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Showing posts from January, 2023

RBI appoints V Ramachandra as member of Advisory Committee of SIFL, SEFL

The Reserve Bank on Tuesday appointed V Ramachandra, former chief general manager of Canara Bank, as a member of the Advisory Committee of Srei Infrastructure Finance Limited (SIFL) and Srei Equipment Finance Limited (SEFL). After superseding the boards of SIFL and SEFL in October 2021, the RBI had appointed a three-member advisory committee to assist the administrator of the two crisis-ridden firms. "Consequent upon the resignation of Shri Farokh N Subedar from the Advisory Committee with effect from January 31, 2023, it has been decided to appoint Shri V Ramachandra as a member of the Advisory Committee with immediate effect," the central bank said in a statement. The Advisory Committee shall advise the Administrator in the operations of SIFL and SEFL during the corporate insolvency resolution process, it added. The other two members of the committee are -- Venkat Nageshwar Chalasani, former deputy managing director, State Bank of India; and T T Srinivasaraghavan, former ma...
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State-owned Coal India Q3 consolidated net profit rises 70%

State-owned Coal India Ltd on Tuesday reported a 70.1 per cent rise in consolidated net profit at Rs 7,755.5 crore for the quarter ended December 2022 on the back of higher sales. The company had posted consolidated net profit of Rs 4,558.3 crore in the year-ago period, Coal India Ltd (CIL) said in a regulatory filing. The consolidated sales of the company during the October-December period increased to Rs 32,429.46 crore, over Rs 25,990.97 crore a year ago. In a statement, the PSU said the steep rise in profit came on the back of higher add-on over the notified price in e-auction sale of 14.65 million tonnes coal during the third quarter of FY23. Though auction volumes were lower by 44 per cent in the third quarter of current fiscal, compared to 26 million tonnes of similar quarter FY22, higher premiums under the e-window helped CIL in cranking up sales by Rs 2,341 crore. The realisation per tonne of coal was Rs 5,046 under auction segment, in the third quarter against Rs 1,947 p fr...
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PM Netanyahu to attend Adani grp's Haifa port acquisition ceremony

Prime Minister Benjamin Netanyahu will attend a ceremony here on Tuesday to celebrate the successful entry of the Adani Group in Israel through its acquisition of the Haifa port, which is being seen as a "strategic purchase" and probably the biggest foreign investment in this country in any sector. A consortium of Adani Ports and Special Economic Zone (APSEZ) and Israel's Gadot Group won the tender in July last year to privatise the Port of Haifa in Israel for a staggering USD 1.18 billion. It completed the process of purchase on January 11 this year, following which upgradation work has been going on in full swing at the port. The Indian partner in the consortium holds 70 per cent of the stake while its local partner has 30 per cent. Gautam Adani, the Founder and Chairman of the Adani Group, will also attend the ceremony at Haifa Port Temporary Cruise Terminal in this northern coastal city of Israel on Tuesday. Prime Minister Netanyahu will also attend the ceremony here....
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Textiles major Welspun India Q3 net profit declines 66.55% to Rs 43.83 cr

Home textiles major Welspun India on Monday reported a 66.55 per cent decline in consolidated net profit at Rs 43.83 crore in the third quarter ended December 2022, impacted by lower sales. The company had posted a consolidated net profit of Rs 131.06 crore in the same quarter last fiscal, Welspun India said in a regulatory filing. Consolidated total income during the quarter under review stood at Rs 1,904.05 crore as against Rs 2,437.92 crore in the year-ago period, it added. "The global environment remained challenging during Q3 FY23 due to inflation and slowdown across our key markets," Welspun Group Chairman B K Goenka said. Despite the challenges, he said, "Our domestic consumer business continued to consolidate its leadership position with 'Welspun' brand footprint at over 10,600 outlets and clocking its highest ever quarterly revenues during the quarter, growing in excess of 39 per cent YoY." During the quarter, the home textiles segment clocked a rev...
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DMRC, Airtel Payments Bank to provide another smart card top-up facility

Delhi Metro has partnered with Airtel Payments Bank to provide one more smart card top-up facility to commuters, officials said on Sunday. This new initiative is focused on contributing to the government's vision of Digital India and financial inclusion by taking digital transaction services to the doorstep of every Indian, the DMRC said in a statement. The top-up facility of Delhi Metro's smart cards will now be possible through Airtel Payments Bank, it said. This new facility will be of great convenience to the commuters since this will allow them to use one more reliable option to recharge their smart cards through their mobile phones, the statement said. The transactions will be completely safe and the card or internet banking details will be saved only once by the app. Recharge through this facility will be fast and convenient, it added. from Companies https://ift.tt/510uOtF via IFTTT
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Adani confident of FPO sailing through; Sebi, other bodies probing sell-off

Richest Asian Gautam Adani's group on Sunday expressed confidence that the Rs 20,000 crore follow-on share sale of its flagship firm will sail through despite a massive hammering of the conglomerate's stocks following a scathing report by a US-based short seller. Group CFO Jugeshinder Singh said no change in offering price or schedule is being considered due to temporary volatility in the market as the follow-on public offer (FPO) of Adani Enterprises Ltd is the best vehicle for strategic institutional investors to own a pie of the conglomerate's fast expanding airports, mining, roads, new energy and data centre businesses. All seven Adani group companies' stocks fell sharply over the last two trading sessions, wiping out Rs 10.7 lakh crore of investor wealth after Hindenburg Research alleged that the ports-to-energy-to-cement conglomerate had engaged in "brazen stock manipulation and accounting fraud" for decades. The sell-off is being looked into by market r...
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M&A, other corporate deals surpass pre-Covid levels in 2022: PwC report

Despite global headwinds, mergers and acquisitions and other corporate deals in India surpassed pre-Covid levels to reach USD 159 billion with as many as 2,103 transactions in 2022, a 29 per cent increase from 2021 in terms of value, said a PwC India report. India demonstrated signs of stable corporate deals defying the trend among most major economies of the world, said the PwC report titled 'Deals in India: Annual Review 2022'. Mergers and acquisitions accounted for a major share of the deal value, boosted by more than 20 large transactions, and reached a record high of USD 107 billion -- almost twice that of 2021. "However, excluding the HDFC Ltd and HDFC Bank merger (worth USD 60 billion), M&A deal values were about 15 per cent lower than that of 2021. Private equity (PE) investments stood at USD 52 billion, 22 per cent lower than 2021 but 20 per cent higher than all other preceding three years in terms of value and quantum," it said. It is to be noted that de...
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Kidnapped for ransom, 26/11 survivor Adani faces his biggest challenge yet

