22-Jun-2019

Sun Pharmaceutical Industries receives four observations from USFDA for its Halol facility

Sun Pharmaceutical Industries has received four observations from United States Food and Drug Administration (USFDA) for its Halol facility in Gujarat. The company will submit its response on the observations to the USFDA within 15 business days. The company is committed to addressing these observations promptly.

The United States Food and Drug Administration (USFDA) conducted a pre-approval inspection (PAl) of company’s Halol facility from June 3 to June 11, 2019.

Sun Pharmaceutical Industries is the world’s fourth largest specialty generic pharmaceutical company and India’s top pharmaceutical company.

 

22-Jun-2019

Infosys’ CSR arm completes construction of new operation theater block in Bengaluru

Infosys Foundation, the philanthropic and CSR arm of Infosys, has completed the construction of a new operation theater block with five major world class operation theatres at the Kidwai Memorial Institute of Oncology, Bengaluru in the state of Karnataka.

As part of the Rs 11 crore project, the Foundation has also provided necessary OT equipment to the Institute.

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.

 

22-Jun-2019

Mindteck features as Niche and Emerging player by Zinnov

Mindteck (India) has been identified as a niche and emerging player in the Zinnov Zones 2018 Engineering R&D Services ratings. Zinnov, a global management and strategy consulting firm, has been annually assessing the prowess of global service providers in overall, horizontal, and vertical-specific ER&D services capabilities since 2009. The firm also releases ratings in IoT, Digital, and Media & Technology.

Mindteck is a global engineering and technology solutions company devoted to delivering knowledge that matters to help clients compete, innovate and propel forward along the digital continuum.

 

22-Jun-2019

Adani Ports & SEZ to raise up to $1 billion

Adani Ports & SEZ is tapping the internaitonal debt market to raise up to $1 billion to fund its capex plans and also to retire some of its debt. The proposed issue has a ‘Baa3’ rating from the global ratings agency Moody’s Investors Service.

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.

 

22-Jun-2019

CG Power gets nod for sale of land in Mumbai

CG Power and Industrial Solutions has received approval for entering into conveyance agreement for sale of remaining portion of Company’s land situated at Kanjurmarg, Mumbai currently housing the transformer manufacturing unit admeasuring approximately 13 acres to Evie Real Estate for an aggregate sum of Rs 498.96 crore and also approved closure/ shifting of the said transformer manufacturing unit as a precondition to such sale of land. The Board of Directors of the Company at its meeting held on June 21, 2019 has approved the same.

Avantha Group Company CG Power and Industrial Solutions (formerly Crompton Greaves) is a global pioneering leader in the management and application of electrical energy. CG provides end-to-end solutions that meet all electrical needs of its customers. CG’s offerings include electrical products, systems and services for utilities, power generation and industries.

 

21-Jun-2019

Profile: SBC Exports

The Company was incorporated as ‘SBC Exports Limited’ on January 18, 2011 at Uttar Pradesh as a Public Limited Company under the provisions of the Companies Act, 1956 vide Certificate of Incorporation dated January 18, 2011 issued by the Registrar of Companies, Uttar Pradesh and Uttarakhand and Later on, the Certificate of Commencement of Business was issued on 23rd February, 2011 by the Registrar of Companies, Uttar Pradesh and Uttarakhand.

Business area of the Company:

The company is engaged in the trading of handmade carpets, cushion covers, cotton quilts and bedspreads etc. in the Mirzapur. In order to diversify the business, it expanded its activities in Information Technology, Manpower Supply Services and Tour and Travels Services. Going forward, the company started its Hosiery Fabrics & Hosiery Garments Trading in Mirzapur.

Major Events and milestones:

• 2011: Incorporation of the Company.
• 2011: Certificate of Commencement of Business.
• 2015: Started its Hosiery Fabrics & Hosiery Garments Trading.
• 2016: Entered into the Business of Information Technology and Manpower Supply Services.
• 2017: Started its own Garments manufacturing units at Mirzapur & Sahibabd.
• 2018: Entered into the business of Tour and Travel Services.

 

21-Jun-2019

Moody’s assigns Baa3 to Adani Ports’ proposed bonds

Ratings agency Moody’s Investors Service has assigned ‘Baa3’ rating to the proposed senior unsecured bonds of Adani Ports and Special Economic Zone (APSEZ). The company will apply the proceeds of the USD bond issuance to capital expenditure, refinancing part of existing indebtedness and other permissible uses under the external commercial borrowings guidelines.

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.

 

21-Jun-2019

Coal India extends selling agency agreement with MSTC

Coal India has extended the selling agency agreement with MSTC for disposal of Scrap/rejected/condemned/obsolete materials/unserviceable plant and machinery, vehicles, surplus stores/spares/e-waste etc. for a period of 5 years.

South Eastern Coalfields has extended Selling Agency Agreement with MSTC for disposal of Scrap/rejected/condemned/obsolete materials/unserviceable plant and machinery, vehicles, surplus stores/spares/e-waste etc. for a period of 2 years.

Further, MSTC has also signed an agreement with Department of Food and civil service, Government of Uttar Pradesh for e-procurement. Under this agreement, e-Procurement of sugar will be done by Uttar Pradesh Government shortly.

MSTC is a Mini Ratna Category-I PSU under the administrative control of the Ministry of Steel, Government of India.

 

21-Jun-2019

Emami Paper Mills receives status of One Star Export House

Emami Paper Mills has been accorded the status of One Star Export House, by Ministry of Commerce and Industry, Director General of Foreign Trade, Government of India.

Emami Paper is a part of Emami Group which possesses diverse business interests in FMCG, edible oil, paper, writing instruments, healthcare, retail departmental stores and real estate. The Company specializes in the manufacture of newsprint, writing and printing paper and Multilayer Coated Board.

 

21-Jun-2019

Piramal Enterprises’ arm makes investment to expand US facility

Piramal Pharma Solutions, the Contract Development and Manufacturing arm of Piramal Enterprises, has invested $10 million to expand its high-potency active pharmaceutical ingredients (HPAPIs) facility in the US. The new wing at the Riverview site is dedicated to the production of HPAPIs with low occupational exposure levels (OEL).

Piramal Enterprises is one of India’s large diversified companies, with a presence in Pharmaceuticals, Healthcare Information Management and Financial Services.

 

21-Jun-2019

Nila Infrastructures bags order worth Rs 585.9 million

Nila Infrastructures has received an order for development of Integrated Group Housing Facility at Sonaria Block, Rakhiyal-Asarwa, Ahmedabad on PPP Basis under ‘Redevelopment of Public Housing Scheme-2016’ of Urban Development & Urban Housing Department, Government of Gujarat. Ahmedabad Municipal Corporation (AMC) has estimated such development to cost Rs 585.9 million.

The project envisages overall construction of 760 Dwelling Units (DU) and 18 shops alongwith common amenities, infrastructure & development works of the entire site, and Supply, Installation, Testing and Commissioning (SITC) of Roof Top Solar PV System covering at least 50% of roof-area. It is to be executed within 24 months. The company has also agreed to develop 80 DU towards creation of additional Affordable Housing (AH) stock as premium to AMC.

Nila Infrastructures is a growing entity in the real estate and urban infrastructure space. The company has been engaged in turnkey civic infrastructure constructions, besides the development and marketing of residential real estate schemes.

 

21-Jun-2019

Hulst B.V. increases stake in NIIT Technologies to 33.20%

Hulst B.V. has acquired 33,190 equity shares with face value of Rs 10 each of NIIT Technologies, on June 6, 2019. After this acquisition, the entity’s stake in the company has been increased from 33.15% to 33.20%.

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.

 

21-Jun-2019

Aurobindo Pharma receives warning letter from USFDA for API manufacturing facility

Aurobindo Pharma has received a warning letter from the United States Food and Drug Administration (USFDA) relating to its unit XI, active pharmaceutical ingredient (API) manufacturing facility situated at Srikakulam, in the state of Andhra Pradesh. This action follows the earlier inspection of the site by the USFDA in February 2019.

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.

 

21-Jun-2019

Moody’s downgrades Tata Motors with negative outlook on JLR worries

Global rating agency Moody’s Investors Service has downgraded Tata Motors’ credit rating by a notch on the floundering performance of its British subsidiary Jaguar Land Rover. The corporate family rating and the company’s senior unsecured instruments rating have also been downgraded to ‘Ba3’ from ‘Ba2’, with a negative outlook.

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.

 

21-Jun-2019

Govt of Odisha selects MSTC for sale of scrap

Government of Odisha has appointed MSTC for the sale of Scrap, unserviceable condemned/obsolete material including e-waste, store (Ferrous and Non-ferrous), plant and machinery, condemned vehicles and any other item for disposal through forward-auction of MSTC E-commerce platform.

The company also will sell product like Ores and Minerals, forest produce, Agricultural produce etc. through MSTC E-commerce platform and purchase of common use goods and services which are not available on GeM portal as may be required by the buyer departments/PSU through MSTC- E procurement platform.

MSTC is a Mini Ratna Category-I PSU under the administrative control of the Ministry of Steel, Government of India.

 

21-Jun-2019

Indiabulls Housing Finance gets CCI’s nod for merger with Lakshmi Vilas Bank

The Competition Commission of India (CCI) has approved the proposed merger of Indiabulls Housing Finance with Lakshmi Vilas Bank.

In April 2019, Lakshmi Vilas Bank had announced its merger with Indiabulls Housing Finance in a share-swap deal with an intent to create a combined entity with larger capital base and wider geographical reach. After the proposed merger, Indiabulls Housing Finance will get access to low cost deposits, geographical diversification and expanded client-base and cross-selling opportunities.

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

 

21-Jun-2019

Wipro features as leader in Everest Group’s Healthcare Payer Digital Services PEAK Matrix

Wipro has been cited as a leader in Everest Group’s Healthcare Payer Digital Services PEAK Matrix Assessment and Service Provider Landscape – 2019.

The report evaluated the digital services capabilities of 20 service providers and mapped them on the Everest Group PEAK Matrix basis several vision and capability, and market impact-related parameters. Wipro was positioned as a leader for delivering transformative engagements by leveraging next-generation technologies, fostering innovation, and enhancing value-based care in the healthcare segment.

Wipro is a leading global information technology, consulting and business process services. The company harnesses the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help clients adapt to the digital world and make them successful.

 

21-Jun-2019

Wipro launches Pivotal Software Center of Excellence in Texas

Wipro and Pivotal Software, Inc. a leading cloud-native platform provider have opened the Pivotal Center of Excellence at Wipro’s Dallas office in Texas, to accelerate the innovation and digital transformation capabilities offered to joint customers. The company will expand its Dallas footprint and hire locally to help deliver these capabilities and other innovations.

In addition, the company will expand the design services it offers clients by opening a new Designit studio in Dallas. Designit, which is part of Wipro, provides strategic design, service design and design thinking services from its other US locations in New York City and San Francisco and 16 studios around the world.

Wipro is a leading global information technology, consulting and business process services. The company harnesses the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help clients adapt to the digital world and make them successful.

 

21-Jun-2019

Bharti Airtel’s arm launches ‘Atal Pension Yojana’ for customers

Bharti Airtel’s subsidiary — Airtel Payments Bank has launched ‘Atal Pension Yojana’ for its savings account customers. Airtel Payments Bank has become the first payments bank in the country to offer this Pension Fund Regulatory and Development Authority (PFRDA) administered scheme.

Airtel Payments Bank account holders can opt for Atal Pension Yojana through a quick, simple, secure and paperless process at 50,000 banking points across India. Going forward, Airtel Payments Bank aims to expand the availability of the scheme at 100,000 of its banking points.

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

 

21-Jun-2019

Reliance Capital redeems CPs of Rs 875 crore

Reliance Capital has redeemed Short-Term Debt Programme (CPs) of Rs 875 crore out of Rs 950 crore on the respective due dates in the past 2 months and the outstanding CP is now only Rs 75 crore, which will also duly be redeemed on its maturity date i.e. July 24, 2019.

Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It has interests in asset management and mutual funds; life, health and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.

 

21-Jun-2019

Maruti Suzuki joins hands with Bank of Baroda to support dealer inventory financing

Maruti Suzuki India has signed ‘Preferred Financier’ MoU (Memorandum of Understanding) agreement with Bank of Baroda, one of India’s largest public sector bank.

The partnership with Bank of Baroda will allow Maruti Suzuki to provide more comprehensive financing opportunities for dealers as well as customers. The dealer inventory financing will be done as per bank of Baroda’s existing product program of Supply Chain Finance.

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.

 

21-Jun-2019

Max Financial Services’ JV launches customizable ‘Max Life Smart Term Plan’

Max Life Insurance, a joint venture between Max Financial Services and Mitsui Sumitomo Insurance Company, has launched its customizable ‘Max Life Smart Term Plan’, that will offer customers the flexibility to customize their own protection solution by selecting from a wide range of benefits and features.

Under the Max Life Smart Term Plan, comprehensive benefits like options of choosing from multiple premium payment term to suit every budget, ‘Life Stage Add-on Sum Assured Benefit’ for major life’s milestones like marriage, child birth or home loan, seven distinct death benefit options, Accelerated Critical Illness Benefit, and ‘Premium Back’ option, and most importantly the longer life cover till 85 years will enable greater personalization at price suiting the their budgets.

Max Financial Services, a part of the $2 billion Max Group, is the holding company for Max Life, India’s largest non-bank, private life insurance company.

 

21-Jun-2019

Castrol India organizes health outreach programme for farmers

Castrol India has organized health outreach programme for the food providers of the nation – the farming community. This campaign will extend specially curated yoga aasanas Castrol CRB Plus Khet Aasana to farmers to help reduce health adversities they face caused by their stressful and laborious schedules.

Castrol India is an India-based company engaged in providing coke and refined petroleum products. The company is involved in manufacturing lubricating oils.

 

21-Jun-2019

Bank of Baroda signs MoU with Maruti Suzuki

Bank of Baroda has signed a Memorandum of Understanding (MoU) agreement with Maruti Suzuki. As per MoU, Bank of Baroda has now become Maruti Suzuki’s ‘Preferred Financer’.

Under the partnership, Bank of Baroda will allow Maruti Suzuki to provide more comprehensive financing opportunities for dealers as well as customers. The dealer inventory financing will be done as per bank of Baroda’s existing product program of Supply Chain Finance.

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.

