BUSINESS DUNIYA

The Indian conglomerate had been in advanced discussions to take control of Bisleri and the parties were working on finalizing the structure of a transaction, the people said from Companies https://ift.tt/DORvqdc via IFTTT

Adani Green Energy also plans to refinance its 2024 bonds via an $800 million, three-year credit line, said the people, who declined to be identified as they were not auth­orised to speak with media from Companies https://ift.tt/aQo9p2i via IFTTT

About 20 teams of I-T officials were conducting the simultaneous searches at the offices of Wonder City, Royal City and other companies from Companies https://ift.tt/FAWqXma via IFTTT

Adani Green Energy also plans to refinance its 2024 bonds via a $800 million, three-year credit line, said the sources, who declined to be named from Companies https://ift.tt/q8r73NF via IFTTT

When asked "Are you looking to refinance any debt?" on the sidelines of the Hong Kong roadshow Tuesday, Singh said: "No, we don't have anything major at all" from Companies https://ift.tt/PuCSWN6 via IFTTT

The November 2022 deal will inject a further SGD 360 million ($267 million) into Air India; this agreement is still subject to regulatory approval from Companies https://ift.tt/DSjU8qF via IFTTT

Cola brand looking to add female brand ambassador from Companies https://ift.tt/8j3v57g via IFTTT

The Return on capital in the telecom business is very low and a tariff hike is likely to be the mid of this year, Bharti Airtel chairman Sunil Bharti Mittal said here on Monday. While responding to a PTI query at the Mobile World Congress, Mittal said that the company has a healthy balance sheet and there is no need to raise any more capital. "Lot of capital has been injected that has made the balance sheet strong but the return on capital of this industry is very low. That needs to change. We are talking of small increments that need to come in the Indian tariff situation. I hope half (by mid) of this year," Mittal said. When asked about the impact on people at the bottom of the pyramid, he said that the hike is low compared to the spending people are making on other things. "Salaries have gone up, rents have gone except one thing. There is no one complaining. People are consuming 30 GB for almost paying nothing. We don't have more Vodafone type of scenarios in the ...

The platform has sought to block tens of millions of fake accounts in recent months, as regulators warn of a spike in job-related frauds from Companies https://ift.tt/E3ksx9U via IFTTT

The acquisition will complement DRL's US retail prescription pharmaceutical business with limited competition products from Companies https://ift.tt/cWu6Cgj via IFTTT

For the past two years, Zomato has been charging 18-25 per cent commission per order for deliveries from Companies https://ift.tt/7Jzye65 via IFTTT

North Queensland Export Terminal, which is controlled by Adani family trust, is being considered to raise funds for the group, according to the report on Monday, citing sources aware of fundraising from Companies https://ift.tt/S4mHVKz via IFTTT

Travel tech platform OYO on Sunday said it has requested the tourism ministry to probe the functioning of Federation of Hotel & Restaurant Associations of India (FHRAI) and order eviction of the "erring" executive committee members. The representation by OYO alleges that FHRAI's actions are detrimental to small hotel owners. It urged the tourism ministry to take necessary action against FHRAI's "illegally run" executive committee and its members alleging that they are working for self-interest rather than the interest of the small hotel owners. When reached out for a response, FHRAI Secretary General Jaison Chacko told PTI: "It would have been desirable if OYO would have tried to counter FHRAI's allegations and tried to clear the pending dues of hundreds of hotel partners." He said FHRAI had approached authorities, including the CCI, NCLT, NCLAT, SEBI and government against OYO's "oppressive and unethical" business practices. ...

India's top oil firm IOC will set up green hydrogen plants at all its refineries as it pivots a Rs 2-lakh crore green transition plan to achieve net-zero emissions from its operations by 2046, its chairman Shrikant Madhav Vaidya said. Indian Oil Corporation (IOC) is remodelling business with an increased focus on petrochemicals to hedge volatility in the fuel business, while at the same time turning petrol pumps into energy outlets that offer EV charging points and battery swapping options besides conventional fuels as it looks to make itself future-ready, he said. The company intends to expand its refining capacity to 106.7 million tonnes per annum from 81.2 million tonnes as it sees India's oil demand climbing from 5.1 million barrels per day to 7-7.2 million bpd by 2030 and 9 million bpd by 2040. "Oil will continue to be a mainstay fuel for the next few years but we are preparing for transition which will involve a combination of green hydrogen, biofuels, EVs and altern...

In the residential segment, the company has set a target of increasing the annual sales of Rs 2,500 crore by 2025, from around Rs 1,000 crore last financial year from Companies https://ift.tt/YRqml42 via IFTTT

Companies that use ChatGPT said they saved money using the AI tool, with 48 per cent saved over $50,000 and 11 per cent saved over $100,000, according to a report in Fortune from Companies https://ift.tt/1SDiugX via IFTTT

The PCHF contended that it cannot be saddled with the offences allegedly committed by the previous management prior to the initiation of the insolvency proceedings from Companies https://ift.tt/WSukifN via IFTTT

Business Standard brings you the top headlines at this hour from Companies https://ift.tt/RMVtmB8 via IFTTT

In a major setback to its championship hopes, Mahindra Racing on Saturday withdrew from the Formula E race here on Saturday due to safety concerns over rear suspension. Mahindra made the decision during the qualifying ahead of the Cape Town E-Prix, and following practice, where its driver Lucas di Grassi had pulled off the circuit with a broken rear suspension. The Indian manufacturer made the decision on safety grounds pending further investigation into the exact cause of the problem. It is the first time Mahindra have had to pull out from the race in the championship. Mahindra have been part of Formula E since the inaugural season in 2014. Customer team ABT CUPRA, which also runs the M9Electro, have also withdrawn from the weekend. "Mahindra Racing have confirmed their withdrawal from the ABB FIA Formula E World Championship qualifying sessions and the Cape Town E-Prix Round 5 due to rear suspension safety concerns," said Mahindra in a statement. "A thorough investigat...

