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Showing posts from October, 2023

Hope it become best mall in world: Nita Ambani at Jio World Plaza launch

Founder and chairperson of Reliance Foundation Nita Ambani on Tuesday arrived at the grand launch of Jio World Plaza in Mumbai.Expressing her excitement at the event, Nita Ambani said, "Jio World Plaza is not only going to be the best mall in India but I hope it will become the best mall in the world. Definitely, we are really looking forward to it...Today is an ode to all the Indian designers and our arts & artisans also."According to a press release by Reliance Jio, located strategically in the bustling Bandra-Kurla Complex (BKC) at the heart of Mumbai, Jio World Plaza opened its doors to the public on November 1.The Plaza seamlessly integrates with the Nita Mukesh Ambani Cultural Centre, the Jio World Convention Centre, and the Jio World Garden, making it an all-encompassing destination for visitors.Talking about the Jio World Plaza at the grand event, Isha Ambani, Director of Reliance Industries Limited said, "I am very excited to open the next step of our Jio Wo...
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Pichai defends paying for making Google default search engine on devices

Testifying in the biggest US antitrust case in a quarter century, Google CEO Sundar Pichai defended his company's practice of paying Apple and other tech companies to make Google the default search engine on their devices, saying the intent was to make the user experience seamless and easy". The Department of Justice contends that Google a company whose very name is synonymous with scouring the internet pays off tech companies to lock out rival search engines to smother competition and innovation. The payments came to more than $26 billion in 2021, according to court documents the government entered into the record last week. Google counters that it dominates the market because its search engine is better than the competition. Pichai, the star witness in Google's defence, testified Monday that Google's payments to phone manufacturers and wireless phone companies were partly meant to nudge them into making costly security upgrades and other improvements to their devices...
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GMR Airports Infrastructure reduces loss to Rs 190 cr in Jul-Sep quarter

GMR Airports Infrastructure Ltd (GIL) on Monday reported its consolidated net loss reduced to Rs 190 crore in the July-September quarter of the current fiscal year. The company had reported a net loss of Rs 197 crore in the quarter ended September 30, 2022. Company's net income during the reporting quarter rose 25 per cent to Rs 1,607 crore against a net income of Rs 1,285 crore achieved in the second quarter of previous fiscal, GIL said in a statement. The total passenger traffic increased by 25 per cent year-on-year to 26.5 million in the July-September period, the company said. EBITDA (earnings before interest, taxes, depreciation and amortisation) during the September quarter grew by 34 per cent year-on-year to Rs 848 crore, it said. According to GIL, passenger traffic at Delhi airport increased to 17.7 million, up 18 per cent YoY from 15 million in the corresponding quarter of FY23. Domestic traffic witnessed a 16 per cent YoY growth, while international traffic rose by 22 pe ...
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Zydus, Sun Pharma ink licensing pact to co-market CKD treatment drug

Zydus Lifesciences on Monday said it has inked a pact with Sun Pharma to sell in the country an oral treatment medication for anemia associated with chronic kidney disease (CKD). The companies have entered into a licensing agreement to co-market the innovative drug, Desidustat, in India, Zydus said in a regulatory filing. Under the terms of the agreement, Zydus has granted Sun Pharma semi-exclusive rights to co-market the product in India, it stated. Sun Pharma will market the drug under the brand name Rytstat, it added. Zydus has launched the drug under the brand name Oxemia in 2022 and will continue to market it in the domestic market. As part of the deal, Zydus will receive upfront licensing income and is eligible to receive milestone income based on achievement of pre-defined milestones, the drug firm noted. "Desidustat which is one of the critical treatment options for CKD patients has substantially improved the patients' quality of life since it is more convenient to tak...
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Zydex eyes 15-20% revenue growth to Rs 375 cr across all verticals in FY24

Specialty chemicals company Zydex Group is eyeing 15-20 per cent growth in revenues to Rs 375 crore from all its verticals including road, textile, agro, water proofing and paints in 2023-24 compared to previous fiscal year. Talking to PTI, Chairman and Managing Director Zydex Group Ajay Ranka said,"We are expecting 15 to 20 per cent revenue growth in all business verticals during 2023-24 compared to 2022-23." He said the company gets 35 per cent revenue from road vertical, 35 per cent from textiles, 10-12 per cent agro, 14-15 per cent from waterproofing and 3-4 cent from paints business. About the staggering impact of the pandemic (which hit in March 2020) on the businesses, Ranka said though market sentiments have improved, the textile sector is doing poor since October 2022. Rest of the sectors are however growing post pandemic. "Organic growth of the company is expected in the next two years beyond which inorganic growth will be looked into, once business verticals s...
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India key mkt, will continue investments, accelerate electrification: Honda

Japanese auto major Honda Motor Co Ltd will continue to invest in India, a key market for its future growth strategy while also accelerating electrification of vehicles in line with its global plans to achieve carbon neutrality by 2050, according to top company officials. At the global level, Honda is open for alliances and collaboration with other firms if it offers a "win-win" situation in the wake of new development in the mobility sector, Honda Motor President and CEO Toshihiro Mibe told visiting Indian journalists at the company's headquarters here in an interaction. "Our strategy is to achieve carbon neutrality by 2050. To achieve that, we have milestones set for 2030-35 and 2040...For Honda, the Indian market is a big market and it is the market where electrification is rapidly progressing for both cars and two-wheelers," he said. Underlining the significance of India, Asian Honda Motor Co President & CEO and Head of Regional Operations (Asia & Oc...
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Indus Towers Q2 results: Net profit increases 49% to Rs 1,295 cr

