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Adani to build 3 giga factories as part of USD 70 bn green investment

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 [...]

Adani group says not overleaveraged, loans from public sector banks halved

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 [...]

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 [...]

Top Latest News on Corporate Actions 

Future Retail independent director conduct raises question on corp gov in India: Amazon

E-commerce major Amazon has alleged that independent directors of Future Retail failed to exercise their statutory duties and their conduct and attitude raise substantial questions on accountability, transparency and fairness regime for corporate governance in India. In a strongly worded letter to Future Retail's independent director on July 4, Amazon has also raised objection to [...]

Mortgage lender HDFC ties up with Salesforce

Mortgage lender HDFC Ltd on Tuesday said it has partnered with software firm Salesforce to support the company's growth priorities. HDFC wanted to build the next generation of integration backbone, to easily connect backend and frontend systems including Salesforce, the mortgage firm said in a statement. Mulesoft with its innovative API-led integration approach and low [...]

Adani Power to seek shareholders nod for related party deal worth Rs 5k crore with AdaniConnex

Adani Power on Tuesday said it will seek shareholders' approval for the proposed related-party transaction worth up to Rs 5,000 crore with AdaniConnex Pvt Ltd (ACPL) during its annual general meeting on July 27. The transaction involves sale by Adani Power (APL) of its SPVs (Special Purpose Vehicle)/ subsidiaries in which ownership and/or leasehold rights [...]

Edelweiss Broking to raise up to Rs 300 cr via NCD

Edelweiss Broking on Tuesday said it will raise up to Rs 300 crore through the public issuance of non-convertible debentures to support working capital requirements. The issue will open on July 5 and close on July 26 with an option of early closure, the company said in a statement. The public issue of secured redeemable [...]

Britannia shareholders reject Rs 5,000 cr investment proposal

Britannia Industries' shareholders have voted against a resolution to authorise the board to make investments, give loans and provide guarantees of up to Rs 5,000 crore in the AGM concluded last week. The special resolution for approval to increase limits for making investments, loans, Special guarantees and security was "not Passed with requisite majority," said [...]

Muthoot Finance gets RBI nod to open 150 new branches

Gold loan-focussed Non-Banking Financial Company (NBFC) Muthoot Finance on Monday said it has received an approval from Reserve Bank of India (RBI) to open additional 150 branches across the country. The non-bank lender plans to open these branches across southern and northern parts of the country, a release said. "As the economy gradually recovers, the [...]

Bajaj Auto begins Rs 2,500 cr share buyback

Bajaj Auto on Monday said it has commenced its Rs 2,500 share buyback programme. In a regulatory filing, the Pune-based company said the buyback initiative has begun with effect from July 4. The company's board, at its meeting held on June 27, had approved the proposal for buyback of the fully paid-up equity shares of [...]

Future Enterprises defaults on Rs 6.15 cr interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) has announced another default, this time on payment of interest of Rs 6.15 crore for its non-convertible debentures. The due date for payment was June 29, 2022, FEL said in a regulatory filing on Thursday. "The Company is unable to service its obligations in respect of the interest on Non-Convertible [...]

IOC to invest Rs 740 cr to raise Digboi refinery capacity

State-owned Indian Oil Corporation (IOC) will invest over Rs 740 crore to raise the capacity of the nation's oldest oil refinery at Digboi in Assam. In a stock exchange filing, IOC said its board has approved raising of Digboi refinery capacity from 0.65 million tonnes per annum to 1 million tonnes along with associated facilities [...]

Toppr lays off 1,100 employees in a day

Edtech major Byju's group firm Toppr has laid off 1,100 staff or about 36 per cent of its workforce from the company earlier this week, according to some of the employees who have been hit by the decision. Toppr's sacked employees said that they got a call from the company on Monday and were asked [...]

Karnataka Bank raises interest rates on deposits

Karnataka Bank has raised the interest rates on deposits of below Rs 2 crore to up to 5.50 per cent per annum to be effective from next month. The bank said it has increased the deposit rates by 10 basis points (0.10 per cent) for 1-2 years of deposits as well for above 2-5 years [...]

