BUSINESS DUNIYA

MG Motor India on Monday reported an 18 per cent growth in total retail sales at 56,902 units in 2023 as compared to the previous year. In December 2023, the company's retail sales were 4,400 units, up 13 per cent from the year-ago month, MG Motor India said in a statement. The company further said with a growth of 18 per cent in 2023 it recorded the fourth consecutive year of growth. It had around 25 per cent of its total sales coming from electric vehicle (EV) models, it said. The company's flagship EV, ZS, the Comet have sold around 20,000 units till date. from Companies https://ift.tt/bwYtDy4 via IFTTT

In its order dated December 22, the HC had directed the chief judicial magistrate to pass an order of investigation by a competent police official into the complaint from Companies https://ift.tt/k6M2UiZ via IFTTT

Social media giants like Instagram, X (formerly Twitter) and Snapchat collectively gained nearly USD 11 billion in advertising revenue in 2022 from users younger than 18 years, according to a new US-based study. Researchers said that approximately 30-40 per cent of the advertising revenue generated by Snapchat, TikTok and YouTube was attributable to young people. They found that while among users aged 12 and under, YouTube derived the greatest ad revenue of about USD 1 billion in 2022, among those aged 13-17 years, Instagram generated the highest revenue of about USD 4 billion. The team led by the Harvard T.H. Chan School of Public Health, Harvard University, also found that from users aged 13-17 years, TikTok derived USD 2 billion and YouTube USD 1.2 billion in 2022, suggesting that these platforms have "overwhelming financial incentives" in continuing to delay meaningful steps to protect children against the harms of using social media. The researchers said that while these...

On average, at least 45 people lost their jobs daily based on data collated by the website. This is 15.3 per cent higher than the 14,224 layoffs recorded in the previous year from Companies https://ift.tt/W0AE3Li via IFTTT

Consulting firm McKinsey and Co. has agreed to pay USD 78 million to settle claims from insurers and health care funds that its work with drug companies helped fuel an opioid addiction crisis. The agreement was revealed late Friday in documents filed in federal court in San Francisco. The settlement must still be approved by a judge. Under the agreement, McKinsey would establish a fund to reimburse insurers, private benefit plans and others for some or all of their prescription opioid costs. The insurers argued that McKinsey worked with Purdue Pharma the maker of OxyContin to create and employ aggressive marketing and sales tactics to overcome doctors' reservations about the highly addictive drugs. Insurers said that forced them to pay for prescription opioids rather than safer, non-addictive and lower-cost drugs, including over-the-counter pain medication. They also had to pay for the opioid addiction treatment that followed. From 1999 to 2021, nearly 280,000 people in the US di ...

Snapdeal's has seen its consolidated loss after tax narrow to Rs 282.2 crore for FY23, from Rs 510 crore in previous year, according to a statutory filing. As per the company's RoC filing, the total income fell to Rs 388.1 crore in FY23, from Rs 563.5 crore in the previous fiscal (FY22). "The focus on profitability and long-term sustainability of the business yielded results with adjusted EBITDA loss reducing to Rs 144 crore in FY2022-23, from Rs 419 crore in FY2021-22," the filing said. The loss reduction measures also led to revenue decreasing to Rs 388 crore in FY2022-23 from Rs 564 crore in FY2021-22, it added. "In the past fiscal year, the company continued its well defined focus on the value segment, coupled with a steadfast commitment to staying on the path towards reaching profitability." the filing said. The company said it has implemented several enhancements to its operations. "These focused on improving selection and delivery experiences, op...

Resolution of most of the stressed assets under the insolvency law missed their timelines amid a shortage of staff at the National Company Law Tribunal (NCLT) and the appellate tribunal this year, which also saw aviation players seeking solace in insolvency provisions albeit without much success. As the Insolvency and Bankruptcy Code (IBC) timelines stretched well beyond their specified limits, the companies undergoing the resolution process saw an erosion in the value of their assets. As of September this year, creditors have realised Rs 3.16 lakh crore by way of resolutions under the IBC since it came into force in December 2016, as per data from the Insolvency and Bankruptcy Board of India (IBBI). In 2024, NCLT and the National Company Law Appellate Tribunal (NCLAT) are expected to conclude important Corporate Insolvency Resolution Processes (CIRPs), including that of Future Retail, Go First and Reliance Capital. The latest data showed that 67 per cent of the ongoing CIRPs misse f...

Budding companies had raised $1.4 million in January this year. Regardless, startup funding hit a seven year low in 2023 from Companies https://ift.tt/SFBVG2L via IFTTT

The National Financial Reporting Authority (NFRA) on Friday found certain lapses in the auditing-related activities of audit firm Walker Chandiok & Co LLP during detailed audit quality inspections. The regulator initiated an audit quality inspection of Walker Chandiok & Co LLP in December last year and covered various aspects, including a review of firm-wide quality controls to evaluate their adherence to Standards on Quality Control (SQC-1) and review of selected audit documentation of the annual statutory audit of financial statements for the year ended March 31, 2021, as per the order. The regulator has flagged several deficiencies, where the audit firm failed to adhere to some of the prescribed 'client acceptance and continuance' prerequisites, including verifying the client's integrity and recording the resolution of concerns. NFRA observed that there was a discrepancy between the disclosures made by Walker Chandiok & Co LLP (WCCL) and Grant Thornton Bharat...

