06-Jul-2019

Zuari Agro Chemicals shuts down Urea/Ammonia Plants

Zuari Agro Chemicals has shut down Urea/Ammonia Plants due to tube leak of the PG- Reboiler in the CO2 removal section of the Ammonia plant.

Zuari Agro Chemicals is one of the leading fertilizer conglomerates in India. The company produces high-quality complex fertilizers of various grades along with seeds, pesticides, micro nutrients, and specialty fertilizers.

 

06-Jul-2019

SunEdison Infrastructure to acquire Megamic Electronics, Enrecover Energy Recovery Solutions

SunEdison Infrastructure has received approval for acquisition of Megamic Electronics and Enrecover Energy Recovery Solutions. This acquisition will help the company in delivering high performance solar assets to the customers with improved customer service and visibility. The Board of Directors of the Company at its meeting held on July 05, 2019 has approved the same.

Cost of acquisition is around Rs 1.12 crore for 51% stake in Enrecover Energy Recovery Solutions. Cost of acquisition is around Rs 1 crore and 0.3% equity shares of the company in exchange of 51% stake in Megamic Electronics.

 

06-Jul-2019

Quick Heal Technologies gets patent for Anti-Ransomware technology from USPTO

Quick Heal Technologies has been granted a patent for its ground-breaking Anti-Ransomware technology by the United States Patent and Trademark Office (USPTO). Post the patent approval, the company has become the first Indian company to indigenously develop and be awarded a patent for Anti-Ransomware technology.

Designed and developed by Quick Heal’s state-of-the-art R&D and innovation centre in Pune, the Anti-Ransomware Technology further underlines its commitment to delivering the most advanced and innovative security solutions. The technology is available in all the consumer and enterprise endpoint security products offered under Quick Heal and Seqrite brands.

Quick Heal Technologies is leading provider of Internet Security tools and is a leader in antivirus Technology in India. Quick Heal Technologies was founded in 1993 and has been actively involved in Research and Development of antivirus software since then.

 

06-Jul-2019

Orissa Bengal Carrier secures contract from Electrosteel Steels

Orissa Bengal Carrier has received contract from Electrosteel Steels for bulk transportation of Rebar, Wire rod coil, Pig iron, Billet & Dip for various destinations. The annual value of the contract is around Rs 53.44 crore.

Orissa Bengal Carrier is engaged in goods transportation business. The various types of services provided by the company include: Full Truck Load Transport Services, Parcel and Part Truck Load Services/less than Truck Load (LTL).

 

06-Jul-2019

Olympic Cards pays default in term loan EMI amount to ICICI Bank

Olympic cards has paid default in loan EMI amount to the Loan Lender ICICI Bank on July 03, 2019. The company has paid Term Loan EMI amount of Rs 0.1564 crore (principal- Rs 0.1153 crore and Interest ‘ Rs 0.0411 crore). There is no default amount payable to the above Bank as on date.

Olympic Cards is the Manufacturer and Supplier of Invitation cards for all occasions.

 

06-Jul-2019

City Union Bank registered as Mutual Fund Distributor with BSE Star Mutual Fund platform

City Union Bank has been registered as a ‘Mutual Fund Distributor’ with BSE Star Mutual Fund platform for distribution and redemption of Mutual Fund Units in India through web based platform. The operations shall commence in due course.

City Union Bank offers a suite of products across deposits, loans, investment solutions, payments and cards and the Bank also offers services, such as internet banking, mobile banking, including online funds transfer and fixed deposit operations. The Bank operates in four segments, which includes Corporate/Wholesale banking, Retail Banking, Treasury and Other Banking Operations.

 

06-Jul-2019

Raunaq Epc International to sell 1.48 crore shares in Xlerate Driveline

Raunaq Epc International has received approval for sale of 1.48 crore equity shares constituting 100% of the equity paid-up capital of wholly owned subsidiary — Xlerate Driveline India. The Board of Directors of the Company at its meeting held on July 04, 2019 has approved the same.

The transfer would be beneficial to the company in the long term, as the proceeds of the transfer partly could be utilised to pay off the debts which will drastically bring down the financial burden on the company.

Raunaq Epc International (formally known as Raunaq International) engaged in turnkey execution of Engineering Projects.

 

06-Jul-2019

CRISIL revises ratings of Mangalam Organics’ bank facilities

Credit rating agency, CRISIL has revised its rating Outlook and upgraded its rating of Mangalam Organics’ bank facilities. The agency has revised long-term rating to ‘A-/Stable’ from ‘BBB+/Positive’ and it has also revised short-term rating to ‘A2+’ from ‘A2’.

Mangalam Organics manufactures and sells chemicals in India.

 

06-Jul-2019

BHEL gives contract of Rs 25.79 crore to Artson Engineering

Bharat Heavy Electricals (BHEL) has given contract of around Rs 25.79 crore to Artson Engineering. The order is for detail drawing preparation based on Input Design drawings provided by BHEL/PEM for Main Power House and getting approval from BHEL PEM / PVUNL, Fabrication and supply of finished products for this package as per BOM/Drawings for 3X800 MW PVUNL Patratu site. The contract is to be executed within 26 months.

BHEL is India’s largest engineering and manufacturing company of its kind. It is a power plant equipment manufacturer and operates as an engineering and manufacturing company.

 

05-Jul-2019

Prism Johnson gets nod to raise Rs 115 crore

Prism Johnson has received an approval for raising funds worth Rs 115 crore through issue of Unsecured, Redeemable, Listed, Taxable, Non-convertible Debentures, Tranche – NCDs of face value of Rs 10,00,000 on private placement basis. The Board of Directors of the company at their meeting held on July 5, 2019, considered and approved the same. 

Prism Johnson (formally known as Prism Cement) is a building materials company. The company has interest in Portland cement, tiles, bathroom and kitchen (TBK) and ready mixed concrete (RMC).

 

05-Jul-2019

Artson Engineering gets LoA from BHEL

Artson Engineering has received a Letter of Acceptance (LoA) of approximately Rs 25.79 crore (excluding taxes) from Bharat Heavy Electricals (BHEL).  The order is for detail drawing preparation based on Input Design drawings provided by BHEL/PEM for Main Power House and getting approval from BHEL PEM / PVUNL. Fabrication and supply of finished products for this package as per BOM/Drawings for 3X800 MW PVUNL Patratu site.

Artson Engineering is engaged in pioneering work in developing products and systems in fuel handling and tankage construction activities in refineries, which led the company to become one of the foremost companies in India with specialization in Petroleum Storage and handling systems.

 

05-Jul-2019

Biopac India Corporation defaults in payment of loan installment

Biopac India Corporation has made a default in the payment of loan instalment of principal amount of Rs 91,56,250 and interest of Rs 35,82,339 of Kotak Mahindra Bank. The bank account of the company has become NPA in the books of the Bank.

Biopac India Corporation is engaged in the manufacture of foam polystyrene products.

 

05-Jul-2019

Pfizer gets MIDC’s nod for transfer of business undertaking to Vidhi

Pfizer has received approval from MIDC for the transfer of the business undertaking to Vidhi Research and Development LLP (Vidhi). The business undertaking includes the land, plant & machinery and employees, save and except certain portion of the land.

Earlier, the company had entered into Business Transfer Agreement for transfer of the Company’s business undertaking at Thane (BTA) as a going concern to Vidhi for a lump sum consideration of Rs 178 crore.

Pfizer has produced innovative breakthroughs in a wide range of research areas, including depression, erectile dysfunction, high cholesterol, HIV infection, hypertension, bacterial infections and systemic fungal infections.

 

 

05-Jul-2019

Adani Power acquires GMR Infra’s 1,370-mw Chhattisgarh plant

GMR Infrastructure has signed a definitive agreement with Adani Power to sell its entire 47.62 percent stake in GMR Chhattisgarh Energy for an undisclosed amount — its second asset sale since May and the third resolution in the troubled power sector outside the bankruptcy process.

This sale will bring down GMR Group’s debt pile which stood at Rs 21,000 crore as of March 2019, of which GMR Chhattisgarh Energy had an outstanding debt of Rs 5,926 crore.

Adani Power is engaged in the business of generation, accumulation, distribution and supply of power and to generally deal in electricity and to explore, develop, generate, accumulate, supply and distribute or to deal in other forms of energy from any source whatsoever.

 

05-Jul-2019

Sobha achieves sales volume of 10.63 lakh sq. ft. for Q1FY20

Sobha has reported operational performance for Q1FY20. During the quarter, the company achieved new sales volume of 10,63,632 square feet (sq. ft.) in total valued at Rs 7.78 billion, with a total average realisation of Rs 7,312 per square feet. The sales volume is up by 11% as compared to the corresponding quarter of last year.

Sobha is one of the fastest growing and foremost backward integrated real estate players in the country. It primarily focuses on residential and contractual projects.

 

05-Jul-2019

Govt invites bids for 100% stake sale in SAIL’s three plants

The government has invited bids for 100% stake sale in Steel Authority of India’s (SAIL) three plants. The Department of Investment and Public Asset Management (DIPAM) invited Expression of Interest (EoI) from bidders for SAIL’s Alloys Steels Plant (ASP), Salem Steel Plant (SSP) and Visvesvaraya Iron and Steel Plant (VISP).

SAIL is India’s largest steel producing company. The company is among the five Maharatnas of the country’s Central Public Sector Enterprises. The company has five integrated steel plants, three special plants, and one subsidiary in different parts of the country.

 

05-Jul-2019

Yes Bank acquires over 9% stake in Eveready

Yes Bank has acquired over 9 percent shares of Eveready by invoking pledged shares following loan default by a group company. Eveready and Mcleod – which is engaged in the tea business – belong to the B M Khaitan group.

Earlier on June 30, Eveready had announced an agreement with the Madhu Jayanti International (MJIPL) for its loss making packet tea business to reduce stress on working capital.

Yes Bank is engaged in providing banking services, including corporate and institutional banking, financial markets, investment banking, corporate finance, branch banking, business and transaction banking, and wealth management.

 

05-Jul-2019

Westlife Development’s arm aims Rs 2,500 crore topline by 2022

Hardcastle Restaurants (HRPL), a Master Franchisee for West & South India operations of McDonald’s restaurants and a subsidiary of the Westlife Development, is aiming a topline of Rs 2,500 crore by 2022 when it will have 400 stores on an investment of around Rs 500 crore.

Westlife Development that owns Hardcastle Restaurants had reported a revenue of Rs 1,401.6 crore in FY19.

Westlife Development focuses on putting up and operating Quick Service Restaurants (QSR) in India through its subsidiary HRPL. The Company operates a chain of McDonald’s restaurants in west and south India, having a master franchisee relationship with McDonald’s Corporation USA, through the latter’s Indian subsidiary.

 

05-Jul-2019

Team Lease acquires 25% stake in Cassius Technologies

Team Lease has acquired an additional 25% stake in Cassius Technologies (Fresher’s World) on July 04, 2019. The company now holds 76% stake in Cassius Technologies.

Team Lease Services are one of India’s leading providers of human resource services with a vision of Putting India to Work. The Employment services include staffing solutions, recruitment services and compliance services.

 

05-Jul-2019

Perfect Octave Media Projects inks strategic alliance to launch Classical Music digital platform

Perfect Octave Media Projects has entered into a strategic alliance with a leading software and Mobile App experts to launch World’s Largest Classical Music Digital Platform and signed an agreement on July 03, 2019.

Perfect-Octave Media Projects is engaged in the business of Entertainment with an aim to upscale Indian Music as a preferred genre in the lines of other popular genres within the Music Industry.

 

05-Jul-2019

Hero MotoCorp working on several electric vehicle projects

Hero MotoCorp is working on several electric vehicle projects even as it has asked the government for a more cautious, clear and realistic roadmap towards the adoption of such technology in the country. The company is fully geared up for the EV challenge.

Hero MotoCorp intends to enhance its participation in the EV space by pursuing its internal EV programme in addition to partnering with Ather.

Hero MotoCorp is an India-based holding company and a two-wheeler manufacturer. The company is engaged in the manufacturing and selling of motorized two-wheelers, spare parts and related services.

 

05-Jul-2019

Tata Power’s step down subsidiary signs definitive agreements for sale of 50 MW solar power

Tata Power’s step down subsidiary — Poolavadi Windfarm has signed definitive agreements for sale of 50 MW solar power under captive structure. The power will be supplied through open access under a long-term power purchase agreement. Poolavadi Windfarm is a 100% subsidiary of the Tata Power Renewable Energy – wholly owned subsidiary of the company.

Tata Power Company is India’s largest integrated power company with a growing international presence. The company together with its subsidiaries and jointly controlled entities has presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.

 

05-Jul-2019

Tata Motors’ arm unveils major electric car investment plans for UK

Tata Motors owned Jaguar Land Rover (JLR) has unveiled major investment plans for the production of its new electric car models in the UK. Its new range of electrified vehicles will be built at its Castle Bromwich plant in the West Midlands region of England, safeguarding thousands of jobs.

Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.

 

05-Jul-2019

Sagar Cements logs growth in production and sales in June

Sagar Cements has reported the cement production figures for June 2019. The company’s Standalone cement production/purchase for June 2019 stood at 199,490 million tonnes (MT), up by 11.11% compared to 179,543 MT produced in June 2018. The company’s consolidated cement production for June 2019 stood at 274,276 MT, up by 12.89% compared to 242,963 MT produced in June 2019.

Further, the Company’s Standalone cement sales for June 2019 stood at 201,910 million tonnes (MT) up by 12.15% compared to 180, 041 MT sold in June 2018. The company’s consolidated cement sales for June 2019 stood at 275,562 MT, up by 12.04% compared to 245,959 MT sold in June 2019.

Sagar Cements is a prominent player in the field of cement in Andhra Pradesh for over 3 decades adopting progressive manufacturing practices, whether it relates to maintaining high standards of quality of its products or development of its highly valued human resources or the need to keep the pollution to the barest minimum.

 

05-Jul-2019

Mangalore Refinery buys first cargo of US Thunder Horse crude oil: Report

Mangalore Refinery and Petrochemicals (MRPL) has reportedly bought US-produced Thunder Horse crude oil via a tender for mid-October delivery.

The refiner placed an order to buy 1 million barrels of the oil with BP on July 04 late evening.

MRPL is engaged in the business of refining crude oil. It offers high speed diesel oil, fuel oil and motor spirit. It operates as a subsidiary of Oil and Natural Gas Corporation.

 

05-Jul-2019

TCS recognized as Leader in the NelsonHall NEAT for loT

Tata Consultancy Services has been recognized as a Leader in the NelsonHall NEAT for loT in Business Transformation in the Retail and Travel Transportation and Logistics industries. ln the Retail sector, TCS was placed highly on both axes – ability to deliver immediate benefits and ability to meet future client requirements. Cited as strengths were TCS’ Digital Twin capabilities that are evolving swiftly at a high level of component resolution, the TCS Connected Universe Platform, which offers robust middleware capabilities, and its expanding library of prebuilt loT connectors and solution accelerators.

Tata Consultancy Services is an IT services, consulting and business solutions provider that has been partnering with the world’s largest businesses in their transformation journeys for the last fifty years.

 

05-Jul-2019

CARE revises ratings of Panama Petrochem’s bank facilities

CARE Ratings has revised the rating of Panama Petrochem’s long term bank facilities to A- Stable from A negative and revised the rating on short term bank facilities to A2+ from A1.

Panama Petrochem is in the field of petroleum speciality oils and solvents for more than 25 years. Its Ankleshwar Plant is one of the best of its kind in terms of huge production capacity with large storage tanks and warehouses.

 

05-Jul-2019

Tata Steel Kalinganagar joins WEF’s Global Lighthouse Network

Tata Steel Kalinganagar (TSK) has been included in World Economic Forum’s (WEF) Global Lighthouse Network. WEF is a community of manufacturers showing leadership in applying Fourth Industrial Revolution technologies to drive financial and operational impact. TSK in Odisha’s Jajpur district is the first and the only Indian manufacturing plant to be included in the WEF’s Lighthouse Network.

The factories were selected based on their success in integrating these technologies to increase efficiency and drive innovation. Tata Steel’s IJmuiden plant at Netherlands is already a member of this network.

Tata Steel, the flagship company of the Tata group is the first integrated steel plant in Asia and is now the world’s second most geographically diversified steel producer and a Fortune 500 company.

 

05-Jul-2019

Tata Sponge Iron commences operations of iron ore mine

Tata Sponge Iron has commenced the operations of the iron ore mine with effect from July 04, 2019. The Company has received approvals from concerned authorities for transportation of iron ore extracted from the mines.

Tata Sponge Iron is engaged in business of manufacturing high-grade sponge iron that is consistent quality. The company also in the business segment of Power, Sponge Iron.

 

05-Jul-2019

Maruti Suzuki reports 16% fall in June production

Maruti Suzuki India has reported 15.61% fall in its production to 111,917 vehicles in June 2019, as compared to 132,616 vehicles in June 2018. Of total, the company manufactured 15,087 vehicles under mini segment (including Alto, Old Wagon R) in June 2019, as against 29,131 units manufactured in corresponding month previous year.

The company manufactured 66,436 vehicles under Compact segment; 2,543 vehicles under Midsize; 17,074 units under Utility Vehicles segment and 8,501 units under Vans category. The company has also produced 2,276 vehicles under Light Commercial Vehicles (LCV) segment (including super carry) in June 2019, as against 1,548 units produced in corresponding month previous year. 