TCM has already unveiled its passenger three-wheeler electric vehicle, the sales of which are expected to grow over the next few quarters from Companies https://ift.tt/BJ0CHyN via IFTTT

Directorate of Enforcement (ED) has attached assets worth Rs 305.84 crore of a private firm under section 37A of the Foreign Exchange Management Act, 1999 for violation of section 4 of the Act. from Companies https://ift.tt/NPh3BrL via IFTTT

Uber Technologies Inc said on Friday plans by the local government in India's Delhi city to only allow electric vehicles to function as bike taxis would risk finishing off the sector from Companies https://ift.tt/l2bwrvg via IFTTT

Sri Lanka's investment promotion body has approved two renewable energy projects of India's Adani group to be set up in the north and eastern regions of the island nation at a total investment of USD 442 million. The wind power plant in Mannar will operate at a capacity of 250 MW (megawatt) while the wind power plant in Pooneryn will operate at a capacity of 100 MW. The Board of Investment of Sri Lanka has issued a letter of approval to India's Adani Green Energy Limited, for the two wind power plants to be set up in Mannar and Pooneryn at a total investment of USD 442 million," a release said on Thursday. The two wind power plants of 350 MW are scheduled to be commissioned in two years and they will be added to the national grid by 2025. The new project will generate 1500-2000 new employment opportunities. Early this week, the Adani Group representatives met the minister of Energy Kanchana Wijesekara to check on the progress of the two projects. This was the first off...

Goenka had appealed the NCLT's decision to allow IndusInd Bank to file for insolvency proceedings against Zee from Companies https://ift.tt/GTHNsEt via IFTTT

Decent upside in the stock given that most analysts are positive with target prices ranging Rs 3,250 - Rs 3,800 from Companies https://ift.tt/zlPviqr via IFTTT

India's Adani Power on Thursday promised to supply electricity to Bangladesh at a reduced price keeping consistent with the generation cost in the country's existing coal-fired plants. The Adani will import the coal for its plants at the same price the Bangladeshi coal-run plants do for themselves, the mass-circulation Prothom Alo newspaper reported quoting an Adani official. It said the Indian company agreed to revise its procurement price for coal to keep the per unit power price almost equal to those of Bangladeshi coal-fired plants like the Rampal and Payra, the two joint-venture installations with India and China. A responsible official of Adani group in Bangladesh has confirmed the development to Prothom Alo, the newspaper reported while Bangladesh officials declined to comment immediately. Bangladesh's state-run Power Development Board (PDB) earlier this month sought to revise to a 2017 power purchase agreement with Adani Power Ltd as the price for the coal-generated...

Last year, Byju's laid off about 600 employees at its group companies - WhiteHat Jr and Toppr from Companies https://ift.tt/LpjB1SY via IFTTT

India's top oil and gas producer ONGC will invest over USD 2 billion in drilling a record 103 wells on its main gas-bearing asset in the Arabia Sea as it pivots a turnaround plan that will add 100 million tonnes to production, a company official said. Oil and Natural Gas Corporation (ONGC) has three main assets off the west coast - Mumbai High, Heera and Neelam, and Bassein and Satellite, which contributed the bulk of 21.7 million tonnes of oil and 21.68 billion cubic metres of gas it produced in 2021-22. "We have released a record 103 locations for drilling of wells on the Bassein and Satellite (B&S) assets over the next 2-3 years," ONGC Director (Offshore) Pankaj Kumar said. The wells will tap smaller and hereto untapped reservoirs and help raise output. "We estimate that this development drilling will enhance production by over 100 million tonnes of oil and oil equivalent gas over the life of the field," he said. "The investment involved in drilling ...

Global media outlet NPR plans to lay off about 10 per cent of its current workforce, about 100 employees, as its financial outlook has "darkened considerably over recent weeks." from Companies https://ift.tt/60T7yKE via IFTTT

In its report, The Signpost alleged that over 40 sock puppets or undeclared paid editors created or revised 9 articles on the Adani family and their businesses from Companies https://ift.tt/BYl586f via IFTTT

Vinod Adani, through several close associates, manages a vast labyrinth of offshore shell entities," the report said identifying entities in Mauritius, Cyprus, the United Arab Emirates from Companies https://ift.tt/NDmjPpd via IFTTT

The new offering will provide meals starting at Rs 89 and is currently available in select areas of Gurugram only from Companies https://ift.tt/bTBkfYC via IFTTT

The company is currently undergoing a merger with the Sony India which is pending with the regulatory authorities and the court from Companies https://ift.tt/6Z0t8uI via IFTTT

Adani Ports and Special Economic Zone has repaid Rs 1,500 crore loan and will repay another Rs 1,000 crore in commercial papers due in March. The Adani Group firm paid Rs 1,000 crore to SBI Mutual Fund and Rs 500 crore to Aditya Birla Sun Life Mutual Fund on commercial papers that matured on Monday, as scheduled. "This part prepayment is from the existing cash balance and funds generated from the business operations," a company spokesperson said. "This underscores the confidence which the market has placed on the prudent capital and liquidity management plan for the group." An SBI MF spokesperson said it has no further exposure. "SBI MF had an exposure of around Rs 1,000 crore to Adani Group, which has been repaid on maturity. We have no further exposure to the Adani Group," the spokesperson said. from Companies https://ift.tt/JidPZbo via IFTTT

Elon Musk is still laying off Twitter employees as dozens of workers across sales and engineering departments were laid off last week, including one of Musk's direct reporting executive from Companies https://ift.tt/M12yjcp via IFTTT

Viacom18 Media Pvt., the joint venture between Paramount Global and Ambani's conglomerate Reliance Industries Ltd., licensed the IPL streaming rights last year for $2.7 billion from Companies https://ift.tt/wdgVkA3 via IFTTT

The company has no plans to raise additional debt for capital expenditure, which it plans to cover with operating cash inflows, the executives said, according to the source from Companies https://ift.tt/KmOQWJ6 via IFTTT