 

21-Jun-2019

SREI Infrastructure Finance’s arm gets $30 million from Netherland bank

SREI Infrastructure Finance’s wholly-owned subsidiary– SREI Equipment Finance has received credit approval worth $30 million from FMO, a Netherlands-based development finance bank.

The loan will be fully dedicated to re-financing of green activities of Srei Equipment, primarily through the financing or leasing of equipment used for solar and wind projects.

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

 

21-Jun-2019

HDFC Bank joins hand with Thiruvananthapuram Police for ‘Traffic Paathshala’ initiative

HDFC Bank has partnered with Thiruvananthapuram Police to launch a road safety initiative in the city called ‘Traffic Paathshala,’ the initiative aims to make Thiruvananthapuram 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.

 

21-Jun-2019

L&T completes construction of Medigadda barrage under Kaleshwaram project in Telengana

Larsen & Toubro (L&T) has completed construction of Medigadda barrage under Kaleshwaram project in Telengana in just 24 months. The largest barrage in the Kaleshwaram lift irrigation project was inaugurated on June 21, 2019.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.

 

21-Jun-2019

Avon Products appoints HCL Technologies to support ongoing digital transformation

HCL Technologies has been appointed by Avon Products Inc., a globally recognised leader in direct selling of beauty products, as IT infrastructure Services Partner to Support ongoing Digital Transformation. The partnership is another stride forward in delivering Avon’s ‘Open Up’ transformation strategy to digitise the business, drive greater efficiencies, and open up future growth.

The partnership also enables Avon to realise cost savings, enabling the business to fund new digital investments, improve service levels, and add capabilities for Avon’s millions of Representatives across the world.

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

 

21-Jun-2019

Sundaram Finance to acquire BNP stake in two JVs for Rs 1000 crore

Sundaram Finance has reached agreements with its partner BNP Paribas for acquiring stakes held by the latter in their two joint venture companies for a total consideration of around Rs 1,000 crore.

Subject to necessary regulatory approvals, the entire 49 per cent equity stake held by BNP Paribas Securities Servies in Sundaram BNP Paribas Fund Services would be acquired for Rs 1.50 crore. Similarly, the 49.9 per cent stake of BNP Paribas Personal Finance in Sundaram BNP Paribas Home Finance would be acquired for about Rs 999.66 crore. The sum of total acquisitions is around Rs 1,000 crore. Following the acquisitions, the two joint ventures would become wholly owned subsidiary of Sundaram Finance.

Sundaram Finance, headquartered in Chennai, is a leading player in Retail Finance with presence across multiple facets of the Financial Services industry including Vehicle Finance, Home Finance, Mutual Fund, General Insurance and Financial Services Distribution.

 

21-Jun-2019

Cords Cable Industries bags orders worth Rs 16.63 crore from Uttar Pradesh

Cords Cable Industries has been awarded prestigious orders for supply of Control, Power and Earthing Cables to be used in a Thermal Power Project in the state of Uttar Pradesh. The total estimated, value of the said orders is Rs 16.63 crore. The commercial production for the said order is expected to commence from August and is to be executed within the current financial year as per the schedule.

Cords Cable Industries is in the business of providing cost-effective and quality solutions for various electrical connectivity requirements.

 

21-Jun-2019

Andhra Bank planning to raise capital for FY20

Andhra Bank is planning to raise capital for the Financial Year 2019-20 (FY20). The Board of Directors of the Bank at its meeting to be held on June 25, 2019 to consider the same.

Andhra Bank offers a wide range of services such as Retail banking, Agriculture, MSME, Corporate, NRI services and Personal banking services etc.

 

21-Jun-2019

Elgi Equipments’ arm incorporates company in UAE

Elgi Equipments’ wholly owned subsidiary — Elgi Gulf FZE has incorporated a company by the name, and proposes to subscribe and invest in an extent of 1.47 lakh UAE Dirhams constituting 49% of the total capital of, Elgi Gulf Mechanical and Engineering Equipment Trading LLC in UAE.

The object of proposing to acquire 49% ownership stake in this company is to facilitate sale of air compressors for customers located in United Arab Emirates.

Elgi Equipments is a holding company and an air compressor manufacturer. The company’s segments include Compressors, Automotive Equipments and Others.

 

21-Jun-2019

Mindtree publishes fifth annual edition of Tech Beacon

Mindtree has published the fifth annual edition of Tech Beacon, an annual report from Mindtree to offer technology guidance for enterprises.

Tech Beacon identifies a need for organizations to adapt their IT architecture to address evolving business challenges. It also recommends the most important emerging technologies and tools for enterprises to invest in, experiment with or watch for future application (Invest, Experiment and Watch) based on the maturity & production readiness.

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

 

21-Jun-2019

Fitch affirms Bharti Airtel’s credit rating at ‘BBB-‘

Ratings firm Fitch has affirmed Bharti Airtel’s credit rating at ‘BBB-‘ with stable outlook, citing around 31-33 per cent revenue market share despite intense competition and expectations of recovery in its mobile business.

‘BBB’ ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity. The suffix minus indicates chances of a rating downgrade.

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

 

21-Jun-2019

Thomas Cook introduces ‘Travolution’ initiative on occasion of International Yoga Day

Thomas Cook (India) is championing the spirit of Yoga with the introduction of ‘Travolution’, on the occasion of International Yoga Day. Giving impetus to physical and mental well-being, the company’s Travolution wellness packages, invite Indians to travel to find inner peace; yoga being an integral component. In support of the Government’s drive towards celebrating health and wellness, the company plans to revolutionize holidays into transformational travel via its unique yoga and wellness experiences.

According to Thomas Cook India’s internal data, the demand for wellness tourism has grown by over 20% YoY over the last 3 years, highlighting the new age traveller’s growing investment in self-care holidays. The touchstone of company’s Travolution initiative is self-discovery and rejuvenation of the senses- by incorporating some of the most powerful yoga practices set against India’s pristine locales.

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.

 

21-Jun-2019

Welspun Corp starts commercial production at spiral pipe plant in MP

Welspun Corp has successfully started with the commercial production of pipes at spiral pipe plant in Jamunia, Bhopal in the state of Madhya Pradesh (MP). This plant has a capacity of around 175 KMT per annum (p.a.).

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.

 

21-Jun-2019

Heritage Foods sets revenue target of Rs 6,000 crore by 2024

Heritage Foods has set a revenue target of Rs 6,000-crore by year 2024 as against year 2022 envisaged earlier. For the financial year 2019 on a consolidated basis, the net turnover of the company grew by 6 percent to Rs 2,515 crore compared to last year.

Heritage Foods (India) operates three divisions namely Dairy, Retail and Agri. Presently, Heritage’s milk products have market presence in Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Maharastra and has retail stores across Bangalore, Chennai and Hyderabad.

 

21-Jun-2019

Federal Bank raises Rs 300 crore through bonds

Federal Bank has raised Rs 300 crore through bonds. The Bank’s board has approved the allotment of 1,000 rated, unsecured, redeemable, non-convertible, Basel III compliant lower tier II subordinated bonds with an option to retain oversubscription of up to 2,000 bonds aggregating to Rs 300 crore on private placement basis.

The credit investment and raising capital committee of the bank at its meeting held on June 20, 2019 has approved the allotment for the same.

Federal Bank is a major Indian commercial bank in the private sector headquartered at Aluva, Kerala having more than thousand branches and ATMs spread across different States in India. It offers personal, corporate, NRI, SME banking, online banking services to its customers.

 

21-Jun-2019

Maruti Suzuki increases price of Dzire by up to Rs 12,690

Maruti Suzuki India has increased the price of its popular compact sedan Dzire by up to Rs 12,690 on account of compliance with new safety and emission norms. The new price will be effective from June 20, 2019. Dzire is now compliant with ‘AIS-145 Safety Norms’ (both petrol and diesel). Dzire Petrol is also now BS-VI compliant.

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.

 

21-Jun-2019

Mahindra Finance enters into JV with Manulife

Mahindra & Mahindra Financial Services (Mahindra Finance) through its subsidiary, Mahindra Asset Management Company has entered into a joint venture (JV) with the leading global financial services group, Manulife. The 51:49 joint venture aims to expand the depth and breadth of fund offerings and retail fund penetration in India.

The joint venture brings together Mahindra’s domestic market strength and track record of successfully building businesses focused on meeting customer needs, with Manulife’s global wealth and asset management capabilities and richness of experience in servicing the needs of Asian consumers, across developed and developing markets.

Mahindra Finance one of India’s leading non-banking finance companies.

 

21-Jun-2019

Lakshmi Vilas Bank receives CCI’s approval for merge with Indiabulls Housing Finance

The Competition Commission of India (CCI) has approved the proposed merger of Lakshmi Vilas Bank with Indiabulls Housing Finance.  In April 2019, Lakshmi Vilas Bank had announced its merger with Indiabulls Housing Finance in a share-swap deal with an intent to create a combined entity with larger capital base and wider geographical reach. The board of Lakshmi Vilas Bank had approved the merger with Indiabulls Housing Finance in which shareholders of the bank will get 14 shares of Indiabulls Housing Finance for every 100 shares they hold.

After the proposed merger, Indiabulls Housing Finance will get access to low cost deposits, geographical diversification and expanded client-base and cross-selling opportunities.

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.

 

21-Jun-2019

HUDCO raises Rs 1,000 crore via Bonds

Housing & Urban Development Corporation (HUDCO) has raised amount worth Rs 1,000 crore through allotment of Unsecured, Redeemable, Non-Convertible, Non-Cumulative Taxable Bonds in the nature of debentures of face value of Rs 10 lakh each (Series-B 2019) on private placement basis. The date of allotment is June 20, 2019 and the date of maturity is July 15, 2022.

HUDCO finances social housing and residential real estate through primarily lending to State Governments and their agencies, which, in turn, extend the finance to or utilise the finance for the ultimate individual beneficiaries.

 

21-Jun-2019

HPCL installs reactor at Visakh refinery under expansion project

Hindustan Petroleum Corporation (HPCL) has installed country’s largest reactor at its Visakh refinery in Andhra Pradesh as part of the refinery modernization project. As a part of the Visakh Refinery Modernization Project (VRMP), India’s largest full conversion hydrocracker unit (FCHCU) with a capacity of 3.053 million tonnes per annum is being set up.

The licensor for this unit is Universal Oil Products (UOP) and the Project Management Consultant is Engineers India (EIL). HPCL is expanding the Visakh refinery capacity from present 8.33 million tonnes per annum to 15 million tonnes a year at a cost of Rs 20,928 crore by July 2020.

HPCL is an Indian state-owned oil and natural gas company with its headquarters at Mumbai, Maharashtra. It has about 25% marketing share in India among PSUs and a strong marketing infrastructure.

 

21-Jun-2019

NHPC to finalise supply of 2,500 MW for short term

NHPC is all set to finalise in a couple of months the supply 2,500 megawatt (MW) through various coal-based thermal power plants for short term at a tariff of Rs 4.41 per unit discovered in a reverse auction. The company has been appointed as an aggregator by PFC Consultancy through e-tendering for Pilot Scheme-II of the power ministry.

The scheme is to facilitate the procurement of power for three years from coal-based power plants that are already commissioned and do not have power purchase agreements (PPAs). Since a PPA is a prerequisite for getting coal linkage, these plants are under stress.

NHPC is engaged in electric power generation by hydroelectric power plants. The company is also engaged in contracts, project management and consultancy works.

 

21-Jun-2019

NEL Holdings’ Promoter buys equity shares of NEL Holdings

NEL Holdings’ Promoter Group — Nitesh Industries has bought 1.10 lakh equity shares of NEL Holdings from the open market and its current shareholding as on date in the Company has been increased to 12.47% from 12.39%.

Furthermore, Bolgati Enterprises has sold around 10.70 lakh equity shares of NEL Holdings in the open market and its current shareholding as on date in the Company has been decreased from 4.66% to 3.93%.

NEL Holdings is a leading integrated property development company headquartered in Bangalore. The company provides world-class products and services and has presence across four asset class – Homes, Hotels, Office Buildings, and Shopping Malls.

 

21-Jun-2019

Balaji Telefilms signs deal for rights of 4 upcoming movies

Balaji Telefilms has completed the sale of theatrical distribution rights for its upcoming slate of four movies. Pen Marudhar Entertainment (subsidiary of Pen Studios) has acquired the distribution rights for Mental Hai Kya, Jabariya Jodi, Dream Girl & Dolly Kitty Aur Woh Chamakte Sitaare.

Balaji Telefilms is India’s leading integrated media conglomerate with market leadership in the motion picture and television content industries, among other entertainment-led businesses.

 

21-Jun-2019

AU Small Finance Bank to raise capital worth Rs 500 crore

AU Small Finance Bank has received approval to raise capital by issuance of Basel II compliant, Rated, Unlisted, Tier II, Unsecured Non-Convertible Redeemable Debentures, being classified as subordinated debt in one or more tranches upto Rs 500 crore. The Board of Directors of the Bank at its meeting held on June 20, 2019 has approved the same.

AU Small Finance Bank is a small finance bank (SFB) that has recently transitioned from a prominent, retail focused non-banking finance company (NBFC), which primarily served low and middle-income individuals and businesses that have limited or no access to formal banking and finance channels.

 

21-Jun-2019

RNAM to provide advisory services to Australian investors

Reliance Nippon Life Asset Management (RNAM) has entered into an arrangement to provide advisory services to Australian investors. ETF Securities, Australia has launched the first Indian ETF in Australia. The ETF will provide Australian investors a unique opportunity to tap into the world’s fastest-growing major economy.

Reliance Nippon Life Asset Management acts as an adviser to India-focussed equity funds and fixed-income funds in Japan and South Korea. It also manages offshore funds through its subsidiaries in Singapore and Mauritius, catering to investors across Asia, the US and Europe.

 

21-Jun-2019

TCS wins 2019 Pega Partner Award for excellence in digital transformation

Tata Consultancy Services (TCS) has been recognized for Excellence in Digital Transformation in the 2019 Pega Partner Awards. The award recognizes the company for developing and delivering digital process automation (DPA) solutions for clients within the financial services industry. Solutions include digital technologies such as AI and automation to transform business processes and reimagine the customer experience.

Using the company’s Business 4.0 thought leadership framework and Machine First approach, the company has delivered global business projects with Pega that enable seamless digital transformation for customers, allowing them to radically rethink their key business processes and achieve performance breakthroughs that meet their digital goals.