Telecom infrastructure company Indus Towers on Wednesday posted a 49 per cent increase in consolidated net profit to Rs 1,295 crore in the September quarter. The company had posted net profit of Rs 872 crore in the year-ago period. The consolidated revenue of Indus Towers declined 10 per cent to Rs 7,133 crore during the second quarter of the current fiscal from Rs 7,967 crore a year ago. "The revenue for second quarter included... Rs 1,076 crore from deferred recognition of revenues arising from the settlement of old dues with customers. The quarter also had an impact of Rs 1,771 crore due to provision for doubtful debt," the company said in a statement. "The quarter marked Indus Towers reaching a milestone of 200,000 macro towers, reaffirming its leadership position. We are also proud to have delivered another quarter of our highest tower additions, which translated into a steady financial performance," Indus Towers Managing Director and CEO Prachur Sah said. The ...
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Signature Global buys 26 acre land in Gurugram to build housing project

Realty firm Signature Global on Monday said it has acquired 25.75 acre land in Gurugram to develop a group housing project. The company did not disclose the deal value and the name of the seller. In a regulatory filing, Signature Global said the "company has entered into a Sale Deed for acquiring a land parcel admeasuring approximate 25.75 acres located at village Fazilpur, Gurugram, Haryana, for development of a group housing project." This land parcel has the overall potential developable area of about 3.25 million square feet, it added. Last month, Signature Global successfully launched its Initial Public Offering (IPO) to raise Rs 730 crore. The public issue, comprising a fresh issue of shares worth Rs 603 crore and an Offer For Sale (OFS) component of Rs 127 crore, was subscribed 11.88 times. Realty firm Signature Global has reported a 38 per cent growth in sales bookings at Rs 1,861.39 crore in the first six months of this fiscal year, on better demand for its affordabl...
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Oberoi Realty sales bookings fell 17% to Rs 965 crore in Jul-Sep quarter

Oberoi Realty has reported a 17 per cent decline in sales bookings to Rs 965 crore in the second quarter of this fiscal. Its sales bookings stood at Rs 1,156 crore in the year-ago period. According to a regulatory filing on October 20, the company booked 151 units during the JulySeptember period as against 132 units in the year-ago period. In terms of volume, the company sales bookings stood at 2,20,828 square feet of carpet area in the second quarter of this fiscal as against 2,33,947 square feet in the year-ago period. The company booked 261 units during the first six months of this fiscal, down from 296 units in the year-ago period. Sales in volume terms declined to 3,66,716 square feet during AprilSeptember period from 4,78,892 square feet in the year-ago period. Mumbai-based Oberoi Realty is one of the leading real estate firms in the country. from Companies https://ift.tt/WiHq9wg via IFTTT
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Steelbird lines up Rs 250 crore capex for new plant in Tamil Nadu's Hosur

Leading helmet maker Steelbird Hi-tech India aims to invest over Rs 250 crore to set up a new manufacturing facility in Hosur, Tamil Nadu, as it looks to scale up capacity to cater to rising demand, according to a top company official. The company, which has four plants each in Baddi (Himachal Pradesh) and Noida, is looking to roll out over 20,000 units from the Hosur plant in two years time. In an interaction with PTI, Steelbird MD Rajeev Kapur said the plant has been envisaged to cater to the aftermarket and demand from various OEMs (Original Equipment Manufacturers) based in South India. "In the initial phase, we are looking to invest Rs 100 crore in the project. The total capex spread over two years would be in the range of Rs 250 crore," he noted. The plant is expected to be functional over the next two years, Kapur said. The company is in the final stages of acquiring the land for the facility, he added. Steelbird is also expanding its manufacturing capacity at existing...
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2W replacement tyre demand in rural market yet to see full revival: CEAT MD

Rural demand for two-wheeler tyres in the replacement segment is yet to see a complete revival but there is optimism that the festive season will give it a fillip, according to CEAT Ltd MD & CEO Arnab Banerjee. With crude prices rising again after the recent geopolitical disturbance, there is uncertainty over crude-based raw material costs and if prices increase it could be a dampener to future growth. "The two-wheeler replacement market is growing year-on-year in strong single digits, which is much much different from quarter one. However, we are yet to see a complete revival in rural demand," Banerjee told PTI. On the challenges in the rural market, he said while monsoon has been good in several parts of the country it was patchy and most of East and North East India didn't get good monsoon. Usually in Q2 demand dips in Q2 because of monsoon but it has not happened, he said adding, "So the market is in a similar state. It has not accelerated yet. Banerjee, howe...
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MCD slaps Rs 5 lakh penalty on Godrej Properties' arm for violating norms

The Municipal Corporation of Delhi (MCD) has imposed a penalty of Rs 5 lakh on a subsidiary of Godrej Properties for not taking environment safety precautions in construction works at its project site here. In a regulatory filing on Saturday, Godrej Properties informed that its subsidiary Godrej Vestamark LLP on October 16 received an order in this regard under the Delhi Municipal Corporation Act 1957. The violation made by the subsidiary is "non-adherence to the directions contained in the order of NGT dated April 10, 2015 as well as the Ministry of Environment and Forests Guidelines, 2010 in relation to precautions required to be taken while carrying on construction at its project in New Delhi", the filing said. Godrej Properties is one of the leading real estate firms in the country. It has a major presence in Mumbai Metropolitan Region, Delhi-NCR, Pune and Bengaluru. from Companies https://ift.tt/ilY5emJ via IFTTT
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STPI sets-up incubation hub to incubate 100 blockchain startups in 5 years