Chaired by K M Birla, the 8-member panel will select best in corporate India across 7 categories from Companies https://ift.tt/gQep8fb via IFTTT

Anandan also reiterated that if one has decided to do fraud then even the Big four audit firms can also not do much from Companies https://ift.tt/qV8biws via IFTTT

NTPC arm NTPC Green Energy Ltd (NGEL) has invited bids for rupee denominated term loan of up to Rs 9,000 crore. The bid document showed that NGEL intends to raise fresh debt and repay outstanding liability of Rs 8,200 crore towards NTPC by March 31, 2023 along with applicable interest cost. Also, additional funds to the tune of Rs 800 crore would be required for additional debt liability and for balance capex payments of projects which are yet to achieve full commercial operations, it stated. Thus, NGEL has invited offer for rupee term loan of up to Rs 9,000 crore, it said. The minimum amount of loan offered by banks/FIs (financial institutions) shall be Rs 1,000 crore and in multiples of Rs 500 crore thereafter, it stated. The last date for submission of bids is March 6, 2023. NTPC had incorporated NGEL in April 2022 for consolidating its renewable energy businesses and aggressively pursue its green/ sustainable energy venture. from Companies https://ift.tt/cColMVu via IFTTT

Clean energy firm ACME Group and Japan's heavy-industry manufacturer IHI Corporation have collaborated to explore business opportunities of green hydrogen. The intent of this Memorandum of Understanding (MoU) is to jointly study and evaluate potential projects with respect to collaboration opportunities across the green hydrogen and ammonia value chain, including production, handling, transportation, distribution, and power generation, a statement said. The MoU allows IHI to participate as an investor or take offtake (buy output) in one or more projects of ACME in Oman, India, the US or Egypt, it stated. Both the companies will also explore opportunities to jointly offer a complete integrated solution to customers, from green ammonia supply, bunkering and products or solutions for various applications. Set up in 2003, ACME Group is a pioneer in cleantech sectors such as solar, green hydrogen & ammonia and sustainable green protein development. The company is one of the leading ...

Billionaire Gautam Adani and his companies have hired legal and communication teams, cut expenses and repaid debt as they seek to calm traders concerned about the group's access to financing from Companies https://ift.tt/YG654Lp via IFTTT

"This part prepayment is from the existing cash balance and funds generated from the business operations," the spokesperson said in an email response from Companies https://ift.tt/i38bfVG via IFTTT

So far, the Centre has received three applications for chip manufacturing in India from Companies https://ift.tt/3lWgsxa via IFTTT

Kalpataru Power Transmission on Monday said it has bagged orders worth Rs 3,185 crore across various business segments in the domestic as well as international market. Kalpataru Power Transmission Ltd (KPTL) and its international subsidiaries have secured new orders/notification of awards of Rs 3,185 crore, a company statement said. These include orders in the T&D (transmission distribution) business of Rs 1,481 crore and EPC (engineering procurement construction) projects in the water business of Rs 1,509 crore, a company statement said. There is a commercial building project of Rs 195 crore also, it added. "We are witnessing a significant uptick in the Water and T&D business, which we believe will be a major growth driver for us going forward," said Manish Mohnot, Managing Director & CEO, KPTL. With these order wins, the company order intake for the financial year 2022-23 stood at Rs 22,672 crore, he added. KPTL is one of the largest specialized EPC companies en...

Tony Jesudasan, a key lieutenant of Anil Ambani's Reliance group and one of the finest corporate communications and corporate affairs professionals, died early on Monday morning. He was 71. Earlier this month, Jesudasan had suffered a heart attack just as he took a flight from Bhopal, sources said. He was rushed to Fortis Hospital on arrival in Delhi, where he underwent angioplasty. He was then shifted to Medanta Hospital in Gurugram. He continued to be in critical care till his passing away at around 5 am on Monday, they said. He is survived by wife Parul Sharma and daughter Preetika. Jesudasan, or TJ as he was referred to by friends, turned 71 while he was at Fortis. He was group president for corporate communications and corporate affairs of R-ADAG. An MBA from FMS, Delhi, he was invited by Dhirubhai Ambani to join the then undivided Reliance in 1990. After the death of Dhirubhai, he chose to join the younger sibling when brothers Mukesh and Anil split. He remained Anil Ambani ...

Deloitte is working with senior executives from Air India and Vistara to integrate human resources while AZB Partners is working on regulatory compliance from Companies https://ift.tt/Z3IGBDQ via IFTTT

Former classmates and teachers recall Neal Mohan as a reserved but brilliant student from Companies https://ift.tt/zabXecj via IFTTT

E-commerce in India is witnessing increasing demand, fuelled by a continuing rise in smartphone penetration and digital literacy from Companies https://ift.tt/FBstmUN via IFTTT

Star, Sony, Zee go off cable platforms over NTO 3.0 pricing from Companies https://ift.tt/6nG5fKO via IFTTT

The country's largest two-wheeler maker Hero MotoCorp plans to expand its electric two-wheeler range over the next 18-24 months as it looks to cater to demand across multiple customer segments, according to a senior company official. The company, which has already commenced sales of its electric scooter under Vida brand across Delhi, Bengaluru and Jaipur, plans to introduce the existing range in other cities as well in the next fiscal before it starts to roll out the new products. "With the launch in the three cities -- Delhi, Bengaluru and Jaipur -- where the customers are really taking up to the product and the overall sales and pre-sales experience...we are really ready to now multiply into many cities going into FY24 to establish ourselves wider into the market," Hero MotoCorp Head - Emerging Mobility Business Unit (EMBU)- Swadesh Srivastava said during an analyst call. Hero MotoCorp had launched VIDA V1 electric scooter in October last year in two variants Pro and Pl...