He was kidnapped by bandits in 1998 for ransom and when terrorists attacked Mumbai almost 11 years later, he was among the hostages held at the seafront Taj Hotel. College-dropout Gautam Adani's knack of surviving crises and his business acumen has propelled him to the ranks of India's richest but he now faces possibly the biggest challenge of his career. Hindenburg Research, a tiny New York firm that specialises in short selling, brought out a scathing report that has led to his group shedding more than USD 50 billion in market value in just two trading sessions and Adani himself losing in excess of USD 20 billion, or about one-fifth of his total fortune. The 60-year-old tycoon has now slipped behind Bill Gates and Warren Buffett to be the seventh-richest person in the world from the pre-Hindenburg position of being the third richest. More than his personal status, at stake is the reputation of an empire the first-generation entrepreneur built over three-and-half decades. The ...
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Macrotech Developers aims to cut debt by nearly 40% in 2023: MD Lodha

Realty firm Macrotech Developers Ltd aims to cut its net debt by nearly 40 per cent to around Rs 5,000 crore by the end of this calendar year with the help of surplus cash flow from strong housing sales, a top company official said. Mumbai-based Macrotech Developers, which is one of the leading real estate firms in the country, markets its properties under the Lodha brand. In an interview with PTI, Macrotech Developers MD and CEO Abhishek Lodha sounded bullish on the long term growth potential of India's residential real estate market. Sales bookings and cash flows have been very strong so far this fiscal year, resulting in reduction in debt by Rs 753 crore in the December quarter to Rs 8,042 crore, he said. "We are hoping to reduce debt further by Rs 1,000 crore by end of this fiscal year to about Rs 7000 crore," Lodha said. The company plans to cut debt by Rs 500-800 crore every quarter. "We will hope to be close to Rs 5,000 crore of net debt sometime by end of thi...
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Answer on LIC, SBI's exposure to Adani stocks: K T Rama Rao to NDA Centre

The ruling BRS in Telangana on Saturday said the NDA government at the Centre needs to answer serious questions on LIC and SBI's large exposure to Adani Group stocks. Who "pushed" LIC and SBI to such a large exposure, the BRS claimed. "There are serious questions that need to be answered by the NDA Govt on #HindenburgReport. Why do LIC & SBI have such large exposure ?77,000 Cr & ?80,000 Crore to Adani group stocks? Who pushed them to do so? Who was aiding & abetting them in this entire episode?," tweeted State Municipal Administration Minister K T Rama Rao, son of Chief Minister K Chandrasekhar Rao. BRS MLC K Kavitha, daughter of Chandrasekhar Rao, in a statement, said the Centre should answer all the questions in the wake of the "fall and fluctuations in the LIC and SBI and market on the whole." The recent fall and fluctuations in the LIC, SBI and market on the whole, after the recent report on Adani Group is extremely worrisome. Every Ind...
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Startup 20 group to hold its inception meeting in Hyderabad on Jan 28-29

Hyderabad will host a two-day inception meeting of the Startup 20 Engagement Group, set up under India's G20 presidency, from Saturday. G20 is a grouping of developed and developing nations. India is holding its presidency for this year. Startup 20 is an important engagement group and Hyderabad has a culture of innovation, G20 Sherpa Amitabh Kant told reporters on Friday. Startup20 has three different tracks, namely, foundation and alliance, finance and inclusivity and sustainability, said Anurag Jain, Secretary, Department for Promotion of Industry and Internal Trade. Startup20 aspires to create a global narrative for supporting start ups and enabling synergies between start ups, corporates, investors, innovation agencies and other key ecosystem stakeholders, an official release said. The purpose of this group is to provide a common platform for start ups from G20 member countries to come together to develop actionable guidance in the form of building of enabler's capacities, ...
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Centre notifies GACs to look into complaints against social media firms

The Centre on Friday notified three grievances appellate committees that will address users' complaints against social media and other internet-based platforms. According to the notification, each of the three GACs (grievances appellate committees) will have a chairperson, two whole-time members from different government entities and retired senior executives from the industry for a term of three years from the date of assumption of office. The first panel will be chaired by the chief executive officer of the Indian Cyber Crime Coordination Centre under the Ministry of Home Affairs. Retired Indian Police Service (IPS) officer Ashutosh Shukla and Punjab National Bank's (PNB) former chief general manager and chief information officer Sunil Soni have been appointed as the whole-time members of the panel. The second panel will be chaired by the joint secretary in charge of the Policy and Administration Division in the Ministry of Information and Broadcasting. Indian Navy's reti...
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Budget 2023: FHRAI pitches for infrastructure status to hospitality sector

The hospitality sector needs to be accorded infrastructure status by the Centre to help it avail long-term funds under the RBI infrastructure lending norm criteria, according to Federation of Hotel & Restaurant Associations of India. In its pre-Budget demand, the Federation of Hotel & Restaurant Associations of India (FHRAI) said although industry status has been accorded to tourism and hospitality by many state governments, the incentives and privileges associated with an industry have not been conferred to the sector. "The industry needs infrastructure status to be accorded by Government of India to enable the hospitality sector avail long-term funds under the RBI Infrastructure lending norm criteria," FHRAI Secretary General Jaison Chacko said in a statement. This will enhance quality accommodation supply and therefore, stimulate higher global and domestic travel demand, he added. Chacko further said tourism and hospitality should be placed on the concurrent list o...
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Vodafone board to discuss Rs 1,600 cr debenture issue for ATC on Jan 31

