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Shares of Reliance Industries gained nearly 1 per cent in morning trade on Monday after the company announced the acquisition of polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore. On September 10, Reliance Industries said the acquisition is part of the strategy to expand its downstream polyester business. Shares of the [...]

Budget carrier SpiceJet on Friday said it has appointed Ashish Kumar as its Chief Financial Officer. Kumar's appointment for the post is effective from September 9, SpiceJet said in a statement. Kumar succeeds Sanjeev Taneja, who quit the struggling carrier on August 31. Before joining the Gurugram-based low-cost airline, Kumar was serving as vice president [...]

The government will acquire a stake in debt-ridden Vodafone Idea after the stock price of the company stabilises at Rs 10 or above, according to an official source. Vodafone Idea (VIL) board has offered a stake to the government at a par value of Rs 10 per share. "There is a SEBI norm that the [...]

Asia's richest man Gautam Adani on Wednesday said his ports-to-power conglomerate will build three giga factories for manufacturing solar modules, wind turbines, and hydrogen electrolyzers as part of a USD 70 billion investment in clean energy by 2030. Adani group is stepping up investments across the green energy value chain as it aims to become [...]

Richest Indian Gautam Adani's conglomerate has cited an improved net debt to operating profit ratio and more than halving of loans from public sector banks to allay concerns about it being overleveraged. In a 15-page note in response to CreditSights report calling the group overleveraged, it said companies in the group have consistently de-levered, with [...]

Global financial services group Nomura has invested Rs 125 crore in Morgan Stanley-backed telecom infrastructure firm iBus Group, the Bengaluru-based firm said on Monday. The strategic investment will enable iBus Group in the consolidation and transformation of digital infrastructure in wifi-managed services and other value-added services. The funding will also help expand the iBus Group's [...]

Jubilant Foodworks Ltd (JFL) on Monday announced that Sameer Khetarpal has joined as its chief executive officer and managing director. "Shareholders have also approved his appointment in the 27th Annual General Meeting of the Company convened on August 30, 2022," said a statement from JFL. Earlier in May this year, JFL, which operates fast-food chains [...]

Singaporean utility firm Sembcorp Industries on Monday announced the sale of its entire stake in its India unit to an Omanese consortium for Rs 11,734 crore as part of its decarbonisation drive. The firm will sell 100 per cent of its shares in Sembcorp Energy India Ltd (SEIL) to Tanweer Infrastructure Pte Ltd, it said [...]

Reliance Power and its subsidiary have inked a pact with Varde Partners for availing debt of up to Rs 1,200 crore. In a regulatory filing, Reliance Power said the company and its subsidiary have entered into a indicative Memorandum of Understanding (MoU) with Varde Partners for availing debt of up to Rs 1,200 crore (USD [...]

Indian Oil Corporation (IOC), the nation's top oil firm, raised Rs 2,500 crore in debt through non-convertible debentures (NCD) at an interest rate lower than government bonds, its director (finance) Sandeep Gupta said on Friday. "Today, Indian Oil fetched a competitive price of a 5-year unsecured NCD issue at an annual fixed coupon of 7.14 [...]

Electric mobility firm Olectra Greentech on Thursday said its board has approved a plan to raise up to Rs 800 crore through issuance of securities. The company is looking to raise the amount through issuance of equity shares and /or through sale of securities convertible into equity shares. These could include issuance of warrants through [...]

Loss-making state-owned telecom firm MTNL has defaulted on an interest payment of Rs 35.15 crore to Union Bank of India, which was due to be paid in July, the company said in a regulatory filing. The company is reeling under a total debt of Rs 27,330 crore. "MTNL has defaulted in the payment of Interest [...]

Adani Electricity Mumbai (AEML) on Tuesday said it is investing Rs 500 crore to install smart meters for seven lakh consumers in the financial capital by the end of 2023. The power discom, a unit of the listed Adani Transmission, said the 7 lakh smart meters is the first phase target and the remaining 20 [...]

SpiceJet on Monday said a tyre of one of its aircraft was found deflated after landing at the airport here. Passengers were deplaned in a normal manner from the aircraft that had come from Delhi, a SpiceJet spokesperson said in a statement. It did not share the number of passengers on board the plane. "On [...]

