Noida Mirror & News Magazine & : Companies

No negative actions so far by investors on Adani after indictment: CRISIL

Editor — Fri, 29 Nov 2024 19:41:13 +0530

Backing embattled Adani Group, rating agency CRISIL Ratings on Friday said the conglomerate has sufficient liquidity and operational cash flows to meet debt obligations and committed capex and that there has been no negative actions so far by lenders and investors following the US indictment of group founder chairman. The Adani Group, which has the flexibility to reduce certain discretionary capital expenditure (capex) depending on developments in financial markets and future capital availability, has a healthy Ebitda and cash balance that reduces its dependence on external debt to sustain operations, it said in a bulletin. On November 20, 2024, the United States Department of Justice and the US Securities and Exchange Commission (SEC) issued an indictment and a civil complaint, respectively, in the United States District Court for the Eastern District of New York, against Gautam Adani, Sagar Adani and Vneet Jaain, key functionaries of Adani Green Energy Ltd (AGEL). The charges rela

Alcohol&related incidents on Air India flights down in past two years: CEO

Editor — Fri, 29 Nov 2024 19:41:13 +0530

He also highlighted the addition of around 9,000 new employees during this period, which significantly reduced the average age of staff from 54 to 35. The average age of cabin crew is now 28

ED seizes cash, luxury cars in case against ex&promoters of Kwality Ltd.

Editor — Fri, 29 Nov 2024 19:41:12 +0530

The Enforcement Directorate on Friday said it seized Rs 1.3 crore in cash and "evidence" related to shell companies after it searched the former promoters of dairy major Kwality Ltd. as part of a Rs 1,400 crore alleged bank fraud linked money laundering case. Luxury cars and demat accounts valued at about Rs 6.5 crore have also been frozen under the provisions of the Prevention of Money Laundering Act (PMLA), it said in a statement. The federal agency raided 15 locations in Delhi-NCR on November 27 in the case covering the premises of promoters and directors of the erstwhile company like Sanjay Dhingra and Siddhant Gupta apart from some "shell" (paper) companies related to them. Kwality Ltd. has been liquidated and is now with new owners. The ED case stems from a September 2020 CBI FIR filed against the said promoters and Kwality Limited, which was engaged in the processing and trading of milk, ice creams and other dairy products. The CBI FIR alleged that the said erstwhile compan

Co&working firm Incuspaze to raise Rs 210 cr to fund expansion, plans IPO

Editor — Fri, 29 Nov 2024 19:41:11 +0530

Stock listing in five years as corporate demand for flexible offices increases in cities

Adani Group has liquidity, cash flows to serve debt, capex plans: CRISIL

Editor — Fri, 29 Nov 2024 19:41:11 +0530

Ratings of 24 group firms under 'continuous surveillance', says agency about conglomerate facing legal charges in the US

Legal matter involving private firms and US justice dept: MEA on Adani case

Editor — Fri, 29 Nov 2024 19:41:10 +0530

Days after US prosecutors charged industrialist Gautam Adani and some others with bribery and fraud, India on Friday said it is a legal matter involving private firms and certain individuals and the US Department of Justice. Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said the Indian government was not informed about the issue in advance. "This is a legal matter involving private firms and individuals and the US Department of Justice. There are established procedures and legal avenues in such cases, which we believe would be followed," he said. Jaiswal was responding to a question on the charges slapped against Adani and others during his weekly media briefing. To a question on whether the United States has served a summons or warrant on the Adani case, he said India has not received any such request. "Any request by a foreign government for service of summons or arrest warrant is part of mutual legal assistance. Such requests are examined on merits," Jaiswal .

TransUnion's GCC India expands in Pune to accommodate growing capabilities

Editor — Fri, 29 Nov 2024 19:41:09 +0530

India's Global Capability Centres (GCCs) projected to become a $100 billion industry by 2030, employing over 2.5 million professionals

Aster DM Healthcare, Quality Care partner to create hospital chain

Editor — Fri, 29 Nov 2024 19:41:09 +0530

This is Aster's first major deal since selling its Gulf business. The company will get access to Quality's 5,500 beds, taking the merged entity's total bed count to more than 10,000

I would have known: Adani Group CFO claims no bribery carried out by execs

Editor — Fri, 29 Nov 2024 19:41:08 +0530

Adani Green's cancelled $600 mn bond will be delayed till April-June 2025

DLF joint venture firm DCCDL sells IT park in Kolkata for Rs 637 crore

Editor — Fri, 29 Nov 2024 19:41:07 +0530

Realty major DLF joint venture firm DCCDL has sold an IT park in Kolkata to Primarc and RDB group for Rs 637 crore. DLF Info City Developers (Kolkata) Ltd, a wholly owned subsidiary of DLF Cyber City Developers Ltd (DCCDL), has entered into a definitive agreement to sell and transfer its Kolkata Tech Park 1 business undertaking to RDB Primarc Techno Park LLP (an affiliate of Primarc & RDB group), on a slump sale basis for an aggregate consideration of about Rs 637 crore, DLF said in a regulatory filing. Kolkata Tech Park 1 is one of the largest IT parks in eastern India with gross leasable area of about 1.49 million sq ft. It is home to global technology leaders. "This is reflective of the value embedded in our core assets created over the years with good quality tenant partners and asset management," DLF Rental Business Vice-Chairman & MD Sriram Khattar said. The deal also "demonstrates our commitment to continuously enhance shareholder value". Primarc Group Managing Director

GAIL India signs long&term charter deal with K&Line for new LNG ship

Editor — Fri, 29 Nov 2024 19:41:07 +0530

State gas utility GAIL (India) Ltd on Friday signed an agreement with Kawasaki Kisen Kaisha, Ltd for long-term charter hire of a newly built LNG ship. The pact was signed through the ship-owning company established in Singapore, GAIL said in a statement. The LNG ship will be a modern two-stroke vessel having a tank capacity of 1,74,000 cubic metres and will be built by Samsung Heavy Industries Co Ltd, Korea, with which the ship owning company has concluded a shipbuilding contract. The contract was signed in the presence of R K Jain, GAIL Director (Finance), Sanjay Kumar, GAIL Director (Marketing), and R K Singhal, GAIL Director (Business Development) by S Bairagi, GAIL Executive Director (Marketing - Shipping & International LNG) and Satoshi Kanamori, Managing Executive Officer (LNG, Carbon Solution Business), K-Line. "This is the first long-term time charter contract between GAIL and K-Line involving a newly built vessel which is expected to be engaged in transportation of ...

Trump's tariffs could cost carmakers up to 17% of core profits, says S&P

Editor — Fri, 29 Nov 2024 19:41:06 +0530

Analysts and experts fear the tariffs could be more damaging for European car makers like Volkswagen and Stellantis and their suppliers than any direct tariffs on EU goods

Real estate major Godrej Properties seeks Rs 6,000 crore through QIP

Editor — Fri, 29 Nov 2024 19:41:05 +0530

The company aims to utilise the net proceeds of the issue for the acquisition of land and land development rights, as well as general corporate purposes

Zomato raises Rs 8,500 crore through QIP from domestic investors

Editor — Fri, 29 Nov 2024 19:41:05 +0530

The company's board, in a meeting held on November 29, approved the issue and allotment of 336,473,755 equity shares at an issue price of Rs 252.62 per share

Aster DM Healthcare announces merger with Blackstone&backed CARE Hospitals

Editor — Fri, 29 Nov 2024 19:41:04 +0530

Ahead of this merger, Aster will purchase a 5 per cent stake in QCIL from Blackstone and TPG in exchange for a primary share issuance by Aster for a 3.6 per cent stake

Adani Group case: Haven't received any request from US, says MEA

Editor — Fri, 29 Nov 2024 19:41:03 +0530

The government isn't legally part of the case, which is a legal matter between private entities & US authorities

Hinduja Leyland Finance eyes $300 mn&$500 mn via debut dollar bonds

Editor — Fri, 29 Nov 2024 19:41:03 +0530

So far in FY25 (up to October), Indian corporates have raised around Rs 35,000 crore from overseas investors through bonds

ZEEL's shareholders want a professional to lead the company: Proxy advisors

Editor — Fri, 29 Nov 2024 19:41:02 +0530

Stock rises after shareholders reject Punit Goenka's reappointment as a director

Cipla promoters may sell 1.72% stake worth Rs 2,000 crore via block deal

Editor — Fri, 29 Nov 2024 19:41:01 +0530

The floor price for the Cipla share sale has been set at Rs 1,442 per share, reflecting a 6 per cent discount to the current market price

Godrej Properties to raise Rs 6,000 crore via QIP for business expansion

Editor — Fri, 29 Nov 2024 11:58:33 +0530

Godrej Properties will raise Rs 6,000 crore by selling equity shares to institutional investors through QIP issue as it looks to expand business amid strong demand for residential plots and apartments. On Wednesday, the company has launched its Qualified Institutional Placement (QIP) issue to raise up to Rs 6,000 crore. According to market sources, Godrej Properties has received a strong response from domestic and global investors and the company will raise the entire Rs 6,000 crore. The QIP issue is likely to be closed on Thursday. Last month, the company's board approved raising of up to Rs 6,000 crore through the issue of securities. In a regulatory filing on Wednesday, Godrej Properties informed that the QIP Placement Committee approved the floor price for the QIP issue at Rs 2,727.44 per equity share. Godrej Properties' share price closed at Rs 2,833.05 apiece on Wednesday, down 2.35 per cent from Tuesday. Godrej Properties is one of the leading developers in the country.

