BUSINESS DUNIYA

Toyota Kirloskar Motor on Friday reported 51 per cent growth in sales at 17,818 units in November 2023 as compared to the year-ago month. The company had sold 11,765 units in November 2022, Toyota Kirloskar Motor (TKM) said in a statement. Domestic sales last month were at 16,924 units in the domestic market, while exports stood at 894 units, it added. The company had undertaken a week-long maintenance shutdown from November 11-19, 2023 for upkeep of machinery and equipment to sustain operational efficiencies, maintain quality and safety, the statement said. "We recorded a strong festive season with healthy bookings, and we are extremely thrilled to see the market responding very positively to our entire product range," TKM Vice President of Sales and Strategic Marketing Atul Sood said. TKM said its cumulative sales for calendar year 2023 (January-November) stood at 2,10,497 units, up 40 per cent over the same period in 2022, when the sales were 1,49,995 units. from Compani...

Electronics manufacturing services firm Dixon Technologies expects to close the current fiscal with a revenue of around Rs 19,000 crore, a senior company official said on Thursday. Dixon Technologies vice chairman and managing director Atul Lall said the company has plans to double its headcount over the next two years. "In a short period of just 5-6 years, we have grown from Rs 1,500 crore, and this year, we should close at around Rs 19,000 crore. We have grown from 1,700 people to 27,000 people, and let me assure you that this is going to double in 2 years," Lall said. He was speaking at the inaugural ceremony of Dixon Technologies' fourth mobile manufacturing plant set-up under its wholly-owned subsidiary Padget Electronics. The plant was inaugurated by Union Minister for Electronics and IT Aswhini Vaishnaw. The plant is spread over an area of around 2.7 lakh square feet at an investment of Rs 256 crore. It will make smartphones for the Chinese company Xiaomi. It has a...

Biocon Biologics on Thursday said it has completed the integration of the acquired biosimilar business from Viatris Inc in 31 European countries. Following the deal closure in November 2022, the company, a unit of Biocon Ltd, had earlier announced the integration of Viatris Inc's business in over 70 countries in emerging markets, effective July 1, 2023, and North America in September 2023. "The integration of the Viatris biosimilar business in Europe ahead of schedule is another important milestone for Biocon Biologics in our journey as a global biosimilar leader. We are pleased to expand access to lifesaving treatments for patients across Europe," Biocon Biologics CEO and MD Shreehas Tambe said in a statement. The pipeline of 20 products will allow the company to better address patient needs and be a reliable partner to health organisations, he added. Biocon Biologics and its partners will commercialise biosimilar products in various European countries like Albania, Aust...

Microsoft, which has invested more than $10 billion in OpenAI, is one of the biggest backers of OpenAI that operates ChatGPT, its viral generative AI chatbot from Companies https://ift.tt/cHhm7DS via IFTTT

Proxy advisory firm Institutional Investor Advisory Services (IiAS) has asked independent directors of Raymond Ltd to consider appointing an interim CEO and investigate the allegations of assault by its Chairman and MD Gautam Singhania on his wife and daughter, and the use of company funds for personal benefit. In an open letter to the company's five independent directors, IiAS also suggested they ask Singhania and his estranged wife Nawaz Modi, also a board member, to take time off from their responsibilities as board members. The five independent directors to whom the letter was addressed are Mukeeta Jhaveri, Ashish Kapadia, Dinesh Lal, K Narsimha Murthy, and Shiv Surinder Kumar. Citing media reports, IiAS said Modi has alleged that she and her daughter were physically assaulted by Singhania in September 2023. She also alleged that company funds were being used for Singhania's personal benefit (CEO excesses) -- and that she was acting as a whistle-blower of sorts. "Despi...

Shares of Zomato have nearly doubled this year as the company started to turn a profit after going public in 2021, prompting some of its biggest investors to lock in gains on their investments from Companies https://ift.tt/2xZwYh9 via IFTTT

The independent directors, however, have the powers to make a recommendation to the shareholders, lawyers said from Companies https://ift.tt/iH1MTSs via IFTTT

The deal comes after Reuters reported on Tuesday that Alipay was planning to sell its 3.4% in Zomato through block deals on Indian stock exchanges from Companies https://ift.tt/axg1qz2 via IFTTT

Welspun Corp on Tuesday announced the appointment of Gerald Mosley as Chief Executive Officer (CEO) of US-based subsidiary Welspun Tubular LLC. His appointment is effective from November 27, 2023, Welspun Corp said in a regulatory filing. "We...inform about the key management personnel's appointed by the company's wholly-owned subsidiaries in the US. Gerald Mosley is appointed as Chief Executive Officer for Welspun Tubular LLC w.e.f. November 27, 2023," the filing said. In this role, Mosley would be responsible for defining the strategy & implementation plan to drive business growth in existing and new markets, thereby retaining the global leadership position. Mosley, 49, has an MBA degree from Colorado State University and an M.S. in Logistics Management from Georgia College and State University. Besides, he has a diploma in Technology Commercialization from the University of Texas - McCombs School of Business. The manufacturing facility in Little Rock, Arkansas ...