Billionaire Mukesh Ambani on Monday announced a Rs 2.75 lakh crore investment plan to expand and diversify his USD 221 billion-empire by rolling out 5G services from October, adding capacity in the core oil and chemical business and taking on rival Gautam Adani with a foray into FMCG sector. Ambani, 65, also identified the businesses [...]

Billionaire Mukesh Ambani on Monday laid bare the succession plan at India's most valuable company, identifying twins children Akash and Isha for telecom and retail leadership, and youngest son Anant for new energy unit. He, however, insisted he isn't retiring yet and will "continue to provide hands-on leadership as before". At the annual shareholders' meeting [...]

State-owned Punjab National Bank (PNB) has put up for sale its NPA account Apollo Distilleries & Breweries with loan outstanding of nearly Rs 44 crore due against the company. Inviting asset reconstruction companies (ARCs) to put their bids for transferring the loan account of Apollo Distilleries & Breweries, the city-based lender said it will expedite [...]

The country's largest private sector lender HDFC Bank on Thursday said it will pick up 9.94 per cent stake in Go Digit Life Insurance Ltd. HDFC Bank on August 24, 2022 has entered into an indicative and non-binding term sheet with Go Digit Life Insurance Limited, which summarises the principal terms of a proposed investment, [...]

BNP Paribas Arbitrage on Thursday offloaded 4.05 lakh shares of multiplex film exhibition company PVR Ltd for more than Rs 74 crore through an open market transaction. According to bulk deal data available with BSE, BNP Paribas Arbitrage sold 4,05,183 shares of the company. The shares were disposed of at an average price of Rs [...]

Bharti Airtel promoter Bharti Telecom will buy a 3.33 per cent Airtel stake from Singtel for 2.25 billion Singapore dollars or about Rs 12,895 crore in 90 days' time, the telecom operator said on Thursday. Bharti Group chairman Sunil Bharti Mittal's family and Singtel are co-investors in Bharti Telecom (BTL). Singtel in a statement said [...]

Shares of NDTV Ltd continued to climb for the second consecutive day on Thursday and touched the upper circuit limit of Rs 407.60 on the National Stock Exchange amid the Adani group making an offer to take over the media firm. On NSE as well as BSE, the scrip jumped 5 per cent in opening [...]

Approval from market regulator Sebi is "necessary" for Adani group firm Vishvapradhan Commercial Private Ltd to acquire interests in NDTV's promoter entity RRPR Ltd against an unpaid loan, a regulator filing said on Thursday. The Securities and Exchange Board of India (Sebi) on November 27, 2020, restrained the founder-promoters Prannoy and Radhika Roy "from accessing [...]

TVS Motor Company on Wednesday said it will acquire 48 per cent stake in Narain Karthikeyan’s pre-owned two-wheeler startup 'DriveX' for a consideration of Rs 85 crore. The company said it will acquire 48.27 per cent stake in NKars Mobility Millennial Solutions Pvt Ltd (NMMSPL), which operates under the brand ‘DriveX’, through primary and secondary [...]

SpiceJet is looking for investments from external parties, including airlines, and also plans to add seven more Boeing planes to its fleet, the carrier's chief Ajay Singh said on Tuesday. In recent times, SpiceJet has faced turbulence -- especially with many of its flights suffering technical snags -- and subsequently, the airline has faced actions [...]

RBL Bank on Monday said its board has approved raising up to Rs 3,000 crore to fund the lender's business growth. The fund raising will be subject to the approval of the shareholders, the bank said in a regulatory filing. Besides, the board has approved issuance of 1.75 crore additional equity stock options exercisable into [...]

New Delhi, Aug 22 (PTI) A Delhi court has denied bail to businessman Ajay Ramesh Nawandar in a Rs 34,615-crore bank fraud case involving Dewan Housing Finance Limited (DHFL), on account of his possible influence on both evidence and witnesses. The court held that the accused was prima facie complicit at some stage in the diversion [...]