Debt-ridden Vodafone Idea's board will meet on Tuesday to discuss a proposal to issue Rs 1,600 crore debentures to mobile tower vendor ATC Telecom Infrastructure. Vodafone Idea (VIL) and ATC had agreed to extend the last date to issue optionally convertible debentures (OCD) till February 28 after the shareholder's approval to issue the debentures lapsed in December. "We wish to inform you that a meeting of the Board of Directors of the Company is scheduled to be held on Tuesday, 31st January 2023, in relation to the said preferential issue of OCDs to ATC and to convene the Extraordinary General Meeting of the Company to seek approval of the shareholders in this regard," VIL said in a regulatory filing. The shareholders' nod to issue OCD within 15 days of approval of the proposal had lapsed in the absence of any response from the government on the conversion of interest dues into equity. On November 21, shareholders of debt-ridden Vodafone Idea (VIL) approved issui...
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IGL Q3 net profit drops 11% at Rs 334 cr on holding CNG, piped gas prices

Indraprastha Gas Ltd, the firm that retails CNG and piped cooking gas in the national capital and other cities, reported 11 per cent drop in third quarter net profit after it held retail prices despite rise in input cost. Consolidated net profit of Rs 334.06 crore in October-December 2022 is compared with Rs 374.76 crore a year back, according to the company's filing with stock exchanges. The firm saw more than doubling of the cost it incurs on procuring natural gas, which is converted into CNG for sale to automobiles and piped to household kitchens for cooking purposes. Revenue from operations soared to Rs 4,089.03 crore in the third quarter of current fiscal year from Rs 2,438.48 crore in the year-ago period. "For the quarter ending December 2022, IGL registered an overall sales volume growth of 6 per cent over the corresponding quarter in the last fiscal, with the average daily sale going up from 7.66 million standard cubic meters to 8.12 million standard cubic meters per d...
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Tata Communications Q3 net flat at Rs 394 cr; revenue rises to Rs 4,528 cr

Tata Communications on Monday reported a consolidated net profit of about Rs 394 crore for the just-ended December 2022 quarter, a tad lower than the year-ago period. The Q3 FY23 net profit was 0.3 per cent lower than last year's figure of about Rs 395 crore (profit for the period attributable to equity holders of the parent). Seen sequentially, the net profit was down 26 per cent from the September quarter. Tata Communications' consolidated revenue for the quarter ended December 2022 came in at about Rs 4,528 crore, 8.2 per cent higher on-year. Data business revenues stood at Rs 3,593 crore, recording an increase of 11.1 per cent on-year, the company said in a statement, adding strong momentum in the digital platforms and services segment continued. The core connectivity portfolio reported growth of over 6 per cent year-on-year in revenue, and the digital platforms and services delivered growth of over 17.2 per cent, according to the statement. Tata Communications CEO A S ... ...
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HFCL Q3 net profit surges 25% to Rs 102 crore; revenue at 1,086 crore

Domestic telecom gear maker HFCL Limited on Monday posted a 25.3 per cent year-on-year rise in consolidated net profit for the December 2022 quarter at Rs 102 crore. Its net profit stood at Rs 81 crore in the corresponding period of previous year, according to a company statement. Revenue came in at Rs 1,086 crore for Q3 FY23, falling 10.6 per cent over the year-ago period. HFCL Managing Director Mahendra Nahata said over the last few quarters, despite the global supply chain disruptions, the company continued to demonstrate strong business performance with strategy to tap into new geographies, new customers with new products and shift in revenue mix from projects to more of products which resulted in sustainable revenue and margin expansion. The company's order book stood at over Rs 7,000 crore as on December 31, 2022 compared to Rs 5,280 crore in the previous quarter. "HFCL has been granted approval to avail incentives up to Rs 652.79 crore from FY 22-23 to FY 26-27 as part ...
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Poonawalla Fincorp Q3 net up 88% to Rs 150 cr, income rises to Rs 519 cr

Poonawalla Fincorp Limited on Monday reported an 88 per jump in net profit to Rs 150 crore for the third quarter ended December 2022. The non-deposit-taking non-banking finance company (NBFC) focusing on consumer and MSME finance had reported a net profit of Rs 80 crore in the year-ago period. Total income in the quarter rose to Rs 519 crore as against Rs 394 crore a year ago, Poonawalla Fincorp said in a regulatory filing. Net Interest Margin of the company rose to 10.7 per cent, an improvement of 94 basis points. On asset quality, the gross non-performing assets (NPAs) fell to 1.69 per cent, down by 236 basis points (bps) year-on-year. The net NPAs stood at 0.89 per cent, 108 bps lower. Capital Adequacy Ratio stood at 44 per cent as of December 31, 2022, it added. from Companies https://ift.tt/M4A9FD6 via IFTTT
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Govt support needed till EV penetration reaches desired level: Girish Wagh

Support provided by the government to promote electric and zero emission vehicles through schemes such as FAME II, need to be continued till penetration of such automobiles crosses a particular threshold with a good level of localisation, according to Tata Motors Executive Director Girish Wagh. There is also a case to consider the extension of the FAME II scheme, which will come to an end next year and include bigger electric buses to avail of subsidy, he told PTI. "The government has done a terrific job to promote, or more than promote I would say, ignite electric vehicle or zero emission vehicle demand. Whether it is FAME phase I, phase II, now PLI and state level incentives, a lot of policy measures, the government has really done a terrific job," he said. Wagh further said, "So, our expectation would be that the government continues with this till the electric vehicle penetration crosses a particular threshold where there is a good level of localisation. Once you hav...
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Lupin recalls over 16,000 bottles of generic tuberculosis drug in US

Drug maker Lupin is recalling 16,056 bottles of Rifampin Capsules, used in the treatment of all forms of tuberculosis, in the US market due to a manufacturing issue, according to the US Food and Drug Administration. As per the latest Enforcement Report by the US health regulator, Lupin Pharmaceuticals Inc, a US-based arm of the Mumbai-based drug major, is recalling the affected lot due to "Failed Impurities/Degradation Specifications: Failure observed in related substance testing during long term stability study." The affected lot has been produced at Lupin's Aurangabad plant and marketed in the US by Baltimore-based Lupin Pharmaceuticals. The company initiated Class II nationwide (US) recall of the affected lot on December 12 last year. As per the US Food and Drug Administration (USFDA), a class II recall is initiated in a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the pr...
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Lupin gets USFDA tentative nod for generic drugs to treat HIV infection