The Chinese retail giant, now headquartered in Singapore, is estimated to be valued over $60 billion from Companies https://ift.tt/H6zYLZw via IFTTT

Gautam Anand was appointed Global Coordinator for Global India, the Middle East, North Africa and Europe from Dec. 1, according to an internal memo seen by Bloomberg News from Companies https://ift.tt/3QgJXDy via IFTTT

Aggarwal's Ola Electric, which he likens to Tesla in the West, is zipping towards a stock-market listing after going from zero to 338,000 e-scooter sales in about two years from Companies https://ift.tt/DvN8KWb via IFTTT

Religare Enterprises on Monday said that Kedaara Capital, the largest shareholder of Care Health Insurance, backed the decision made by the board to issue ESOPs to Religare Chairperson Rashmi Saluja. The clarification comes amid allegations by the Dabur family, which is trying to obtain a controlling stake in Religare Enterprises Ltd (REL), that Saluja allegedly violated IRDAI and Sebi norms. REL is the promoter of Care Health Insurance and Saluja is chairperson of the insurer as well. "Kedaara is a proud shareholder of Care Health Insurance. Led by a best-in-class management team and guided by a strong board, the company has always had the highest standards of governance, compliance and operational excellence," Kedaara Capital Managing Partner Sunish Sharma said in a statement. "We look forward to continuing to support it as it goes from strength to strength," it added. Burman family -- the promoters of Dabur -- has filed a complaint with regulatory authorities see...

Tata Steel on Monday announced the appointment of Akshay Khullar as the Vice President Engineering and Projects of the company. Tata Steel has also re-designated Peeyush Gupta as the Vice President TQM, group strategic procurement and supply chain of the company. "In terms of the company's succession plan for Senior Management Personnel, Akshay Khullar is being appointed as the Vice President Engineering & Projects (Designate), effective December 1, 2023 and as the Vice President Engineering & Projects, effective February 1, 2024," Tata Steel said in a regulatory filing. While Peeyush Gupta, currently serving as the Vice President Group Strategic Procurement and Supply Chain will lead the Total Quality Management (TQM) function, in addition to his current responsibilities, it said. Accordingly, effective February 1, 2024, Gupta will be re-designated as the Vice President TQM, Group Strategic Procurement and Supply Chain. In the filing, Tata Steel also announced .....

German luxury car maker Audi on Monday said it will hike prices of its vehicles in India by up to 2 per cent from January next year citing rising input and operational costs. The price hike will be effective from January 1, 2024 and will be across the model range, Audi India said in a statement. "Due to rising supply-chain-related input and operational costs, we have effected a price correction across our model range, maintaining the brand's premium price positioning," Audi India Head Balbir Singh Dhillon said in a statement. He further said, "the price correction aims to ensure sustainable growth for Audi India and our dealer partners, and we will ensure that the price hike's impact is as minimal as possible for customers." Audi India sells a range of vehicles from Q3 SUV to sports car RSQ8 priced between Rs 42.77 lakh and Rs 2.22 crore. from Companies https://ift.tt/ufHRZ0X via IFTTT

The objective of the partnership between Airbus SAS and Tata Advanced Systems is to meet the demand for military transport aircraft as India replaces its ageing military transport fleet from Companies https://ift.tt/rRlA9G0 via IFTTT

PhonePe is in the final stages of integration with five banks and non-banking finance companies from Companies https://ift.tt/M0G8SPN via IFTTT

Through several synergistic acquisitions, the company's market capitalization increased from $215 million to $572 million over the past six months from Companies https://ift.tt/JHqFBwD via IFTTT

Realty firm Macrotech Developers aims to bring down its net debt to below Rs 6,000 crore by March next year from Rs 6,730 crore at the end of September quarter with the help of better cash flow. Macrotech Developers, which markets its properties under Lodha brand, has a presence in Mumbai Metropolitan Region (MMR), Pune and Bengaluru markets. "We have reduced our net debt by about Rs 540 crore in the second quarter of this fiscal to Rs 6,730 crore. Our target would be to reduce debt to below Rs 6,000 crore by end of this fiscal year," Macrotech Developers Managing Director and Chief Executive Officer Abhishek Lodha told PTI. The aim is to keep net debt below operating cash flow, which is estimated to be Rs 6,000 crore during 2023-24, he said. Lodha said the company had a strong performance during the September quarter on all important metrics -- sales bookings, collections of fund from customers against sales and acquisition of new land parcels for business development. ...

Real estate company Saya Group on Sunday said it will infuse Rs 4,000 crore over the next three years in its projects in Noida, Greater Noida and Ghaziabad. The development includes 2.33 million square feet commercial area where it will invest Rs 2,500 crore besides Rs 1,500 crore in luxury high-end residential project in Ghaziabad's Indirapuram. The group said at the forefront of its works stands the ongoing project, Saya Status, adjacent to the Noida-Greater Expressway, which is set to be India's tallest mall and encompasses a vast expanse of 1.4 million square feet, according to a statement. The anticipated possession of Saya Status is slated for 2025, it added. Saya Group's Chairman and Managing Director Vikas Bhasin claimed an "impeccable track record of delivering projects ahead of their designated deadlines." "This remarkable feat is a testament to the company's robust financial foundation and unwavering commitment to timely project delivery,"...