Adani wipeout hurts but won't derail foreign investor faith in India

Editor — Fri, 29 Nov 2024 11:58:32 +0530

US allegations, denied by the company, are that Gautam Adani's colossal ports-to-energy conglomerate paid bribes to secure power sales and made misleading disclosures

Indian banks reviewing exposure to Adani Group after US indictment

Editor — Fri, 29 Nov 2024 11:58:31 +0530

SBI has the largest exposure to the Adani Group among Indian banks, with sanctioned loans of Rs 33,800 crore ($4 billion)

From airports to cooking oil, a look at the diverse businesses of Adani

Editor — Fri, 29 Nov 2024 11:58:31 +0530

The renewable energy arm of the ports-to-power conglomerate is Adani Green Energy, which is at the center of the US indictment. It focuses on solar, wind and hybrid power generation and has a presence

Adani retains global support as Israel, others back it despite bribery row

Editor — Fri, 29 Nov 2024 11:58:30 +0530

The Adani Group holds a 70 per cent stake in Haifa port in northern Israel and is involved in military drone production, with plans for manufacturing commercial semiconductors

Kerala, Adani Ports sign agreement for development of Vizhinjam Seaport

Editor — Fri, 29 Nov 2024 11:58:29 +0530

As per the agreement signed on Thursday, the project, envisioned as a transformative step in Kerala's maritime infrastructure, will see its second and third phases nearing completion by 2028

Air India sees growth from domestic, short int'l flights in 2025: CEO

Editor — Fri, 29 Nov 2024 11:58:29 +0530

Air India will see most of the air traffic growth coming from domestic and short-haul international operations in 2025 as more narrow-body planes are joining the fleet and legacy wide-body aircraft will be going for retrofit next year, the airline's chief Campbell Wilson said on Thursday. The Tata Group-owned airline, which has embarked on a five-year transformation journey, expects to have a fleet of 400 planes by 2027. Currently, the total fleet strength of Air India Group, including Air India Express, is around 300 aircraft. During a select media briefing, Wilson, who has been at the helm of Air India for more than two years, said the airline group has a domestic market share of around 29 per cent and 55 per cent on the metro to metro routes. On top 120 domestic routes, the market share is about 40 per cent, he said. According to him, the retrofit of legacy wide-body aircraft will start in early 2025. "We had hoped to start retrofit of 787s and 777s by now. Unfortunately, the

ONGC awaits mining lease for new oil field discoveries in WB's Ashokenagar

Editor — Fri, 29 Nov 2024 11:58:28 +0530

State-owned Oil and Natural Gas Corporation (ONGC) has made four more discoveries since it first made an oil field near Asokenagar in West Bengal six years back but is still awaiting the state government's nod for a petroleum mining lease to develop them, Oil Minister Hardeep Singh Puri said on Thursday. ONGC notified the first Asokenagar discovery in Block WB-ONN-2005/4 on September 24, 2018, Puri said in a written reply to a question in Lok Sabha. The discovery, he said was the outcome of continuous exploration efforts of ONGC in the Bengal sedimentary basin over five decades. As per initial laboratory studies, crude oil, which is refined into fuels like petrol and diesel, discovered in the Ashokenagar discovery is a light variety with American Petroleum Institute (API) gravity of 40-41 degrees and is almost similar to Bombay High and Brent Crude. "ONGC, accordingly, applied on September 10, 2020, to the Government of West Bengal for a grant of Petroleum Mining Lease (PML) for an

RIL arm acquires 21% stake in US&based Wavetech Helium for $12 million

Editor — Fri, 29 Nov 2024 11:58:27 +0530

The acquisition, according to industry sources, is seen as RIL's attempt to gain further understanding and explore potential in the helium-related segment

Audi expects sales to recover next year; anticipates 8&10% growth in 2025

Editor — Fri, 29 Nov 2024 11:58:27 +0530

Luxury carmaker Audi India expects sales to be back on track next year after witnessing supply chain disruptions that hampered its performance in 2024, a top company executive said on Thursday. The German carmaker, which on Thursday introduced a new version of its flagship SUV Q7, expects its sales to grow by 8-10 per cent next calender year, recovering from supply chain challenges it faced in the first two quarters of this calender year. "We anticipate luxury car industry growth next year to be in the range of 8-10 per cent. For Audi also we expect similar kind of growth," Audi India Head Balbir Singh Dhillon told PTI in an interaction. He noted that the industry sales growth has tapered down after witnessing huge growth in the last three years. In January-September this year the industry growth has been around 5 per cent, down from over 30 per cent year-on-year growth witnessed in the last three years. "Still we believe that the luxury car industry will cross the 50,000 unit-mar

SBI, other banks reviewing Adani group exposure after US bribery charges

Editor — Fri, 29 Nov 2024 11:58:26 +0530

While SBI will exercise caution while disbursing future loans to ensure compliance, the review does not mean a change in the lenders' credit approach to the ports-to-energy conglomerate

CarDekho Group's net revenue increases 54% to Rs 2,074 crore in FY24

Editor — Fri, 29 Nov 2024 11:58:26 +0530

The Group delivered its first full-year standalone profitability, with a profit of approximately Rs 37 crore (before exceptional items), a turnaround from a loss of Rs 143 crore in FY23

BSNL installs 50,708 4G sites; 41,957 sites on&air: MoS Communications

Editor — Fri, 29 Nov 2024 11:58:25 +0530

The supply of equipment for Bharat Sanchar Nigam Ltd (BSNL's) 4G rollout began in September last year, and by October-end this year 50,708 4G sites have been installed while 41,957 sites are on-air, Parliament was informed on Thursday. The equipment is 5G upgradable, Minister of State for Communications Pemmasani Chandra Sekhar said in a written reply to the Rajya Sabha. To a question seeking specific timelines set for BSNL's 4G and 5G rollout across various states and Union Territories, the minister said that in line with the Atmanirbhar Bharat initiative, the state-owned telecom firm has placed a purchase order for indigenously developed 4G sites for pan India deployment. "Supply of 4G equipment has started from September 2023, and as on October 31, 2024, a total of 50,708 4G sites have been installed and 41,957 sites are on air. The equipment is 5G upgradable," he said. To another question on whether BSNL-appointed Boston Consulting Group (BCG) has recommended strategies for the

Fitch revises outlook on Azure Power Energy to negative; affirms 'B' rating

Editor — Fri, 29 Nov 2024 11:58:24 +0530

AGPL is the holding company of Azure RG3

Jamshyd Godrej&led GEG announces plans to invest Rs 7.5k cr in 3 yrs

Editor — Fri, 29 Nov 2024 11:58:24 +0530

Four months after the amicable split in the over century old conglomerate, Jamshyd Godrej-led Godrej Enterprises Group (GEG) on Thursday unveiled a new identity and announced plans to invest Rs 7,500 crore across businesses in the next three years. GEG, which is into manufacturing locks, refrigerators and interior products along with carrying out engineering and infra projects, will be the new brand identity and Godrej & Boyce will continue to act as the holding company, Jamshyd Godrej told reporters here. In June, the family announced the rare amicable settlement of asset ownership under which assets were split between Jamshyd and his cousins Adi and Nadir, who will steer the consumer products and agrovet businesses. Jamshyd Godrej said nothing changes for consumers because of the split, which is termed as "realignment", and added that the company has also identified new areas of growth. He specified that green hydrogen, energy storage and recycled construction materials will be .

Air India transformation is Test match, not T20; more work to do: Campbell

Editor — Fri, 29 Nov 2024 11:58:23 +0530

Air India's transformation journey is a cricket Test match and not a T20, and currently, it is like lunch on the third day of a Test match, the airline's Chief Campbell Wilson said on Thursday. Tata Group-owned Air India has embarked on an ambitious five-year transformation plan 'Vihaan.AI' and little over two years of the programme has been completed. "I acknowledge that we are not ultimately where we aspire to be and we have some work to do... There is a reason why Vihaan.AI programme is for five years... We are little over two years... the first years have been a good start," Wilson, who was born in New Zealand and took over the reins of Air India in 2022, said. "It is a Test match and not a T20, we are at about lunch on Day 3," Wilson, the CEO and MD of Air India, said during a select media briefing. A Test match is for five days while a T20 gets completed in less than four hours. Since Tatas took over Air India in January 2022, it has consolidated the airline business -- Air

Supply disruptions to hit production and deliveries in 2024: Audi India

Editor — Fri, 29 Nov 2024 11:58:22 +0530

German automaker struggles to meet customer expectations despite strong demand

India will have more than two major airlines: Air India CEO Campbell Wilson

Editor — Fri, 29 Nov 2024 11:58:22 +0530

Tata group's airlines to add 100 planes to fleet by 2027, says Campbell Wilson

No discussion yet on investments by Tesla, Starlink in India, says Goyal

Editor — Fri, 29 Nov 2024 11:58:21 +0530

Commerce and Industry Minister Piyush Goyal on Thursday said that no discussion has taken place with regard to investments by American tech billionaire Elon Musk-owned Tesla and Starlink. Goyal, who was addressing a press conference here in the Capital, stated that as both issues were handled by different ministries, he had no personal knowledge of what was happening. "We haven't had any discussions to the best of my knowledge...," the minister said while responding to a query regarding any update on possible investment by Tesla and Starlink. Goyal further said, "...but both these subjects are handled in different ministries. The Heavy Industries Ministry looks after automobiles and Starlink will be handled by the Space Department. So, I don't have personal knowledge of what is happening ..." Earlier in April, Musk had pulled out from a much-hyped planned visit to India, including a meeting with Prime Minister Narendra Modi, at the last moment citing "very heavy Tesla obligations".

Artificial intelligence democratising discovery ecosystem: Meta's Srinivas

Editor — Fri, 29 Nov 2024 11:58:20 +0530

Srinivas also added that this visibility and reach has meant several brands being first launched on Meta platforms - Instagram, Facebook, and Thread

CCI orders probe against Google, affiliates for unfair biz in gaming apps

Editor — Fri, 29 Nov 2024 11:58:20 +0530

Fair trade regulator CCI on Thursday ordered a probe against Google and its affiliates for alleged unfair business practices with respect to listing of real money gaming apps on Play Store. While passing the order, CCI said the "the Commission directs the Director General ('DG') to cause an investigation to be made into the matter under the provisions of Section 26(1) of the Act". The Commission also directed the DG to complete the investigation and submit a consolidated report within 60 days. The probe follows a complaint by Winzo Games, accusing Google of abusing its dominant position and unfairly favouring select gaming categories, thereby distorting competition. In its 24-page order, the regulator noted that the selective inclusion of DFS and Rummy apps gives them an undue competitive advantage. "Direct access to end-users via the dominant Play Store provides a significant edge to DFS and Rummy apps, potentially disadvantaging other RMG applications," the Commission said in it

CCI orders probe against Google on complaint by gaming company Winzo

Editor — Fri, 29 Nov 2024 11:58:19 +0530

In its order, the CCI found Google to be prima facie in violation of antitrust provisions of the Competition Act due to the abuse of dominant position

Amazon India's first&ever Black Friday event to go live on November 29

Editor — Fri, 29 Nov 2024 11:58:18 +0530

Amazon is also offering deals on products such as Sony PlayStation and Xiaomi Smart LED TV

Singer launches global sewing brands PFAFF, Husqvarna Viking in India

Editor — Fri, 29 Nov 2024 11:58:18 +0530

Singer, the world's leading sewing machine brand, on Thursday introduced its two premium global sewing products -- PFAFF and Husqvarna Viking -- to the Indian market, expanding its play in a market estimated to be about Rs 3,000-3,500 crore. With these, new-age tech-enhanced machine, Singer will not only have growth in its existing categories but also cultivate and popularise sewing and crafting as a creative hobby, Singer India Vice-Chairman and Managing Director Rakesh Khanna said. All these three iconic sewing brands are part of SVP Worldwide, the US-based world's largest consumer sewing machine company. Singer, Viking, and PFAFF together account for approximately one in every three sewing machines sold globally each year. "With the introduction of PFAFF, Husqvarna Viking, and our revitalised Singer offerings, including new-age tech-enhanced machines, we aim to not only expand existing categories but also cultivate and popularise sewing and crafting as a creative hobby," he ...

