BUSINESS DUNIYA

Now, Shriram Finance products will be available on Paytm's platform from Companies https://ift.tt/oJvhqzZ via IFTTT

The tieup of HDFC Bank & Housing Development Finance Corp creates a lender that ranks 4th in equity m-cap, behind JPMorgan Chase, Industrial and Commercial Bank of China and Bank of America Corp from Companies https://ift.tt/nUOz9ht via IFTTT

Online grocery delivery firm Innovative Retail Concepts, which operates as BigBasket, has posted widening of loss to Rs 1,535 crore for 2022-23, according to details shared by Tofler. Tofler said the loss of BigBasket increased by 89 per cent, implying the company had posted a loss of around Rs 812 crore in 2021-22. The company's revenue increased by 5 per cent to Rs 7,462 crore. "The company further reported a net loss of INR 1,535 cr during the same fiscal. This is 89 per cent increase from the last financial year. The company's total expenses for the fiscal were reported as Rs 8,998 crore," the report said. BigBasket declined to comment on the report. from Companies https://ift.tt/uCElDob via IFTTT

ReNew on Thursday said it is setting up two hybrid projects of 70.2 MW in Karnataka. "ReNew is setting up a 27.2 MW...project for Toyota to support its renewable energy requirements for its car manufacturing plant in Bidadi, and a 43 MW power project for Sandur to kickstart its decarbonization journey," the company said in a statement. The two solar and wind energy projects will help reduce 150 kilotonne of CO2 emissions per year. The projects are part of ReNew's 200 MW energy park to supply clean power to companies in Karnataka's Vijaynagara region. The company did not provide any financial details of the projects. According to industry estimates, to set up every 1 MW of renewable energy project, an investment of Rs 5-6 crore is required. from Companies https://ift.tt/uGJWh3n via IFTTT

The proposed 'Ultra Mega Project' deal includes financial incentives and support from the Maharashtra government from Companies https://ift.tt/ptP4EXs via IFTTT

The company's data centre capacity now stands at 205 MW of IT power from Companies https://ift.tt/FEATDeL via IFTTT

Several companies, led by Reliance Industries, raised funds from overseas from Companies https://ift.tt/kSiu51X via IFTTT

Bharti Airtel's 5G network rollout has been more "measured" and lags behind its biggest rival Reliance Jio, according to an analyst report. Analysts at investment services provider JP Morgan in the report said the measured coverage could prompt a higher capital expenditure over the next 12-18 months by Bharti Airtel, which could face potential market share losses if the coverage gap is not closed. "Bharti Airtel lags Reliance Jio in most metrics across circles, suggesting a modest relative pace of roll-outs across 21 circles, implying higher capex risk and potential market share losses if not closed," the report said. The study, based on the analysis of a recent OpenSignal report, mentioned that 5G BTS rollouts in India have gathered pace in 2023, with 2,53,000 deployments till June 19. Equity research firm Jefferies in its analysis of subscriber data released by the telecom regulator Trai for April said that expanding subscriber base was led by Jio's 4.7 mi...

IndiGo -- the only other listed airline in India -- declared its FY23 result on May 18 this year from Companies https://ift.tt/bXdWzcI via IFTTT

Venture capital firm Epic Capital on Wednesday said announced raising USD 225 million under its Fund II which would invest a major part of the proceeds in technology start-ups. The company is an investor in unicorns such as Lenskart, Pristyn Care, Cure.fit, Dailyhunt and Builder.ai. "Epiq Capital II has been oversubscribed at USD 225 million," Epiq Capital, Founder and Managing Partner, Rishi Navani said. Epiq Capital had set a target to raise USD 200 million for Fund II. It plans to invest a major portion of the Fund II in technology start-ups. The Fund II has marquee domestic and global investors including leading tech entrepreneurs, industrialists, sports & entertainment leaders, family offices, sovereign wealth funds and other institutions. Epiq Capital said that it will continue to invest in exceptional entrepreneurs targeting the large USD 5 trillion digital India opportunity in the next decade. "Most funds have 20-25 companies in their portfolio. We tend to ha...

Renewable energy company Avaada Group on Wednesday said it has closed a funding round of Rs 10,700 crore. The funds will be used to bolster Avaada's green hydrogen, green methanol, green ammonia, solar manufacturing and renewable power generation ventures. "Avaada Group has announced the successful closure of Rs 10,700 crore (USD 1.3 billion) funding round, marking a historic moment for the green energy industry in Asia and India's renewable energy sector," the company said in a statement. from Companies https://ift.tt/Y93EP1r via IFTTT

Aviation regulator DGCA will examine documents submitted by Go First related to the revival plan and will also conduct an audit on operational preparedness before allowing the carrier to restart operations, sources said on Wednesday. Senior representatives of the current management of Go First, which has stopped flying since May 3, discussed various aspects of the revival plan with officials of the Directorate General of Civil Aviation (DGCA) in the national capital on Wednesday, they said. The budget carrier, which was owned by the Wadia family, is in voluntary insolvency resolution proceedings. According to the sources privy to the development, the airline's EY-backed Resolution Professional Anooj Ajmera and Interim CEO Kaushik Khona made a detailed presentation to the DGCA officials on the revival plan. DGCA will also conduct an audit to assess the airline's operational preparedness once it completes the scrutiny of the documents. The audit is expected to take place next wee...

The carrier had earlier this month placed an order for 500 A320 family aircraft, which will be delivered between 2030 and 2035. It is the world's largest single-tranche aircraft order from Companies https://ift.tt/9jgO8vo via IFTTT

Reliance Jio gained 3 million subscribers for the second straight month, almost equal number left Vodafone Idea from Companies https://ift.tt/xE59TR4 via IFTTT

Over the last decade, P&G has invested over Rs 8,200 crore ($ 1 billion) through its operations in the country from Companies https://ift.tt/mYqHvnf via IFTTT

News broadcaster Zee Media on Wednesday said it has withdrawn its Expression of Interest (EOI) and would not bid for the debt-ridden Reliance Broadcast Network Ltd (RBNL). Though Zee Media Corporation Ltd (ZMCL), earlier known as Zee News, has not specified any reason in a notice to bourses but said it will not participate in the resolution plan of RBNL. "We would like to inform you that the Company has withdrawn its EOI filed with the CIRP on June 27, 2023, and accordingly the Company shall not be participating in the resolution plan of RBNL," the company said. Earlier on May 5, the board of ZMCL had granted the approval to the company to submit EOI with the Corporate Insolvency Resolution Professional (CIRP') of RBNL. Earlier this year in February, the Mumbai bench of the National Company Law Tribunal (NCLT) had directed to initiate CIRP against RBNL, which operates the Big FM radio network. The NCLT order came over a petition filed by IDBI Trusteeship Services Ltd. ZMC...