The Indian passenger vehicle market is expected to carry forward the momentum of this year to the next purely driven by economic fundamentals, having already moved beyond pent-up demand-induced growth, according to Toyota Kirloskar Motor Executive Vice President & Country Head Vikram Gulati. While the SUVs are expected to witness fast growth in general in 2024, the mid to higher end of the segment will also see faster acceleration, although the small cars category will remain a concern. "I think the market is growing. It will continue to grow in a very healthy way. We are well beyond the part when people were saying this is pent-up demand. We have built much beyond that, and the festive season has seen very good pickup," Gulati told PTI when asked about the outlook for 2024. He further said, "Going forward, I think the fundamentals are good. In terms of the economic forecast, our economy continues to be stable and growing amidst a very turbulent environment." De...

The Enforcement Directorate has searched the premises of realty major DLF in Gurugram as part of a money laundering investigation against real estate firm Supertech and its promoters, official sources said Saturday. The central agency has recovered some documents during the action that was carried out over the past few days, they said. The action is linked to the ED investigation against Supertech, the sources said. An email sent by PTI to DLF did not elicit an immediate response. The ED had arrested Supertech promoter R K or Ram Kishor Arora in this case in June. It had then alleged that Arora was the main controlling person of the group who decided to "divert" crores of funds of investors and homebuyers to various shell companies. The money laundering case, filed under the criminal sections of the Prevention of Money Laundering Act (PMLA), stems from as many as 26 FIRs registered by the police departments of Delhi, Haryana and Uttar Pradesh against Supertech Limited and its...

Infosys founder Narayana Murthy's venture capital firm Catamaran plans to expand its portfolio by investing in precision manufacturing startups, which can export and make components in deep tech, and automobiles, a senior company official has said. While speaking to PTI on the sidelines of the Digital Acceleration and Transformation Expo (DATE), Catamaran Chairman MD Ranganath on Friday said the valuation expectation in startups have come down in India compared to 2022, but good ideas with good business models will continue to attract investments. "Our current focus, in addition to services, is on precision manufacturing. Now, India is attracting a lot of manufacturing investments. We are trying to invest in those companies which can export and make components in deep tech, and automobiles," Ranganath said. Catamaran has invested in companies like SpaceX, deep-tech energy startup Log 9, B2B e-commerce firm udaan, edtech firm udemy, and fintech firm Acko, among others. ...

BLive, a multi-brand electric vehicle platform, is looking to raise USD 5 million in the next six months, its CEO and co-founder Samarth Kholkar said on Friday. The investor interest in BLive is "strong", Kholkar said, adding that the company is hopeful of making a funding-related announcement in the next six months. "We have raised under USD 2 million over a period of time, and we are looking to raise USD 5 million now because our primary interest is to invest in technology and people. "Technology, because we are a platform at the end of the day, which has a lot of data coming in, now it is time to consolidate, extrapolate and use the latest technology, including blockchain to ensure we can scale up our business from a typical 10X to a 100X," he said. BLive is looking to double its revenue to about Rs 100 crore in FY25 and is aiming for profitability in 12 months timeframe. "So to boost that, we need a strong tech platform, which will help us reach that s...

Infosys founder Narayana Murthy's venture capital firm Catamaran plans to expand its portfolio by investing in precision manufacturing startups and companies exporting their products, a senior company official has said. While speaking to PTI on the sidelines of the Digital Acceleration and Transformation Expo (DATE), Catamaran Chairman MD Ranganath said the valuation expectation in startups have come down in India compared to the phase in 2022, but good ideas with good business models will continue to attract investments. "Our current focus, in addition to services, is on precision manufacturing. Now, India is attracting a lot of manufacturing investments. We are trying to invest in those companies which can export and make components in deep tech, and automobile," Ranganath said. Catamaran has invested in companies like SpaceX, deep tech energy startup Log 9, B2B e-commerce firm udaan, edtech firm udemy, and fintech firm Acko, among others. "Overall, in a market com...

The board of Maruti Suzuki approved the allotment of 12,322,514 equity shares to Suzuki having a face value of Rs 5 each at a price of Rs 10,420.85 per equity share from Companies https://ift.tt/vM3uKAO via IFTTT

Tesla is also likely to commit 20% localisation in its Made in India cars in the first two years and it may increase to 40% in four years from Companies https://ift.tt/Fjugy5Q via IFTTT

The proposal whether or not to liquidate the airline has been floated and with individual lenders will take the proposal to their boards and submit final votes in 10-15 days, the report said from Companies https://ift.tt/qg8OtoL via IFTTT

The Kolkata-based Merlin Group announced on Wednesday that the company has signed an MoU with several World Trade Centers in the country to explore opportunities for enhancing trade and investment. The pact was inked during the Bengal Global Business Summit here. "We signed MoUs with WTC Bangalore, WTC Mumbai, and WTC Noida at the investment summit for mutual support in various activities, promoting businesses and members in each other's states," Sushil Mohta, chairman of WTC NDITA said. The Rs 1500 WTC which is likely to create 30,000 job opportunities is coming up at Salt Lake's Sector 5 area, the municipal services of which are looked after by Nabadiganta Industrial Township Authority (NDITA). This WTC "will also focus on strengthening global trade, with a particular emphasis on promoting exports from West Bengal, Maharashtra, Karnataka, Delhi, Tamil Nadu, and Kerala", Mohta said. The partnership with other WTCs aims at exploring opportunities for enhanci...