Japanese banks stick with Adani while Jefferies, Barclays review ties

Editor — Fri, 29 Nov 2024 11:58:17 +0530

Japanese support shows the divide among finance firms over Adani after he and others were charged with plotting a $250 million scheme to bribe India government officials to win solar energy contracts

Adani wipeout will hurt sentiment, not long&term outlook: Global investors

Editor — Fri, 29 Nov 2024 11:58:16 +0530

Investors expect a stronger spotlight on governance and disclosure, and perhaps some volatility, but say the affair has not challenged the reasons they are in India in the first place

ZEEL shareholders reject proposal to reappoint Punit Goenka as director

Editor — Fri, 29 Nov 2024 11:58:16 +0530

The shareholders of Zee Entertainment have rejected a proposal for the reappointment of Punit Goenka as director, according to a regulatory filing by the company. The filing by Zee Entertainment Enterprises Ltd (ZEEL) stated that the resolution for the reappointment of Goenka was defeated in the annual general meeting (AGM) of the company. Resolution number three in the AGM, which proposed the reappointment of Goenka as director, was supported by only 49.54 per cent of the total number of votes cast while 50.4 per cent voted against the resolution. "Resolution No. 3 (Goenka's reappointment) failed to get the requisite majority of votes as required under the provisions of the Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015," ZEEL said. This is a major setback for Goenka who is currently the CEO of the company. Several proxy firms had earlier advised the shareholders to vote against resolution number three. However, the three other .

Reliance's FMCG arm bets on higher margins, cheaper pricing to gain ground

Editor — Fri, 29 Nov 2024 11:58:15 +0530

Reliance Consumer Products disrupts FMCG market by offering its distributors 6-8 per cent margins - double the industry average - while pricing products 20-40% lower than competitors, to drive growth

Adani solar project misses deadline, delays power supply to Andhra Pradesh

Editor — Fri, 29 Nov 2024 11:58:14 +0530

Adani Green Energy's solar project delays leave Andhra Pradesh waiting for power. The state is likely to receive only 1,000 MW by April 2025, much below the initial schedule of 3,000 MW

NTPC&ONGC green energy joint venture bids $650m for Ayana Renewable

Editor — Sat, 16 Nov 2024 16:07:54 +0530

Ayana Renewable Power, owned by NIIF, British International Investment Fund and Green Growth Equity Fund, operates solar and wind plants that produce 1,600 megawatts in India and has another 2,500

India mobility opportunity massive, have barely scratched surface: Uber

Editor — Sat, 16 Nov 2024 16:07:54 +0530

India is among the largest markets by volume and growing at a rapid pace, President of Uber India and South Asia Prabhjeet Singh has said, terming it an "incredibly important market" that presents a multi-decadal opportunity for the ride-hailing platform. Singh told PTI that mobility opportunity in India is "massive" and "underpenetrated". The company believes it has "barely scratched the surface" despite the strong line-up of products and services and the robust growth. "There is so much more to be done even though we are growing leaps and bounds," the top honcho of Uber India said. The mobility giant will continue to bring cutting-edge innovation to the market and also take India-first innovations to the rest of the world, he emphasised. "It is an incredibly important market, a multi-decadal opportunity," Singh said. India is one of the least-penetrated markets when it comes to ride-hailing, with less than a per cent of the trips in the city taking place on ride-hailing ...

CIEL to file papers for Rs 450&cr IPO on Friday, will be 2nd listed HR firm

Editor — Sat, 16 Nov 2024 16:07:53 +0530

Public offer expected to comprise a fresh issue of around Rs 350 cr and an offer for sale by earlier shareholders

Sobha Q2: PAT jumps to 75% to Rs 26.1 cr, net revenue grew 24% annually

Editor — Sat, 16 Nov 2024 16:07:52 +0530

The company's total revenue grew to Rs 965.2 crore as against Rs 773.6 crore, up 24.77 per cent

Cred&owned Spenny eyes stock broking licence to rival Zerodha, Groww

Editor — Sat, 16 Nov 2024 16:07:52 +0530

With 13 million users, Kunal Shah's Cred looks to diversify revenues, complementing payments, lending, and wealth management services

TVS' Srinivasan, Star Health founder launch health insurance product

Editor — Sat, 16 Nov 2024 16:07:51 +0530

Plan allows customers to make multiple claims within same policy year

Samsung Electronics plans $7.2 bn buyback to boost shareholder value

Editor — Sat, 16 Nov 2024 16:07:50 +0530

The board of directors will decide on ways to enhance shareholder value, including when and how to use the remaining seven trillion in the repurchase programme, the company said

Jaypee Infratech posts Rs 88.2 cr profit in Q2; MD & CEO Aalok Dave resigns

Editor — Sat, 16 Nov 2024 16:07:50 +0530

Jaypee Infratech Ltd has reported a consolidated net profit of Rs 88.20 crore for the September quarter. The company had posted a net loss of Rs 588.31 crore in the year-ago period. Total income declined to Rs 222.86 crore in the second quarter of the 2024-25 fiscal year from Rs 357.92 crore in the corresponding period of the previous year, according to a regulatory filing on Thursday. In June this year, the Mumbai-based Suraksha Group took control of the Jaypee Infratech Ltd (JIL) by constituting a three-member board. Sudhir V Valia, promoter of Suraksha Group, was appointed as a non-executive director on the JIL board. The takeover followed the insolvency appellate tribunal NCLAT decision on May 24, 2024, upholding Suraksha Group's bid to acquire JIL. The date of the NCLAT order, May 24, has been treated as the 'Approval Date' as defined in the approved resolution plan. The NCLAT had directed Suraksha Group to pay an additional Rs 1,334 crore to Yamuna Expressway Industrial ...

Zepto to raise $300 mn, doubling initial target amid quick commerce battle

Editor — Sat, 16 Nov 2024 16:07:49 +0530

The funding round, oversubscribed by prominent investors, will include top Indian family offices and ultra-high net worth individuals

I chose DLF over Disneyland dream, says KP Singh at his book launch

Editor — Sat, 16 Nov 2024 16:07:48 +0530

Meanwhile, in the book, Singh, who says circumstances forced him to enter his father-in-law's real estate business after his army and horse breeding days

Sobha Ltd Q2 results: Net profit up 75% to Rs 26 cr, income at Rs 965 cr

Editor — Sat, 16 Nov 2024 16:07:48 +0530

Realty firm Sobha Ltd has posted a 75 per cent increase in consolidated net profit of Rs 26.08 crore for the September quarter. Its net profit stood at Rs 14.94 crore in the year-ago period. Total income rose to Rs 965.29 crore in the second quarter of the ongoing fiscal year from Rs 773.6 crore in the year-ago period, the company said in a regulatory filing on Thursday. Sobha Ltd Managing Director Jagadish Nangineni said, "Our Q2, FY25 performance reflects continued strength in our operations, fuelled by our teams efforts across functions and sustained demand in residential real estate. The geographical diversification of our project portfolio is paying rich dividends, with the ability to cater to demand across all our eleven operating cities." With solid financial strength of the company, post successful completion of rights issue, coupled with deep operational expertise and international brand recognition, the company is effectively positioned to ride the growth wave, he ...

E.I.D. Parry Q2 results: Net profit declines 24% to Rs 591.66 crore

Editor — Sat, 16 Nov 2024 16:07:47 +0530

Sugar manufacturer E.I.D. Parry India Ltd has recorded a consolidated profit after tax for the July-September 2024 quarter at Rs 591.66 crore, the company said. The city-headquartered Murugappa Group company had registered a consolidated profit after tax of Rs 781.85 crore in the corresponding quarter of last financial year. For the six months period ending September 30, 2024, the consolidated profit after tax fell to Rs 817.53 crore from Rs 1,106.75 crore registered year ago. The total income during the quarter under review went up to Rs 9,399.73 crore, from Rs 9,210.31 crore registered in the year ago period. For the half year ending September 30, 2024, the consolidated total income stood at Rs 16,206.71 crore, as against Rs 16,225.58 crore registered during the corresponding period of last financial year. Commenting on the financial performance, company Whole-Time Director and Chief Executive Officer Muthiah Murugappan said, "the standalone profit of sugar segment was lower in

MFIs, OMCs top Q2 miss list; PSBs, commodities surprise on upside

Editor — Sat, 16 Nov 2024 16:07:46 +0530

The study showed almost all microfinance institutions and companies in the oil refining & marketing space have missed estimates

Rapido cuts losses from Rs 675 cr to Rs 370 cr in FY24, revenue rises 46%

Editor — Sat, 16 Nov 2024 16:07:46 +0530

Ride-hailing platform Rapido has reported narrowing of losses to Rs 370 crore in FY24 from Rs 675 crore a year earlier. This is the third consecutive year the Bengaluru-based unicorn has posted a loss. It incurred a loss of Rs 440 crore in FY22, the company said in a statement. The company's revenue came in at Rs 648 crore in FY24, up 46.3 per cent from Rs 443 crore in FY23. "Last year's performance is underscored by a ~2x increase in Gross Order Value (GOV), which soared to Rs 4,257 crore in FY24 from Rs 2,419 crore in FY23, further demonstrating the platform's expanding market presence. This growth was fuelled by a 1.5x rise in ride orders, reaching nearly half a billion rides in FY24, underscoring Rapido's increasing appeal among India's vast commuter base," the statement said. In the July-September period of FY25, Rapido shrunk losses to Rs 17 crore from Rs 74 crore a year ago. The company reported a 2.5 times year-on-year growth in gross order value (GOV) to Rs 2,461 crore du

