BUSINESS DUNIYA

The deal is Venezuela's first step to open up operations in its metallurgic and mining industries to an international private company, after US sanctions hit the country in 2019 from Companies https://ift.tt/OXeiSYH via IFTTT

Apple is blaming a software bug and other issues tied to popular apps such as Instagram and Uber for causing its recently released iPhone 15 models to heat up and spark complaints about becoming too hot to handle. The Cupertino, California, company said Saturday that it is working on an update to the iOS17 system that powers the iPhone 15 lineup to prevent the devices from becoming uncomfortably hot and is working with apps that are running in ways causing them to overload the system." Instagram, owned by Meta Platforms, modified its social media app earlier this week to prevent it from heating up the device on the latest iPhone operating system. Uber and other apps such as the video game Asphalt 9 are still in the process of rolling out their updates, Apple said. It didn't specify a timeline for when its own software fix would be issued but said no safety issues should prevent iPhone 15 owners from using their devices while awaiting the update. We have identified a few condit...

The edtech firm is yet to file its FY22 results with Registrars of Companies and this delay has been a key concern among investors as well as the lenders from Companies https://ift.tt/81hDNsv via IFTTT

Popular Vehicles and Services Ltd, which is engaged in automotive dealerships, has filed preliminary papers with capital markets regulator Sebi to raise funds through an initial share sale. This is the company's second attempt to go public. Earlier, the company filed draft papers with the Securities and Exchange Board of India (Sebi) in August 2021 for floating an Initial Public Offering (IPO) but deferred the maiden public issue amid uncertain market conditions. According to the Draft Red Herring Prospectus (DRHP) filed on Thursday, the IPO comprises fresh issuance of equity shares worth Rs 250 crore and an Offer For Sale (OFS) of 1.42 crore equity shares by Banyantree Growth Capital II, LLC. Besides, the company is looking to raise Rs 50 crore in a pre-IPO placement round. If such placement is undertaken, the fresh issue size will be reduced. Proceeds of the fresh issue will be used for payment of debt and general corporate purposes. The Kerala-based company is a leading divers ...

Espire Hospitality Group is planning to have 20 operational properties by 2024-25, with a capex of Rs 560 crore under its brands - Zana, Country Inn Express and Country Inn Premier, a top company executive said on Saturday. "Currently, we have 10 hotels in the portfolio under the 5 star luxury boutique resort brand 'ZANA - a Luxury Escapes' and the 4 star brand 'Country Inn Hotels and Resorts', with 780 keys. In this financial year, we are adding 200 more keys (3 ZANA resorts) to reach 13 operational hotels with 980 keys," Espire Hospitality Group Chief Executive Officer Akhil Arora told PTI. The capex, through in-house funding, will also be utilised in phases for renovating, leasing and upgrading the existing hotels, he added. The hospitality group, Arora said, is exploring both green-field as well as brown-field properties in leisure destinations like Goa, Uttarakhand, Rajasthan and Himachal Pradesh. "We are exploring opportunities in leisure destinatio...

The diagnostics giant partners with ICICI Securities, Axis Capital, and Citigroup for public offering, aiming to sell equity shares held by key investors from Companies https://ift.tt/rRg1i3s via IFTTT

Indus Towers and IOC Phinergy (IOP) have inked a pact for the deployment of 300 zero-emission energy systems to optimise diesel consumption at Indus' telecom tower sites. This move accelerates Indus Towers' progress towards its sustainability priorities, according to a release. "Indus Towers Limited and IOC Phinergy Private Limited (IOP) have signed an agreement for deployment of 300 zero-emission energy systems based on aluminium-air technology, to optimise diesel consumption at Indus' telecom tower sites," the release said. Indus Towers' CEO Prachur Sah said as part of the company's ESG vision, Indus Towers believes in nurturing environmental stewardship, being socially responsible and having robust governance. "Indus Tower's agreement with IOP is a testimony of the company's commitment to build eco-friendly telecom tower sites by investing in solutions for resource optimisation," Sah added. IOP is a joint venture company formed by IOCL...

Godrej Agrovet Ltd (GAVL) on Saturday said it will set up an integrated palm oil complex in Telangana with an investment of Rs 300 crore over the next 3-4 years. The palm oil complex, to be set up in the Khammam district of Telangana, is spread over 125 acres and will consist of a crude palm oil mill along with the provision of setting up a refinery in the near future, GAVL said in a statement. The company will also establish a nursery with a capacity of up to 7 lakh saplings per year in addition to the seed production and research unit, it added. "Telangana's ambitious oil palm mission aims to bring 20 lakh acres under cultivation across the state. The mission will improve income for more than 5 lakh farm households, while at the same time contributing to the nation's deficit for edible oils. "Along with being the rice bowl for the country, Telangana is all set to become the largest edible oil producer in India," Telangana Municipal Administration and Urban Deve...

Maruti Suzuki India on Friday said it has received a show cause notice from the GST Authority proposing to demand interest and impose penalty, besides appropriating tax already paid, amounting to Rs 139.3 crore. The notice pertains to the matter of tax liability under reverse charge basis on certain services for the period of July 2017 to August, 2022, Maruti Suzuki India said in a regulatory filing. "The company will file a reply to the show cause notice before the Adjudicating Authority," it said, adding that there was no impact on its financial, operation or other activities due to the notice. The company also said it has received a favourable order from the High Court of Punjab and Haryana wherein appeals filed by the Central Excise Department for the period June 2006 to March 2011 have been dismissed. The Central Excise Department had filed appeals before the high court against an earlier tribunal order of August 2016, which was passed in favour of the company in which i...

Logistics firm DHL Express will hike the prices for parcel deliveries by an average of 6.9 per cent in India from next year as part of its annual price adjustment exercise, the company said on Friday. Prices are adjusted on an annual basis, taking into consideration various factors, including inflation, DHL Express said. "The average increase in India will be 6.9 per cent and it will take effect on January 1, 2024," the company said, adding that a number of services and surcharges will also be adjusted. "Overall, the global macroeconomic situation has started to stabilize although uncertainty remains. Through these turbulent times, we deliver stable and reliable services to all our customers globally," said R S Subramanian, senior vice-president for South Asia at DHL Express. With the annual price adjustment, the company can continue to invest in improved solutions and increase flexibility across our network, among others, he added. Prices are adjusted on an annual ...

IHC said that it continually strives to enhance shareholder value and additional information about the transaction will be included in its quarterly financial disclosure from Companies https://ift.tt/ecLuHRl via IFTTT

JKC also said it is expecting the airline to be up and running next year with the launch date likely to be announced in the next few days from Companies https://ift.tt/Ad2mF08 via IFTTT

Air India on Friday said it has completed the acquisition of its first A350-900 aircraft by way of a finance lease transaction with HSBC through the GIFT City. This is also the first wide body aircraft to be leased through the GIFT City, the country's first International Financial Services Centre (IFSC). In a release, the airline said the transaction was facilitated by its wholly-owned subsidiary AI Fleet Services Ltd (AIFS) and is also the first financing transaction from the orders for 470 aircraft that were made earlier this year. Tata Group-owned Air India, which has embarked on an ambitious transformation plan, expects the first A350-900 aircraft to arrive in India by the end of this year. According to the release, the airline has successfully acquired India's first Airbus A350-900 aircraft through a finance lease transaction with HSBC. "This landmark transaction marks the beginning of our aircraft leasing business from GIFT IFSC, as AIFS will be the primary Air India...