Maruti Suzuki India (formerly known as Maruti Udyog) is an automobile manufacturer in India. It provides passenger cars, utility vehicles and vans. The firm also offers pre-owned car sales, fleet management and car financing services.

 

05-Jul-2019

Lakshmi Vilas Bank allots 1.68 crore shares to Indiabulls Housing Finance

Lakshmi Vilas Bank has received approval for the allotment of 1.68 crore equity shares of the Bank to Indiabulls Housing Finance by way of preferential issue at an issue price of Rs 112 per Equity Share, aggregating to Rs 188.16 crore. The Board of Directors of the Bank at its meeting held on July 04, 2019 has approved the same.

Lakshmi Vilas Bank offers a wide range of services such as Deposits, loan, MSME, Online Services, NRI services, Wealth Management Services and Personal banking services etc.

 

05-Jul-2019

Bank of Baroda partners with CRISIL

Bank of Baroda has signed an agreement with CRISIL to assess the credit quality of its existing and prospective SME customers. Under the agreement, the rating agency will assess SMEs by processing and analysing structured, unstructured and new data streams and share it with the bank.

Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.

 

05-Jul-2019

GMR Infrastructure signs agreement with Adani Power

GMR Infrastructure has signed definitive Share Purchase Agreement with Adani Power (APL) for the sale of the entire stake 47.62% in GMR Chhattisgarh Energy (GCEL), held by its wholly owned subsidiary GMR Generation Assets (GGAL).

The Consortium Lenders of GCEL adopted the ‘Change in Management’ as a Resolution Plan (RP) in accordance with the Guidelines issued by Reserve Bank of India. The lenders followed a detailed bidding process and selected APL as the final bidder. GCEL has received 100% approvals of all Lenders for implementation of the RP.

GMR Infrastructure is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zone; construction business, including engineering, procurement and construction (EPC) contracting activities and operation of airports and special economic zones.

 

05-Jul-2019

TCS’ software venture wins Best Overall AI Company of the Year award

Tata Consultancy Services’ (TCS) software venture — Digitate has won the Best Overall AI Company of the Year award from AI Breakthrough. Digitate was selected as the winner from among 2,500 companies and startups in the AI industry from all over the world.

The jury selected Digitate for its software ignio’s impressive customer acquisition run rate, revenue growth, deployment, and transformation footprint. ignio’s support for SaaS models, its turbo charged performance and Studio component, along with other key features that come with its newest version, also strengthened its case.

Tata Consultancy Services is an IT services, consulting and business solutions provider that has been partnering with the world’s largest businesses in their transformation journeys for the last fifty years.

 

05-Jul-2019

CCI orders probe against Maruti Suzuki

The Competition Commission of India (CCI) has ordered a detailed probe against Maruti Suzuki for alleged resale price maintenance arrangement with dealers. Generally, resale price maintenance refers to an arrangement between a buyer and seller wherein the resale price is stipulated by the seller.

The allegations prima-facie reveal a fit case for investigation in respect of the alleged resale price maintenance arrangement put in place by Maruti Suzuki upon its dealers in contravention of competition norms.

Maruti Suzuki India (formerly known as Maruti Udyog) is an automobile manufacturer in India. It provides passenger cars, utility vehicles and vans. The firm also offers pre-owned car sales, fleet management and car financing services.

 

05-Jul-2019

L&T Finance Holdings’ arm to receive $550 million from IFC

L&T Finance Holdings’ wholly owned subsidiary — L&T Finance will receive $550 million in an ECB investment round anchored by IFC, a member of the World Bank Group, and BNP Paribas, Citibank, and DBS Bank.

In the first tranche, the investors have contributed $275 million. Of this, IFC is bringing in $125 million, which will be utilized by L&T Finance to expand its farm equipment finance book by extending loans to farmers for buying equipment and modernizing farming.

L&T Finance Holdings is a financial holding company offering a diverse range of financial products and services across the corporate, retail and infrastructure finance sectors, as well as mutual fund products and investment management services, through its direct and indirect wholly-owned subsidiaries.

 

04-Jul-2019

Srei infra to transfer lending business, interest earning business, lease business into Srei Equipment

Srei Infrastructure Finance (Srei infra) has received an approval to transfer its lending Business, Interest Earning Business & Lease Business into Srei Equipment Finance, a wholly owned subsidiary of Srei Infra, together with associated employees, assets and liabilities (including liabilities towards issued and outstanding non-convertible debentures issued by Srei Infra), as a going concern basis by way of slump exchange, for a lump sum consideration. The Board of Directors of the company at its meeting held on July 4, 2019 has considered and approved the same.

The proposed step will also facilitate the lending entity, Srei Equipment, to attract strategic investors and also prepare Srei Equipment for a conversion into a bank, as and when the Reserve Bank of India (RBI) decides to allow the conversion. The revised corporate structures will now enable the companies and their management to focus on specific areas of their expertise.

Srei Infrastructure Finance lends for financing infrastructure projects across sectors such as roads, ports, mining and power as well as purchase of infrastructure equipment.

 

04-Jul-2019

Power Grid gets investment approvals for system strengthening

Power Grid Corporation of India has received an investment approval for ‘System Strengthening – XXV in Southern Region’, at an estimated cost of Rs 154.72 crore with commissioning schedule within 24 months progressively from the date of investment approval and for ‘Western Region System Strengthening – XX (WRSS-XX)’ at an estimated cost of Rs 226.98 crore with commissioning schedule of 25 months progressively from the date of investment approval.

The Board of Directors of the company in their meeting held on July 03, 2019, approved the same. 

Power Grid Corporation of India is an Indian state-owned electric utilities company headquartered in Gurgaon, India. Power Grid transmits about 50% of the total power generated in India on its transmission network.

 

04-Jul-2019

Thomas Cook augments presence in Delhi with new branch

Thomas Cook (India) has strengthened its presence in Delhi with a new branch at 21, 1st floor, Central Market, West Punjabi Bagh, Delhi. The opening of this new branch augments Thomas Cook India’s distribution and reach in Delhi-NCR to 20 consumer access centres: 11 owned branches and 9 Gold Circle Partner (franchise) outlets and a total of 69 consumer access centres with 40 owned branches and 29 Gold Circle Partner (franchise) outlets in North India. This expansion is in line with the company’s intent to increase customer access and capture a higher market share.

Thomas Cook (India) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa & Passport services and E-Business.

 

04-Jul-2019

Zuari Agro Chem to issue CCDs worth Rs 405 crore

Zuari Agro Chemicals will issue compulsory convertible debentures (CCDs) worth Rs 405 crore. The CCDs will be issued to the company’s shareholders at the rate of Rs 120 apiece. In total, 3.36 crore CCDs will be issued.

A decision in this regard was taken in the Right Issue Committee meeting. CCDs will issue in the ratio of 4:5, which means 4 CCDs will be issued for every five equity shares held by eligible shareholders of the company as on the record date.

Zuari Agro Chemicals is one of the leading fertilizer conglomerates in India. The company produces high-quality complex fertilizers of various grades along with seeds, pesticides, micro nutrients, and specialty fertilizers.

 

04-Jul-2019

Sunstar Realty Development to open Corporate Office in West Bengal

Sunstar Realty Development has received an approval to open a Corporate Office at 16, India Exchange Place, Room No- 26, Kolkata, West Bengal with immediate effect. The Board of the company at its meeting held on July 03, 2019, approved the same.

Sunstar Realty Development is engaged in the development, sale, and lease of commercial, residential, retail, and industrial properties.

 

04-Jul-2019

Punjab & Sind Bank sets up centralised hub to process retail, MSME loans

Punjab & Sind Bank has set up a centralised hub for processing retail and MSME loans for better efficiency of branches in business acquisition. The Centralised MSME & Retail Group (Cen-MARG) will be housed at its head office in New Delhi.

Punjab & Sind Bank’s primary business is taking deposits, and making advances and investments, and is principally divided into retail banking, corporate banking, priority sector banking, treasury operations and other banking services such as agency functions for insurance, distribution of mutual funds and pension and tax collection services.

 

04-Jul-2019

Sterlite Technologies’ Academy to create ecosystem for deploying complex fibre networks

STL Academy, an endeavour by Sterlite Technologies (STL), will create an ecosystem of highly skilled professionals in deploying and maintaining complex optical-fibre networks. It is now first fibre programme in India to be endorsed by FTTH Council APAC.

In the last 10 months alone, STL Academy has trained and certified 1,500 people, and is all set to blaze a trail of 15,000 skilled, certified and employable professionals in the coming year. With over 40,000 hours of teaching, these programs were held all over the country, the most prominent one being the training of over 400 Army personnel in remote-border and sub-zero areas of Leh and Ladakh to maintain the Network for Spectrum fibre network in Jammu & Kashmir.

Sterlite Technologies is a global technology leader that designs, builds and manages smarter digital networks. Sterlite Tech engages with customers in more than 100 countries, with a digital web-scale offering across products, services and software.

 

04-Jul-2019

Gravita India’s arm sells entire stake in Met Mauritania Recycling SARL

Gravita India’s step down subsidiary— Gravita Netherlands BV has sold its 100% stake in Met Mauritania Recycling SARL formerly known as Gravita Mauritania SARL (a wholly owned subsidiary of Gravita Netherlands BY). The said step down subsidiary do not contribute directly to Gravita India as the company is not having any stake in the subsidiary, it is a step down subsidiary of the company.

Gravita India is a leading recycling company having its operations in Non-Ferrous Metals and Plastic Recycling.

 

04-Jul-2019

Sparkling India Finshares inks Business Development Agreement with Y SCREENS

Sparkling (India) Finshares has entered into a Business Development Agreement on July 03, 2019 with Y Screens Entertainment (India) viz., Agreement which will be in force for a period of 3 years. This enables the company in obtaining the new business opportunities and client base in different industries areas across PAN India.

Sparkling (India) Finshares is a Category B -Non-Banking Financial Company engaged in the business of providing loans and Finance to firms, bodies corporate etc.

 

04-Jul-2019

Kolte Patil Developers signs three new projects in Pune under DM Model

Kolte Patil Developers has signed three new projects in Pune under the development management (DM) model. The projects are strategically located at Wagholi in East Pune and Kiwale and Ravet in West Pune and have saleable potential of around 1.2 million square feet with over around 1,250 units to be developed.

As the development manager, Kolte Patil will lend its brand to these projects and jointly collaborate with the land owners to oversee product design, sales and marketing, project quality and cash flow management leading to time-bound handover to buyers. The company expects to earn DM fees of Rs 60-65 crore from these projects over a period of 30-36 months.

Kolte Patil Developers is a leading real estate company. The company has developed and constructed over 50 projects including residential complexes, commercial complexes and IT Parks covering a saleable area of approximately 15 million square feet across Pune and Bengaluru.

 

04-Jul-2019

Godfrey Phillips India recognized as one of India’s Best Companies to Work for 2019

Godfrey Phillips India has been recognized as one of the India’s Top 100 Best Companies to Work for 2019, an annual ranking of companies with exceptional workplace cultures.

This is the first time Godfrey Phillips India participated and with the ranking of 37 in the list, the recognition is a testament to the rich culture of the organization that values respect, transparency, collaboration and empowerment.

Godfrey Phillips India’s core business is manufacturing of cigarette.The company has diversified into others businesses such as confectionary, tea, cosmetics and retailing.Under the cigarette division the company has created brands like Four Square, Red and White, Jaisalmer, Cavanders and Tipper.

 

04-Jul-2019

Force Motors’ SCV & LCV production stands at 1,365 units in June

Force Motors has reported the production, sales and export of the products manufactured by the company during the month of June 2019. The company’s production of Small Commercial Vehicles (SCV) & Light Commercial Vehicles (LCV) stood at 1,365 units and Utility Vehicles (UV), Sports Utility Vehicles (SUV) & Tractors stood at 788 units.

The company’s domestic sales for SCV & LCV stood at 1,355 units and UV, SUV & Tractors stood at 778 units, while the company has exported 77 units of SCV & LCV in month of June 2019.

Force Motors is a Pune-based commercial vehicle maker. It is a fully vertically integrated automobile company, with expertise in design, development and manufacture of the full spectrum of automotive components, aggregates and vehicles.

 

04-Jul-2019

HDFC Bank partners with Bijnor Police for ‘Traffic Ki Paathshala’ initiative

HDFC Bank has partnered with Bijnor Police to a road safety initiative in the city called ‘Traffic Ki Paathshala,’ the initiative aims to make Bijnor roads safer by creating awareness on the Do’s and Don’ts of Road  Safety.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.

 

04-Jul-2019

IndiGo employs around 50% of total foreign pilots working in India

InterGlobe Aviation (IndiGo) has employed around 50 percent of the total number of foreign pilots working in India. A total of 404 foreign pilots are working in India as of June 10, 2019. Out of these, IndiGo has employed 199 pilots.

InterGlobe Aviation provides air transportation services in India and internationally. The company primarily operates IndiGo passenger airline.

 

04-Jul-2019

Vedanta to invest $245 million in 10 oil, gas blocks over next 3-4 years

Vedanta will invest $245 million for finding oil and natural gas over the next 3-4 years in the 10 areas it won in the latest licensing round. The firm won 10 blocks – 7 onshore and 3 offshore, in the Open Acreage Licensing Policy (OALP) Round-II and III.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.

 

04-Jul-2019

Techno Electric to sell stake in Kohima Mariani Transmission

Techno Electric & Engineering Company has entered into definitive agreements with CLP India to sell its stake in Joint Venture Company namely, Kohima Mariani Transmission (KMTL). The company’s equity holding in KMTL is 26% and balance 74% equity is held by Kalpataru Power Transmission (KPTL).

Techno Electric & Engineering Company is a provider of engineering, procurement and construction (EPC) services to core sector industries in India. The company’s segments are EPC (Construction), Energy (Power) and Corporate.

 

04-Jul-2019

Adani Ports raises $750 million via notes

Adani Ports & Special Economic Zone has raised $750,000,000 by allotment of fixed rate senior unsecured notes (Notes) in accordance with Regulation S / Rule 144A of the U.S. Securities Act, 1933 (comprising $275,852,000 under Rule 144A of the U.S. Securities Act, 1933 and $474,148,000 under Regulation S of the U.S. Securities Act, 1933) and applicable Indian laws.

The said Notes are expected to be listed on Singapore Exchange Securities Trading.

APSEZ is part of Adani Group with businesses spanning coal trading, coal mining, oil & gas exploration, ports, multi-modal logistics, power generation & transmission and gas distribution. APSEZ represents a large network of ports with India’s largest Special Economic Zone (SEZ) at Mundra.

 

04-Jul-2019

Tata Power’s SPV completes second successful year of operations in Ajmer City

Tata Power Company’s special purpose vehicle (SPV) — TP Ajmer Distribution (TPADL) has completed its second successful year of operating and maintaining the distribution network in Ajmer City, which includes City Division-I and City Division-II areas.

Since inception of the distribution franchisee operation, TPADL added more than 10,000 new connections. Over 36,164 static meters were replaced with electronic meters. The company has successfully reduced the Aggregate Technical & Commercial loss by 10.77%.

Tata Power Company is India’s largest integrated power company with a growing international presence. The company together with its subsidiaries and jointly controlled entities has presence in all the segments of the power sector viz. Fuel Security and Logistics, Generation (thermal, hydro, solar and wind), Transmission, Distribution and Trading.

 

04-Jul-2019

Kalpataru Power Transmission seeks shareholders’ nod to raise borrowing limit

Kalpataru Power Transmission has sought shareholders’ approval to raise the borrowing limit to Rs 12,000 crore from the existing Rs 10,000 crore in its annual general meeting. The meeting is scheduled to be held on July 30.

Kalpataru Power Transmission is one of the largest and fastest growing specialized EPC companies in India engaged in power transmission & distribution, oil & gas pipeline, railways, infrastructure development, civil contracting and warehousing & logistics business with a strong international presence in power transmission & distribution.

 

04-Jul-2019

USFDA pulls up Aurobindo Pharma for ‘repeated’ failures in CGMP

The US Food and Drug Administration (USFDA) has pulled up Aurobindo Pharma for ‘repeated’ violations in current good manufacturing practice (CGMP) at three of its plants in manufacturing certain active pharmaceutical ingredients (API) and intermediates. The repeated failures at multiple sites demonstrate that management oversight and control over the manufacture of drugs are inadequate.

The FDA recently issued a letter warning the drug- makers unit X1 in Srikakulam district of Andhra Pradesh for deviations from CGMP for API. Aurobindo unit I and Aurobindo unit IX were also inspected and cited for CGMP deficiencies related to the manufacture of (b)(4) API and intermediates.  These facilities were also considered to be in an unacceptable state of compliance with regards to CGMP.

Aurobindo Pharma is engaged in manufacturing pharmaceutical products. It offers active pharmaceutical ingredients, intermediates and generic formulations like astemizole, domeperidone and omeprazole; anti-infective, oral and sterile antibiotics, pain management and osteoporosis segments.