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.

 

20-Jun-2019

Profile: Earum Pharmaceuticals

Earum Pharmaceuticals

Earum Pharmaceuticals was originally incorporated as ‘Earum Pharmaceuticals Private Limited’ on July 26, 2012 vide Registration no. 071299 under the provisions of the Companies Act, 1956 with the Registrar of Companies, Gujarat, Dadra and Nagar Havelli. Further, pursuant to Special Resolution passed by the shareholders at the Extra Ordinary General Meeting held on January 10, 2019, the company was converted into a Public Limited Company and consequently the name of the Company was changed from ‘Earum Pharmaceuticals Private Limited’ to ‘Earum Pharmaceuticals Limited’ vide a fresh Certificate of Incorporation dated January 23, 2019 issued by the Registrar of Companies, Ahmedabad. The Corporate Identification Number of the Company post conversion.

Business area of the company

The company is engaged in the pharmaceutical business involving marketing, trading and distribution of wide range of pharmaceutical formulation products such as anti-biotic drugs, anti-malarial drugs, anti-allergic & anti cold drugs, analgesic/ anti-pyretic & anti inflammatory drugs, dermatology products, cerebral activator drugs, neurological drugs, gastro intestinal drugs, steroids, gynecology drugs, calcium, multivitamins, anti-oxidants and injections.  Apart from pharmaceutical formulation products, it also deals in trading of active pharmaceutical ingredients (API’s) such as Levofloxacin Hemihdrate IP, Albendazol IP, Amoxicillin Trihydrate IP etc.

Milestones:

2012: Incorporation of the Company in the name of ‘Earum Pharmaceuticals Private Limited’.

2014-15: Total turnover of the Company reached to Rs. 8 crores.

2015-16: Crossed Turnover of Rs. 18 crores.

2016-17: Crossed Turnover of Rs. 23 crores.

2017-18: Crossed Turnover of Rs. 35 crores.

2019: Conversion of the Company from Private Limited to Public Limited Company.

 

20-Jun-2019

Ariil Trust buys 5.90 lakh shares in Ajmera Realty & Infra

Ariil Trust has bought 5.90 lakh shares in Ajmera Realty & Infra at Rs 159.60 per share on the BSE on June 19, 2019. However, Nimish Shashikant Ajmera has offloaded 5.90 lakh shares in the company at Rs 159.60 per share on same day.

Ajmera Realty & Infra is primarily engaged in real estate development. Its real estate business caters to the mid and hi-end housing segments.

 

20-Jun-2019

Wipro Gallagher Solutions releases NetOxygen Launchpad 3.0

Wipro Gallagher Solutions (WGS), a Wipro company and a leading provider of loan origination software solutions, has released the latest update of NetOxygen Launchpad, a state-of-the-art consumer point-of-sale (POS) portal delivering true digital experience and enhanced consumer engagement, across channels, throughout the loan cycle, including the post loan submission process.

Wipro Gallagher Solutions’ NetOxygen Launchpad 3.0 experience helps lenders transform the consumer application by offering easy access to loan documents, disclosures, key loan contacts, and interactive to-do lists from any device (PC, laptop, tablet, or smartphone). With its responsive and adaptive design, NetOxygen Launchpad seamlessly adjusts to the end user’s device.

Wipro is a leading global information technology, consulting and business process services. The company harnesses the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help clients adapt to the digital world and make them successful.

 

20-Jun-2019

Mindtree recognized for Digital Excellence by ISG

Mindtree has been recognized by Information Services Group (ISG), a leading global technology research and advisory firm, for its role in two of the top 25 examples of digital transformation in 2019, as featured in the newly published ISG book Digital Excellence: 25 Winning Partnerships. Mindtree is recognized for its work with Lufthansa Airlines and a global consumer packaged goods brand.

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

 

20-Jun-2019

Megastar Foods invests in Megapacific Ventures to make it wholly owned subsidiary

Megastar Foods has invested its funds for acquiring all the Equity shares of Megapacific Ventures to make the Company Wholly Owned Subsidiary and the shares were allotted on June 14, 2019.

Megastar Foods is engaged in the manufacturing of food based products such as wheat flour, organic wheat flour products and allied flour products.

 

20-Jun-2019

Adani Green Energy’s arm receives LoA for 130 MW wind power project

Adani Green Energy’s Wholly-owned Subsidiary — Adani Renewable Energy Park (Gujarat) has received Letter of Award (LoA) from SECI for setting up 130 MWac ISTS-connected Wind Power Project in a Tender issued by Solar Energy Corporation of India (SECI). AREPGL had won a bid for the same. The fixed PPA tariff is Rs 2.83/ kWh for a period of 25 years. The project is expected to be commissioned by Q4 FY 2021.

With this, AGEL’s portfolio of renewable generation capacity in India stands at 5.29 GWac with 2.02 GWac operational projects and balance 3.27 GWac in development stage.

Adani Green Energy builds, owns and operates power plants powered by renewable sources of energy like solar and wind.

 

20-Jun-2019

Tata Power’s arm launches residential solar rooftop campaign in Hubli

Tata Power Company’s wholly owned subsidiary — Tata Power Solar has launched its pan India residential solar rooftop campaign. The campaign got unveiled in the city of Hubli to inspire the residents across the country to implement residential solar rooftop solution.

This campaign intent to cover 100 cities across India and expected to save up to Rs 50,000 annually per Kw per year.

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.

 

20-Jun-2019

Man Industries’ Promoter hikes stake

Man Industries’ (India) Promoter has purchased 12 lakh shares in bulk deal. The Promoter’s shareholding has increased from 41.92% to 44.02% in the company.

Man Industries (India) is engaged in manufacturing of LSAW Line Pipes, Hsaw Line Pipes and Aluminium Extruded Products. The main business line includes manufacturing & coating of Large Diameter Carbon steel pipes, Infrastructure, Realty & Trading.

 

20-Jun-2019

Datiware Maritime Infra secures Rs 15 crore order for construction of floating gates

Datiware Maritime Infra has received work order for fabrication and assembly of floating gates of Drydocks worth around Rs 15 crore for the end client Indian Navy.

The company has to execute this work order within 36 Months. This is the first and milestone order of the company making entry into Maritime Infrastructure.

 

20-Jun-2019

NTPC wins 160 MW solar capacities in SECI’s Rajasthan 750MW Tender

NTPC has participated in the 750 MW tender floated by Solar Energy Corporation of India (SECI) for Rajasthan. In the Reverse Auction held on June 19, 2019, NTPC has won 160 MW of Solar capacities at a levelised tariff of Rs 2.50/unit, applicable for 25 years.

This solar project shall be set up by NTPC under EPC mode and shall add to the installed capacity of NTPC.

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.

 

20-Jun-2019

ENIL’s arm inks time brokerage arrangement with US based broadcaster

Entertainment Network India’s (ENIL) US subsidiary–Entertainment Network, LLC has entered into Time Brokerage arrangement with a US based broadcaster to broadcast radio programmes and content, targeting the South Asian community in the state of New Jersey. Formal agreements are expected to be executed in due course. The arrangement is expected to be operational within a month.

ENIL is one of the leading entertainment and Media Company. The company operates in three segments: radio broadcasting segment, out-of-home media segment and experiential marketing segment. Radio broadcasting segment operates under the brand Radio Mirchi.

 

20-Jun-2019

Future Enterprises raises Rs 200 crore via NCDs

Future Enterprises has raised funds aggregating to Rs 200 crore through allotment of 800, 10.15% Secured, Rated, Redeemable Non-Convertible Debentures (NCDs) of Rs 10 lakh each (NCO Series XXVI – A) and 1,200, 10.15% Secured, Rated, Redeemable, NCDs of Rs 10 lakh each (NCO Series XXVI – 8) aggregating Rs 200 crore, on private placement basis. The Board of Directors of the Company at its meeting held on June 19, 2019 has approved and allotted the same.

Future Enterprises is leading retailer that operates multiple retail formats in both value and lifestyle segment of Indian consumer market.

 

20-Jun-2019

Power Finance Corporation’s arm incorporates WOS company

Power Finance Corporation’s (PFC) wholly owned subsidiary — PFC Consulting has incorporated a wholly owned subsidiary (WOS) company by name Meerut-Simbhavali Transmission on June 17, 2019. It has been incorporated for development of Transmission Scheme associated with ‘construction of 765/400/220/ KV GIS Substation, Meerut with associated lines and 400/220/132 KV GIS Substation, Simbhavali with associated transmission line’.

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.

 

20-Jun-2019

Ookla verifies Idea as fastest 4G upload speed network in Haryana

Idea has been verified as the fastest 4G upload speed network in Haryana by Ookla – the global leader in broadband testing and web-based network diagnostic applications. The average upload speeds on Idea 4G was higher than competition in Haryana for January to March 2019 quarter.

Highest 4G upload speed allows Idea customers to share videos on the network. With Idea 4G’s strong presence and highest speed, customers can now upload videos and share other rich content across all major locations in Haryana.

Vodafone Idea is an Aditya Birla Group and Vodafone Group partnership. It is developing world-class infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence.

 

20-Jun-2019

Indo Count Industries gets show cause notice from Commissioner of Customs

Indo Count Industries has received a Show Cause Notice (SCN) from the Office of Commissioner of Customs, JNPT seeking refund of excess export benefits in the form of MEIS scrips to the extent of Rs 73.62 crore and interest thereon for certain products exported by the Company.

The Company’s Board noted the said SCN and resolved to file reply after taking legal opinion and take all other appropriate actions necessary in the aforesaid matter including making payment under protest keeping in view the interest of the Company.

Indo Count Industries is engaged in the manufacturing of 100% grey combed cotton yarn and knitted fabric. Its product range includes Cotton yarn, Knitted fabrics and Dyed yarn and core-spun yarn.

 

20-Jun-2019

IndiGo hoping to start operating flights on Kolkata-Hanoi route

InterGlobe Aviation (IndiGo) is hoping to start operating flights on the Kolkata-Hanoi route from October 3. These flights are subject to government approvals and the airline is in the last stages of getting them. The airline has deployed around 20 percent of its current capacity on international routes and it is looking forward to growing further this year.

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

 

20-Jun-2019

3i Infotech incorporates step-down subsidiary

3i Infotech has incorporated step-down subsidiary in the Federal Republic of Nigeria for ease of carrying on business. This new subsidiary is a private company limited by shares called ‘3i Infotech Nigeria’ and is a direct wholly-owned subsidiary of 3i Infotech Holdings, the wholly-owned subsidiary of the Company based in Mauritius.

3i Infotech Nigeria has been incorporated on June 19, 2019 by the Corporate Affairs Commission of Nigeria.

3I Infotech is a global Information Technology company providing software products, IT services and Business Process Outsourcing for a variety of industry verticals including Insurance, Banking, Capital Markets, Mutual Funds & Asset Management etc.

 

20-Jun-2019

Tech Mahindra inks multi-year contract with Airbus

Tech Mahindra has signed a multi-year contract with Airbus for Cabin and Cargo design engineering. This will strengthen company’s aerospace engineering portfolio especially in areas like cabin engineering and customer services

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.

 

20-Jun-2019

Reliance Power’s Sasan project gets CERC nod to meet new environment norms

Reliance Power’s 3,960 MW project at Sasan in Madhya Pradesh has received regulatory nod from the Central Electricity Regulatory Commission (CERC) for implementing a system to control emissions and meet new environmental norms. The CERC approval would enable the company to recover the cost of the system from its consumers.

Reliance Power, a part of the Reliance Group, is India’s leading private sector power generation and coal resources company. The company has the largest portfolio of power projects in the private sector, based on coal, gas, hydro and renewable energy.

 

20-Jun-2019

Ramco Cements’ Ramasamy Raja Nagar unit wins ‘Green Award 2018’

Ramco Cements’ Ramasamy Raja Nagar Unit had been awarded ‘Green Award 2018’ for industries of Tamil Nadu. The Green Award is being conferred by Tamil Nadu Pollution Control Board in recognition of the excellent contribution towards protection of environment by Industries in Tamil Nadu. Special focus is given to best practices adopted in achieving best environmental quality in emission, discharge of waste water, solid and hazardous waste management and green belt development.

Also, the company’s Ramco Vidyalaya School situated at Ramasamy Raja Nagar Unit had been awarded ‘Green Award 2018’ for Educational Institutions of Tamil Nadu. Green award is being conferred by Tamil Nadu Pollution Control Board to educational institutions in Tamil Nadu in recognition of their excellent contribution towards protection of environment. Special focus is given to best practices adopted in Green belt development, rain water harvesting, water conservation measures, waste water management, energy conservation measures, solid waste management, environmental awareness programmes and use of renewable source of energy.

Ramco Cements is the flagship company of the Ramco Group, a well-known business group of South India. The main product of the company is Portland cement, manufactured in eight state-of-the art production facilities that includes Integrated Cement plants and Grinding units.

 

20-Jun-2019

Manappuram Finance acquires 92.6% stake in Manappuram Comptech & Consultants

Manappuram Finance has completed acquisition of 92.6% of Equity Shares of Manappuram Comptech & Consultants by way of purchase of 25000 shares at Rs 365.37 per share, for the total consideration of Rs 91.34 lakh. Acquisition of remaining 7.4% (2000 Equity Shares) is in process and will be completed by August 31, 2019.

Manappuram Finance is a non-deposit taking NBFC and having a strong presence in South India in states of Kerala, Tamil Nadu, Karnataka and Andhra Pradesh.

 

20-Jun-2019

Jagran Prakashan issues commercial paper worth Rs 65 crore

Jagran Prakashan has issued Commercial Paper of Rs 65 crore at an interest rate of 7%, for a period of 60 days, earmarked against the working capital limit of the Company. The Company enjoys a CRISIL rating of A1 + for its Commercial Paper.

Jagran Prakashan has business interests in area of newspapers, outdoor, internet, magazines, below the line marketing solutions, and mobile value added services.

 

20-Jun-2019

PSP Projects receives work orders worth Rs 607.04 crore

PSP Projects has been awarded with new work orders worth Rs 607.04 crore (excluding GST) for institutional and residential projects from various clients, which inter alia includes a major project of Rs 601.40 crore for Construction of Flat Type High Rise Buildings cum Commercial units including on site development with all infrastructure Services for Economical Weaker Section (EWS) scheme at Bhiwandi, Maharashtra and remaining from other clients.