Google will soon make a presentation before the task force and it will then decide the further course of action from Companies https://ift.tt/Rzst5db via IFTTT

Realty firm Godrej Properties Ltd on Friday said it has acquired around 109 acres of land parcel in Nagpur and will launch residential plots. In a regulatory filing, Godrej Properties informed that the development on this land will comprise primarily plotted residential units and will offer an estimated saleable area of 2.2 million square feet. The company did not disclose the deal value and the name of the seller. Gaurav Pandey, MD and CEO of Godrej Properties said the acquisition of this new land parcel further enhances the company's presence in Nagpur. With the strong revival in housing demand post-Covid pandemic, Godrej Properties has been acquiring land parcels aggressively, outrightly as well as through partnerships with land owners, to expand its business. The demand for plots has also gained momentum. Godrej Properties, an arm of business conglomerate Godrej Industries, is one of the leading real estate developers in the country. It primarily focuses on the Delhi-NCR, Mu ...

Tata Steel on Thursday said it has signed an agreement with Indian Oil Corporation Limited and its business associate to further reduce carbon footprint at its Ferro Alloys plant. The agreement encompasses LPG supply, installation of LPG facilities, and the operation and maintenance of the same at the company's Ferro Alloys Plants in Gopalpur of Ganjam and Athagarh of Cuttack districts in Odisha, the steel major said in a statement. Tata Steel has decided to transition from Furnace Oil and High-Speed Diesel to a more sustainable fuel option - Liquified Petroleum Gas (LPG) in response to the pressing environmental concerns and the global imperative to reduce carbon emissions. This eco-friendly move is expected to bring about a considerable reduction in carbon emissions, it said. Tata Steel's Ferro Alloys and Minerals Division Executive-In-Charge Pankaj Satija said, "The agreement, which is a part of our sustainability initiatives, will help us in reducing the carbon footpri...

The name change aims to better reflect the expansion of the organisation and encompass the range of solutions and products offered such as renewable energy storage solutions and EV chargers from Companies https://ift.tt/JbrNRhq via IFTTT

MUMBAI (Reuters) - India's Adani group has switched the auditor of its main UK subsidiaries to the smaller London-based firm Ferguson Maidment & Co after previous auditor Crowe UK resigned in March, FT reported. from Companies https://ift.tt/LMToUtw via IFTTT

OIDAR service provider companies such as Google, X, and Facebook may have to pay integrated GST up to 18 per cent on services provided to the government and individuals in India from Companies https://ift.tt/InYyVO6 via IFTTT

After getting the license, Starlink will become eligible for spectrum allocation, after which it can start providing satellite broadband services from Companies https://ift.tt/PJa6bKj via IFTTT

KODA AUTO Volkswagen India posted a 48.6 per cent rise in its standalone net profit at Rs 309.5 crore in the fiscal ended March 31, 2023 riding on strong revenue growth, according to financial data accessed by business intelligence platform Tofler. The company had posted a net profit of Rs 208.34 crore in the fiscal ended March 31, 2022. Revenue from operations was at Rs 17,041.72 crore in FY23, highest in the last five financial years, according to the data. In its regulatory filing, the company said the rise in revenue was due to increase in sales volumes in the domestic market. This was mainly due to the launch of new models under the India 2.0 project. In FY22, the company's revenue from operations was at Rs 12,410.48 crore; Rs 6,796.52 crore in FY21; Rs 9,300.06 crore in FY20 and Rs 7,062.71 crore in FY19. In terms of net profit, in the last five fiscals the company posted its highest in FY21 at Rs 756.97 crore. It was at Rs 261.39 crore in FY20 and Rs 198.06 crore in FY19. ...

The company has informed its lenders of the restructuring and could announce the plans in the coming days, according to the people from Companies https://ift.tt/Tk4VHam via IFTTT

Reliance Brands Ltd in collaboration with Indian designer Rahul Mishra has launched a new global luxury label, AFEW Rahul Mishra. The inaugural easy-to-wear collection was presented on Wednesday at the Palais de Tokyo in Paris among global retailers, fashion press and celebrities, Reliance Brands said in a statement. Curated by renowned stylist Jenke Tailly, this collection features a lineup of women's clothing, complemented by a selection of jewellery, bags, and shoes. In the coming months, AFEW Rahul Mishra will be available on AFEW.RahulMishra.in and at Rahul Mishra flagship stores, followed by exclusive AFEW Rahul Mishra stores in key fashion cities. "The launch during Paris Fashion Week propels the brand onto a global stage, reaching the most discerning global audience looking for functional everyday pieces elevated by a couturier's touch," said Darshan Mehta, MD of Reliance Brand. RBL is a subsidiary of Reliance Retail Ventures Ltd (RRVL), the holding company of...

The company's revenue from operations in FY23, Agarwal added, stood at approximately Rs 5,463 crore in FY23 up from Rs 4,781 crore in FY22, marking a 14 per cent increase from Companies https://ift.tt/4bhPaTe via IFTTT

Despite the central government ushering in reforms, the manufacturing sector is yet to see enhanced growth rates as officials in the states continue to function in a way they used to during the "licence and control days", Maruti Suzuki India Chairman RC Bhargava said on Tuesday. Speaking at an event here, the veteran industry leader noted that the central government over the last nine years has been bringing in a series of reforms and improvements in the business environment. He noted that the country has seen massive improvement in the rankings when it comes to the ease of doing business. Besides, the government has also abolished over 1,000 old acts while initiating a lot of reforms in taxation as well, Bhargava said. "All designed to make it easier to do business in India, and to be more competitive in manufacturing. Unfortunately, the results are not yet apparent," Bhargava said. He noted that the bulk of the interaction of manufacturers and entrepreneurs is wit...

Oravel Stays Ltd, which operates travel tech brand OYO, is set to report its first-ever profit after tax of over Rs 16 crore in the current quarter ending September, according to an email sent by OYO's founder and CEO Ritesh Agarwal to the company's top management on Tuesday, sources said. "This year marks the 10th year of OYO, making it momentous and special. I have news to share befitting this occasion. As per the current trajectory in this quarter, Q2 FY24 will mark our maiden profitable quarter with a projected profit after tax (PAT) of over Rs 16 crore," Agarwal said in an email to the company's leadership, seen by PTI. Talking about future growth prospects, Agarwal said: "We see immense potential in future growth markets like the US & UK where we are dedicated to instilling confidence in our patrons and utilizing innovative technologies, such as contactless check-in, to cater to their evolving needs of the customer." He also informed that as pe...

The airline will partner with plane manufacturers Airbus and Boeing to train its staff from Companies https://ift.tt/LvyY7jP via IFTTT

Mumbai-based D B Realty Ltd on Monday said it will acquire shares in Bamboo Hotel Global Centre, Goan Hotels & Realty and BD And P Hotels for more than Rs 2,300 crore. These deals fall into related party transactions and are done at an arm's length basis, D B Realty said, adding this will enable the company to enter into the hospitality business. In a regulatory filing, D B Realty informed that it has entered into separate share purchase agreements to acquire shares of Bamboo Hotel Global Centre (Delhi) Pvt Ltd, Goan Hotels & Realty Pvt Ltd and BD And P Hotels (India) Pvt Ltd. As per the filing, Bamboo Hotel and Global Centre (Delhi), a joint venture between Prestige Hospitality Ventures Ltd and Marine Drive Hospitality & Realty Pvt Ltd (MDHRPL), is constructing a hotel complex 'Prestige Trade Centre at Aerocity, New Delhi. D B Realty will acquire 10,10,000 Class A equity shares in Bamboo Hotel for a total consideration of Rs 608.88 crore. The property is leased out...