Mankind Pharma pledges 39.68% in Bharat Serums for Rs 5K crore NCDs

Editor — Sat, 16 Nov 2024 16:07:45 +0530

The capital raised through this pledge is expected to support Mankind Pharma's strategic initiatives and growth plans

Unilever reduces European job cuts, adds 1,000 roles for ice cream unit

Editor — Sat, 16 Nov 2024 16:07:45 +0530

Unilever said earlier this year it would axe 7,500 jobs globally as part of a restructuring to save about 800 million euros

Jewellery brand Giva's revenue rises 66% in FY24, to Rs 273.6 crore

Editor — Sat, 16 Nov 2024 16:07:44 +0530

The cost of procurement of metals increased by over 53 per cent to Rs 115 crore in FY24

Ujjivan Small Finance Bank looks to sell Rs 270 cr of micro&banking loans

Editor — Sat, 16 Nov 2024 16:07:43 +0530

Of the Rs 270 crore worth of loans, around Rs 208 crore are non-performing loans, and the remaining Rs 62.36 crore worth of loans have been written off by the bank

Happiest Minds Technologies Q2 results: Net profit falls 15% to Rs 49.52 cr

Editor — Sat, 16 Nov 2024 16:07:43 +0530

IT firm Happiest Minds Technologies has posted a 15.2 per cent on-year decline in consolidated net profit to Rs 49.52 crore in the September 2024 quarter. It reported a net profit of Rs 58.46 crore in the year-ago period, according to a regulatory filing on Wednesday. Revenue from operations during the quarter under review came in at Rs 521.64 crore, an increase of 28.2 per cent from Rs 406.62 crore in Q2 FY24. Seen quarter-on-quarter, profit dipped 2.9 per cent but revenue rose 12.4 per cent. Terming it as the "best growth results since the last two years", company Executive Chairman Ashok Soota said the transformational changes the company initiated this year are gathering momentum. "These changes include the acquisition of PureSoftware and Aureus, the creation of our GenAI Business Unit (GBS), hiring a senior leader to expand net new (NN Sales), and creating six industry groups, each headed by an industry manager. The full impact of all these changes on revenue and growth will

Sebi slaps Rs 26 cr notice on Reliance Big Entertainment in RHFL fund case

Editor — Sat, 16 Nov 2024 16:07:42 +0530

Capital markets regulator Sebi has asked Reliance Big Entertainment to pay Rs 26 crore in fines for failing to clear penalties imposed by the regulator in a case pertaining to illegal diversion of funds. The regulator also warned that assets, including bank accounts, of Reliance Big Entertainment Pvt Ltd (now known as Rbep Entertainment Pvt Ltd) will be attached if they fail to make the payment within 15 days of the notice issued on Thursday. The notice was issued after the entity (Reliance Big Entertainment) failed to pay the Rs 25 crore fine imposed by the regulator in August this year. In the demand notice, Sebi directed the entity to pay Rs 26 crore, including interest and recovery costs within 15 days. In August this year, the markets watchdog barred industrialist Anil Ambani and 24 others from the securities market for five years on charges of diversion of funds from RHFL. Additionally, Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a

JioStar won't limit itself to premium subscription model, says Uday Shankar

Editor — Sat, 16 Nov 2024 16:07:41 +0530

The mega joint venture, valued at Rs 70,352 crore, is focused on creating offerings that are attractive and affordable to all, and it will not be limited to just the premium subscription model

Disney aims for $1 billion profit from its streaming biz in new fiscal year

Editor — Sat, 16 Nov 2024 16:07:41 +0530

The profit at Disney's direct-to-consumer division even exceeded the earnings from its film division, which scored $3 billion in global ticket sales this summer from the blockbusters Inside Out 2

HZL wins gold block, marks Vedanta group's entry into yellow metal business

Editor — Sat, 16 Nov 2024 16:07:40 +0530

Says it has been declared the "preferred bidder" for the Dugocha Gold Block, as confirmed by the Department of Mines and Geology, Rajasthan, via a notification dated November 15

Review Starlink, Kuiper reach before spectrum allocation: Reliance to Trai

Editor — Sat, 16 Nov 2024 16:07:39 +0530

"The authority should critically examine the capacities created by these mega ... constellations such as Starlink and Kuiper," the letter dated Nov. 15 said

Galaxy Health aims to be a major health insurance player in 2&3 years: CEO

Editor — Sat, 16 Nov 2024 16:07:39 +0530

In March, Galaxy Health received approval from the insurance regulator to start a health insurance business in India, taking the total number of standalone health insurers in the country to seven

L&T's first electrolyser factory to start commercial operations soon

Editor — Fri, 18 Oct 2024 13:33:41 +0530

L&T is developing these electrolysers in partnership with French company McPhy and has set up this factory at its Hazira facility

Zomato board to consider raising funds via QIP ahead of Q2 results

Editor — Fri, 18 Oct 2024 13:33:40 +0530

If approved, this will be the first fundraise by the food delivery giant since its stock market debut three years ago

HDFC Securities enters wealth advisory business with launch of HDFC Tru

Editor — Fri, 18 Oct 2024 13:33:40 +0530

The company stated that its new offering will provide financial solutions to corporate treasury, ultra high net-worth investors (HNIs), and family offices in the over Rs 50 crore investment segment

Adani Enterprises raises $500 mn in primary equity to fund growth plans

Editor — Fri, 18 Oct 2024 13:33:39 +0530

Adani Enterprises Limited (AEL), the flagship firm of the conglomerate helmed by Gautam Adani, on Thursday said it has raised Rs 4,200 crore in share sale to large investors via a qualified institutional placement (QIP) issue to fund its future growth plans. The firm allocated 1.41 crore equity shares to qualified institutional buyers at an issue price of Rs 2,962 per equity share, it said in a statement. "The transaction was launched post-market hours on October 9, 2024 with a deal size of approximately Rs 4,200 crore (USD 500 million) and closed on October 15, 2024," it said. The QIP saw overwhelming demand, receiving bids of approximately 4.2x of the deal size from a diverse group of investors, including global long-only investors, major Indian mutual funds and insurance companies. A QIP is, at its core, a way for listed companies to raise capital without having to submit legal paperwork to market regulators. Adani Enterprises had in January last year planned to raise Rs 20,000

Bharat Forge to acquire axle maker AAM India for Rs 544.5 crore

Editor — Fri, 18 Oct 2024 13:33:38 +0530

Kalyani emphasised that this move aligns with Bharat Forge's broader strategy to diversify its offerings in vehicle components and enter a new product segment

Karur Vysya Bank Q2 results: Net profit up 25.13% at Rs 473.60 cr

Editor — Fri, 18 Oct 2024 13:33:38 +0530

Private sector Karur Vysya Bank on Thursday reported a 25.13 per cent rise, on its net profits for the July-September quarter at Rs 473.60 crore, a top official said. The Tamil Nadu-based bank recorded a net profits of Rs 378.45 crore during the corresponding quarter of last year. Net profits for the six-month period ending September 30, 2024, grew by 26.46 per cent, to Rs 932 crore as compared to Rs 737 crore recorded in the corresponding period of last year. Total income during the quarter under review soared to Rs 2,856.01 crore from Rs 2,335.97 crore registered in the same quarter of last financial year. "We have achieved another strong quarter of performance, guided by our three key metrics - growth, profitability and asset quality. The bank's performance indicators align with our guidance, demonstrating consistent and steady growth," the bank's Managing Director and CEO Ramesh Babu B said in a statement. The total business of the bank as on September 30, 2024, stood at Rs ..

After 37&day strike, bonhomie in sight at Tamil Nadu Samsung plant

Editor — Fri, 18 Oct 2024 13:33:37 +0530

Employees were told to return to work from Monday onwards

Walmart expands snack sourcing from India for US market ahead of Diwali

Editor — Fri, 18 Oct 2024 13:33:36 +0530

US retail major Walmart on Thursday said it is increasing its food and snack products sourcing by adding new popular Indian brands like Bikano, Britannia and Jayanti Spices for the US market ahead of Diwali. Bentonville-based retail giant Walmart has also set a goal of sourcing goods worth USD 10 billion from India annually by 2027. The announced lineup of new food and snack products will cater to Diwali celebrations. "Together, they will supply a diverse range of well-loved snacks and food products to Walmart's US customers," a statement said, adding that "offerings include premium tea, ready-to-eat and frozen foods, traditional snacks, spices, and festive packs". Products by India's leading food companies like Britannia and Bikano will be available this Diwali, while brands, such as Regal Kitchen and VAHDAM, are already available to the Walmart US customer, it noted. Jayanti Spices and Hyfun Foods currently have products under Walmart's Great Value brand. Walmart, Executive Vic

Govt gets good retail interest in Cochin Shipyard offer for sale: Dipam

Editor — Fri, 18 Oct 2024 13:33:36 +0530

The government on Thursday said it has received good interest from retail investors in the offer for sale (OFS) of Cochin Shipyard. Through the two-day OFS, the government sold a 5 per cent stake or 1.3 crore shares in Cochin Shipyard. Institutional investors on Wednesday over-subscribed the portion reserved for them. The issue opened for retail investors on Thursday. "The second day of Cochin Shipyard Limited OFS closed with good interest from retail investors. We thank all investors for their participation," Department of Investment and Public Asset Management Secretary Tuhin Kanta Pandey said on X. The share sale is likely to fetch about Rs 2,000 crore to the exchequer. The government currently holds 72.86 per cent of Cochin Shipyard. Shares of Cochin Shipyard closed at Rs 1,559.80, down 1.81 per cent over the previous close on BSE.