Pharmaceutical firm Lupin on Monday said it has received tentative approval from the US health regulator to market its generic version of Dolutegravir and Rilpivirine tablets used in treatment of HIV infection. The tentative approval granted by the US Food and Drug Administration (USFDA) is for the abbreviated new drug application (ANDA) of Dolutegravir and Rilpivirine tablets of strength 50 mg/25 mg, Lupin said in a regulatory filing. The Dolutegravir and Rilpivirine tablets, 50 mg/25 mg had estimated annual sales of USD 666 million in the US, the company said citing IQVIA MAT September 2022 data. from Companies https://ift.tt/wl24eJy via IFTTT
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Regional carrier Flybig starts flight service from Itanagar to Guwahati

Regional carrier Flybig on Sunday started service from Itanagar to Guwahati. The carrier has commenced flight from Hollongi in Arunachal Pradesh to Guwahati in Assam. "Itanagar is the 10th destination on Flybig network; while the third destination in Arunachal Pradesh alone. Flybig also flies six days a week to Tezu and seven days to Pasighat in Arunachal Pradesh from Guwahati," it said in a release. The direct morning flight from Itanagar to Guwahati will be operated on all days except Wednesday. Flybig started its operations in January 2021 with ATR 72-500 and ATR 72-600 planes. from Companies https://ift.tt/9zh7I5n via IFTTT
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Lalit Modi names his son as successor beneficiary in KK Modi Family Trust

Former IPL Chairman Lalit Modi on Sunday announced his son Ruchir Modi as his successor beneficiary from his family's side in the KK Modi Family Trust with immediate effect. In a social media post, Modi who has been involved in a legal tussle against his mother Bina Modi and sister Charu over a property dispute in the family, also announced his son as the head of his branch of the family. "The present litigation with my mother and sister, is tedious, strenuous and has gone on for long, and even though there have been several rounds of discussions for settlement, there is no end in sight. It has caused and continues to cause me immense distress," he said in a statement shared on Instagram. Modi, who had earlier shared about his health condition due to COVID-19 infection and pneumonia, requiring external oxygen support in London having been flown from Mexico City, said he had discussed the matter of appointing his son as his successor with daughter Aliya. "I have discu...
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Greaves Cotton to expand electric 2-wheeler portfolio to build market share

Greaves Cotton Ltd plans to bring electric two-wheelers both in the mass and premium segments going forward as it looks to enhance market share in the domestic market, according to the company's Executive Vice Chairman Nagesh Basavanhalli. The company, which is showcasing its new Ampere Primus high-speed B2C e-scooter along with five new product concepts, including Ampere NXG and Ampere NXU, at the ongoing Auto Expo 2023, plans to launch electric scooters above and below the Rs 80,000 to Rs 1 lakh range where it currently sells its products. Greaves Electric Mobility Pvt Ltd, the company's arm, has electric two-wheeler models Primus, Magnus EX and Reo Plus under the Ampere brand umbrella. In an interview with PTI, Basavanhalli said when the company started the electric journey "several years ago", the annual revenue was about Rs 18 crore, which reached a quarterly revenue of Rs 320 crore in the last quarter. "So our growth has been based on incrementally adding v...
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Domestic auto industry scaling up efforts to make electric parts locally

The domestic automobile industry is scaling up efforts to enhance localisation of electronic components in order to curtail dependence on other countries, especially China, as per auto component industry body President Sunjay Kapur. In an interaction with PTI, Kapur noted that the Automotive Component Manufacturers Association of India (ACMA), Society of Indian Automobile Manufacturers (SIAM) and the Ministry of Heavy Industries are working together to achieve the target of localisation especially in electronics. He noted that there lies a great opportunity for the auto component industry with the big push towards electrification. With growth in consumption of electric vehicles, the industry is witnessing fast transformation of the auto components sector to be an integral part of the electric vehicle manufacturing supply chain. The component industry is making steady investments and acquiring technology companies. "We will have to keep localising...we as an industry are very fortu...
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USFDA pulls up Sun Pharma for manufacturing lapses in Halol plant

The US health regulator has pulled up drug major Sun Pharma for manufacturing lapses, including failure to follow appropriate written procedures designed to prevent microbiological contamination of drug products, at its Gujarat-based plant. In a warning letter, the US Food and Drug Administration (USFDA) pointed out various lapses at the Halol plant which produces finished pharmaceutical products. "This warning letter summarises significant violations of Current Good Manufacturing Practice (CGMP) regulations for finished pharmaceuticals... Because your methods, facilities, or controls for manufacturing, processing, packing, or holding do not conform to CGMP, your drug products are adulterated," the USFDA stated. The health regulator inspected the manufacturing facility from April 26 to May 9, 2022. A warning letter is issued when the US health regulator finds that a manufacturer has significantly violated its regulations. In the letter to Mumbai-based company, the USFDA point...
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RailTel bags Rs 170.11 cr contract from Puducherry govt for Smart City

RailTel Corporation of India Ltd, a Mini Ratna Public Sector Unit (PSU) under the Ministry of Railways has received a work order from the Department of Revenue and Disaster Management, Government of Puducherry for design, develop, supply, install, test, commission and Operations and Maintenance (O & M) for five years of Integrated Command Control Centre (ICCC) and other associated activities for Puducherry Smart City.The estimated total value of the work order is Rs 170.11cr (including GST) which will be completed in 10 months' time.As per the official statement, RailTel has been selected through competitive bidding and it is the first smart city project awarded by Puducherry Government.It further said that besides ICCC, the project includes Data Center Disaster Recovery (DC-DR), On Street Parking Management, Intelligent Traffic Management System, Creation of online/mobile based platform to facilitate tourists and visitors, City level application and Smart Dashboard, Smart Kios...
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Tesla cuts vehicle prices in bid to boost flagging demand

With its sales slowing and its stock price tumbling, Tesla Inc. slashed prices dramatically Friday on several versions of its electric vehicles, making some of its models eligible for a new federal tax credit that could help spur buyer interest. The company dropped prices nearly 20% in the United States on some versions of the Model Y SUV, its top seller. That cut will make more versions of the Model Y eligible for a $7,500 U.S. electric vehicle tax credit that will be available through March. It also reduced the base price of the Model 3, its least expensive model, by about 6%. Far from pleasing investors, the sharp price cuts sent Tesla shares sinking about 4% in early trading Friday. Since the start of the year, the stock has plummeted more than 65%. Many investors fear that the sales slowdown will persist and have grown concerned about the erratic behavior of CEO Elon Musk and the distractions caused by his $44 billion purchase of Twitter. Itay Michaeli, an industry analyst at . ...
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India's Mahindra named fastest-growing brand in South Africa for 2022