American fast-food chains have decided a market of 1.4 billion people is simply too delicious to pass up. KFC China's parent company opened its 10,000th restaurant in China last month from Companies https://ift.tt/l45h1FE via IFTTT

Jindal Stainless on Thursday said it will generate over 1.9 billion units of clean electricity per year through its green energy initiatives. The initiatives have the potential to reduce carbon emissions by over 13.52 lakh tonnes per annum. "Jindal Stainless... will generate over 1.9 billion units of clean electricity per annum through its wind-solar hybrid, floating and roof-top solar plants, according to its newly released Sustainability Report," the company said in a statement. The company has already entered into partnership with ReNew Power to deliver 100 megawatt round-the-clock renewable energy. "The remarkable achievements in renewable energy initiatives are pivotal to our vision of a greener future. "Our strides in R&D foster innovation that elevates industry standards and ensures our operations contribute positively to the planet and its people," Jindal Stainless Managing Director Abhyuday Jindal said. from Companies https://ift.tt/o7cuYaG via ...

Taiwanese electronics manufacturing services major Foxconn has infused USD 55.29 million (about Rs 461 crore) in Bengaluru-based Foxconn Precision Engineering Private Limited, according to a regulatory filing. The company has made the investment through its Singapore-based subsidiary Foxconn Singapore Pte Limited. Foxconn Singapore has acquired about 46,08,76,736 shares at Rs 10 each, amounting to around USD 55.29 million (Rs 460.87 crore), according to the filing. Foxconn Precision Engineering was incorporated around six months ago. In July, Foxconn proposed to set up a Rs 8,800-crore supplementary plant to that of its unit at the Devanahalli Information Technology Investment Region in Karnataka. It has also bought 300 acres at Devanahalli. According to the announcement made earlier by the Karnataka government, Foxconn is expected to create employment for about 50,000 people in the first phase at Devanahalli. from Companies https://ift.tt/uZxWcpT via IFTTT

Escrowpay, which offers digital escrow platforms, has raised USD 6 million in fresh funding from existing investors. The latest funding is through the series-A round and is part of the ongoing round targeting USD 15 million. The company recently secured the first digital escrow regulatory fintech authorization from the IFSCA in the Gift City. Currently it serves over 3,000 clients, including SMEs, unicorns, listed enterprises, and emerging digital-first businesses. Escrowpay has processed transactions exceeding Rs 15,000 crore. The fresh capital injection will be strategically utilized to accelerate its initiatives, support key growth areas, and foster innovation within the payments ecosystem, its MD Ashwin Chawwla said in a statement on Wednesday. from Companies https://ift.tt/pTM3LsR via IFTTT

Anil Agarwal-promoted Vedanta on Wednesday said Meenakshi Energy Ltd has become its wholly-owned subsidiary. The National Company Law Tribunal had earlier approved Vedanta's acquisition of Meenakshi Energy for Rs 1,440 crore. "Meenakshi has allotted 10,00,000 fully paid-up equity shares of Rs 10 each amounting to equity capital of Rs 1 crore to the company, consequent to which, Meenakshi has become a wholly-owned subsidiary of the company with effect from December 27," Vedanta said in a regulatory filing. Vedanta had earlier said that it will acquire bankrupt thermal power company Meenakshi Energy for Rs 1,440 crore through an insolvency process. "This letter is in continuation to the stock exchange announcements made by Vedanta Limited (the company) vide its letters dated August 11, 2023 and January 18, 2023 pursuant to Regulation 30 of Listing Regulations regarding the acquisition of Meenakshi Energy Ltd (Meenakshi) under Corporate Insolvency Resolution Process in ...

EV financing digital platform RevFin on Tuesday said it has raised USD 14 million (Rs 115 crore) in Series B funding round. Omidyar Network led the round with a USD 5 million investment, joined by the Asian Development Bank, Companion Capital Ltd, and existing investors Green Frontiers Capital and LC Nueva, the company said in a statement. With this funding, Revfin's total capital raised through debt and equity stands at Rs 625 crore, it said. Angel investors such as Dhiiraj Jain (Redcliffe Labs), Anuraag Jaipuria, Ruchi Rans Jaipuria, Rishi Kajaria, Let's Venture Angel Fund, Harash Jain, and others supported this journey, Revfin said. "This funding will empower us to further enhance the EV ecosystem and contribute to the growth of all types of electric vehicles in India. Our unwavering commitment to revolutionise digital lending remains strong, and we look forward to the opportunities ahead," Revfin Founder and CEO Sameer Aggarwal said. The latest capital infusion re...