With receipt of above, the total work orders received during the financial year 2019-20 (till date) on standalone basis amounts to Rs762.65 crore.

PSP Projects, the Ahmedabad-based firm is a multi-disciplinary construction firm and provides its services ranging from planning and design to construction and post-construction activities.

 

20-Jun-2019

MPS Infotecnics bags orders from Omni Business International

MPS Infotecnics has received orders from Omni Business International, Hong Kong for purchasing of 150 & 250 Blackberry Keypad Handsets vide Purchase order No P0190044 & P0190045 at the price of $50,250 & $83,750 respectively aggregating to $1,34,000.

MPS Infotecnics (formerly known as Visesh Infotecnics) operates as an information technology solution provider. It offers product support, IT enabled services, and enterprise software with various business modules including financial, fixed assets, business, excise, material requirement planning, material resource planning, quality assurance, production and human resource management.

 

20-Jun-2019

HPCL appoints Al Nabooda Automobiles as UAE distributor

Hindustan Petroleum Corporation (HPCL) has appointed Al Nabooda Automobiles as its UAE distributor. Al Nabooda Automobiles was appointed by the company through its 100 per cent subsidiary in the UAE HPCL Middle East.

Part of the diversified conglomerate Khalifa Juma al-Nabooda Group, al-Nabooda Automobiles has more than four decades of experience in the automotive sector and is the exclusive dealer for the Audi, Porsche and VW brands in Dubai and the Northern Emirates of UAE.

HPCL is an Indian state-owned oil and natural gas company with its headquarters at Mumbai, Maharashtra. It has about 25% marketing share in India among PSUs and a strong marketing infrastructure.

 

20-Jun-2019

PNB recovers bad loans worth Rs 20,000 crore in FY19

Punjab National Bank’s (PNB) has recovered Rs 20,000 crore of bad loans during the financial year ended March 2019, almost double the recovery amount in the corresponding previous year. The Bank also took initiative in identifying wilful defaulters and notices were issued to various borrowers who were found to have committed an act of wilful default.

The bank suffered losses allegedly after jewellers Nirav Modi, Mehul Choksi and some bank employees collided to defraud PNB of about Rs 1,000 crore. The scam was unearthed in February 2018.

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.

 

20-Jun-2019

IL&FS Engineering gets nod from MoRTH to restart road project

IL&FS Engineering and Construction Company has received approval from Ministry of Road Transport and Highways (MoRTH) for restart of the project regarding Rehabilitation and Upgrading to 2 lanes/2 lane with paved shoulders configuration and strengthening of Birpur – Bihpur Section (from km. 0.0 to km. 106.00) of NH-106 in the State of Bihar under Phase-1 of National Highways Interconnectivity Improvement Projects (NHIIP).

The work on the project shall commence within 15 days from the receipt of Ministry’s consent.

IL&FS Engineering and Construction Company is one of the leading multi-national Infrastructure Development, Construction and Project Management companies with nearly three decades of rich and varied experience in executing landmark projects.

 

20-Jun-2019

CEAT to supply tyres for Renault’s Triber

CEAT has got the mandate to supply tyres for the Renault’s newly unveiled sub-4m multi purpose vehicle, Triber. Earlier, the company had also partnered with Renault for its hatchback Kwid.

In the past few years, the company has landed multiple big ticket Original Equipment Manufacturer (OEM) entries including major international and domestic auto players as a part of its overall strategy.

CEAT is among the best tyre manufacturers in India. It manufactures a wide range of tyres for two-wheelers, three-wheelers, four-wheelers, tractors and tippers and trucks. Besides tyres, the company also manufactures and markets tubes and flaps.

 

20-Jun-2019

TCS retains position as America’s Most Community-Minded Information Technology Company

Tata Consultancy Services (TCS) has been named America’s Most Community Minded Information Technology Company for the second consecutive year, in The 2019 Civic 50 by Points of Light, the world’s largest organization dedicated to volunteer service. The company also made the Civic 50 list for the third consecutive year.

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.

 

20-Jun-2019

ICICI Bank partners with IndoStar Capital Finance

ICICI Bank and IndoStar Capital Finance have entered into a sourcing and servicing arrangement to partner in extending credit to small and medium fleet owners to purchase used and new commercial vehicles.

Under this partnership, IndoStar Capital Finance will originate and service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing and in turn ICICI Bank will provide funding to these customers.

ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.

 

20-Jun-2019

Subex enters into partnership with Town of Florence

Subex has entered into partnership with the Town of Florence, Arizona to establish an Internet of Things (IoT) security lab in Florence. The lab is an extension of the ongoing work that Subex is undertaking in securing the critical public infrastructure of the Town of Florence.

The lab will serve to raise awareness on cybersecurity issues for citizens of Florence, lawmakers, businesses and other stakeholders. The lab is comprised of physical and virtual devices, connected networks and systems, and subsystems that raise awareness of various aspects of cybersecurity.

Through an earlier agreement, Subex is already providing end-to-end cybersecurity to the Town of Florence to detect, repel and remediate advanced threats to its most basic and vital technological systems. When Florence deploys its smart cities technologies, Subex will continue to be the cybersecurity partner of choice for all projects coming under the plan.

Subex is a leading telecom analytics solutions provider, enabling a digital future for global telcos.

 

20-Jun-2019

Pricol to hive off investment in wholly owned subsidiary

Pricol has received approval to hive off its investment in its wholly owned subsidiary, Pricol Espana S.L., Spain, primarily to hive off the step down subsidiary unit at Brazil which requires continuous investments for its day to day operations. The Board of Directors of the Company at its meeting held on June 15, 2019 has approved the same.

The Board is necessitated to hive off its other step down subsidiaries, Pricol Wiping Systems Czech s.r.o and Pricol Wiping Systems Mexico S.A. de C.V. along with the Investment in Pricol Wiping Systems India as a strategic / bundled offer, reckoning commonality of customer base and in order to minimise the financial impact of the disposal.

Pricol is an automotive components and precision engineered products manufacturer based in Coimbatore, India.

 

20-Jun-2019

Apollo Hospitals Enterprise to sell 9.69% stake in Apollo Munich to HDFC

Apollo Hospitals Enterprise has received approval to sell entire 9.96% equity stake held by the Company in Apollo Munich Health Insurance Company, an unlisted public limited Company for a total consideration of around Rs 300 crore, subject to indemnity related adjustments, to Housing Development Finance Corporation (HDFC) and the execution of Definitive Agreements in this regard.

The Board of Directors of the Company at its meeting held on June 19, 2019 has approved the same.

Apollo Hospitals Enterprise owns and operates chain of multi-specialty hospitals. It offers the services in the area of cardiology, cardiothoracic, orthopedics and joint replacement, spine surgery, oncology, etc.

 

20-Jun-2019

IndusInd Bank fixes July 4 as effective date for merger with Bharat Financial

IndusInd Bank has fixed July 4, 2019, as the effective date for merger with Bharat Financial Inclusion. The National Company Law Tribunal on June 10, 2019 approved the Scheme of Arrangement among Bharat Financial Inclusion, lnduslnd Bank and Induslnd Financial Inclusion (IFIL) and their respective shareholders and creditors.

The bank’s boards has fixed July 4, 2019 as the effective date of the scheme, when the NCLT order will be filed by the bank, Bharat Financial Inclusion and IFIL with the jurisdictional Registrar of Companies. In accordance with the scheme, Bharat Financial shareholders will get 639 shares of the bank for every 1,000 held. The scheme also contemplates a preferential allotment of share warrants to the promoters of the bank in accordance with the scheme.

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

 

20-Jun-2019

Glenmark Pharmaceuticals’ arm receives tentative ANDA approval for Clindamycin Phosphate Foam

Glenmark Pharmaceuticals’ subsidiary — Glenmark Pharmaceuticals Inc., USA (Glenmark) has received tentative approval by United States Food & Drug Administration (USFDA) for Clindamycin Phosphate Foam, 1%, a generic version of EVOCLIN Foam, 1%, of Mylan Pharmaceuticals Inc.

According to IQVIATM sales data for the 12 month period ending April 2019, the EVOCLIN Foam, 1% market achieved annual sales of approximately $17.0 million.

The company’s current portfolio consists of 156 products authorized for distribution in the U.S. marketplace and 59 ANDA’s pending approval with the USFDA. In addition, the company continues to identify and explore external development partnerships to supplement and accelerate the growth of its existing pipeline and portfolio.

Glenmark Pharmaceuticals is a global pharmaceutical company. The company is engaged in the development of new chemical entities (NCEs) and new biological entities (NBEs). Its segments are India, United States, Latin America, Europe and Rest of the World (ROW).

 

20-Jun-2019

Newgen Software makes OmniFlow iBPS Platform More Intelligent with Process Insights

Newgen Software has released a major update to its iBPS Process Insights offering, a core component of its business process management suite-Newgen OmniFlow iBPS. Process Insights is a process simulation and analytics tool that delivers intelligence around business processes – reducing operational risks and delivering superior customer experience.

It enables workflow designers and owners to optimize business processes by analyzing historical operational data, so organizations can proactively respond to trends and be better prepared for the impact of their strategic and tactical operational changes.

Newgen Software Technologies is a software products company offering a platform that enables organisations to develop applications addressing their strategic business needs.

 

20-Jun-2019

Balaxi Ventures gets nod to incorporate wholly owned subsidiaries

Balaxi Ventures has approved for incorporating wholly owned subsidiaries in Singapore/Dubai and any other Suitable European Union nations for carrying out the international wholesale trading activities for the company in line with main objects of the company. The Board of Directors of the Company at its meeting held on June 19, 2019 has approved the same.

Balaxi Ventures operates as an investment company in India.

 

20-Jun-2019

PNB get nod for raising capital worth Rs 1,500 crore via bonds

Punjab National Bank (PNB) has been granted permission for raising capital through issuance of Basel III compliant Tier II Bonds amounting up to Rs 1,500 crore in one or more tranches. The Board of Directors of the Bank at its meeting held on June 19, 2019 has approved the same.

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.

 

20-Jun-2019

HDFC to acquire Apollo Hospitals Group’s shares in Apollo Munich

Housing Development Finance Corporation (HDFC) and Apollo Hospitals Group have approved entering into definitive agreements for HDFC to acquire the entire 50.8% shareholding of Apollo Group, in Apollo Munich Health Insurance Company for a consideration of Rs 1,336 crore and 0.4% shareholding held by a few employees for a consideration of Rs 10.84 crore.

Post-acquisition of the shares by HDFC, Apollo Munich shall be merged with its general insurance subsidiary, HDFC ERGO General Insurance Company. To support the transaction with its material benefits for Apollo Munich, Munich Health will pay Rs 294 crore to Apollo Hospitals Enterprise and Apollo Energy in connection with the termination of their joint venture.

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.

 

20-Jun-2019

RBI imposes Rs 10 lakh penalty on South Indian Bank

The Reserve Bank of India (RBI) has imposed a fine of Rs 10 lakh on South Indian Bank for violating norms regarding bank guarantees. The penalty follows references from a government department and a private party alleging non-payment of invoked bank guarantees by the lender.

South Indian Bank is considered one of the most proactive banks in India with a competent tech savvy team of professional at the core of services.

 

20-Jun-2019

Essel Propack to raise Rs 30 crore via CP

Essel Propack is issuing Commercial Papers (CP) for Rs 30 crore on private placement basis. The date of issue is June 21, 2019 with a tenure of 88 days and the Maturity date is September 17, 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.

 

20-Jun-2019

Ashok Leyland to shut Pantnagar plant for 6 days to adjust production

Ashok Leyland will close its Pantnagar plant for six days from June 24, 2019 to June 29, 2019 (both days inclusive). This shut down is in regard, to adjust production according to the demand. The Pantnagar plant is an integrated axle machining and assembly facility of the company.

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.

 

19-Jun-2019

Asian Oilfield Services wins orders worth $37 million

Asian Oilfield Services has received two Public Tenders (Orders) for 2D and 3D CDP Seismic Acquisition within Block 12 in Republic of Iraq for $12 million and for $25 million, totaling to $37 million. Based on the technical qualification and lowest bidder of the tender the contract has been awarded to Asian Oilfield Services. The orders are to be executed within FY20 and FY21.

Asian Oilfield Services provides range of services to reputed national and multinational companies. The company banks on the rich experience of well qualified professionals for providing seismic data acquisition, processing and Interpretation services.

 

19-Jun-2019

IndoStar Capital Finance, ICICI Bank partner to finance commercial vehicles

IndoStar Capital Finance and ICICI Bank have entered into a sourcing and servicing arrangement to partner in extending credit to small and medium fleet owners to purchase used and new commercial vehicles across its 322 branches.

Under this partnership, the company will originate and service the customers through the entire loan life-cycle including sourcing, documentation, collection and loan servicing and in turn ICICI Bank will provide funding to these customers.

IndoStar Capital Finance is a non-banking finance company ‘NBFC’ registered with the Reserve Bank of India as a systemically important non-deposit taking company.

 

19-Jun-2019

Infosys’ arm wins ‘POI Best-in-Class Award for Distributor Management’

Infosys’ subsidiary — EdgeVerve Systems’ product TradeEdge has been awarded the ‘POI Best-in-Class Award for Distributor Management’ by Promotion Optimization Institute which published the ‘2019 Vendor Panorama for Retail Execution and Monitoring (RetX) in Consumer Goods’.

TradeEdge provides insights from distributors and retailers across the demand value chain to accelerate growth in emerging as well as developed markets. It is a cloud-based solution that enables brands gain maximum channel visibility, new distributors, improve retail execution and reach new markets faster. TradeEdge provides visibility to over $65 billion in revenues to top 25 CPG companies from across 5000 plus channel partners globally.

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.

 

19-Jun-2019

International Paper APPM to shut Rajahmundry facility for maintenance

International Paper APPM has planned Annual Outage (maintenance) from July 29, 2019 to August 28, 2019 (both days inclusive) in the manufacturing facility located in Rajahmundry in the state of Andhra Pradesh. The estimated loss of production would be around 500 tons per day.

International Paper APPM, formerly The Andhra Pradesh Paper Mills, is an integrated paper and pulp manufacturing company. The company is engaged in the business of manufacture and sale of pulp, paper and paper board.