The Indian auto manufacturer Mahindra has been named the fastest-growing brand in South Africa for the year 2022 as the company's local subsidiary set several records in the last year, according to a report by the National Association of Automobile Manufacturers of South Africa (NAAMSA). The report said that 'Mahindra SA' increased its sales volume by a massive 78 per cent compared to 2021, the highest of all the vehicle brands that report their sales to NAAMSA and more than five times the market average. The sales report further shows that Mahindra grew its total sales in the passenger vehicle market by 80 per cent to 4 027 vehicles in 2022 and its light commercial sales (that of its popular Pik Up and Bolero ranges) by 77 per cent to 8,885 vehicles. The company hit an average monthly sales figure in excess of 1,000 units per month, breaking through the magical 10,000 unit per annum mark for the first time and reaching close to 14,000 total sales for the year, it said. Thi...
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Made-in-India TV shipment up 33%, TWS share grows 37% in Jul-Sep 2022

Shipments of indigenously made television grew by 33 per cent to over 5 million units in the July-September 2022 quarter compared to the previous quarter, market research firm Counterpoint Research said on Tuesday. According to the report, TWS (True Wireless Stereo) segment led the electronics wearable category in terms of local manufacturing with almost 37 per cent of its shipments being manufactured in India. "Made-in-India TV shipments grew 33 per cent quarter-on-quarter in the third quarter of 2022 to reach over 5 million units. In the electronic wearables category, the TWS segment led in terms of local manufacturing with almost 37 per cent of its shipments being manufactured in India," the report said. Electronics manufacturing services company Optiemus dominated the local manufacturing and contributed to more than 90 per cent of the shipments, the report said. Bharat FIH, Padget, Avishkaran and Optiemus were the top four brands and cumulatively contributed to almost 90 ...
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Tata Motors completes acquisition of Ford's Sanand manufacturing plant

Tata Motors on Tuesday said the acquisition of Ford India's manufacturing plant at Sanand through its subsidiary has been completed. In August last year, the company had announced that its arm Tata Passenger Electric Mobility Ltd (TPEML) would acquire Ford India Pvt Ltd's (FIPL) Sanand plant, Gujarat for Rs 725.7 crore. With the fulfilment of the necessary conditions, including receipt of relevant regulatory approvals, the parties have completed the transaction and TPEML has acquired the Sanand property and the vehicle manufacturing plant and machinery, Tata Motors said in a regulatory filing. Additionally, all the vehicle manufacturing employees were offered employment, and those who have accepted TPEML's offer of employment, have been transferred to the company and have become employees of TPEML with effect from January 10, it added. The acquisition included the entire land and buildings; vehicle manufacturing plant along with machinery and equipment and transfer of all e...
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Demand for heating appliances up 33% year-on-year, says Flipkart

The demand for the heating appliances segment in October-December 2022 has seen a 33 per cent jump compared to that of the same period a year ago, e-commerce major Flipkart said on Tuesday. The demand for heating appliances has reportedly increased across the country, including in tier-2, 3 cities and beyond such as Arrah, Darbhanga, Delhi, Gaya, Ghaziabad, Lucknow, Muzaffarpur and Patna, according to Flipkart. "The demand for the heating appliances segment has seen a spike of 33 per cent during October-December period as compared to the same period last year," Flipkart said in a statement. India witnesses a dip in temperature as the winter sets in early in certain parts of the country. According to insight from Flipkart, consumers are increasingly willing to spend on products with smart and safety features. "The demand for heating appliances has grown by a third among customers across the country and particularly in the North. We are witnessing a greater predisposition ...
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Park+ raises Rs 140 crore for biz expansion, to hire 200 employees

Car services management app Park+ on Tuesday said it has raised Rs 140 crore in a funding round led by Epiq Capital, Matrix Partners India and Sequoia Capital India. The company plans to utilise the fund to expand its presence to over 100 cities, to hire more than 200 employees and expand its services verticals, Park+ said in a statement. "The fund (Rs 140 crore) that we have raised will help us in strengthening our team and expanding presence to over 100 cities. The part of the fund will be used for launching more used cases," Park+ Founder and CEO Amit Lakhotia told PTI while sharing details of the funding. Park+ has over 700 employees across India. Lakhotia said that the company has access control business in 20 cities, parking business in 10 cities, dealership business in 30 cities and the company will scale up across different verticals and touch 100 cities in the next 6-8 months. The company helps users find a parking spot, track challans, recharge FASTag, renew insuran...
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GreenCell Mobility bags order for 570 electric buses from Delhi government

Shared e-mobility player GreenCell Mobility Ltd (GreenCell) on Monday said it has bagged an order for 570 electric buses from the Government of NCT Delhi. A tender was floated by state-owned Convergence Energy Services Ltd (CESL) under National E-bus Program (NEBP) for the order, the company said in a statement. "This contract for 6,465 E-buses under Gross Cost Contracting (GCC) basis is the largest tender for E-buses ever floated in India," it said. GreenCell had bid for 1,900 low-floor e-buses, in the tender floated by CESL, a government of India undertaking, and got a contract for 570 e-buses to be deployed over the next two years. from Companies https://ift.tt/cU91iIA via IFTTT
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NCLT rejects Torrent's plea to halt RCap's CoC voting for second auction

The National Company Law Tribunal (NCLT) on Monday rejected a plea by Torrent Investments -- one of the bidders for the Anil Ambani-promoted Reliance Capital -- that sought to halt the Committee of Creditors' voting to hold a second round of auction. The NCLT, comprising justice PN Deshmukh and Shyam Babu Gautam, declined to grant a stay on Torrent Investments' plea, seeking to stop the Reliance Capital CoC's voting on the second round of auction. The tribunal has kept the matter for hearing on January 12. IndusInd International Holdings (Hinduja), represented by Harish Salve and Abhishek Manu Singhvi, also pleaded to be a party in the matter. Ravi Kadam represented the administrator, while Vikram Nankani appeared for the Torrent Group. Torrent Investments and Hinduja Group company IndusInd International Holdings are in the fray for Reliance Capital. The Hinduja Group entity submitted its bid 24 hours after the auction deadline, which was higher than the top offer made with...
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JSW Steel's combined output in Q3 grows 17% to 6.24 MT, says report

