Solutions operating in HR technology space and wil...
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SIPCOT to set up 11 new industrial parks in TN, to create over 2 lakh jobs

The State Industries Promotion Corporation of Tamil Nadu (SIPCOT) is in the process of establishing 11 new industrial parks in the state across sectors that would generate more than two lakh jobs in the region, a Confederation of Indian Industry and KPMG report said on Sunday. The move comes in the backdrop of Tamil Nadu leading across states in information and communication technology enabled governance with several e-governance projects successfully implemented across the state. Tamil Nadu was one of the first states in the country to formulate policies in the IT-ITeS sector in 1997. The industry has opened an opportunity for the promotion of software exports and services in the state. In the automobile industry, the state has attracted major projects from various companies including heavy commercial vehicle maker Ashok Leyland, automobile manufacturers Hyundai Motor India, BMW, Renault Nissan, among others. These major projects triggered a multiplier effect by attracting numerou f...
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Godrej Properties adds 8 new projects worth Rs 16,500 cr so far in FY23

Enthused by strong housing demand, Godrej Properties is aggressively acquiring land for future development and has added eight new projects so far this fiscal with an estimated revenue potential of Rs 16,500 crore. With four months still left in 2022-23 financial year, Godrej Properties Executive Chairman Pirojsha Godrej is hopeful that the company will add many more land parcels in its portfolio by March. The company is in discussions with multiple landowners for acquisition of land, either outrightly or by entering into joint development agreements (JDAs). "We have added projects worth Rs 16,500 crore so far this financial year and have already crossed our full year guidance of Rs 15,000 crore. Given strong further visibility, we will end the 2022-23 fiscal much ahead of the target," Pirojsha Godrej told PTI. He did not share the revised target for the new business development for the current fiscal. Pirojsha sounded extremely bullish on sales bookings and new land acquisit...
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Dr Reddy's, Sun Pharma recall products in US for manufacturing issues

Drug majors Dr Reddy's Laboratories and Sun Pharma are recalling different products in the US market for manufacturing issues, according to the US Food and Drug Administration. As per the enforcement report by the US health regulator, the US-based arm of Dr Reddy's Laboratories is recalling over 48,000 cartons of a drug used to treat sneezing, runny or stuffy nose. It is recalling 25,176 cartons of 30-count tablets and 22,968 cartons of 20-count tablets. According to USFDA, Dr Reddy's Laboratories is recalling the affected lot due to "failed stability specifications". New Jersey-based Dr Reddy's Laboratories, Inc initiated the Class III recall on November 21 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". The health regulator further said the US-based arm of Sun Pharma is recalling 14,064 cartons of a medication to treat ...
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NTPC Green Energy likely to get strategic investor by March next year

State-owned power giant NTPC is likely to get a strategic investor for its arm NTPC Green Energy Ltd by March 2023, which will help raise up to Rs 3,000 crore for implementing renewables projects in the country. "NTPC is in the process of roping in a strategic investor for its subsidiary NTPC Green Energy Ltd. The company wants to raise Rs 2,000 crore to Rs 3,000 crore through this transaction, which is likely to be completed during this fiscal year or by March 2023," a source said. The source told that some pension funds, equity investors and big firms had evinced their interest to invest in NTPC Green Energy Ltd. Thus the process of bringing a strategic investor for the subsidiary is expected during this fiscal year only. In view of NTPC's plan to have 60 GW capacity through RE (Renewable Energy) sources, constituting nearly 45 per cent of its overall power generation capacity by 2032, the company would require over Rs 2.5 lakh crore to achieve this ambitious target in ...
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India's Greenhouse-in-a-Box startup Kheyti wins 2022 Earthshot Prize

A Greenhouse-in-a-Box sustainable solution for small farmers devised by Telangana startup Kheyti has won the 1 million pounds Earthshot Prize, founded by Britain's Prince William and dubbed the Eco Oscars'. Kheyti, one of the five winners at a gala green carpet awards ceremony in Boston on Friday night, won the prize in the Protect and Restore Nature category from hundreds of entries worldwide. The pioneering solution for local smallholder farmers is designed to reduce costs, increase yields and protect livelihoods in a region on the frontlines of climate change. I believe that the Earthshot solutions you have seen this evening prove we can overcome our planet's greatest challenges, and by supporting and scaling them we can change our future, said William, the Prince of Wales. Alongside tonight's winners and finalists, and those to be discovered over the years to come, it's my hope the Earthshot legacy will continue to grow, helping our communities and our planet to...
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Godrej Properties buys 18.6 acre land in Mumbai to build luxury homes