State-run Software Technology Parks of India has set-up an incubation facility at its Gurugram campus with a target to incubate 100 startups in five years, an official statement said on Friday. The incubation facility of Apiary Center of Entrepreneurship (CoE) at STPI-Gurugram was set up in collaboration with MeitY, STPI, Haryana government, Padup Ventures, IBM, Intel, GBA and FITT. "Apiary is one of the CoEs of STPI which is focused on Blockchain Technology. It targets to incubate an overall 100 startups in a period of five years," the statement said. The incubation facility was inaugurated by Electronics and Information Technology Secretary S Krishnan. "Meeting the young entrepreneurs was quite an enriching experience. The way these entrepreneurs have addressed real-world problems using cutting-edge technology is really commendable. "In the last three decades, the way we have used technology is the key benchmark for our country's exponential growth," Kris...
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Microsoft Corporation India's profit rises 30% at Rs 649 cr in 2022-23

Microsoft Corporation (India) Pvt Ltd posted a 30 per cent increase in net profit at Rs 649 crore in 2022-23, according to financial data provided by business intelligence platform Tofler. The company had reported a profit after tax of Rs 498.23 crore in 2021-22. As per the data, the company gained about Rs 409.6 crore in profit before tax by enhancing estimated useful life of server and network equipment from four years to six years. In 2022-23, Microsoft Corporation (India) Pvt Ltd posted a 39 per cent increase in revenues at Rs 19,354 crore as against Rs 13,819.57 crore in the year-ago period, Tofler said. "The company further reported a net profit of Rs 649 crore during the same fiscal. This is a 30 per cent increase from the last financial year. The company's total expenses for the fiscal were reported as Rs 18,472 crore," it said. The company declined to comment on the financial numbers. from Companies https://ift.tt/mX5w7DK via IFTTT
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CCI seeks inputs on draft to offer incentives to cos for info on cartels

Competition Commission has sought stakeholders' comments on draft leniency plus regulations that will offer incentives to companies already under probe for cartelisation for providing information about other cartels. As incentives, the entity giving information could get an additional reduction in monetary fine could be as much as 30 per cent with regard to the first cartel besides a reduction in penalty of up to 100 per cent in respect of newly disclosed cartels. The framework is designed to create an additional incentive for companies to cooperate with antitrust authorities in identifying and addressing cartel activities, ultimately promoting fair competition. The Competition (Amendment) Act, 2023 has introduced 'lesser penalty plus' and withdrawal of 'lesser penalty'/'lesser penalty plus' applications in the existing framework, to incentivise an existing LP applicant in respect of the first cartel to give full, true and vital disclosures about a second ca...
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Official action indicated for Biocon arm's unit in Malaysia after FDA probe

Biocon Ltd on Wednesday said the US health regulator has classified as 'official action indicated' for the manufacturing facility of group firm Biocon Sdn Bhd at Johor, Malaysia following an inspection. The OAI (official action indicated) status may cause delay and/or withholding of pending product approvals or supplements from the facility, Biocon Ltd said in a regulatory filing. "Biocon Sdn Bhd, a step-down subsidiary of Biocon Biologics Ltd, has received a communication from the US Food and Drug Administration (FDA) pursuant to its July 2023 cGMP inspection at its insulins manufacturing facility at Johor, Malaysia," a company spokesperson said in the filing. The USFDA has "determined the inspection classification as 'OAI' (Official Action Indicated). The OAI status may cause delay and/or withholding of pending product approvals or supplements from the facility", the spokesperson added. As per the USFDA, OAI implies that the regulator may withhold ...
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Ericsson India sales jump 3.5 times to about Rs 7,400 cr in Jul-Sept qtr

Swedish telecom gear maker Ericsson's net sales in India grew over 3.5 times to about Rs 7,400 crore (9.6 billion Swedish Krona) in the third quarter ended September 30, as per its financial report released on Tuesday. Ericsson had recorded 4 per cent of total net sales contribution of 2,721.6 million SEK (about Rs 2,100 crore) from India for the September 2022 quarter. The net sales of Ericsson at the global level during the September 2023 quarter fell by 5 per cent to 64.5 billion SEK due to a sharp decline of business in North America, which was partly offset by sales in South East Asia, Oceania and India. "Networks organic sales in North America were down by 60 per cent YoY (year-on-year) from a record quarter in September 2022 quarter, due to customers' inventory adjustments and a slower deployment pace. The decline in North America was partly offset by growth in India as well as some early 5G markets resuming investments," Ericsson President and CEO Brje Ekholm ...
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Space-tech startup Agnikul Cosmos raises Rs 200 crore, eyes expansion

Space-tech startup Agnikul Cosmos, incubated by IIT-Madras, on Tuesday said it has raised Rs 200 crore in the Series-B funding round and aims to use that for supporting its expansion plans as the firm looks at putting satellites in orbit. Agnikul has started the integration of the launch vehicle Agnibaan SubOrbital Technology Demonstrator at its private launchpad at the Satish Dhawan Space Centre in Sriharikota. "We are planning to have a test launch before the year-end," Agnikul co-founder and CEO Srinath Ravichandran told PTI. With the successful closure of a Series-B fund of Rs 200 crore (USD 26.7 million), the startup has increased its total capital raised till date to USD 40 million. The round saw participation from venture capital investors such as Celesta Capital, Rocketship.vc, Artha Venture Fund and Artha Select Fund, Mayfield India, along with existing investors such as pi Ventures, Speciale Invest and Mayfield India. "We have a fair idea of the technology that...
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Godrej Interio aims Rs 450 crore revenue from north India by FY26