Serentica Renewables on Monday said it has raised Rs 5,600 crore funding from state-owned firms REC and PFC. It has raised Rs 3,000 crore debt funding from REC and Rs 2,600 crore debt funding from PFC, the company said in a statement. This transaction is in line with REC's expanding role in funding green projects and position itself as the focal agency for energy transition," Vivek Kumar Dewangan, Chairman & Managing Director, REC said. Pratik Agarwal, Director, Serentica said, "With the funding secured, we will be accelerating the development of our first phase of projects, which will bring clean energy to hard-to-abate energy intensive industrial consumers and help them move towards a net-zero future." Serentica is committed to developing 4GW of renewable energy capacities across the country to deliver round-the-clock green energy needs of its customers. The overall portfolio will supply more than 9 billion units (BUs) of clean energy annually, offsetting 8.5 m...

The Enforcement Directorate has provisionally attached land worth Rs 125.06 crore belonging to Unitech Infopark Limited in connection with its probe into money laundering allegations arising out of complaints from home buyers of the Unitech group, officials said Monday. The ED has provisionally attached 39.83 per cent share of 4.79 acres of land that forms part of the Uniworld City township at Nallambakkam in Chennai. "The value of the land attached is Rs 125.06 crore. The said land is owned by Unitech Infopark Limited in which 39.83 per cent shares are held by Narnil Infosolutions Private Limited (a benami company of the Chandras, the promoters of Unitech Group)," the ED said in a statement. The action is part of an investigation undertaken by the ED based on cases registered by the Delhi Police and CBI on the complaints from home buyers against Unitech Group, its promoters and others, it said. In its investigation, ED detected that the Chandras of Unitech had allegedly inve...

Customers can also avail of discounts up to Rs 2,000 on card transactions of different banks on the IRCTC website from Companies https://ift.tt/JBM9xhf via IFTTT

The fundraising plan is expected to be part of the company's Rs 7,000-crore capex plan in the next phase of growth, during which it aims to add an additional 12 million tonnes of capacity from Companies https://ift.tt/khMENAS via IFTTT

The final decision for the fundraising is likely to be taken in the upcoming board meeting on October 5 from Companies https://ift.tt/MWVEzps via IFTTT

In August, the family acquired a 7.5 per cent stake in Religare Enterprises for Rs 534, taking its total stake to 21 per cent from Companies https://ift.tt/wVFrQgM via IFTTT

"The market in India will grow exponentially in 5 to 10 years, as college students who enjoy games grow older and the economy develops," Tsujimoto said from Companies https://ift.tt/ouZ571y via IFTTT

The proceeds of the issue will be primarily used to meet the needs of the growing business of the bank, including long-term capital requirements from Companies https://ift.tt/d4hjfSm via IFTTT

iPhone maker Apple has plans to scale up production in India by over five-fold to around USD 40 billion (about 3.32 lakh crore) in the next 4-5 years, according to government sources. According to the official, who did not wish to be named, the company has crossed the USD 7 billion production mark in the last financial year. "Apple has plans to increase production in India to over USD 40 billion in the next 4-5 years. It has crossed USD 7 billion in the last fiscal," the official said. An email query sent to Apple did not elicit any reply. Apple manufacturers iPhones in India and has plans to start manufacturing Airpods from next year. The officer said that Apple has no immediate plans to make iPads or its laptops in India. "They don't have any plans to participate in IT hardware PLI. They may come at a later stage but as of now their focus is to scale up existing production levels," the officer said. The company globally sold iPhones worth USD 191 billion and p...

He will take over from Bhargav Dasgupta, who will be officiating his duties until the close of business hours on 30 November 2023 from Companies https://ift.tt/bijfNQz via IFTTT

Luxury carmakers Mercedes-Benz, Lexus and Audi expect sales momentum to continue in the ongoing festive season with demand remaining robust for high-end cars. With offtake remaining strong, the festive season push could even see the luxury car segment posting its highest ever volumes in a year in 2023. In an interaction with PTI, Mercedes-Benz India Managing Director and CEO Santosh Iyer noted that the festive season looks very promising as compared with last year. "This year the festive season is spread across four months and we are optimistic as we started on a very positive note, from Onam onwards," he stated. With a strong demand primarily driven by recent launches and buoyant customer sentiment, Mercedes-Benz expects the growth momentum to continue, Iyer said. Lexus India President Naveen Soni said the luxury car market continues to grow in the country. "This year, the demand for high-end cars has brought cheer to the industry. Luxury cars, as a market segment, are ...

The company had earlier informed banks that it would raise Rs 5,000 crore to Rs 7,000 crore in the current financial year for the acquisition from Companies https://ift.tt/zrnq4iv via IFTTT

State-owned Oil and Natural Gas Corporation (ONGC) has signed an agreement to sell crude oil it produces from Mumbai offshore fields to HPCL - the second such agreement in as many months, as India's top oil and gas producer prefers term contracts over auctions where refiners hammer deep discounts. In a post on X, formerly known as Twitter, ONGC said it has inked "term agreement with HPCL for sale of crude oil from Mumbai offshore." While it did not give details, sources aware of the matter said the pact for sale of about 4.5 million tonnes per annum of crude oil to Hindustan Petroleum Corporation Ltd's (HPCL) Mumbai refinery. "This is the second term agreement sealed for sale of Mumbai Offshore crude oil post marketing freedom," ONGC said. Last month, ONGC had signed a similar pact to sell 4 million tonnes per annum plus an optional 0.5 million tonnes of crude oil to Bharat Petroleum Corporation Ltd (BPCL), which too has a refinery to convert the crude oil i...

When Chief Executive Officer Charlie Scharf took the reins at Wells Fargo in 2019, he quickly tagged the firm's wealth offerings as an area he'd seek to develop from Companies https://ift.tt/cnoEbfT via IFTTT

Kamats Restaurants on Saturday said it has collaborated with IDFC First Bank for easy registration and recharge of FASTag at its outlets along the highways in Maharashtra and Gujarat. Under this partnership, users can now register for a fresh FASTag or recharge their existing FASTag accounts at Kamats outlets, the restaurant chain said in a statement. "We are proud to be at the forefront of a convenient digital space in the restaurant industry. By teaming up with IDFC First Bank and integrating FASTag technology into our operations, we are not only making FASTag buying and recharging convenient while taking a meal break on the highways for our customers but also contributing to the digital transformation of India," Vikram Kamat, Founder and Chairman of The Vitskamats Group, said. There are 137 Kamats Restaurants in Maharashtra and Gujarat, including those in the two cities as well as along the highways. from Companies https://ift.tt/LdgD4Ot via IFTTT

Integrated facilities management company Updater Services Ltd on Friday said it has raised Rs 288 crore from anchor investors days before the launch of its initial public offering (IPO). The firm has allotted 96 lakh equity shares to 18 funds at Rs 300 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website late Friday night. Among the anchor investors that participated in the bidding are Nomura Singapore, Citigroup Global Markets Mauritius Pvt Ltd, BNP Paribas Arbitrage, Societe Generale, ICICI Prudential Mutual Fund (MF), Bandhan MF and Aditya Birla Sun Life Insurance Company. The initial share sale, with a price band of Rs 280-300 per share, will be open for public subscription during September 25-27. The Rs 640-crore IPO will comprise a fresh issue of equity shares aggregating up to Rs 400 crore and an Offer for Sale (OFS) of up to 80 lakh equity shares by a promoter and existing shareholders. Under the OFS, Tangi Facility ... fr...