The key areas that the group will focus on operational effectiveness, enhanced experience and expedited innovation from Companies https://ift.tt/5lGsd6f via IFTTT

Tata Technologies, an arm of Tata Motors, Gandhar Oil Refinery (India) Ltd and non-banking financial company SBFC Finance have received capital market regulator Sebi's approval to raise funds through initial public offerings. The three companies, which filed their preliminary papers with Sebi between December 2022 and March 2023, obtained the regulator's observations during June 21-23, an update with the markets watchdog showed on Tuesday. In Sebi's parlance, obtaining observations mean its go-ahead to float the initial share sale. As per the draft papers, Tata Technologies' IPO is purely an Offer For Sale (OFS), where the company will sell up to 9.57 crore equity shares representing approximately 23.60 per cent of its paid-up share capital. Under the OFS, Tata Technologies' parent company Tata Motors will offload 8.11 crore shares or a 20 per cent stake in the company. Among other shareholders, Alpha TC Holdings Pte plans to sell up to 97.16 lakh shares (2.40 per c...

IT company Wipro on Tuesday said it has extended the closing date for its Rs 12,000 crore-share buyback programme by a day to June 30. The last date was June 29. "On account of change in working day from June 29, 2023 to June 28, 2023, Sebi vide its e mail dated June 27, 2023 has allowed extension in the tendering period by one working day. "Accordingly, the buyback closing date will be Friday June 30, 2023 instead of Thursday, June 29, 2023," Wipro said in a regulatory filing. The company's board had approved a proposal to buyback up to 26,96,62,921 equity shares, being 4.91 per cent of the total paid-up equity shares, for an aggregate amount not exceeding Rs 12,000 crore at a price of Rs 445 per equity share. from Companies https://ift.tt/6XMgU4O via IFTTT

A Delaware court has rejected a request by edtech major BYJU'S Term Loan B lenders to investigate into USD 500 million transfer from its US-based subsidiary BYJU'S Alpha to other entities, according to details shared by sources. BYJU'S had denied allegations levelled by its USD 1.2 billion Term Loan B lenders, saying it has never defaulted on the payments. "Rejecting the lenders' application for information in relation to the USD 500 million (part of the funds received by BYJU'S Alpha), the Vice Chancellor remarked that lenders had "no basis to further investigate the transfer," the sources said. In doing so, the Vice Chancellor has put a stop to the lenders' unwarranted fishing expedition and attempted to introduce a non-issue into the proceedings, which is limited to determining the control of BYJU'S Alpha," a source said. TLB Lenders, through their agent, GLAS Trust Company, have filed suit against BYJU'S US-based subsidiary for mo...

Popular Karnataka dairy brand Nandini, which opened a few of its outlets in Kerala recently, has decided to put on hold its expansion plan in this southern state. Kerala Minister for Animal Husbandry, Dairy Development, and Milk Cooperatives J Chinchurani said she has received information in this regard from the CEO of the Karnataka Milk Federation (KMF), which uses the trade name Nandini. "Information has been received from the CEO that Nandini will not open new outlets in the state for the time being," the minister told reporters here. Welcoming the KMF's decision, Chinchurani said this shift has come in the wake of change of government in Karnataka following the victory of the Congress. She also said the state wanted the milk and milk products of the Kerala Cooperative Milk Marketing Federation's (KCMMF) Milma. The CPI (M)-led LDF government in Kerala had recently expressed concern over the entry into the state of milk and dairy products from Karnataka's Nandin...

State Bank of India (SBI) on Tuesday said it will acquire an entire 20 per cent stake of SBI Capital Markets in SBI Pension Funds. The stake transfer would be subject to all regulatory approvals, SBI said in a regulatory filing. The Executive Committee of the Central Board (ECCB) of the bank has accorded approval for acquiring the entire 20 per cent stake held by SBI Capital Markets Ltd in SBI Pension Funds Pvt Ltd, it said. SBI Pension Fund is the largest pension fund manager out of 10 managing about Rs 3,59,040.81 crores of assets under management (AUM) with around 37 per cent market share as of May 31, 2023. It manages over 48 per cent market share of AUM in the private sector. from Companies https://ift.tt/3FPzJUC via IFTTT

The National Consumer Disputes Redressal Commission has imposed a fine of Rs 15 lakh on the Hongkong and Shanghai Banking Corporation Ltd (HSBC) for negligence and deficiency in service. The top consumer commission was hearing a plea filed by complainants claiming their joint savings bank account was illegally frozen resulting in ATM withdrawal transactions being declined and dishonour of cheques. Presiding Member Inder Jit Singh said, Opposite Party (HSBC) shall pay a compensation of Rs 15 lakh to complainants for the mental agony, harassment and adverse impact on the reputation of complainants on account of dishonour of cheques despite the account having sufficient balance on account of acts of negligence and deficiency in service on the part of the OP. The commission also directed HSBC to pay litigation costs of Rs one lakh. It noted that the bank had frozen the joint on the grounds of non-renewal of the Know Your Customer (KYC) details of either of the complainants and/or ... fro...

Move follows India-US minerals pact; firm to set up 50,000 mtpa plant with revenue generating potential of $500 million at full capacity utilisation from Companies https://ift.tt/Nma8uoP via IFTTT

The SECL is procuring over 400 HEMMs that include 261 dumpers with capacity between 60 tonnes to 240 tonnes from Companies https://ift.tt/h0Y4PVQ via IFTTT

UAE-based Lulu Group will be investing Rs 10,000 crore in India on various ongoing projects over the next three years and the UAE-based conglomerate has invested over Rs 20,000 crore in the country, Lulu Chairman Yusuff Ali MA said here on Monday. He also said his aim is to provide employment to 50,000 people in India and so far his various enterprises have given over 22,000 jobs. Yusuff Ali also said the Lulu Group has committed about Rs 3,500 crore in investments in Telangana in the next five years in various projects including a Destination Shopping Malls (Rs 3,000 crore) here and also in other cities in the state. "We have got an investment of more than Rs 20,000 crore in different areas including shopping malls, hotels, and food processing units (in India). We will increase this," he said. "We have started the construction of a shopping mall in Ahmedabad. And also another one in Chennai we are coming up. A food processing plant is coming up in Noida and another one ...

In a press release, the company said that the Tegro exchange enables bulk trading of non-fungible tokens (NFTs) across Ethereum, Polygon, and other EVM-compatible chains from Companies https://ift.tt/A2ogKBH via IFTTT

The spectrum will be provided by BSNL using a public land mobile network (PLMN) and isolated allotment. LTTS will deploy equipment, applications, servers, technology and software from Companies https://ift.tt/82AYGFX via IFTTT

Kerala-based start-up GO EC Autotech Pvt Ltd has announced the installation of 1,000 electric vehicle (EV) super-fast charging stations across the country. The company is currently operating 70 charging stations in Kerala and over 33 across India. "With the new project, we plan to expand our footprint by strategically positioning the charging stations in capitals, state highways, and national highways along with Tier-2, and Tier-3 cities and rural places in the country," the company said in a release. The company also aims to cater to the needs of customers residing in remote locations, making it easier for them to adopt electric vehicles, it said. "This momentous project marks a significant milestone for the startup, which has already established a remarkable track record by deploying over 103 charging stations within a year in India. GO EC is committed to transforming the EV charging experience and has partnered with major restaurants and shopping malls, to ensure that...