Godrej Interio, a leading furniture and interior solutions brand, said it aims to generate Rs 450 crore revenue from northern India by FY26. Besides, it also looks to almost double its market share in the organised furniture sector in Delhi-NCR, the biggest market in north zone, within the next three years, said a statement from the company, owned by Godrej Group flagship company Godrej & Boyce. The company is expanding its sales network in the northern market, adding 15 new stores in current fiscal, taking the total number of stores to 35 across the northern market. "At present, we have 18 per cent market share of the organised furniture sector in Delhi-NCR, and we intend to attain a 35 per cent share within the next three years. We aim to generate revenue of around Rs 450 crore from northern India by FY26," said Godrej Interio Senior Vice President (B2C) Dev Sarkar. Moroever, with the introduction of specialised home furniture and home storage solutions, the company is ...
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Recruitment scam: IT company TCS fires 16 employees, bars 6 vendors

India's largest IT services company TCS on Sunday said it has fired 16 employees and barred six vendors in connection with a recruitment scam. Our investigation found 19 employees to be involved16 employees have been separated from the company for code of conduct violations, and three employees have been removed from the resource management function, the company said in a late evening statement. It also added that six vendors, their owners and affiliates have been debarred from doing any business with TCS. In late June, reports had surfaced of a recruitment scam at the largest software exporter, wherein vendors tasked with some functions were alleged to have indulged in malpractices in collusion with TCS staffers. The allegation came to light within weeks of K Krithivasan taking charge as the company's chief executive and was the first major challenge faced by him. The issue relates to breach of the company's code of conduct by certain employees and vendors supplying contra...
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SAIL to begin trial production of special rails by month-end: Chairman

Steel maker SAIL plans to start the trial production of head hardened (HH) rails, used in metro rail and freight corridor projects, by month-end, its Chairman Amarendu Prakash said. The steel PSU was earlier looking to start the trial production of HH rails in August but deferred it due to the demand for normal rails like 880 grade from the Indian Railways, Prakash told PTI in an interview. "We have the technology. We had planned for it (HH rail production) but then...they (Railways) requested us to defer the trials and now it is at the end of October," the Chairman said. HH rails are special rails used in high-speed freight corridors and metro rail projects. Such rails are manufactured using head hardening technology to bear about 50 per cent higher pressure compared to normal rails. SAIL has set up facilities for the production of HH rails at the new Universal Rail Mill (URM) at its Bhilai Steel Plant (BSP) in Chhattisgarh, and the cold trials for the same have already been...
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PVR Inox launches monthly subscription pass 'Passport' for Rs 699

Leading cinema chain PVR INOX Ltd on Saturday announced a new initiative "PVR INOX Passport", a first of its kind movie subscription pass aimed at "irrigating the film industry" and motivating the consumers to frequently visit theatres. As per the monthly subscription pass, which will be available from October 16, cinema goers will be able to watch up to 10 movies per month for just Rs 699. The offer will be applicable from Monday to Thursday, and excludes premium offerings like IMAX, Gold, LUXE and Director's Cut. Gautam Dutta, co-CEO of PVR INOX Ltd, said the company has been engaging with the customer base to know more about their movie watching habits. "There is a sentiment, the consumers are saying that we love the movie experience and we love to come out to a cinema. But we can't get it all. We keep slotting what are the event films and what are the movies that can be consumed on TV, iPad and mobile. "So in their mind, 'Pathaan', ...
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Venture Highway sells 1.5% stake in Meesho, makes 50-times returns

Seed fund Venture Highway has sold 1.5 per cent of its stake in e-commerce firm Meesho at an estimated valuation of about USD 3.5 billion, making a stellar 50-times return. Venture Highways in a statement said that it recently concluded a secondary sale of its part stake in Meesho to WestBridge Capital. The transaction resulted in a return of over 50 times to VH for its investment from its 1st vintage fund into the company," VH said in a statement. According to sources, VH sold its 1.5 per cent stake in Meesho at an enterprise valuation of about USD 3.5 billion. VH did not comment on the amount raised or enterprise valuation at which the sale was conducted. Venture Highway invested during the seed stage in Meesho and remains an investor in the Softbank-backed e-commerce firm. The firm did not disclose further details of the transaction. "Having firmly believed in Meesho's culture and founding principles, it has been a pleasure to be part of its journey since inception. We...
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DMart Q2FY24 results: PAT declines 9% despite 18.7% increase in revenue

Avenue Supermarts Ltd, which owns and operates the retail chain D-Mart, on Saturday reported a 9.09 per cent fall in consolidated net profit at Rs 623.35 crore for the second quarter ended September 30, as gross margins were impacted due to lesser contribution from general merchandise and apparel business. The company had posted a net profit of Rs 685.71 crore in the July-September quarter a year ago, said Avenue Supermarts in a regulatory filing. However, its revenue from operations was up 18.66 per cent to Rs 12,624.37 crore during the quarter under review, as against Rs 10,638.33 crore in the corresponding quarter last fiscal. Avenue Supermarts' total expenses in Q2/FY24 were at Rs 11,809.35 crore, up 18.97 per cent. The total income of Avenue Supermarts in the September quarter was at Rs 12,661.29 crore, up 18.61 per cent. For the first half of this fiscal, Avenue Supermarts' revenue from operations was at Rs 24,489.81 crore and its net profit was at Rs 1,282.06 crore. ...
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Sebi refuses to stay securities market ban on Eros International Media

Sebi on Friday refused to lift the securities market ban imposed on Eros International Media Ltd and four others in an alleged fund diversion case. Further, an investigation by Sebi will be completed in six months in the matter, according to the order. Apart from Eros International, the ban from dealing in the securities market will continue on its Managing Director Sunil Arjan Lulla, Chief Executive Officer Pradeep Kumar Dwivedi and the two promoter entities -- Eros Worldwide FZ LLC and Eros Digital Private Ltd. Sebi, in an interim order in June, had prohibited these five entities from the securities markets in a case pertaining to the possible diversion of funds based on prima facie findings, and now, it has confirmed the ban against them. In its confirmatory order passed on Friday, Sebi said that "no cogent reasoning has been furnished by the noticees (the five entities) about the prima facie findings in the interim order, including the allegations of siphoning off funds to ......
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Sharp rise in companies' climate-related risk disclosure: G20 report