State-owned Bharat Petroleum Corporation Ltd (BPCL) on Monday announced the appointment of Sukhmal Jain as its director for marketing. Prior to his elevation to the board, he was the Executive Director Incharge (Marketing Corporate) in the Corporate Office and before that the head of Gas Business Unit, the firm said in a statement. A Mechanical [...]

The Union Territory of Ladakh has announced a new electric vehicle policy with subsidies to encourage the citizens to procure e-vehicles in order to create a carbon-neutral future, an official spokesman said on Saturday. Ladakh’s Electric Vehicle and Allied Infrastructure Policy aims to transform the UT into a torch bearer in terms of the adoption [...]

RBL Bank has further brought down its shareholding in Kilburn Engineering by selling an additional 2.92 per cent stake through stock exchanges. The bank has further sold 10,00,000 equity shares representing 2.92 per cent of the paid-up share capital of Kilburn Engineering Ltd, RBL Bank said in a regulatory filing on Friday. The private sector [...]

Computer Age Management Services Ltd (CAMS) promoter entity on Friday divested a 3.79 per cent stake in the IT services company, garnering Rs 428 crore through an open market transaction. Great Terrain Investment Ltd offloaded a total of 18.55 lakh shares, amounting to a 3.79 per cent stake in the company, as per bulk deal [...]

Assets worth Rs 150 crore, which were fully insured, were affected in the massive fire at its Neemrana-based manufacturing unit, said consumer electrical goods manufacturer Havells India. On July 27, a massive fire had broken out at Havells factory at Neemrana in Rajasthan's Alwar district. There was no human loss/injury and the entire building, plant [...]

Debt-ridden Future Enterprises Ltd (FEL) said it has defaulted on payments of interest of two non-convertible debentures totalling Rs 12.68 crore. The due date for payment was August 17, 2022, FEL said in a regulatory filing. "The company is unable to service its obligations in respect of the interest on Non-Convertible Debentures (NCDs) due on [...]

IT company Wipro has held back variable pay of employees mainly due to pressure on margins, inefficiency in its talent supply chain and investment in technology, according to sources. According to the sources, the company has informed employees in an email about the cut in variable pay. Two sources aware of the development told PTI [...]

SpiceJet and Swiss firm Credit Suisse AG Thursday told the Supreme Court about the resolution of their financial dispute which led to the withdrawal of an appeal by the low-cost airline against a Madras High Court verdict which had ordered its winding up due to alleged non-payment of dues to the Swiss firm. "There is [...]

The Department of Telecom has received upfront payment of around Rs 17,876 crore from Bharti Airtel, Reliance Jio, Adani Data Networks and Vodafone Idea for spectrum they won in a recent auction, according to sources. While all telecom operators have opted to make payments in 20 annual installments, Bharti Airtel has paid Rs 8,312.4 crore [...]

Telecom operator Bharti Airtel has paid Rs 8,312.4 crore to the Department of Telecom towards dues for spectrum acquired in the recently concluded 5G auctions, the company said on Wednesday. With the payment, Airtel has paid four years of 2022 spectrum dues upfront. Airtel said it believes that this upfront payment, coupled with the moratorium [...]

The US private equity major KKR on Tuesday sold 27 per cent stake in hospital chain Max Healthcare Institute for Rs 9,185 crore through open market transactions. The shares were picked up by a host of entities, including the Government of Singapore, Monetary Authority of Singapore, Smaller Cap World Fund Inc, New World Fund Inc, WF Asian [...]

Promoter BRDN Investment Management, formerly Standard Life Investments, on Tuesday divested its 5.58 per cent stake in HDFC Asset Management Company (AMC) for a little over Rs 2,300 crore through an open market transaction. According to bulk deal data available with the BSE, the promoter sold a total of 1.19 crore shares, representing a 5.58 [...]

Future Consumer Ltd (FCL) has defaulted on the payment of Rs 51.85 crore towards principal and interest due on non-convertible debentures, a regulatory filing said on Tuesday. The default which happened on August 15, 2022, includes an interest amount of Rs 10.73 crore and a principal Amount of Rs 41.12 crore, FCL said a regulatory [...]