Polycab India Q2 results: PAT up 3.4% at Rs 440 cr, misses expectations

Editor — Fri, 18 Oct 2024 13:33:35 +0530

Revenue from operations rose 30.4% to Rs 5,498 crore, beating analysts' estimate of Rs 4,956 crore

Musk's win on satellite spectrum raises prospect of price war with Ambani

Editor — Fri, 18 Oct 2024 13:33:34 +0530

The Indian government says its decision to allocate spectrum administratively to whoever applies for it is in line with global trends

CEAT Q2FY25 results: Profit skids 41.4% to Rs 121.8 cr, revenue up 8.2%

Editor — Fri, 18 Oct 2024 13:33:33 +0530

CEAT took selective price increases during the quarter that offset part of the cost impact caused by higher rubber prices. The company remains optimistic for Q3

LTIMindtree Q2FY25 results: Profit up 7.7% on rising deal momentum

Editor — Fri, 18 Oct 2024 13:33:32 +0530

The growth driver for the company in terms of geography was the US, which grew 7 per cent Y-o-Y and 2.6 per cent sequentially. Europe was down 1.9 per cent Y-o-Y but grew 2.2 per cent sequentially

Reliance Brands and Mothercare form new joint venture for South Asia

Editor — Fri, 18 Oct 2024 13:33:31 +0530

The JV will own Mothercare brand and all its IP assets for India, Nepal, Sri Lanka, Bhutan, and Bangladesh

Nestle to launch of 'no refined sugar' variants of infant food Cerelac

Editor — Fri, 18 Oct 2024 13:33:31 +0530

FMCG major Nestle India on Thursday said it will soon launch variants "with no refined sugar" of its infant food Cerelac. The announcement is important as Nestle India, part of Swiss multinational Nestle SA, recently faced criticism for having added sugar in Cerelac. In the company's earnings statement CMD Suresh Narayanan said: "We have achieved our ambition of introducing Celerac variants with no refined sugar." This was initiated three years ago and culminated this year with the introduction of new Cerelac variants with no refined sugar, he added. "The expanded Cerelac range in India will now consist of 21 variants, of which 14 variants will have no refined sugar," he said. Of these 14 variants, 7 will be available by end of November 2024 and the rest will be introduced in the coming weeks, he added. In April this year, Public Eye, a Swiss investigative organisation, and the International Baby Food Action Network (IBFAN), alleged that Nestle added sugar to its Cerelac products

Former HDFC executives start home loan venture, bag Rs 800 cr from PEs

Editor — Fri, 18 Oct 2024 13:33:30 +0530

Weaver Services, a non-bank lender formed by former executives of erstwhile home finance major HDFC, on Thursday, announced that it has bagged Rs 800 crore in commitments from private equity funds. Gaja Capital and Lok Capital have made the commitment, which will be utilised for fuelling the company's pan-India plans and also for a Rs 267-crore acquisition of Capital India Home Loans, as per an official statement. "I am happy to see a team of former colleagues and partners unite to establish a housing finance company dedicated to addressing the needs of an under-served segment of society," Keki Mistry, former vice chairman and chief executive of HDFC, said in the statement. After securing necessary regulatory approvals and acquisition completion, Weaver is aiming to launch home loan products for self-employed individuals in the unorganised sector, particularly in Tier 2 and Tier 3 towns, the statement added. HDFC's former head of merger and acquisitions Satrajit Bhattacharya, and .

DGCA imposes penalty of Rs 30 lakh on Akasa Air for training lapses

Editor — Fri, 18 Oct 2024 13:33:29 +0530

Aviation regulator DGCA on Thursday imposed a fine of Rs 30 lakh on Akasa Air for certain lapses in training of crew, according to sources. "We acknowledge receipt of an order by the DGCA dated 17 October 2024. We are working closely with the regulator on this matter," an airline spokesperson said in a statement. The sources said the penalty has been imposed for certain training lapses. "For us at Akasa Air, safety is of the utmost importance, and we are committed to pursuing the highest global standards of safety," the statement said.

Reliance partners with UK's Mothercare to strengthen presence in South Asia

Editor — Fri, 18 Oct 2024 13:33:29 +0530

Reliance Brands, a unit of Reliance Industries Ltd, acquired a 51 per cent stake in the JV that owns the Mothercare brand and related intellectual property

India Mobile Congress: Qualcomm places production chips on India bet

Editor — Fri, 18 Oct 2024 13:33:28 +0530

Expects to source chips from India in the next two years as semiconductor plants here become operational

Prestige Estates Q2 bookings down 43% at Rs 4,022 cr despite strong demand

Editor — Fri, 18 Oct 2024 13:33:28 +0530

Realty firm Prestige Estates Projects Ltd's sales bookings fell 43 per cent to Rs 4,022.6 crore in the second quarter of this fiscal despite strong housing demand. In a regulatory filing on Thursday, Prestige Estates informed that it recorded sales of Rs 4,022.6 crore during the July-September quarter against Rs 7,092.6 crore in the year-ago period. During the April-September period, the sales bookings declined to Rs 7,052.2 crore against Rs 1,100.73 crore during the corresponding period of the preceding financial year. Prestige Estates is one of the leading real estate developers in the country.

India set to be in Skyscanner's top 3 revenue markets: CEO John Mangelaars

Editor — Fri, 18 Oct 2024 13:33:27 +0530

A growing economy, rising aspirations, young population, and increasing infrastructure will aid this growth

Who will execute Ratan Tata's final wishes? Lawyer, friend, family chosen

Editor — Fri, 18 Oct 2024 13:33:26 +0530

At the time of his death, Ratan Tata had a 0.83 per cent stake in Tata Sons and a net worth of Rs 7,900 crore, according to the Hurun India Rich List 2024

Viacom18, Sony frontrunners in ACC media rights bid; auction on Nov 20

Editor — Fri, 18 Oct 2024 13:33:26 +0530

Viacom18 and Sony Pictures Networks India lead the race for the Asian Cricket Council media rights, while Zee Entertainment denies involvement, citing a focus on cost management

Ericsson and Nokia face sales decline in India as telecom capex slows

Editor — Fri, 18 Oct 2024 13:33:25 +0530

During the July-Sept period, Ericsson's India revenue plunged 68% Y-o-Y, while Nokia's India sales saw a 43 per cent Y-o-Y dip. Both firms supply network solutions to telecom operators in India

Blackstone Group emerges as highest bidder for LOGOS India at Rs 1,200 cr

Editor — Fri, 18 Oct 2024 13:33:24 +0530

Blackstone was among ten bidders for the portfolio of warehouses that covered nearly 5 million square feet

Vistara in&flight experience will continue post&merger: Air India

Editor — Fri, 18 Oct 2024 13:33:24 +0530

Air India on Friday said Vistara routes and schedule as well as the in-flight experience will continue and the flights operated with Vistara planes will have the code 'AI2' post-merger. The merger of the two full service carriers is scheduled to be completed on November 12, following which Singapore Airlines will have a 25.1 per cent stake in Air India. Vistara is a joint venture between Tata Group and Singapore Airlines. Post the merger, the vintage 'Maharaja' will be retained through the frequent flyer programme of the integrated entity. "The existing members of Club Vistara will be seamlessly transferred to Air India's Flying Returns program. With this merger, Flying Returns will also evolve into an all-new avatar 'Maharaja Club'," Air India said in the statement. Reiterating that the experience offered by Vistara will continue for customers post-merger, Air India said Vistara will be identified by a special four-digit Air India code beginning with the digit '2'. "For instance

Noel Tata expected to join Tata Sons board following philanthropy role

Editor — Fri, 18 Oct 2024 13:33:23 +0530

In a move that could give Noel Tata more power over the group's decision-making, he is now likely to be appointed to the board of Tata Sons in a meeting due to be held in the coming days

Early&stage VC firm 8i Ventures scores 12X return on M2P Fintech exit

Editor — Fri, 18 Oct 2024 13:33:22 +0530

The fintech startup's evolution from a card-issuing platform to a broader banking-as-a-service (BaaS) provider helped drive the returns

Byju's worth zero now: How the cookie crumbled for India's edtech giant

Editor — Fri, 18 Oct 2024 13:33:22 +0530

Byju Raveendran, founder and chief executive of crisis-hit edtech firm Byju's, said the company, once valued at $22 billion, has seen its valuation plummet to zero

NCLAT closes proceedings against JHL as Max Healthcare settles claims

Editor — Fri, 18 Oct 2024 13:33:21 +0530

The National Company Law Appellate Tribunal (NCLAT) has closed the insolvency proceedings against Jaypee Healthcare after the financial creditors' dues were settled by Max Healthcare. The appellate tribunal's direction to close the Corporate Insolvency Resolution Process (CIRP) against Jaypee Healthcare Ltd (JHL) came after the financial creditor submitted that they had received the amount of Rs 1,035.29 crore as part of the settlement and no claim had survived. "In view of the fact that the entire claim has now been satisfied and the amount deposited has been disbursed, we see no reason to continue the CIRP any further," said the NCLAT order passed on Thursday. CIRP against JHL was initiated by the Allahabad bench of the National Company Law Tribunal (NCLT) on June 14 this year, over a petition filed by its lead creditor JC Flowers Asset Reconstruction Ltd. This was challenged by the Manoj Gaur-led parent group firm Jaypee Infratech Ltd (JAL) before the appellate tribunal ...

JSW Energy ink pacts to supply 1,200 MW solar&wind power to Maha discom

Editor — Fri, 18 Oct 2024 13:33:20 +0530

JSW Energy on Friday said that its two arms have signed agreements to supply 1,200 MW of power to Maharashtra State Electricity Distribution Company. JSW Renew Energy Six Ltd and JSW Renew Energy Thirty Ltd, step-down subsidiaries of JSW Energy, have signed power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for state transmission utility (STU)-connected solar-wind hybrid capacity, according to a company statement. The agreements have been signed for two hybrid projects, each with a capacity of 600 MW, totalling 1,200 MW. The letters of award for these projects were received on August 29, 2024, and September 10, 2024, respectively, JSW Energy said. The projects are expected to be commissioned within 24 months, it said, adding that the agreements are set for a 25-year period at a tariff of Rs 3.60/kWh. Currently, the company has a project pipeline of 8.3 GW, with PPAs signed for 4.4 GW. JSW Energy has total locked-in generation cap

Tata Power launches Ghar Ghar Solar campaign in all districts of Tamil Nadu

Editor — Fri, 18 Oct 2024 13:33:20 +0530

Following its success in Rajasthan, Uttar Pradesh, Kerala, and Chhattisgarh, this initiative now aims to bring sustainable and affordable solar energy to households across Tamil Nadu

Ashneer Grover withdraws NCLT plea against BharatPe after settlement

Editor — Fri, 18 Oct 2024 13:33:19 +0530

Ashneer Grover, co-founder and former managing director of BharatPe, withdrew his plea from the National Company Law Tribunal (NCLT), in which he had alleged oppressive conduct and mismanagement by the board of the fintech firm. The withdrawal of the plea from the NCLT's Delhi bench came after Grover reached a settlement with the company on September 30, 2024. A copy of the settlement agreement was also placed before the NCLT by the counsel appearing for Grover, who had filed an application for withdrawal of the petition. "... during the pendency of the said petition, parties have arrived with settlement and also executed the settlement agreement dated September 30, 2024, a copy of which is placed on record and in view of the settlement applicant (who ispPetitioner in the main company petition) has sought liberty to withdraw the company petition," the NCLT order dated October 14, 2024, noted. It further said: "Liberty is granted to the applicant to withdraw the company petition...