2 Companies have declared Share buyback – Check the offer details

Share buybacks happen when a company that has issued shares decides to buy them and reabsorb that portion of its ownership that was previously distributed among public and private investors. Companies do buybacks for various reasons like ownership consolidation, increasing the value of their equity, and improving their financial ratios. Sometimes companies prefer buybacks instead [...]

Tata Tech joins Foxconn-led consortium to develop sustainable mobility solutions

Tata Technologies Ltd on Wednesday said it has joined the Foxconn-initiated MIH Consortium to promote development of sustainable mobility solutions and encourage collaboration within the industry. The MIH (Mobility In Harmony Consortium) comprises more than 2,300 members in the field of software, hardware, and services. The goal of this open electric vehicle alliance is to [...]

Moody’s changes Tata Steels outlook to positive from stable

Moody's Investors Service has changed Tata Steel's outlook to positive from stable. The outlook change to positive shows the domestic steel giant's track record of delivering a solid operating performance while maintaining conservative financial policies and the likelihood that upward rating pressure will build over the next 12 months if the recent performance and credit [...]

Sebi penalises Bharti Infratel for flouting regulatory norms

Capital markets regulator Sebi has imposed a penalty of Rs 1 lakh on Bharti Infratel, now known as Indus Towers, for flouting rules pertaining to employee stock option schemes. In its order, Sebi found that Bharti Infratel violated the provisions of the SBEB (Share Based Employee Benefits) by not appropriating the excess 5,32,862 shares of the [...]

Proptech startup PropShare raises USD 47 mn from WestBridge Capital, others

New Proptech startup PropShare has raised USD 47 million (around Rs 367 crore) from investors including WestBridge Capital to ramp up hiring, strengthen technology and offer more asset classes for investments on its platform. Bengaluru-based PropShare, which was founded in 2016, is a technology-driven real estate investment platform that enables investors to purchase commercial real [...]

Dr Reddy’s acquire Eton Pharmas injectable products for $ 50 mn

Dr Reddy’s Laboratories Ltd on Friday announced that it has acquired a portfolio of branded and generic injectable products from USA-based Eton Pharmaceuticals, Inc for USD 50 million. A press release from the Indian drug maker said, the portfolio includes the Biorphen (phenylephrine hydrocholoride) injection and Rezipres (ephedrine hydrochloride) injection NDAs (New Drug Applications) with [...]

Foxconn Chairman, Vedanta semiconductor head discuss plant location

Electronics manufacturing services company Foxconn chairman Young Liu on Thursday met Vedanta Group's managing director Akarsh Hebbar to discuss the roadmap of their proposed electronic chip manufacturing plant and its location. Vedanta and Foxconn had signed a memorandum of understanding in February to form a joint venture company in India. Vedanta will hold 60 per [...]

Air India offers to re-hire pilots post retirement for 5 yrs

Tata Group-owned Air India has offered to re-hire pilots post their retirement for a five-year period as the airline looks for stability in operations amid talk of acquiring 300 single-aisle planes, according to internal communication. Air India is considering re-hiring these pilots as commanders, it said. This comes even as the full-service carrier rolled out [...]

Reduce GST on pesticides to 5% from 18%: Dhanuka Agritech chief

Pitching for urgent reforms in the agro-chemicals sector, Dhanuka Agritech Group Chairman RG Agarwal on Wednesday demanded that the government should reduce goods and services tax (GST) on pesticides to five per cent from the current 18 per cent in line with farm inputs like seeds and fertilisers. Agarwal also urged the government to bring [...]

TCS bags deal from Aadhar Housing Finance to improve biz ops

India's largest software firm TCS has bagged a deal to drive business process transformation at Aadhar Housing Finance for an undisclosed sum, the companies said on Wednesday. The domestic housing financier will be deploying the Tata group company's lending and securitisation platform for market expansion, according to a statement. The partnership with TCS is for [...]

Varun Beverages’ Jaipuria settles insider trading case with Sebi; pays Rs 56 lakh

Varun Beverages chairman Ravi Kant Jaipuria has settled with capital markets regulator Sebi a case related to alleged violations of insider trading rules after paying nearly Rs 56 lakh towards settlement charges. It was alleged that Jaipuria had communicated unpublished price-sensitive information (UPSI) relating to a strategic partnership between Varun Beverages Ltd (VBL) and PepsiCo [...]