Inspire Films Ltd, a television content company, will launch an initial public offering (IPO) to raise Rs 21.22 crore. The IPO, which will open for subscription during September 25-27, comprises 35.98 lakh shares for Rs 59 a piece with a face value of Rs 10 each, said a statement from the company. A total of 10.24 lakh shares will be allotted to anchor investors and 6.82 lakh shares are reserved for Qualified Institutional Buyers (QIBs). While 5.14 lakh shares are reserved for high net-worth individuals (HNIs), 11.98 lakh shares are meant for retail investors and 1.80 lakh shares for market makers. "Following the IPO, the company's shares will be listed on the NSE Emerge platform on October 9, 2023," it added. The proceeds of the IPO will help Inspire Films to cater to the company's working capital requirements, and general corporate purposes facilitating strategic growth and development and covering the expenses. "With our IPO we will be able to expand our busin...

Tata Projects on Saturday announced its collaboration with Micron Technology to construct an advanced semiconductor assembly and test plant in Sanand, Gujarat. The company in a statement said the contract awarded to Tata Projects solidifies the company's proficiency in large-scale, sustainable infrastructure development in the Indian manufacturing landscape. According to the statement, situated in the Gujarat Industrial Development Corporation area of Chaarodi, Sanand, the project spans an expansive 93 acres of land. "This enduring project is a significant milestone and the largest investment under the India Semiconductor Mission (ISM)," the statement said, adding that the construction of Phase 1 will include a 500,000 square feet cleanroom space, scheduled to be operational by late 2024. The statement said the project encompasses the design and construction of a first-of-its-kind DRAM (dynamic random access memory) and NAND (non-volatile flash memory) assembly and test f...

India had a total of 1,580 GCCs with a talent base of 1.66 million as of FY23, according to the latest Nasscom-Zinnov report from Companies https://ift.tt/2qNDzwb via IFTTT

The Manipur government has served a show cause notice to a private telecom company over the availability "of internet data services in mobile phones in some areas of Churachandpur and adjoining Bishnupur district on September 20" while the suspension of mobile data service is still in force, an official said. Commissioner (Home) T Ranjit Singh, in a letter to Ashish Bansal, Chief Technical Officer, Airtel, Imphal on Thursday remarked it is "a serious lapse on the part of service provider and this lapse might have led to the dissemination of inflammatory and provocative clips and messages in various social media platforms leading to communal tension, hatred and rumours," the official said. The letter said, "Considering the very sensitive and volatile law and order situation currently prevailing in the state, the aforesaid lapses have been viewed very seriously by the state government, and this amounts to violation of the government orders." The state govern...

Long queues of people were seen outside the Apple store at Mumbai's BKC - India's first Apple store. People were also seen standing outside the Apple Store at Delhi's Select Citywalk Mall in Saket from Companies https://ift.tt/fJLhKxb via IFTTT

Wait times in India for Apple's latest 15 Pro and Pro Max models, that go on sale Friday, are stretching up to late October, mirroring trends seen in China and the US from Companies https://ift.tt/7Q1tLJ0 via IFTTT

Cisco offered $157 in cash for each share of Splunk, representing a 31% premium to the company's last closing price from Companies https://ift.tt/PSyIonK via IFTTT

Akasa is suing some of the pilots for alleged contractual violations, and has warned in court that it might have to shut down if the exits continue from Companies https://ift.tt/yWwNdgH via IFTTT

The mining conglomerate is simultaneously in discussions with bondholders to modify repayment timelines on a portion of the $3.2 billion bonds from Companies https://ift.tt/BSVPRXy via IFTTT

Investment round led by Peak XV and Elevation Capital from Companies https://ift.tt/G6KPdQC via IFTTT

For Nvidia, whose graphics processors are vital to the development of artificial intelligence systems, the South Asian nation of 1.4 billion people presents a rare opportunity from Companies https://ift.tt/JbmNpLn via IFTTT

Overseas institutions are also a better bet for Adani. Tapping Indian banks, especially state-run lenders, would be a tad cheaper, but might invite greater political scrutiny ahead of general election from Companies https://ift.tt/qP2iBgt via IFTTT

India had a total of 1,580 GCCs with a talent base of 1.66 million as of FY23, according to the latest Nasscom-Zinnov report from Companies https://ift.tt/OXVeu3S via IFTTT

Capital market regulator Sebi on Wednesday imposed penalties totalling Rs 6 crore on 15 entities, including Kapil Wadhawan and Dheeraj Wadhawan, for flouting disclosure norms in the case of Deewan Housing Finance Corp Ltd (DHFL). Wadhawans are the former promoters of DHFL. The fines need to be paid jointly and severally within 45 days, the Securities and Exchange Board of India (Sebi) said in an order. In its 82-page order, Sebi said the promoters, including Kapil Wadhawan and Dheeraj Wadhawan, suppressed the names of three companies -- Hemisphere Infrastructure India, Galaxy Infraprojects and Developers, and Silicon First Realtors -- which were directly or indirectly being held by the promoters of DHFL. These three companies were shown as part of public shareholders instead of being part of the promoter and promoter group of DHFL. Sebi noted that the entities being promoter or promoter group and PACs (Persons Acting in Concert) having control over DHFL were under an obligation t fro...

A few months ago, Micron acquired 10 acres of land, a building and a factory from a troubled auto components maker from Companies https://ift.tt/ukMrEp2 via IFTTT

The service has been designed for the "new to bank" (NTB) customers and aims to smoothen the process of account opening at SBI for NRIs from Companies https://ift.tt/xt6yCcN via IFTTT

TotalEnergies holds a 19.75 per cent stake in Adani Green Energy and is the second largest shareholder after the promoters, who control about 56.27 per cent from Companies https://ift.tt/WvMhXwO via IFTTT

The transition marks the end of Mehta's 11-year tenure with the company he co-founded in 2012 from Companies https://ift.tt/TeCU8SD via IFTTT

Putin last year removed an Exxon Mobil subsidiary as operator of the Sakhalin-1 oil and gas project in Russia's Far East and transferred it to a new operator from Companies https://ift.tt/ebxK3i0 via IFTTT

The two-wheeler segment accounted for 56 per cent of the EVs sold in 2023, followed by three-wheelers and passenger vehicles from Companies https://ift.tt/Znw0y8N via IFTTT

Indian Railways has earned an additional revenue of more than Rs 2,800 crore from child travellers in the last seven years by revising child travel fare norms, an RTI response has found. The response from the Centre for Railway Information Systems (CRIS) under the Right to Information (RTI) Act further indicates that the financial year of 2022-23 alone earned Rs 560 crore due to the amended norms making it the most profitable year. CRIS, an organization under the Ministry of Railways, provides IT solutions in core areas such as ticketing and passengers, freight services, train traffic control and operations, among others. On March 31, 2016, the ministry announced that the railways would charge full adult fare for children of age 5 years and under 12 years if they opted for separate berths or seats in a reserved coach. The revised norm was made applicable from April 21, 2016. Earlier, the railways used to offer separate berths to children between 5 and 12 years while charging only h f...