 

04-Jul-2019

SSWL achieves total wheel rim sales of 11.28 lakh in June

Steel Strips Wheels (SSWL) has achieved total wheel rim sales of 11.28 lakh in June 2019 as against 12.66 lakh in June 2018, representing a de-growth of 10% Y-o-Y. The June month had a shutdown coupled with major inventory reduction exercise going on at all car manufacturer’s end. The company expects this to continue in July and come to normal levels of inventory by July to normalize production.

SSWL is a part of the Steel Strips Group, headquartered in Chandigarh. It is engaged in the manufacturing of single piece steel wheel rims in the range of 10 to 30 inches for scooters, passenger cars, utility vehicles and tractors. It supplies rims to almost all major manufacturers of two wheelers, three wheelers, four wheelers, tractors and heavy commercial vehicle.

 

04-Jul-2019

GHCL certified as one of best workplaces in India for third consecutive year

GHCL has been certified as one of the best workplaces by the Great Place to Work Institute and has been ranked among the top 100 workplaces in India for the third consecutive year. The company ranked 82nd is a well-diversified group with ascertained footprints in Chemicals, Textiles and Consumer Products segments. This recognition highlights the company’s phenomenal success in driving an environment of trust, respect, fair compensation, camaraderie, training, and diversity.

GHCL is a leading producer of synthetic soda ash in India with an installed capacity of 8.5 lakh tonnes Per Annum (TPA) located in Gujarat. Over the years, it has diversified into yarn and home textile products.

 

04-Jul-2019

REC planning to raise funds up to Rs 75,000 crore through private placement

Rural Electrification Corporation (REC) is planning to raise funds through issue of unsecured/ secured non-convertible bonds/ debentures through Private Placement, up to an amount of Rs 75,000 crore, in one or more tranches. The meeting of the Board of Directors of the company is scheduled to be held on July 10, 2019, to consider the same.

REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.

 

04-Jul-2019

NCLT gives nod to transfer Bharti Airtel’s optical fibre cable biz to Telesonic Networks

The National Company Law Tribunal (NCLT) has given its approval for a scheme of arrangement involving the transfer of optical fibre cable business undertaking of Bharti Airtel to wholly-owned subsidiary–Telesonic Networks.

The company had in November 2017 announced it plans to transfer the optical fibre cable business to Telesonic Networks for a valuation of up to Rs 5,650 crore. The optical fibre cable business of Bharti Airtel includes both underground and overground fibres.

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.

 

04-Jul-2019

Essel Propack to raise Rs 20 crore via CP

Essel Propack is issuing Commercial Papers (CP) for Rs 20 crore on private placement basis. The date of issue is July 05, 2019 with a tenure of 62 days and the Maturity date is September 05, 2019.

Essel Propack is a producer of plastic packaging material in the form of multilayer collapsible tubes and laminates used primarily for packaging of toothpaste, personal care, cosmetics, pharmaceuticals, household and industrial products.

 

04-Jul-2019

Prime Focus’ arm wins ‘Media Company of the Year’ award

Prime Focus’ international visual effects (VFX), animation and stereo conversion arm — DNEG has been awarded ‘Media Company of the Year’ at the Evening Standard Business Awards 2019, which was hosted at The Landmark London on June 28, 2019.

Prime Focus the world’s largest independent integrated media services powerhouse, employs over 9,000 professionals in 19 cities across 5 continents and 7 time zones.

 

04-Jul-2019

Infosys Finacle features as leader among Digital Banking Engagement Platforms

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys — has been positioned as a Leader in The Forrester Wave: Digital Banking Engagement Platforms, Q3 2019 report. The report evaluates 13 Digital Banking solutions on a comprehensive set of 28 criteria focusing on current offering, strategy, and market presence.

Infosys is a global leader in technology services and consulting. The company enables clients in 45 countries to create and execute strategies for their digital transformation.

 

04-Jul-2019

Reliance Industries’ telecom arm launches digital literacy initiative

Reliance Industries’ (RIL) telecom arm — Reliance Jio Infocomm (Jio) has launched a digital literacy initiative to empower first-time internet users with digital literacy and understanding of the internet.

As a part of the Digital Udaan initiative, Jio will engage with users every Saturday to help them learn about the JioPhone features, use of various apps and internet safety including use of Facebook on JioPhone to connect with friends and family in a simple, safe and secure way.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

 

04-Jul-2019

Markab Capital to acquire 20.7% controlling stake in Uniply Industries

Uniply Industries has inked an agreement with Kuwait-based Markab Capital WLL, under which the latter would acquire a controlling stake in the company. The deal values Uniply Industries at an enterprise value of over Rs 1,550 crore on a fully diluted basis.

Markab Capital WLL, Kuwait and its wholly-owned Indian subsidiary Markab India SPV will acquire 20.7% stake shareholding from Uniply Industries chairman Keshav Kantamneni and his group entities at Rs 82 a share.

The transaction aims at leveraging the deep global relationships of Markab Capital and create a long-term value for shareholders by bringing value and global contracts into the execution fold of the incumbent teams at Uniply Industries.

Uniply Industries is engaged in the manufacture of plywood and other panel products.

 

04-Jul-2019

JSPL’s Angul Odisha posts record production of Hot Metal

Jindal Steel & Power’s (JSPL) blast furnace at Angul Odisha has produced its highest ever Hot Metal production of 10,845 MT for a single day on July 02, 2019. It is also reported that this is the ever highest production produced by any of the Blast Furnaces in India.

The furnace is stable for the last one week and has continuously produced more than 10,000 Tons per day. The largest Blast Furnace of country having volume of 4554 m3 is running smoothly to cater the maximum need of hot metal for 6 MTPA capacity of Steel Melt Shop.

JSPL is one of India’s fastest growing and largest integrated steel manufacturers, significantly present in Steel, Power Generation and Infrastructure segments and catering to a large part of India’s domestic energy and infrastructure requirement.

 

04-Jul-2019

KPI Global Infrastructure gets GETCO’s nod for enhancement in solar power evacuation

KPI Global Infrastructure has received approval from Gujarat Energy Transmission Corporation (GETCO) for enhancement in solar power evacuation from 30MW to 70MW (30MW existing + 40MW additional capacity) at 66KV Amod Substation, Bharuch in the state of Gujarat.

KPI Global Infrastructure is a solar power generating company focused on providing solar power, both as an Independent Power Producer (IPP) under the brand name of ‘Solarism’ and as service provider to Captive Power Producer (CPP) customers.

 

04-Jul-2019

KPI Global Infrastructure adds new capacity of 8.827 MW under IPP category

KPI Global Infrastructure has successfully added new capacity of 8.827 MW under Independent Power Producer (IPP) category. With this addition, the total cumulative capacity of solar power plant in operation has gone up to 26.25 MW.

KPI Global Infrastructure is a solar power generating company focused on providing solar power, both as an Independent Power Producer (IPP) under the brand name of ‘Solarism’ and as service provider to Captive Power Producer (CPP) customers.

 

04-Jul-2019

HDFC Bank joins hand with Manipal Global Academy to hire 5,000 freshers in next 3 year

HDFC Bank has joined hand with Manipal Global Academy of BFSI with aim to hire 5,000 freshers over the next three years, after they finish a year-long training at the institute. The new inductees will pay a course fee of Rs 3.3 lakh plus applicable taxes and will draw Rs 4 lakh as the first yearly salary.

Before being admitted for the diploma, a candidate will be interviewed by the bank and the diploma is split between six months of classroom training and six months at the bank as an intern.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.

 

04-Jul-2019

HDFC Bank launches ‘My Green Legacy’ plantation drive

HDFC Bank has launched ‘My Green Legacy’ – a tree plantation drive that brings citizens together to generate awareness about the importance of being clean, green and sustainable. This initiative is aimed to help restore the environmental impact caused by the recent ‘CycloneFani’ that affected life, nature and property. Recently, the Bank had adopted 20 schools and donated 10 crore for the rehabilitation process under its Parivartan initiative.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.

 

04-Jul-2019

ICA EduSkills partners with Bajaj Finserv

ICA EduSkills has joined causes with Bajaj Finserv to bring out a revolutionary scheme called the ‘Learn Now Pay Later’ scheme. This will enable students to avail cutting-edge and valuable courses that ICA has to offer, without having to worry about paying the entire fees for these courses upfront.

The student can pay now fee in convenient installments of Rs 2,500- Rs. 3,500 per month. The students can start repaying the fee from the 7th month of completion of the course, over a tenor ranging from 12-24 months.

Bajaj Finserv has established itself as a financial power house with interests in insurance, lending, asset management and wealth management.

 

04-Jul-2019

GAIL India launches ‘Hawa Badle Hum’ campaign

GAIL India has launched ‘Hawa Badle Hum’ campaign for creating awareness against Air Pollution. A squad of specially designed auto rickshaws fitted with live pollution meters will ply on the roads of Delhi NCR under this initiative.

The autos, with planters and inspiring messaging will urge the passengers to take a pledge and participate in a digital contest by submitting their ideas on combating air pollution. This unique initiative under Hawa Badlo movement is a campaign that complements the recently launched web series ‘Hawa Badle Hassu’.

GAIL India is India’s principal Natural Gas Company with activities ranging from Gas Transmission and Marketing to Processing (for fractionating LPG, Propane, SBP Solvent and Pentane); transmission of Liquefied Petroleum Gas (LPG); production and marketing of Petrochemicals like HDPE and LLDPE and leasing bandwidth in Telecommunications.

 

04-Jul-2019

L&T becomes Mindtree’s promoter with 60.06% stake

Larsen & Toubro (L&T) has acquired equity shares to an extent 60.06 per cent of the total shareholding of the Mindtree and has acquired control and is categorised as promoter pursuant to Sebi. The company held 9.87 crore equity shares in Mindtree as on July 2 following its recently-concluded open offer.

Mindtree delivers digital transformation and technology services from ideation to execution, enabling Global 2000 clients to outperform the competition.

 

 

04-Jul-2019

Lupin gets USFDA’s approval for Cinacalcet Tablets

Lupin has received approval for its Cinacalcet Tablets, 30 mg, 60 mg, and 90 mg from the United States Food and Drug Administration (USFDA). Lupin’s Cinacalcet Tablets, 30 mg, 60 mg, and 90 mg, is the generic version of Sensipar Tablets, 30 mg, 60 mg, and 90 mg, of Amgen Inc.

It is indicated in the treatment of secondary hyperparathyroidism (HPT) in adult patients with chronic kidney disease on dialysis, hypercalcemia in adult patients with Parathyroid Carcinoma. Cinacalcet Tablets, 30 mg, 60 mg, and 90 mg, had annual sales of approximately $1,527 million in the US (IQVIA MAT March 2019).

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally.

 

03-Jul-2019

Creative Eye foraying into digital space

Creative Eye is entering into a digital space by creating a new web series ‘Ishq Aaj Kal’ for OTT Platform ZEE 5.

‘Ishq Aaj Kal’ is a journey of a girl who is in search of her father and eventually she falls in love with enemy. A triangle love story and the theme of the show will be about wealth and power – they do not change people, they unmask them. An extensive schedule was held on beautiful location of Manali for 20 Days. It is all set to be launched on ‘ZEE 5’ web platform from of July 04, 2019.

Creative Eye is an India-based media and entertainment company. The company is engaged in the production of audio-visual television content. The company produces television serials/programs.

 

03-Jul-2019

Indiabulls Housing Finance to buyback debt worth Rs 2,705 crore before maturity

Indiabulls Housing Finance will buyback debt worth Rs 2,705 crore from the investors before their maturity. The company will buy back non-convertible debentures (NCDs) and masala bonds maturing this September aggregating to Rs 1,375 crore which includes Rs 660 crore issued by way of a public issue.

Moreover, the company is also giving early redemption option to investors to buy back Rs 1,330 crore of Masala bonds maturing in October. The company has already initiated the approval process with Reserve Bank for the early redemption of the masala bonds.

Indiabulls Housing Finance is the second largest private housing finance company in India, regulated by the National Housing Bank (NHB).

 

03-Jul-2019

Mitsu Chem Plast wins India SME 100 award

Mitsu Chem Plast has been conferred with SME award by India SME Forum. The 6th Edition of the India SME 100 Awards is organized by India SME Forum in association with Ministry of Micro, Small & Medium Enterprises (Government of India).

The company has been facilitated as a winner out of a total 34,011 nominations received by India SME Forum from all over India.

Mitsu Chem Plast is an ISO 9001:2008 and ISO TS/16494 (Unit – III) certified polymer based moulded products manufacturing company, engaged in the business of manufacturing and marketing of technically driven innovative products catering to growing industry segments like, Industrial Packaging Solutions, Lifestyle Products, Automotive Components, Healthcare Products, Infrastructure related products & Emergency Handling Solutions.

 

03-Jul-2019

Tech Mahindra partners with SSH

Tech Mahindra has entered into a strategic partnership with SSH.com – one of the most trusted brands in cyber security, to deploy cutting edge cybersecurity solutions to secure access control for enterprises.

Through this partnership, Tech Mahindra will bolster its Identity & Access Management portfolio by adding two extensive enterprise solutions – Universal SSH Key Manager (UKM) and Privileged Access Management solution (PrivX). These cutting-edge solutions aim to protect enterprise businesses from unforeseen security breaches arising due to bypass of older solutions in the Privileged Access Management (PAM) space.

Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in China with offices in Beijing, Shanghai, Nanjing and Guangzhou.

 

03-Jul-2019

HDFC planning to raise funds up to Rs 45,000 crore via NCDs

Housing Development Finance Corporation (HDFC) is planning to raise up to Rs 45,000 crore by issuing secured redeemable non-convertible debentures (NCDs) in various tranches on a private placement basis. A meeting of the Board of Directors of the corporation is scheduled to be held on August 2, 2019 to consider the same.

HDFC offers a whole gamut of products like loans to individuals, loans to corporates, construction finance, and lease rental discounting. The financial conglomerate has subsidiaries and associates in insurance (general and life), asset management, education finance, venture funds and banking services.

 

03-Jul-2019

GAIL adds 165 km Gorakhpur spur line section into Natural Gas Pipeline Project

GAIL (India) has successfully commissioned 165 km Gorakhpur spur line section under Pradhan Mantri Urja Ganga (PMUG) Natural Gas Pipeline Project. With this, the company has bring in Gorakhpur into the ranks of locations in India covered by natural gas infrastructure.

This marks the completion of the entire 750 km long trunk pipeline section-I of PMUG constituting 30% of the initially sanctioned project route. GAIL’s infrastructure at Gorakhpur is in readiness to commence gas supplies to the upcoming fertilizer plant and the city gas project in the city.

GAIL India is India’s principal Natural Gas Company with activities ranging from Gas Transmission and Marketing to Processing (for fractionating LPG, Propane, SBP Solvent and Pentane); transmission of Liquefied Petroleum Gas (LPG); production and marketing of Petrochemicals like HDPE and LLDPE and leasing bandwidth in Telecommunications.

 

03-Jul-2019

Lupin receives USFDA’s approval for Phenylephrine, Ketorolac Intraocular Solution

Lupin has received approval for its Phenylephrine and Ketorolac Intraocular Solution, 1%/0.3%, from the United States Food and Drug Administration (USFDA). The company’s Phenylephrine and Ketorolac Intraocular Solution, 1%/0.3%, is the generic version of Omidria Intraocular Solution, 1%/0.3%, of Omeros Corporation (Omeros).

Phenylephrine and Ketorolac Intraocular Solution, 1%/0.3%, is added to an ocular irrigating solution used during cataract surgery or intraocular lens replacement. Phenylephrine and Ketorolac Intraocular Solution, 1%/0.3%, had annual sales of approximately $42.8 million in the US (IQVIA MAT March 2019).

Lupin is an innovation led transnational pharmaceutical company developing and delivering a wide range of branded & generic formulations, biotechnology products and APIs globally.

 

03-Jul-2019

Asian Granito secures orders worth Rs 175 crore

Asian Granito India (AGIL) has received an overwhelming response from the dealer meet organised at its newly launched 25,000 square feet display showroom in Himmatnagar during June 16, 2019 – July 2, 2019. Over 800 dealers across the country participated in the meet and booked orders worth Rs 175 crore.

1400 plus products and designs were displayed during the meet including an exclusive and elegant range of GVT, Ceramic floor, digital wall, Vitrified, Parking and company’s recently launched Sanitaryware range. The company also launched large format tiles in 800X 1600 mm, 1200X 1800 mm, 1200X 1200 mm during the dealer meet

Asian Granito India is one of the top four Indian ceramic Companies engaged in the business of manufacturing, and trading of Ceramic Wall, Floor, Vitrified Tiles, Marble & Quartz Headquartered in Gujarat.

 

03-Jul-2019

Dr. Reddy’s launches Carboprost Tromethamine Injection USP

Dr. Reddy’s Laboratories has launched Carboprost Tromethamine Injection USP, 250 mcg/mL (1mL) Single-dose Vial, a therapeutic equivalent generic version of Hemabate injection, 250 mcg/mL, approved by the US Food and Drug Administration (USFDA).

The Hemabate injection, 250 mcg/mL brand had US sales of approximately $55 million MAT for the most recent twelve months ending in April 2019 according to IQVIA Health.

Dr. Reddy’s Carboprost Tromethamine Injection USP, 250 mcg/mL (1mL) contains carboprost tromethamine equivalent to 250 mcg of carboprost.

Dr. Reddy’s Laboratories is a multinational pharmaceutical company based in Hyderabad, Telangana in India. It manufactures and markets a wide range of pharmaceuticals in India and overseas.