Religare Enterprises Chairperson Rashmi Saluja, who is under attack from promoters of Dabur Group, on Tuesday said she was a victim of corporate gender discrimination. The accusations not only target Saluja but also undermine the entire management and board, who have tirelessly worked towards making Religare a debt-free organisation over the past five years, Religare Enterprises said in a statement. Burman family -- the promoters of Dabur -- has filed a complaint with regulatory authorities seeking a probe into the sale of shares by Religare Enterprises Ltd's Chairman Rashmi Saluja. In response to the accusations, Saluja, through a spokesperson, said, "The recent allegations are not just an attack on me but an attack on the entire leadership and board. We remain steadfast in our commitment to transparency and fairness. The share sales were conducted following due processes, and we are confident that truth will prevail." She added, "I believe in the power of resilienc...

State-owned Punjab Energy Development Agency (PEDA) has signed an agreement with GAIL (India) Limited to set up 10 compressed biogas projects and other new and renewable energy projects in the state. The memorandum of understanding (MoU) was signed by PEDA CEO Amarpal Singh and GAIL (India) Executive Director RK Singhal, an official release said. Punjab New and Renewable Energy Sources (NRES) Minister Aman Arora said the pact will help the state to manage five lakh tonnes of paddy straw per annum and generate clean energy out of it. Punjab is an agrarian state, and it has immense potential for crop residue-based CBG plants, he said, adding that the Punjab government's business-friendly policies are helping in facilitating companies to set up their industries in the state. NRES Secretary Ravi Bhagat said that with the implementation of these 10 projects, paddy straw in around 1.25 lakh acres is expected to be prevented from being burnt. These projects will also create around 50 rur ...

Tesla would commit an initial minimum investment in any plant of around $2 billion and would look to increase purchases of auto parts from the nation to as much as $15 billion from Companies https://ift.tt/opIbVHJ via IFTTT

Engineering firm KEC International on Tuesday said it has bagged new projects worth Rs 1,005 crore across its various business verticals, including railways and cables. The RPG Group company has bagged projects for transmission and distribution and cabling in the domestic market as well as in the Middle East, Europe, Africa and Americas. In the railways vertical, it has "secured an order for 25 kV overhead electrification (OHE) and associated works in the conventional segment in India," the company said in a regulatory filing. The company has secured orders for the supply of various types of cables in the domestic market and overseas. "We are particularly enthused by the order in railways, which further consolidates our order book in the conventional railway segment. With these orders, our YTD (Year to Date) order intake stands at Rs 10,000 crore," KEC International Ltd MD & CEO Vimal Kejriwal said. KEC International is a global infrastructure engineering, procu...

The deal will help McDonald's raise its holdings to 48%, while a consortium led by state-backed conglomerate CITIC Ltd will maintain its controlling ownership with a 52% stake in the business from Companies https://ift.tt/5MTQOf1 via IFTTT

Digital parcel lockers have been introduced at select post offices and can be accessed through designated codes, allowing for flexible delivery and collection times from Companies https://ift.tt/DBAhMRK via IFTTT

Engineering services company Larsen and Toubro Technology Services (LTTS) on Monday said it has collaborated with American software firm NVIDIA to enhance medical imaging using Gen AI. The partnership aims to develop software-defined architectures for medical devices looking at enhancing the quality of medical images, the company said on Monday. The software-defined architecture is a decision-making tool for image processing, with AI/ML models developed for the detection, identification, and classification of polyps - abnormal growths often found during colonoscopies. LTTS CEO and Managing Director Amit Chadha said the collaboration helps them push the boundaries of what's possible in medical imaging. "The combination of the NVIDIA Holoscan software platform for edge AI inference and the NVIDIA IGX Orin hardware platform accelerates the development of AI-powered medical imaging solutions by enhancing image quality and real-time clinical decision-making support, making clinicia...

This collaboration provides a complete solution for customers looking to transition to a software-defined business model via real-time AI applications from Companies https://ift.tt/ei97ILm via IFTTT

Oberoi Realty has bought nearly 15-acre land in Gurugram for Rs 597 crore to develop luxury housing project, marking its foray into the Delhi-NCR property market. The Mumbai-based company has "executed an agreement for sale with Ireo Residences Company Pvt Ltd and others for acquiring land admeasuring approximately 14.816 acre equivalent to 59,956.20 square meters at Sector 58, Gurugram, Haryana." In a regulatory filing on late Friday, Oberoi Realty said the consideration for the transaction is in the form of event/ time linked monetary consideration of up to Rs 597 crore, and up to a certain area in the project for the existing homeowners and others. The company has taken possession of this land and it will get an estimated area of 2.6 million square feet for development. "This transaction marks the company's foray into the NCR region," Oberoi Realty said. The company intends to primarily develop a luxury residential group housing project on this land parcel. O...