Realty firm Ashiana Housing has clocked a more than two-fold jump in its sales bookings to Rs 1,313.43 crore in the last fiscal on strong housing demand. Sales bookings of Delhi-based Ashiana Housing, which specialises in senior living, stood at Rs 573.25 crore in the 2021-22 fiscal. According to an investor's presentation, sales bookings in volume terms rose 75 per cent to 25.86 lakh square feet during 2022-23 from 14.76 lakh square feet in the preceding fiscal. Sales price improved by 31 per cent to Rs 5,080 per square foot in FY23 from Rs 3,883 per square foot in the previous fiscal, driven by "increasing prices across projects and changing mix towards higher priced projects". The company constructed nearly 17 million square feet area in the last fiscal. During 2022-23, Ashiana Housing launched 5 new projects and 8 new phases in existing projects, totalling 29.46 lakh square feet of area. Recently, Ashiana Housing announced an investment of Rs 275 crore to develop a ho...

German luxury carmaker Mercedes-Benz is looking at around 20 per cent of its total sales this year to come from pre-owned car sales despite sourcing of used vehicles remaining a challenge, according to a senior company official. The company's arm Mercedes-Benz India had sold over 3,000 pre-owned cars last year and is witnessing robust demand for such vehicles with the holding period coming down to around 10 days as compared to 30 to 45 days earlier. "Still 18 to 20 per cent of our total car sales will come from used cars. So last year, if we did 16,000-odd cars, I will say 3,000 plus cars were used cars, about 20 per cent. Similar ratios will continue, I would say at 20-odd per cent," Mercedes-Benz India Managing Director & CEO Santosh Iyer told PTI. He was responding to a query on the sales of the company's pre-owned cars. The company sells its pre-owned cars through the "Mercedes-Benz Certified" channel which are located at all dealers' locations a...

First project under Rs 60,000 cr CSR corpus from Companies https://ift.tt/M8LkK1n via IFTTT

The WHO director general had issued a call to action in January to implore all member states to increase their surveillance and testing efforts because people are 'needlessly being put at risk' from Companies https://ift.tt/rkQmPgo via IFTTT

Byju's has already let go of several thousand employees this year due to slowing demand and it is locked in a legal battle with its lenders and faces regulatory scrutiny from Companies https://ift.tt/bTf9gyP via IFTTT

Open agri network Samunnati is eyeing over 50 per cent growth in revenue at Rs 6,600 crore in 2023-24, on the back of deepening its reach in both its verticals - agri finance and market linkage businesses, a top company executive said on Saturday. The company has clocked an overall Rs 4,400 crore revenue in 2022-23. "We are present in 23 states but the bulk of our business is mostly in states including Andhra Pradesh, Tamil Nadu, Karnataka, Telangana, Madhya Pradesh, Maharashtra, Gujarat and Odisha. "We are planning to deepen our client engagement in all 23 states offering both short-term loans to FPOs as well as providing them with market linkages. With this expansion we expect to clock Rs 6,600 crore revenue in this financial year," Samunnati founder and CEO Anil Kumar SG told PTI. Currently, Samunnati has around 5,500 FPOs registered on its platform, 50 per cent of which are borrowers while most avail the market linkage offering of the company, he said. Explaining fur...

Go First's intends to start operations on July 1 and needs DGCA approval for the restart and sale of tickets from Companies https://ift.tt/sigzxOl via IFTTT

The Coal Ministry has said it approved a wage revision agreement that was reached with trade unions for non-executive employees of Coal India Limited. The agreement provides for a 19 per cent of minimum guaranteed benefit from July 1, 2021, on emoluments - basic, Variable Dearness Allowance (VDA), Special Dearness Allowance (SDA) and attendance bonus besides a 25 per cent increase in allowances. In a communication to Coal India, the ministry said, "The MoA (memorandum of agreement) for NCWA-XI as signed by Coal India Limited, Singareni Collieries Company Limited and trade union representatives, has been confirmed." The agreement was reached in May by the Joint Bipartite Committee for the Coal Industry (JBCCI)-XI consisting of representatives of CIL management, Singareni Collieries Company Limited (SCCL), five central trade unions - BMS, HMS, AITUC, CITU and Indian National Mine Workers' Federation (INMF). The agreement will benefit around 2.81 lakh employees of CIL & ...

TCS has suspended four employees for violating its code of conduct, following a whistleblower complaint received earlier this month, sources said on Friday. The Tata Group company, the largest IT services exporter in the country, has also barred an unspecified number of vendors who provided talent on a contractual basis, they added. In a late evening statement to the exchanges, TCS said it probed the allegations made in the complaint and found out that the charges do not "involve any fraud by or against the company and no financial impact". The statement made after a media report published earlier in the day also clarified that the "reference to alleged scam in recruitment process is incorrect". It said the resource management group (RMG) is entrusted with allocating resources to various projects and fill shortfall through contractors. "The complaint referred to...relates to hiring of such contract resources employed by the contractors," it added. The comp...

Jio Satellite Communications is the only satellite communication firm that has favoured auction for the allocation of spectrum while other players in the segment, including telecom operator Bharti Airtel, have opposed it. Elon Musk-owned SpaceX too has suggested an auction model but it is not for the auction of spectrum but bids in the form of a percentage of annual revenue as spectrum value fee in lieu of upfront currency bids. Jio Satellite Communications Limited (JSCL) in its counter-comment submission to the Telecom Regulatory Authority of India (Trai) toed the line of its sister concern Reliance Jio Infocomm to suggest auction as the best and legitimate method to allocate radiowaves frequencies. "We submit that JSCL supports an auction-based process for spectrum assignment for space-based communication services. The auction-based assignment provides equal opportunity to all service providers and brings requisite regulatory certainty and predictability by being a legally sound...

The US Attorney's Office in Brooklyn, has sent inquiries in recent months to institutional investors with large holdings in the India conglomerate, one person familiar with the inquiries said from Companies https://ift.tt/9dGrXgc via IFTTT

WINGS IVF was launched in 2014 and since then has established its centres in Gujarat, Rajasthan, Bihar, and Delhi from Companies https://ift.tt/PLe3waA via IFTTT

Vedanta Ltd on Thursday said that it has no plans to sell its copper plant at Thoothukudi in Tamil Nadu. Junking the media reports that claimed that the company is selling Sterlite Copper plant, Vedanta said the reports are "wrong, baseless and incorrect". In a regulatory filing, the company said Sterlite Copper is a national asset and claimed it contributed 40 per cent to India's overall copper production. "It has come to our notice that certain sections of the media have carried out the news article that Vedanta Ltd is selling the Sterlite Copper Plant, Thoothukudi. The said media articles are wrong, baseless and incorrect and the same is refuted by the company," it said. As the country has become a net importer of copper, there has been a growing demand to restart its operations, Vedanta Ltd said. from Companies https://ift.tt/tNSaFpP via IFTTT

IT services companies across the globe are seeing a slowdown as some discretionary work is being cancelled or delayed from Companies https://ift.tt/M24k1fn via IFTTT