A new report from a G20 advisory body highlights significant growth in companies' disclosure of climate-related risks and opportunities between 2020 and 2022. The report, based on Task Force on Climate-related Financial Disclosures (TCFD) recommendations, reveals a 26 per cent increase in companies disclosing their climate-related risks and opportunities, while oversight by company boards in this regard rose by 25 per cent. The Task Force assessed the current state and evolution of climate-related financial disclosures using artificial intelligence technology. It reviewed reports of more than 1,350 public companies over a three-year period fiscal years 2020, 2021 and 2022. Climate-related metrics disclosure led the way with over 70 per cent of companies disclosing the metrics they use. Reporting on greenhouse gas emissions and climate-related targets also showed considerable progress (both at 66 per cent), with a 24 per cent increase in companies reporting on their climate-related ...
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HC refuses bail to Sanjay Chhabriaa in YES Bank money laundering case

The Bombay High Court has refused to grant default bail to realtor Sanjay Chhabriaa in the Yes Bank money laundering case, observing that money laundering involves intricate processes to make illegally-obtained money appear legitimate and hence require in-depth investigation. A single bench of Justice M S Karnik on October 9 dismissed Chhabriaa's petition seeking default bail on the ground that though the Enforcement Directorate (ED) submitted its prosecution complaint against him within the mandatory 60-day period, it had also sought permission from the special court to carry on further probe in the case. The ED's case was that while the probe against Chhabriaa was complete, the investigation regarding the case was still on. The high court in its order agreed with the agency and said the offence of money laundering involves multiple interconnected transactions and the same demands cumbersome investigation, and that the ED in the present case was investigating an economic offen...
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NCLAT chairman calls for developing mechanism to regulate digital markets

Effective cooperation among the BRICS nations in striking the right balance between promoting sustainability and competition is pertinent to deal with complex challenges, NCLAT Chairperson Ashok Bhushan said on Thursday. Emphasising the importance of having free and fair competition in the market place, he also said there is a need for robust mechanism to regulate digital markets. He was delivering the keynote address at the eighth BRICS International Competition Conference 2023 in the national capital. Strong anti-trust enforcement is an essential element of the overall public policy design governing the companies, he said. Further, he noted that an effective cooperation among the BRICS nations in striking the right balance between promoting sustainability and competition is pertinent in order to deal with complex challenges. More than 600 delegates are expected to participate in the conference that concludes on Friday. Last time, this conference happened in India in 2013. Accor fro...
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IRM Energy IPO to open on Oct 18, sets price band at Rs 480-505 per share

IRM Energy on Wednesday announced a price band of Rs 480-505 per share for its initial public offering that will open for subscription on October 18. The Initial Public Offering (IPO), through which the company aims to raise up to Rs 545 crore, will close on October 20. It has a fresh issue of up to 1.08 crore equity shares. Karan Kaushal, the chief executive of the company, said, it plans to use about Rs 307.26 crore from the issue proceeds for funding capital expenditure requirements for developing the city gas distribution network in Namakkal and Tiruchirappalli in Tamil Nadu in the coming years. He also said that Rs 135 crore would be used for prepayment or repayment of some of the outstanding borrowings of the company and for general corporate purposes. The company will mobilise Rs 518.4 crore and Rs 545.4 crore at the lower and upper end of the price band, respectively. The offer also includes reservation for subscription by eligible employees, and a discount of Rs 48 per from ...
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FCRA violations case: CBI searches at residence of NewsClick founder

The CBI has registered an FIR into the alleged FCRA violations by news portal NewsClick and carried out raids at two locations on Wednesday, officials said. A team of agency officials searched the residence and office of NewsClick founder Prabir Purkayastha, who was recently arrested by the Delhi Police in a case under the Unlawful Activities Prevention Act, they said. It is alleged that the portal received foreign funds in violations of the Foreign Contribution Regulation Act (FCRA) case, they said. In its probe against the portal, the Delhi Police had alleged that funds were fraudulently infused by an active member of the propaganda department of the Communist Party of China, Neville Roy Singham. The allegations have been denied by the portal. from Companies https://ift.tt/0zHiRl4 via IFTTT
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CCI clears acquisition of Hitachi Astemo by HMCL, Japan Investment Corp

Fair trade regulator Competition Commission of India (CCI) on Tuesday said it has cleared the acquisition of certain shareholding in Hitachi Astemo Ltd (HAL) by Japan Investment Corporation and Honda Motor Co Ltd (HMCL). The proposed deal relates to the acquisition of 20 per cent voting rights in HAL by JICC, an affiliate of Japan Investment Corporation, together with certain control rights, board representation and other rights, according to an official release. JICC-01 Ltd Partnership is managed by JICC G.K, an affiliate of the Japanese government's sovereign wealth fund Japan Investment Corporation (JIC). Also, the regulator approved the acquisition of an additional 6.6 per cent of voting rights in HAL by HMCL, such that 40 per cent of the voting rights in HAL are held by HMCL. In addition, CCI also gave its nod to the acquisition of a 49 per cent stake in Hitachi Astemo Electric Motor Systems (HAEMS) by HAL, such that 100 per cent of the shareholding of HAEMS is held by ... f...
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Bridgestone ties up with Tata Power to install EV chargers for 4-wheelers