According to the Tirupur Exporters Association (TEA), global majors have started lifting and also placing more orders from the region from Companies https://ift.tt/xD54iwE via IFTTT

Vienna-based RHI Magnesita is investing Rs 3,600 crore in the Indian market over the next two-three years to increase its production capacity and modernise plants, its global CEO Stefan Borgas said. The company has utilised a portion of the Rs 3,600-crore capital expenditure to acquire two refractory assets in India, Borgas told PTI here. "We have earmarked a Rs 3,600 crore investment in India. This would go towards organic and inorganic capacity expansion and modernisation of the Indian manufacturing facilities," the CEO said, adding that the capital infusion will be through its subsidiary RHI Magnesita India Ltd. RHI Magnesita India is a manufacturer and supplier of refractory products, systems, and solutions for industries such as steel, cement, non-ferrous metals, and glass. The company recently completed the acquisition of Dalmia OCL and the refractory business of Hi-Tech Chemicals for Rs 1,708 crore and Rs 621 crore, respectively. The refractory building capacity of the...

Debt-ridden Future Enterprises Ltd (FEL) has defaulted on the payment of interest of Rs 12.75 crore on two non-convertible debentures (NCDs). The due date for payment was February 16, 2023, FEL said in a regulatory filing. "The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures was due on February 16, 2023," it said. The debentures have a coupon rate of 9.60 per cent for both series. The Gross Principal amount on which the default has occurred is Rs 265 crore, which is Rs 106 crore for Series XVI - A and Rs 159 crore for Series XVI - B fund. FEL had recently defaulted on payment of interest on several non-convertible debentures. The debt-ridden Future group has been facing three petitions filed by its operational creditors before the National Company Law Tribunal (NCLT) to initiate insolvency proceedings against the company. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. It is engag...

Meta-owned messaging platform WhatsApp is reportedly rolling out picture-in-picture mode for video calls, for all iOS users from Companies https://ift.tt/S3XxJjq via IFTTT

On Saturday, Ola Electric Mobility signed the deal through its subsidiary companies Ola Cell Technologies (OCT) and Ola Electric Technologies (OET) from Companies https://ift.tt/eqTUJY9 via IFTTT

In a message that was posted on Amazon's blog, chief executive Andy Jassy wrote the decision was taken at a meeting earlier this week and the move would make it easier to learn and collaborate from Companies https://ift.tt/wYj6HWr via IFTTT

Fund managers see India's main equity indexes both ending the year higher than current levels, according to a Bloomberg News survey, as strong domestic demand boosts corporate earnings from Companies https://ift.tt/8G0Ck37 via IFTTT

Godrej Properties Ltd on Friday said it has acquired legendary film actor, director, and producer Raj Kapoor's Bungalow at Chembur in Mumbai to develop a luxury housing project. The land was purchased from the Kapoor family, legal heirs of Raj Kapoor, the company said in a regulatory filing. The deal value has not been disclosed. The site is located at Deonar Farm Road, Chembur, Mumbai, adjacent to Tata Institute of Social Sciences (TISS). In May 2019, Godrej Properties had acquired R K Studios in Chembur from the Kapoor family to develop a premium mixed-use project Godrej RKS. The project is expected to be delivered this year. Gaurav Pandey, MD and CEO, Godrej Properties, said, "We are pleased to add this iconic project to our portfolio and are grateful to the Kapoor family for entrusting us with this opportunity." The demand for premium developments has been strong over the past few years, he said. This project will allow us to further strengthen our presence in Chembur...

Twitter, which fired more than 90% of its roughly 200-plus staff in India late last year, closed its offices in the political center New Delhi and financial hub of Mumbai from Companies https://ift.tt/yZHCzt1 via IFTTT

The fallout from US short seller Hindenburg Research's attack on the conglomerate threatens to hurt investor confidence in India, has fueled concerns about the country's regulatory framework from Companies https://ift.tt/MQX3FiU via IFTTT

Tata Steel successfully completed the first multi-modal shipment of 960 tonnes of TMT bars from West Bengal's Haldia Port to Tripura's Agartala, the company said on Thursday. The entire transportation from flag-off to receiving material at the distributor's warehouse in Agartala was completed in 17 days, it said. "The possibility of using this route to service additional, smaller-lot regions along the river is also worth exploring. The Indo-Bangladesh Protocol route is more economical as well as environmentally more responsible, Tata Steel Chief Group Shipping, Ranjan Sinha, said in a statement. Earlier in 2022, the company had successfully shipped 1,800 tonnes of finished steel products from Haldia Port in West Bengal to Pandu Port in Assam using the IBP route via the Brahmaputra river, it added. from Companies https://ift.tt/yExreUn via IFTTT

One of its subsidiaries, Adani Green Energy Limited Restricted Group, will refinance existing bonds through a 15-year amortizing private placement, the executive said, according to the sources from Companies https://ift.tt/6zVaWsT via IFTTT

Users have reduced by 0.6 million,1.82 million and 3.66 million in the three months since September from Companies https://ift.tt/X7dTfOv via IFTTT

It is the world's largest single-tranche aircraft order; Airbus A350 deliveries begin this year from Companies https://ift.tt/pejwx2u via IFTTT

With a total sales of Rs 8,200 crore in 2022, Surf Excel also became HUL's first brand to reach the milestone from Companies https://ift.tt/Jv94Vp2 via IFTTT

Will closely monitor developments, including any investigations by the Indian regulators and any additional disclosures by the Adani group, S&P said in a statement from Companies https://ift.tt/5w4xkC9 via IFTTT

The reversal of the updates to Adani Total Gas and Adani Transmission in the February index review will be reflected in the MSCI Index Product files starting from Feb. 16, MSCI said from Companies https://ift.tt/jbFdOgN via IFTTT

The Nasscom report reflects on the rising presence of women in Indian start-up ecosystem from Companies https://ift.tt/tgv41n5 via IFTTT

Debt-ridden telecom operator Vodafone Idea needs funding to make investments and vendor dues will be cleared once it starts generating cash from the investments, a top official of the company said on Wednesday. Vodafone Idea (VIL) CEO Akshaya Moondra during the company's earning call said that the experience on 5G is not much different for consumers at present unless the network is made ubiquitous. "It is very clear that we need to get funding to make investments and improve our operating cash flows to be then able to improve our vendor payment situation. Currently, we are prioritizing all payments which are essential for the continuation of operations," Moondra said. He said that all vendors have been very supportive during the difficult period that the company has been going through. "As we get the funding and start making investments, as we see cash generation from operations is going up, that will be the basis of our starting to clear the backlog," Moondra s...