JSW Steel on Monday said its combined crude steel production rose 17 per cent to 6.24 million tonne (MT) during October-December period of 2022-23. The combined production during the year-ago quarter was at 5.35 MT, JSW Steel said in a statement. "JSW Steel reported its group combined crude steel production at 6.24 million tonne for Q3 FY23 registering a growth of 17 per cent y-o-y (year-on-year), including the production at jointly controlled entities," it said. Its standalone output rose 20 per cent to 6.06 MT in Q3 from 5.05 MT in the year-ago period. According to the company, the combined production includes output of jointly controlled entities Bhushan Power & Steel Ltd (BPSL) and JSW Ispat Special Products Ltd (JISPL), and offshore entity JSW Steel USA Ohio. JSW Steel is among India's top six steel making companies. from Companies https://ift.tt/RGS9csF via IFTTT
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Poonawalla gets Patangrao Kadam award, Maha Dy CM hails SII for vaccine

Maharashtra Deputy Chief Minister Devendra Fadnavis on Sunday lauded vaccine manufacturer Serum Institute of India and its CEO Adar Poonwalla for their contribution in the fight against COVID-19. He was speaking at the inauguration of Bharti Super Specialty Hospital at Bharti Vidyapeeth where Poonwalla was conferred with the first Dr Patangrao Kadam Memorial Award. "I am very happy we got the opportunity to felicitate Poonawalla. It is an opportunity to say thanks for saving us. The entire nation wants to thank you," he said. The vaccines provided by SII during the pandemic showed the country's strength to the world, Fadnavis said. He also hailed the Bharti Vidyapeeth and said Patangrao Kadam was a leader who created 190 institutes to provide quality education and created quality human resource. ' The event was also attended by Nationalist Congress Party chief Sharad Pawar and Himachal Pradesh CM Sukhvinder Singh Sukhu. Adar Poonawalla was carrying forward the legacy ...
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Air India fell short, should have been swifter: Tata boss on pee-gate

Tata Group Chairman N Chandrasekaran admitted on Sunday that Air India's response to the incident of a drunk passenger allegedly urinating on a woman on one of its international flights last year should have been "much swifter". In a statement, which came days after the aviation regulator DGCA pulled up the Tata Group-owned full service carrier, Chandrasekaran also said that "we fell short of addressing this situation the way we should have." In a shocking incident, an inebriated man allegedly urinated on a female co-passenger, a senior citizen in her seventies, in the business class of Air India New York-New Delhi flight on November 26 last year. The accused Shankar Mishra was arrested by the Delhi Police from Bengaluru on Saturday. "The incident on Air India flight AI102 on November 26, 2022, has been a matter of personal anguish to me and my colleagues at Air India. Air India's response should have been much swifter. We fell short of addressing this ...
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Indian Oil chairman will soon also be its managing director, say sources

Most big listed companies globally are run by a managing director or CEO and a chairman presiding over the board of directors with the primary responsibility of protecting the interests of investors. But, India's largest oil company Indian Oil Corporation (IOC) is an exception for never having a managing director or CEO in its 63 years of existence. IOC, the nation's largest oil refiner and retailer of fuels like petrol and diesel, has always been headed by a chairman, who has also discharged the role of a managing director or CEO. But this is likely to change soon with the Oil Ministry agreeing to redesignate the top job as chairman and managing director, sources aware of the matter said. The company has long been demanding for such a change to bring it on par with other large public sector and private firms. That demand has now been agreed to by the firm's parent administrative ministry and is now awaiting concurrence of the Ministry of Corporate Affairs (MCA), they added...
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Srei auditor flags fresh fraud of Rs 296 cr under former promoters

The transaction auditor of debt-ridden Srei has indicated a fresh fraud amounting to Rs 296 crore under the erstwhile promoters. As per the report prepared by the transaction auditor, the concerned transactions occurred during financial years 2014-2015 to 2021- 2022, Srei Infrastructure Finance Ltd said in a regulatory filing. The fraud relates to certain disbursement made to a company called ARSS. The amount of Rs 295.69 crore is the gross outstanding, including principal and interest recoverable from the customer, as on September 30, 2021, on account of the suspect disbursement of loans, it added. Srei is undergoing insolvency resolution under the Insolvency and Bankruptcy Code (IBC). The administrator had appointed BDO India as a Transaction Auditor, which unearthed this fraud, it said, adding the application has been filed before the NCLT under Section 60(5) and Section 66 of the IBC on January 5, 2023. Earlier, the transaction advisor had flagged fraud transactions worth over fr...
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German tech firm SUSE expands footprint in India to support key markets

SUSE, a leading open source German software company, has said it is expanding its operations in India to support the company's growth in key markets. The company has already set up a centre of excellence in Bengaluru at a time India and Germany are looking at boosting cooperation in the high-technology sector. Founded 30 years ago in Germany, SUSE was the first company to bring enterprise Linux to the market. "India has seen a massive transformation in technology over the last few years, and we see this expansion as a pivotal opportunity for us to contribute to the economic growth and innovation," said Imran Khan, SUSE Chief Customer Officer. "This expansion demonstrates our continued global growth as a company and presents a wonderful opportunity to expand our already strong customer base in India by bringing even more innovation to market," he said. The official said SUSE is driving innovation with its three interconnected product families: Business-critical L...
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NCLT admits insolvency plea filed against Future Supply Chain Solutions

The National Company Law Tribunal (NCLT) has on Friday admitted the insolvency plea filed against Future Supply Chain Solutions Ltd (FSCSL). Future group firm FSCSL in a regulatory filing said the Mumbai bench of NCLT has allowed the plea filed by DHL E-commerce (India) Pvt Ltd, claiming default. "NCLT has pronounced its Order today i.e. January 05, 2023, allowing the admission of the said petition of DHL E-commerce (India) Private Limited on for default of outstanding amount payable to operational creditor," the regulatory filing said. DHL Ecommerce has filed the plea as an operational creditor under the Insolvency & Bankruptcy Code (IBC). Besides, this FSCSL was also facing insolvency petitions filed by two other operational creditors - Best Roadways Ltd and Leap India Pvt Ltd - before the NCLT. In November, both had served an advance intimation of filing an application against the company for their payments. FSCSL operates warehouses across the country. In Nagpur, FSCS...
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Dabur India expects low to mid single-digit revenue growth in Q3