Leading FMCG and ayurvedic products maker Dabur is planning to set up a new factory in South India in less than a year's time, as its business scales in the region, according to company's CEO Mohit Malhotra. Dabur, which now gets 20 per cent of its domestic sales from South India with its business there doubling in the last 5-6 years, is identifying gaps and usages to launch products customised to the markets, he told PTI in an interview. The company, having 13 manufacturing units across the country, is augmenting its capacity further to meet the demand and is diversifying its manufacturing activities by adding new lines, he added. Dabur India, which has an annual capex of around Rs 350-450 crore, also plans to expand its manufacturing activities in the international markets catering to regions such as the Middle East and Europe. Besides, the company is consolidating its manufacturing operations and has shut down some units where tax sunsets are coming in, and opening new units...

State-owned steel maker SAIL has started working on plans to expand its installed capacity by 15 million tonnes (MT) in the first phase, the company's Chairman Amarendu Prakash said. Its current installed steel-making capacity is about 20 million tonnes per annum (MTPA), Prakash said. "It has been kicked off. In the first phase, we are expanding it to 35 MT. So, phase 1 is of 15 MT," the chairman said in a reply to a question on SAIL's expansion plans. On the timeline and investment amount involved in the expansion plan, he said the company is actively working on detailed project reports (DPRs) and sharing any number will be a difficult task at present. When asked about the funding model, Prakash said SAIL will use its own funds and also seek market support to fund the expansion. "It (the funding) will be a mix of both internal accruals and market. The steel industry is a huge capex-intensive industry. So, we will be in the market for funds," he noted. The c...

Hinduja Group flagship firm Ashok Leyland is keen to get external investments for its electric vehicle arm Switch Mobility but only from 'the right strategic partner', and it will not shy away from investing on its own till such an ally is found, according to its Managing Director and CEO Shenu Agarwal. While Switch India is likely to be cash neutral or cash positive going forward, on an operating level at least, for Switch UK some more investments may be required in FY25, with the European and UK markets still not going that strong, he told analysts. "We are very keen on getting external investments also, but we want to make sure that we have the right strategic partner with us. I mean, we do it at the right valuation. So right now, the focus is to get Switch into a very, very strong mode by developing products, by maturing our technology on both the bus side and the LCV side," Agarwal said. He was responding to a query on whether the current tough funding environmen...

The IPO may be in the range of $800 million to $1 billion from Companies https://ift.tt/TGFJR7W via IFTTT

The top court is likely to consider a fresh rejoinder filed by the DRI in the case from Companies https://ift.tt/Hbr4hVB via IFTTT

The IT sector has faced challenges as the Western markets have struggled with the possibility of a recession. Most clients for Indian IT companies are from the USA and Europe from Companies https://ift.tt/7zN5yXr via IFTTT

Reports Q2 revenue in line with analysts' estimates from Companies https://ift.tt/7qcUWr9 via IFTTT

The deal, signed this month, will make JioCinema's streaming app the "exclusive" India platform partner for more than 1,000 episodes and around 20 movies of the Japanese anime series from Companies https://ift.tt/J5ivDR9 via IFTTT

The Food and Drug Administration warned consumers last month not to purchase or use store-brand eyedrops from Walmart Inc., CVS Health Corp., Target Corp. and other companies from Companies https://ift.tt/xY4onws via IFTTT

Recently launched as a feature on WhatsApp, channels allow users to get updates from people, organisations, and teams that they follow on the messaging platform from Companies https://ift.tt/gj9RbmT via IFTTT

In a relief to FMCG major Dabur, two of its foreign subsidiaries, Dabur International and Dermoviva Skin Essentials, have been removed as a defendant in multiple lawsuits filed in a US court over allegations that their hair-relaxer products caused ovarian cancer, uterine cancer and other related health issues. However, lawsuits filed against its third international subsidiary Namaste Laboratories LLC, would continue before the US District Court for the Northern District of Illinois, according to a statement from Dabur on Wednesday. Dabur International and Dermoviva were removed and got relief in the multiple suits due to lack of jurisdiction as they have not either manufactured, marketed, distributed or sold hair relaxer products in the US, it added. Three foreign subsidiaries of Dabur India -- Namaste Laboratories LLC, Dermoviva Skin Essentials Inc and Dabur International Ltd -- were facing approximately 5,400 cases in the federal and state courts in the US, which was later ... from...

The German government said Tuesday it is granting a 7.5 billion-euro (USD 8 billion) loan guarantee to energy technology company Siemens Energy as part of a 15 billion-euro package to help the firm, an important player in the transition to renewable energy sources. Siemens Energy sought help from the government as it struggles with problems at its Gamesa wind energy subsidiary, including quality issues with previously installed wind turbines. The company said on October 26 that the strong growth in order intake, particularly in the former gas and power business areas, leads to a rising need of guarantees for long-term projects. It said it was in talks with partners, including the government, to ensure access to guarantees "to facilitate the anticipated strong growth." The government held talks with Siemens Energy, industrial conglomerate Siemens AG which spun off Siemens Energy in 2020 and retains a minority stake in the company and with private banks. The Economy Ministry sa...