Now, JioMart is asking users to use WhatsApp to order groceries for a delivery time of a few hours to a day from Companies https://ift.tt/rGeU4Z8 via IFTTT

India's interest in ramping up Russian oil products imports comes after the world's third largest crude importer became Moscow's top oil client after China as the West shunned supplies from Moscow from Companies https://ift.tt/n5zRcPg via IFTTT

In December 2021, CCI had initiated a probe into Apple's policies following allegations by Together We Fight Society about its high commission and lack of third party options from Companies https://ift.tt/xOAjJM7 via IFTTT

British engineering company Rolls-Royce on Tuesday announced that it has received an order from Air India for 68 Trent XWB-97 engines, in addition to an option for 20 more. The large A350 aircraft of Airbus are powered by Rolls-Royce XWB engines. Air India on Tuesday sealed an order for procuring 250 Airbus passenger jets. The order comprises 40 Airbus A350s and 210 Airbus A320/321 aircraft. Separately, Air India ordered 220 planes from Boeing. "This is the biggest ever order for the Trent XWB-97, which exclusively powers the Airbus A350-1000. Air India has also ordered 12 Trent XWB-84, engines, the sole engine option for the Airbus A350-900," the company said in a statement. It said this is the first time that an Indian airline has ordered the Trent XWB and the deal will make Air India the largest operator of the Trent XWB-97 in the world. Rolls-Royce Tufan Erginbilgic said that the announcement marks an "exciting and truly remarkable" occasion for Tata Group and A...

Digital financial services firm One97 Commuications, which operates under the Paytm brand, on Tuesday said it has completed buyback of shares worth Rs 849.83 crore at an average price of Rs 545.93 per share. The company bought back shares in the price range of Rs 702.65 to Rs 480.25 apiece, according to a regulatory filing. "The company bought back an aggregate of 1,55,66,746 equity shares utilising a total amount of Rs 849,83,39,982, which represents 99.98 per cent of the maximum buy-back size. The price at which equity shares were bough back was dependent on the price quoted on the stock exchanges," the company said. The Paytm board had approved buyback of shares worth Rs 850 crore on December 13, representing 6.67 per cent of the total paid-up share capital between December 21, 2022 to February 13. During the buyback period, Chinese e-commerce major Alibaba sold its entire direct stake in the company in two tranches. However, the company's group firm Ant Financial cont...

Business Standard brings you the top headlines at this hour from Companies https://ift.tt/EWT3s7c via IFTTT

The expansion comes as Dabur faces intensifying competition from deep-pocketed rivals - including global consumer titan Unilever Plc - which are swooping in on upstart Indian brands from Companies https://ift.tt/GKHtqhr via IFTTT

The appointment marks the first major effort by Adani Group to defend itself in the wake of a Jan. 24 report by Hindenburg that accused it of improper use of offshore tax havens and stock manipulation from Companies https://ift.tt/OYnsLRV via IFTTT

Company will use money to improve technology, enter new markets and launch products in health and life categories from Companies https://ift.tt/Ak7Ragy via IFTTT

State-owned SAIL on Monday posted around 65 per cent fall in its consolidated net profit at Rs 542.18 crore in the December 2022 quarter, on account of higher expenses. The company had clocked a net profit of Rs 1,528.54 crore in the October-December period of the preceding 2021-22 fiscal, Steel Authority of India Ltd (SAIL) said in a regulatory filing. Its total expenses soared to Rs 24,825.11 crore, compared to Rs 23,209.88 crore a year ago. However, total income also fell to Rs 25,140.16 crore from Rs 25,398.37 crore in the year-ago quarter. In a statement, SAIL said its crude steel production was at 4.708 Million Tonne (MT) during October-December compared to 4.531 MT a year ago. While sales were at 4.151 MT against 3.840 MT in the year ago quarter. "The challenging global situation and economic scenario all over the world had its impacts on the steel prices affecting the margins of the steelmakers," SAIL said. However, with the government's focus on enhancing capital...

JSW Steel on Monday reported a 15 per cent rise in crude steel production at 18.91 lakh tonnes in January. The company's crude steel production was at 16.46 lakh tonnes (LT) in January 2022, JSW Steel said in a regulatory filing. "JSW Steel reported highest-ever standalone crude steel production for the month of January, 2023 at 18.91 lakh tonnes, a growth of 15 per cent y-o-y on standalone basis," the filing said. The production of its flat-rolled products increased by 14 per cent to 14.24 LT over 12.47 LT in January 2022. Its output of long-rolled products also registered a growth of 14 per cent to 4.25 LT, as against 3.74 LT in January 2022. The overall capacity utilisation was higher at 99 per cent in January 2023 from 96 per cent in December 2022. JSW Steel is the flagship business of the diversified USD 22 billion JSW Group which also has business interests in sectors such as energy, infrastructure, cement, paints, sports and venture capital. from Companies https:...

Amazon and Flipkart Health plus are among the 20 online sellers that have been issued show-cause notices by the Drugs Controller General of India (DCGI) over the online sale of drugs in violation of norms. The show-cause notice dated February 8 by DCGI V G Somani cited a Delhi High Court order dated December 12, 2018, which prohibits online sales of medicines without a licence. The notice stated that the DCGI had forwarded the order to all state and Union Territories in May and November 2019 and again on February 3 for necessary action and compliance. "In spite of the same, you are found to be engaged in such activities without a licence," the notice to the online medicine sellers said. "...You are hereby asked to show cause within 2 days from the date of issue of this notice, why action shall not be taken against you for sale, or stock, or exhibit or offer for sale or distribution of drugs in contravention of the provisions of the Drugs and Cosmetics Act 1940 and rules ...