This is the first close in the Avaana Climate and Sustainability Fund, India's first tech-led climate fund, meaning it can start investing in companies while raising capital for its own fund from Companies https://ift.tt/w1BDEYr via IFTTT

The airline, which currently operates five Bombardier Q400 aircraft from NAC in its fleet, said the agreement settles all past liabilities for the Q400s from Companies https://ift.tt/u6NOaDK via IFTTT

Shares of Paytm parent One 97 Communications Ltd. have surged 69%, adding more than $2.7 billion in market value, after it improved its profitability ahead of schedule from Companies https://ift.tt/3ZqxX6M via IFTTT

With a total of almost 1,000 jet orders between them, IndiGo and Air India are betting an economic boom and growing middle class will spur demand for domestic air travel from Companies https://ift.tt/V6Qvcl9 via IFTTT

The integration of AI technology will allow JLR to monitor its supply chain in real-time, enabling proactive measures to tackle potential global supply issues from Companies https://ift.tt/MZYUmk8 via IFTTT

To continue as board member, RBI yet to approve for chairman from Companies https://ift.tt/7cpSOvX via IFTTT

A new crypto exchange backed by firms including Citadel Securities, Fidelity Digital Assets and Charles Schwab Corp. said it's gone live, a move that could reshape the digital-asset landscape from Companies https://ift.tt/de7I5mc via IFTTT

Based on the performance, directors have recommended a dividend of 200 per cent, which is Rs two per equity share of Rs one, he stated from Companies https://ift.tt/3rnBDmg via IFTTT

The US planemaker is working to finalize negotiations as soon as this week at the Paris Air Show, the people said, asking not to be identified as the discussions are confidential from Companies https://ift.tt/opPybqD via IFTTT

SEBI said the notice has violated the provisions of SEBI 1993 Circular in various ways to clearly disregard the basic premise of the said circular both in letter and spirit from Companies https://ift.tt/oCe6wAJ via IFTTT

Sharing details of the company's projects, the chairman said Vedanta is already expanding its aluminium and zinc capacities from Companies https://ift.tt/lfHuIWE via IFTTT

Kamdhenu Paints is targeting a four-fold jump in its revenues to Rs 1,000 crore over the next three years, its CMD Satish Kumar Agarwal said. In the financial year ended March 31, 2023, the company had earned a revenue of about Rs 251 crore, he told PTI. Kamdhenu Group recently separated its paints and steel business to increase its presence in the two segments in India. "We are looking a four-fold growth in the revenue to Rs 1,000 crore by the end of FY28. Last financial year 2023, the company has closed the revenue at Rs 251 crore," he said. Agarwal further said with the increasing demand for company products, Kamdhenu Paints is planning to enhance its market share in the south and western regions of the country by expanding product portfolio with the launch of new and innovative products. The company will further tap the markets in the north and east regions by increasing its dealers and distribution network to over 8,000 from 4,000 at present, he said. Kamdhenu has its pa...

Big data analytics software company Sumo Logic has laid off 79 employees, as job cuts continue in the tech industry worldwide from Companies https://ift.tt/lzXY8SU via IFTTT

In a joint statement, Mojocare's major investors alleged that they have 'uncovered financial irregularities" in the health and wellness start-up from Companies https://ift.tt/U9mKAs5 via IFTTT

Apple accounts for 80% of all smartphone exports from India. The rest 20% is shared by Samsung and some other brands from Companies https://ift.tt/HysDdj5 via IFTTT

A short-seller attack earlier this year on the Adani Group had focused on a different family member. New York-based Hindenburg Research had gone after tycoon Gautam Adani's older brother, Vinod from Companies https://ift.tt/5HO78LU via IFTTT

Investors in the Bengaluru-based firm in a statement said that they have found financial irregularities and also said that the business model is not sustainable from Companies https://ift.tt/RYeTasn via IFTTT

Market regulator Sebi in its reply to the Securities and Appellate Tribunal (SAT) on the Zee Entertainment Enterprises Ltd's plea has called for urgent action against the promoters in the alleged fund diversion case to safeguard the management, investors and other stakeholders. In its affidavit, the Securities and Exchange Board of India (Sebi) pointed out that the applications made by Chairman Emeritus Subhash Chandra and Managing Director and CEO Punit Goenka on July 6, 2022, that "there was no urgency and that the same issue is the subject matter of the show cause notice dated July 6, 2022, is completely false and misleading." Sebi further stated that "not only have there been violations but also the issuance of multiple false disclosures and submission of statements to cover up such wrongdoings." "In the instant case, we have a situation before us where the Chairman Emeritus and the Managing Director and CEO of this large listed company are involved in ...

Industry giant Tata Steel is planning a consolidated capital expenditure (capex) of Rs 16,000 crore for its domestic and global operations during the current financial year, according to its top management. Of the planned amount, Tata Steel has earmarked Rs 10,000 crore towards standalone operations and Rs 2,000 crore for its subsidiaries in India, the company's CEO & MD T V Narendran and Executive Director & CFO Koushik Chatterjee said. "The projected capital expenditure (capex) for FY2023-24 is set at Rs 16,000 crore on a consolidated basis which is intended to be financed through internal accruals over the full year," the executives said in the company's annual report for 2022-23. Of this, Rs 10,000 crore has been earmarked towards Tata Steel Standalone operations of which the Kalinganagar project will account for approximately 70 per cent, they said. The company is in process of expanding capacity of its plant at Kalinganagar, in Odisha to 8 MT from 3 MT. ...

In a 197-page reply to SAT, regulator says action taken to safeguard management, protect investors from Companies https://ift.tt/roIz2iL via IFTTT

Patanjali Foods Ltd plans to invest up to Rs 1,500 crore in the next five years on capital expenditure, mostly for scaling up its palm oil business, according to company CEO Sanjeev Asthana. The company (formerly Ruchi Soya Industries) has set a target of clocking a turnover between Rs 45,000-50,000 crore in the next five years as it expands its product offerings and distribution reach. "Our estimation is over five years, we'll invest about Rs 1,200 crore to Rs 1,500 crore of capital expenditure...Most of the expenditure will happen in year four and five, which is where we are pushing for and the rest in the initial years. We have enough capacity and capex already laid out," Asthana told PTI. He was responding to a query on the company's investment plans in order to meet its growth targets. When asked where the investments will be made, he said, "A large part of it will be on oil palm". On the palm oil plantation, Asthana said, "We have got about 64,000...