IT services company does business in digital, engineering, cloud, AI in the two countries from Companies https://ift.tt/jk9bCaz via IFTTT

Chairman Emeritus of The Oberoi Group Prithvi Raj Singh Oberoi, widely known as the doyen of Indian hospitality, passed away on Tuesday, leaving behind a rich legacy. "It is with deep sadness that we inform the peaceful passing of PRS Oberoi, Chairman Emeritus of The Oberoi Group, earlier today," a statement said. A luminary in the hospitality industry, Oberoi's legacy transcends borders, leaving an indelible mark on the global landscape, it added. PRS Oberoi received numerous awards and accolades, amongst the most noteworthy the Padma Vibhushan, in recognition of his exceptional contribution to the country in tourism and hospitality. He was also honoured with the Lifetime Achievement Award at ILTM ( International Luxury Travel Market), recognizing his exceptional leadership and vision. PRS Oberoi was presented with the 'Corporate Hotelier of the World' award by HOTELS magazine USA. The 6th International Hotels Investment Forum in Berlin honoured him with the pres...

Exxon Mobil on Monday announced it's drilling for lithium in southern Arkansas, with the oil giant expected to begin production of the critical material for electric vehicles by 2027. Exxon in early 2023 acquired the rights to 120000 gross acres (48562 gross hectares) of the Smackover formation in southern Arkansas, considered one of the most prolific lithium resources of its type in North America. Exxon said that by 2030 it aims to produce enough lithium to supply the manufacturing needs more than 1 million electric vehicles. "Lithium is essential to the energy transition, and ExxonMobil has a leading role to play in paving the way for electrification," Dan Ammann, president of ExxonMobil Low Carbon Solutions, said in a news release. Exxon didn't disclose how much it's spending on the project, which is expected to be a boost for a part of Arkansas that has a history as an oil and gas producer. "I'm not being dramatic when I say this has the potential to ...

The public sector non-life insurer narrowed its losses to Rs 47.12 crore in the first half of the financial year 2024 from Rs 3,586.93 crore recorded in the same period a year ago from Companies https://ift.tt/gvZeBPo via IFTTT

The announcement marked a welcome reprieve for India's Adani Group following a damaging short-seller attack and a number of corporate fraud allegations leveled against it this year from Companies https://ift.tt/rdFwG6b via IFTTT

A Kerala-based startup has launched a first-of-its kind digital health kiosk that claims to provide basic diagnostics like blood pressure, blood sugar and heart conditions instantly with utmost accuracy in multiple languages and at extremely low prices. Prognosis, the kiosk, launched by Versicles Technologies, is equipped with a touch screen that offers video instructions to users to receive accurate readings. It aims to make healthcare facilities more easily accessible. The company in a release said the kiosk has machines that measure a user's blood pressure, blood sugar, heart conditions (ECG monitor), temperature (wireless Bluetooth thermometer) and weight. "The kiosk, which provides multilingual instructions through an AI-based voice bot, also features a resting bench where one can comfortably sit during the tests," it said. The kiosk (myprognosis.ai/kiosk) provides results in just under a minute, and also offers immediate recommendations if irregularities are detecte...

Deep tech requires a lot of patient capital, as the payoff is not the same as consumer internet or software-as-a-service (SaaS) sectors, says Narayanan from Companies https://ift.tt/LGqKCB4 via IFTTT

The GMR group holds the airport business under the airport holding company, GMR Airports Ltd (GAL) from Companies https://ift.tt/Db2ExSs via IFTTT

Dabur India is the maker of Hajmola and Fem beauty bleach from Companies https://ift.tt/5bz6cVi via IFTTT

"Overall, the results suggest that the market has priced and acknowledged the potential of these firms in the post-resolution period," the study said from Companies https://ift.tt/xTQvBcp via IFTTT

Defence PSU Garden Reach Shipbuilders and Engineers Limited (GRSE) on Friday said it earned a revenue of Rs 1,654 crore from operations in the first half of 2023-24 financial year, an increase of 31 per cent over the corresponding period in the last fiscal. The Kolkata-headquartered warship builder earned a profit before tax (PBT) of Rs 209 crore, while the profit after tax (PAT) was Rs 157 crore, a 45 per cent rise over the first half of 2023-24, GRSE said in a press statement. Earnings per share stood at Rs 13.74, an increase of 45 per cent over the same period in the previous fiscal, it added. Also announcing the quarterly results from July to September 2023-24 financial year, the GRSE said its total income stood at Rs 969 crore in the period as against Rs 722 crore in the same period in 2022-23, an increase of Rs 247 crore. It said that revenue from operations for the second quarter of 2023-24 stood at Rs 898 crore as compared to Rs 682 crore in the same period in 2022-23, an . f...