Expects to NIMs to improve to 11.3-11.5% from 10.3% from Companies https://ift.tt/2Gj19gf via IFTTT

Plan is to increase number of factories in country; position India as global hub for exports from Companies https://ift.tt/wrg3zyB via IFTTT

Total workforce up 10% so far in FY23; recruitment also driven by merger of group firms from Companies https://ift.tt/0EXcK5F via IFTTT

Nayara Energy, India's second largest private oil refining and fuel marketing company, saw its net profit rise by a marginal 2 per cent in the third quarter ended December 31 as the company undertook a month-long maintenance shutdown and windfall tax impacted margins. Net profit of Rs 869.8 crore in October-December compared with Rs 850.3 crore profit in the same period a year back, according to a stock exchange filing by the company. Revenue from operations dropped to Rs 24,757.7 crore in the third quarter of the current fiscal from Rs 32,412.9 crore a year back. This was mainly because the company fully shut its 400,000 barrels per day or 20 million tonnes per annum Vadinar refinery in Gujarat for about a month in November for routine maintenance. The firm also operates a network of 6,497 petrol pumps or 7.5 per cent of all fuel stations in the country. For the first nine months of the current fiscal, Nayara reported a net profit of Rs 6,226.9 crore on a turnover of Rs 1 lakh cr ...

Quick commerce player Blinkit is looking to expand its micro-fulfilment centres or dark stores, targeting up to 40 per cent increase in store count in the next 12 months, according to company CEO Albinder Dhindsa. The company, which was acquired by online food delivery firm Zomato last year, currently has over 400 dark stores that act as warehouses. "We have identified several new high potential neighbourhoods in existing as well as new cities. We should start seeing the net dark store number increase going forward," Dhindsa said in an earnings statement. He further said, "We are seeking opportunities for store openings in high potential areas based on the data our systems generate, the management bandwidth and time to supply creation." Dhindsa, however, said unlike the food delivery business, the growth in quick commerce business is dependent on various factors such as availability of product from the brand, seller ability and supply chain capacity. "Only when...

In an email to employees, Bhutani said that most impacted roles are in the US, affecting multiple levels in the company and every division from Companies https://ift.tt/1PaLneQ via IFTTT

SBICAP Trustee said it had received the pledges in its capacity as "security trustee" of the lenders of Adani Enterprises from Companies https://ift.tt/cVJHpjx via IFTTT

Business Standard brings you the top headlines at this hour from Companies https://ift.tt/rO1l4zW via IFTTT

During the search and seizure operations conducted by the Bureau of Indian Standards, a quantity of 9,565 and 30,229 was seized during the years 2021-22 and 2022-23 (up to Jan 25, 2023), respectively from Companies https://ift.tt/78UmDWa via IFTTT

They feel that existing resolution plans under consideration by the Srei CoC fail to offer a fair and equitable consideration to both creditors and shareholders of Srei companies, the sources said from Companies https://ift.tt/6MpdqPE via IFTTT

Hospitality firm EIH Ltd, a part of the Oberoi group, on Friday reported an over three-fold rise in consolidated net profit at Rs 151.08 crore in the December quarter, on the back of higher revenue. The company had posted a consolidated net profit of Rs 41.85 crore in the same quarter a year ago, EIH Ltd said in a regulatory filing. Consolidated revenue from operations during the period under review stood at Rs 586.41 crore as compared to Rs 360.12 crore in the corresponding period last fiscal. Total expenses were higher at Rs 415.99 crore, up from Rs 313.87 crore in the third quarter last fiscal, the company said. from Companies https://ift.tt/KDNBxO0 via IFTTT

MSCI said it had reduced the free floats of Adani Enterprises, Adani Total Gas, Adani Transmission and the Associated Cement Companies, the report said from Companies https://ift.tt/HGaBnjY via IFTTT

The cuts will impact nearly 50% of Yahoo's ad tech employees by the end of this year, including nearly 1,000 employees this week, the company said from Companies https://ift.tt/PRjBCxf via IFTTT

The project costs Rs 1.52 crore and also includes setting up of AI labs in at least two institutions from Companies https://ift.tt/fn0FHWo via IFTTT

The company reported total sales volume of 186 mmscmd (million metric standard cubic meter) for the quarter, which was lower by 3 per cent from 192 mmscmd recorded for the same period last year from Companies https://ift.tt/F4jTokA via IFTTT

Shriram Life Insurance Company (SLIC) on Thursday posted a multi-fold jump in net profit at Rs 31 crore for the third quarter of FY'23. The company had earned a profit of Rs 1.8 crore in the same quarter a year ago, SLIC said in a statement. During the quarter, the company's gross premium rose 12 per cent to Rs 665 crore, while the number of individual policies written increased by 10 per cent. The company has received approval for facial authentication for eKYC from UIDAI for new policies, which will help onboard new customers with ease, it added. Policyholders of Shriram Life can complete their KYC via OTP, facial recognition, biometric and iris identification. Shriram Life is currently the ninth-largest insurer in the country in terms of number of regular premium policies sold. from Companies https://ift.tt/HP754Zc via IFTTT

Index provider MSCI said on Thursday it had determined that some Adani securities should no longer be designated as free float after market participants raised concerns about the eligibility from Companies https://ift.tt/YyD8Pf6 via IFTTT

The screening tests may also get more stringent as the firms are under pressure to honour campus offers but are already overstaffed from Companies https://ift.tt/N2ZRSQ9 via IFTTT

Coca Cola is also being very 'open-minded' about two other India-created flavours, Maaza Aam Panna and Fanta Apple Delite from Companies https://ift.tt/nPydeL5 via IFTTT