Life Insurance Corporation of India (LIC) on Tuesday said its board has approved a proposal to set up a branch office in the International Financial Services Centre, GIFT City, Gandhinagar, Gujarat. The board on Tuesday approved the proposal to set up a branch office at IFSC, LIC said in a regulatory filing. LIC's presence in the Gujarat International Finance Tec (GIFT) City-International Financial Services Centre (IFSC) will enable the company to expand its global business. At present, GIFT IFSC is the maiden international financial services centre in India. In an interview with PTI last month, LIC Chairman Siddhartha Mohanty had said "this will enhance our foreign operations". LIC has presence in 14 countries through branch offices, subsidiaries and joint ventures. The Corporation directly operates through its branch offices in Fiji (Suva and Lautoka), Mauritius (Port Louis) and United Kingdom (Watford). Besides, it has subsidiaries in Life Insurance Corporation (Intern...

The tax department has alleged tax evasion and inflated payments for technical services by Huawei India outside the country from Companies https://ift.tt/NRCPw4F via IFTTT

Godrej Properties Ltd on Tuesday said it has sold more than 600 flats in its new luxury housing project at Gurugram, Haryana. In a regulatory filing, the company said it has "sold inventory worth over Rs 2,600 crore in its project Godrej Aristocrat, located in Sector 49 on Golf Course Extension Road, Gurugram. " The company will develop nearly 750 apartments in this 9.5-acre housing project. The starting price is around Rs 4 crore per unit. Godrej Properties said this is its most successful launch ever in terms of the value of sales achieved, surpassing the previous best of over Rs 2,000 crore at its project Godrej Tropical Isle in Noida last quarter. MD & CEO Gaurav Pandey said, "Gurugram is an extremely important market for Godrej Properties. We hope to launch four new projects in Gurugram in 2024..." Godrej Properties, the real estate arm of Godrej Group, is one of the leading developers in the country. During April-September 2023-24, Godrej Properties achiev...

Revisions to TSMC's and Samsung's plans would mean their new plants, worth tens of billions of dollars, may only come online after the US presidential election next year from Companies https://ift.tt/ktFKcAJ via IFTTT

This is the first time that Aggarwal, a serial entrepreneur, is taking a company public. The firm is targeting a valuation in the range of $7-8 billion by early 2024, according to industry sources from Companies https://ift.tt/MNxi2C8 via IFTTT

India got its first Apple store, Adani weathered the Hindenburg storm, and Twitter became X in the year that will still be remembered for AI from Companies https://ift.tt/LmRDCxt via IFTTT

"We will have a single source of truth. All case-wise information will flow through this portal. It will also aid in data analytics to improve policy-making," a senior official said from Companies https://ift.tt/fxNvs4t via IFTTT

IT services firm Infosys has said that a global company has decided to terminate a multi-year contract worth USD 1.5 billion with it. On September 14, 2023, Infosys announced a pact with a global company to offer enhanced digital experiences alongside modernisation and business operations services leveraging Infosys platforms and AI (Artificial Intelligence) solutions. In a BSE filing on Saturday, Infosys said the global company has now elected to terminate the Memorandum of Understanding (MoU) and the parties will not be pursuing the master agreement." Infosys also said the stock market intimation was in continuation to a disclosure made on September 14, 2023, with respect to an MoU with the global company which was subject to parties entering into a master agreement. On the said date, Infosys informed BSE that it entered into an MoU with the global company to provide enhanced digital experiences, along with modernisation and business operations services, leveraging Infosys platf...

HOP Electric is targeting up to three-fold rise in its annual sales in 2024 and is preparing to launch an electric motorcycle equivalent to the mass market entry level bikes of conventional engines to shore up volumes, according to company Founder & CTO Rahil Gupta. The company, which has two electric scooters and an electric bike in its portfolio, is also looking to raise around USD 25 million next year to fund production capacity expansion. "In the last three years we have been growing 100 per cent each year. I think 2024 will be no different," Gupta said when asked about the outlook for the next year. On absolute sales volumes, he said,"This year I think we will sell about 20,000 electric scooters and motorcycles and next year we will be trying to push it to around 50,000 to 60,000 units." When asked about future product plans, he said the company has been working on its new platform 'Nimbus' to develop an electric bike equivalent to a 100 cc conventi...

The Infopark here and Kochi Metro Rail Limited (KMRL) have entered into an agreement to build IT workspaces in Kochi Metro station. The MoU was signed between KMRL MD, Loknath Behera, and Susanth Kurunthil, the CEO of Infopark to set up flexi workspaces in 39,880 square feet of built-up space across six floors of the Ernakulam South Metro station. The MoU was signed at a function held at KMRL Corporate Office here on Friday, Infopark said in a release. It said the proposed facility at Ernakulam South metro station will pave the way to generate 500 job opportunities. "The flexi workspaces by Infopark at the metro station will be an elaboration of co-working, which has an increasing demand after the Covid pandemic. The workspaces for IT/ITES companies and employees will include premium workspace and co-working space models that combine mobility and modern office amenities," the release said. It added that the infrastructure will be more convenient to gig workers and women emplo...