The number of deals fell from 9,563 in Q2 CY23 to 7,435 in Q3 CY23, according to data from KPMG's Venture Pulse Q3 2023 report from Companies https://ift.tt/ShLCz0o via IFTTT

Citigroup intentionally discriminated against Armenian Americans when they applied for credit cards, the Consumer Financial Protection Bureau said on Wednesday, as the bank argued internally that Armenians were more likely to commit fraud and referred to applicants as bad guys or affiliated with organised crime. The CFPB found that Citi employees were trained to avoid approving applications with last names ending in yan or "ian" the most common suffix to Armenian last names as well applications that originated in Glendale, California, where roughly 15 per cent of the country's Armenian American population lives. As part of the order, Citi will pay USD 24.5 million in fines as well as USD 1.4 million in remedies to impacted customers. In its investigation, the bureau found that Citi employees were instructed to single out applications that had Armenian last names, but then to conceal the real reason on why those applications were denied. Employees would be punished if they...

Electric bike maker Ultraviolette Automotive on Wednesday announced its foray into the European market as it looks to tap growth opportunities in the international markets. The Bengaluru-based company launched its flagship electric bike F77 in Europe with deliveries expected to commence in the second quarter of 2024. The bike is set to be priced between 9,000 to 11,000 euro in Europe, subject to federal/state government incentives and taxes. In an interaction with PTI on the sidelines of EICMA two-wheeler motor show here, Ultraviolette Founder and CEO Narayan Subramaniam said the company will focus on five countries in the continent in the first phase. "In Europe our immediate focus is Italy, Spain, France, Germany and the UK. These five countries would be our immediate target. And then of course, we can look at scaling to other countries as well," he noted. Subramaniam said the company is in active conversation with multiple distributors and dealers in the five geographies. ...

Avaada Energy on Tuesday said it has bagged a 1,400 MW solar project under tariff-based competitive bidding hosted by state-run hydro power giant NHPC Ltd. The project won through an e-reverse auction process showcases Avaada Energy's commitment to competitive pricing with a winning tariff of Rs 2.53 per kWh, as per a company statement. "Avaada Energy, a key player in the Avaada Group's diversified portfolio is proud to announce its latest achievement -- securing a 1,400 MWp Solar Project through an e-reverse auction hosted by NHPC Ltd, the Renewable Energy Implementing Agency of the Government of India," a company statement said. The power purchase agreement will span a period of 25 years, with the project slated for completion within a 24-month timeframe. Upon commissioning, the solar facility is projected to produce an estimated 2,500 million units of renewable energy each year, contributing significantly to India's green energy supply and powering nearly 1.8 m...

The startup's main operations will be in Bengaluru, and it's headquartered in Singapore, where it's in stealth mode for now and will launch its offerings within months from Companies https://ift.tt/84XNYfK via IFTTT

The July-September 2023 was the first quarter when HDFC-HDFC Bank did business as a combined entity, escalating competition for loans as well as deposits from Companies https://ift.tt/TtjYvax via IFTTT

"Now the situation is quite different and the future is bleak," said a banker with a state-run bank that has exposure to Go First from Companies https://ift.tt/2wayi6Z via IFTTT

RR Kabel's consolidated revenue from operations rose almost 20% to Rs 1,610 crore, offsetting a nearly 15% climb in total expenses, led by a spike in raw material costs from Companies https://ift.tt/tFUWySp via IFTTT

"India has the highest growth; it also has the most ebullient stock market," Joe Baratta, Blackstone's global head of private equity, said in an interview in Tokyo from Companies https://ift.tt/h3CtFWg via IFTTT

Tata, at least, has already made the right start. By its own account, Tata Electronics is a "venture of the Tata group with expertise in manufacturing precision components." from Companies https://ift.tt/LJldQ6c via IFTTT

On October 31, 2023, BoB, in a filing with BSE, had said that Kadgatoor Sheetal Venkatesmurt will handle this charge in addition to her role as head of digital channels and operations from Companies https://ift.tt/Bmz4LSq via IFTTT

The Directorate of Revenue Intelligence (DRI) has conducted a search operation at the headquarters of Havells India, a leading manufacturer of electrical goods and appliances. DRI acts as the lead agency to check smuggling and cases of commercial fraud. "The Directorate of Revenue Intelligence has conducted a search at the Corporate office of the Company viz. Havells India Limited in Noida, which concluded this morning on 4th November 2023 at around 2:20 am," Havells India said in a regulatory filing. The search was conducted over "alleged mis-classification in import of Heating Element," the company said. According to the company- which operates in the consumer electrical and appliances market with brands such as Havells, Lloyd, Crabtree, Standard and REO - its impact on financial, operation or other activities on the company cannot be quantified at this point in time. However, it said, "in the preliminary assessment, we understand that it will not have any ma...

Maruti Suzuki India is looking to bring in more flexibility in its production processes in order to produce vehicles as per the evolving market scenario, according to a senior company official. The country's largest carmaker is looking to strengthen the production of high selling utility vehicles while curtailing the roll out of the entry level cars. "Diverging demand patterns between utility vehicles and the small car segment is continuing. The company is working on increasing the flexibility in operations to produce vehicles as per the evolving market demand," Maruti Suzuki India Executive Officer Corporate Affairs Rahul Bharti said in an analyst call. He noted that the automaker has discovered that one of the reasons for the recent dip in the margins is because it was producing "some slow-moving cars". "And we did not have sufficient production capacity for the cars that had demand. If we had the flexibility of both, whether it is semiconductor supplies ...