The government on Monday extended the due date for filing income tax returns by companies by one month till November 30. Also, the due date for furnishing audit reports by companies who need to get their accounts audited has been extended by one month till October 31. "The due date of furnishing of Return of Income in Form ITR-7 for Assessment Year 2023-24, which is 31.10.2023 is extended to 30.11.2023, the finance ministry said in a statement. from Companies https://ift.tt/GnT8J7I via IFTTT

Marquee investors-backed Ummeed Housing Finance (UHFPL), a digital affordable housing finance company, on Monday said it has received a sanction of up to USD 20 million (about Rs 160 crore) from the US International Development Finance Corporation (DFC). The funding will be used to provide long-tenure housing finance to the Economically Weaker Sections (EWS), Lower-Income Groups (LIGs) and Middle-Income Groups (MIGs) in Tier 2, 3 & 4 cities in the country, the company said in a statement. The company said it is backed by the four marquee investors -- Norwest Venture Partners, Morgan Stanley Private Equity Asia, Lightrock, and CX Partners. "This is an important transaction that will provide vital financing to support increased access to affordable housing in India," said James Polan, Vice President of DFC's Office of Development Credit. DFC is the US government's development finance institution that works with the private sector to channel development capital into ...

Air India Express and AirAsia India have commenced interline bookings, as part of an agreement between the two Tata Group airlines, to enable customers have a seamless travel on their entire domestic and international network amid the ongoing merger process. Under the arrangement, customers can now book a single itinerary for both airlines, including a single PNR (Passenger Name Record) on the common website and other OTAs (Online Travel Agents) and travel partners, a joint statement by the two airlines said on Monday. Budget carrier AirAsia India, which has been rechristened as AIX Connect, flies on domestic routes, while Air India Express operates on overseas routes. AIX Connect is in the process of integrating and merging with Air India Express. Along with a single PNR facility, the passenger will also receive a single boarding pass at the departing airport when undertaking a domestic journey on AirAsia India flight and a connecting international flight with Air India Express, a f...

The next hearing in the case is likely on October 13 from Companies https://ift.tt/Im5wfjb via IFTTT

Buyers at "the bottom of the pyramid" who were hit by the Covid pandemic, job losses and rising petrol price, are not coming back, Bajaj said from Companies https://ift.tt/1p5YleC via IFTTT

State Bank of India (SBI) has introduced a digital facility for Non-Resident Indians (NRIs) to effortlessly open NRE and NRO accounts (both savings and current accounts) through its mobile app YONO. This service is designed for NTB or 'new to bank' customers, providing them with ease and efficiency in the account opening process, SBI said in a statement on Monday. This initiative fulfils a long-standing demand from NRI customers for a hassle-free way to open and manage their accounts in India, it said. An Non-Residential External (NRE) account is a bank account opened in India in the name of an NRI, to park his foreign earnings; whereas, an Non-Resident Ordinary (NRO) account is opened in India in the name of an NRI, to manage the income earned by him/her in India. These incomes include rent, dividend, pension, interest, etc. The bank has leveraged technology to create a seamless, digitized account opening process that ensures efficiency and accuracy, making it a one-stop solut...

The funds were raised through the issue to the promoter group and investors in two phases in February and March, 2022 from Companies https://ift.tt/Tu0r3lh via IFTTT

Torrent had reached out to several private equity (PE) funds, including Bain Capital to secure the necessary funds to buyout the promoter family of Cipla from Companies https://ift.tt/lNfTyAO via IFTTT

Property consultant India Sotheby's International Realty on Sunday said it has bagged a mandate to sell Rs 800 crore worth ultra-luxury apartments at Worli in Mumbai. In a statement, India Sotheby's International Realty said it has signed an exclusive sales and marketing mandate with The Residency, Worli, Mumbai that houses 19 ultra-luxury residences. Prime Realty is the developer of this project. These residences are ready with completion and occupancy certificates, it added. The price of these luxury residences starts at Rs 60 crore each. Few units have already been sold. India Sotheby's International Realty has got mandate to sell Rs 800 crore worth properties. The size of each flat is around 5,510 square feet. Amit Goyal, Managing Director of India Sotheby's International Realty, said, "Luxury real estate sales in India's financial capital and its wealthiest city, registered record-setting sales in the first six months of 2023." India Sotheby's Int...

Policy predictability is needed to make investment plans for accelerating electric mobility in the two-wheeler segment, according to electric two-wheeler maker Ather Energy Chief Business Officer Ravneet S Phokela. The company, in which Hero MotoCorp is a significant investor, expects 100 per cent electrification of the domestic two-wheeler market by 2030 even as it prepares to start exports to an India-like market in the near future. With the FAME-II (Faster Adoption of Manufacturing of Electric Vehicles in India) scheme coming to an end in March next year, Phokela said Ather is happy with the government support and the current levels of subsidy but hoped that it would be extended for another three to five years for acceleration of EV adoption. "Two requirements, extend the period of time and importantly, let there be policy predictability," he told PTI when asked about the company's wishlist for FAME III. He further said,"Unpredictability is not good for business b...

Jammu and Kashmir government would notify a new start-up policy by the next month to provide a roadmap for nurturing innovation, creating jobs and driving economic growth, Lieutenant Governor Manoj Sinha said on Saturday. Addressing the valedictory session of J&K Start-Up Conclave 2023 in Srinagar, the Lt Governor announced that the UT administration has drafted a new Start-Up Policy 2023 for Jammu and Kashmir which will be notified by the next month. The new policy will provide a roadmap for nurturing innovation, creating jobs and driving economic growth. It will ensure market access, suitable infrastructure and all the assistance and help to entrepreneurs in their journey, he added. J&K Start-Up Policy will also facilitate the growth of many cutting-edge sectors for Jammu and Kashmir which are still untapped. For the Seed Funding, one-time assistance up to Rs 20 lakh in four equal installments will be provided to start-ups recognized by J&K Government, the Lt Governor ......

In the preceding month, Akasa Air witnessed a sequential doubling in flight cancellations as a direct consequence of these untimely exits from Companies https://ift.tt/V5MwE38 via IFTTT

To address these concerns, the IBBI recently proposed four changes to CIRP regulations aimed at reducing delays, as outlined in a consultation paper from Companies https://ift.tt/OK5lAhZ via IFTTT

State-run REC Ltd has sanctioned a Rs 6,075-crore loan to renewable energy company Greenko for setting up a 1,440-MW standalone pumped storage project. REC has also sanctioned debt funding of more than Rs 3,081 crore to renewable energy company Serentica Renewables for its 560 MW peak greenfield solar-wind hybrid project in the Gadag district of Karnataka. The REC is on a trajectory to achieve a green finance loan book of Rs 3 lakh Crore by the fiscal year 2030, a statement said. REC is an NBFC focusing on power sector financing and development across India. It provides financial assistance to the complete power-sector value chain, for various types of projects including generation, transmission & distribution and renewable energy. REC has also diversified into non-power infrastructure and logistics sector, to cover areas such as airports, metro, railways, ports, bridges, etc. from Companies https://ift.tt/JRdLYgt via IFTTT

Ram Manohar Lohia Hospital here will inaugurate a speciality OPD for the transgender community on the occasion of Prime Minister Narendra Modi's birthday on Sunday. Besides, a blood donation camp will also be organised on that day. The hospital's Medical Superintendent Dr Ajay Shukla will inaugurate this special OPD and blood donation camp. He said this speciality OPD service will be available to transgenders every Friday from 2 pm to 4 pm and there will be a separate registration counter for the same. An endocrinology facility with hormone analysis and free hormonal treatment, a psychiatry facility with clinical-psychological assessment, and plastic surgery will also be available at the OPD, Dr Shukla said. Also, dermatology, urology and paediatrics services and all related blood investigations will be made available at the OPD, he said, adding that it will have gender-neutral/transgender washroom facilities. When asked what prompted the launch of the Speciality OPD for transg...