The Elon Musk-led automaker has released an over-the-air (OTA) software update to address the issue, the National Highway Traffic Safety Administration (NHTSA) said from Companies https://ift.tt/6Ba2RC4 via IFTTT

The top gaming regulator on Friday published draft rules broadly designed to clamp down on practices that encourage players to spend more money and time online from Companies https://ift.tt/eoBNcAb via IFTTT

Furthermore, the efficiency of hydrogen production is low. Most hydrogen is produced from natural gas, which emits large amounts of carbon dioxide from Companies https://ift.tt/hyS7UMl via IFTTT

Hinduja-promoted IndusInd Bank on Wednesday sold its entire 2.86 per cent stake in Nippon Life India Asset Management for Rs 795 crore through open market transactions. SBI Mutual Fund (MF), ICICI Prudential MF, Bajaj Allianz Life Insurance, ICICI Prudential Asset Management Company, Societe Generale and Morgan Stanley Asia Singapore, were among the buyers. Through 13 tranches, IndusInd Bank offloaded 1,78,57,355 shares, amounting to a 2.86 per cent stake in Nippon Life India Asset Management (NAM-INDIA), as per the block deal data available with the BSE. The shares were disposed of at an average price of Rs 445.35 per piece, taking the combined transaction value to Rs 795.27 crore. At the end of the September quarter, IndusInd Bank held 1,78,57,355 shares, representing a 2.86 per cent stake in NAM-INDIA, according to shareholding data on the BSE. On Wednesday, shares of NAM-INDIA rose 2.05 per cent to close at Rs 459 apiece on the BSE. Meanwhile, in a block deal on the NSE, K S from...

Affiliates of Blackstone Inc. are seeking to exit India's Embassy Office Parks REIT in an $833 million deal that will be the country's biggest block trade this year from Companies https://ift.tt/Z9NaqeD via IFTTT

The expected unwinding of the Apple-Goldman partnership is another blow for CEO David Solomon's consumer strategy, which aimed to broaden the bank's revenue beyond its traditional mainstays from Companies https://ift.tt/Tcsyj5K via IFTTT

Sales of the Apple Watch Series 9 and Ultra 2 will be halted on the company's online store on Dec. 21 and at its physical retail stores beginning on Christmas Eve, it said in a statement from Companies https://ift.tt/xTGsa4v via IFTTT

The lenders of Go First have been contemplating liquidation as they think it will lead to a better recovery as compared to selling it from Companies https://ift.tt/CrNbDxk via IFTTT

Media reports said Jindal was accused of rape in a report filed at Mumbai's Bandra Kurla Complex Police Station from Companies https://ift.tt/Mb5g29L via IFTTT

IndiaMART, one of India's top online marketplaces, allows dealers to sell on its website after a nominal background check and says it has minimal control over what is advertised and sold from Companies https://ift.tt/bZ7o3RO via IFTTT

The Chennai Petroleum Corporation Ltd, which is engaged in removing oil slick near the Ennore creek here, has mobilised four agencies from Mumbai, Paradip Port and Chennai for the clearing work. The subsidiary of state-run energy major IndianOil Corporation Ltd said it has been working on "war-footing" to "clean up and clear" the areas in coordination with Tamil Nadu Pollution Control Board (TNPCB), state authorities and the work is "targeted to be completed in the next two-three days." The CPCL, in a statement, clarified that there has been no pipeline leak nor any leakage from the tanks in the refinery and the "refinery is under operation." Around 110 boats with 440 manpower have been deployed for oil slick removal activities. Oil presence in the containment zone is now miniscule, the CPCL said. "The CPCL has mobilised four agencies from Chennai, Mumbai and Paradip for clearing the oil spill. Seven numbers of containment booms of around 1,...

Reliance Industries Ltd was the biggest wealth creator during the five-year period from 2018 to 2023 while Adani Enterprises Ltd was the top all-round wealth creator, according to a study by Motilal Oswal Financial Services. The study, based on stock market performance of companies, said for the fifth time in succession, Reliance emerged as the largest wealth creator, adding Rs 9,63,800 crore wealth over 2018-23. It was followed by Tata Consultancy Services (Rs 6,77,400 crore wealth addition), ICICI Bank (Rs 4,15,500 crore), Infosys (Rs 3,61,800 crore) and Bharti Airtel (Rs 2,80,800 crore). "A low-profile company, Lloyds Metals, has emerged the fastest wealth creator with 2018-23 price CAGR of 79 per cent," it said. Adani Enterprises Ltd, the flagship incubator firm of the Adani Group, is a close second with a CAGR of 78 per cent. It said Rs 10 lakh invested in 2018 in the top 10 fastest wealth creators would be worth Rs 1 crore in 2023, a return CAGR of 59 per cent. Motilal ...