Tyre maker Bridgestone India on Tuesday said it has joined hands with Tata Power to install EV chargers for four-wheelers at its dealerships across the country. Under the collaboration, Tata Power will instal 25/30 Kwh capacity DC fast chargers that are capable of charging a four-wheeler within one hour, allowing 20-24 vehicles being charged in a day, Bridgestone India said. The chargers will be operational on a 24x7 basis, the company said in a statement. "At Bridgestone, being a globally trusted partner in the mobility space, we always endeavour to provide solutions for journeys. This joint initiative with Tata Power is a reflection of this commitment," Bridgestone India Chief Commercial Officer Rajarshi Moitra stated. The chargers will be accessible to Bridgestone customers and all EV owners. "Our partnership with Bridgestone India exemplifies our dedication to facilitating the electric vehicle revolution by fostering innovation and collaboration," Tata Power Hea...
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Measures in place to ensure safety of employees at Haifa port: APSEZ

Adani Port and Special Economic Zone (APSEZ) on Monday said the company has taken measures to ensure safety of its employees in Israeli port of Haifa and all of them are safe. Israel witnessed an unprecedented multi-front attack by air, land and sea by Hamas, which rules the Gaza Strip, in its southern parts on Saturday morning. APSEZ in a statement said that the company remains fully alert and prepared with a business continuity plan that will enable it to respond effectively to any eventuality. "We are closely monitoring the action on ground which is concentrated in south Israel, whereas Haifa port is situated in the north. "We have taken measures to ensure safety of our employees and all of them are safe," spokesperson of Adani Ports and SEZ Limited said. Earlier this year, the Adani Group acquired the strategic Israeli port of Haifa for USD 1.2 billion. "At a time like this, our thoughts continue to be with the people of Israel," the statement said. Accordi...
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HCCB, Tamil Nadu skill development corporation to train 5,000 youth

Leading fast-moving consumer goods major Hindustan Coca-Cola Beverages Pvt Ltd has partnered with the Government of Tamil Nadu to skill 5,000 individuals, the company said on Sunday. Under the government's 'Naan Mudhalvan' scheme, the strategic partnership with the government-owned Tamil Nadu Skill Development Corporation, would aim at training 5,000 youths under sales and marketing verticals. As per the partnership, Hindustan Coca-Cola Beverages Pvt Ltd would serve as the main contact for Tamil Nadu Skill Development Corporation and would offer orientation, programme materials besides conducting online and offline training sessions, a company statement said here. The initiative by Hindustan Coca-Cola Beverages Pvt Ltd would also facilitate interactions with industry leaders, connect learners with local industries and provide entrepreneurial opportunities at 'zero cost' to the aspiring individuals. "The state is home to one of our oldest factories and over the ...
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Sun Pharma, Aurobindo recall drugs from US market due to mfg issues

Leading drug makers Sun Pharmaceutical Industries and Aurobindo Pharma are recalling products from the US market due to manufacturing issues, according to the US Food & Drug Administration. As per the latest Enforcement Report issued by the American health regulator, a US-based subsidiary of Mumbai-based Sun Pharma is recalling 69,707 cartons of Cequa (cyclosporine ophthalmic solution) from the US market. The medication is used for the treatment of dry eyes. New Jersey-based Sun Pharmaceutical Industries Inc is recalling the product for being "Subpotent', USFDA stated. The company initiated the nationwide (US) Class III recall on September 7 this year. As per the USFDA, a Class III recall is initiated in a "situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences". The US health regulator stated that Aurobindo Pharma is recalling 9,890 bottles of Rasagiline Tablets, a medication indicated for the treatment ...
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NCLT directs Swan Energy to make upfront payment for Reliance Naval

The Ahmedabad bench of NCLT has asked Swan Energy, the firm that had won the bid to buy Reliance Naval and Engineering Ltd in an insolvency proceeding, to make the upfront payment it had proposed in the resolution plan, sources said. Swan Energy is yet to make the upfront payment of around Rs 250 crore as proposed in the resolution plan, even as the second extended deadline ended on September 14. The company has once again approached the NCLT seeking an unprecedented third extension of two months. Sources said, the Ahmedabad bench of NCLT heard Swan Energy's plea on October 5, and directed the company to make the payment as proposed in the resolution plan, before it could consider its application for a third extension. The next hearing in this matter is scheduled on November 22. Swan Energy couldn't be immediately reached for comments. As per the resolution plan approved by the NCLT Ahmedabad, Swan Energy was to make an upfront payment of Rs 293 crore to the lenders of RNEL by ...
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Essar's Black Box expands footprints in India to serve local customers

IT solutions provider Black Box is expanding footprint in India as demand for digital infrastructure and data centre integration space grows, a company official said. Black Box, one of Essar's flagship businesses in technology and retail vertical, recently set up a centre of excellence in Bengaluru to support its global clients. The centre is equipped with advanced research and development laboratories, command centres, a service desk, and delivery operations targeting its client needs. "India holds significant importance as a market for us, serving both Indian conglomerates and global customers. We have a positive outlook on our growth potential in India and will continue to invest here," said Sanjeev Verma, Chief Executive Officer (CEO) of Black Box Corporation. The ongoing digitisation initiative of the government and the strong demand for data centres are areas the firm would evaluate, given its expertise in working with hyper-scale customers, he said. The company is ...
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MOIL's manganese ore output grows 45% in April-September; sales up 48%