Business Standard brings you the top headlines at this hour from Companies https://ift.tt/bAVvo2M via IFTTT

The company is also targeting Rs 5,000 crore in sales from its healthcare segment from Companies https://ift.tt/S8KpoMf via IFTTT

Bharat Electronics Limited received an order of Rs 2,118.57 crore from Cochin Shipyard Limited for supply of various equipment consisting of sensors, weapon equipment, fire control systems and communication equipment for six numbers of next generation missile vessels and class of anti-surface warfare corvettes for Indian Navy. This project will have participation of Indian electronics and associated industries, including MSMEs, which are sub-vendors of BEL, Bengaluru-headquartered BEL said in a statement on Friday. The equipment manufactured by BEL are part of 'Aatmanirbhar Bharat' programme. The company has also received additional orders worth Rs 886 crore since the last disclosure on August 25 and the said orders pertain to upgrade of AFNET SATCOM N/W, upgrade of Akash missiles with RF Seeker, inertial navigation system and other equipment with accessories and spares, among others. "With this, BEL has in all received orders worth Rs 14,384 crore till now in the financia...

The deal would increase Total's presence in the fast-growing Indian energy market, while giving Adani Green more means to develop new renewable energy projects from Companies https://ift.tt/oaP8KM6 via IFTTT

This is 18-20 per cent higher than last year and will be driven by about 140 million shoppers who are expected to be transacting online at least once during this festive month from Companies https://ift.tt/Z97x3WY via IFTTT

Since early 2023, the 23-year veteran Rao has served as the chief of Nielsen's audience measurement business from Companies https://ift.tt/47A6YGT via IFTTT

Cellular Operators Association of India Director General S P Kochhar on Thursday made a case for sharing profit between OTT players and telecom companies for using 5G networks. "While telcos carry their traffic of voice and data, majority of the use of these networks is done by OTT players who load these networks with massive amounts of data which they carry to the end users. "They get it from content providers, put it on their platform and deliver it to the end users without paying anything to the network providers who have created the network for them to roll on," Kochhar said. OTT players, including Netflix, Amazon Prime, Zee5, SonyLIV have significant user base in India. He said over-the-top platforms benefit from the roll-out of advanced technologies like 5G. "It is like building a house and staying in one floor and other floors are given out on rent which are used by the tenant for commercial purposes but he doesn't pay the rent. "This is very silly. ...

Online travel company Yatra Online on Thursday said it has mobilised Rs 348.75 crore from anchor investors ahead of its Rs 775-crore initial public offering (IPO). The company has allocated 2.49 crore equity shares to 33 entities at Rs 142 apiece, according to a circular uploaded on the BSE website. ICICI Prudential Mutual Fund (MF), Mirae Asset MF, Tata MF, Bandhan MF, Max Life Insurance, Bajaj Allianz Life Insurance, Massachusetts Institute of Technology, Morgan Stanley Asia (Singapore) Pte, Goldman Sachs (Singapore) Pte, Bofa Securities Europe SA, Societe Generale, BNP Paribas Arbitrage and Quantum State Investment Fund are among the anchor investors. The company has fixed a price band of Rs 135-142 per share for its maiden public issue, which will open for public subscription on September 15-20. At the upper end of the price band, the IPO will fetch up to Rs 775 crore. The IPO comprises fresh issuance of equity shares worth Rs 602 crore and an Offer for Sale (OFS) of up to ... fr...

To ensure global growth and stability, the G20 Sustainable Finance Working Group (SFWG) has proposed to mobilise sustainable finance to promote the transition towards greener, more resilient and inclusive societies and economies. The main purpose of the Group, which concluded its fourth and last meeting under India's G20 presidency on Thursday, is to advance international work to help scale up private and public sustainable finance and in doing so, accelerate the implementation of the Paris Agreement and 2030 Agenda for Sustainable Development. The G20 Sustainable Finance Roadmap, as finalized in 2021, is the core around which the SFWG functions and takes up future work, the finance ministry said in a statement after conclusion of 2-day meeting in Varanasi. Towards this end, the SFWG in 2023 carried out work for enabling finance for SDGs along with the mobilisation of timely and adequate resources for climate finance as agenda priorities, it said. The SFWG during India's G20 .....

The Chennai bench of the Income Tax Appellate Tribunal (ITAT) has dismissed an appeal of Cognizant Technology Solutions India and ruled that the company is liable to pay Dividend Distribution Tax (DDT) on buyback of Rs 19,000 crore worth of shares under a scheme of arrangement. Dismissing the appeal of Cognizant Technology Solutions India, ITAT held that the consideration paid by the company for purchase of its own shares in accordance with the scheme sanctioned by the Madras High Court "amounts to distribution of accumulated profits which entails release of all or part of assets of a company on reduction of capital which attracts provisions of Sec.2(22) of the Income Tax Act, 1961." Cognizant Technology Solutions in the assessment year 2017-18 purchased 94,00,534 equity shares of face value Rs 10 from its shareholders based in the US and Mauritius at Rs 20,297 apiece for a total consideration of Rs 19,080.26 crore in accordance with a scheme approved by the Madras High Court...

The production of paints will take place at the company's manufacturing plants located in Haryana, Punjab, Tamil Nadu, Karnataka, Maharashtra, and West Bengal from Companies https://ift.tt/27l4YE5 via IFTTT

In partnership with Visa and Juspay, the virtual card has additional layers of security that give users complete control over their international expenses, thus making it safe and hassle-free from Companies https://ift.tt/UXV5ImS via IFTTT

We focused on electric autonomous connected vehicles during the pandemic and within this, EV was the first area of focus where we invested in a set of labs, CEO of LTTS Amit Chadha added from Companies https://ift.tt/EPOhag8 via IFTTT

The moves will result in a number of job cuts, though the company doesn't yet have firm targets for how many employees will be affected from Companies https://ift.tt/41EsAnr via IFTTT

The company has allocated 1.54 crore equity shares to 23 entities at Rs 164 apiece, according to a circular uploaded on the BSE website from Companies https://ift.tt/j9bnLC8 via IFTTT

Digital payment services provider Paytm on Wednesday said its shareholders have approved the appointment of a new statutory auditor, S.R. Batliboi & Associates LLP, for five years. S.R. Batliboi & Associates LLP has been approved as the new statutory auditor of Paytm for five years in the 23rd annual general meeting held on September 12, Paytm said in an exchange filing. Price Waterhouse Chartered Accountants LLP has completed its term as the statutory auditor of the company at the conclusion of the AGM, the filing stated. The company in a separate filing said that shareholders approved reappointment of Madhur Deora as Executive Director, President and Group Chief Financial Officer as well as the proposed increase in his salary. Price Waterhouse Chartered Accountants LLP on August 7 had announced its resignation as auditor of Paytm Payments Services Limited with immediate effect. PwC had cited the change of auditors at the holding company level and Paytm's practice to align...