The company in a BSE filing said that the share purchase agreement has been signed for a 100 per cent acquisition in the Stark Enterprises, which is an online train booking and information platform from Companies https://ift.tt/rzfgBct via IFTTT

Leading manufacturer of power transmission and distribution structures Skipper Ltd on Saturday said it has secured cumulative orders worth Rs 1,135 crore for the design, supply, and construction of new transmission line projects for Powergrid Corporation of India, as well as tower and pole export supplies. The export supplies will be made to Latin America, the Middle East, and north Africa, a company statement said without providing further details. The company has a total order book of Rs 4,500 crore and aims at doubling its revenue to Rs 4,000 crore over the next three years. These orders are a significant milestone for Skipper and reaffirm its position as a leading player in the power transmission and distribution industry, it added. from Companies https://ift.tt/HwxR6ys via IFTTT

India is one of the most important markets for Google and a source of incredible talent and innovation that help create and empower the company's products globally, a top official at the tech giant has said. Karan Bhatia, Google's global head of government affairs and public policy, told PTI on Friday that the company is very excited about India and its trajectory. India is one of our most important markets around the world. It's really a second home to us. We've been in the country for almost two decades now. We have thousands of employees there. It is both a source of incredible talent and innovation that really help create and empower Google products around the world, he said. It is also a dynamic market where you see an explosion in both internet usage and in new small businesses and startups, Bhatia said. In the last nine years, he said, India has been an incredible story that has seen an explosion in the use of the internet, particularly in rural regions which are...

The CBI on Friday conducted searches at 25 locations in connection with an FIR registered against 21 officials of the BSNL, including a former general manager, officials said. The premier investigative agency alleged that the accused officials entered into a conspiracy with a contractor to cheat the Bharat Sanchar Nigam Limited (BSNL). The CBI registered the FIR against officials of BSNL Assam Circle, including a former general manager, deputy general manager, assistant general manager, and chief accounts officer in Jorhat, Sibsagar, Guwahati and other places, they said. The FIR also mentions the name of a private person, officials said. "It was alleged that the contractor was given a work order for laying National Optical Fibre Network Cable through open trenching method at Rs 90,000 per km," a CBI spokesperson said in a statement. "It was also alleged that later on, the contractor made different pleas, including no right of way from the owner of private land, to conver...

The initial public offering of IKIO Lighting was subscribed to 66.3 times from Companies https://ift.tt/2sUHQLS via IFTTT

Glenmark Pharmaceuticals Ltd on Thursday said it has slashed the price of breast cancer drug Trastuzumab by bringing its brand Trumab at Rs 15,749 for a 440 mg vial from Rs 54,000 earlier. Trastuzumab is used in the treatment of a particular type of breast cancer -- HER2-positive, and the company markets its version in India under the brand name 'Trumab'. "The new price of the drug being marketed under the brand name 'Trumab', will be Rs 15,749 per 440 mg vial. This price reduction will bring the per mg cost of Trumab to around Rs 35, making it the most affordable treatment option for HER2-positive breast cancer in the country," Glenmark said in a statement. Most of the existing Trastuzumab brands in the market are priced in between Rs 40,000 to Rs 54,000 per 440 mg vial, the company said, adding the cost of Trastuzumab treatment has been a major barrier for many patients in India. "Considering that a patient needs to undergo a minimum of 18 cycles (12 mo...

The company is keen on setting up its plant in Maharashtra but due to some challenges, it may consider Tamil Nadu as its auto manufacturing hub from Companies https://ift.tt/BsamHnI via IFTTT

IComm, a group company of Megha Engineering & Infrastructures Ltd (MEIL), has bagged a Rs 500 crore order from the Ministry of Defence. "The Ministry of Defence (MoD) on Thursday inked a contract with ICOMM Tele Limited for the procurement of 1,035 of 5/7.5 ton radio relay communication equipment containers. The delivery of the containers is scheduled to commence from the current Financial Year 2023-24," infrastructure company MEIL said in a statement on Thursday. The value of the contract is around Rs 500 crore, it said. The radio relay containers will address a long overdue requirement of mobile communication detachments of the Indian Army. The containers will be utilised to provide a protected environment for communication equipment to function in a failsafe and reliable manner. The containers would be mounted on authorised specialist vehicles and moved as per operational requirements, the company said. ICOMM would produce the containers with all equipment and sub-syst...

TikTok is planning to pour billions of dollars in Southeast Asia over the next few years, aiming to drive growth in one of its biggest markets amid heightened scrutiny in the US. The company's CEO, Shou Zi Chew, made the announcement on Thursday during a speech at a TikTok forum in the Indonesian capital Jakarta. The investment comes as the app's e-commerce marketplace, TikTok Shop, is experiencing some growth following its expansion to more countries in the region last year. But its still trailing more established power players, like online shopping sites Shopee and Lazada. The popular video-sharing app, though, is attempting to harness the power of its user base. Chew said on Thursday that the app generates more than 325 million visitors in Southeast Asia each month. And the research group Insider Intelligence expects its user base in Indonesia, Malaysia, Thailand, Vietnam and the Philippines to increase by more than 10 per cent this year. TikTok did not provide a detailed br...

The Andhra Pradesh government directed the CID to attach the movable properties worth Rs 242 crore of Margadarsi Chit Fund Private Limited (MCFPL), promoted by media baron Ramoji Rao from Companies https://ift.tt/siHdcGp via IFTTT

Apple said that its Racial Equity and Justice Initiative has surpassed $200 million in investments, supporting education, economic empowerment, and criminal justice reform work in five countries from Companies https://ift.tt/nK5awTr via IFTTT

In March 2020, BSNL had a rural market share of over 7% with a subscriber base of 37 million; Jio and Airtel had a market share of nearly 34% each during the same period from Companies https://ift.tt/zIUARBi via IFTTT

When concluded, the deal will leave at least 51 per cent stake of the company in Indian hands from Companies https://ift.tt/yON6IoZ via IFTTT

Maruti launched several vehicles in this segment last year. It now has popular offerings like the Grand Vitara, Brezza, and XL6 in its product lineup catering to this market segment from Companies https://ift.tt/pQ8tcuZ via IFTTT

The firm, which gets its revenue from helping companies digitize their services, is building tools that run on top of ChatGPT, customized to its clients' needs, he said from Companies https://ift.tt/Ue8qxJs via IFTTT

The NCLT on Tuesday asked Aircastle's counsel to explain how the second plea was maintainable against the same defaulter(SpiceJet) from Companies https://ift.tt/KtViETA via IFTTT

The government has taken a serious note of 'dark patterns' and asked e-commerce firms to create a self-regulatory framework to stop such practices, Consumer Affairs Secretary Rohit Singh on Tuesday said. The e-commerce sector has the largest contribution to dark patterns, and the framework will be created in the next two months, Singh told reporters here after a stakeholder meeting. Dark patterns refer to practices which deliberately exploit the consumers on the internet, like adding items to a shopping cart even though a user has not opted for it, changing the price of a product at the time of checking out or even creating a false sense of urgency to advance a buying decision. Singh, who was present in the over two and half hour meet here, said he has asked the e-commerce players like Amazon, Flipkart, Swiggy and Zomato in association with the Advertising Standards Council of India and some law firms to create a self-regulatory framework to help curb such practices. He said ed...