 

19-Jun-2019

BizViz Technologies enters into multi-faceted partnership with L&T Technology Services

BizViz Technologies, a leader in AI & Advanced Analytics, has entered into multi-faceted partnership with L&T Technology Services (LTTS) to enable the next generation of data driven engineering solutions.

The company intends to integrate BizViz Technologies platform into their AI based Solutions to provide Enterprises with Seamless Analytics in a manner that is simple, affordable, scalable and sustainable — especially leveraging the On-Premise Deployment and Edge Analytics Capabilities of BDB Platform.

LTTS is a listed subsidiary of Larsen & Toubro focused on Engineering and R&D (ER&D) services.

 

19-Jun-2019

Adani Green Energy’s arm receives LoA for 600 MW Hybrid Projects

Adani Renewable Energy Park (Gujarat) (AREPGL), a Wholly-owned Subsidiary of Adani Green Energy (AGEL) had won bids for setting up 600 MWac ISTS-connected Wind-Solar Hybrid Power Projects in a Tender issued by Solar Energy Corporation of India (SECI). The company has received Letters of Award (LoAs) from SECI for the same.

The fixed PPA tariff is Rs 2.69/ kWh for a period of 25 years. Projects are expected to be commissioned by Q4 FY 2021. With this, AGEL’s portfolio of renewable generation capacity in India stands at 5.16 GWac with 2.02 GWac operational projects and balance 3.14 GWac in development stage.

Adani Green Energy builds, owns and operates power plants powered by renewable sources of energy like solar and wind.

 

19-Jun-2019

Rajesh Exports bags order worth Rs 942 crore

Rajesh Exports has bagged a prestigious order worth Rs 942 crore of designer range of jewellery from Germany. The said order is to be completed by August 2019.

The company will be executing the order from its own manufacturing facility, which is the world’s largest jewellery manufacturing facility. This facility has a processing capacity of 250 tons of jewellery and gold products per annum. The company is confident of executing this order well within the time frame on the back of its expertise, skilled craftsmen, artisans & its exceptionally strong backward integrated infrastructure.

Rajesh Exports caters quality Indian Jewelry with best craftsmanship to the global markets. The company has combined the art of handmade jewelry and technology that spells excellence in the jewelry manufacturing industry.

 

19-Jun-2019

TCS wins ‘2018 Top Supplier of the Year’ award from QIAGEN

Tata Consultancy Services (TCS) has been named the 2018 Top Supplier of the Year by QIAGEN, a global provider of Sample to Insight solutions for molecular diagnostics, applied testing, academic and pharmaceutical research.

TCS has been a strategic partner for QIAGEN since 2012, managing IT services delivery and enabling digital transformation in several business areas. TCS received the recognition for its deep domain and contextual knowledge, digital technology expertise and agile delivery model.

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.

 

19-Jun-2019

DCW raises Rs 5.55 crore via allotment of NCDs

DCW has raised funds through the allotment of second tranche of 555 Unrated Unlisted Secured Redeemable Non-Convertible Debentures (NCDs) of the face value of Rs 1,00,000 aggregating to Rs 5.55 crore on a private placement basis. The Committee of Directors has approved the allotment of the same on June 18, 2019.

DCW is an industry pioneer with a strong presence in the Chlor-Alkali, Synthetic Rutile and PVC business segments, with a successful record of innovation and in pioneering new products and processes.

 

19-Jun-2019

Ind-Ra downgrades PNB’s AT1 bonds of Rs 6,750 crore

India Ratings and Research (Ind-Ra) has downgraded Punjab National Bank’s (PNB) additional tier I (AT1) perpetual bonds worth Rs 6,750 crore by one notch to A/negative outlook from A+/negative.

However, the rating agency has affirmed the bank’s overall long-term issuer rating at AA+ and the short-term issuer rating at A1+. The outlook reflects the negative return of asset (ROA) for two consecutive years, weak capitalisation with common equity tier (CET) I of 6.21 per cent in the fourth quarter of last fiscal.

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.

 

19-Jun-2019

Blue Star secures order from MMRCL for worth Rs 253 crore

Blue Star has secured an order from Mumbai Metro Rail Corporation (MMRCL) for worth Rs 253 crore. The order is for design, manufacture, supply, installation, testing and commissioning of tunnel ventilation and air conditioning system. The contract is subject to the definitive agreements to be executed between the company and MMRCL.

Blue Star is India’s leading central air-conditioning and commercial refrigeration company fulfilling the cooling requirements and providing end-to-end solutions as a manufacturer, contractor and after-sales service provider to corporate, commercial, institutional and residential customers.

 

19-Jun-2019

Oil India’s Rovuma offshore area takes FID for two Mozambique LNG Project

Oil India’s Rovuma Offshore Area 1 consortium (Area-1) has taken a Final Investment Decision (FID) for the two train Golfinho/Atum Mozambique LNG Project.

Mozambique LNG Project will be the first onshore LNG facility in Mozambique consisting of initial two LNG trains with a total name plate capacity of 12.88 million tonnes per annum (MMTPA) supported by the development of the Golfinho/Atum fields located offshore entirely within Area 1. The project has successfully secured in aggregate 11.1 MMTPA of long-term LNG sales (representing 86% of the plant’s nameplate capacity) with key LNG buyers in Asia and in Europe. Additionally, the project will have a significant domestic gas component for in-country consumption in Mozambique to help fuel the economic development.

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

 

19-Jun-2019

Thomas Cook observes 22% growth this summer with emergence of significant trends

Thomas Cook (India) has observed a vibrant 22% growth this summer with emergence of significant trends. With holidays becoming a necessity, a key trend has been the rise of India’s spenders economy with cash rich-time poor Indians displaying increased appetite for bonding trips with their families.

To help customers plan a perfect summer holiday, this year the company launched over 100 road shows across metros and mini metros showcasing handpicked product offerings catering to the distinct audience in every source market.

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.

 

19-Jun-2019

Bharti Airtel launches 4G services in Lakshadweep Islands

Bharti Airtel has launched 4G services in the Lakshadweep Islands. The 4G services will be available across Agatti, Bangaram and Kavaratti to begin with and will be gradually expanded to other islands of the archipelago.

The company’s 4G services will enable local residents to access video streaming, fast downloads and uploads on their mobile phones.

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

 

19-Jun-2019

Texel Industries gets nod to raise funds through various means

Texel Industries has received an approval for raising funds by issue of Equity Shares and/ or Convertible/Non-Convertible Debentures, and/ or Convertible/ Non-Convertible Preference Shares and/ or any other financial instruments convertible into equity shares (including warrants), or such other securities, or any combination thereof as may be permitted under applicable laws, by way of a private placement and/ or right issue. The Board of Directors of the Company at its meeting held on June 19, 2019 has considered and approved the same.

Texel Industries is engaged in manufacturing Geomembranes for use in the construction and infrastructure sectors and PE Protection Covers for general use.

 

19-Jun-2019

Tata Steel’s Wire Rod Mill organizes joint mass communication program

Tata Steel’s Wire Rod Mill (WRM) has organized a Joint Mass Communication Program (JMCP). This is a communication forum where the senior leadership interacts with the shop floor contractor employees to improve workplace safety and increase their involvement in this initiative.

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.

 

19-Jun-2019

HPCL, DICV launch co-branded loyalty card ‘BharatBenz Dieselaabh’

Hindustan Petroleum Corporation (HPCL) in association with Daimler India Commercial Vehicles (DICV) has launched a co-branded loyalty card ‘BharatBenz Dieselaabh’ for fleet owners.

The card is available for the entire range of BharatBenz trucks. The card will ensure drivers’ access to a host of services at all HPCL petrol bunks.

HPCL is an Indian state-owned oil and natural gas company with its headquarters at Mumbai, Maharashtra. It has about 25% marketing share in India among PSUs and a strong marketing infrastructure.

 

19-Jun-2019

ONGC’s Rovuma offshore area takes FID for two LNG Projects

Oil and Natural Gas Corporation’s (ONGC) wholly owned subsidiary — ONGC Videsh’s Rovuma Offshore Area 1 consortium (Area-1) has taken a Final Investment Decision (FID) for the two train Golfinho/Atum Mozambique LNG Project.

Mozambique LNG Project will be the first onshore LNG facility in Mozambique consisting of initial two LNG trains with a total name plate capacity of 12.88 million tonnes per annum (MMTPA) supported by the development of the Golfinho/Atum fields located offshore entirely within Area 1. The project has successfully secured in aggregate 11.1 MMTPA of long-term LNG sales (representing 86% of the plant’s nameplate capacity) with key LNG buyers in Asia and in Europe. Additionally, the project will have a significant domestic gas component for in-country consumption in Mozambique to help fuel the economic development.

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.

 

19-Jun-2019

BHEL commissions Chhukha Unit-1 in Bhutan

Bharat Heavy Electricals (BHEL) has successfully commissioning of Unit-1 of the 4×84 MW Chhukha hydroelectric project (HEP) in Bhutan, following complete renovation and modernization (R&M) of the generator.

Unit-3 of the same project, built on the Chhukha River, Bhutan, was earlier commissioned by BHEL, after successful R&M last year and has been running efficiently since. With the commissioning of Unit-1, BHEL has successfully executed the R&M contract for 2 units (Units-1&3), thereby consolidating its position further in Bhutan and rising up to the expectations of the customer, Druk Green Power Corporation (DGPC), Bhutan.

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.

 

19-Jun-2019

SEBI imposes penalty of Rs 12 lakh on NDTV for disclosure lapses

Markets regulator, Securities and Exchange Board of India (SEBI) has imposed a penalty of Rs 12 lakh on New Delhi Television (NDTV) for failing to make timely disclosures to the stock exchanges. The order comes after the regulator examined multiple disclosure lapses by the company and noted non-compliance with the Substantial Acquisition of Shares and Takeover (SAST) Regulations.

NDTV operates as a television media company in India and internationally. Its channels offer news and current affairs, lifestyle, entertainment, and youth programs, as well as family and realty shows, chat shows, and period dramas.

 

19-Jun-2019

IDBI Bank enters into Bancassurance Corporate Agency agreement with Tata AIG

IDBI Bank has entered into a Bancassurance Corporate Agency agreement with Tata AIG to provide the general insurer’s products to the bank’s two crore customers through its 1,850-plus branches. The collaboration will help Tata AIG deepen the penetration of its product offerings and enable more customers to access their risk solutions anytime, anywhere.

IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation.

 

19-Jun-2019

HDFC Bank to open 25 more branches in Gujarat

HDFC Bank will open 25 more branches in the state of Gujarat, taking its branch network to over 440. The Bank would open these branches by December 2019. As of March 31, 2019, the bank had a network of 415 branches and 1,187 ATMs in the state, the largest among private banks. Over 51 per cent of these branches are in the semi-urban and rural areas.

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.

 

19-Jun-2019

RBI imposes Rs 1 crore penalty on HDFC Bank

Reserve Bank of India (RBI) has imposed a monetary penalty of Rs 1 crore on HDFC Bank for non-compliance with directions issued by RBI on Know Your Customer (KYC)/ Anti-Money Laundering (AML) Norms and on reporting of frauds. The Bank has taken necessary measures to strengthen its internal control mechanisms so as to ensure that such incidents do not recur.

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.

 

19-Jun-2019

M&M aims 10-12% growth in Bolero range pickups in FY20

Mahindra and Mahindra (M&M) is aiming 10 to 12 percent growth in its Bolero range pickups this fiscal (FY20). The company has sold 1.62 lakh Bolero Pickup range vehicles in FY19, compared to 1. 49 lakh in FY18, registering a 9% growth.

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.

 

19-Jun-2019

M&M to hike prices of personal range of vehicles

Mahindra & Mahindra (M&M) has decided to increase price of its range of personal vehicles by up to Rs 36,000 across models. The price hike will be effective from July 1, 2019. This price increase is due to the implementation of AIS 145 Safety Norms across all passenger vehicles in India.

The implementation of AIS 145 Safety Norms from July 1, 2019 mandate the fitment of several safety features including driver airbag, seat belt reminder for driver and co-driver, rear parking sensors and an over speed alert for the driver across all passenger vehicle models. Mahindra SUVs that will take a substantial price increase are the Scorpio, Bolero, TUV300 and KUV100 NXT, while brands such as the XUV500 and Marazzo will increase prices marginally.

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.

 

19-Jun-2019

L&T’s construction arm secures orders in Sri Lanka for water supply, distribution

Larsen & Toubro’s (L&T) construction arm — L&T Construction has secured orders from prestigious clients in Sri Lanka and from within India. The Water and Effluent Treatment business has bagged an EPC order from the National Water Supply & Drainage Board for the execution of the Kundasale Haragama water supply project in Sri Lanka’s Kandy district.

The GeoStructure business has secured an order from BPCL for ground improvement of tank foundation area, using stone columns of 800mm dia and around 1.6 lakh RM, at Krishnapatnam, Andhra Pradesh. The business has secured another order from CMRL for construction of balance works of cut and cover section in the Phase 1 extension works. Various add-on orders have been secured across different businesses for some of their existing projects.

L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 billion in revenue.

 

19-Jun-2019

Asian Granito launches tiles, sanitaryware display showroom in Himmatnagar

Asian Granito India has launched its largest display showroom unveiling the wide range of tiles and Sanitaryware at Himmatnagar in the state of Gujarat. The 25,000 square feet showroom will have the exclusive and elegant range of products including, ceramic floor, digital wall, vitrified, parking, porcelain, glazed vitrified, outdoor, natural marble, composite marble and Quartz, etc under one roof. The showroom will also house the newly launched Sanitaryware range.

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.

 

19-Jun-2019

Polyplex Corporation’s arm to set up BOPP Film Line project in Indonesia

Polyplex Corporation’s subsidiary — Polyplex (Thailand) Public Company, Thailand (PTL) has decided to set up BOPP Film Line project with a capacity of 60,000 TPA, in Indonesia at an estimated cost of $48 million (excluding Working Capital). The said project would be implemented by ‘PT. Polyplex Films Indonesia’, Indonesia a Wholly Owned Subsidiary of PTL.

Polyplex Corporation is one of India’s leading manufacturers and exporters of Biaxially Oriented Polyester (BOPET) Film for packaging, electrical and other industrial applications. The product range of the company includes Plain Film (Untreated), Plain Film (Treated),Plain Film (Untreated and Hazy) and Metallised.  