Demand for tyres in the domestic market is expected to remain robust going ahead as the automobile industry continues to scale new highs amid a positive economic environment, JK Tyre Chairman and Managing Director Raghupati Singhania said. In an interaction with PTI, the veteran industry leader said that robust Gross Domestic Product (GDP) growth and the government's focus on infrastructure development, is expected to fuel growth for the automobile sector as well as the tyre industry. "We see that the domestic demand will continue to be robust due to the healthy macroeconomic factors as well as the investments in infra and of course, overall feel good economic environment that we are running through," he said. Elaborating on some positive factors, Singhania said freight availability remains consistent, helping the commercial vehicle segment. Besides, robust GDP growth and more disposable income is helping in the enhanced offtake of cars, he noted. "So, we foresee tha...

Hyundai Motor India Ltd is on track to achieving 60 per cent of its total domestic sales from SUVs this year with models like Creta and the newly launched Exter accelerating the growth, according to company COO Tarun Garg. With exports accelerating in the last three months, the company is also confident of sustaining its overseas shipments momentum despite concerns over global geopolitical situation. "We will end up with more than 60 per cent at the end of the year which is what we said at the beginning of the year...We are now almost reaching there," Garg told PTI. He was responding to a query on how much would SUVs contribute to the company's overall sales considering the traction its models have witnessed in the market. He further said,"For us the good thing has been that SUV contribution has moved to 63 per cent in October and year-to-date at 59 per cent as against industry SUV percentage of 48 per cent. So that has really helped us to outperform the industry in ...

Former Chief Digital Officer of Bank of Baroda counters termination claims, citing personal decision to resign following operational challenges from Companies https://ift.tt/iq96pXl via IFTTT

A Citi spokesperson at that time had said the company did not discriminate against the sector and that it believed it was complying with Texas' law from Companies https://ift.tt/deQMIyO via IFTTT

The contract will largely unwind a strategy the automaker has used for years to hold down labor costs, UAW officials have said from Companies https://ift.tt/PsTZY5I via IFTTT

Airtel Digital head Adarsh Nair has resigned from the company after a five-year stint, according to a regulatory filing. Nair joined Airtel five years ago and was elevated to the position of Director of Airtel Digital about four months back. "We wish to inform you that Mr Adarsh Nair, Chief Product Officer of the company has resigned and accordingly, ceases to be a Senior Management Personnel. His resignation has been accepted on November 3, 2023 and will be relieved from his duties upon closure of business hours on February 15," the filing said on Friday. While the regulatory filing mentioned his designation as chief product officer, the company's website mentioned it as director of Airtel Digital where he was responsible for Airtel ads, Airtel IQ, Wynk Music, and Xstream Video. According to his resignation letter, he has put in his papers citing his plan to relocate back to the US early next year. from Companies https://ift.tt/doA6RjT via IFTTT

The company said it is working with a cyber security company to resolve the issue from Companies https://ift.tt/sUGwJh7 via IFTTT

According to a report, Jindal Power, which had shown its interest in the airline, may not go ahead with its financial bid from Companies https://ift.tt/Nxh7jHS via IFTTT

JK Lakshmi Cement Ltd on Thursday reported a 55.15 per cent increase in consolidated profit after tax to Rs 95.87 crore in the second quarter ended September 30, 2023. The company posted a consolidated profit after tax of Rs 61.79 crore in the July-September quarter last fiscal, according to a regulatory filing from JK Lakshmi Cement Ltd. Its revenue from operations was up 14.63 per cent to Rs 1,574.53 crore compared to Rs 1,373.55 crore in the year-ago period. Total expenses of JK Lakshmi Cement was at Rs 1,447.52 crore, up 11.36 per cent. Shares of JK Lakshmi Cement Ltd on Thursday settled at Rs 674.30 on BSE, up 0.33 per cent from the previous close. from Companies https://ift.tt/xz1khWA via IFTTT

Jet Airways founder Naresh Goyal's "resistance" in diluting his stakes and "incessant siphoning off of funds for personal pecuniary gains" led to the downfall of the airline, the Enforcement Directorate said in its chargesheet filed before a court here in the alleged fraud of Rs 538 crore at the Canara Bank. The ED claimed that the airline could have survived had Goyal kept aside his "ulterior motive" and allowed professionals to make quick and strategic decisions to change the operating cash flow of the company. It alleged that Goyal blatantly siphoned off funds from the loss-making Jet Airways (India) Limited (JIL), drained it out of funds and kept on infusing money into the related entities owned by his family members, both in India and abroad. The probe agency on Tuesday filed its chargesheet against Naresh Goyal, his wife Anita Goyal and four companies - JIL, Jetair Private Limited, Jet Enterprises Private Limited and Jet Airways LLC, Dubai - in c...