Adani Logistics, a wholly-owned subsidiary of Adani Ports and Special Economic Zone Ltd, on Tuesday said it has signed a definitive agreement to acquire ICD Tumb (Vapi) from Navkar Corporation for Rs 835 crore. Adani Logistics Ltd (ALL) in a statement said the deal comprises the acquisition of the operational ICD with a capacity to [...]

New Delhi, Aug 12 (PTI) Dynasty Acquisition (FPI) Ltd on Friday offloaded 22.37 lakh shares of Shriram City Union Finance Ltd for Rs 447 crore through open market transactions. The entity sold 12,85,734 shares on NSE and 9,51,406 shares on BSE at an average price of Rs 2,000 apiece, as per bulk deal data available [...]

Life Insurance Corporation has said it has not received any timeline from the government for the stake sale in its subsidiary IDBI Bank. LIC owns 49.2 per cent of the lender and the government and public own the remaining shareholdings in the bank which was on the verge of collapse before it was forced into [...]

Equipped with new-age technology, design and tech service provider Tata Elxsi is helping customers reimagine products and services in the three key verticals of transportation, media and telecom and healthcare, says the company’s Chief Marketing Officer Nitin Pai. The result is product engineering services to help customers transform their products, and our own platforms such [...]

Kirloskar Pneumatic's promoter entities on Wednesday divested over 14 per cent stake in engineering firm Kirloskar Pneumatic Company Ltd for Rs 432 crore through open market transactions. The promoter and promoter group who offloaded shares included Jyotsna Gautam Kulkarni, Ambar Gautam Kulkarni and Nihal Gautam Kulkarni. The shares were picked up by a clutch of [...]

Investments by private equity and venture capital funds into Indian entities fell by 69 per cent to USD 3 billion during July, a report said on Wednesday. The investments in July are the lowest for any month in a year, and lower than the USD 4.9 billion recorded across 118 deals in the preceding month [...]

Textile major Trident on Tuesday said its founder and chairman Rajinder Gupta has expressed his intention to step down as director and non-executive chairman of the company due to health issues and family commitments. Respecting the request received from Gupta to relieve him from his duties, the company's board commended the unparalleled contribution of the [...]

Hyundai Motor India expects semiconductor shortage issue to improve next year and emergence of a clear picture on the competitive scenario as it faces production constraints at present, according to a senior company official. The second largest passenger vehicle maker in the domestic market by volume has been facing stiff competition from homegrown manufacturers Tata [...]

Tata Motors on Sunday said its subsidiary has inked a pact to acquire Ford India's Sanand-based manufacturing plant for Rs 725.7 crore. Tata Passenger Electric Mobility Ltd (TPEML), a subsidiary of Tata Motors and Ford India Pvt Ltd (FIPL), have signed a Unit Transfer Agreement (UTA) for the acquisition of the Gujarat-based plant. As part [...]

A promoter entity of Crompton Greaves Consumer Electricals Ltd on Friday offloaded the firm's shares worth Rs 751 crore through an open market transaction. Those who picked up the shares of the Mumbai-based home appliances company were Copthall Mauritius Investment Ltd and Ghisallo Master Fund LP. According to bulk deal data available with the National [...]

Japan's SoftBank Investment Advisers and US-based JP Morgan hosted a meeting between large mutual fund houses and 10 unicorns, including Swiggy, and Unacademy, which are keen on going public within 3 years, sources said. Mamaearth, Lenskart, Acko, Meesho, ElasticRun and InMobi also participated in the meeting held in Bengaluru on August 3 and 4. "Indian [...]

The Enforcement Directorate (ED) on Friday said it has frozen bank deposits of Rs 64.67 crore as part of a money laundering probe against cryptocurrency exchange WazirX. The federal agency said it conducted raids against a director of Zanmai Lab Pvt Ltd, which owns WazirX, on August 3 in Hyderabad and alleged he was "non-cooperative". [...]

Mortgage lender HDFC Ltd on Friday said it has raised USD 1.1 billion (around Rs 8,700 crore) from a clutch of investors under 'Syndicated Social Loan Facility' to cater to the affordable housing segment in the country. The country's largest mortgage lender by asset size said it has raised the amount by way of external [...]