Shares of Tata Motors DVR rose 2.6 per cent to touch the Rs 301 mark on the BSE in Monday's intra-day trade from Companies https://www.business-standard.com/companies/news/jlr-to-invest-£3-bn-by-fy26-shares-of-tata-motors-dvr-hits-rs-300-mark-123061201251_1.html via IFTTT

Shares of Indian small-cap renewable energy company Urja Global jumped nearly 40% in two sessions following a deal with Gurugram-based Tesla Power India from Companies https://ift.tt/pUf5BlR via IFTTT

Reliance Nippon Life Insurance Company on Monday announced an annual bonus of Rs 344 crore to its participating policyholders for FY23. The company reported Rs 108 crore in net income for the year, which is a 65 per cent growth over FY22. This bonus issuance will help over 5.69 lakh participating policyholders, Ashish Vohra, the chief executive said, adding the insurer has been giving out bonuses for the past 22 years. Reliance Nippon Life has assets under management of Rs 30,609 crore and a total sum assured of Rs 85,950 crore as of March 2023. from Companies https://ift.tt/u34gPxp via IFTTT

After replacing the interim resolution professional, lenders are now also looking to also replace other bankruptcy-related appointments made by the NCLT from Companies https://ift.tt/TcXuWD5 via IFTTT

In the last three months, GLS's share price has risen by 52% from Rs 386 in anticipation of a transaction from Companies https://ift.tt/sGCtjD4 via IFTTT

The EoI for restart comes when the company is still awaiting the final judgement on the issue, and the court has only allowed it to do maintenance work from Companies https://ift.tt/gLFk4uo via IFTTT

In October last year, the company had signed another SLL agreement of Rs 400 crore with Japan's Mitsubishi UFJ Financial Group from Companies https://ift.tt/57UW1gq via IFTTT

Senior IAS officers Amit Agrawal and Subodh Kumar Singh have been appointed as CEO Unique Identification Authority of India and director general of the National Testing Agency, respectively, as part of a bureaucratic reshuffle effected by the Centre. Both Agrawal (1993 batch) and Singh (1997 batch) are Indian Administrative Service (IAS) officers of the Chhattisgarh cadre. Agrawal, additional secretary in the Ministry of Electronics and Information Technology, has been appointed as the chief executive officer (CEO) of the Unique Identification Authority in the rank and pay of additional secretary to the Government of India, a Personnel Ministry order said. Singh, who is currently additional secretary in the Department of Food and Public Distribution under the Ministry of Consumer Affairs, Food and Public Distribution, has been named as the NTA's director general, it said. Richa Sharma, additional secretary in the Ministry of Environment, Forest and Climate Change, has been moved to...

The last date of receipt of interest is set at June 25 and the provisional list will be out on July 5. The last date of submissions for objections of the provisional list is July 10 from Companies https://ift.tt/IiYdByV via IFTTT

The transformation of Jaguar into an all-electric luxury brand is on track with first new vehicles to be launched in 2025, according to Jaguar Land Rover Chairman N Chandrasekaran. Addressing shareholders in the company's Annual Report for 2022-23, he noted that the British automaker is set to transform into a modern luxury vehicle business. Jaguar Land Rover (JLR) has been a wholly-owned subsidiary of Tata Motors since 2008. Chandrasekaran noted that the brand faced a difficult business environment last fiscal with several headwinds like shortage of electronic components. The British brand had to contend with the shortage of semiconductors and challenges in energy supplies in the aftermath of the war in Ukraine, leading to a battle against inflationary pressures, Chandrasekaran said. "In this context, I am pleased that the company is progressing well in its transformation journey and is set to become a modern luxury vehicle business, with sustainability at its heart," he...

South Eastern Coalfields Ltd (SECL) is aiming to scale up the capacity of its Gevra mine to 70 MTPA to make it the world's largest coal producing site by the end of ongoing fiscal, company's CMD Prem Sagar Mishra said. Located at Korba, about 193 kilometer from Raipur, the capital of Chhattisgarh, SECL's Gevra mine is the world's fourth largest coal mine at present, the official told PTI in an interview at Bilaspur. While two of the largest coal mines are in the US, one is in Indonesia, Mishra said adding "we are in expansion mode of our Gevra mine to 70 million tonne per annum (MTPA) to make it the world's single largest coal producing site." In financial year 2022-23, the mine produced 52.5 MT of coal which was above its target for the year, the Chairman-cum-Managing Director said. When asked about the timeline for achieving the 70 MTPA target, the CMD replied "we aim to achieve it by the end of the current fiscal year. We are waiting for the enviro...

Six of the top 10 most-valued firms suffered a combined erosion of Rs 83,637.96 crore in market valuation last week, with Tata Consultancy Services (TCS), Hindustan Unilever and Infosys taking the biggest hit, amid an overall tepid trend in equities. Last week, the BSE benchmark climbed 78.52 points or 0.12 per cent, while the Nifty gained 29.3 points or 0.15 per cent. The market valuation of TCS tumbled Rs 35,694.04 crore to Rs 11,74,720.15 crore, the most among the top 10 firms. Hindustan Unilever's valuation eroded by Rs 18,949.45 crore to Rs 6,19,281.77 crore and that of Infosys fell by Rs 13,549.34 crore to Rs 5,25,374.14 crore. The market capitalisation (mcap) of State Bank of India went lower by Rs 7,675.16 crore to Rs 5,16,378.05 crore and that of ITC tanked Rs 5,903.31 crore to Rs 5,44,906.44 crore. Bharti Airtel's mcap declined by Rs 1,866.66 crore to Rs 4,64,396.71 crore. However, Reliance Industries added Rs 18,233.31 crore taking its market valuation to Rs 16,79,15...

A Chennai-bound Indigo flight safely returned to IGIA in Delhi within an hour of take-off on Saturday night following a snag in the engine, the Directorate General of Civil Aviation (DGCA) said from Companies https://ift.tt/Whj4zIc via IFTTT

These new connections mark an important milestone, with IndiGo's entry into a new continent, reinforcing its commitment to enhancing international connectivity from India from Companies https://ift.tt/mEGVNf6 via IFTTT

Full service carrier Vistara is facing a shortage of cabin crew uniforms and some of its cabin crew members will soon be wearing black-coloured uniforms as a temporary solution. Vistara, a joint venture between the Tata Group and Singapore Airlines, has said it is actively working with suppliers to resolve the issue as quickly as possible. The airline, which is to be merged with Air India, is expanding its fleet as well as staff strength. Against this backdrop, the carrier on Friday said due to an unforeseen issue with supply of material, it is experiencing limited availability of cabin crew uniforms. "In the coming days, some of our cabin crew may be seen performing their duties in black-coloured trousers and polo T-shirts with the Vistara logo instead of our standard aubergine uniform," it said in a tweet. Vistara expects to add a total of 10 planes as well as hire more than 1,000 people in the current financial year. from Companies https://ift.tt/jqBZTJF via IFTTT

Realty firm K Raheja Corp on Friday said its housing arm has sold properties worth Rs 1,100 crore in its luxury residential project at South Mumbai during the March quarter. K Raheja Corp Homes, the residential business of K Raheja Corp group, delivered a record breaking, pre-formal launch sales revenue of Rs 1,100 crore, through its single project Raheja Modern Vivarea in under 90 days, in the fourth quarter of last fiscal, the company said in a statement. Raheja Modern Vivarea, located in Mahalaxmi micro-market, was launched in the last quarter of FY23. The project, having 10 lakh square feet of total saleable area, will house only 2 towers. The demand for luxury residential properties have surged during the last two years. from Companies https://ift.tt/j10f4Iq via IFTTT