Independent directors Sasha Mirchandani and Vivek Mehra "failed to get the requisite majority of votes," the company said in an exchange filing from Companies https://ift.tt/lUS3daN via IFTTT

Leading drugmakers Sun Pharma and Lupin are recalling products in the US market over manufacturing issues, as per the US Food and Drug Administration (USFDA). Mumbai-based Sun Pharmaceutical Industries is recalling 96,192 bottles of Liothyronine Sodium Tablets in the US that are used to treat an underactive thyroid, according to the latest enforcement report issued by the American health regulator. Princeton-based Sun Pharmaceutical Industries Inc, a unit of the company, is recalling the affected lot that was produced at the drugmaker's Dadra-based facility. The company is recalling the lot due to "failed impurities/degradation specifications", the USFDA stated. The company commenced the voluntary nationwide Class II recall on December 4, this year. USFDA stated that Mumbai-based Lupin is also recalling an unspecified number of penicillamine tablets in the US. The medication is used to treat rheumatoid arthritis and Wilson's disease. Baltimore-based Lupin Pharmaceutic...

IT services company Infosys on Saturday said it has inaugurated a new development centre at the Mihan-SEZ in Nagpur, Maharashtra. Infosys has invested over Rs 230 crore in the development of this facility, which is spread across 2,65,000 sq ft. The centre will provide greater flexibility for employees to work in a hybrid mode and enable re-skilling and up-skilling of local talent. "Infosys inaugurates a new development centre in Nagpur. With over Rs 230 crore investment, the 2,65,000 sq ft unique state-of-the-art building is an integration of art and science," according to a release. The new centre will also give employees the opportunity to work on next-gen technologies like cloud, AI, and digital across multiple industries, such as telecommunications, banking, retail, aerospace, automobile, logistics, and manufacturing, among others. It will accommodate over 3,000 employees in line with Infosys' future-ready hybrid workplace strategy, the release said. The development c...

Global alternative investment firm Investcorp has led an investment of Rs 340 crore (USD 41 million) in the paper-based packaging solutions provider Canpac Trends, companies said in a joint statement on Friday. The transaction provides a partial exit to JM Financial's second India fund that has been invested in Canpac since 2021. Founded by Nilesh Todi, Ahmedabad-based Canpac makes folding cartons, which have diverse end-use in fashion and retail, food and food services, FMCG, and industrial products. It also makes paper bags, luxury boxes, corrugated cartons and flexible laminate solutions. Canpac has four manufacturing plants in Ahmedabad, Kolkata and Tiruppur in Tamil Nadu, apart from an R&D facility. The investment will help Canpac expand its production footprint to more manufacturing hubs, apart from scaling up sales capabilities, Canpac founder Nilesh Todi said. Gaurav Sharma, head of India investment business at Investcorp, said paper packaging champions sustainability, ...

An increased threat of losses for Tesla in Autopilot litigation could embolden others to challenge the technology in court and force the company to pay compensatory damages from Companies https://ift.tt/IRztv7q via IFTTT

Chief Executive Officer Kaushik Khona quit at the end of November, saying he couldn't get the carrier flying again and that staff hadn't been paid for six months from Companies https://ift.tt/V6n4PCc via IFTTT

Dr. Reddy's Laboratories Ltd on Thursday said it has won back-to-back global recognitions for its commitment and progress on sustainability and Environment Social and Governance (ESG) agenda. Dr. Reddy's has become the first Indian pharma company to earn a place in the Standard & Poor Dow Jones Sustainability World Index (DJSI World) for 2023, a press release from the drug maker said. Alongside its debut in DJSI World, the company retains its place in the Dow Jones Sustainability Index for Emerging Markets (DJSI EM) for the eighth year in a row based on Dr. Reddy's performance in the Standard & Poor Global Corporate Sustainability Assessment (S&P Global CSA) and additional screening criteria. Separately, Dr. Reddy's has been awarded Gold Medal' status by EcoVadis, the global sustainability ratings agency, for its score of 70 out of 100 in its scorecard for 2023. G V Prasad, Co-Chairman & Managing Director, Dr. Reddy's, said: As a company with ove...

Nasdaq and other mainstream financial firms pulled back on their ambitions in digital assets as regulators seek to isolate the US financial system from cryptocurrencies from Companies https://ift.tt/9ExpejH via IFTTT

Indian exporters on Amazon Global Selling recorded more than 25 per cent business growth during the Black Friday and Cyber Monday shopping events held globally between November 17-27 compared to the same event last year, the e-commerce giant said on Wednesday. The business during these events was more than 80 per cent higher than on usual days, it said. Customers across global markets shopped from Indian exporters on Amazon Global Selling during the 11-day sale period with North America, Europe and Middle East driving highest sales, Amazon said in a statement. "During the Black Friday and Cyber Monday (BFCM) shopping events held globally between November 17-27, Indian exporters on Amazon Global Selling saw more than 80 per cent business growth compared to business as usual," the statement said. Exporters from tier 2 and tier 3 cities saw strong year-on-year (YoY) growth during this period Karur and Junagadh around 100 per cent YoY growth, Erode over 50 per cent YoY and Jaipur...