 

03-Jul-2019

Infosys wins ‘MuleSoft Americas Growth & Emerging Partner of the Year 2019’ award

Infosys has been named the ‘MuleSoft Americas Growth & Emerging Partner of the Year 2019’ by MuleSoft, a provider of the leading platform for building application networks. The company was honored with the award for the highest growth in its MuleSoft business in terms of training, certifications, new customer opportunities and project implementation.

Infosys is a global leader in technology services and consulting. The company enables clients in 45 countries to create and execute strategies for their digital transformation.

 

03-Jul-2019

Electrosteel Castings starts commercial production at Ferro Alloy Plant in West Bengal

Electrosteel Castings has commenced commercial production at its Ferro Alloy Plant (1 No. 9 MVA Submerged Electric Arc Furnace), set up at Haldia, District Purba Midnapore, West Bengal.

Electrosteel Castings is engaged in manufacturing solutions for water supply and sewerage systems.

 

03-Jul-2019

Siemens builds Protection Automation & Control Laboratory for Power Grid

Siemens has set up the Protection Automation and Control Laboratory, an integral part of POWERGRID Advanced Research and Technology Centre (PARTeC) for Power Grid Corporation of India (POWERGRID). The laboratory located in Manesar, Haryana is the first of its kind in India. The project was implemented meeting critical time schedules.

Siemens is a technology powerhouse that has stood for engineering excellence, innovation, quality and reliability. The company focuses on the areas of electrification, automation and digitalization.

 

03-Jul-2019

Bharti Airtel wins two awards at 17th edition of the Frost & Sullivan ICT Awards

Bharti Airtel has been conferred two top awards at the 17th edition of the Frost & Sullivan ICT Awards. Airtel Business has been awarded as the ‘Enterprise Data Service Provider of the Year’ and the ‘Enterprise Telecom Service Provider of the Year’ in the large enterprise segment.

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.

 

03-Jul-2019

Welspun India gets US court’s preliminary approval for litigation settlement

Welspun India has received preliminary court approval for settlement of its litigation in the US with regards to labelling and marketing of Egyptian cotton products.

In May 2019, Welspun India had announced that company and its subsidiaries, which have been facing litigation in the US surrounding its premium cotton home textile products, have entered into a settlement agreement in the US. The settlement agreement provides monetary payments to settlement class members not exceeding $36 million (about Rs 250 crore).

Welspun India is one of the largest manufacturers and exporters of bed & bath textile products globally. The company’s portfolio comprises wide range of home textile products such as terry towels, bed linen (basic bedding and decorative bedding) rugs and bathrobes.

 

03-Jul-2019

Vedanta wins 10 oil & gas exploration blocks

Vedanta has won 10 oil & gas exploration blocks offered in latest auction. According to the Directorate General of Hydrocarbons (DGH), the company has won 5 blocks on offer in Open Acreage Licensing Policy (OALP)-II, while in OALP-III, the company got 5 blocks.

Vedanta is a diversified natural resources company, whose business primarily involves producing oil and gas, zinc- lead-silver, copper, iron ore, aluminium and commercial power.

 

03-Jul-2019

Reliance Industries planning to invest Rs 1,500 crore in Jio Institute in 2 years

Reliance Industries (RIL) is planning to invest around Rs 1,500 crore in its proposed university, Jio Institute, in the next two years. The company is looking to create a world-class centre of learning across 800 acres in Karjat near Navi Mumbai. 

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

 

03-Jul-2019

Tata Motors not produces single unit of Nano since January

Tata Motors has not produced its small car Nano since January 2019 and also not sold a single unit since February this year. The company has not taken a formal decision on stopping production of the entry-level car. It continues to sell the car as per demand. There were no exports of Nano in January-June period too.

The company had last time produced Nano in December 2018 when it rolled out 82 units from Sanand plant. Since then, from January to June there was no production of Nano.

Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.

 

03-Jul-2019

Maruti Suzuki actions series of measures to prevent car damage

In an effort to help its heavy rain-hit customers across Mumbai, Maruti Suzuki India has promptly reached out to the customers with precautionary steps to prevent car damage. More than 3.5 lakh SMSes have been sent to inform customers about preventive measures, which would help them to protect their vehicles from aggravating damage.

Maruti Suzuki has actioned series of measures. These include assigning area-wise Service Managers to help customers in distress. The mobile numbers of Service Managers are being shared with the customers in their respective areas, so that the customers can directly reach out for any assistance. Maruti Suzuki has also tied up with vehicle towing agencies to provide seamless 24×7 services. Inventory of spare parts have been strengthened to prevent any shortage and offer quick service. Additionally, the company has tied up with insurance firms for quick disposal of claims.

Maruti Suzuki India (formerly known as Maruti Udyog) is an automobile manufacturer in India. It provides passenger cars, utility vehicles and vans. The firm also offers pre-owned car sales, fleet management and car financing services.

 

03-Jul-2019

NTPC gets 14th rank in 2019 ‘Best places to Work’

NTPC has been adjudged 14th in the 2019 ‘Great Place to Work’ rankings for India. In addition to this, the company has also been named the ‘Best PSU’ and ‘Best organisation’ in the ‘Organisations with more than 10,000 employees’ category for 2019.

NTPC is the largest power utility company in India and has presence in Coal, Gas, Solar PV, Hydro and Wind Power Generation and Coal Mining.

 

03-Jul-2019

ITC launches new corporate campaign ‘Sab Saath Badhein’

ITC has launched a new corporate campaign ‘Sab Saath Badhein’ which is a series of 4 TVCs. The first TVC highlights how consumers’ trust in ITC’s rich bouquet of world-class Indian brands has enabled the company to create larger value for the society and environment.

ITC has business a interests in cigarettes, hotels, paperboards and specialty papers, packaging, agri-business, packaged foods and confectionery, information technology, branded apparel, personal care, stationery, safety matches and other FMCG products.

 

03-Jul-2019

USFDA completes inspection at JB Chemicals’ Gujarat facility

The US Food and Drug Administration (USFDA) has concluded inspection of JB Chemicals & Pharmaceuticals’ newly set up and commissioned solid oral dosage forms formulations manufacturing facility at Panoli, Gujarat.

At the end of inspection, no objectionable observations were found and hence no Form 483 was issued. The said inspection was carried out from June 24, 2019 to June 28, 2019. This facility has capacity of 2 billion tablets per annum, which is expandable to 9 billion tablets per annum.

This new facility has already been approved by EU authorities in February 2019 and classified as cGMP compliant. The new facility will augment the company’s manufacturing capacity for regulated markets like USA and EU as and when the product approvals are received.

JB Chemicals & Pharmaceuticals is engaged in manufacturing of pharmaceutical specialties in various dosage forms, herbal remedies, diagnostics, generic drugs, active pharmaceutical ingredients (APIs).

 

03-Jul-2019

SSWL bags orders for 80,000 wheels for EU Caravan Trailer Market

Steel Strips Wheels (SSWL) has bagged additional firm exports orders for 80,000 wheels for EU Caravan Trailer Market. This marks an increase of about 37% on basis of cumulative orders for the year. The company is now the market leader in steel wheels for the highly competitive EU Caravan wheels market which it entered just 4 years back.

SSWL is a part of the Steel Strips Group, headquartered in Chandigarh. It is engaged in the manufacturing of single piece steel wheel rims in the range of 10 to 30 inches for scooters, passenger cars, utility vehicles and tractors. It supplies rims to almost all major manufacturers of two wheelers, three wheelers, four wheelers, tractors and heavy commercial vehicle.

 

03-Jul-2019

ONGC wins 8 oil & gas exploration blocks

Oil and Natural Gas Corporation (ONGC) has won 8 oil & gas exploration blocks offered in latest auction. According to the Directorate General of Hydrocarbons (DGH), the company has won 1 block on offer in Open Acreage Licensing Policy (OALP)-II, while in OALP-III, the company got 7 blocks.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

 

03-Jul-2019

NIIT unveils ‘Future Ready Talent’ initiative

NIIT has unveiled ‘Future Ready Talent’ an Initiative to encourage aspiring professionals to enhance their knowledge through future ready programs, together with their regular academic curriculum.

As part of this initiative, the company will conduct seminars nationally across 26 centres in India, in the month of July, wherein successful leaders from diverse fields will share their experiences with the youth, making them aware about the Importance of new-age future ready careers.

NIIT is a leading Skills and Talent Development Corporation that is building a manpower pool for global industry requirements.

 

 

03-Jul-2019

Zydus Cadila gets USFDA’s nod for Misoprostol Tablets

Zydus Cadila has received final approval from US Food & Drug Administration (USFDA) to market Misoprostol Tablets 100 mcg and 200 mcg. Misoprostol is used to prevent stomach ulcers in patients taking pain medications especially if the patient is at risk for developing ulcers or has a past history of ulcers. Tablet also helps to decrease risk of serious ulcer complications such as bleeding. The drug will be manufactured at the group’s formulations manufacturing facility at SEZ, Ahmedabad.

The group now has 268 approvals and has so far filed over 360 ANDAs since the commencement of the filing process in FY 2003-04.

Zydus Cadila is an innovative, global pharmaceutical company that discovers, develops, manufactures and markets a broad range of healthcare therapies.

 

03-Jul-2019

Sunteck Realty issues commercial paper of Rs 25 crore

Sunteck Realty has issued Commercial Paper (CP) of Rs 25 crore. The Date of maturity of said CP is October 30, 2019.

Sunteck Realty is a Mumbai-based real estate development company, catering to the premium ultra-luxury and luxury residential segment.

 

03-Jul-2019

State Bank of India to raise Rs 7,000 crore via bonds

State Bank of India (SBI) has received an approval to raise Rs 7,000 crore through bonds to fund business growth.

The central board at its meeting held on July 01, 2019 accorded approval to raise AT 1 Capital up to an amount of Rs 7,000 crore by way of issuance of Basel-III compliant debt instrument.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

 

03-Jul-2019

Graphite India to permanently close operations in Bengaluru plant

Graphite India will permanently close operations in the Bengaluru plant in Whitefield. The Karnataka State Government has granted permission to close the plant and accordingly allowed the closure application filed by the Company.

Graphite India is the pioneer in India for manufacture of Graphite Electrodes as well as Carbon and Graphite Speciality products.

 

03-Jul-2019

Eros International Media clears outstanding interest payments

Eros International Plc’ Indian operating subsidiary — EROS International Media has paid outstanding interest payments that caused a recent ratings downgrade by CARE. The company is also working with CARE in an attempt to restore its previous investment grade rating, with the full support of its existing banking consortium.

Eros International Media is a leading global company in the Indian film entertainment industry that acquires, co-produces and distributes Indian films across all available formats such as cinema, television and digital new media.

 

03-Jul-2019

Oil India wins 12 out of 32 oil & gas exploration blocks

Oil India has won 12 out of 32 oil and gas exploration blocks offered in latest auction. According to the Directorate General of Hydrocarbons (DGH), the company has won 6 out of the 14 blocks on offer in Open Acreage Licensing Policy (OALP)-II, while in OALP-III, the company got 6 blocks.

Oil India, a Navratna Company, is Asia’s oldest and biggest pioneer oil exploration and Production Company.

 

03-Jul-2019

Dion Global Solutions launches Corporate Actions Solution

Dion Global Solutions has launched its Corporate Actions Solution. Already live with two pilot customers, the solution is designed not only to make corporate action processing cost effective for the smallest industry participants, but to bring scalable operations to the largest.

Dion Global Solutions is engaged in providing Capital Market Solutions, Information Security consulting, backup management services, Enterprise IT Solution, Trading Solutions, Vendor Management Services and Banking & Financial Service solutions.

 

03-Jul-2019

Shah Foods gets nod for closure of factory

Shah Foods has received approval to close the factory with immediate effect, in a view of termination of Contract by Britania. The Board of Directors of the Company at its meeting held on June 29, 2019 has approved the same. The board has also decided to terminate the services of workers and all staff members.

Shah Foods is engaged in the food processing business. The company manufactures and sells biscuits in India. 

 

03-Jul-2019

Bharti Airtel, Bharti Enterprises inject Rs 325 crore in Airtel Payments Bank

Bharti Airtel, Bharti Enterprises have infused worth Rs 325 crore in Airtel payments bank. The company has injected Rs 260 crore and Bharti Enterprises has invested Rs 65 crore in the form of preference shares. 

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.

 

 

03-Jul-2019

Bharti Airtel’s arm ties up with Bharti AXA Life Insurance

Bharti Airtel’s subsidiary — Airtel Payments Bank has partnered with Bharti AXA Life Insurance to offer the Bharti AXA Life POS Saral Jeevan Bima Yojana through its extensive network of banking points across the country.

All Airtel Payments Bank savings bank account customers can purchase Bharti AXA Life POS Saral Jeevan Bima Yojana through a quick, simple, secure and paperless process at their banking points. While the policy is initially available at Airtel Payments Bank’s 25,000 retail outlets, this will soon be expanded to cover over 60,000 banking points.

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.

 

03-Jul-2019

Vanguard Group offloads Bharat Financial’s shares worth Rs 298 crore

Vanguard Group has offloaded Bharat Financial Inclusion’s shares worth Rs 298 crore through open market transactions. The Vanguard Group is an American investment management company.

Vanguard Emerging Markets held 17,55,391 shares or 1.25 percent stake in Bharat Financial at the end of March quarter, while Vanguard Total Intl held 1.15 percent stake or 16,16,267 shares.

Bharat Financial Inclusion (formerly known as SKS Microfinance) is a non-banking finance company (NBFC), regulated by the Reserve Bank of India. The company’s mission is to provide financial services to the poor under the premise that providing financial services to poor borrowers helps to alleviate poverty.

 

03-Jul-2019

Tata Steel to subscribe for Tata Sponge Iron rights issue in case of under subscription

Tata Sponge Iron’s Promoter — Tata Steel has undertaken that it will subscribe to the full extent of the aggregate rights entitlement of the Promoter in the Rights Issue, it will acquire any additional rights equity shares and in the event of under subscription in the Rights Issue, it will subscribe to such additional rights equity shares offered in the Rights Issue as may be required to ensure that the aggregate subscription in the Rights Issue shall be at least but not more than 90% of the rights equity shares offered in the Rights Issue.

Accordingly, Tata Steel has undertaken that it will participate in the Rights Issue to the extent of 90% of the Rights Issue size, i.e., up to Rs 1.48 lakh.

Tata Sponge Iron is engaged in business of manufacturing high-grade sponge iron that is consistent quality. The company also in the business segment of Power, Sponge Iron.

 

03-Jul-2019

KPI Global Infrastructure inks new PPAs totaling 1.475 MW

KPI Global Infrastructure has signed New Power Purchase Agreements (PPAs) totaling 1.475 MW for executing solar power project under Independent Power Producer (IPP) category.

KPI Global Infrastructure is a solar power generating company focused on providing solar power, both as an Independent Power Producer (IPP) under the brand name of ‘Solarism’ and as service provider to Captive Power Producer (CPP) customers.

 

03-Jul-2019

IOC lines up projects worth Rs 8,520 crore in Tamil Nadu

Indian Oil Corporation (IOC) has undertaken various projects in Tamil Nadu with investments of Rs 8,520 crore, which include setting up of an exclusive jetty, laying of a new 1,250 kms pipeline. The company has also commissioned a Rs 90 crore LPG bottling plant in Salem, the first to be built on a raze and rebuild basis.

IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.

 

03-Jul-2019

NIIT Technologies gets first rank in ‘Business Understanding’

NIIT Technologies has been ranked first in ‘Business Understanding’ for the second consecutive year in the 2019 UK IT Sourcing Study conducted by Whitelane Research and PA Consulting Group.

The company is placed amongst the top three players in ‘overall customer satisfaction’. The survey adjudges the performance of the service providers rated by the UK clients across the categories of overall satisfaction, key performance indicators (KPIs) and satisfaction by IT domain.

NIIT Technologies is a leading global IT solutions organization servicing customers across the Americas, Europe, Asia, and Australia. NIIT Technologies services clients in travel and transportation, banking and inanely, services, insurance.

 

03-Jul-2019

ZEEL recognised as ‘India’s Best Companies to Work for 2019’ by Great Place to Work Institute

Zee Entertainment Enterprises (ZEEL) has been recognised amongst ‘India’s Best Companies to Work for 2019’, in a study conducted by the Great Place to Work Institute. The organisation’s employee initiatives stemming from its corporate philosophy ‘Extraordinary Together’, integrating every nuance of personal development and well-being with a balanced focus on operational excellence saw ZEE being felicitated as amongst the best in the ‘Media & Entertainment’ category.

Zee Entertainment Enterprises is one of India’s leading television media and entertainment companies. It is amongst the largest producers and aggregators of Hindi programming in the world.

 

03-Jul-2019

RBI slaps monetary penalty of Rs 5 million on Allahabad Bank

The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 5 million on Allahabad Bank for non-compliance with certain provisions of directions issued by RBI on Know Your Customer (KYC) norms / Anti Money Laundering (AML) Standards and Opening of Current Accounts.

The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account the failure of the banks to adhere to the aforesaid directions issued by RBI.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

Allahabad Bank is a nationalised bank with its headquarters in Kolkata. It is the oldest joint stock bank in India.