In a meeting at the company's Menlo Park office, Zuckerberg said that Meta's upcoming Quest 3 headset will be priced at a much lower $499 as compared to Apple Vision Pro's $3,499 from Companies https://ift.tt/pwNSgnt via IFTTT

Electric vehicles made by General Motors will be able to use much of Tesla's extensive charging network beginning early next year under an agreement the two companies have announced. In addition, GM will adopt Tesla's connector, the plug that links an electric vehicle to a charging station. GM joins Ford in shifting its electric vehicles to work with about 12,000 of Tesla's roughly 17,000 chargers, and both Detroit automakers are pushing to make Tesla's connector the industry standard. Barra and Musk made the announcement during a Twitter Spaces conversation. Their discussion comes two weeks after Ford CEO Jim Farley joined Musk to announce that Ford's electric vehicles would gain access to much of Tesla's EV-charging network, the largest in the nation. Farley also said Ford would switch to Tesla's charging network connector rather than to a different one that is used by the rest of the industry. from Companies https://ift.tt/ABfaWmk via IFTTT

International corporates are turning their attention to India, while large local firms have "big aspirations" to expand their reach, said Sanjiv Mehta from Companies https://ift.tt/3gJjNm7 via IFTTT

Fund to stop taking lumpsum investments, limit new SIPs to Rs 10,000 from Companies https://ift.tt/lfwzEZo via IFTTT

Insolvency tribunal NCLT on Thursday issued a notice to the Interim Resolution Professional (IRP) of crisis-hit airlines Go First over a plea filed by supply chain company Delhivery. In its plea, Delhivery had alleged Go First's insolvency process as a sham and said the airline took payments of Rs 57 lakh from Delhivery on May 2, the day it filed for insolvency. The airline took payments despite knowing that it was filing for voluntary insolvency before NCLT, Delhivery said. A two-member bench of the National Company Law Tribunal (NCLT) directed the IRP to file a reply within two weeks and listed the matter on July 24 for the next hearing. Go First is presently going through Corporate Insolvency Resolution Process (CIRP). The NCLT on May 10 admitted the plea of Go First to initiate voluntary insolvency resolution proceedings and appointed Abhilash Lal of Alvarez & Marsal as IRP of the airline. Delhivery has requested the tribunal to allow it as an intervener in the company ... ...

Will launch an ICE premium motorcycle in every quarter of FY24, says CEO from Companies https://ift.tt/dFqk6CT via IFTTT

The Initial Public Offering (IPO) of LED lighting solution provider IKIO Lighting was subscribed 6.83 times on the day two of the share sale on Wednesday. The Rs 606.5-crore IPO received bids for 10,40,31,096 shares against 1,52,24,074 shares on offer, according to NSE data. The portion for non-institutional investors received 15.99 times subscription, the category for Retail Individual Investors (RIIs) was subscribed 5.92 times and Qualified Institutional Buyers (QIBs) part got 1.37 times subscription. The IPO has a fresh issue of up to Rs 350 crore and offer of sale of up to 90 lakh equity shares and comes in a price range of Rs 270-285 a share. On Monday, IKIO Lighting Ltd said it has mobilised Rs 182 crore from anchor investors. Proceeds from the fresh issuance worth Rs 50 crore will be used for debt payment, Rs 212.31 crore in the company's wholly-owned subsidiary IKIO Solutions to set up a new facility at Noida, Uttar Pradesh, and for general corporate purposes. IKIO Lighti ...

Over years, Sequoia invested in some of India's biggest startups, including food delivery firm Zomato and payments firm Pine Labs from Companies https://ift.tt/XWbBfD2 via IFTTT

The regulator told the expert panel that it is investigating as many as 13 opaque entities that, as of March 2020, held between 14% and 20% across five publicly traded stocks od Adani Group from Companies https://ift.tt/7gthSN1 via IFTTT

The company chalks up its current debt predicament to aggressive distressed-debt investors who, in its view, were never supposed to be able to buy the loan from Companies https://ift.tt/pSrqGdX via IFTTT

Fair-trade regulator CCI has approved the minority stake acquisition in Lenskart Solutions by Dove Investments, Defati Investments Holding BV and Infinity Partners. The proposed combination relates to Dove Investments, Defati Investments Holding BV and Infinity Partners' minority acquisition of certain equity shareholding of Lenskart, a notice filed with the CCI said on Monday. Lenskart Solutions Pvt Ltd (LSPL) is engaged in the business of manufacturing, sale and wholesale trading of eyewear products, while Dove Investments, Defati Investments Holding BV and Infinity Partners are private equity investors. Separately, the regulator has cleared the acquisition of securities of a newly incorporated entity of Mahindra & Mahindra Ltd by the World Bank Group arm IFC. The combination pertains to IFC proposing to subscribe to certain compulsorily convertible preference shares (CCPS) of the new unit of Mahindra & Mahindra. In March, Mahindra & Mahindra announced that the World ...

If listed, Canara Robeco AMC will be the fifth mutual fund to list after HDFC, Nippon Life, UTI, and Aditya Birla from Companies https://ift.tt/tBsIXFV via IFTTT

The development comes at a time when Chinese companies in India have been facing increased scrutiny, and Oppo Mobile is being investigated for alleged custom duty evasion of Rs 4,388 crore from Companies https://ift.tt/y2lDgSO via IFTTT

Byju's said that on March 3, 2023, TLB lenders unlawfully accelerated the TLB on account of certain alleged non-monetary and technical defaults from Companies https://ift.tt/I486Ecl via IFTTT

The firm competes with players such as Curefoods, Biryani By Kilo, Box8, and FreshMenu from Companies https://ift.tt/2IHPBnZ via IFTTT

The company has shaken up its top ranks after appointing activist investor Nelson Peltz to the board last year from Companies https://ift.tt/Jdq5A8y via IFTTT

Leading consumer goods companies -- including ITC, Dabur, Coca-Cola, and DS Group -- on Monday announced new sustainable milestones and targets on World Environment Day. The companies are setting targets like being carbon neutral, scaling up investments in sustainable packaging, reducing the usage of plastic in packaging and harnessing green energy. Homegrown FMCG and ayurvedic products maker Dabur India announced to be a plastic waste positive by collecting, processing and recycling more plastic waste than it sold in its product packaging in FY23. ITC scaled up its sustainable packaging offerings for plastic substitution and announced several measures to reduce the utilisation of plastic across products and businesses -- ranging from its packaging and food to the hotel business. Beverage major Coca-Cola India on Monday announced to launch of new bottles made from completely recycled PET plastic material (rPET) in Andhra Pradesh. "This is the first time in India that any bottle ma...