ATS Homekraft to develop housing project on Dwarka Expressway, Gurugram

Editor — Fri, 18 Oct 2024 13:33:19 +0530

Realty firm ATS Homekraft will invest Rs 1,300 crore to develop a luxury housing project on Dwarka Expressway, Gurugram as part of its expansion plan amid strong demand for residential properties. ATS Homekraft, a flagship company of ATS group, has launched a premium residential project 'Sanctuary 105', which is spread over 13 acres and comprises around 700 apartments. The company has sold around 340 luxury homes in the first phase of this new project for Rs 825 crore. Udaivir Anand, Managing Director of ATS Homekraft, said the company has launched a new luxury housing project at an affordable rate to target end-users and first-time homebuyers. Anand said the company will develop a total of around 750 apartments in this project, which has a built up area of 23 lakh square feet and a saleable area of over 16 lakh square feet. Asked about investment, he said the project cost is about Rs 1,300 crore including land. The investment will be met through internal accruals. Post-COVID, A

Bonfiglioli starts work for Rs 320 cr Tamil Nadu unit; to start ops by 2025

Editor — Fri, 18 Oct 2024 13:33:18 +0530

The 25-acre Cheyyar plant reinforces Bonfiglioli 's commitment to the 'Make in India' initiative and solidifies its position as one of India's largest gearbox manufacturers

Prime Video to include ads in shows from 2025 to fund content investments

Editor — Thu, 17 Oct 2024 15:40:39 +0530

This move highlights the stiff competition in India's streaming market amid a challenging period for the subscription video-on-demand (SVOD) segment

LTTS Q2 results: Net profit up 1.3% at Rs 319.6 cr as margins narrow

Editor — Thu, 17 Oct 2024 15:40:39 +0530

Engineering services player L&T Technology Services (LTTS) on Wednesday reported a 1.3 per cent rise in the September quarter net profit at Rs 319.6 crore, as profit margins narrowed. The company, an arm of engineering, procurement and construction major Larsen & Toubro, had reported a net profit of Rs 315.4 crore in the year-ago period while the was Rs 313.6 crore in the preceding June quarter. Its revenues grew 7.8 per cent to Rs 2,572.9 crore in the reporting quarter, helped by an over 24 per cent growth in the European market on demand from the automobile sector and sustainability-focused solutions. LTTS Managing Director and Chief Executive Amit Chadha said it is aiming for revenues to grow between 8-10 per cent in FY25, and maintaining its guidance on hitting the USD 2 billion yearly revenue in medium-term mark. Higher spends on sales and technology led to a narrowing of the operating profit margin to 15.1 per cent during the reporting quarter, as against 17.1 per cent ..

Ericsson plans to expand R&D base in India, focuses on AI, 6G development

Editor — Thu, 17 Oct 2024 15:40:38 +0530

India is a key market for Swedish telecom gear maker Ericsson and the firm plans to expand its research and development (R&D) base in the country, a company executive said on Wednesday. Andres Vicente, Head of Southeast Asia, Oceania and India, Ericsson, speaking on the sidelines of India Mobile Congress 2024, said the company is stepping up the work on AI, Gen AI and Network APIs (Application Programming Interfaces) at its R&D centres in India. "India is one of the key markets for Ericsson across the world and we feel really proud of what we have achieved so far. We have been manufacturing in India since 1994," he said. The combination of high-performance, programmable networks and network APIs, along with a strong community of developers, will lead to significant growth and innovation. This presents a major opportunity for India, given its active developer and startup scene, he said. "We're going to invest more in research and development around 6G, network APIs and ...

Licious FY24 loss drops by 44%, 3rd party channel closures impact revenue

Editor — Thu, 17 Oct 2024 15:40:37 +0530

This growth is majorly fueled by the launch of 17 native GenAI language models in India, a 4.6 times surge in GenAI services

PFC Infra Finance IFSC Ltd gets approval to operate from GIFT City

Editor — Thu, 17 Oct 2024 15:40:37 +0530

Power Finance Corporation on Wednesday said its arm PFC Infra Finance IFSC Ltd has received approval from International Financial Services Centres Authority to commence business as a finance company in IFSC GIFT City, Gujarat. PFC Infra Finance IFSC Ltd (PIFIL) will be the first finance company in IFSC dedicated to power and infrastructure sector lending, the company said in a statement. PIFIL aims to provide lending in India and other countries in foreign currency, catering to government as well as private players. The establishment of PIFIL will position PFC as a global brand and contribute to strengthening India's position as a global financial hub. IFSCA chairperson K Rajaraman presented the Certificate of Registration (CoR) to Parminder Chopra, Chairperson PFC & PIFIL. "As we commence operations, funding for energy transition will be a key focus, aligning with India's strong push towards clean energy sources," Chopra said.

Bikaji to acquire majority stake in Hazelnut Factory for Rs 131 crore

Editor — Thu, 17 Oct 2024 15:40:36 +0530

This investment will be made in tranches and is expected to be completed over the next two years

Samsung Electronics' workers in TN to resume work from Thursday: CITU

Editor — Thu, 17 Oct 2024 15:40:35 +0530

Workers at the Samsung India Electronics Ltd, who ended their strike demanding better pay and working conditions, would resume work from tomorrow, the Centre of Indian Trade Unions (CITU) said on Wednesday. The CITU has been spearheading the protest by the employees since September 9, pressing for various demands including pay revision, and recognition of the newly formed Samsung India Workers Union backed by it. The announcement of the decision to resume work, comes a day after the Tamil Nadu government said that the 37 day strike was called off following discussions held between the representatives of the workers and the company's management. A general body meeting of the CITU was held on Wednesday near the factory in Sriperumbudur, which was attended by the agitating workers, sources said. "Strike has been called off. The employees will work from tomorrow (Oct 17)," CITU State President A Sounderarajan told PTI after emerging from the meeting. He also clarified that as per the

Bajaj Auto Q2 results: Profit dips 31% to Rs 1,385 cr, revenue at Rs 13k cr

Editor — Thu, 17 Oct 2024 15:40:35 +0530

The domestic business achieved record-high revenue growth in double digits for the tenth consecutive quarter, driven by growth across motorcycles, commercial vehicles, and electric scooters

Nokia in talks with Airtel for multi&billion dollar 5G contract: Report

Editor — Thu, 17 Oct 2024 15:40:34 +0530

The deal with Airtel would be for Nokia's latest AirScale mobile radios that support upgrading an existing network to 5G-Advanced and reduces energy costs

Sebi to auction Rose Valley's 27 properties worth Rs 63.26 cr on Nov 25

Editor — Thu, 17 Oct 2024 15:40:34 +0530

Capital markets regulator Sebi on Wednesday said it will auction 27 properties of Rose Valley group of companies on November 25 at a reserve price of Rs 63.26 crore in a bid to recover money raised by the firm from the public through illicit schemes. The properties to go under the hammer include flats, buildings, land parcels and hotels located in West Bengal and Bihar, the Securities and Exchange Board of India (Sebi) said in a notice. The e-auction will be conducted on November 25 between 11 am to 1 pm. The total reserve price of these properties is pegged at Rs 63.26 crore, it added. The markets regulator said it has engaged Quikr Realty to assist it in sale of the properties of Rose Valley while C1 India has been appointed as the e-auction service provider. A committee would oversee sale of the assets and the money will be utilised for repaying the investors. The committee was formed following an order passed by Calcutta High Court in May 2015. Going by the notice, bidders may

CRISIL Q3 results: Consolidated net profit up by 12.9% to Rs 171.55 cr

Editor — Thu, 17 Oct 2024 15:40:33 +0530

Declares interim dividend of Rs 15 per share

Housing finance firm WEAVER acquires Capital India Home Loans for Rs 267 cr

Editor — Thu, 17 Oct 2024 15:40:32 +0530

The company will raise up to Rs 800 crore from private equity funds to finance the acquisition and fuel its expansion plans

SBI gave unsecured loans to firms and is now floundering: JKC tells SC

Editor — Thu, 17 Oct 2024 15:40:32 +0530

JKC argued that SBI had previously granted loans to companies without sufficient security, which led to their financial troubles

QNu Labs expects revenue to grow multi&fold to Rs 200 crore by FY26

Editor — Thu, 17 Oct 2024 15:40:31 +0530

Quantum computing startup QNu Labs expects its revenue to grow multifold to Rs 200 crore by FY26 on the Rs 500 crore pipeline from India, the Middle East and the US, a top company official said on Wednesday. QNu Labs CEO Sunil Gupta at India Mobile Congress told PTI that the growth is largely driven by the adoption of quantum security solutions in defence and interest from enterprises in the technology. "Last year, we had revenue of Rs 24 crore. This financial year, we are expecting revenue of Rs 100 crore and then Rs 200 crore in the next financial year. The growth is largely being driven by wider adoption of quantum technology in the Defence sector and gradual interest coming from enterprises," he said. Gupta said the company has deployed a quantum solution for building quantum secure digital certificates and bagged a deal from Defence through iDEX. "A large part of our revenue comes from the government and from next year, we expect over 50 per cent of our revenue to come from ..