State-owned maganese ore producer MOIL on Friday said it has recorded a 45 per cent rise in its production at 8.15 lakh tonnes (LT) during April-September 2023. It had produced 5.63 LT manganese ore during the corresponding six-month period of the previous year, the miner said in a statement. The production in September 2023 rose 48 per cent to 1.35 LT from 0.91 LT in the same month last year. The company's sales in April-September 2023 also rose to 7.57 LT, registering a year-on-year growth of 54 per cent over 4.89 LT sales recorded in the same period of 2022. Sales in September 2023 stood at 1.56 LT, up 60 per cent from 0.97 LT in September 2022. The production of electrolytic manganese dioxide (EMD) during April-September 2023 rose 26.28 per cent to 692 tonnes over 548 tonnes in April-September 2022. "The exploratory core drilling increased over three times to 34,684 metres from 11,514.90 metres in April-September 2022," the company said. MOIL, under the Ministry of St...
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Jio, Airtel roll out special plans to woo cricket fans during World Cup

With the start of the World Cup cricket tournament, Reliance Jio and Bharti Airtel have rolled out plans to woo cricket fans. Reliance Jio has started offering multiple prepaid plans bundled with Disney+ Hotstar where users will be able to watch World Cup cricket matches. Bharti Airtel has launched two plans, which include unlimited data for 2 days against a payment of Rs 99 and 6GB of additional data with 1-day validity for Rs 49. On the other hand, Jio has rolled out monthly, quarterly and annual plans bundled with data, unlimited voice, and subscription to Disney+ Hotstar mobile. Jio's basic plan is priced at Rs 328 and comes with 1.5 GB high-speed data per day for 28 days and a 3-month Disney+ Hotstar mobile subscription. In addition, Jio has also introduced a Rs 758 plan, which offers 1.5 GB of high-speed data per day for 84 days and comes with a 3-month Disney+ Hotstar mobile subscription. Similarly, plans priced at Rs 388 and Rs 808 offer 2 GB of high-speed data per day fo ...
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X removes article headlines in latest update, widening rift with news media

X, formerly known as Twitter, has stopped showing headlines on articles shared on the platform. Now, X only displays an article's lead image and a link to the story. Plans for the change were first reported by Fortune in August, when owner Elon Musk confirmed in a tweet that he thought the change which came from him directly would greatly improve the esthetics of posts. Linked articles now appear as an image, and include text in the left-hand corner noting the domain of the link. Users must click on the image if they wish to visit the full article, which could lead to confusion. Musk's platform has been the target of a lot of criticism recently, including accusations by a top European Union official who said that X has the largest ratio of mis-or disinformation posts. The Anti-Defamation League, a prominent Jewish civil-rights organisation, has accused Musk of allowing antisemitism and hate speech to spread on the platform. Musk's latest decision builds on the growing rift ...
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Shell India hikes diesel prices by Rs 20 per litre in less than a week

Shell India has hiked diesel prices by as much as Rs 20 per litre in less than a week's time, but the dominant public sector fuel retailers continue to keep rates on freeze for a record 18th month in a row. With international oil prices hovering around USD 90 per barrel, the India unit of the world's second-largest oil and gas company last week started raising fuel prices by Rs 4 per litre every day, company dealers and industry sources said. The result is Shell India, whose 346 petrol pumps are mostly concentrated in the southern and western states, is now selling diesel at Rs 130 per litre in Mumbai and Rs 129 in Chennai. Petrol at Shell bunks costs Rs 117-118 a litre. This compares to a price of Rs 106.31 a litre for petrol at public sector company's petrol pumps in Mumbai and Rs 102.63 in Chennai. Diesel at PSU pumps costs Rs 94.27 a litre in Mumbai and Rs 94.24 in Chennai. In Bengaluru, Shell is selling diesel for Rs 122 as compared to Rs 87.92 a litre rate at petrol p...
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Trade regulator CCI gives nod to deal involving Lanco Amarkantak Power

Fair trade regulator CCI on Tuesday granted approval for the acquisition of Lanco Amarkantak Power by PFC Projects, REC, SJVN and Damodar Valley Corporation. PFC Projects, which is into electricity generation and distribution, and REC, which is a non-banking financial company, are subsidiaries of Power Finance Corporation (PFC). SJVN is mainly into hydroelectric power generation while DVC is a statutory corporation. The latter is engaged in the businesses of power generation, transmission, and water management. The proposed combination relates to acquisition of 100 per cent shareholding of Lanco Amarkantak Power by PFC Projects, REC, SJVN and Damodar Valley Corporation (DVC), according to an official release. Lanco Amarkantak Power Ltd is into power generation. The Competition Commission of India (CCI) said it has approved the proposed deal. Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices and promotes fair ... from ...
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Warren Buffett's company dumps another 5 million shares of printer maker HP

Investors soon won't be able to follow Warren Buffett's every move in HP's stock if the billionaire's company keeps selling off shares of the printer and computer maker. Berkshire Hathaway's ownership of HP Inc. is about to drop below 10 per cent after it sold nearly 5 million shares, according to a regulatory filing by Buffett's company late Monday. The Securities and Exchange Commission requires investors who own less than 10 per cent of a company to report their company holdings only on a quarterly basis rather than big investors who must disclose their actions closer to the time of a so-called triggering event, which can mean buying or selling shares. Many investors do watch Buffett's moves closely because of his extremely successful track record over the years. Not that long ago, Berkshire owned more than 12 per cent of HP's stock before it started to trim its stake last month. Now it's down to 10.2 per cent after several stock sales of the Palo...
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NTPC logs 83% growth in coal production in first half of this fiscal