 

03-Jul-2019

RBI levies Rs 5 million penalty on Punjab National Bank

The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 5 million on Punjab National Bank (PNB) for non-compliance with certain provisions of directions issued by RBI on Know Your Customer (KYC) norms / Anti Money Laundering (AML) Standards and Opening of Current Accounts.

The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account the failure of the banks to adhere to the aforesaid directions issued by RBI.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

PNB is one of the oldest banks in India having a virtual presence in every important center of the country. The Bank caters to a wide variety of audience through spectrum of services including corporate and personal banking, industrial finance, agricultural finance and international finance.

 

03-Jul-2019

M&M’s FES registers 19% fall in domestic sales in June

Mahindra & Mahindra’s (M&M) Farm Equipment Sector (FES) has reported domestic tractor sales of 31,879 units in June 2019, as against 39,277 units during June 2018, registering a fall of 19%. Total tractor sales (domestic + exports) during June 2019 were at 33,094 units, as against 40,529 units for the same period last year. Exports for the month stood at 1,215 units.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

 

03-Jul-2019

RBI imposes penalty of Rs 2.5 million on Corporation Bank

The Reserve Bank of India (RBI) has imposed monetary penalty of Rs 2.5 million on Corporation Bank for non-compliance with certain provisions of directions issued by RBI on Know Your Customer (KYC) norms / Anti Money Laundering (AML) Standards and Opening of Current Accounts.

The penalty has been imposed in exercise of powers vested in RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949, taking into account the failure of the banks to adhere to the aforesaid directions issued by RBI.

This action is based on the deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the banks with their customers.

Corporation Bank is a Mangalore-based mid-sized public sector bank which was established in 1906.

 

03-Jul-2019

Dynamic Cables wins ‘Rajasthan Best Employer Brand Awards 2019’

Dynamic Cables has been conferred with ‘Rajasthan Best Employer Brand Awards 2019’ by World HRD Congress (World CSR and World sustainability).

Dynamic Cables is India’s Leading manufacturer of cables and conductors and has grown into one of the leading manufacturers and suppliers of MV and LV Aerial Bunched Cables, MV & LV XLPE Power Cables, LV PVC Power & Control Cables & ACSR /AAA/AA Conductors used for transmission and distribution of Electricity.

 

03-Jul-2019

Steel Strips enters into scheme of amalgamation with SAB Industries

Steel Strips has received approval for Scheme of Amalgamation with SAB Industries. The transaction would result in the emergence of SAB Industries as a consolidated strong entity, which will contribute to the overall growth prospects of the combined entity leading to the increase in shareholder’s value for both the Companies. The Board of Directors of the Company at its meeting held on July 02, 2019 has approved the same.

SAB Industries is engaged in the Construction, infrastructure, Real Estate and trading activities.

Steel Strips is in the business of manufacture and sale of cold rolled steel strips. The company was formed as a joint sector project by R K Garg along with the Punjab State Industrial Development Corporation.

 

03-Jul-2019

Indiabulls Ventures’ arm disburses 9.2 lakh loans in Q1

Indiabulls Ventures’ wholly owned subsidiary — Indiabulls Consumer Finance has disbursed 9.2 lakh loans, during the quarter ended June 30, 2019 as compared to 4.9 lakh loans during the quarter ended March 31, 2019 and 0.6 lakh loans during the quarter ended June 30, 2018, depicting a quarter on quarter growth of 88%.

Indiabulls Ventures acts as a stock and share broker on the National Stock Exchange of India (NSE), BSE, depository participants and other related services. The company’s primary businesses include Broking and Related activities, and Lease Rental activities.

 

03-Jul-2019

City Union Bank signs agreement with Star Health

City Union Bank has entered into an agreement with Star Health & Allied Insurance Company on July 02, 2019 for distribution of their product through its Branch Network.

City Union Bank offers a suite of products across deposits, loans, investment solutions, payments and cards and the Bank also offers services, such as internet banking, mobile banking, including online funds transfer and fixed deposit operations. The Bank operates in four segments, which includes Corporate/Wholesale banking, Retail Banking, Treasury and Other Banking Operations.

 

03-Jul-2019

Aditya Birla Fashion completes acquisition of Jaypore and TG Apparel

Aditya Birla Fashion and Retail has completed acquisition of the business undertakings of Jaypore and TG Apparel, post completion of the Conditions Precedent under the SPAs. Pursuant to the above acquisition, Jaypore and TG Apparel have become wholly owned subsidiaries of the Company with immediate effect.

Earlier, the company had entered into a Share Purchase Agreement (SPA) with the existing shareholders of Jaypore, a B2B entity which sells ethnic fashion merchandise under its own brand ‘Jaypore’ and of other third-party brands; and TG Apparel, a B2C entity which retails ethnic fashion, both online and offline.

Aditya Birla Fashion and Retail is engaged in providing branded fashion apparels and accessories, and the retail sale of clothing, footwear and leather articles in stores. It operates through two segments: Madura Fashion & Lifestyle, and Pantaloons. The company’s brands include Louis Philippe, Van Heusen, Allen Solly and Peter England.

 

03-Jul-2019

Kalpataru Power Transmission to sell stake in 3 power transmission assets

Kalpataru Power Transmission (KPTL) has entered into binding agreements with CLP India to sell its stake in 3 power transmission assets namely, Kalpataru Satpura Transco (KSTPL), Alipurduar Transmission (ATL) and Kohima Mariani Transmission (KMTL), for an estimated enterprise value of Rs 3,275 crore.

As a part of this deal, the transaction for ATL and KMTL will be effective post Commercial Operation Date (COD) and fulfilment of certain conditions. Techno Electric & Engineering Company (Techno) owns 26% stake in KMTL.

Kalpataru Power Transmission is one of the largest and fastest growing specialized EPC companies in India engaged in power transmission & distribution, oil & gas pipeline, railways, infrastructure development, civil contracting and warehousing & logistics business with a strong international presence in power transmission & distribution.

 

03-Jul-2019

RBI imposes Rs 50 lakh penalty on UCO Bank

Reserve Bank of India (RBI) has imposed a penalty of Rs 50 lakh on UCO Bank for non-compliance of RBI directives on KYC Norms / AML Standards / CFT / Obligation of banks and financial institutions under PMLA 2002 and also on Opening of Current Accounts by Banks – Need for discipline.

UCO Bank is a commercial bank and a Government of India Undertaking. The Bank offers wide range of services includes Personal Banking, Corporate Banking, International Banking, Rural Banking and other services.

 

02-Jul-2019

Shree Rama Newsprint commissions water bottling plant

Shree Rama Newsprint has commissioned 32,000 Bottles (200 ml/500 ml) per hour packaged water bottling plant. The company has started commercial production from July 01, 2019.

Shree Rama Newsprint is equipped to manufacture Newsprint and Printing & Writing Paper from Virgin Pulp as well as Non-Conventional raw materials.

 

 

02-Jul-2019

Hexaware Technologies launches ‘Cloud EDMA’ for Microsoft Azure

Hexaware Technologies has launched cloud transformation platform Cloud Enterprise Data Management and Analytics (EDMA) for taking on-premise data warehouse and analytics ecosystem to Microsoft Azure. The collaboration will enable businesses to reduce the time and efforts in the entire transformation cycle by over 60%.

The collaboration will enable Hexaware customers leverage Microsoft Azure powered tools such as Machine Learning Studio, Microsoft Cognitive Services, Azure Data Factory and Power BI on cloud. Additionally, with Cloud EDMA platform, enterprises will be able to adopt Microsoft Azure for data warehouse and analytics needs at an accelerated pace. The company’s Cloud EDMA is a suite of proprietary accelerators and IPs that automate multiple processes associated with cloud transformation of legacy on-premise relational data warehouses and Massively Parallel Processing (MPP) appliances.

Hexaware Technologies is a global provider of disruptive IT & IT-enabled services, complex technology solutions and automation-led Business Process services.

 

02-Jul-2019

Tata Motors crosses 10,000 customers for its flagship SUV- Harrier

Tata Motors has crossed 10,000 customers for its flagship SUV- Harrier since its launch in January 2019. As part of the celebrations, the company launched dual tone colour options on the Harrier.

The dual tone options will be available in two colours Calisto Copper and Orcus White on top-of-the-line XZ variant. The stunning black contrast roof will further enhance the appeal for Harrier, which is already appreciated for its unmistakable road presence. The Harrier range starts at 12.99 lakh and the dual tone options will be priced at 16.76 lakh ex-showroom Delhi

Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.

 

02-Jul-2019

Tai Industries to close retail outlet in Kolkata

Tai Industries will close retail outlet located at C3 -The Market Place, at City Centre, Salt Lake, Kolkata from July 04, 2019 as per the decision of the Management.

Tai Industries is engaged in marketing of agricultural products.The company launched ‘DRUK’ brand of fruit products.

 

02-Jul-2019

Rathi Graphic Technologies temporarily shuts down operations at Rajasthan plant

Rathi Graphic Technologies has temporarily shut down the operations at its plant, situated at SP – 921, RIICO Industrial area, Phase – III, Bhiwadi, Rajasthan.

Rathi Graphic Technologies Ltd is engaged in manufacturing toners and developers for photocopiers.

 

02-Jul-2019

Panorama Studios International to invest Rs 5.10 lakh in Panorama Studios Distribution LLP

Panorama Studios International has proposed to invest Rs 5.10 lakh towards its Share of Capital Contribution in Panorama Studios Distribution LLP. Consequently Upon the aforesaid investment, the company will be entitled to 51% share in Profits and Losses of Panorama Studios Distribution LLP. The Company is acquiring the stake in Panorama Studios Distribution LLP from the subsidiary company i.e. Panorama Studios.

Panorama Studios International (formerly known as Apunka Invest Commercial) is engaged in investment in shares and securities as its principal business.

 

02-Jul-2019

Kalpataru Power Transmission acquires balance stake in Shree Shubham Logistics

Kalpataru Power Transmission (KPTL) has signed a definitive agreement with Tano India Private Equity Fund II (Tano) to acquire 19.94% stake in Shree Shubham Logistics (SSL) for a consideration of Rs 64.66 crore.

The consideration will be paid through a non’cash equity swap transaction, in which 12,54,900 equity shares of KPTL will be issued to Tano at the value of Rs 515.25 per share, subject to relevant approvals.  On completion of this acquisition, KPTL’s stake in SSL shall increase to around 100%.

Kalpataru Power Transmission is one of the largest and fastest growing specialized EPC companies in India engaged in power transmission & distribution, oil & gas pipeline, railways, infrastructure development, civil contracting and warehousing & logistics business with a strong international presence in power transmission & distribution.

 

02-Jul-2019

MRPL restarts operations at refinery

Mangalore Refinery and Petrochemicals (MRPL) has restarted operations at the refinery following the resumption in water supply to it.

The water supply to the refinery has been resumed in stages from June 6, 2019 and the refinery units have been restarted sequentially. In May, MRPL had announced a partial shut-down of the refinery complex.

MRPL is engaged in the business of refining crude oil. It offers high speed diesel oil, fuel oil and motor spirit. It operates as a subsidiary of Oil and Natural Gas Corporation.

 

02-Jul-2019

ARSS Infrastructure Projects’ JV bags work order worth Rs 195 crore

ARSS Infrastructure Projects’ Joint Venture (JV) –ARSS-THAKUR has won a work order of Rs 195,42,36,277.81 for ‘Track Linking (Excluding Supply of Rails, Sleepers, Thick Web Switches), S & T and OHE works between Km. 47 to Km 97 in connection with construction of Angul-Sukinda New BG Rail Link of 58.961 Track Km between Rangamatia to Baghuapal including tie lines at Tomka (Package -2) from Rail Vikas Nigam on July 01, 2019.

ARSS Infrastructure Projects started as a construction company in the field of railway infrastructure development. The company has developed an expertise in railway construction projects, which include earthwork, major and minor bridges, supply of ballast, sleepers, laying of sleepers and rails, linking of tracks etc.

 

02-Jul-2019

ONGC discovers 230 million tonnes of oil reserves

Oil and Natural Gas Corporation (ONGC) has discovered over 230 million tonnes of in-place oil reserves in the last three years. These reserves are spread over 16 assets it currently extracts oil from.

The company produced 21.11 million tonnes of oil in the fiscal year ended March 31 (2018-19). In the last three years, it produced a cumulative of 65.66 million tonnes of oil.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

 

02-Jul-2019

M&M launches innovative new AMT version of XUV300

Mahindra & Mahindra (M&M) has launched an innovative new Automated Manual Transmission (AMT) version of its popular compact SUV, the XUV300, making it even easier to own and drive.

This AMT with its autoSHIFT technology will be available on the W8 diesel variant and its optional pack W8(O), at an additional cost of Rs 55,000 over the manual version. It will be available for display, test drives & immediate deliveries across all Mahindra dealerships from July 2, 2019. This new variant of the XUV300 will be available in 3 colours, Pearl White, Aquamarine and Red Rage.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

 

02-Jul-2019

Strides Pharma Science receives warning letter from USFDA for Puducherry facility

Strides Pharma Science has received a warning letter from the United States Food & Drug Administration (USFDA) relating to Puducherry facility. Puducherry site currently produces 6 ANDAs which will not get impacted by the current development. However, the 10 ANDAs pending approval from the site will get deferred till the site is reclassified.

The company is committed to the highest standards of quality and compliance and will work collaboratively with the FDA to resolve all issues addressed in the warning letter. The company retains its growth guidance for the US market.

Strides Pharma Science (Formerly Strides Shasun) is a pharmaceutical company with a major focus on development and manufacture of IP-led niche finished dosage formulations. It is also among the world’s largest manufacturers of soft gelatin capsules.

 

02-Jul-2019

Erickson Incorporated selects Ramco Systems for ERP Transformation Project

Erickson Incorporated has selected Ramco Systems to implement its Aviation M&E MRO Solution V5.8. Erickson’s advanced enterprise solutions integration will link all Maintenance, Supply Chain Management, Safety & Quality, Flight Operations, MRO Sales, and Manufacturing functions into a single system. Modules will include EFB (electronic flight bag), Mobility, Optimization Solution, Hubs, Dashboards and Chatbot.

Ramco will provide Erickson Incorporated an automated technology environment, enabling real time visibility and management of the many complex facets of it.

Ramco Systems is a fast-growing enterprise software player disrupting the market with its multi-tenant cloud and mobile-based enterprise software in HCM and Global Payroll, ERP and M&E MRO for Aviation.

 

02-Jul-2019

Kotak Mahindra Bank launches AI-driven chatbot ‘Keya’

Kotak Mahindra Bank (Kotak) has launched its AI-driven chatbot ‘Keya’. Kotak customers are actively adopting Keya, which has crossed over 3.5 million queries from over 1 million unique users with 93% accuracy.

Kotak Mahindra Bank offers a wide range of banking products and financial services for corporate and retail customers through a variety of delivery channels and specialized subsidiaries in the areas of personal finance, investment banking, life insurance, and wealth management.

 

02-Jul-2019

Coal India sees marginal rise of 0.5% in coal production in June

Coal India has reported marginal rise of 0.5% in coal production at 45.08 million tonnes in June this year, but offtake declined by 1.6% to 48.86 million tonnes in the same month.

The production was at 44.87 million tonnes, while the offtake was 49.64 million tonnes during June 2018.

Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.

 

02-Jul-2019

Cox & Kings to solve temporary cash flow mismatch

Cox & Kings is planning to take steps to fix the ‘temporary’ cash flow mismatch. The company will also approach lenders to work out a ‘time-bound’ solution to this emergency.

On June 27, 2019 the company defaulted on payment of commercial papers due to cash flow mismatch. The company was required to pay Rs 200 crore, however, it was able to pay only Rs 50 and defaulted on Rs 150 crore. Moreover, the company is focusing on cash flow generation from each business and working at the highest priority to free working capital.

Cox and Kings is engaged in providing travel management solutions. Its services include destination management, outbound tourism, business travel, insurance and conference solutions. The firm also offers domestic holidays, trade fairs, foreign exchange and insurance.

 

 

02-Jul-2019

Alembic Pharmaceuticals gets USFDA nod for Febuxostat Tablets

Alembic Pharmaceuticals has received nod from US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Febuxostat Tablets, 40 mg and 80 mg. The approved ANDA is therapeutically equivalent to the: reference listed drug (RLD), Uloric Tablets, 40 mg and 80 mg, of Takeda Pharmaceuticals U.S.A., Inc. (Takeda). Febuxostat Tablets has an estimated market size of $578 million for twelve months ending December 2018.

The company had previously received tentative approval for this ANDA. But now company has a total of 98 ANDA approvals (87 final approvals and 11 tentative approvals) from USFDA.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, has been at the forefront of Healthcare since 1907.

 

02-Jul-2019

Kirloskar Electric signs MoU with Shirdi Sai Electricals

Kirloskar Electric Company has entered into a Memorandum of Understanding (MoU) with Shirdi Sai Electricals, Hyderabad for transfer of manufacturing unit (unit – 16) of the company, located in Pune, either by Business Transfer or such other mode as may be agreed, subject to the completion of satisfactory due diligence and after receipt of other approvals as may be required.

Kirloskar Electric Company (KEC) is one of the India’s leading manufacturers of electrical and power equipment. The company was established in 1946 by Ravi L Kirloskar.