 

19-Jun-2019

Cochin Shipyard enters into Long Term Wage settlement with its workmen

Cochin Shipyard has entered into a Long Term Wage settlement with its workmen which will be effective from April 01, 2017 and valid for 10 years. The earlier wage settlement entered into with the trade unions was valid upto March 31, 2017.

The current settlement has been arrived at after protracted negotiations between the management and the workmen. The company has already catered to the increase in wages in its books of accounts through creation of appropriate provisions.

Cochin Shipyard is the first Greenfield and presently the most modern shipbuilding and ship repair yard in India. The company caters to clients engaged in India’s defence segment and global commercial shipping sector.

 

19-Jun-2019

Coromandel Engineering to issue CNPRPS on private placement basis

Coromandel Engineering Company has received approval for issuance of 7% Cumulative Non-Participating Redeemable Preference Shares (CNPRPS) on a private placement basis for an amount not exceeding Rs 23 crore. The Board of Directors of the Company at its meeting held on June 18, 2019 has approved the same.

The Board also approved the increase of the authorized Preference Share Capital from Rs 25 crore to Rs 32 crore by creation of additional Rs 7 crore comprising of 7 lakh Preference Shares of Rs 100 each and consequential amendment to the Capital Clause of the Memorandum of Association of the Company.

Coromandel Engineering Company is engaged in the construction business.

 

19-Jun-2019

IndiGo wins ‘Best Low-Cost Airline in Central Asia and India’ award

InterGlobe Aviation (IndiGo) has received the recognition of ‘The Best Low-Cost Airline in Central Asia and India’ at the SKYTRAX World Airline Awards at the International Paris Air Show 2019.

The award recognises travellers’ favourite carriers around the globe and awards them for their operational excellence. This award is a testimony to IndiGo’s continued success across quality standards across front-line product and service factors at the airport and onboard environments that has defined its unparalleled performance, year after year.

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

 

19-Jun-2019

Canara Bank to initiate process of stake sale in Can Fin Homes

Canara Bank will initiate the process of stake sale in part/full in Can Fin Homes (CFHL), as per the Disinvestment Policy of the Bank. The said permission is subject to disinvest at appropriate time depending on the market conditions and available options.

Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.

 

19-Jun-2019

NLC India commissions 100 MW Solar PV power plant in Tamil Nadu

NLC India has successfully commissioned the 100 MW Solar PV power plant at Kamuthi & K. Nedunkulam village, Ramanathapuram District in the state of Tamil Nadu, out of 709 MW solar power projects awarded by TANGEDCO.

NLC India is engaged in the business of lignite mining and power generation. At present, the company has four opencast lignite mines.

 

19-Jun-2019

Cricket Australia selects HCL Technologies as digital technology partner

HCL Technologies and Cricket Australia (CA) have entered into a multi-year partnership, with HCL being chosen as the Digital Technology Partner of CA. The company will help the Australian cricket’s governing body provide an elevated and immersive digital experience to cricket fans, players, partners, employees, and volunteers across the country and around the world, through CA’s digital offerings.

The company will implement its Scale Digital methodology to enable Cricket Australia to unite and inspire their cricket community through advanced digital platforms.

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

 

18-Jun-2019

Profile: Parshva Enterprises

The Company was originally incorporated as a public limited company under the Companies Act, 2013 pursuant to a certificate of incorporation issued by the Registrar of Companies, dated July 27, 2017 with the name ‘Parshva Enterprises Limited’.

Business area of the Company:

The company is engaged in the wholesale supply and trading of precious stones, primarily cut and polished diamonds. The company also deals in gold jewellery. The company also deals in variety of diamonds which include both rough and polished diamonds. It buys and sells diamonds in local markets as per the demand. It also sells diamonds of multiple categories based on different shapes, size, cut and fancy color. Apart from this, the company also invests in real estate properties in Mumbai for the purpose of selling them for trading gains. In real estate business the company is focused on Maharashtra and Gujarat. The company invests in both residential and commercial properties based on its own study of the market. The company is also involved in real estate broking. It deals with range of properties and apartments of varying sizes, with a focus on the middle and higher end of the market.

Major Events and milestones:

• 2018: Incorporated under Companies Act, 2013 as ‘Parshva Enterprises Limited’.
• 2018: Achieved turnover of Rs 476.29 Lakhs in the first year.
• 2019: Ventured into real estate business.

 

18-Jun-2019

Infosys wins ‘2019 Microsoft Global Alliance SI Partner of the Year Award’

Infosys has won the 2019 Microsoft Global Alliance SI Partner of the Year Award. The company was honoured among a global field of top Microsoft partners for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology.

The awards were presented in several categories, with winners chosen from a set of more than 2,900 entrants from 115 countries worldwide. Infosys was recognized for providing outstanding solutions and services in Microsoft 2019 Global Alliance SI Partner of the Year.

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.

 

18-Jun-2019

InterGlobe Aviation reports passenger load factor of 90.9% in May

InterGlobe Aviation (IndiGo) has reported the Passenger Load Factor (PLF) of 90.9% during the month of May 2019. The company had reported PLF of 87.8% during April 2019.

The PLF is a key indicator of the company’s performance, as it measures the average percentage of seats filled on airline’s aircraft fleet.

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

 

18-Jun-2019

Viaan Industries partners with Avalance Tech

Viaan Industries has partnered with Avalance Tech, a Mumbai based premier cyber security firm. This partnership will further scale Avalance’s work in the field of anti-piracy and data security.

Avalance provides cyber security, anti-piracy, anti-counterfeiting to 50 plus organizations that include some of the Largest Banks, Fortune 500 organizations, Government Organizations, Law Enforcement Organizations, and Production Houses.

Viaan Industries is an emerging player in the Wellness, Entertainment and Licensing Technology sectors. Headquartered in Mumbai, with offices in Dubai (UAE), the company has a wide global and domestic presence. The company, through its promoters is well established in the Media and Entertainment sector and has extensive domestic and international celebrity linkages critical to the success of its business verticals.

 

18-Jun-2019

Hindustan Platinum buys ABB’s Puerto Rican unit

Hindustan Platinum, a leading refiner and manufacturer of precious metal products, has bought ABB’s Humacao electrical contacts manufacturing plant in Puerto Rico, thus strengthening its global footprint. The company did not disclose the details of the deal, but it is expected to close in August this year.

ABB India is a pioneering technology leader in electrification products, robotics and motion, industrial automation and power grids, serving customers in utilities, industry and transport & infrastructure globally.

 

18-Jun-2019

Ciao Green collaborates with ICICI Bank’s arm to design 140 Branches across India

Ciao Green, an Interior design and build firm has collaborated with ICICI Bank’s subsidiary — ICICI Home Finance Company to design 140 plus Branches across India. Ciao Green executed the first sample branch of ICICI Home Finance in Bhandup, Mumbai, receiving quite a positive response from the ICICI team. Ciao Green also created a design manual to ensure uniformity in quality and smoothness in the execution of different processes.

In mid-2018, Ciao Green and ICICI Home Finance started working on design concepts, which included more green, eco-friendly, and open office culture. After understanding the briefing, requirements and with mutual consensus, execution was initiated according to the plan and proper timeline.

ICICI Bank is India’s largest private sector bank by consolidated assets. ICICI Bank’s subsidiaries include India’s leading private sector insurance, asset management and securities brokerage companies, and among the country’s largest private equity firms.

 

18-Jun-2019

Hexaware Technologies achieves top ranking in Whitelane’s IT Sourcing Study

Hexaware Technologies has achieved the number one ranking in overall customer satisfaction, in the 2019 UK IT Sourcing Study conducted by Whitelane Research.

The company received an overall customer satisfaction score of 78% and is placed on the first position. It has the most satisfied customers in application development, maintenance, testing and SaaS, and has been rated in first place in the category, against traditional service providers.

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

 

18-Jun-2019

Tata Motors inks pact with Janani Tours

Tata Motors has entered into partnership with Janani Tours, to deploy 25 Tigor Electric Vehicles (EVs) in Bengaluru. Janani Tours, one of the leading tour operators in the city will begin its e-mobility journey to service its corporate clients and fleet customers while enhancing sustainability. The first batch of Tigor EVs were handed over by Tata Motors’ Dealership- Prerana Motors to Janani Tours officials in Bengaluru.

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.

 

18-Jun-2019

Canara Bank to raise funds through various means in FY20

Canara Bank has decided to raise equity share capital amounting upto Rs 6,000 crore by way of Qualified Institutional Placements (QIP) /Rights Issue/ESPS/ Private Placement/ Preferential allotment /any other approved means during Financial Year (FY) 2019-20. The Board of Directors of the Bank at its meeting held on June 18, 2019 has decided the same.

The board has also decided to raise funds through Additional Tier I Basel III Compliant Perpetual Bonds to the extent of Rs 3000 crore and Basel III Compliant Tier II Bonds to the extent of Rs 3,000 crore during the FY 2019-20.

Canara Bank is an Indian state-owned bank headquartered in Bangalore, in Karnataka. It was established at Mangalore in 1906, making it one of the oldest banks in the country.

 

18-Jun-2019

HDFC AMC to provide liquidity arrangement to certain FMP schemes

HDFC Asset Management Company (HDFC AMC) has decided to provide a liquidity arrangement to certain fixed maturity plan (FMP) schemes of HDFC Mutual Fund, to deal with the illiquidity faced by such FMP schemes due to their exposure to the non-convertible debentures (NCDs) issued by Edisons Infrapower & Multiventures and Sprit Infrapower & Multiventures, companies promoted by the Essel group. The liquidity arrangement may involve an aggregate outlay not exceeding Rs 500 crore and will be put in place shortly.

The arrangement is in the long term interest of the company and is being undertaken purely as a measure to provide liquidity to the relevant unit holders.

HDFC AMC provides the product and services of Asset Management is childrens gift funds, Fixed maturity plan, Debt/income fund, liquid fund, Equity/growth fund, Exchange traded fund, Fund of fund schemes, Quaterly internal fund, Rajiv Gandhi Equity savings fund, HDFC annual internal fund Series 1.

 

18-Jun-2019

TCS features as leader in Next-Gen Testing Services by NelsonHall

Tata Consultancy Services (TCS) has been named a Leader in the NelsonHall NEAT for Next-Gen Testing Services. Highlighted as strengths were the company’s comprehensive mobile testing services that are backed by many IP, and UX testing services that are ahead of the competition, backed by its CX Assurance Platform.

The report says that the company is the first firm to have combined several Al use cases with its continuous testing platform, as part of Smart QE. This recognition is a testament to the differentiated capabilities the company has built allowing it to meet its customers’ current and future needs for next-generation testing services.

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.

 

18-Jun-2019

HCL Technologies celebrating 20 year of innovation in Australia, New Zealand

HCL Technologies (HCL) is celebrating its 20-year anniversary in Australia and New Zealand with a series of events and activities across its offices and communities it serves.

Over the years the company has made significant contributions to the Australian IT market and to the local economy touching lives across various sectors with a 1,600 plus strong workforce spread across 8 locations – Adelaide, Sydney, Melbourne, Brisbane, Perth and Canberra in Australia, and Auckland and Wellington in New Zealand.

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

 

18-Jun-2019

VA Tech Wabag secures contract worth Rs 1,477 crore in Uttar Pradesh

VA Tech Wabag has secured an order worth Rs 1,477 crore from State Mission for Clean Ganga – Uttar Pradesh. The order is for operation, maintenance and management of the Sewage treatment and network infrastructure in the cities of Agra and Ghaziabad for a period of 10 years, expandable for an additional period of 5 years.

The company will manage, operate and maintain 22 Sewage Treatment Plants, 22 Pumping Stations and underground network of over 3,000 kilometers with the objective of providing round the clock uninterrupted operations. The company shall also improve, rehabilitate and up-grade facilities related to systems, structures and equipment etc. associated with the Sewage Treatment Plants and underground collection systems.

VA Tech Wabag is an India-based company engaged in the business of water treatment field. The company’s principal activities include design, supply, installation, construction and operational management of drinking water, waste water treatment, industrial water treatment and desalination plants.

 

18-Jun-2019

Trent planning to raise Rs 1,550 crore for expansion plans

Trent is planning to raise up to Rs 1,550 crore in the current financial year (FY20). The fund will be raised through a combination of issuance of shares to its promoter Tata Sons on a preferential basis and other options, to fund its expansion.

Trent is part of the Tata Group and is engaged in business of retailing.

 

18-Jun-2019

SpiceJet reports passenger load factor of 93.9% in May

SpiceJet has reported the Passenger Load Factor (PLF) of 93.9% during the month of May 2019. The company had reported PLF of 93.7% during the month of April 2019.

The PLF is a key indicator of the company’s performance, as it measures the average percentage of seats filled on airline’s aircraft fleet.

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

 

18-Jun-2019

Nirayu buys 24.86 lakh shares in Alembic

Nirayu has bought 24.86 lakh shares in Alembic at Rs 40.60 per share on the BSE on June 17, 2019. However, Uday Education Society has offloaded 19.48 lakh shares in the company at Rs 40.50 per share on same day.

Alembic is engaged in manufacturing of active pharmaceutical ingredients for anti-parkinsons, anti-depressants, cephalosporins, macrolides and others.

 

18-Jun-2019

Hindustan Zinc planning to complete first pilot floating solar in next 2-3 months

Hindustan Zinc is planning to complete its first pilot floating solar in next 2-3 months. The floating plant will contribute to saving water evaporation loss, thus resulting in conservation of water, reduce the development of algae, maintaining the cleanliness of the water and will obviously save land space.

The solar plant is expected to have an energy yield of 1,993 MWh a year and will be able to power 1,400 houses a year.

Hindustan Zinc, the world’s second biggest zinc producer, operates the world’s third largest open-pit mine, and world’s largest Zinc Mine in Rampura Agucha, Rajasthan.

 

18-Jun-2019

Bharti Airtel’s arm sets IPO price at 80-100 pence

Bharti Airtel’s subsidiary — Airtel Africa has fixed the price range of its IPO on the London Stock Exchange at 80-100 pence per ordinary share, through which the company expects to raise $750 million (approximately Rs 5,236 crore). The final pricing is expected to be announced on or around June 28, 2019, on the London Stock Exchange.