Deal activity more than doubled to USD 6.541 billion in November as compared to October on the back of a surge in high-value transactions, according to a report on Tuesday. In October, the total deal activity in India was pegged at USD 2.687 billion in value terms, consultancy firm Grant Thornton Bharat said in the report. In terms of the number of transactions, November saw a decline to 132 deals as against 167 in October, primarily because of a decline in private equity investments, the report said. German major Siemens AG's 18 per cent stake buy in local unit Siemens for USD 2.28 billion was the largest transaction in November, while AU Small Finance Bank's USD 529 million acquisition of Fincare Small Finance Bank was the second largest, it said. The overall merger and acquisition activity stood at USD 4.4 billion, making November the busiest one for such deals in 2023. "The remarkable surge in M&A deal values to the USD 4-billion mark set a record for 2023, which i...

The contracting firm - Howe Engineering Projects (India) Pvt Ltd. - contains the core operations of a business called PMC Projects Pvt Ltd. that India's government alleged in 2014 was being used from Companies https://ift.tt/u9dhFPs via IFTTT

IDBI Trusteeship is the debenture trustee of 425 debentures worth Rs 425 crore issued by Essel Infraprojects Limited (EIL) from Companies https://ift.tt/FCWyM2x via IFTTT

Crisis-hit SpiceJet's board of directors will continue to discuss fundraising plans on Tuesday after it could only partially complete the agenda items on Monday. On Monday, the no-frills airline's shares touched a 52-week high and ended with more than 10 per cent gains on the BSE as investors were enthused by funding plans and the proposal to list the company's securities on the National Stock Exchange (NSE). In an evening filing to the BSE, SpiceJet said its board on Monday "could only partially complete the agenda items and the meeting has now been adjourned to December 12, 2023 (Tuesday)". Apart from options for raising fresh capital through the issue of equity shares and/or convertible securities on a preferential basis, the board will also consider the September quarter results, as per the filing. Earlier in the day, shares of SpiceJet touched its 52-week high and closed with a gain of 10.19 per cent at Rs 60.57 apiece on the BSE. The airline has been grappli...

JSW's consolidated crude steel production was at 1.94 MT in the same month last year from Companies https://ift.tt/LMaWwZb via IFTTT

Daewoong will leverage its proprietary technology to produce Leuprolide Acetate for Depot Suspension in its manufacturing facilities located in Osong, South Korea from Companies https://ift.tt/r83nB0c via IFTTT

Business Standard on Monday reported that the company expects India to be among its top five in the next four to five years from Companies https://ift.tt/mGMERfi via IFTTT

The US health regulator has pulled up Intas Pharmaceuticals for manufacturing lapses, including violation of current good manufacturing practice (CGMP) regulation, at its Ahmedabad-based plant. In a warning letter to the company's CEO and MD Nimish Chudgar, the US Food and Drug Administration (USFDA) has pointed out various manufacturing lapses at the Matoda-Sanand, Ahmedabad-based facility. A warning letter is issued when the US health regulator finds that a manufacturer has significantly violated its regulations. The USFDA inspected the facility from May 1-12, 2023. "This warning letter summarises significant violations of CGMP regulations for finished pharmaceuticals... Because your methods, facilities, or controls for manufacturing, processing, packing, or holding do not conform to CGMP, your drug products are adulterated," it noted. In the warning letter, the health regulator pointed out the company "failed to exercise its responsibility to ensure drug products ...

Airlines are likely to save around Rs 150-180 crore annually by using the Delhi airport's Eastern Cross Taxiways that help reduce taxiing time as well as fuel consumption by aircraft, according to a top official. The Indira Gandhi International Airport (IGIA) in the national capital, operated by DIAL (Delhi International Airport Ltd), handles up to 1,500 aircraft movements daily. In a recent interview, DIAL CEO Videh Kumar Jaipuriar said assuming 10-15 per cent of aircraft use the Eastern Cross Taxiways (ECT), it is expected that there would be saving of around 55,000 tonnes of carbon dioxide. There can be savings of Rs 150 to Rs 180 crore for airlines by using the ECT, he said. The ECT, which is 2.1 km long and can accommodate wide-body aircraft, will reduce the time spent on the tarmac by passengers after landing and before take-off of their flights. It was inaugurated on July 14. Citing back of the envelope calculations, Jaipuriar said DIAL has made an estimation of how many .. ...