Adani Group on Thursday said it will acquire Macquarie Asia Infrastructure Fund's toll road portfolio in Andhra Pradesh and Gujarat for Rs 3,110 crore. The portfolio of 972 lane km has a long concession life with established traffic in strategically located and important traffic corridors in western and southern India, the group said in a [...]

Central Depository Services on Thursday said the number of active Demat accounts on its platform has crossed the 7-crore mark. Central Depository Services (India) Ltd or CDSL began operations in 1999. It facilitates holding and transacting in securities in the electronic form and settlement of trades on stock exchanges, according to a statement. CDSL MD [...]

The total outstanding debt of state-owned National Highways Authority of India (NHAI) stood at around Rs 3.49 lakh crore as of March 31, 2022, Parliament was informed on Wednesday. In a written reply to the Rajya Sabha, Road Transport and Highways Minister Nitin Gadkari said the fund required by NHAI for debt servicing in 2022-23, [...]

Investment platform ICICIdirect on Wednesday said it has acquired Multipie, a web and app-based networking platform for the investor community, that allows its users to exchange ideas and share views on stocks and other securities. The transaction involves acquisition of Multipie App, technology, brand, domain name, user base and other related matters, ICICIdirect said in [...]

High taxation is limiting the growth of super luxury car sales in India and the market will remain small although the growth rate will be high, according to Automobili Lamborghini Chairman and CEO Stephan Winkelmann. The Italian super sports carmaker, which on Tuesday reported a 4.9 per cent increase in its global deliveries at 5,090 [...]

Richest Indian Gautam Adani's group on Tuesday said the Rs 212 crore worth of spectrum it has bought in a millimetre wave band will be used to create a private network to support its businesses and data centres. Adani Data Networks Ltd (ADNL), a unit of Adani Enterprises Ltd, acquired the right to use 400MHz [...]

India's biggest ever auction of telecom spectrum received a record Rs 1.5 lakh crore of bids, with Mukesh Ambani's Jio cornering nearly half of all the airwaves sold with an Rs 88,078 crore bid. Richest Indian Gautam Adani's group, whose entry in the auction was billed by some as another flash point in the rivalry [...]

ICICI Bank, the second-largest private sector lender and state-owned Indian Bank on Monday raised their lending rates across all tenors in anticipation of a rate hike by the RBI later this week. The rates have been increased across all tenors under the marginal cost of funds-based lending rate (MCLR) system, a move that will make [...]

Electric two-wheelers are going mainstream and the fire incidents will only help manufacturers to focus on quality, thus helping the industry mature, according to Ather Energy cofounder and CEO Tarun Mehta. The Hero MotoCorp-backed firm expects that by the end of this decade up to 30 million electric two-wheelers would be sold in India and [...]

Mortgage lender HDFC Ltd on Saturday increased its benchmark lending rate by 25 basis points, a move that will make loans dearer for both existing and new borrowers. The rate hike comes ahead of the RBI's Monetary Policy Committee (MPC) meeting later next week. It is widely expected that MPC would hike interest rates to [...]

Markets regulator Sebi has granted the in-principle approval for the change in control of HDFC Ltd's wholly-owned subsidiary HDFC Property Ventures Ltd. The change in control will happen pursuant to the merger of HDFC Ltd with HDFC Bank. In April, HDFC Bank and its parent company Housing Development Finance Corporation (HDFC) got approvals from their [...]

Firms run by tycoons Mukesh Ambani, Sunil Bharti Mittal and Gautam Adani bid about Rs 1.45 lakh crore to buy fifth-generation (5G) airwaves on the opening day of India's largest-ever spectrum auction on Tuesday. Telecom Minister Ashwini Vaishnaw said the response on the first day of the auction exceeded all expectations and will surpass the [...]

PB Fintech, the parent company of Policybazaar Insurance Brokers Private Ltd, on Sunday said that the IT system of the firm was hacked on July 19 and subsequent corrective action was taken. The company identified certain vulnerabilities on July 19 in a part of Policybazaar Insurance Brokers IT systems leading to illegal and unauthorized access [...]