Index provider MSCI said on Thursday it has received feedback from a range of market participants concerning specific securities associated with the Adani Group from Companies https://ift.tt/5KvR6oJ via IFTTT

The tribunal directed Elior India to deposit Rs 9 crores as interim relief for dues payable to the former CEO Sanjay Kumar should it decide to proceed with the sale from Companies https://ift.tt/o4ZYFqX via IFTTT

Indian carriers are likely to place orders for 1,500 to 1,700 planes in the next one to two years and Air India is expected to make the first move with a potential order for 500 aircraft, aviation consultancy CAPA said on Wednesday. The total commercial Indian fleet of around 700 aircraft is smaller than some of the world's largest individual airlines, CAPA said, adding that given the immense potential that exists, it stands to reason that there is a need to induct more aircraft. In a report, CAPA said the Indian market in the post-COVID era is attracting global attention as arguably the most promising aviation market. Almost every carrier in India is expected to order more aircraft in the next couple of years for fleet replacement as well as growth, given that the order book for most incumbent carriers could be considered conservative relative to the growth potential of the market over the next decade and beyond, it said. In India, air traffic recovery has been amongst the stronge...

Adani Enterprises Ltd., the flagship company, finished up nearly 15% on Tuesday, leading gains as other related stocks also rose from Companies https://ift.tt/uVQk2Rw via IFTTT

India's largest private sector ports operator, which reported an earnings miss in the latest quarterly earnings, also said it would roughly halve its capital expenditure next financial year from Companies https://ift.tt/1OLDnfK via IFTTT

Oil and Natural Gas Corporation Limited (ONGC) is in talks with global oil majors to infuse state-of-the-art technologies in its aggressive exploration push in deepwaters of India.The 'Maharatna' held a parley of discussions with major operators in the India Energy Week in Bengaluru during 6-8 February 2023.ONGC held discussions with the American oil and gas giant ExxonMobil, the Norwegian energy multinational Equinor, the American oil services conglomerate Baker Hughes, and the French research organization Institut Francais du Petrole on various issues like Technology, and deepwaters.On 6 February 2023, speaking at the Leadership Panel on "The importance of continued investment in Exploration and Production", ONGC Chairman and Chief Executive Officer (CEO) Arun Kumar Singh said "Energy security is geography dependent. India has kept E and P investment the same, and ONGC invests USD 3.5 billion to keep up production."Eyeing deep-water exploration, Singh high...

Global smartphone brand OnePlus on Tuesday launched its new flagship smartphone, 11 5G, and its latest TV, 65 Q2 Pro, in India from Companies https://ift.tt/jTIJy4V via IFTTT

Adani Total Private Ltd expects to receive 2.2 mn tonnes of LNG at its terminal at Dhamra on India's eastern coast during the year ending March 2024, the company's chief executive said from Companies https://ift.tt/dgEGK3Q via IFTTT

Aviation giant Boeing is slashing 2,000 jobs in finance and HR verticals this year and the company outsources about a third of those jobs to Tata Consulting Services (TCS) in Bengaluru from Companies https://ift.tt/zki6wU9 via IFTTT

Russia supplied Europe with some 17 million tonnes of LNG last year, up about 20% from 2021 volumes, Refinitiv Eikon data showed on Tuesday from Companies https://ift.tt/QNYUnEK via IFTTT

"We continue to monitor publicly available information and liquidity of the securities, and in case of market disruption or confirmed default event" from Companies https://ift.tt/jhWroHm via IFTTT

Billionaire Mukesh Ambani's Reliance Industries on Monday showcased a truck that runs on hydrogen, the cleanest known fuel whose tail emissions are only water and oxygen, at the India Energy Week here. The Ashok Leyland manufactured truck with two large hydrogen cylinders was put up at a hall adjacent to the main venue where Prime Minister Narendra Modi inaugurated the three-day event that is themed around 'Growth, Collaboration, Transition'. A display near the truck said this was "India's 1st H2ICE technology truck on road." The truck has "near-zero emissions" when it uses hydrogen as fuel in place of conventional diesel or even recently introduced liquefied natural gas (LNG). "H2ICE vehicle performance on-par with diesel ICE," it said. H2 is the formula for hydrogen and ICE stands for internal combustion engine. In a statement, Reliance said the truck it unveiled is india's first Hydrogen Internal Combustion Engine technology solution...

Swiggy on Monday announced it has appointed three independent directors to its Board - Mallika Srinivasan, Padma Shri awardee and Chairman and Managing Director of TAFE; Shailesh Haribhakti, Chairman of Shailesh Haribhakti & Associates; and Sahil Barua, Managing Director and CEO at Delhivery. from Companies https://ift.tt/JrMRYO6 via IFTTT

This improvement would fuel growth in an already healthy passenger vehicle category, the automobile dealers' body said from Companies https://ift.tt/gOK8lLd via IFTTT

Automobile retail sales grew 14 per cent in January year-on -year as festivals, weddings and more money in the rural economy helped demand, said an industry association on Monday from Companies https://ift.tt/haNwXAp via IFTTT

This comes at a time when hundreds of freshers are waiting for their joining dates at Infosys even though they received the offer letter months ago from Companies https://ift.tt/F1VBf5s via IFTTT

To know whether Adani is more likely to float than sink, bondholders are turning to rating companies, advisers and lawyers from Companies https://ift.tt/Lwa9x0J via IFTTT

New York Life Insurance Company will invest Rs 290 crore to acquire 49 per cent stake in an upcoming commercial project in Gurugram being developed by Max Group firm Max Ventures & Industries Ltd (MaxVIL). In September last year, MaxVIL's arm Max Estates Ltd acquired Acreage Builders at an enterprise value of Rs 322.50 crore. Acreage Builders owns 7.15 acre land at Golf Course Extension Road in Gurugram. In a statement, MaxVIL said Max Estates has completed the 100 per cent acquisition of Acreage Builders, which now has become a step-down wholly-owned subsidiary of the company. "New York Life Insurance has been onboarded as an equity investor committing Rs 290 crore in Acreage Builders," MaxVIL said. Max Estates will hold 51 per cent stake and New York Life 49 per cent stake in Acreage Builders, which has a licence to develop this commercial project. "The developable leasable area is around 1.6 million square feet with a revenue potential of Rs 160200 crore per a...