State-run power giant NTPC on Tuesday reported an 83 per cent rise in coal production in April-September period of this financial year, compared to a year ago. NTPC Ltd has reported a substantial growth of 83 per cent in coal production from its captive mines during H1 FY 2023-24, as compared to the corresponding period in the previous year, a company statement said. The company achieved a coal production of 16.05 million metric tonnes (MMT) during H1 FY24, as compared to 8.76 MMT in H1 FY23 (April-September 2022). In addition, NTPC has also achieved a coal despatch of 17.20 MMT in H1 FY24, marking a significant 94 per cent increase over the previous year for the same period. Till date, NTPC has produced more than 85 million metric tonnes (MMT) of coal from its four operational captive coal mines i.e Pakri Barwadih & Chatt-Bariatu Coal Mines in Jharkhand, Dulanga Coal Mine in Odisha and Talaipalli Coal Mine in Chhattisgarh. Further, mine operations have also started from Kerendari ...
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Shriram General to increase non-motor insurance biz this fiscal: Official

Shriram General Insurance has planned to diversify its product portfolio by focusing more on the non-motor segments like marine, fire, during the current financial year, a top official said. Motor insurance has been the core of the business for the Jaipur-based firm accounting to about 92 per cent, company Chief Underwriting Officer Shashi Kant Dahuja said. As part of the diversification plan, the company would launch new insurance products under the fire, marine, engineering segments, he said. "The idea is to double our non-motor business to around 15 per cent in two to three years from the current 7-8 per cent," Dahuja told PTI in an interaction. The non-motor business was growing at 70 per cent, he said. To strengthen its presence in the non-motor business, he said the company would launch products in cyber insurance, pay as you drive, theft and pet insurance, soon. "As a business strategy we don't want to be excessively dependent on one vertical and we also want ...
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Tata Housing to launch Rs 16,000-cr projects in next 2-3 years: Sanjay Dutt

Tata Housing will launch 10 million square feet of residential projects over the next 2-3 years with an estimated revenue of Rs 16,000 crore to encash strong consumer demand, a top company official said. In an interview with PTI, Tata Realty and Infrastructure Ltd MD & CEO Sanjay Dutt sounded very bullish about the growth potential in India's housing market and said the company would be launching several projects to tap this rise in demand. "We are launching 10 million square feet residential projects across various cities with a topline of roughly Rs 16,000 crore." Tata Realty and Infrastructure Ltd (TRIL) is a 100 per cent subsidiary of Tata Sons. Tata Housing is part of TRIL. Elaborating on the launch pipeline, Dutt said majority of these projects will be in Delhi-NCR, Mumbai Metropolitan Region (MMR) and Bengaluru. Tata Housing will launch projects in other Indian cities as well and will also come up with its second project in Male, Maldives. "Most of these p...
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Resolutions under insolvency law likely to touch 300 this year: IBBI chief

The number of resolutions of stressed assets under the insolvency law is likely to touch 300 this year, IBBI Chairperson Ravi Mital said on Sunday and urged resolution professionals to speed up the cases. Creditors have recovered around Rs 3 lakh crore through the Insolvency and Bankruptcy Code (IBC) and the recoveries stood at more than Rs 51,000 crore last year, when the number of resolutions rose 80 per cent to 180, Mital said. He was speaking at an event to mark the seventh annual day of the Insolvency and Bankruptcy Board of India (IBBI) in the national capital. The IBBI is a key institution in implementing the IBC. Mital said the IBC is a factor in the reduction of non-performing assets and emphasised that the law is not a recovery mechanism but a resolution mechanism. Till August this year, 135 resolutions have happened and the number is likely to touch 300 by year-end, Mital said and asked resolution professionals to increase their speed for faster resolutions. Corporate from...
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Toyota reports its highest-ever monthly sales in September at 23,590 units

Toyota Kirloskar Motor on Sunday said its total wholesales increased 53 per cent year-on-year to 23,590 units in September, its highest-ever in a month. The automaker had dispatched 15,378 units to dealers in the same month last year. Total sales achieved include 22,168 domestic units and export of 1,422 units, Toyota Kirloskar Motor said in a statement. Toyota Kirloskar Motor Vice President of Sales and Strategic Marketing Atul Sood said the sales performance underlines the growing acceptance of the company's diverse product portfolio. "We are witnessing sustained demand across our product line-up which is leading to the company's record-breaking performance... As we move forward in the festive season, we are expecting a promising period with demand continuing to grow thus further enhancing our sales performance," he added. The automaker said wholesales grew 35 per cent to 1,23,939 units in the first six months of the current fiscal year, compared to 91,843 units in ...
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MG Motor records 31% uptick in its retail sales in September at 5,003 units

MG Motor India on Sunday reported a 31 per cent year-on-year growth in retail sales at 5,003 units in September 2023. Sales of electric vehicles continue to contribute around 25 per cent of the total sales of the company, MG Motor said in a statement. Both the ZS EV and the Astor Black Storm models have received positive response from customers, it added. from Companies https://ift.tt/S3e2LVP via IFTTT
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JLR aims to roll out 8 battery electric vehicles in India by 2030: Official

Tata Motors-owned Jaguar Land Rover (JLR) aims to launch eight battery electric vehicles (BEVs) in India by 2030, according to a senior company executive. The company currently sells one electric model -- Jaguar I-Pace -- in the country. In an interaction with PTI, JLR Chief Commercial Officer Lennard Hoornik said the automaker will commence taking orders for the Range Rover BEV for the Indian market next year with deliveries expected to begin in 2025. "We are planning to introduce at least 8 BEVs by the end of the decade in India," he noted. The British automaker, a wholly-owned subsidiary of Tata Motors since 2008, aims to become a net-zero carbon business globally by 2039. Terming the Indian market a "big strategic priority" for the automaker, Hoornik noted that the country is in the right direction when it comes to transitioning into electric mobility. He said subsidy push in the initial phase, setting up the right amount of charging infrastructure and having a ...
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