Merged entity will share best practices of Vistara, Air India: Bhaskar Bhat

Editor — Thu, 17 Oct 2024 15:40:30 +0530

The merger of Vistara and Air India will create an integrated entity that will share the best practices of the two airlines and the livery of Vistara will stay for sometime, a senior official said on Wednesday. Vistara, a joint venture between Tata Group and Singapore Airlines, is set to merge with Air India on November 11 as part of the Tatas consolidating their airline business. Air India Express completed the merger of AIX Connect, formerly AirAsia India, with itself this month. While emphasising the importance of empowering frontline staff, Vistara Chairman Bhaskar Bhat said it will be ensured that passengers keep getting better and better services from the merged entity. "The merged entity will be one integrated entity. How does it translate... through SOPs (Standard Operating Procedures). It will become a single SOP as it becomes one brand... (there will be) sharing of best practices," he said. Stressing on the idea of driving differentiation across areas, Bhat said that ...

Festive season motorcycle sales fall short of expectations: Bajaj Auto

Editor — Thu, 17 Oct 2024 15:40:30 +0530

Motorcycle sales in the ongoing festive season so far are below expectations as demand is muted and the industry will be lucky if it sees 3-5 per cent growth compared to last year, Bajaj Auto Executive Director Rakesh Sharma said on Wednesday. While there are still about 15 more days to go for the festive sales this month, he said as a result of muted growth in motorcycles, the overall growth prospects of the two-wheeler industry could also be impacted for the full fiscal. "The responses in the motorcycle industry are a little bit muted in the sense that we thought that about 6 to 8 per cent growth will be there in the festive period, but it is not that much. It is 1-2 per cent, almost very similar to last year, same period," Sharma told reporters in an earnings call. The expectations were that by Dussehra the growth would be at about 6 to 8 per cent, he added. "There are still 15 days. We have noticed a lot of times that demand can become very compressed, and can surprise us even

BlackRock in talks with Jio Financial to set up private credit venture

Editor — Thu, 17 Oct 2024 15:40:29 +0530

The 50-50 joint venture will lend to businesses ranging from large companies to startups, the people said, asking not to be identified as the information is not public

Samsung to replace Vi's Chinese gear with 5G equipment in priority circles

Editor — Thu, 17 Oct 2024 15:40:28 +0530

New equipment from Ericsson and Nokia to focus on 4G, raise population coverage to 90%

BSNL, Viasat claim successful trial of direct&to&device satellite services

Editor — Thu, 17 Oct 2024 15:40:28 +0530

Satellite communications company Viasat, Inc has claimed to have demonstrated direct-to-device satellite connectivity in India for the first time in collaboration with state-owned telco BSNL. The direct-to-device connectivity allows commonly-used devices like mobile phones, smart watches, or cars; industrial machinery and transport operators to connect seamlessly to both terrestrial and satellite coverage without the need for dedicated hardware to connect to satellites. "In the trial, Viasat demonstrated two-way messaging and SoS messaging using a commercial Android smartphone enabled for non-terrestrial network (NTN) connectivity. The messages were sent roughly 36,000 km to one of Viasat's geostationary L-band satellites. The outcome proves satellite services to cell phone connectivity is technically feasible for Indian consumers and businesses using Viasat's satellite network," Viasat said in a statement. The company said working alongside partner BSNL, Viasat engineers successful

Ratan Tata, global giant who took Tata Group's operations to 80 countries

Editor — Thu, 17 Oct 2024 15:40:27 +0530

Ratan's global vision extended beyond expansion to innovation and wanted to pioneer a new type of innovation for a new type of consumer

Google to power AI data centres via nuclear power amid climate change woes

Editor — Thu, 17 Oct 2024 15:40:26 +0530

Google anticipates using 500 megawatts of nuclear power to run its operations, as global concerns over climate change intensify amid rising electricity consumption from AI and crypto technologies

Haldiram Snacks' promoters revise stake sale plans, look to offload 10&15%

Editor — Thu, 17 Oct 2024 15:40:26 +0530

Earlier, the promoters of Haldiram's were exploring the possibility of selling a controlling 51 per cent stake, a move that would have valued the company between $8 billion and $10 billion

IT company Mphasis's Q2 net profit rises 8% Y&o&Y, deal value falls

Editor — Thu, 17 Oct 2024 15:40:25 +0530

Company says most of its contracts are now for work in artificial intelligence

Tamil Nadu serves show&cause notice to Tata Electronics after Hosur fire

Editor — Thu, 17 Oct 2024 15:40:24 +0530

The notice was addressed to the 'occupier' and the factory manager and the company is expected to respond within a week unless they request an extension

Sembcorp industries bags 150 MW wind&solar hybrid project by subsidiary

Editor — Thu, 17 Oct 2024 15:40:24 +0530

Singapore-based Sembcorp Industries on Thursday said it has secured a 150 MW wind-solar hybrid project through its arm Sembcorp Green Infra Private Ltd. The build-own-operate project is part of a 600 MW bid issued by SECI. Sembcorp Industries (Sembcorp), through its wholly-owned renewables subsidiary Sembcorp Green Infra Private Ltd, has received the Letter of Award (LOA) for a 150MW Inter State Transmission System (ISTS) connected wind-solar hybrid power project (the Project) from Solar Energy Corporation of India Ltd (SECI), according to a company statement. The power generated from this project will be sold to SECI under a long-term power purchase agreement (PPA) lasting 25 years. This is, however, subject to the execution of the PPA and upon completion of the project, the statement said. The Project is expected to be ready for commercial operation within 24 months from the date of signing the PPA and will be funded through a mixture of internal funds and debt. With this award,

Nestle Q2 results: Profit drops 0.94% to Rs 899.49 cr, net sales up 1.3%

Editor — Thu, 17 Oct 2024 15:40:23 +0530

FMCG major Nestle India Ltd on Thursday reported a marginal decline of 0.94 per cent in its net profit at Rs 899.49 crore for the quarter that ended September 2024, in which it faced high commodity prices and some of its key brands faced softer consumer demand. The company had posted a net profit of Rs 908.08 crore in the July-September period a year ago, according to a regulatory filing from Nestle India. However, Nestle India's revenue from the sale of products was up 1.3 per cent to Rs 5,074.76 crore in the September quarter. It was at Rs 5,009.52 crore in the corresponding period last fiscal. Its total expenses in the September quarter were up 3.42 per cent to Rs 4,090.09 crore. Nestle India's domestic sales were up 1.23 per cent to Rs 4,883.14 crore, as against Rs 4,823.72 crore in the corresponding period of July-September. Its revenue from exports was also up 3.13 per cent to Rs 191.62 crore in the September quarter. Nestle India's revenue from operations, which includes o

Accenture elevates Kishore Durg as group operating officer&technology

Editor — Thu, 17 Oct 2024 15:40:22 +0530

In August this year, Accenture announced the elevation of Arundhati Chakraborty as group chief executive of Accenture Operations

Zepto looks to raise $100 million, marking third funding round in 6 months

Editor — Thu, 17 Oct 2024 15:40:22 +0530

Quick commerce startup Zepto is seeking funding from domestic sources, including Indian family offices and high-net-worth individuals, as it prepares for its upcoming IPO

Nestle India net rises 8.6% to 986 cr in Q2 as demand remains a challenge

Editor — Thu, 17 Oct 2024 15:40:21 +0530

Company to launch Cerelac variants with no refined sugar

Denmark's NKT strengthens power cable project competencies in India

Editor — Thu, 17 Oct 2024 15:40:20 +0530

Globally, NKT has grown its order backlog of high-voltage projects to €11.3 billion by the end of the second quarter of 2024

AGNIT Semiconductors raises $3.5mn in seed round marking first investment

Editor — Thu, 17 Oct 2024 15:40:20 +0530

The five-year-old Bengaluru-based startup has raised $4.87 million in total so far and plans to use the fresh funds to scale its production and commercial operations

upGrad commits Rs 200 cr training programme for PM's internship scheme

Editor — Thu, 17 Oct 2024 15:40:19 +0530

The firm has created a specialised course with nine comprehensive modules and virtual classrooms

Top 10 Multinational Corporations Driving Growth in Noida

Editor — Thu, 17 Oct 2024 15:37:59 +0530

Here are brief overviews of the top 10 multinational corporations (MNCs) in Noida, along with their headquarters and addresses of their offices in the city:

1. HCL Technologies

Overview: Headquartered in Noida, HCL Technologies is a global IT services company providing services such as software development, digital transformation, and IT consulting. It operates across multiple sectors, including healthcare, financial services, and telecom.
Global Headquarters: Noida, Uttar Pradesh, India
Noida Office Address: A-11, Sector-3, Noida, Uttar Pradesh, 201301

2. Adobe Systems

Overview: Adobe is a global software company, best known for its creative software like Photoshop, Illustrator, and Acrobat. Adobe's Noida office focuses on software development, digital marketing, and cloud services.
Global Headquarters: San Jose, California, USA
Noida Office Address: Adobe Towers, Plot 1-A, City Centre, Sector 25A, Noida, Uttar Pradesh, 201301

3. Microsoft

Overview: Microsoft, a global leader in software, cloud computing, and IT services, has a major presence in Noida. Its office supports cloud services, AI technologies, and enterprise solutions for global clients.
Global Headquarters: Redmond, Washington, USA
Noida Office Address: DLF IT Park, Tower C, Plot No A-44/45, Sector-62, Noida, Uttar Pradesh, 201301

4. IBM

Overview: IBM is a leading global provider of IT and consulting services. The Noida office handles IT services, cloud computing, AI, and advanced analytics for global enterprises.
Global Headquarters: Armonk, New York, USA
Noida Office Address: Plot No. 2, Tower-C, 5th & 6th Floor, Candor Techspace, Sector-135, Noida, Uttar Pradesh, 201304

5. Tata Consultancy Services (TCS)

Overview: TCS is a major player in IT services, consulting, and business process outsourcing (BPO). Its Noida facility focuses on serving global clients across various industries, including banking, healthcare, and telecommunications.
Global Headquarters: Mumbai, Maharashtra, India
Noida Office Address: D-1, A-36, Sector 16, Noida, Uttar Pradesh, 201301

6. Infosys

Overview: Infosys, one of India's leading IT services firms, provides technology consulting, IT solutions, and BPO services. Its Noida office focuses on software development and digital transformation projects.
Global Headquarters: Bangalore, Karnataka, India
Noida Office Address: Plot No. A-7, Sector-144, Noida Expressway, Noida, Uttar Pradesh, 201304

7. Samsung Electronics

Overview: Samsung’s R&D center in Noida focuses on innovations in mobile technology, consumer electronics, and home appliances. It plays a key role in Samsung’s global product development.
Global Headquarters: Suwon, South Korea
Noida Office Address: Samsung India Electronics Pvt. Ltd., Sector-81, Noida, Uttar Pradesh, 201305

8. Accenture

Overview: Accenture is a leading global consulting and professional services company, specializing in strategy, digital transformation, IT services, and outsourcing. Its Noida office supports large-scale global projects across multiple industries.
Global Headquarters: Dublin, Ireland
Noida Office Address: 5th & 6th Floors, Stellar IT Park, C-25, Sector-62, Noida, Uttar Pradesh, 201307

9. Ericsson

Overview: Ericsson is a leading player in telecommunications technology and services, particularly in 5G networks. The Noida office supports telecom operators in India and internationally.
Global Headquarters: Stockholm, Sweden
Noida Office Address: Plot No. 31, Institutional Area, Sector-16A, Noida, Uttar Pradesh, 201301

10. Wipro

Overview: Wipro is a global IT services provider, offering services such as IT consulting, business outsourcing, and digital transformation. The Noida office is a key hub for its technology and engineering solutions.
Global Headquarters: Bangalore, Karnataka, India
Noida Office Address: Wipro Technologies, Plot No. 2, Noida-Greater Noida Expressway, Sector-57, Noida, Uttar Pradesh, 201305

These companies represent Noida's status as a key destination for IT and business process outsourcing, contributing significantly to India's global presence in technology and innovation.