Godrej Properties has bought an 18.6 acre land parcel at Kandivali, in Mumbai for around Rs 750 crore to develop a luxury housing project. On Friday, Godrej Properties informed about the land transaction but did not disclose the total deal value. Market sources and property consultants said the land deal was struck at around Rs 750 crore. Godrej Properties, which is part of business conglomerate Godrej Group, is one of the leading real estate companies in the country. The company has been aggressively buying land outrightly and also entering into joint development agreements (JDAs) with landowners to create future development pipelines. As per the regulatory filing, Godrej Properties expects sales revenue of about Rs 7,000 crore from this upcoming 18.6-acre project, which would have a developable potential of about 3.72 million square feet. The project will comprise primarily premium residential apartments with supporting retail spaces. Godrej Properties highlighted that this is from...
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OYO to downsize 3,700-employee base including fresh hires, cut 600 jobs

IPO-bound travel tech firm OYO on Saturday announced it will downsize about 10 per cent of its 3,700-employee base by cutting 600 jobs in the technology and corporate verticals and hiring 250 members, primarily in the relationship management teams. OYO said the move is part of implementing wide ranging changes in its organisational structure. It is downsizing its product & engineering, corporate headquarters, and OYO Vacation Homes teams, while it adds people to the partner relationship management and the business development teams. "OYO will downsize 10 per cent of its 3,700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees," a statement said. Product and engineering teams are being merged for smoother functioning, it added. The downsizing in tech is also happening in teams which were developing pilots and proof of concepts such as in-app gaming, social content curation and patron facilitated content, the company said. Additionally...
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Kerala cooperative secures second position in global sectoral ranking

: World Co-operative Monitor, published by the International Cooperative Alliance, has honoured a primary level labour cooperative in Kerala. Vadakara-based Uralungal Labour Contract Cooperative Society (ULCCS) has been ranked second in the list of Industry and Utilities Cooperatives in the sectoral rankings, for the third consecutive year, a statement said here. ULCCS has been named just below the Spain-based Corporation Mondragon. This ranking is based on the ratio of turnover over gross domestic product (GDP) per capita. ULCCS bagged the same position in 2018 and 2019, it said. The Industry and Utilities section includes cooperatives operating in industrial sectors with the exception of the food industry as well as those whose economic activity deals with utilities. It includes worker cooperatives in the construction sector and users' cooperatives in the utilities sector, that is, cooperatives which are active in the management of infrastructure for a public service. Four .. f...
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Give management of Amrapali to Uttar Pradesh: AG tells Supreme Court

Attorney General R Venkataramani, the court receiver for the Amrapali group projects, told the Supreme Court on Friday he is facing resistance from Noida and Greater Noida authorities in generating funds for the stalled projects and, if the situation remains so, the management of the company should be handed over to the Uttar Pradesh government. Home buyers, through their counsel, submitted the National Building Construction Corporation (NBCC) has completed construction of around 3,000 flats left incomplete by the Amrapali group but no electricity and water connections have been provided by the Noida and Greater Noida authorities. "I, as a court receiver and the Attorney General, am taking all efforts to generate more funds for completion of the stalled projects but Noida and Greater Noida have taken a stand that unused FAR (floor area ratio) should not be sold," Venkataramani told a bench of Justices Ajay Rastogi and Bela M Trivedi. Floor Area Ratio is the ratio of a buildin...
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Godrej Properties buys 18.6 acres land in M'bai; eyes Rs 7Kcr sales revenue

Godrej Properties Ltd on Friday said it has bought 18.6 acre land at Kandivali in Mumbai to develop a premium housing project and expects sales revenue of about Rs 7,000 crore. In a regulatory filing, the company informed that the project would have a developable potential of about 3.72 million square feet with an estimated revenue potential of around Rs 7,000 crore. The project will comprise primarily premium residential apartments with supporting retail spaces. This will be one of the company's largest residential developments, and it significantly strengthens the firm's presence in the western suburbs of Mumbai. Godrej Properties highlighted that this is the 8th project addition so far this financial year and "takes the cumulative expected booking value from projects added in FY23 to approximately Rs 16,500 crore." Godrej Properties, one of the leading real estate developers in the country, had given a full year guidance of adding projects with a booking value pote...
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Orchid Pharma board approves QIP programme to raise Rs 500 crore

Drug firm Orchid Pharma on Thursday said its board has approved to raise Rs 500 crore from institutional investors. The company's board has approved a Qualified Institutional Placement (QIP) programme to raise Rs 500 crore, it said in a regulatory filing. With this QIP, the Dhanuka group, which took over the company in 2018, is also meeting its mandatory obligation to dilute 15 per cent stake in it by March 2023. Post a successful turnaround of the Insolvency Bankruptcy Code case, the company has been on a growth spree, it said. On the back of a robust product launch pipeline and an agile management team, the company said it is poised to become an even stronger player in the Cephalosporin antibiotics space. from Companies https://ift.tt/10B89iq via IFTTT
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