L&T Finance is making this step as part of its efforts to reduce its wholesale finance book, which comprises both infrastructure and real estate loans from Companies https://ift.tt/QzgONEV via IFTTT

The IT major has been awarded a 10-year contract to manage the second-largest pension scheme in the UK using a platform powered by TCS BaNCS from Companies https://ift.tt/5Xg6Rkd via IFTTT

"With our subscription as a service model, strong adoption of devices drives subscription revenues and higher payment volumes, while increasing funnel for our merchant loan distribution," said Paytm from Companies https://ift.tt/w0IKtCE via IFTTT

It is a lot easier now for global companies, especially in technology zones, to establish a footprint in India compared to a decade ago due to the Modi government's big focus on attracting the FDI from tech companies, according to the newly-appointed Indian-American president of a US firm that pioneers in managing electronic agreements. The remarks by Robert Chatwani, president & general manager, Growth at DocuSign came as he spoke about the adoption of technology for governance and other areas in India. My understanding is that all of that legislation has come under Narendra Modi's administration. I think it's just one indication of how technology and adopting technology, not only for the government but just at large, has really changed under Prime Minister Modi's leadership in the last several years, Chatwani told PTI in an interview. Encouraged by the changing technological environment, DocuSign, a San Francisco-based company that allows organisations to manage e...

The total number of loans via Paytm was up 54% to 8.5 million during the period, as compared to 5.5 million last year from Companies https://ift.tt/1Hh9rK8 via IFTTT

Bullish on the Indian market, Lufthansa Group CEO Carsten Spohr on Sunday said the airline group is working closer with Air India as well as expanding its own operations into the country. "We have strengthened our position in the Indian market. We think we can do more... flying more, new partnership with Air India which is a different company than it was before to grow our market share," he said. The group has a two-fold strategy for India and one pillar is to expand the operations to the country, he said during a media briefing on the sidelines of the International Air Transport Association (IATA) Annual General Meeting (AGM) and World Air Transport Summit here. "We have just announced reopening Frankfurt-Hyderabad (service) which we had to close a few years ago. We will also be for the first time serving Bangalore from Munich... "We are using our own aeroplanes, operations to expand into India," he said. The second pillar is working closer with Air India, he ...

The country's largest two-wheeler maker Hero MotoCorp has increased price of its electric scooter VIDA V1 Pro by around Rs 6,000 in order to offset the impact of curtailed subsidy structure on electric two-wheelers coming into effect from June 1. The company's flagship electric scooter VIDA V1 Pro will now be available at Rs 1,45,900 including FAME II subsidy and portable charger. This is an increase of around Rs 6,000 from the earlier pricing. When contacted, a company dealer confirmed the development and noted that the two-wheeler maker has absorbed the major impact of the reduction in subsidy under FAME II effective June 1, and passed on only a small fraction of the additional cost to the prospective buyers. A comment from the company could not be ascertained immediately. For electric two-wheelers, the maximum subsidy cap, which was 40 per cent of the ex-factory price, has been reduced to 15 per cent by the Ministry of Heavy Industries. As per the industry sources, the FAME ...

The government is looking to sell a part of its residual 49 per cent stake in Balco through a public offer and is engaging with the firm's promoter Vedanta to withdraw arbitration and facilitate stock exchanges listing of the company, DIPAM Secretary Tuhin Kanta Pandey said. The Ministry of Mines and the Department of Investment and Public Asset Management (DIPAM) have held 'preliminary talks' with Vedanta Ltd -- the promoters of erstwhile public sector company BALCO, he said. BALCO has to withdraw a 2009 arbitration case it filed against the government over valuation dispute of the residual stake. "We have talked (with BALCO promoters) at preliminary level. We will engage with them in detail. If we have to do public listing, they (Vedanta) will have to withdraw the case. If they agree then we can move forward," Pandey told PTI. The government wants to sell part of its 49 per cent stake in BALCO in the initial public offering (IPO) before eventually exiting the co...

Mahindra & Mahindra is looking at maintaining leadership position in the fast growing sports utility vehicle segment in the current fiscal with demand remaining robust for its model range, according to the group CFO Manoj Bhat. The company, which is sitting on an order backlog of 2.92 lakh units for sports utility vehicles (SUV), also plans to ramp-up production capacity by the end of this year, as it looks to cut waiting periods on various models. In an interaction with PTI, Bhat said there is a huge demand for company products which is evident with the number of open bookings generated by the auto major. "If you look at the last quarter booking numbers there is huge demand across the board... demand for XUV300/400, Thar and demand for the Scorpio and XUV700 range continues to be strong... so from that perspective it is good that the customer is getting more choice with more products," he noted. When asked if the company is looking at a leadership position in the SUV seg...

Sterling Holidays Resorts Ltd, a part of Thomas Cook India group, plans to add a new hotel every month in the second half of this year to cash in on the robust growth witnessed in domestic tourism, according to a top group official. The company expects the number of properties to increase to 55 during the course of next year, Thomas Cook (India) Chairman and Managing Director Madhavan Menon told PTI. As on April 30, 2023 Sterling has 2,447 rooms across 40 resorts, out of which 15 company-owned resorts, 10 leased and 15 management contracts. It plans to add 188 rooms across six resorts in the first half of the current financial year. "Sterling Holidays Resorts, which is becoming a hospitality business from what was originally conceived as a timeshare, is going to add a new hotel every month in the second half of this year," he said. Menon further said, "We are going to see nearly a 50 per cent increase in the number of rooms we will offer at Sterling over the next one and...

The Future group's warehousing and logistics requirements are managed by Future Supply Chain Solutions and were once considered critical to the operations of the group from Companies https://ift.tt/W5HYRqK via IFTTT

In 2021, the electronics major had claimed a sum of Rs 900 crores as incentive for completing Rs 15,000 crore worth of additional sales than the previous year from Companies https://ift.tt/ra0teQd via IFTTT

Zerodha founder highlighted the issue of increased use of small plastic bottles at hotels and airports which is aggravating the problem of plastic waste in the country from Companies https://ift.tt/CE5K1Jc via IFTTT

Marico founder and chairman Harsh Mariwala shares his top 8 mantras to build a successful business with upcoming entrepreneurs from Companies https://ift.tt/kvQb4Gt via IFTTT

Less than one in three startups that attract seed funding manage to raise follow-on funding in the form of a 'Series A' round, a study by Venture Intelligence shows from Companies https://ift.tt/bN2TVoE via IFTTT

Unplanned project ramp-downs and delays in decision-making from clients pulled down the Q4 FY23 performance of Infosys from Companies https://ift.tt/UAh2k7j via IFTTT

The Maharashtra government has signed a Memorandum of Understanding with Bajaj Finserv under which the non-banking finance company will invest Rs 5,000 crore in Pune that is expected to create 40,000 jobs, Deputy Chief Minister Devendra Fadnavis said on Saturday. After signing the MoU, Fadnavis said Pune was gradually becoming a hub for financial services and the latest development involving Bajaj Finserve would boost the sector. "I think it is the largest investment in recent times taking place in the fintech sector," Fadnavis said about the MoU. from Companies https://ift.tt/DoXCi8Q via IFTTT