Union Bank of India on Friday said it will raise Rs 1,320 crore next week by issuing bonds on a private placement basis. The bank said it has accepted bids of Rs 1,320 crore in an issue of Rs 2,100 crore with a base issue size of Rs 600 crore and a green shoe option [...]

Leading FMCG company Emami on Thursday announced to acquire a 30 per cent stake in a pet-care startup Cannis Lupus Services India for an undisclosed amount. Cannis Lupus Services India offers Ayurvedic remedies for pets under the brand "Fur Ball Story". It uses a wide range of plants and herbs to formulate its medicines, said [...]

Diversified conglomerate ITC Limited on Wednesday said that the company will continue to deliver robust growth despite key concerns such as inflation. Speaking at the company's AGM virtually, CMD of ITC Sanjiv Puri said that in the FMCG space, the firm has nurtured 25 brands and the newer ones will garner an annual consumer spend [...]

Mortgage lender HDFC Ltd on Tuesday said it has sold a portion of the shares of Ansal Housing which it had acquired by way of invocation after the housing construction company failed to pay its loan dues. Details about HDFC's loan exposure to Ansal were not provided. On June 16, Housing Development Finance Corporation (HDFC [...]

Canara Bank on Tuesday said it has raised Rs 2,000 crore by issuing Basel III compliant additional tier I bonds this month. The bank came out with the issuance of Rs 2,000 crore of additional tier-I bonds on July 15, 2022. "The bank received total bid amount of Rs 5,719 crore, out of which full [...]

Manali Petrochemicals Ltd, manufacturer of polyols and part of the AM International Group, Singapore has signed a commercial agreement with United Kingdom-based Econic Technologies to manufacture eco-friendly polyols, the company said on Tuesday. The agreement further strengthens the MPL-Econic partnership and the tie-up would offer significant upside across MPL's business value chain. The innovative technology [...]

Reliance Jio cemented its lead in the Indian telecom market as it gained over 31 lakh mobile subscribers in May, as per data released by the sector regulator on Tuesday. Sunil Mittal-led Bharti Airtel added 10.27 lakh subscribers in May, taking its mobile user tally to 36.21 crore. According to monthly subscriber data by Telecom [...]

Tech-enabled logistics startup Shiprocket has acquired textile company Arvind's omnichannel technology business Omuni for about Rs 200 crore in a mix of cash and equity deal, the company said on Tuesday. The deal comes about a month after Shiprocket acquired a majority stake in logistics firm Pickrr for USD 200 million in a mix of [...]

Ola Electric on Monday announced the investment of USD 500 million for setting up its state-of-the-art Battery Innovation Centre (BIC) in Bengaluru. BIC will be one of the world's largest and most advanced cell R&D facilities with more than 165 "unique and cutting-edge" lab equipment to cover all aspects of cell related research and development, [...]

India's largest telecom operator Reliance Jio Infocomm has submitted earnest money deposit (EMD) of Rs 14,000 crore ahead of its participation in 5G auction, while Bharti Airtel has put in Rs 5,500 crore. According to the list of pre-qualified bidders posted on the telecom department's website, the EMD amount of Adani Data Networks stands at [...]

Yes Bank will invest up to Rs 350 crore for a potential 20 per cent stake in asset reconstruction company JC Flowers, which has emerged as the base bidder for the lender's bad loans worth Rs 48,000 crore. The private sector lender is planning to raise up to USD 1 billion in FY23 to bolster [...]

Edible oil firm Adani Wilmar, which sells its products under Fortune brand, on Monday announced reduction in cooking oil prices by up to Rs 30 per litre amid fall in global prices. The maximum reduction has been done in soyabean oil. The stocks with new prices will reach market soon. On February 7, Mother Dairy, [...]

Bank of Baroda will raise Rs 1,000 crore debt capital by issuing long-term bonds to cater to the financing requirement in the infrastructure sector. The lender has received approval from its Investment Committee in a meeting held on Saturday. "The Investment Committee of the Bank of Baroda in its meeting held on July 16, 2022 [...]

Torrent Power on Friday said it will seek shareholders' approval for raising up to Rs 2,000 crore through issuance of non-convertible debentures ( NCDs). The company is holding its annual general meeting on August 8. "The company seeks the Members’ approval for issuance of NCDs upto an aggregate amount of Rs 2,000 crore, within overall [...]