Volvo Car India has commenced deliveries of its recently-launched electric car C40 Recharge with Kerala and Tamil Nadu to begin with, the company said on Wednesday. The Indian arm of the Swedish luxury car maker Volvo rolled out its first ground-up electric car in the domestic market on September 5 at an introductory price of Rs 61.25 lakh (sans taxes). The premium car company launched its first locally-assembled pure electric SUV XC40 Recharge in July last year. "Deliveries of the first born electric C40 Recharge are important milestone in our journey towards becoming an all-electric company by 2030. The C40 Recharge is the second car which is being delivered under our ambitious Online Direct Sales model, said Jyoti Malhotra, Managing Director at Volvo Car India. The C40 Recharge is only sold online directly by the company. Customers can place orders online with a refundable deposit of Rs 1 lakh on Volvo Car India website. This is the second EV model from Volvo in India getting ....

Byju's denied the charge, saying its credit agreement with lenders did not prohibit or restrict the usage, movement or investment of funds from Companies https://ift.tt/5UiyDTC via IFTTT

The Indian smart metering market, with a staggering 250 million metering points, is on the cusp of exponential growth from Companies https://ift.tt/4YU8wtx via IFTTT

More people might be sticking to current employment as number of members rejoining or resubscribing pension fund has declined, it says from Companies https://ift.tt/hrcFP4t via IFTTT

Ajay Kumar Agarwal has sought permission from the Supreme Court to intervene in the investigations by the Sebi against the Adani Group from Companies https://ift.tt/reBVgp0 via IFTTT

IndiGo has the largest fleet with 135 planes running on the P&W engines which will be impacted due to safety inspection from Companies https://ift.tt/LBE2IXn via IFTTT

"Byju's has gone to great lengths to conceal the whereabouts of borrower's $533 million for the admitted purpose of hindering and delaying" creditors, they argued in Miami-Dade County court filings from Companies https://ift.tt/e8OHpPr via IFTTT

Google will confront a threat to its dominant search engine beginning Tuesday when federal regulators launch an attempt to dismantle its internet empire in the biggest US antitrust trial in a quarter century. Over the next 10 weeks, federal lawyers and state attorneys general will try to prove Google rigged the market in its favour by locking its search engine in as the default choice in a plethora of places and devices. US District Judge Amit Mehta likely won't issue a ruling until early next year. If he decides Google broke the law, another trial will decide what steps should be taken to rein in the Mountain View, California-based company. Top executives at Google and its corporate parent Alphabet Inc, as well as those from other powerful technology companies are expected to testify. Among them is likely to be Alphabet CEO Sundar Pichai, who succeeded Google co-founder Larry Page four years ago. Court documents also suggest that Eddy Cue, a high ranking Apple executive, might be ...

Private equity platform Xponentia on Tuesday said it has raised Rs 1,000 crore in its second fund, almost entirely from domestic investors. The platform will be investing the funds in companies across sectors such as consumer, healthcare, financial services, and business services, according to statement. It had set out with a target to raise Rs 750 crore, and the same has been oversubscribed and exceeded, the statement said. Apart from investors in the first fund, new investors, including High Networth Individuals (HNIs), family offices and insurance companies and the 'fund of funds' programme managed by Small Industries Development Bank of India (SIDBI) have invested or have committed money in the second fund. The platform's managing partner Devinjit Singh said that a conviction about Indian institutions and family offices being under invested in alternative assets led him to leave Carlyle in 2018 and launch the platform. "Investor appetite for the asset class has inc...

Vertex Ventures Southeast Asia and India (VVSEAI) on Tuesday said it has raised USD 541 million (about Rs 4,489 crore) in a funding round. The VVSEAI Fund V exceeds its target fund of USD 450 million (about Rs 3,734 crore) and is 80 per cent larger than VVSEAI Fund IV raised in 2019, the company said in a statement. The new Fund V raise comes on the heels of cash-on-cash returns from VVSEAI's portfolio and successful exits from its investments in companies such as Grab, FirstCry, XPressBees, Recko, and others. The fund is backed by existing and new limited partners like Japan Investment Corporation (JIC), International Finance Corporation (IFC) and DEG (a German development finance institution), sovereign wealth funds, financial institutions, corporates and family offices across Asia and Europe. "Our earlier funds have had superior cash-on-cash returns and are outperforming benchmarks. This track record led most of our investors from VVSEAI Fund IV to return as investors in VV...

With this acquisition, Razorpay will get access to BillMe's client base of over 4,000 merchants from Companies https://ift.tt/4NBdQ1l via IFTTT

Tata Consumer Products Ltd., the owner of the Tetley tea brand, was uncomfortable with Haldiram's $10 billion valuation from Companies https://ift.tt/M7bjE6V via IFTTT

Apple also just renewed a contract to get modem chips from Qualcomm Inc., a sign that an effort to build its own components is taking longer than expected from Companies https://ift.tt/3JbaDoP via IFTTT

The Supreme Court asked SpiceJet chairman Ajay Singh to make a payment of $500,000 towards an installment to Credit Suisse by September 22, along with $1 million towards defaulted amount from Companies https://ift.tt/GfSzDnw via IFTTT

The DFC invests in energy, healthcare, infrastructure, agriculture, and small businesses among other sectors from Companies https://ift.tt/7utQKbY via IFTTT

Perfios, a B2B SaaS specialist, says investment will help it in 'providing access to financial services' from Companies https://ift.tt/TU2FXhp via IFTTT

Assets Under Management (AUM) grew to Rs 1,26,053 crore in June 2023 from Rs 89,005 crore a year ago and Rs 1,21,326 crore as of end-March 2023 from Companies https://ift.tt/8ZE1C53 via IFTTT

Startup20 forum, in its recommendations, called for a global definitional framework for start-ups as well as a policy framework to strengthen ecosystems within and across G20 nations from Companies https://ift.tt/96OFWLi via IFTTT

The National Company Law Appellate Tribunal has dismissed an operational creditor's petition to initiate insolvency proceedings against Wipro Ltd. A two-member Chennai bench of the appellate tribunal held earlier that there was a pre-existing dispute over the payment between Wipro and the petitioner and observed that the Insolvency and Bankruptcy Code was not framed for being a "mere recovery legislation for creditors". The National Company Law Appellate Tribunal (NCLAT) has upheld the order of the NCLT. Earlier, the Bengaluru Bench of the National Company Law Tribunal (NCLT), on January 16, 2020, dismissed the plea by Tricolite Electrical Industries in the capacity of operational creditor. The order was challenged by the Delhi-based operational creditor, a manufacturer of 'LT/ HT Electric Panels' before the appellate body NCLAT. However, the NCLAT also dismissed it after observing, "We are satisfied that a dispute' truly existed for the Respondent Compan...