The rebound suggests the conglomerate, once termed "deeply overleveraged" by research firm CreditSights, is finding favor with investors again from Companies https://ift.tt/xtwcrzy via IFTTT

Automobile manufacturer Tata Motors has launched a service plan to assist customers impacted by cyclone Michaung in Tamil Nadu and parts of Andhra Pradesh. The company has implemented a comprehensive service plan across its range of passengers and electric vehicles. Accordingly, it has extended the standard warranty and annual maintenance contract period for vehicles in the affected region. Tata Motors has also set up a 24x7 helpdesk 1800-209-9292 enabling customers to reach out to them. "The helpline serves as a central hub for emergency assistance offering timely support," a company statement said on Saturday. A dedicated road assistance team has also been established to handle cases, prioritising based on customer call dates and area accessibility. "This ensures a streamlined response to the unique needs of each affected customer," the statement said. Free towing assistance has also been set up for customers, providing a crucial lifeline during these challenging ...

Adani Energy Solutions' transmission business chief Bimal Dayal has been appointed as the CEO of Adani Infrastructure India. Dayal will oversee the implementation of the pipeline of infrastructure projects in thermal, renewable energy and green hydrogen by Adani Infrastructure India, Adani Energy Solutions Ltd (AESL) said in a statement on Friday. The current management team of AESL led by Anil Sardana, Managing Director, and Kandarp Patel, who has been given charge of all verticals of AESL, will drive the ambitious growth of transmission, distribution and smart metre segments. The leadership changes have been made to support enhanced growth of Adani Infrastructure business, the statement said. This decision has been duly approved by the board of directors of AESL. "With this executive-level transition, the Adani portfolio of companies has taken another significant step towards strengthening their resolve to grow the infrastructure business at an aggressive rate of over 15 per...

TVS Motor Company on Saturday said it has donated Rs 3 crore to the Chief Minister's Relief Fund to aid relief work in the wake of flooding and damage caused by cyclone Michaung in Tamil Nadu. The money will be used to provide necessary flood relief and support for the communities that have been badly affected by the cyclone, the company said in a statement. "The floods have unleashed severe hardship on the community, and we would like to do our part to support the community," TVS Motor Co Managing Director Sudarshan Venu said. The company said it will also offer additional service support for its customers in the flood-hit districts of Tamil Nadu. from Companies https://ift.tt/KMhIBCX via IFTTT

Tata Group is planning to set up a semiconductor processing plant in Assam at an investment of about Rs 40,000 crore, Chief Minister Himanta Biswa Sarma said on Friday. Addressing a function here, he said it has approached the Centre for the final nod after discussions with the state government, and the go-ahead is expected soon. "There is a very good news for us. Tata Electronics Ltd has submitted an application for setting up an electronic centre at Jagiroad," Sarma said. "They have submitted a proposal to the Government of India with an outlay of about Rs 40,000 crore," he added. Jagiroad, in Morigaon district, is about 55 km from the state's largest city Guwahati. Sarma said the Tata Group held initial talks with the state government about the semiconductor assembly and packaging plant, and satisfied with the discussions here, they have approached the Centre. "If all goes well, we will see a major investment in the state which will create a positive env...

Adani Green Energy Ltd., part of billionaire Gautam Adani's empire, will redeem the notes in full by the due date, it said in a filing to the Singapore stock exchange from Companies https://ift.tt/rX2A54C via IFTTT

Tata wants to construct the factory in Hosur in the southern Tamil Nadu state, according to people with knowledge of the matter. from Companies https://ift.tt/xAq6KkT via IFTTT

The CCI said it has no objection to the withdrawal from Companies https://ift.tt/jowHcZI via IFTTT

Adani Ports & Special Economic Zone is pursuing a potential Rs 1,100-1,200 crore acquisition of Gopalpur Ports from Shapoorji Pallonji Group, which would bolster its presence along the eastern coast from Companies https://ift.tt/FLICR2b via IFTTT

It's rare for Amazon to reduce the so-called referral fees it charges merchants on its online store, and no other changes of that nature were announced from Companies https://ift.tt/N40OLKm via IFTTT

Dalmia Cement (Bharat) Ltd on Tuesday said its board has appointment Puneet Yadu Dalmia as Managing Director & CEO of the company for five years with effect from December 8. While incumbent Mahendra Singhi will shift to the role of Strategic Advisor to Managing Director & CEO from December 9, 2023, according to a regulatory filing. "The tenure of Singhi as Managing Director & CEO will successfully culminate on December 8, 2023 and thereafter, Singhi will act as Non-Executive Non-Independent Director of DCBL as well as Strategic Advisor to Managing Director & CEO," the filing said. The board of the company has approved both the appoints in its meeting held on Tuesday. Dalmia Cement is the fourth largest cement maker of the country. It operates a manufacturing capacity of 44.6 MTPA, across 15 cement plants and grinding units in 10 states. from Companies https://ift.tt/7IZqPc4 via IFTTT

The decision to increase human resources in the enterprise business comes at a time when BSNL has registered a dip in revenue in the segment in the last two quarters from Companies https://ift.tt/nws0XKY via IFTTT

Allegations in a scathing report by US-based Hindenburg Research, which erased around $100 billion from the Adani Group's market value earlier this year from Companies https://ift.tt/pZKhAk6 via IFTTT