 

02-Jul-2019

Hindustan Oil Exploration inks conditional agreement with Hardy

Hindustan Oil Exploration Company has entered into a conditional agreement with Hardy Oil and Gas PLC (Hardy), subject to their shareholders’ and other approvals, to acquire the entire share capital of Hardy Exploration & Production (India) Inc. (HEPI), a company incorporated in the State of Delaware having an Indian Project Office.

Hindustan Oil Exploration Company is an oil and gas company. The company’s activities relate to exploration and production of hydrocarbons, which are natural resources. Its segments include Hydro carbon and Oil additives. Its products include crude oil and natural gas.

 

02-Jul-2019

Eicher Motors’ motorcycle arm reports 22% decline in June sales

Eicher Motors’ motorcycle arm — Royal Enfield has reported a 22% decline in total sales to 58,339 units in June. The company sold a total of 74,477 units in the corresponding month last year.

Domestic sales stood at 55,082 units in June as compared to 72,588 units in the year-ago month. Exports during the month stood at 3,257 units as against 1,889 units in the corresponding month a year ago.

Eicher Motors is an India-based company, which is engaged in manufacturing automobile products and related components. The company operates in business verticals, including motorcycles, commercial vehicles and personal utility vehicles.

 

02-Jul-2019

Thomas Cook launches AI powered chatbot ‘TeeCee’

Thomas Cook (India) has launched ‘TeeCee’, a first of its kind AI powered chatbot, reiterating the company’s digital evolution strategy in its journey towards a seamless digital customer experience.

TeeCee is built in association with Senseforth’s proprietary conversational AI platform for Intelligent assistants that mimics human cognitive ability in understanding and actionizing user intent.

Thomas Cook (India) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Insurance, Visa & Passport services and E-Business.

 

02-Jul-2019

Hero MotoCorp reports sales of 616,526 units in June

Hero MotoCorp has reported sales of 616,526 units of motorcycles and scooters in the month of June 2019. It is the second consecutive month this fiscal when the company has clocked six-lakh plus monthly sales.

In June 2019, the company demonstrated its in-house Research & Development capabilities by becoming the first two-wheeler manufacturer in the country to receive the BS-VI certification (Type Approval Certificate). The company received the certificate for Splendor iSmart motorcycle from International Centre for Automotive Technology (ICAT).

Hero MotoCorp is an India-based holding company and a two-wheeler manufacturer. The company is engaged in the manufacturing and selling of motorized two-wheelers, spare parts and related services.

 

02-Jul-2019

Sadbhav Infrastructure Project executes definitive agreement with IndInfravit Trust

IndInfravit Trust and Sadbhav Infrastructure Project (SIPL) have executed definitive agreements whereby IndInfravit has agreed to purchase the entire equity shareholding of SIPL in nine of SIPL’s operational road projects (Roads Portfolio) from SIPL. The transaction values 100% of the Roads Portfolio at an enterprise value of approximately Rs 66,100 million.

Upon completion of the transaction, pursuant to the definitive agreements, SIPL will receive the consideration from IndInfravit in cash as well as allotment of units of IndInfravit; post completion, SIPL will hold not exceeding 10% unit holding in IndInfravit. 

Sadbhav Infrastructure Project is one of the leading road BOT companies in India that specializes in the development, operation and maintenance of highways, roads and related projects. The company, a subsidiary of Sadbhav Engineering (SEL), was incorporated in 2007 as a developer and operator for highways, road and related projects on a BOT basis.

 

02-Jul-2019

Radio City gets 5th spot among India’s 100 Best Companies to work for 2019

Music Broadcast’s part — Radio City has been ranked 5th amongst 100 best companies in ‘India’s Best Companies to Work For 2019’, a study by the Great Place to Work Institute and The Economic Times that recognizes most prestigious and credible employer brands in the country.

Radio City has earned this recognition for creating a Great Place to Work environment for all employees and for outshining on the 5 dimensions of building an organization that fosters High-Trust, High-Performance CultureTM – Fairness, Credibility, Respect, Pride and Camaraderie. Along with being among the best in the country, Radio City was also ranked 6th among 25 Best Large Workplaces in Asia 2019 (501+ Employees).

Radio City, a part of Music Broadcast is a subsidiary of Jagran Prakashan. Music Broadcast operates a network of FM radio channels in India. It broadcasts Hindi and international music in various genres, such as film, non-film, Sufi, ghazals, lounge, current, and retro, as well as various advertising and entertainment solutions.

 

 

02-Jul-2019

Patel Integrated Logistics completes divestment of surface transport business

Patel Integrated Logistics has completed the divestment of company’s surface transport business carried on in a division ‘Patel Roadways’ on a going concern basis by way of Slump sale to Innovative Logistics Service, Wholly owned subsidiary of Stellar Value Chain Solutions.

Patel Integrated Logistics offers International as well as domestics transportation services, and distribution services. The company is also engaged in the business of Co-Loading of Courier, Surface Transportation, and Consolidation of Cargo.

 

02-Jul-2019

TVS Motor registers sales of 297,102 units in June 2019

TVS Motor Company has registered sales of 297,102 units in June 2019 as against 313,614 units in the month of June 2018.

Total two-wheeler registered sales of 283,461 units in June 2019 as against 301,201 units in the month of June 2018. Domestic two-wheeler registered sales of 226,279 units in June 2019 as against sales of 246,176 units in the month of June 2018.

Motorcycle sales grew by 2% with sales increasing from 128,825 units in June 2018 to 131,331 units in June 2019. Scooter sales of the Company registered 99,007 units in June 2019 as against sales of 102,763 units in June 2018.

The Company’s total exports grew by 6% from 65,971 units registered in the month of June 2018 to 69,900 units in June 2019. Two-wheeler exports grew by 4% increasing from 55,025 units in June 2018 to 57,182 units in June 2019.

Three-wheeler of the Company grew by 10% increasing from 12,413 units in June 2018 to 13,641 units registered in June 2019.

TVS Motor Company is a leading two and three-wheeler manufacturer, and is the flagship company of the TVS Group.

 

02-Jul-2019

JSW Energy terminates Rs 6,500 crore deal with JSPL

JSW Energy has terminated Rs 6,500 crore deal with Jindal Steel and Power (JSPL) to acquire its 1,000 MW power plant in Raigarh district of Chhattisgarh. With the elapsing of the Long Stop Date without completion of the stipulated conditions precedent, the proposed acquisition of the said power plant stands terminated.

JSW Energy, part of the JSW Group, is a growing energy company. The Group has diversified interests in carbon steel, power, mining, industrial gases, port facilities, aluminium, cement and information technology.

 

02-Jul-2019

JK Papers to set up new manufacturing plant in Gujarat

JK Papers has signed a memorandum of understanding (MoU) with the Gujarat government to set up a new manufacturing plant that will have an annual capacity of three lakh tons annually at a cost of Rs 1,500 crore.

The agreement would facilitate the expansion of company’s Songadh unit in Tapi district. The Songadh unit will witness an increase in pulp processing capacity from 60,000 TPA (tonne per annum) to 1,60,000 TPA and packaging board from 1,00,800 TPA to 3,00,800 TPA. The plant will focus on producing multi-layer coated board paper and will produce some paper for the first time in India. The full expansion of the plant is expected to be completed by December next year.

JK Paper is engaged in paper manufacturing business. The company is India’s largest producer of branded papers is a leading player in the printing and writing segment.

 

02-Jul-2019

HCL Technologies completes acquisition of select IBM products

HCL Technologies has completed the planned acquisition of select IBM products for $1.8 billion (over Rs 12,700 crore) in an all-cash deal for security, marketing, commerce, and digital solutions.

As part of the deal’s close, HCL takes full ownership of the research and development, sales, marketing, delivery, and support for AppScan, BigFix, Commerce, Connections, Digital Experience (Portal and Content Manager), Notes Domino, and Unica. Also, the company is formally introducing HCL Software, a new division that will operate this enterprise software product business and meet customer demands.

HCL Technologies is a leading global IT services company that helps global enterprises re- imagine and transform their businesses through digital technology transformation.

 

02-Jul-2019

SBI inks MoU with NIIF to boost availability of capital for infra projects

State Bank of India (SBI) has inked memorandum of understanding (MoU) with National Investment and Infrastructure Fund (NIIF) to boost availability of capital for infrastructure projects. The scope of the MoU includes equity investments, project funding, bond financing, renewable energy support and take out finance for operating assets. The objective of this initiative is to aid in filling the gap at a time when the availability of equity and debt financing for infrastructure has moderated.

SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME and Corporate Banking etc.

 

02-Jul-2019

Prakash Industries gets surface right permission to operate mines in Odisha

Prakash Industries has received the grant of surface right permission to operate Sirkaguttu Iron & Manganese Mines in Keonjhar District of Odisha. The development of mines is being undertaken. The said iron ore mine has geological reserves of around 9.9 million tonnes.

Prakash Industries is an integrated steel and power company. Its products include coal mines, iron ore mines, sponge iron, power, steel melting shop and ferro alloys.

 

02-Jul-2019

Eris Lifesciences partners with PlexusMD

Eris Lifesciences has entered into a partnership with PlexusMD, a healthcare networking platform, to offer artificial intelligence-powered learning platform ‘Saarthi’ to doctors in India.

The aim of the endeavour is to enable Indian physicians stay connected with global developments and practise evidence-based medicine to improve patient health outcomes.

Eris Lifesciences is engaged in manufacturing, marketing and selling of branded generics within the chronic and acute categories of the Indian Pharmaceutical Market.

 

02-Jul-2019

Apollo Pipes registers sales volume growth of 20% to 13,953 MTPA in Q1 FY20

Apollo Pipes has registered healthy sales volume growth of 20% to 13,953 MTPA in Q1 FY20, as compared to 11,639 MTPA in Q1 FY19. The growth was fueled by contribution from the cPVC and HDPE pipe segments. Further, growth in value-added product segment of Fittings assisted overall volume growth during the quarter. 

Apollo Pipes is among the top 10 leading piping solution providing Company in India. 

 

02-Jul-2019

Torrent Power seeks shareholder’s approval to raise Rs 1,500 crore via NCDs

Torrent Power has sought shareholders’ approval to raise up to Rs 1,500 crore through issuance of non-convertible debentures (NCDs) on private placement basis. Shareholders’ approval has also been sought to declare dividend of Rs 5 per share on equity shares for 2018-19.

Torrent Power is an integrated utility engaged in the business of power generation, transmission and distribution with operations in the states of Gujarat, Maharashtra and Uttar Pradesh.

 

02-Jul-2019

Power Mech Projects bags orders worth Rs 412 crore

Power Mech Projects has received Letter of Intent/Work Order for the two projects worth Rs 412 crore. The first project is for Civil, Structural and Architectural works for main plant area and BOPS including FGD, SCR & Other related to MOEF norms and construction of 275m Height RCC single flue chimney with Borosilicate Glass Block Lining on inner surface of Steel Flue CAN including supplying and installation of electrical items at 1×660 MW Bhusawal TPS, Maharashtra for a total contract price of Rs 285.50 crore approximately to be completed within a period of 40 months.

The another project is for design, Fabrication, Supply & Erection of Prefabricated Steel Structures for Coke Oven#5 Project (Package#1) and Fabrication & Erection of Prefabricated Steel Structures for Coke Oven#5 Project (Package#2 &3) at Vijaynagar, Bellary, Karnataka for a total Contract Price of Rs 126.5 crore approximately to be completed within a period of 12 months. 

Power Mech Projects is an integrated power infrastructure services company. The Company’s operations include three business lines: Erection Works, Operation & Maintenance (O&M) Services and Civil Works.

 

02-Jul-2019

Bharti Airtel completes merger of Tata Tele’s consumer mobile businesses

Bharti Airtel and Bharti Hexacom have completed the merger of the consumer mobile businesses (CMB) of Tata Teleservices (TTSL) and Tata Teleservices (Maharashtra) (TTML). This move spells better synergies and increased customer base for the country’s third-largest mobile service provider. The merger is effective from July 1, 2019.

Telecom Disputes Settlement and Appellate Tribunal (TDSAT) order directing the Department of Telecommunications (DoT) to take on record the merger and the schemes of arrangement by the National Company Law Tribunal (NCLT), Delhi and NCLT, Mumbai. Moreover all customers, assets, spectrum and agreed liabilities of the Consumer Mobile Businesses of TTSL and TTML now stand merged with Airtel.

Bharti Airtel is a leading integrated telecommunications company with operations across Asia and Africa.

 

02-Jul-2019

Tata Motors reports 14% decline in domestic sales in June

Tata Motors’ Commercial and Passenger Vehicles Business sales in the domestic market in June 2019 witnessed a drop of 14% at 49,073 units, as against 56,773 units sold in June 2018, as subdued demand continued in June 2019.

Tata Motors Commercial Vehicles (CV) Business sales in the domestic market in June 2019, at 35,722 units registered a drop of 7% compared to 38,560 units sold last June as the market continues to exhibit subdued demand sentiment as customers are postponing purchases given the poor freight availability, the falling freight rates affecting their viability. The slowing down of the economy is hurting overall customer sentiments and causing an impact on demand for fresh vehicles.

 

The M&HCV sales in the domestic market in June 2019 declined by 19%, at 9,358 units. The demand for M&HCV cargo vehicles continues to be low with the excess carrying capacity created with the higher axle load regulation last year.

The I&LCV truck sales in June 2019 recorded a marginal growth by 3% at 4,564 as this segment has not been affected by the revised axle load norms and the demand has been led by the growth in e-commerce and intra city logistics. Besides, The Company’s sales from exports (from CV and PV) in June 2019 was at 2,702 units, lower by 48% over June 2018, due to drop in retails in Bangladesh, Nepal & Middle East markets.

 

Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.

 

02-Jul-2019

Karnataka Bank launches Digital Recovery Tool

Karnataka Bank has launched a web tool named VASOOL SO-Ft (VASOOL SOFAST) for digitalising NPA recovery process. The tool will enable easy and faster processing, real time information and immediate decision making in the recovery area.

Karnataka Bank operates as a private sector bank. Its products and services include current account, demand, time, cumulative, cash certificates, insurance linked savings bank deposits, resident foreign currency accounts and senior citizens deposit schemes.

 

02-Jul-2019

MOIL revises prices of various grades of manganese ore

MOIL has fixed/revised prices of different grades of Manganese Ore and other products, effective from July 01, 2019. The prices of Ferro Grade, Chemical Grade and Fines as fixed on June 1 would remain unchanged. The basic price of Electrolytic Manganese Di-oxide (EMD) as fixed on June 1 would remain unchanged.

The prices of Silico Manganese Grade (SMGR 30% & SMGR 25%) have been increased by about 5% on the prices prevailing since June 1, 2019. Ferro Manganese/Ferro Manganese Slag and some identified grades of Manganese Ore will continue to be sold by e-auction as well as through Metal Mandi (M3) of MSTC.

MOIL is the largest iron ore company in India and fifth largest in world. It currently operates seven underground mines (Kandri, Munsar, Beldongri, Gumgaon, Chikla, Balaghat and Ukwa mines) and three opencast mines (Dongri Buzurg, Sitapatore/Sukli, and Tirodi).

 

02-Jul-2019

ONGC, IOC join hands to reduce carbon emission, enhance oil recovery

ONGC has signed Memorandum of Association (MoU) with Indian Oil Corporation (IOC) for CO2 based Enhanced Oil Recovery (EOR) by injecting CO2 captured from IOC’s Koyali refinery. The MOU is aimed to establish a framework for mutually beneficial cooperation in the area of CO2-EOR as a mode of Carbon Capture Utilization and Storage (CCUS). The common objective is to address some of the biggest challenges of country in particular & world at large, namely energy security and climate change.

The collaboration under this MoU focuses on development of CO2 Capture plant at IOC’s Koyali Refinery with appropriate Carbon capture technology, development of business model, increasing domestic oil production through CO2-EOR in Gandhar field and inclusion of this project as part of national emission curtailment measure aimed at supporting country’s low-carbon development goals.

ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.

 

02-Jul-2019

GIPCL issues LoI to Tata Power Solar Systems for 100 MW solar power project

Gujarat Industries Power Company (GIPCL) has issued Letter of Intent (LoI) to Tata Power Solar Systems for 100 MW Solar Power Project (Phase III-R) at Raghanesda Solar Park, in the state of Gujarat on Engineering, Procurement and Construction (EPC) Basis.

The scope of the LoI will be to design, engineering, supply and procurement, construction, erection, testing, commissioning and operation & maintenance (O&M) on engineering, procurement and construction (EPC) basis.

Gujarat Industries Power Company is engaged in the business of power generation. The company is also engaged in conducting research and development operations such as identification and completion of geological survey work at chosen site and conducting seismic survey for mapping of lignite deposits at said area.

 

02-Jul-2019

BEML bags SKOCH award for Corporate Excellence

BEML has bagged prestigious SKOCH Award for Corporate Excellence – Gold for BEML Metro Cars – Kolkata Metro Rail Corporation Project (KMRCL). The state-of-the-art metro trains are indigenously designed, developed and manufactured by the company, truly realising the motive of ‘Design in India’ and ‘Skill lndia’ initiatives of the Government.