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

 

18-Jun-2019

Pfizer’s parent company acquires Array BioPharma

Pfizer’s parent company — Pfizer Inc., USA, has acquired Array BioPharma, a biotechnology firm that specializes in cancer drugs. The company has offered $48 per share in cash for Array, putting $11.4 billion value on the company.

The proposed acquisition sets the stage to create a potentially industry-leading franchise for colorectal cancer alongside the company’s existing expertise in breast and prostate cancers.

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.

 

18-Jun-2019

Reliance Industries reports minor fire incident in LAB plant at Patalganaga

Reliance Industries (RIL) has reported minor fire incident in Linear Alkyl-Benzene (LAB) plant at Patalganaga while restarting the plant from a routine maintenance shutdown. The Reliance fire brigade did an exemplary job in containing the fire and extinguishing it quickly. There is no loss of life or injury to anyone. All other plants at the site are operating normally.

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.

 

18-Jun-2019

Aditya Birla Fashion and Retail collaborates with Intellecap

Aditya Birla Fashion and Retail (ABFRL) is joining a unique and pioneering industry-led platform, ‘Circular Apparel Innovation Factory’ (CAIF) in collaboration with Intellecap. CAIF is India’s first industry-led platform, aiming to build a circular apparel and textile industry in India.

With this collaboration, the company will be demonstrating its commitment to shift the industry from its current ‘take-make-dispose’ approach, to one that encourages the use of sustainable material, maximize utilization of clothing & textile and thereby promote recycling. These initiatives will help ABFRL retain its focus on creating significant social impact.

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.

 

18-Jun-2019

Saregama reinvents Carvaan with hundreds of Podcasts

Saregama Carvaan takes a technology and content leap with Carvaan 2.0 by giving access to hundreds of daily updated Wi-Fi based audio stations along with 5000 evergreen pre-loaded songs. Like the original version, Carvaan 2.0 also stands by its promise of simplicity, nostalgia and a lean back listening experience. The device now comes with a fourth category named ‘Wifi’ along with Artistes, Specials and Geetmala.

Saregama India is engaged in manufacturing, selling and dealing of gramophone records, radio receivers, radiograms, record players, record producers, pick-up cartridges, components and accessories thereof and other allied products.

 

18-Jun-2019

Hatsun Agro Product to commence production of Cattle Feed unit in Solapur

Hatsun Agro Product will commence commercial production of Cattle Feed unit located at Chandolewadi, Tai Sangola, District Solapur in the state of Maharashtra on June 19, 2019. The plant has a production capacity of 100 Tonnes per day.

Earlier, the company had completed acquisition of Cattle Feed unit from Madhur Pashu Aahar.

Hatsun Agro Products, India’s largest private sector dairy, sells liquid milk under the brand name Arokya, ice creams under the brand Arun Icecreams, and a wide range of dairy products under the brand Hatsun.

 

18-Jun-2019

Capital Trust enters into business partnership agreement with IDFC Bank

Capital Trust has entered into business partnership agreement with IDFC Bank for the promotion and distribution of various financial products of the bank through its branch network.

Capital Trust is engaged in the finance business. They have primarily been in the business of hire purchase/leasing of plant and machinery, two wheelers and other assets, micro finance and insurance.

 

18-Jun-2019

TV18 Broadcast inks lease agreement for LU600 HEVC solution

TV18 Broadcast has signed a multi-year lease agreement for more than a hundred units of LiveU’s flagship LU600 HEVC solution. The company chose the reliability and stability of LiveU’s IP bonding technology to stay ahead in its newsgathering operations, upgrading their entire fleet of portable backpack solutions to HEVC. The deal was overseen by LiveU’s local partner, Lamhas, which provides 24/7 service and support throughout India.

TV18 Broadcast operates one of India’s leading 24-hour English language news and current affairs channel, CNN IBN. The company also manages the operations of IBN7, a Hindi language news and current affairs channel.

 

18-Jun-2019

BSE’s StAR MF app clocks 10,000 transactions in one month

Bombay Stock Exchange’s (BSE) newly-launched BSE StAR MF app has processed over 10,000 transactions in a month from May 15 – June 15, 2019, amounting to Rs 101 crore. The app was launched to help the IFAs (Independent Financial Advisors) to register clients on real-time basis and execute paperless transactions.

The self-explanatory and easy to transact app creates and uploads mandate for SIPs, generates the basket of multiple of orders, tracks and allows the distributor to analyse his business on the go.

BSE provides an efficient and transparent market for trading in equity, debt instruments, derivatives, mutual funds. It also has a platform for trading in equities of small-and-medium enterprises (SME).

 

18-Jun-2019

WMDC transfers 27% stake in Maharashtra Scooters to BHIL

Western Maharashtra Development Corporation (WMDC) has transferred its 27% stake in Maharashtra Scooters to Bajaj Holdings & Investment (BHIL) on June 17, 2019. Consequent upon the acquisition of 27% stake of the company from WMDC, BHIL holds 51 % shareholding in Maharashtra Scooters. The company has hence become a subsidiary of BHIL now.

Maharashtra Scooters is engaged in assembling geared scooters. The company markets scooters under the brand name of Chetak, Super and Priya.

 

18-Jun-2019

KGI Bank deploys TCS BaNCS for corporate, consumer banking operations

KGI Bank in Taiwan, has successfully deployed Tata Consultancy Services’ (TCS) banking software ‘TCS BaNCS’ for its corporate and consumer banking operations, creating a strong foundation for its next phase of growth.

KGI Bank’s IT landscape had become very complex, with multiple legacy core banking systems acquired through various mergers. These systems were hampering the bank’s ability to grow, keep up with changing customer needs, and limiting its plans for international expansion. KGI Bank decided to replace them and move to a single, modern, integrated banking solution that would support its growth and transformation agenda.

Following numerous rigorous evaluations, KGI Bank selected TCS BaNCS to help achieve both its short term goals and its strategic objectives. The successful implementation unified the Bank’s corporate and consumer banking businesses, and is one of the fastest core banking deployments in Taiwan.

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.

 

18-Jun-2019

V-Mart Retail opens new stores in Bihar, Madhya Pradesh

V-Mart Retail has opened two new stores one in the state of Bihar and one in the state of Madhya Pradesh. This takes the total number of stores to 227 stores in 178 cities across 17 states and total tally of Bihar is 43 stores and Madhya Pradesh is 10 stores.

V-Mart Retail is one of the pioneers in setting up stores across various small Indian towns and cities. The company primarily operates in Tier-II and Tier-III cities, with a chain of ‘value retail’ departmental stores offering apparels, general merchandise and kirana, catering to the entire family.

 

18-Jun-2019

M&M launches ‘Thar 700’

Mahindra & Mahindra (M&M) has launched Thar 700, the last batch of 700 units of the iconic 4×4 off-road SUV. It comes packed with unique and differentiated features and will be competitively priced at Rs 9.99 lakh, ex-showroom Delhi.

The Thar 700 aptly marks the 70 years legacy of Mahindra, as its lineage traces back to 1949 when the first Mahindra vehicle was built in India. The Thar with its go anywhere capability is a true-blue off-roader and a typical Mahindra breed that exemplifies the company’s rich 4×4 heritage. The Thar 700, a limited special edition of the iconic brand, will be available in an all new Aquamarine colour, in addition to the popular colour of Napoli Black.

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.

 

18-Jun-2019

L&T Technology Services concludes its engineering the Change campaign in Munich

L&T Technology Services (LTTS) has successfully concluded its Engineering the Change campaign in Munich with a 24-hour hackathon. The company’s 16-day pan Europe initiative included a 3,000 km innovation-on-wheels drive covering Greater Manchester & Ellesmere Port (Cheshire) in the UK, Amiens & Paris in France and Eindhoven in Netherlands, culminating in Germany.

A total of 230 visitors, including customers, analysts, industry experts, government officials, local authorities and engineering students attended the drive from Manchester to Munich.

LTTS is a listed subsidiary of Larsen & Toubro focused on Engineering and R&D (ER&D) services.

 

18-Jun-2019

Axis Bank sets 18% target of RoE on sustainable basis

Axis Bank has set a target of achieving 18 per cent Return on Equity (RoE) on sustainable basis as cost of funds is on decline. The RoE of the bank stood at 8.09 per cent at the end of March 2019.

Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.

 

18-Jun-2019

Surya Roshni obtains order worth Rs 151.88 crore

Surya Roshni has obtained order aggregating to Rs 151.88 crore (excluding GST) for supply of API Grade 3LPE Coated line Pipes to Bharat Gas Resources (BGRL) through e-tender.

Surya Roshni is into the business of manufacturing electric resistance welded (ERW) steel pipes & lighting products, with facilities at Bahadurgarh (Haryana), Kashipur (Uttarakhand) and Malanpur (Madhya Pradesh).  

 

18-Jun-2019

Southern Petrochemicals rolls out strategic HR initiatives for Better Organization Performance

Southern Petrochemicals Industries Corporation (SPIC) has rolled out a strategic HR program for improved organizational learning and performance. The program has been rolled out at a pan India level across all its offices and manufacturing plants in Chennai and Tuticorin.

The program is in addition to the current employee training programs and is based on the new global concept of ‘continuous learning.’

SPIC since its founding has been providing product and services that feed, nourish, and protect the agriculture and rural ecosystem. The company is now a well-diversified one with area of businesses spreading from fertilizers to pharma.

 

18-Jun-2019

Infosys releases 12th Annual Sustainability Report

Infosys has released its 12th Annual Sustainability Report that provides detailed information on the company’s responsible business practices across economic, social and environmental parameters. The report is in accordance with GRI (Global Reporting Initiative) Standards and elucidates the company’s efforts to address the growing interest and heightened expectations of its global stakeholders through sustainability management system and practices.

The Sustainability Report gives an insight into the path to a Live Enterprise, showcasing Infosys’ endeavors to improve energy efficiency, increase the use of renewable energy, enhance water sustainability, reduce waste-to-landfills, invest in sustainable infrastructure and contribute to biodiversity driven by innovation.

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.

 

18-Jun-2019

Tech Mahindra to acquire entire stake in Objectwise Consulting Group

Tech Mahindra has received approval to acquire 100% equity shares of Objectwise Consulting Group Inc. through a new entity to be formed under its wholly owned subsidiary viz., Tech Mahindra (Americas) Inc. Objectwise brings with it strong capabilities in implementation and support of PEGA software. The cost of equity value is CAD 2.75 million. The Investment Committee of the Board of Directors of the company has approved the same.

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.

 

18-Jun-2019

Hero MotoCorp appoints Yerry Mina as new brand ambassador

Hero MotoCorp has appointment Yerry Mina, the popular Colombian professional footballer, as its new Brand Ambassador. Mina joins the family of illustrious sports persons who are Brand Ambassadors of Hero MotoCorp, including Fifteen-time major winner and legendary golfer Tiger Woods, Argentinian football icon Diego Simone and Indian cricket captain Virat Kohli, among others.

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.

 

18-Jun-2019

Bajaj Holdings buys 27% stake in Maharashtra Scooters from WMDC

Bajaj Holdings & Investment has got the credit of 27% stake in Maharashtra Scooters (MSL) with the transfer of 30,85,712 equity shares by Western Maharashtra Development Corporation (WMDC). The total consideration paid by the Company to WMDC with respect to the said acquisition was around Rs 222.48 crore at the price i.e. Rs 232 per share along with interest 18% per annum (p.a.) from the date of award i.e. January 14, 2006 up to the date of payment effected on January 14, 2019.

Consequent upon the acquisition of 27% stake of MSL from WMDC, the Company holds 51% shareholding in MSL. MSL has hence become a subsidiary of the Company now.

Bajaj Holdings & Investment is essentially a holding and investment company focusing on earning income through dividend, interest and gains on investments held.

 

18-Jun-2019

KPI Global Infrastructure commissions 315KW solar power project at Bharuch

KPI Global Infrastructure has successfully installed and commissioned 315KW solar power project with effect from May 30, 2019 at Village-Sudi & Tancha, Ta-Amod and District-Bharuch under Captive Power Producer (CPP) category for Shri Mahavir Crimpers, Surat for which GEDA has issued Certificate of Commissioning.

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.

 

18-Jun-2019

TCS partners with SAP to launch iFIM solution

Tata Consultancy Services (TCS) has partnered with SAP to launch an Intelligent Field Inventory Management (iFIM) solution, powered by SAP Leonardo, which leverages IoT and blockchain to help medical device manufacturers streamline surgical kit handling.

Medical devices are manufactured and delivered across the globe. As a result, the supply chain process of distributing surgical kits to hospitals as well as collecting unused inventory is highly fragmented. The complex logistics make it challenging to ensure that the right kit is delivered at the right place and at the right time. Another challenge is ensuring surgical kit efficacy and sterility throughout the supply chain.

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.

 

18-Jun-2019

IndiGo orders CFM International LEAP-1A engines to power 280 Airbus A320neo, A321neo aircraft

InterGlobe Aviation (IndiGo) has ordered CFM International LEAP-1A engines to power 280 Airbus A320neo and A321neo aircraft. The contract, which includes spare engines and an overhaul support agreement, is valued at more than $20 billion US at list price. To support its new LEAP-1A fleet, IndiGo also signed a long-term Service Agreement.

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

 

18-Jun-2019

Biocon to sell BFI Business to Biocon Biologics

Biocon has received approval for sale of Branded Formulations India (BFI) Business of the Company on a ‘going concern’ basis to Biocon Biologics India (BBIL), a wholly owned subsidiary. The transfer of BFI business on slump sale basis will lead to consolidation of marketing and manufacturing activities relating to BFI business under a single entity with common leadership and achieve synergies / value accretion for the group. The Board of Directors of the Company at its meeting held on June 17, 2019 has approved the same.

Biocon is India’s largest and Asia’s leading Biotechnology Company with a strategic focus on biopharmaceuticals and research services. It is a fully integrated, innovation-driven biopharma enterprise offering affordable solutions for chronic diseases to patient’s worldwide.

 

17-Jun-2019

Profile: Anand Rayons

The Company was originally formed and registered as a partnership firm under the Partnership Act, 1932 (Partnership Act) in the name and style of ‘Anand Enterprise’, pursuant to a deed of partnership dated July 01,1987. Subsequently, the partnership firm was reconstituted on April 3, 1992, October 8, 1999 and March 09, 2018. Thereafter, the partnership firm was converted in to a public limited company on September 20, 2018 under Part I chapter XXI of the Companies Act, 2013 in the name and style of ‘Anand Rayons Limited’ and received a certificate of incorporation dated October 02, 2018 from the Deputy Registrar of Companies, Central Registration Center, Ministry of Corporate Affairs.