India's top oil and gas producer ONGC is pivoting a four-pronged strategy of ramping up exploration efforts, quickly bringing discovered resources to production, raising recovery from existing fields and increasing collaborations with experts to reverse years of decline in output, its new chairman Arun Kumar Singh said. Oil and Natural Gas Corporation (ONGC) is keen to induct internationally renowned exploration firms as strategic partners in difficult areas such as deepsea and bring-in experts who can help raise productivity from ageing and mature fields such as prime Mumbai High, Singh told PTI in an interview here. ONGC, which contributes around 71 per cent to India's domestic production, has reported a gradual decline in output for over a decade now primarily because its fields are old and ageing. It produced 21.707 million tonnes of crude oil, which is refined to produce petroleum products like petrol and diesel, and 21.68 billion cubic meter (bcm) of natural gas, which is...

Smart devices and accessories maker Gizmore is planning to scale up production of smartwatches by about two and half times to 15 lakh per annum, as it looks to generate business of around Rs 200 crore in the next financial year, a top official of the company said. Gizmore CEO and Co-Founder, Sanjay Kalirona told PTI that the company at present makes around 50 thousand smartwatches per month (six lakh per annum) in India and is going to scale up the production to around 15 lakh smartwatches in the next financial year. "Smartwatches are the fastest growing segment for us. It now accounts for 60 per cent of our business. We expect to close this fiscal with around 40-50 per cent growth. In the next fiscal, we are targeting 100 per cent growth and over Rs 200 crore business to come from smartwatches alone," he said. The company expects to close the current fiscal with revenue of about Rs 75-80 crore comprising Rs 50 crore revenue from the sale of smartwatches. "We are expandi...

Seeking to expand business amid strong housing demand, realty firm Godrej Properties has acquired 15 land parcels so far this fiscal with sales potential of Rs 27,500 crore and looks to add more land by March to construct new projects. In an interview with PTI, Godrej Properties Executive Chairman Pirojsha Godrej said the company's new business development -- which means acquisition of land parcels through outright purchases and joint ventures with landowners to build new projects -- will cross at least Rs 30,000 crore in the 2022-23 financial year, double than the annual guidance of Rs 15,000 crore. "We are very happy with the quarter gone by. Operationally, it has been a very strong quarter. It ended up being an extraordinary quarter for business development. As opposed to the full year annual guidance of Rs 15,000 crore, just within the quarter we did Rs 23,000 crore. We are very happy about the outcome," he highlighted. The company has added 15 new projects so far thi...

According to Desai groundnut oil prices are seeing an upward trend because groundnut is in short supply for crushing from Companies https://ift.tt/nVoK63u via IFTTT

Apple witnessed a quarterly revenue record in India for October to December, with double-digit year-over-year growth from Companies https://ift.tt/W32TteM via IFTTT

RP Sanjiv Goenka Group said it will invest Rs 10,000 crore in Uttar Pradesh. The announcement was made by group head Sanjiv Goenka during a meeting with Chief Minister Yogi Adityanath. "Dr Sanjiv Goenka in a meeting today with the Honourable Chief Minister of Uttar Pradesh Shri Yogi Adityanath has announced an investment of Rs 10,000 crore in the state..," the group said. Out of this, Rs 7,500 crore will be invested in renewables, while power distribution and retail sectors will receive Rs 1,000 crore each. Besides, the sports academies in the state will see an investment of Rs 500 crore, the group said. "With this Rs 10000 crore investment, the total commitment of RP Sanjiv Goenka Group to the state of Uttar Pradesh is now pegged at Rs 20,000 crore," it added. The Kolkata-based group operates in sectors like power, IT-enabled services, media and entertainment, and retail. The group, with revenues of over Rs 26,000 crore, also owns the IPL franchise Lucknow Super Gi...

A Chennai-based company has recalled its eye drops from the US market after a US govt agency has informed the company that several adverse events had taken place from Companies https://ift.tt/T15Hhr2 via IFTTT

Adani Enterprises Ltd. has shelved a plan to raise as much as 10 billion rupees ($122 million) via its first-ever public sale of bonds following a market rout from Companies https://ift.tt/nSAgU03 via IFTTT

Adani chose to forgo short-term victory of nailing the follow-on offer to protect his longer-term relationships with marquee investors who otherwise were staring at some embarrassing mark-to-market from Companies https://ift.tt/hKIni5x via IFTTT

The company's total income during the quarter was seen up by 17 per cent to Rs 3,622.62 crore, as against Rs 3,083.95 crore during the third quarter of 2021-22 from Companies https://ift.tt/O41XvWn via IFTTT

Wall Street has its eyes on big tech after some of the biggest companies in the world posted lackluster quarterly financial performances. That included Apple Inc. The company posted its first quarterly revenue drop in nearly four years after pandemic-driven restrictions on its China factories curtailed sales of the latest iPhone during the holiday season. Amazon reported worse-than-expected fourth-quarter profits, but its revenue beat expectations boosted by sales in its cloud-computing unit AWS, which is also seeing a slow-down in growth. Google's parent company Alphabet posted a lower profit and a small revenue increase for last year's fourth quarter, as a decline in online ad spending and competition from rivals weigh on the search giant. While overall revenue grew, advertising revenue fell by nearly 4% and revenue at YouTube declined 8% year-over-year. Amazon fell 4% and Alphabet fell 2% Friday. Apple bounced back 3% in midday trading. from Companies https://ift.tt/XZoeuF...

The airline's international capacity is already at 105% of pre COVID levels and it plans to grow this further in 2023, Pieter Elbers told analysts in a results call from Companies https://ift.tt/AtCi4S5 via IFTTT