Yes Bank has selected JC Flowers ARC as partner to form an asset reconstruction company to sell bad loans of the bank valuing Rs 48,000 crore. The lender said it has signed a binding term sheet with JCF ARC LLC and JC Flowers Asset Reconstruction Pvt Ltd (JF Flowers ARC) for strategic partnership in relation [...]

Telecom operator Bharti Airtel on Thursday said it has allotted over 7.1 crore equity shares to internet major Google for Rs 734 apiece. The allotment is part of Google's commitment to invest USD 1 billion with Airtel, which included equity investment in the company worth USD 700 million, about Rs 5,224 crore, Airtel said in [...]

S&P Global Ratings on Thursday said liquidity stress has reduced for Vedanta Resources Ltd as the company has addressed a large part of its debt maturities for the ongoing financial year. The rating agency also said that while Vedanta Resources still has some funds to raise, it has sufficient cash at its cash-rich India operating [...]

Maharashtra government has decided to reduce the value added tax (VAT) on petrol and diesel by Rs 5 and Rs 3 per litre respectively, Chief Minister Eknath Shinde said here on Thursday. The decision, to be implemented from Thursday midnight, would entail a burden of Rs 6,000 crore on the state exchequer. It will benefit [...]

The Enforcement Directorate on Thursday said it has arrested four people, including two promoters of Chennai-based Surana group, in a money laundering case linked to a reported Rs 3,986 crore worth bank loan fraud. Dinesh Chand Surana and Vijay Raj Surana, both managing directors cum promoters of Surana Industries Limited, Surana Power Ltd and Surana [...]

Private equity investments in proptech firms rose 35 per cent to USD 741 million last year as investors sought to tap huge opportunities amid rising use of technology in the realty sector, Housing.com said. Proptech firms that are providing solution in sales and marketing, and construction management got 69 per cent of the total funds. [...]

Chinese phone maker Oppo's India unit has been slapped with a notice for alleged Rs 4,389 crore import duty evasion, the Finance Ministry said on Wednesday. A show-cause notice has been slapped on Oppo India on July 8 after recovery of documents during searches on its premises that indicated wilful misdeclaration in the description of [...]

Auto components major Bosch Ltd will invest over Rs 200 crore in India in the next five years in advanced automotive technologies and digital mobility space, its Managing Director Soumitra Bhattacharya has said. The company is also "quietly and cautiously optimistic about having a double-digit growth in FY2022-23 over the previous fiscal year", Bhattacharya, who [...]

The Madras High Court has declined to restrain Sun Pharmaceuticals Industries Limited in Nandanam here from using the word 'Respules' in its business operations. Justice Senthilkumar Ramamoorthy gave an interim ruling to this effect, while disposing of three interlocutory applications arising out of a civil suit from Cipla Limited in Alapakkam here and in Mumbai, [...]

The Delhi High Court has restrained the Centre from taking further steps concerning its order imposing a penalty of over Rs 66 crore on National Thermal Power Corporation (NTPC) for allegedly failing to comply with the “production schedule” for a coal mine in Chhattisgarh for two years. Justice Yashwant Varma issued notice on the petition [...]

The CBI has arrested Executive Director of Power Grid Corporation of India B S Jha and five officials of Tata Projects, including its Executive VP Deshraj Pathak and Assistant VP R N Singh, in connection with alleged bribery to favour the private company, officials said on Thursday. The probe agency had conducted searches on Wednesday [...]

The National Company Law Appellate Tribunal (NCLAT) has directed IL&FS to distribute Rs 1,925 crore to its financial creditors from the payments received in connection with the Gurgaon metro project. The appellate tribunal also made it clear that the distribution of the amount to the lenders will also be subject to the final resolution of [...]

Reliance Retail Ltd on Wednesday announced its long-term partnership with Gap and plans to bring back the iconic American fashion brand to India. "Through a long-term franchise agreement, Reliance Retail has become the official retailer for Gap across all channels in India," said a joint statement. Earlier, Gap Inc had a franchise business relationship with [...]