JSW Infrastructure on Monday said it has signed an agreement with SP Port Maintenance, a Shapoorji Pallonji Group company, to acquire majority stake in PNP Maritime Services (PNP Port). The agreement is to acquire over 50 per cent shares in PNP Port through its subsidiary JSW Dharamtar Port, JSW Infrastructure said in an exchange filing. "JSW Dharamtar Port has entered into share purchase and other relevant transaction documents for acquisition of 50 per cent plus 1 shares (10,00,001 equity shares) of PNP Maritime Services Private Limited from SP Port Maintenance Private Ltd," it said. PNP Maritime Services will become a step-down subsidiary of the company, it said. The transaction is for maximum equity purchase consideration of Rs 270 crore. It is expected to be completed in 15 days, the filing said. In a separate statement, JSW Infrastructure said the acquisition is expected to strengthen its position to provide hub-and-spoke model services to customers, thereby saving subs...

European drug major AstraZeneca has announced a USD 71 million funding to plant and maintain an estimated 64 million plants and trees in the country, primarily in the ecologically fragile Meghalaya. The funding is part of its global forest programme, under which it has committed to plant 200 million trees across six continents by 2030, the company said in a statement on Monday. The company will implement the restoration programme in collaboration with Earthbanc, Earthtree, Worldview Impact India and the Hill Farmers Shiitake Mushroom Coop Society on the Meghalaya Reforestation and Sustainable Livelihoods Project called the Regeneration Meghalaya -- a 30-year regenerative horticulture and agriculture project in the northeastern state. About 200,000 trees have already been planted and with the official project launch, soil and water conservation work is underway to enable further planting of millions of trees in 2024. The project aims to help Meghalayan farmers restore 22,670 hectare f...

LTFH also announced the appointment of Amresh Kumar as its chief risk officer for two years effective from December 4 from Companies https://ift.tt/2FdUoVK via IFTTT

Mahadevia, a 17-year veteran of the firm, will remain as co-head of financial services, Warburg Pincus said in a statement from Companies https://ift.tt/D6ywNJd via IFTTT

If the Indian government believes this is how to build an EV-manufacturing ecosystem, however, it ought to think again from Companies https://ift.tt/bsopYIH via IFTTT

Car care services start-up Park+ expects to turn profitable by the January-March 2024 quarter and close the current fiscal with over Rs 200 crore, a senior company official said. Park+ Founder and CEO Amit Lakhotia said that the company at present has operations in about 30 cities and plans to expand to over 100 cities by 2024. The Epiq Capital backed company has raised USD 55 million till date to fund its operation which is sufficient for the company to fund operations as well as planned expansion. "We want every service related to cars and car owners to be available on our platform. We are providing parking, car cleaning and repair services etc through the app. Roughly every 4th car in India is on Park+. We expect to turn profitable by the January-March 2024 quarter," Lakhotia said. He said that Park+ has services now available at over 7,000 locations in 30 cities and there is no user acquisition cost now for the company. "We expect to post revenue of Rs 200 crore this...

Indian Oil Corporation (IOC), the nation's top oil firm, has revised the estimates of cost of expanding the Panipat refinery in Haryana by 10 per cent to Rs 36,225 crore and pushed back completion deadline by more than a year to December 2025. IOC is expanding its 15 million tonnes a year refinery, about 100-km north of New Delhi, to 25 million tonnes. In a stock exchange filing, the firm said its board has approved "revision in cost of the project for capacity expansion of Panipat Refinery from Rs 32,946 crore to Rs 36,225 crore and revision in completion schedule of the project from September 2024 to December 2025." Besides expanding the capacity to turn crude oil into value-added fuels such as petrol, diesel and ATF, IOC is also setting up a polypropylene unit and a catalytic dewaxing unit. Polypropylene is used in packaging, plastic parts for various industries including the automotive industry, and textiles. Catalytic dewaxing is used in base oil production. IOC owns...

IT company Tech Mahindra Group firm Comviva has been penalised Rs 1 lakh for the delay in transferring unspent corporate social responsibility obligation to the Prime Minister's National Relief Fund, as per a regulatory filing. The Ministry of Corporate Affairs' Regional Director for the Northern Region has ruled against an appeal filed by Comviva against the order of the Registrar of Companies, which imposed a penalty of Rs 1 lakh on the company for the delay. According to the filing, there was an inadvertent delay due to technical reasons in the transfer of the amount unspent in relation to the Corporate Social Responsibility (CSR) obligation for the FY ended March 31, 2021, to the Prime Minister's National Relief Fund within the prescribed period of 6 months of the expiry of the financial year as per the Companies Act, 2013. "Penalty of Rs 1,00,000 has been imposed on Comviva Technologies Limited (Comviva) in connection with the appeal filed by Comviva before Hon...

Broadcom, whose other operations include making chips used by companies including Apple Inc. and Alphabet Inc.'s Google, will report earnings next week from Companies https://ift.tt/YSiFCnO via IFTTT