Bandhan Bank MD Ghosh asks staff not to worry over his resignation

Editor — Thu, 11 Apr 2024 07:12:25 +0530

When asked if there will be an interim CEO, he said the board will take necessary steps in the first week of July

Summer airfares on major domestic routes increase by 13%, shows data

Editor — Thu, 11 Apr 2024 07:12:25 +0530

However, the data also shows that summer airfares on key routes such as Delhi-Leh and Delhi-Kolkata have significantly decreased due to the introduction of new flights

Zoho announces manufacturing power tools under its new venture 'Karuvi'

Editor — Thu, 11 Apr 2024 07:12:25 +0530

Zoho is the parent company of well-known technology brands, including ManageEngine, Zoho.com, TrainerCentral, and Qntrl

Legal fairness prevails: Calcutta HC restrains HUL's 'Glow & Handsome' mark

Editor — Thu, 11 Apr 2024 07:12:24 +0530

Emami and HUL have been embroiled in a legal battle over the use of the 'Glow & Handsome' mark for four years

MaxPetZ to use 3D printing for reconstructive surgeries in veterinary field

Editor — Thu, 11 Apr 2024 07:12:24 +0530

Speaking on the subject, Leena Dalal, senior veterinary surgeon and oncologist MaxPetZ said that this would be the first time in India that 3D Printing is being used to treat animals

Birla Pivot targets revenue of $1 bn in next three years, leverage tech

Editor — Tue, 09 Apr 2024 07:02:44 +0530

Birla Pivot, a B2B e-commerce platform for building materials of the Aditya Birla Group, is targetting revenue of USD 1 billion in the next three years, according to a top company official. The platform, a business unit of Grasim Industries, has crossed Rs 1,000 crore revenue in its first year of operations in FY24, the company said in a regulatory filing on Monday. "Birla Pivot's vision is to leverage technology to create smarter and more efficient solutions across the value chain for buyers and sellers. The aspiration is to reach USD 1 billion revenue in the next three years," Birla Pivot CEO Sandeep Komaravelly said. Bullish on India's construction industry, he said it is undergoing exponential growth and is projected to reach USD 1.4 trillion by 2025. "With less than 2 per cent digital penetration, the construction industry faces many challenges from fragmented supplier networks, and logistical bottlenecks to access to credit," he added. Launched in August 2023, Birla Pivot of

State&owned NTPC targets 5GW power generation capacity addition in FY25

Editor — Tue, 09 Apr 2024 07:02:44 +0530

State-owned power giant NTPC on Monday said it is eying 5 GW power generation capacity addition in financial year 2024-25. NTPC aims to add 3 gigawatt (GW) of renewable energy (RE) capacity, exemplifying its steadfast dedication to environmental stewardship, a company statement said. Simultaneously, the power major aims to add 2 GW to its thermal energy capacity. According to the statement, NTPC has set a target to add 5GW of installed capacity reflecting its commitment to providing clean, reliable, and affordable energy solutions. In FY24, NTPC successfully added 3,924 MW of new capacity to its portfolio, bringing its cumulative installed capacity to nearly 76 GW. Presently, the group has an operational RE capacity of 3.5 GW, with an extensive pipeline exceeding 20 GW. By 2032, NTPC is looking to expand its non-fossil-based capacity to 45-50 per cent of the company's portfolio that will include 60 GW RE capacity with a total portfolio of 130 GW. NTPC Ltd is India's largest inte

Air India, BIAL sign MoU to develop Bengaluru as premier aviation hub

Editor — Tue, 09 Apr 2024 07:02:44 +0530

The partnership is aimed at expanding air connectivity as well as building maintenance, repair and overhaul (MRO) facilities at the Bengaluru airport

Data of 7.5 mn boAt customers leaked on dark web: Forbes India report

Editor — Tue, 09 Apr 2024 07:02:43 +0530

The personal data of 7.5 million boAt customers is a being sold at just two euros on the dark web

Prestige Estates achieves record sales bookings in FY24 at Rs 21,040 cr

Editor — Tue, 09 Apr 2024 07:02:43 +0530

Realty firm Prestige Estates Projects Ltd on Monday reported a 63 per cent annual increase in sales bookings during the last financial year at Rs 21,040 crore -- an all time high, on strong demand for its residential properties and higher average per square feet realisation. The company's sales bookings stood at Rs 12,931 crore in the financial year 2022-23. Among listed players, Prestige Estates is likely to become the largest real estate developer in the country in terms of sales bookings. DLF, Godrej Properties, Macrotech Developers, Prestige achieved sales bookings of more than Rs 10,000 crore in 2022-23. In a regulatory filing, Bengaluru-based Prestige Estates informed that the company achieved the highest-ever annual sales. "Prestige Group achieved a record-breaking sales milestone of Rs 21,040 crore for FY24, marking a growth of 63 per cent year-on-year," it said. The company attained the highest-ever annual collections of Rs 11,954 crore for FY24, a growth of 22 per cent .

Bajaj Finance hikes fixed deposit rates for most tenures by up to 60 bps

Editor — Tue, 09 Apr 2024 07:02:43 +0530

Bajaj Finance, part of Bajaj Finserv, has increased fixed deposit (FD) rates for most tenures by up to 60 basis points (bps). Bajaj Finance is a deposit-taking non-banking financial company registered with the Reserve Bank of India. Effective April 3, 2024, the company has increased FD rates for senior citizens by up to 60 basis points in the 25-35-month tenure and 40 basis points in the 18-24-month tenure. For non-senior citizens, rates have been hiked by up to 45 basis points in the 25-35-month tenure, 40 basis points in the 18 and 22-month tenures, and 35 basis points in the 30 and 33-month tenures, the company said in a release. Senior citizens can continue to avail FD rates of up to 8.85 per cent and non-senior citizens can take benefit of rates of up to 8.6 per cent, by booking digitally in the 42-month tenure, it said. "Our enhanced rates across several investment buckets present an attractive proposition for investors seeking stability," said Sachin Sikka, Head - Fixed ...

Sub&metre optical satellite assembled in India deployed into space: TASL

Editor — Tue, 09 Apr 2024 07:02:43 +0530

Tata Advanced Systems Limited on Monday announced the "successful deployment" into space of its sub-metre optical satellite that was assembled and tested in India. SpaceX's Falcon 9 rocket launched TSAT-1A satellite from the Kennedy Space Center, Florida, in the US on Sunday (April 7), Tata Advanced Systems Limited (TASL) said in a statement. "TSAT-1A will deliver high-resolution optical satellite images with increased collection capacity, dynamic range, and low-latency delivery through its multispectral and hyperspectral capabilities," the company said. A wholly owned subsidiary of Tata Sons, TASL is a significant player for aerospace and defence solutions in India. TASL, India's leading private sector player for aerospace and defence solutions, and Satellogic Inc, a leader in sub-metre resolution Earth Observation data collection, "today announced the successful deployment into space of TASL's TSAT-1A satellite aboard the Bandwagon-1 mission, which SpaceX's Falcon 9 rocket", the

Transformers and Rectifiers Q4 results: Profit jumps 4&fold to Rs 42 cr

Editor — Tue, 09 Apr 2024 07:02:42 +0530

Transformers and Rectifiers (India) Ltd on Monday posted over four-fold jump in consolidated net profit at Rs 41.62 crore for March quarter FY24. Net profit in the year-ago period stood at Rs 9.60 crore, the company said in a BSE filing. Total income in the quarter rose to Rs 514 crore from Rs 439.50 crore a year ago. In the entire fiscal year, profit increased to Rs 47.01 crore from Rs 42.35 crore in FY23. Total income dipped to Rs 1,300.50 crore from Rs 1,404.66 crore. The company's board at its meeting held on April 8, 2024 recommended a dividend of 20 paise per equity share to all the existing shareholders. The board also proposed issuance of equity shares, and/or equity linked securities and/or securities convertible into equity shares through Qualified Institutional Placement (QIP) or preferential allotment to raise up to Rs 500 crore. It also approved reappointment of Satyen J. Mamtora as Managing Director with effect fom from April 1, 2025, subject to approval of

Kotak Alternate Asset Managers raises Rs 2,000 cr to invest in equities

Editor — Tue, 09 Apr 2024 07:02:42 +0530

The fund aims to solve the challenge of building and maintaining equity portfolios amid the difficulties faced by investors due to the market volatalities

Pegatron in talks to hand over its only iPhone plant in India to the Tatas

Editor — Tue, 09 Apr 2024 07:02:42 +0530

Tata, one the largest conglomerates in India, will operate the joint venture through its Tata Electronics unit, the second source said

50% of public service organisations set to use GenAI soon: EY survey

Editor — Tue, 09 Apr 2024 07:02:42 +0530

Public organisations recognise that Gen AI will improve the citizen experience and serve as a catalyst to drive innovation

Piramal Alternatives invests Rs 110 crore in Biodeal Pharmaceuticals