No purchase of coal from Russia after April 20: Tata Steel

Tata Steel has not made any purchase of PCI coal from Russia post its April announcement of severing business ties with Russia amid the ongoing conflict with Ukraine, a company spokesperson said on Wednesday. On April 20, Tata Steel had said it would stop doing business with Russia. To ensure business continuity, all its steel [...]

ONGC seeks minimum $17 price for Bokaro coal gas

State-owned Oil and Natural Gas Corporation (ONGC) is seeking a minimum USD 17 price for the gas it plans to produce from coal seams in its Bokaro CBM block in Jharkhand. ONGC invited bids for the sale of 0.20 million standard cubic metres per day of gas it plans to produce from the Bokaro CBM [...]

PwC to acquire Bengaluru-based Venerate Solutions

PwC India on Tuesday said it will acquire Bengaluru-based Venerate Solutions Private Limited, a salesforce consulting firm. PwC India, however, did not disclose the financial details of the acquisition. Upon completion of the acquisition, Venerate and its team of consultants and developers will integrate with PwC India's salesforce practice, said PWC India, adding this acquisition [...]

Akasa Air takes delivery of first aircraft Boeing 737 MAX

Ace investor Rakesh Jhunjhunwala-promoted Akasa Air's first aircraft Boeing 737 MAX arrived in New Delhi on Tuesday, bringing it closer to securing the mandatory Air Operator Permit to start operations. The airline had received the ceremonial keys for the aircraft in Seattle, the US, on June 15, Akasa Air said in a statement. This is [...]

PTC India Financial Services ties up with GGGI to set up renewable energy-focused infra fund

Infrastructure finance firm PTC India Financial Services (PFS) has signed an agreement with the Global Green Growth Institute for setting up a renewable energy-focused infrastructure debt fund. Under the pact, GGGI (Global Green Growth Institute) will provide technical support to PFS for the development and establishment of Renewable energy focused Infrastructure Debt Fund (RIDF). Discussions [...]

Delhivery launches ‘same-day delivery’ service in 15 cities

Integrated logistics player Delhivery on Friday said it has launched "guaranteed same-day delivery" service in 15 key cities in the country to help direct to-consumer (D2C) brands deliver their orders the same day. Under the new service, orders received as late as 3 pm will be delivered on the same day, Delhivery said in a [...]

OIL signs pact with homiHydrogen for green hydrogen

Oil India Ltd, the nation's second-largest national oil and gas explorer, on Thursday said it has signed an initial agreement with homiHydrogen to work together in the green hydrogen value chain. The memorandum of understanding (MoU) signed with homiHydrogen Pvt Ltd is "to boost India's efforts towards energy transition for achieving net-zero by 2070 and [...]

RBI lifts restrictions on Mastercard

Mumbai, Jun 16 (PTI) The RBI on Thursday lifted restrictions on Mastercard that it had imposed last year for failing to comply with local data storage norms. The central bank had barred the US-based payment gateway from onboarding new customers until it complies with Storage of Payment System Data norms. "In view of the satisfactory [...]

Grasim Industries appoints Pavan Jain as Chief Financial Officer

Aditya Birla group firm Grasim Industries on Thursday announced the appointment of Pavan Jain as its next Chief Financial Officer with effect from August 15, 2022. His appointment comes in the wake of incumbent Ashish Adukia's plan to pursue career opportunities outside the Aditya Birla Group, Grasim Industries said in a regulatory filing. Adukia will [...]

G.O.A.T Brand Labs raises USD 50 mln

Direct to consumers brand aggregator G.O.A.T Brand Labs on Thursday said it has secured USD 50 million (about Rs 390 crore) in funding as part of Series A1 round. The round saw the participation from new investors, including Winter Capital, 9Unicorns, Venture Catalysts, Vivriti Capital and Oxyzo along with most of the company's existing investors, [...]

Xpressbees sets up engineering centre in Bengaluru

Third-party end-to-end logistics provider Xpressbees on Thursday said it has set up an engineering centre in Bengaluru to bring in specialised competencies and attract IT talent. The over 600-seat capacity engineering centre at Bengaluru is the second such facility of Xpressbees after Pune. The centre will focus on cutting-edge research, end-to-end logistics management and knowledge [...]