Dabur India expects a "low to mid single- digit revenue growth" for the quarter ended December 2022 on account of the challenging macroeconomic environment and muted category growth during the period. However, the homegrown FMCG major said inflation started to cool off during the quarter and as a result, gross margins would be marginally better sequentially on a consolidated basis. "Overall, the consolidated revenue is expected to report low to mid single-digit growth," Dabur said in an update for Q3 FY23. During the December quarter, the demand trends for the FMCG industry remained "weak" with rural markets continuing to remain under pressure and this was further accentuated by the late onset of winter in North India, it said. However, early signs of moderate recovery were visible towards the latter part of the quarter coupled with some abatement in inflation. "The improving macroeconomic environment, positive steps being taken by the government and ...
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Reliance group firms make open offer to buy 26% stake in Lotus Chocolate

Two Reliance group firms - Reliance Consumer Products Ltd (RCPL) and Reliance Retail Ventures Ltd (RRVL) - have announced an open offer to acquire a 26 per cent additional stake in Lotus Chocolate. The firms will together acquire 33.38 lakh shares of Lotus Chocolate from the open market at a fixed price of Rs 115.50 per share, said a notice by DAM Capital, which is managing the offer. The offer will aggregate to a total consideration of Rs 38.56 crore over the full acceptance, said an open offer-detailed public statement shared by the company with stock exchanges on Thursday. The open offer starts on February 21 and closes on March 6, said the public notice. Shares of Lotus Chocolate, which manufactures chocolates, cocoa products and cocoa derivatives, had on Thursday closed at Rs 149.35 apiece, which was the highest price in the last three months. RCPL is the FMCG arm and a wholly-owned subsidiary of RRVL. The open offer follows RCPL's announcement last week for the acquisition ...
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S Korean firm Mirae acquires industrial, warehousing asset in Maharashtra

South Korea's Mirae Asset Global Investments Co Ltd has acquired an industrial and warehousing asset at Bhiwandi in Maharashtra for Rs 130 crore. Anarock, one of the leading real estate consultants in the country, facilitated this deal. Mirae Asset Global Investments has done an outright acquisition of a pre-leased Grade A industrial asset at Bhiwandi, Mumbai Metropolitan Region (MMR) for Rs 130 crore, Anarock said in a statement. The industrial property, housed in a 160-acre integrated industrial park and spread over 9 acres, has been acquired from Prakhhyat Infraprojects. Junyoung Hong, Chief Business Officer - Mirae Asset Global Investments (India) Pvt Ltd, said this acquisition is perfectly aligned with the firm's vision of investing in top-grade commercial leased properties in India. "Mirae Assets Group is ramping up its global real estate portfolio and has earmarked USD 500 million to invest in leased Indian commercial assets, he added. With a total leasable area of ...
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CBI chargesheets CG Power, ex-promoter Thapar in Rs 2,435-cr fraud case

The CBI has filed a charge sheet against CG Power and Industrial Solutions and its former promoter Gautam Thapar in an alleged Rs 2435-crore bank fraud case that affected 12 banks, officials said. This comes after the agency conducted a probe for nearly 19 months into the allegations of diversion of bank funds, and manipulation of account books among other charges against the company, Thapar and other senior executives, they said. Thapar is already facing multiple probes into his alleged links with Yes Bank co-founder Rana Kapoor who was booked by the CBI under corruption and fraud charges. In its charge sheet filed before a special court, the CBI has alleged that huge amounts of bank loans were diverted by the accused to related parties for which adjustment entries were made in the account books, they said. The investigations showed that the accused availed loans against securities without disclosing credit facilities availed from other banks, they said. The accused borrowed fun fro...
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Volkswagen group's India sales rise 85% to 101,270 units in 2022

German automotive group Volkswagen's sales in India grew 85.48 per cent to 1,01,270 units in 2022, KODA AUTO Volkswagen India Pvt Ltd said on Wednesday. The group's sales in India stood at 54,598 units in 2021. The strategy of the group, which is present in India through brands SKODA, Volkswagen, Audi, Porsche and Lamborghini, is spearheaded by SKODA AUTO Volkswagen India Pvt (SAVWIPL). "While challenges around the ongoing chip shortage and increasing input costs continued, we successfully re-calibrated, taking action with agility and speed to minimise the impact of these," SAVWIPL Managing Director and CEO Piyush Arora said in a statement. On the strategic importance of India for the VW Group, he said it is an important market for the group's global expansion plans. "There is a story of sustainable progress emerging for the group in India and from India," he said, adding the country is also emerging as a key manufacturing hub for the group. Arora furthe...
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NCLT stays Reliance Cap resolution process on Torrent Group's plea

The insolvency process of debt-ridden Reliance Capital Ltd (RCL) on Tuesday hit a roadblock as the NCLT Mumbai has stayed the resolution process on the plea of Torrent Group. The stay order was issued by the National Company Law Tribunal (NCLT) as the Ahmedabad-based Torrent Group challenged the revised bid from Hinduja Group, sources said. Torrent Group, which emerged as the highest bidder with an Rs 8,640 crore offer, had moved the NCLT-Mumbai against Hinduja Group's late revised bid, which it had submitted after the completion of the e-auction process on December 21. A day after the e-auction, Hinduja Group, the promoter of IndusInd Bank, revised its offer from Rs 8,110 crore to Rs 9,000 crore. This is the first time that an e-auction of this scale is taking place for the resolution of an NBFC (non-banking financial company) under the Insolvency and Bankruptcy Code (IBC). The decision of e-auction was taken at the behest of LIC and EPFO, which together control 35 per cent of th ...
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Govt proposes self-regulatory mechanism, due diligence for gaming firms