The company is the first Indian company supplying indigenously developed six car metro train with Advanced Communication Based Train Control (CBTC) system to KMRCL. The six coach rakes comprise of two Driving Motor Cars (DMC) at either end, LED lightings for energy conservation and latest train protection / control systems. The carrying capacity of each rake is 2068 passengers and with a maximum operation speed capability of 80 kmph.

BEML a leading mining and construction equipment manufacturer has designed and developed indigenously over 40 products through its R&D, and are not only working in India but also in 65 countries around the world.

 

02-Jul-2019

Indo Amines gets nod to acquire 60% equity shares of Ashok Surfactants

Indo Amines has received approval to acquire 60% equity shares of Ashok Surfactants by way of transfer from existing equity shareholders of Ashok Surfactants to the company. The Board of Directors of the company at their meeting held on July 01, 2019, approved the same.

Indo Amines manufactures various types of fatty amines, amine derivatives that are used by various industries for direct application. Its products also have specialized process application for various industries and their processes.

 

01-Jul-2019

Syndicate Bank gets nod to raise Rs 500 crore in FY20 via various means

Syndicate Bank has received approval to raise Rs 500 crore during this fiscal by various means, including QIP or preferential allotment. The decision was taken at the board meeting of the bank held on June 29.

Syndicate Bank is one of the oldest and major commercial banks of India.

 

01-Jul-2019

Cyient refutes claims on its involvement in development of Boeing 737 MAX systems

Cyient has refuted the claim made by some publication on its involvement in the development of the Boeing 737 MAX Manoeuvring Characteristics Augmentation System (MCAS). The news articles wrongly claim Cyient’s involvement in software development for the flight test equipment.

As Boeing clarified, Cyient was not involved in the design of the MCAS or the cockpit warning light. While Cyient generally does not comment on individual client relationships, the company confirms that it has a long-standing relationship with The Boeing Company (Boeing).

Cyient provides engineering, manufacturing, geospatial, network and operations management services to global industry leaders. It leverages the power of digital technology and advanced analytics capabilities, along with domain knowledge and technical expertise, to solve complex business problems.

 

01-Jul-2019

Eveready Industries to exit packet tea business

Eveready Industries India has received approval from its board to enter into an Asset Transfer / Assignment / License Agreement with Madhu Jayanti International (MJIPL) for transfer and/or License of the relevant and other trademarks (valued at Rs 6 crore) relating to the packet tea products of Eveready, to MJIPL.

The company has for some time held view that its packet tea segment was not able to reach the desired scale and has had limited share of the packet tea market due to its inability to invest money behind its various brands. The proposed asset transfer agreement with MJIPL will positively impact the Company’s financials and also partially ease out its working capital position.

Eveready Industries India (formerly known as Union Carbide India) is engaged in the manufacture of dry cell batteries and flashlights. It also manufactures tea under the brands Tez, Jaago, Premium Gold and Classic and insect repellents under the brand Eveready Poweron. The company was founded in 1905 and is based in Kolkata, West Bengal.

 

01-Jul-2019

Multibase India terminates license agreement with Dow group

Multibase India has terminated license agreement with Dow Silicones Corporation (Dow), due to global restructuring of the Dow group. The agreement was executed on June 21, 2016.

The company did not have any long term contracts for the manufacture and supply of antifoaming products, which was being undertaken on a purchase order basis by the company.

Multibase India is an India-based company. The company is engaged in the business of manufacturing of high-technology thermoplastic elastomeric compounds and has diversified into the manufacture and sale of products, such as silicon-enhanced products.

 

01-Jul-2019

Strides Pharma Science receives requisite approvals to exit investment in Arrow

Strides Pharma Science has received all requisite approvals for the transaction to exit its investment in Arrow for AUD 394 million, and Strides Pharma Global Pte (SPG), a step-down subsidiary of the Company in Singapore, has signed the definitive agreements for the same.

The company expects the transaction to close on or around July 10, 2019. SPG will receive AUD 300 million immediately at closing and balance AUD 94 million will be received as deferred consideration backed by a secured interest-bearing instrument.

Strides Pharma Science (Formerly Strides Shasun) is a pharmaceutical company with a major focus on development and manufacture of IP-led niche finished dosage formulations. It is also among the world’s largest manufacturers of soft gelatin capsules.

 

01-Jul-2019

Aster DM Healthcare’s arm incorporates Ezhimala Infrastructure LLP

Aster DM Healthcare’s subsidiary — Malabar Institute of Medical Sciences (MIMS) has incorporated a Limited Liability Partnership (LLP), Ezhimala Infrastructure LLP, in India. MIMS owns 40% ownership in Ezhimala Infrastructure.

The LLP has been incorporated to provide infrastructure development and allied services for the healthcare industry.

Aster DM Healthcare operates as a healthcare company in the Middle East, India, and the Far East. It operates hospitals and clinics, pharmacies, diagnostic centers, educational institutions, and healthcare management and healthcare support systems.

 

01-Jul-2019

Coal India’s coal supply to power sector declines by 2.6% in April-May

Coal India’s coal supply to the power sector has declined by 2.6 per cent to 80.9 million tonnes (MT) in the first two months i.e April to May of the ongoing fiscal. This comes amid coal imports rising 12.9 per cent to 235.2 MT in FY19 over 208.2 MT imported in FY18.

Coal India is the world’s largest coal mining company. It also produces non-coking coal and coking coal of various grades for diverse applications.

 

01-Jul-2019

Alembic Pharmaceuticals gets USFDA approval for Clonazepam Orally Disintegrating Tablets

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) for its  Abbreviated New Drug Application (ANDA) Clonazepam Orally Disintegrating Tablets USP, 0.125 mg, 0.25 mg, 0.5 mg, 1 mg and 2 mg. The approved ANDA is therapeutically equivalent to the reference listed drug (RLD), Klonopin Orally Disintegrating Tablets, 0.125 mg, 0.25 mg, 0.5 mg, 1 mg and 2 mg, of Hoffmann-La Roche, Inc. (Roche).

Clonazepam orally disintegrating tablet is useful alone or as an adjunct in the treatment of the Lennox-Gastaut syndrome (petit mal variant), akinetic and myoclonic seizures. In patients with absence seizures (petit mal) who have failed to respond to succinimides, clonazepam orally disintegrating tablets may be useful. It is also indicated for the treatment of panic disorder, with or without agoraphobia, as defined in DSMV.

Clonazepam Orally Disintegrating Tablets USP has an estimated market size of $20 million for twelve months ending December 2018 according to IQVIA. The comapany now has a total of 98 ANDA approvals (86 final approvals and 12 tentative approvals) from USFDA.

Alembic Pharmaceuticals, a vertically integrated research and development pharmaceutical company, has been at the forefront of Healthcare since 1907.

 

01-Jul-2019

Dhruv Consultancy Services gets LoA worth Rs 3.16 crore

Dhruv Consultancy Services has received the Letter of Award (LoA) for Supervision Consultancy Services for construction supervision of balance work of Two Lane with Paved Shoulder of Piprakothi- Motihari -Raxaul Section of NH 28A from km 0.650 km to Km 62.064 and construction of (2 lane with paved shoulder from km 62.064 to 68.650 and 4-lane with paved shoulder from km 68.650 to 69.241 link road (7.177 km length) in the state of Bihar from the office of the General Manager, Tech (Bihar Division) of National Highways Authority of India, Ministry of Road Transport and Highways.

Contract amount will be Rs 3.16 crore for the said Supervision Consultancy for which the contract period will be 36 months. The company need to submit the Bank Guarantee within 15 days from the date of LOA, post which all the statutory formalities covering signing of agreement as per RFP shall take place.

Dhruv Consultancy Services is an infrastructure consultancy company providing design, engineering, procurement, construction and integrated project management services for Highways, Bridges, Tunnels, Architectural, Environmental Engineering and Ports.

 

01-Jul-2019

Zensar collaborates with Tomorrow trust to support its SHIFT Program

Zensar has collaborated with Tomorrow trust with aim to support its SHIFT (digital Skills, Holism and Innovation for Tomorrow) programme. The company has also donated laptops to this programme with the objective of investing in the growth of ICT (Information and Communication Technology) in South Africa.

This initiative is a part of the long-standing efforts of both the companies to enable students to develop into employable individuals by learning new skills, receive practical knowledge on current trends in the industry and understand career opportunities.

Zensar Technologies operates as a software service company. It is engaged in software development, networking, e-commerce, and systems integration services. It also provides consulting, collaboration services and business process outsourcing services.

 

01-Jul-2019

Oceanic Foods receives ‘SME Achievers of 2018-19’ award

Oceanic Foods has received ‘SME Achievers of 2018-19’ from India SME Forum. The company was awarded for scoring in Top 100 in SME Achievers of 2018-19 by the Jury Board out of total 34011 Nominations.

Oceanic Foods is India’s leading manufacturer and exporter of dehydrated spices & vegetables and have won National and International Awards for outstanding export performances. Oceanic Foods mainly exports products such as dehydrated onion (red & white) and dehydrated garlic in various forms like flakes, minced, powder, etc.  

 

01-Jul-2019

HUL designs digital transformation programme

Hindustan Unilever (HUL) has created a full-fledged end-to-end digital transformation programme that will redefine the ways of working going forward. Currently, over 80 experiments are underway to accelerate the company’s journey on digital transformation.

The company has also set up a digital council comprising a cross-functional team of leaders, for its ‘Reimagining HUL’. The company has five-pronged strategy to continue to thrivedrive purpose into their brands.

HUL is India’s largest Fast Moving Consumer Goods Company with a heritage of over 80 years in India and touches the lives of nine out of ten Indian households.

 

01-Jul-2019

SML Isuzu reports 22% fall in June sales

SML Isuzu has reported 22.4% fall in June 2019 sales. The company has sold 1214 vehicles in June 2019 against 1564 vehicles in June 2018. Total Sales from April to June 2019 stood at 4282 units.

SML Isuzu manufactures a range of vehicles such as trucks, buses and ambulances. The company has launched products like 4WD, Samrat, Sartaj, Dual Cab, Supreme-8 tonner, Truck- Super 12, Super ALFD and many more.

 

01-Jul-2019

RInfra planning to monetize marquee Reliance Center Office in Mumbai

Reliance Infrastructure (RInfra) is planning to monetize its marquee Reliance Center Office located in Santacruz East, Mumbai. Reliance Center is an ultra-modern state-of-the-art office building with over 6.95 lakh square feet area on a plot of 15,514 square meters.

The company will continue to own the premises and monetization would be by way of long-term lease. The company will utilise 100% of the proceeds only for debt reduction.

RInfra is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.

 

01-Jul-2019

PFC raises $300 million loan from overseas

Power Finance Corporation (PFC) has raised $300 million loan from overseas. The loan has been jointly approved by State Bank of India, Hong Kong and MUFG Bank, Singapore. This is PFC’s second foreign currency borrowing in the current fiscal.

PFC provides large range of financial products and services like project term loan, lease financing, direct discounting of bills, short term loan, and consultancy services for various power projects in generation, transmission, distribution sector as well as for renovation and modernization of existing power projects.

 

01-Jul-2019

Suryalakshmi Cotton Mills restores normal production at Denim division in Nagpur

Suryalakshmi Cotton Mills has restored the normal production operation at Denim Division from July 1, 2019. The Division is located near Ramtek, Nagpur District in the state of Maharashtra. The production at Denim Division has been restored consequent on the resolution of the labour disputes.

Suryalakshmi Cotton Mills engaged in the manufacturing of world class cotton and blended yarns.

 

01-Jul-2019

SpiceJet starts daily direct flight between Guwahati and Dhaka

SpiceJet has started the first daily direct flight between Guwahati and Dhaka. The first flight ‘SG 78’ was flagged off at Lokapriya Gopinath Bordoloi International Airport. With the launch of this new service, SpiceJet now operates two flights under International Air Connectivity Scheme (IACS), besides running 43 flights connecting 24 cities under UDAN scheme.

SpiceJet is among the first private companies that stepped into the Indian aviation sector.

 

01-Jul-2019

Apollo Tricoat Tubes registers volumes of 10,286 MTPA in Q1FY20

Apollo Tricoat Tubes has registered healthy volumes of 10,286 MTPA during the quarter ending June 30, 2019 (Q1FY20) at its in-line Galvanizing (ILG) tubes and Designer Galvanized (DG) tubes manufacturing facilities located at Malur, Karnataka.

Apollo Tricoat Tubes (Formerly known as Best Steel Logistics) started the business of marketing and distribution of steel products like TMT bars, rolled products, billets, ingots and steel pipe and tubes successfully.

 

01-Jul-2019

IndiGo awards pilot training contract to NZICPA

InterGlobe Aviation (IndiGo) has awarded a pilot training contract to the New Zealand International Commercial Pilot Academy (NZICPA). The contract was given to NZICPA under the airline’s flagship ‘cadet pilot program’.

The first group of students will begin the Wanganui, New Zealand based component of the cadet program in January 2020, where they will live in a campus environment. Prior to moving to New Zealand, the applicants will be shortlisted through an ‘extensive pilot selection process’ in India that will have its final approval.

InterGlobe Aviation provides air transportation services in India and internationally. The company primarily operates IndiGo passenger airline.

 

01-Jul-2019

Shivam Autotech reports 11% rise in June sales

Shivam Autotech has achieved around 11% increase in sales in the month of June 2019 compared to corresponding month in the previous financial year.

Shivam Autotech is engaged in the manufacture of several different kinds of gears Spline Shafts. 

 

01-Jul-2019

Dhruv Consultancy Services gets Letter of Acceptance for SC Services in Odisha

Dhruv Consultancy Services has received the ‘Letter of Acceptance’ for Supervision Consultant (SC) Services during O&M stage for Chandikhole (Km 0.000) to Paradip (Km 76.588) Section of NH 5A in the state of Odisha from the office of the Chief General Manager, Tech & RO of National Highways Authority of India, Ministry of Road Transport and Highways.

Contract amount will be Rs 64.80 lakh for the said Supervision Consultant (SC) Services for which the contract period will be 12 months. The Company need to submit the Bank Guarantee within 15 days from the date of LOA, post which all the statutory formalities covering signing of agreement as per RFP shall take place.

Dhruv Consultancy Services is an infrastructure consultancy company providing design, engineering, procurement, construction and integrated project management services for Highways, Bridges, Tunnels, Architectural, Environmental Engineering and Ports.

 

01-Jul-2019

Ahluwalia Contracts bags new orders worth Rs 262 crore

Ahluwalia Contracts (India) has secured new orders aggregating to Rs 262.23 crore (approximately). The order is for construction of institutional, commercial including electrical, plumbing & firefighting Services. New orders worth of Rs 130 crore for construction of Amity University Mohali (Punjab) and worth Rs132.23 crore for other construction work.

The company had currently L1 in Project valued approximately Rs 874 crore. The total order inflow during the FY 2019- 2020 stands at Rs 262.23 crore as on June 30, 2019.

Ahluwalia Contracts (India) is engaged in providing construction related services including design on turnkey basis and assuring timely completion of projects within budget and with excellent quality.

 

01-Jul-2019

Deepak Nitrite achieves average capacity utilisation of 80% for Phenol and Acetone

Deepak Nitrite, through its wholly owned subsidiary — Deepak Phenolics (DPL) has achieved major milestone towards manufacture of Phenol and Acetone with average capacity utilisation of around 80% and having achieved peak capacity utilization of 100% during the last quarter of FY 2019 contributes Rs 927 crore to consolidated turnover of Rs 2,715 crore.

This mega, world-class plant is eight times bigger than all existing facilities and aligned with the Make in India initiative of Government of India, has capacity to manufacture 200,000 MTPA of Phenol and 120,000 MTPA of its co-product Acetone and supported by capacity to manufacture 260,000 MT of Cumene as captive consumption.

Deepak Nitrite is a leading manufacturer of organic, inorganic, fine and specialty chemicals. The company’s product range includes a spectrum of chemicals which caters to a wide range of industries including Colourants, Agrochemicals, Pharmaceuticals, Rubber, Speciality & Fine chemicals.

 

01-Jul-2019

Ramkrishna Forgings renews long term contract in North America

Ramkrishna Forgings has successfully renewed the long term contract with a large overseas Tier I customer based in North America for the further period of 5 years valid till December 31, 2024. This contract is in the normal course of the Business.

Ramkrishna Forgings is engaged in the manufacture of Screw Couplings, Draw Gear Assembly, Snubber Assembly, Hanger, Block Hanger Side Frame Key and various other forgings items of Railway Coaches and Wagon.

 

01-Jul-2019

Maruti Suzuki reports total sale of 124,708 units in June

Maruti Suzuki India has reported total sales of 124,708 units in June 2019, as compared 144,981 units in June 2018, registering fall of 14%. This includes 114,861 units in domestic market and 9,847 units of exports.

The company sold 18,733 vehicles under mini segment (including Alto, Old Wagon R) in June 2019, as against 29,381 units sold in corresponding month previous year. The company sold 62,897 vehicles under Compact segment; 2,322 vehicles under Midsize; 17,797 units under Utility Vehicles segment and 9,265 units under Vans category. The company has also sold 2,017 vehicles under Light CV segment (including super carry) in June 2019.

Maruti Suzuki India (formerly known as Maruti Udyog) is an automobile manufacturer in India. It provides passenger cars, utility vehicles and vans. The firm also offers pre-owned car sales, fleet management and car financing services.