Sugar prices are on a high with a fall in production primarily due to unseasonal showers in key growing areas of Maharashtra and Karnataka in March from Companies https://ift.tt/G4ocDaP via IFTTT

European Commission President Ursula von der Leyen on Sunday said Europe and its partners should develop a new global framework for artificial intelligence risks, asserting that it would protect against systemic societal risks and foster investments in safe and responsible AI systems. Addressing the "One Future" session of the G20 Summit here, the European Commission president said one thing seems clear that the future will be digital. "Today, I want to focus on AI and digital infrastructure. As it has been described, AI has risks but also offers tremendous opportunities. The crucial question is how to harness a rapidly changing technology," she said. It is telling that even the makers and inventors of AI are calling on political leaders to regulate it, she added. "In the EU, in 2020, we presented the first ever law on artificial intelligence. We want to facilitate innovation while building trust. But we need more. What the world does now will shape our future....

Torrent's promoters own a 53.6 per cent stake in Torrent Power, valued at Rs 18,643 crore as of Friday, which remains a crucial avenue for raising funds for the Mehtas from Companies https://ift.tt/e7xXp86 via IFTTT

A well defined payment security mechanism for long-term contracts would help support large-scale rollout of electric buses in the country, according to Ashok Leyland Chairman Dheeraj Hinduja. In an interaction with PTI, he also emphasised on the importance of subsidies in faster adoption of electric mobility in India. "So I would say two areas -- one, the subsidies or whatever benefits that the government can consider for promoting electric vehicles is of course welcome, and then some type of payment security mechanisms are also required. It would help the industry to grow at a faster pace," Hinduja said. He was replying to a query to list initiatives which could aid in the growth of electric vehicles in the country. Hinduja said the government is already looking into some form of security of its payment structure. "When you're looking at these GCC (Gross Cost Contracting) contracts for 10-12 years, the OEMs do want some security of how to ensure that the payments wi...

Glenmark Pharmaceuticals aims to grow its revenues by 10-11 per cent with a focus on free cash generation to reduce debt in the current financial year, according to Chairman and Managing Director Glenn Saldanha. The Mumbai-based drug major is also looking at enhancing EBITDA margins while expanding presence in various therapeutic segments like oncology and dermatology. "For the new financial year, we aim to grow by 10-11 per cent in revenues, expand our EBITDA margin to 19-20 per cent, and continue to focus on enhancing free cash generation for further debt reduction," Saldanha said in the company's Annual Report for FY23. In FY23, the company's consolidated revenue from operations stood at Rs 12,990 crore, up from Rs 12,305 crore in FY22. Besides, the drug maker reported an EBITDA of Rs 2,278 crore during the 2022-23 fiscal with margins at 17.5 per cent. Glenmark reported net debt of Rs 2,905 crore for the fiscal ended March 31, 2023. Addressing the company's sha...

Tata Communications has moved the Income Tax Appellate Tribunal against an income tax commissioner court order rejecting the company's appeal against a tax demand of Rs 228.49 crore, according to an exchange filing. The company in a late-night filing on Friday stated that the company had filed appeals before the Commissioner of Income-tax (Appeals), Mumbai, in respect of TDS orders alleging short deduction of tax at source for assessment years 2013-14 to 2018-19. The potential financial implications are Rs 228.49 crore on the company, it said. The Commissioner of Income-tax (Appeals), Mumbai, passed orders received by the company on September 07, 2023 deciding the appeals against the company. "The company has on September 08, 2023, filed an appeal against these orders before the Income Tax Appellate Tribunal," Tata Communications said. from Companies https://ift.tt/rBs6xfE via IFTTT

Pidilite Industries, a leading adhesive, waterproofing solutions and construction chemicals maker on Saturday said a fine of Rs 2.64 lakh has been imposed on the company by the GST department. The company, however, expects a favourable outcome at the appellate level. Based on the company's assessment, prevailing law and the legal advice of the external counsel, Pidilite Industries "reasonably expects" a favourable outcome after it challenges the penalty at the appellate level, the company said in a regulatory filing. "The company has received an order dated August 30, 2023, which was received by the company on September 7, 2023... from the office of the Assistant Commissioner of Central Tax, Division III, Bhosari, Pune imposing a penalty of Rs 2,64,844 under applicable provisions of the CGST Act, 2017," it said. The order has been passed with regard to disallowance of input tax credit (ITC) in the state of Maharashtra for CIPY, a company which has been merged wi...

Reliance Retail Limited's debt-to-equity ratio increased from 1.35 in FY22 to 1.91 in FY23 from Companies https://ift.tt/6qtVXcm via IFTTT

With this, the total promoter holding in Adani Group's flagship firm has now risen to 71.93% from Companies https://ift.tt/PqIoSNX via IFTTT

Vodafone Idea has found it difficult to raise funds in the past two years which has hurt its ability to expand its 4G network and begin the 5G rollout from Companies https://ift.tt/cOGivND via IFTTT

IDBI Trusteeship Services has filed an insolvency petition with the NCLT's Bengaluru bench against Coffee Day Enterprises Ltd (CDEL), claiming dues of Rs 228.45 crore. The company is seeking appropriate legal advice and will take all appropriate steps to protect its interest in the aforesaid matter, CDEL said in a regulatory filing on Friday. "An application has been filed against the Company under Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy Rules, 2019 by IDBI Trusteeship Services Limited before the National Company Law Tribunal, Bengaluru for alleged default of Rs 228.45 crore," said CDEL. Under Section 7 of the Insolvency and Bankruptcy Code (IBC), a financial creditor can get insolvency proceedings initiated against the corporate debtor concerned. Last month, the Chennai bench of the National Company Law Appellate Tribunal (NCLAT) stayed the order of the NCLT to initiate insolvency proceedings against Coffee ...

Tata Group's Titan Company plans to open nine new stores of its jewellery brand Tanishq in Gujarat in the coming months, taking the number of stores to 28 in the state by the end of this fiscal, a top company official said here on Friday. Moreover, the company is also planning to expand its overseas presence by opening international stores in countries including the United States and Australia in the near future, said C K Venkataraman, Managing Director of Titan Company Ltd. "We currently have 19 Tanishq jewellery stores in Gujarat. By the end of the financial year 2023-24 in March, we will add nine more stores in different cities of the state and take the tally to 28," said Venkataraman while talking to reporters after the re-launch of a Tanishq store in Shivranjani area of the city on Friday. New stores would come up in cities like Ahmedabad, Gandhinagar, Surat, Bhuj, Valsad and a few in Saurashtra region, said the Titan MD. To cater to the Indian diaspora living in oth...

"There is intent, there is no timeline," said the person, adding that Reliance has "yet to make a call on whether they want to ultimately invest" from Companies https://ift.tt/ahA7NXb via IFTTT

The Mumbai-based company, backed by private equity firm TPG, will issue new shares worth Rs 180 crore, as per its prospectus dated Sept. 6 from Companies https://ift.tt/lB1PX4p via IFTTT

Senior executive will be in charge of company's supply chain and consumer management in new role from Companies https://ift.tt/V6a98B0 via IFTTT

Narrowbody handovers will be near the bottom of Boeing's goal of shipping 400 to 450 of the popular 737 jets this year, Chief Financial Officer Brian West said at an investor conference on Thursday from Companies https://ift.tt/CGdfL2S via IFTTT