The government has proposed a self-regulatory mechanism, mandatory verification of players and physical Indian address for online gaming companies, according to the draft online gaming rules published on Monday. Online gaming companies will be covered under the new IT rules that were issued in 2021 for social media platforms. The online gaming platforms are expected to comply with the laws of the land, including any such law that relates to gambling or betting or the age at which an individual is competent to enter into a contract. "The draft amendments are aimed at addressing the said need while enabling the growth of the online gaming industry in a responsible manner," the notice said. The draft amendments envisage that an online gaming intermediary will observe the due diligence required under the rules, "including reasonable efforts to cause its users not to host, display, upload, publish, transmit or share an online game not in conformity with Indian law, including ...
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Bharat Forge arm to acquire SEZ unit of Indo Shell Mould in Tamil Nadu

Auto components maker Bharat Forge Ltd on Monday said its step-down subsidiary JS Auto Cast Foundry India will acquire the SEZ unit of Indo Shell Mould Ltd located at SIPCOT, Erode in Tamil Nadu for an undisclosed sum. JS Auto Cast Foundry India has entered into a business transfer agreement with Indo Shell Mould Ltd for the purpose, Bharat Forge said in a statement. "This acquisition strengthens JS Auto's presence in the castings sector, expands the product offering and client base, and enhances its footprint in the Indian manufacturing landscape," it added. The SEZ Unit with a capacity of 42,000 MTPA, supplies fully machined critical castings to marquee customers in the automotive industry and will operate as the third manufacturing unit of JS Auto, taking its total capacity to 1,42,000 MTPA, the company said, adding that the acquisition will be EPS accretive from the first year itself. from Companies https://ift.tt/UhrmogD via IFTTT
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Toyota Kirloskar reports data breach, extent of intrustion not confirmed

Toyota Kirloskar Motor on Sunday reported a data breach in its system but said the extent of intrusion is being confirmed. In a statement, the company said it has been "notified by one of its service providers of an incident that might have exposed personal information" of some of its customers on the internet. "The extent of intrusion is being confirmed," Toyota Kirloskar Motor (TKM) said in a statement. The competent authority CERT-In (Indian Computer Emergency Response Team) under the Ministry of Electronics and Information Technology has been notified, it added. "Considering this incident, TKM will work with its service provider to further enhance the existing extensive guidelines being followed and is fully committed to avoid any kind of inconvenience to our esteemed customers," the company said, apologising "for any concern" the incident may have caused to its customers. from Companies https://ift.tt/0j1hFLw via IFTTT
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Domestic passenger vehicles sales up 23% to record of 3.79 mn units in 2022

Domestic passenger vehicles sales rose by 23 per cent to a record of 37.93 lakh units in 2022 led by the likes of Maruti Suzuki, Hyundai and Tata Motors as the companies rode on easing of pandemic related challenges and semiconductor shortages to cash in on pent up demand, specially for SUVs. Other manufacturers like Toyota Kirloskar Motor and Skoda India also reported record sales in 2022. "The industry wholesales in January to December 2022 were just short of 38 lakh units. It was 37.93 lakh units against 30.82 lakh in 2021, which is a growth of 23 per cent," Maruti Suzuki India Senior Executive Officer, Marketing & Sales Shashank Srivastava told reporters in a virtual conference. He further said the 2022 wholesales are "the highest ever in the industry for a calendar year" and the last highest was in 2018 which was 33.3 lakh units. "So, this is about 14 per cent higher than the highest ever," he added. On the reasons for the growth, Srivastava said,...
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Hyundai Motor India sales rise 18.2% to 57,852 units in December 2022

Hyundai Motor India Ltd on Sunday reported an 18.2 per cent increase in total sales at 57,852 units in December 2022. The company had sold 48,933 units in the same month in 2021, Hyundai Motor India Ltd (HMIL) said in a statement. Domestic sales grew by 20.2 per cent last month at 38,831 units as compared to 32,312 units in the year-ago month. Exports also increased by 14.4 per cent at 19,021 units as against 16,621 units in December 2021, the company added. For the calendar year 2022, HMIL said it recorded its highest-ever domestic sales at 5,52,511 units with a growth of 9.4 per cent over 5,05,033 units posted in 2021. Cumulative sales in 2022 stood at 7,00,811 units as against 6,35,413 units in 2021, a growth of 10.3 per cent. Exports grew by 13.7 per cent last year at 1,48,300 units as compared to 1,30,380 units in 2021, it added. HMIL Director (Sales, Marketing & Service) Tarun Garg a strong product portfolio aligned with consumer trends has led to HMIL recording its ... fro...
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Toyota Kirloskar Motor sales drop 3.8% to 10,421 units in December

Toyota Kirloskar Motor on Sunday reported a 3.8 per cent decline in its dispatches to dealers at 10,421 units in December 2022. The company had clocked wholesales of 10,834 units in December 2021, Toyota Kirloskar Motor (TKM) said in a statement. For the calendar year 2022, total wholesales were at 1,60,357 units as against 1,30,768 units in 2021, a growth of 23 per cent. The sales in 2022 were also the company's highest wholesales in the last 10 years, it said, adding the previous record was in 2012 with a total of 1,72,241 units. TKM Associate Vice President, Sales and Strategic Marketing Atul Sood said 2022 has been "tremendous" for the company both in terms of new product launches such as the Urban Cruiser Hyryder and the Innova Hycross, as well as sales performance. At the upcoming Auto Expo 2023, he said the company will showcase its sustainable offerings in the mass electrification space as well as alternate fuel technology, contributing to its ultimate goal of car...
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Maruti Suzuki India posts 9% drop in wholesales at 1,39,347 units in Dec

Maruti Suzuki India Ltd on Sunday reported a 9 per cent decline in total wholesales at 1,39,347 units in December 2022 compared to the year-ago month. The company had clocked a total sales of 1,53,149 units in the same month in 2021, Maruti Suzuki India (MSIL) said in a statement. Total domestic wholesales were at 1,13,535 units last month as against 1,26,031 units in December 2021, down 9.91 per cent, it added. Sales of mini cars comprising Alto and S-Presso were lower at 9,765 units as compared to 16,320 units in the year-ago month. Similarly, sales of compact cars consisting of models such as Baleno, Celerio, Dzire, Ignis, Swift, Tour S and WagonR were lower at 57,502 units as against 69,345 units in December 2021, it said. On the other hand, utility vehicles such as Brezza, Ertiga, S-Cross, XL6 and Grand Vitara clocked higher sales last month at 33,008 units as against 26,982 units in the year-ago period. "The shortage of electronic components had some impact on the productio ...
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