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Reliance acquires Shubhalakshmi Polyesters for Rs 1,592 crore

Billionaire Mukesh Ambani's Reliance Industries Ltd has acquired polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore, the company said in a stock exchange filing. "Reliance Petroleum Retail Ltd (under name change to 'Reliance Polyester Ltd'), a wholly owned subsidiary of the company, today executed definitive documents to acquire polyester business of [...]

SpiceJet appoints Ashish Kumar as CFO

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 [...]

PSU stock jumps 10% in 2 days after a demerger; might declare dividend 

Bharat Earth Movers Limited (BEML) is hiving off its land assets business from its core business. This will help it to specify the real value of its core business and fixed assets separately, in order to fast-track privatization.  The state-run player’s shares are currently locked at ₹ 1614.05 apiece on the National Stock Exchange (NSE). [...]

Top Latest News on Corporate Actions 

Reliance Industries gains 1% on Shubhalakshmi Polyesters acquisition

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 [...]

Reliance acquires Shubhalakshmi Polyesters for Rs 1,592 crore

Billionaire Mukesh Ambani's Reliance Industries Ltd has acquired polyester chips and yarn manufacturer Shubhalakshmi Polyesters Ltd for Rs 1,592 crore, the company said in a stock exchange filing. "Reliance Petroleum Retail Ltd (under name change to 'Reliance Polyester Ltd'), a wholly owned subsidiary of the company, today executed definitive documents to acquire polyester business of [...]

SpiceJet appoints Ashish Kumar as CFO

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 [...]

Nomura invests Rs 125 crore in telecom company iBus

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 [...]

Sameer Khetarpal joins Jubilant FoodWorks as CEO, MD

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 [...]

IOC raises 2,500 cr in debt at interest lower than sovereign

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 [...]

EV company Olectra Greentech plans to raise Rs 800 crore

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 [...]

Ambani details succession plan; Retail to Isha, Energy to Anant

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 [...]

PNB to sell NPA account Apollo Distilleries & Breweries

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 [...]

HDFC Bank to acquire 9.94% stake in Go Digit Life Insurance

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 offloads PVR shares worth Rs 74 crore

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 [...]

NDTV shares gain 5%; hit upper circuit

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 [...]

Sebi approval required to acquire NDTV promoters stake in holding firm RRPR: Filing

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 [...]

SpiceJet scouting for funds from airlines, external parties; plans to add 7 planes by Dec end: Ajay Singh

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 to raise Rs 3,000 crore

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 [...]

Sukhmal Jain takes over as Director (Marketing) of BPCL

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 [...]

Ladakh rolls out EV policy with subsidies to encourage buyers

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 cuts stake in Kilburn Engineering

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 [...]

CAMS promoter entity pares 3.79% stake for Rs 428 crore

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 [...]

American Balanced Fund offloads 2.9 crore shares of Embassy Office Parks REIT worth Rs 1,046 crore

American Balanced Fund on Thursday offloaded 2.9 crore shares of real estate investment trust Embassy Office Parks REIT for Rs 1,046 crore through an open market transaction. According to the bulk deal data available with BSE, American Balanced Fund sold 2,92,62,468 shares of the company. The shares were disposed of at an average price of [...]

Future Consumer defaults on Rs 51.85 cr payment

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 [...]

Tata Elxsi brings new age solutions for driverless cars, connected vehicles and more: Tata Elxsi CMO Nitin Pai

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 sell company’s 14% share for Rs 432 crore

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 [...]

Trident founder Rajinder Gupta to step down

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

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 [...]

ED freezes over Rs 64 cr bank deposits of crypto exchange WazirX

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". [...]

Active Demat accounts on CDSL cross 7-cr mark

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 [...]

NHAI debt stands at Rs 3.49 lakh crore

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, [...]

ICICIdirect acquires investor community based networking platform Multipie

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 [...]

5G Auction: Record Rs 1.5 lakh cr bids; Jio top bidder

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, Indian Bank hike lending rates

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 [...]

HDFC hikes lending rate by 25 bps; home loan to be costlier

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 [...]

Jio, Airtel, Adani pour Rs 1.45 lakh crore bids for 5G spectrum

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 [...]

Policybazar says its IT system compromised; authorities informed

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 [...]

ITC will continue to deliver robust growth: Puri

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 [...]

HDFC sells shares of Ansal Housing to recover dues

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 [...]

Manali Petro inks pact with UK-based Econic Tech to make eco-friendly polyols

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 [...]

Jio adds over 31 lakh mobile users in May: TRAI data

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 [...]

Bank of Baroda to raise Rs 1,000 cr debt capital

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 to seek shareholders nod for raising Rs 2,000 cr

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 [...]

Liquidity stress eases for Vedanta Resources: S&P

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 [...]

Bank fraud: ED arrests 4 in money laundering case against Surana Group

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 [...]

PE inflows into proptech firms rise to USD 741 mn in 2021: Report

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. [...]

Infosys to acquire Denmark based BASE life science for Rs 875 crore

Infosys on Wednesday said it will acquire Denmark-based BASE life science for about 110 million euros (Rs 875 crore) in an all-cash deal. The acquisition will deepen Infosys' expertise in life sciences domain as well as strengthen its footprint across Europe. "This acquisition augments Infosys' deep life sciences expertise, and expands our footprint further in [...]

India slaps notice on Oppo for Rs 4,389 cr import duty evasion

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 [...]

Bosch to invest over Rs 200 cr in next 5 years in India

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 [...]

HC refuses to stop Sun Pharmaceuticals from using word Respules

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, [...]

NCLAT asks IL&FS to distribute Rs 1,925 cr to financial creditors

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 [...]

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