 

01-Jul-2019

Bajaj Finance launches special campaign for Doctor’s Day

Bajaj Finance, the lending arm of Bajaj Finserv has launched special campaign for Doctor’s Day. Through their ‘OneLifeManyRoles’ campaign, Bajaj Finserv is appreciating medical practitioners for their contribution to the Indian healthcare industry, and celebrating the professional and personal life journey of doctors.

For a limited period during June 28, 2019 and July 04, 2019, doctors can win prizes such as an assured Amazon Echo Dot and assured indemnity insurance of up to Rs 20 lakh once they avail a Loan for Doctors from Bajaj Finserv.

Bajaj Finance, the lending and investment arm of Bajaj Finserv group, is one of the most diversified NBFCs in the Indian market catering to more than 19 million customers across the country.

 

01-Jul-2019

SSWL to post highest quarterly sales ever in Q2 FY20

Steel Strips Wheels (SSWL) is expecting to register highest ever quarterly volume in Q2 FY 19-20 with 43.80 lakh wheel confirmed order book. At this pace, it expects the rate to continue and achieve annualized Capacity run-rate at 17.5Mn wheels.

The growth in number will far outpace the industry levels with big push coming from exports segment. It expects the Q2 exports to be highest ever for the company. The Car segment capacities will run at 100% utilization with firm order book available with SSWL. Dappar & Chennai car plant will hit their full capacities to fulfill the customer demand from domestic as well as Export segment.

SSWL is a part of the Steel Strips Group, headquartered in Chandigarh. It is engaged in the manufacturing of single piece steel wheel rims in the range of 10 to 30 inches for scooters, passenger cars, utility vehicles and tractors. It supplies rims to almost all major manufacturers of two wheelers, three wheelers, four wheelers, tractors and heavy commercial vehicle.

 

01-Jul-2019

APL Apollo Tubes registers 29% rise in sales volume for Q1FY20

APL Apollo Tubes has registered a strong sales volume of 3,88,511 MTPA in Q1FY20, higher by 29% Y-o-Y from 302,054 MTPA in Q1FY19. The growth was led by strong demand in the Hollow Sections segment, DFT pipes and Pre-Galvanized Tubes (GP) among others.

The Company is witnessing healthy demand in volumes across product categories and remains confident of delivering a sales volume growth CAGR of 20% in FY20 & FY21.

APL Apollo Tubes is a leading manufacturer and exporter of Steel Pipes & Tubes, Aluminised Steel Tubes, Black Steel Tubes, Hot Dipped & Pre Galvanised Steel Tubes, Fence Tubes and Structural Steel.

 

01-Jul-2019

OIL India invites bids to boost production from two marginal fields

Oil India (OIL) has called for bids seeking partners for its two discovered marginal fields in Assam and Rajasthan to enhance production. The total in place hydrocarbon volume of the two fields is of the order of 49 MMTOE.

Oil India, a Navratna Company, is Asia’s oldest and biggest pioneer oil exploration and Production Company.

 

01-Jul-2019

NIIT’s StackRoute wins Digital Transformation learning Partner of the Year for Enterprises award

StackRoute, a NIIT Incubated venture has won the ‘Digital Transformation learning Partner of the Year for Enterprises’ award at Digital Transformation Summit & Awards. The company has received award at a ceremony organised at The Hilton, Mumbai.

The Digital Transformation Summit & Awards brings together leaders spearheading digital initiatives in their organisations, helping businesses accelerate their digital capabilities at an astonishing rate to gain a competitive edge. The theme of the conference was Collaborate: Innovate: Accelerate.

NIIT is a leading Skills and Talent Development Corporation that is building a manpower pool for global industry requirements.

 

01-Jul-2019

GE Power secures contract worth Rs 2311 crore from NTPC

GE Power India has been awarded three contracts from NTPC to supply and install Wet FGD systems for a combined value of Rs 2311 crore. The company’s scope includes design, engineering, civil work, supply, erection and commissioning of Wet FGD systems along with auxiliaries including limestone and gypsum handling systems and wet stack on full turnkey basis. In addition, GE’s scope for IGSTPP Jhajjar (3×500 MW) also includes ten years of operation & maintenance including the supply of spare parts.

GE Power India is engaged in the engineering, procurement, manufacturing, construction and servicing of power plants and power equipment.

 

01-Jul-2019

TCS features as leader in Banking BPO Digital Capability Platform Services

Tata Consultancy Services (TCS) has been recognized as a Leader in the Everest Group PEAK Matrix for Banking BPO Digital Capability Platform (DCP) Services.

The report highlights TCS’ RPA solution suite that designs and captures business process automations that can be executed by software robots without manual intervention. It goes on to say that TCS’ cognitive solution ignio leverages machine learning, NLP and natural language generation techniques to generate intelligent business insights.

The report also says that TCS’ solutions have a broad-based coverage across the entire banking value chain and address a multitude of areas such as customer on-boarding, credit underwriting, trade finance, payments and dispute management.

Tata Consultancy Services is an IT services, consulting and business solutions provider that has been partnering with the world’s largest businesses in their transformation journeys for the last fifty years.

 

01-Jul-2019

M&M’s Auto Sector registers 6% fall in June sales

Mahindra & Mahindra (M&M) has reported auto sales performance for June 2019 which stood at 42,547 vehicles, compared to 45,155 vehicles during June 2018, registering a fall of 6%. The company’s domestic sales touched 39,471 vehicles during June 2019, as against 41,689 vehicles in June 2018. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 18,826 vehicles in June 2019.

In the Commercial Vehicles segment, the company sold 16,394 vehicles in June 2019, as against 19,229 vehicles in June 2018. In the Medium and Heavy Commercial Vehicles segment, M&M sold 705 vehicles for the month. Exports for June 2019 stood at 3,076 vehicles.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

 

01-Jul-2019

Atul Auto reports 4% fall in sales during June

Atul Auto has reported sale of 3,704 units for the month of June 2019, a fall of 3.72%, as compared to 3,847 units sold in June 2018. Total Sales from April to June 2019 stood at 10,514 units.

Atul Auto is a leading manufacturer of 3-Wheeled Commercial Vehicles in the state of Gujarat, presently engaged in the manufacturing of Three Wheelers like 6-seater Auto Rickshaws, Pick-Up Vans and Chassis of Passenger Vehicles.

 

 

 

 

 

 

 

 

 

 

01-Jul-2019

Escorts’ Agri Machinery Segment reports 10.2% fall in tractor sales in June

Escorts’ Agri Machinery Segment (EAM) has sold 8,960 tractors in June 2019 against 9,983 tractors sold in June 2018, registering fall of 10.2%.

Domestic tractor sales in June 2019 stood at 8,648 tractors against 9,758 tractors in June 2018. Export for the month of June 2019 at 312 tractors registering a growth of 38.7% as against 225 tractors sold in June 2018.

Escorts offer a comprehensive range of tractors with more than 45 variants starting from 25 to 80 HP. The company also manufactures and markets a diverse range of equipments like cranes, loaders, vibratory rollers and forklifts.

 

01-Jul-2019

Aster DM Healthcare opens second healthcare facility in South Bangalore

Aster DM Healthcare has opened its second healthcare facility- Aster RV Hospital, in Bangalore on June 30, 2019. This hospital is a 230 bedded multi-specialty quaternary care hospital with state-of-the-art technology located in J. P. Nagar in South Bangalore and had been established in collaboration with the Rashtreeya Sikshana Samithi Trust.

Aster DM Healthcare operates as a healthcare company in the Middle East, India, and the Far East. It operates hospitals and clinics, pharmacies, diagnostic centers, educational institutions, and healthcare management and healthcare support systems.

 

01-Jul-2019

Ashok Leyland reports 19% fall in June sales

Ashok Leyland has reported a fall of 19% in June 2019 sales (Domestic + Exports) to 12810 units, as against 15792 units sold in the same month of last year. The company reported a decline of 25% in its medium and heavy commercial vehicle (M&HCV) products segment to 8427 units in June 2019, as compared to 11258 units sold in June 2018. 

The light commercial vehicle (LCV) segment of the company registered sales of 4305 units in June 2019, a fall of 4%, as compared to 4475 units sold in June 2018.

Ashok Leyland, the Hinduja Group flagship company in India, is engaged in the manufacturing of commercial vehicles and related components. The company’s products include buses, trucks, engines, defense and special vehicles.

 

01-Jul-2019

Greenply Industries launches Wood Crrests veneers

Greenply Industries has launched its new product – Wood Crrests veneers for the ultra-premium design solutions. The product is made from the finest timber, the veneers are made from raw material sourced from locations across the world.

The veneers are manufactured to give an artistic spin to premium living. A Range of 600 plus decorative veneer surfaces in avatars of Natural, Glazed, Solitaire, Roasted, Dyed, High definition, Creative Arts and many more.

Greenply Industries is engaged in manufacturing of plywood, laminates, decorative veneers, particle boards and prelam particle boards/MDF.

 

01-Jul-2019

IndusInd Bank picks up 2.58% stake in Satin Creditcare Network

IndusInd Bank has picked up a 2.58% stake in Satin Creditcare Network, by converting debentures which the private lender had subscribed earlier. The stake buys in Satin, which was first announced in 2017, comes days ahead of the merger of Bharat Financial Inclusion with IndusInd Bank on July 4.

IndusInd Bank is as one of the fastest-growing banks in the banking sector in India.

 

01-Jul-2019

Mitsui OSK Lines completes acquisition of stake in six group companies of RIL

Mitsui OSK Lines (MOL) has completed acquisition of strategic stake in six group companies (each owning a Very Large Ethane Carrier) of Reliance Industries (RIL).

The company’s wholly owned subsidiary — Reliance Ethane Holding (REHPL), in Singapore having 100% holding in six limited liability companies (LLCs) which own Very Large Ethane Carriers (VLEC), MOL of Japan and a strategic minority investor had signed binding definitive agreements for a strategic investment by MOL and minority investor in the six special purpose limited liability companies (SPVs), each owning a VLEC.

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.

 

01-Jul-2019

Himachal Pradesh govt signs MoU with Mahindra Holidays and Resorts

The Himachal Pradesh government has signed a memorandum of understanding (MoU) with Mahindra Holidays and Resorts for Rs 300 crore investment in Kandaghat (Solan), Janjheli and Koldam (Mandi) and Dharamshala.

Mahindra Holidays & Resorts is India’s leading player in the vacation ownership industry offering quality family holidays primarily through vacation ownership memberships.

 

01-Jul-2019

Eicher Motors’ JV reports 28.5% fall in June sales

Eicher Motors and Volvo Group’s joint venture (JV) — VE Commercial Vehicles has reported sales of 4569 units in June 2019 as compared to 6390 units in June 2018, recording decline of 28.5%.

Eicher branded trucks & buses have recorded sales of 4502 units in June 2019 as compared to 6315 units in June 2018, representing a decline of 28.7%. In the domestic market, Eicher branded trucks & buses have recorded sales of 4136 units in June 2019 as compared to 5496 units in June 2018, while on the exports front, Eicher branded trucks & buses have recorded sales of 366 units in June 2019 as compared to 819 units in June 2018, representing a decline of 55.3%.

Eicher Motors is an India-based company, which is engaged in manufacturing automobile products and related components. The company operates in business verticals, including motorcycles, commercial vehicles and personal utility vehicles.

 

01-Jul-2019

Birlasoft featured in execution zone for 7 major industry verticals in Zinnov’s Global Rankings

Birlasoft has been prominently featured in 7 major industry verticals, in Zinnov Zones 2019 Media and Technology Report – Global Rankings for Communications, Media & Technology 2019. Through this research, the company was mentioned in the ‘Execution Zone’ for 7 major industry verticals namely – Broadcasting, Entertainment, Gaming, Information Services, Marketing and Advertising, Publishing, and Media in Telecom.

During this exercise, Zinnov evaluated 16 service providers to media and entertainment industry, from across the globe. The report also mentions the company as a ‘Niche & Emerging’ player in two significant technology areas, mainly, Content Discovery & Personalization and Content Monetization & Analytics.

Birlasoft combines the power of domain, enterprise and digital technologies to reimagine business processes for customers and their ecosystem. The company’s consultative and design thinking approach makes societies more productive by helping customers run businesses.

 

01-Jul-2019

Welspun Corp wins award from Greentech Foundation

Welspun Corp’s unit at Anjar in the state of Gujarat has been selected as the winner of 19th Annual Greentech Environment Award 2019 by Greentech Foundation. The company has received the award for its exceptional contribution towards ‘Environment and Sustainability’.

Welspun Corp is currently in four businesses viz. Line Pipes, Energy, Infrastructure & Steel and enjoys a global leadership position in the first two businesses. It may be recalled that Welspun Corp is already in advanced stages of demerging the parts of its business other than Line Pipes into Welspun Enterprises through a court process.

 

01-Jul-2019

Reliance Home Finance extends maturity of certain NCDs worth Rs 400 crore

Reliance Home Finance has extended maturity of certain Non-convertible debentures (NCDs) of Rs 400 crore till October 31, 2019 in view of continuing severe liquidity crisis in the sector. The extension of maturities by mutual consent is a recognised global practice to deal with severe dislocations in capital markets, and does not in any sense constitute a default. The extension of maturity has been made purely to address timing mismatches in receipt of proceeds from the ongoing monetisation of retail asset pools of the Company.

Reliance Home Finance is engaged in providing housing finance. It provides housing loans, home improvement loan, home extension loan and reliance property solutions. It offers home loans to individuals and companies. It operates as a subsidiary of Reliance Capital.

 

01-Jul-2019

Leanbox ceases to be subsidiary of Future Supply Chain Solutions

Leanbox Logistics Solutions (Leanbox) has ceased to be subsidiary of Future Supply Chain Solutions with effect from June 28, 2019. This is consequent to the issue and allotment of new equity shares by Leanbox Logistics Solutions to Future Enterprises on June 28, 2019, shareholding of the company in Leanbox has reduced.

Future Supply Chain Solutions is one of the largest third-party logistics service provider in India. Their services include automated and IT-enabled warehousing, distribution and other logistics solutions.

 

01-Jul-2019

Tata Motors’ arm looking to accelerate business in India

Tata Motors’ wholly owned subsidiary — Jaguar Land Rover (JLR) is looking to accelerate its business in India, building on the foundation laid in the last one decade. The company, which assembles six out of the 11 models that it sells in India, is open to more local manufacturing depending on the market growth of the luxury vehicles in the country.

Tata Motors is India’s largest automobile company. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand, South Africa and Indonesia. Among them is Jaguar Land Rover, the business comprising the two iconic British brands.

 

01-Jul-2019

Bajaj Auto reports marginal rise in June sales

Bajaj Auto has registered a marginal rise of 0.05% in total sales to 404,624 units in June 2019 against 404,429 units in June 2018. The company’s total exports out of the above stood at 175,399 units, registering a marginal gain of 3% as compared to 169,853 units sold in the corresponding month last year.

The sales of the motorcycles increased by 4% and stood at 351,291 units in June 2019 under review against 337,752 units in June 2018. However, the company has reported 20% fall in commercial vehicles sales, which stood at 53,333 units as compared to 66,677 units in month of June 2018.

Bajaj Auto is world’s fourth largest two and three-wheeler manufacturer. Bajaj Auto has three plants in all, two at Waluj and Chakan in Maharashtra and one plant at Pant Nagar in Uttaranchal.

 

01-Jul-2019

USFDA accepts to review SPARC’s NDA for Taclantis

The US Food and Drug Administration (USFDA) has accepted for review Sun Pharma Advanced Research Company’s (SPARC) New Drug Application (NDA) for Taclantis (Paclitaxel Injection Concentrate for Suspension). The NDA filing is based on successful demonstration of clinical bioequivalence of Taclantis with Abraxane and associated clinical safety data. SPARC seeks the same indications as Abraxane for Taclantis in the NDA. The USFDA confirmed that this NDA will be a standard review.

SPARC is an international pharmaceutical company engaged in research and development of drugs and delivery systems.

 

01-Jul-2019

NMDC fixes prices of iron ore

NMDC has fixed the prices of iron ore with effect from June 29, 2019. The price of Lump Ore has been fixed at Rs 3,100 per ton, while the price of Fines has been fixed at Rs 2,860 per ton. The above for prices are excluding Royalty, DMF, NMET, Cess, Forest Permit Fee and other taxes.

NMDC is a state-controlled mineral producer of the Government of India. It is fully owned by the Government of India and is under administrative control of the Ministry of Steel.

 

01-Jul-2019

HDFC Bank features as ‘Best Bank in India’ by global magazine FinanceAsia

HDFC Bank has been recognized as the ‘Best Bank in India’ by global magazine FinanceAsia.

The Bank was adjudged as India’s top bank at the publication’s Country Awards for Achievement 2019 for maintaining an impressive growth trajectory and strong asset quality.

HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.

 

01-Jul-2019

NCC bags two orders worth Rs 358.9 crore in June

NCC has received two new orders totaling to Rs 358.9 crore (exclusive of GST) in the month of June, 2019. Out of this one order of Rs 163.8 crore pertain to Roads Division and second order of Rs 195.1 crore pertain to Electrical Division. These orders are received from State Government agencies and do not include any internal orders.

NCC is engaged in development of real estate. The company’s projects stand on credentials of its work in various sectors such as Housing, Transportation, Power, water, Metals and Oil and gas.