Strides Pharma arm gets EU-GMP certification for two facilities

Strides Pharma Science on Thursday said its subsidiary has received EU-GMP certification  for two of its manufacturing facilities from Hungary's National Institute of Pharmacy and Nutrition. Stelis Biopharma, an emerging biopharmaceutical and vaccine Contract Development and Manufacturing Organisation (CDMO) and the biologics arm of Strides Pharma, has received the European Union Goods Manufacturing Practices (EU-GMP) [...]

Viacom18 says has become one of the largest sporting destinations in India after bagging IPL digital rights

Reliance Industries-backed Viacom18 on Wednesday said its platforms have become one of the largest sporting destinations in India following the acquisition of digital rights of IPL for the seasons from 2023 to 2027. On Tuesday, BCCI had announced that India digital rights for IPL were acquired for Rs 20,500 crore by Viacom18, which also won [...]

UPL acquires 100% stake in Kudos Chemie

Agrochemical major UPL Ltd on Wednesday said it has acquired 100 per cent stake in Punjab-based Kudos Chemie through its wholly-owned subsidiary in a bankruptcy resolution process. The National Company Law Tribunal (NCLT) Chandigarh bench gave its approval to UPL's resolution plan submitted under the Insolvency and Bankruptcy Code (IBC) for revival of Kudos Chemie, [...]

Two Markfed officials dismissed over charges of embezzlement in wheat stock

Two officials of Punjab cooperative federation Markfed have been dismissed from service over charges of embezzlement in wheat stock and involvement in other irregularities. Markfed's Managing Director Ramvir dismissed the two officials on Monday after an enquiry into the matter. The matter came to fore after physical verification of the stock at Guruharsahai branch office. [...]

GE acquires 49% stake in Continuum’s onshore wind farm

GE Energy Financial Services, an arm of GE, has acquired a 49 per cent stake in Continuum Green Energy's 148.5 megawatt Morjar onshore wind project in Gujarat for an undisclosed sum. This transaction marks GE EFS' first onshore wind equity investment in Gujarat through a structured preferred equity solution, the company said in a statement. [...]

Groyyo raises $40 mn in funding led by Tiger Global

B2B manufacturing startup Groyyo on Wednesday said it has raised USD 40 million (about Rs 310 crore) in a combination of equity and debt in its Series A round led by Tiger Global. The funding round also witnessed strong participation from early investor Alpha Wave Global. Existing investors Sparrow Capital and Stride Ventures, and angel [...]

JSW Steel crude steel production in May jumps 31%

JSW Steel crude steel production in May on a standalone basis jumped 31 per cent to 17.89 lakh tonnes, the company said on Wednesday. The crude steel output in May of FY'21 was 13.67 lakh tonnes. The flagship company of the USD 22 billion JSW Group stated that production of flat-rolled products also expanded by [...]

Shiprocket to acquire majority stake in Pickrr for USD 200 million

E-commerce logistics SaaS company Shiprocket has inked a deal to acquire a majority stake in its competitor e-commerce platform Pickrr for about USD 200 million (about Rs 1,560 crore) in a mix of cash and equity transaction, the firms said in a joint statement. Shiprocket and Pickrr cater to India's burgeoning D2C (direct-to-customer) sector, where [...]

Ather Energy in talks with various state govts to set up third manufacturing plant

Hero MotoCorp-backed electric two-wheeler maker Ather Energy is in talks with several state governments to set up a new manufacturing facility in the country, according to sources. The company is said to be in talks with officials of several state governments, including Andhra Pradesh, Maharashtra, Gujarat, Telangana and Karnataka, to set up an additional manufacturing [...]

Wipro to quadruple employee count in Norway to 350 in two years

IT services company Wipro Ltd on Tuesday said it expects to ramp up employee count in Norway to 350 in the next two years, and is increasing investment there locally to help clients capitalise on digital transformation. With increased local investment, Wipro is positioning itself as a core part of the business ecosystem in Norway, [...]

Tata Technologies ties up with TN govt to transform industrial training centres into tech centres

Tata Technologies, a global engineering and product development digital services company has signed a memorandum of understanding with the Tamil Nadu government to transform industrial training institutes into technology centres. The collaboration with the state government is an extension of Tata Technologies' continued efforts to implement projects of high social impact and complement nation building [...]

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