Business area of the company:

The company is engaged in trading of value added yarns like dope dyed yarns, fancy yarns for various applications like weaving of sarees, shirting & dress materials, yarn dyeing, carpets, various types of Elastic tapes & sizing segments. The Firm holds a decent market share amongst the embroidery yarn, dyed yarn. The core yarn in value added form is supplied to Jari Manufacturers.

 

17-Jun-2019

South Indian Bank to raise Rs 500 crore via various means

South Indian Bank has received approval to raise funds up to Rs 500 crore, in Indian / foreign currency by way of issuance of debt securities including but not limited to non-convertible debentures, Bonds in domestic and / or overseas market, on a private placement basis. The Board of Directors of the Bank at its meeting held on June 15, 2019 has approved the same.

South Indian Bank is considered one of the most proactive banks in India with a competent tech savvy team of professional at the core of services.

 

17-Jun-2019

Elecon Engineering secures order worth Rs 79.12 crore from BHEL

Elecon Engineering Company has been awarded a prestigious order by Bharat Heavy Electricals (BHEL) for Supply & Erection of Stacker cum Reclaimer machines at its Udangudi STPP site, Thoothukudi District, Tamil Nadu worth Rs 79.12 crore. The order is expected to be executed within 18 months.

Elecon Engineering Company is engaged in delivering power transmission solutions and material handling equipment.

 

17-Jun-2019

Dilip Buildcon receives provisional completion certificate for highway project in AP

Dilip Buildcon has received Provisional Completion Certificate by the authority on June 12, 2019 for the length completed of 63.861 Km of the project highway and has been declared the project fit for entry into operation as on June 12, 2019.

The project is for the four laning of NH-9 from Vijayawada-Macllilipatnam section from km 0.000 to Kin 63.800 (around Length 64.611 km) in the State of Andhra Pradesh (AP) under NHDP Phase -III to be executed under EPC mode.

Dilip Buildcon’s core business is undertaking construction projects across India in the roads and irrigation sectors. They specialize in constructing state and national highways, city roads, culverts and bridges.

 

17-Jun-2019

TechNvision Ventures’ arm reinvents data archiving in Cloud with SOLIXCloud Enterprise Archiving

TechNvision Ventures’ step down subsidiary — Solix Technologies Inc., has reinvented data archiving in the Cloud with SOLIXCloud Enterprise Archiving. SOLIXCloud is built on Solix’s award-winning big data application framework, the Solix Common Data Platform (CDP). SOLIXCloud enables enterprises to archive databases, file servers, and email as well as decommission and retire legacy application data to the cloud. The monthly service relieves the pressure of data growth on enterprise applications and provides infrastructure optimization, reporting, analytics, and low cost bulk data storage.

The archiving-as-a-service solution is hosted on the Azure platform providing a reliable, scalable, elastic, secure, and compliant data management solution for all enterprise data.

TechNVision Ventures (formerly Solix Technologies), is a pioneer in creating next generation enterprise software businesses. The Company innovate, work on the latest technologies, incubate new ideas and foster entrepreneurship in the emerging areas of technology.

 

17-Jun-2019

Reliance Capital sells 10.75% stake in RNAM for Rs 1,450 crore

Reliance Capital has sold 10.75 percent in Reliance Nippon Life Asset Management (RNAM) for over Rs 1,450 crore and has achieved the minimum public shareholding of 25 percent in RNAM by reducing the promoter stake.

The entire RNAM stake monetisation proceeds of Rs 6,000 crore, to be received from the offer for sale and the already announced transaction with Nippon Life Insurance Company of Japan, will be utilised to reduce Reliance Capital’s outstanding debt.

Reliance Capital, a part of the Reliance Group, is one of India’s leading private sector financial services companies. It has interests in asset management and mutual funds; life, health and general insurance; commercial and home finance; stock broking; wealth management services; distribution of financial products; asset reconstruction; proprietary investments and other activities in financial services.

 

17-Jun-2019

Federal Bank improves customer experience with TCS’ Digital CASA Platform

Federal Bank has improved Customer Experience with Tata Consultancy Services’ (TCS) Digital CASA Platform. As part of its transformation agenda, Federal Bank chose TCS to reimagine its account opening and KYC processes. Based on its Business 4.0 thought leadership framework, Machine First Delivery Model and Enterprise Agile framework, TCS deployed its CASA Account Opening Platform on a business utility model – tablet and web based – on the TCS Cloud.

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.

 

17-Jun-2019

Tata Power’s Club Enerji launches ‘Switch off to Switch on’

Tata Power’s Club Enerji has launched a three month pledge campaign called ‘Switch off to Switch on’.  Started on World Environment Day (June 5), the campaign has children as ambassadors of energy conservation to raise awareness for creating a sustainable future. This campaign lets everyone pledge and share their stories of switching from any part of the world.

Club Enerji initiative does not simply stop at spreading the message of energy conservation and sustainability but also gets young minds involved through participatory outreach campaigns, which will bring about a shift in the outlook leading to positive results.

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.

 

17-Jun-2019

Tata Motors launches AMT versions of compact sedan Tigor

Tata Motors has launched automated manual transmission (AMT) versions of its compact sedan Tigor with price starting at Rs 6.39 lakh (ex-showroom Delhi).

The company has introduced two variants under its Tigor AMT range – XMA and XZA+, priced at Rs 6.39 lakh and Rs 7.24 lakh, respectively. The two new trims will be offered with a 1.2 litre petrol engine.

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.

 

17-Jun-2019

Cadila Healthcare receives EIR for its formulations manufacturing facility

Cadila Healthcare’s formulations manufacturing facility located at SEZ, Ahmedabad has received an Establishment Inspection Report (EIR). The USFDA had conducted an inspection from March 25 to April 3, 2019. The EIR report has stated that the classification of the facility is ‘Voluntary Action Indicated (VAI)’.

Cadila Healthcare is an India-based pharmaceutical company. The company’s subsidiaries include Zydus Wellness, Liva Pharmaceuticals, Biochem Pharmaceutical Industries, Zydus Technologies, German Remedies, Dialforhealth India, Dialforhealth Unity and Dialforhealth Greencross, among others.

 

17-Jun-2019

Batelco extends collaboration with Tata Communications

Batelco has extended its partnership with Tata Communications, to offer flexible and reliable data connectivity with expanded global reach; to service providers, mobile network operators (MNO) and ISPs in the Middle East.

Batelco, Bahrain’s leading digital communications solutions provider. This new collaboration brings together Tata Communications’ global Tier-I IP network and its new partnership IP node with Batelco in Global Zone ‘ the Carrier Neutral Tier-3 certified data centre in Bahrain, and the recently launched protected terrestrial cable system of the Batelco Gulf Network (BGN). The combination of these networks and infrastructures will offer service providers highly resilient network connectivity with increased reach in the Middle East and globally.

Tata Communications along with its subsidiaries is a leading global provider of A New World of Communications.

 

17-Jun-2019

CONCOR awards order to Oriental Foundry

Container Corporation of India (CONCOR) has awarded orders worth Rs 900.51 million to Oriental Foundry, for manufacturing and supplying ‘Boogies’ and ‘Coupler’.

CONCOR is a Public Sector Undertaking, under Ministry of Indian Railways which was incorporated in March 1988 under the Companies Act, and commenced operation from November 1989 taking over the existing network of 7 ICDs from the Indian Railways.

 

17-Jun-2019

IL&FS Transportation Networks defaults on interest payments on various NCDs

IL&FS Transportation Networks has defaulted in payment of interest due on non-convertible debentures (NCDs), because of insufficient funds. The amounts of interest due on two NCDs are around worth Rs 1.17 crore and Rs 2.25 crore, respectively.

IL&FS Transportation Networks is an India-based surface transportation infrastructure company. The company is a developer, operator and facilitator of surface transportation infrastructure projects, taking projects from conceptualization through commissioning to operations and maintenance under public to private partnership on build-operate-transfer (BOT) basis.

 

17-Jun-2019

V2 Retail opens one retail store in Assam

V2 Retail has opened one operational retail store at Jorhat, Assam. Therefore currently 77 Retail stores are operational.

V2 Retail is one of the fastest growing Retail Company in India. The company offers a portfolio of products, including apparel and non-apparel. The company sells readymade, apparels, household merchandise and other consumer goods like footwear, toys, games, cosmetics, home furnishing, decor product, sports items, crockery, novelties and gifts.

 

17-Jun-2019

Zydus Cadila completes enrolment in Evidences IV phase 2 clinical trial of Saroglitazar Magnesium

Zydus Cadila has completed enrolment of 104 patients with Non-Alcoholic Fatty Liver Disease (NAFLD), including Non-Alcoholic SteatoHepatitis (NASH) across 20 clinical sites in the United States of America.

The trial will evaluate the percentage change from baseline in serum ALT levels in patients treated with Saroglitazar Magnesium as compared to placebo as the primary endpoint. The change in liver fat content as measured by magnetic resonance imaging will also be compared, along with several other secondary endpoints. This study is one of several Evidences trials conducted to assess the effect of Saroglitazar Magnesium in various populations with NAFLD, including patients with NASH.

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

 

17-Jun-2019

State Bank of India to continue lending to NBFCs

State Bank of India (SBI) will continue to funds to non-banking finance companies (NBFCs) as it feels the problems facing industry are not very grave and system-wide. The bank does not consider the crisis plaguing the shadow banks are grave as only one or two of them are severely impacted.

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.

 

17-Jun-2019

Oriental Veneer Products’ arm bags order worth Rs 900.51 million

Oriental Veneer Products’ wholly owned subsidiary–Oriental Foundry has secured orders worth Rs 900.51 million from ‘Container Corporation of India’ for manufacturing and supplying ‘Boogies’ and ‘Coupler’.

Oriental Veneer Products is engaged in the manufacturing of wood-based resin impregnated densified laminated boards.

 

17-Jun-2019

Power Grid Corporation receives approval to offer towers to telecom companies

Power Grid Corporation has received approval from CERC to offer towers to telecom companies for BTS (base trans-receiver station) installation to improve mobile connectivity, especially in remote rural areas.

The move will not only address the issue of deficiency of telecom coverage in the country, particularly remote areas, but this segment could also be money spinner for the company. Besides, the company had pleaded that this would also help in providing reliable power supply for operation of BTS equipment from transmission line itself by adopting suitable technologies.

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.

 

17-Jun-2019

Moneyboxx Finance opens branch offices in Rajasthan

Moneyboxx Finance has opened its branch offices at Bhilwara and Kota in the State of Rajasthan.

Moneyboxx Finance is a Non Deposit taking Non-systemically Important Non Banking Finance Company (NBFC-ND-NSI) engaged primarily in the business of advancing loans and investing/trading in securities.

 

17-Jun-2019

Fortis Healthcare calls off process of stake sale in RHT and RHTTM

Fortis Healthcare has decided to close the bidding and search process to explore the possibility of sale of interest in RHT Health Trust and RHT Health Trust Manager (RHTTM). Earlier, the company had said its group firm Fortis Healthcare International had commenced deliberations to explore sale of interest in RHT and RHTTM.

RHTTM is a subsidiary of Stellant. Stellant and Fortis Healthcare International (FHIL) are direct/ indirect wholly-owned subsidiaries of the company.

Fortis Healthcare is an integrated healthcare delivery service provider in Asia. The healthcare verticals of the company span primary care, diagnostics, day care specialty and hospitals, with a healthcare network spanning 9 countries.

 

17-Jun-2019

Corporation Bank to raise Rs 5,000 crore in FY20 via various means

Corporation Bank is planning to raise up to Rs 5,000 crore through issuance of fresh equity shares, debt instruments on private placement basis, rights issue or through QIP in the current fiscal (FY20).

The bank will seek approval from shareholders at its meeting scheduled for June 29 for raising of capital by issuance of fresh equity shares or by issuance of additional tier I or tier II capital as per Basel III guidelines.

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

 

17-Jun-2019

Piramal Enterprises sells entire direct investment of Shriram Transport Finance

Piramal Enterprises has sold its entire direct investment of 9.96% in the fully paid-up share capital of Shriram Transport Finance Company to third party investors on the floor of the stock exchange.

Piramal Enterprises is one of India’s large diversified companies, with a presence in Pharmaceuticals, Healthcare Information Management and Financial Services.

 

17-Jun-2019

Mindtree to showcase Contextual, Real-Time Solutions for personalized traveler experiences

Mindtree will lead two presentations at HITEC Minneapolis, the biggest hospitality conference in the world, showcasing breakthrough solutions that address how to meet the growing expectations of the connected, digital-first traveler. Based on experience supporting the hospitality industry’s largest companies, the company will showcase a wide portfolio of solutions that demonstrate how to implement emerging technologies to deliver personalization at every stage of the travel journey.

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

 

17-Jun-2019

Tata Steel felicitates meritorious students of West Bokaro

With an objective to promote quality education among the students residing in and around its areas of operation, Tata Steel’s West Bokaro Division has initiated many projects through Tata Steel Rural Development Society (TSRDS), the CSR wing of Tata Steel.

216 students of Pre-Matric Coaching Centres run by TSRDS, West Bokaro were felicitated in a ceremony named ‘Sambardhana’ organised on June 13, 2019 at Auditorium, West Bokaro. The students were felicitated for securing first division in the matriculation examination conducted by Jharkhand Academic Council. 15 students securing top marks were provided with wrist watches.

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.

 

17-Jun-2019

Bank of Baroda allots shares worth Rs 5,042 crore to Government

Bank of Baroda has issued and allotted 42,85,59,286 equity shares of Rs 2 each fully paid up at an issue price of Rs 117.65 per equity share (premium of Rs.115.65 per share) amounting to Rs 5,042 crore to Government of India (Promoter) on preferential basis.

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.

 

17-Jun-2019

USFDA completes inspection at Caplin Point Laboratories’ Steriles Injectable site

US Food and Drug Administration (USFDA) has completed inspection at Caplin Steriles’ Injectable site at Gummidipoondi between June 6 and June 14, 2019. Caplin Steriles is a Wholly Owned Subsidiary of Caplin Point Laboratories.

At the end of this scheduled GMP inspection, there were only two observations. The company believes these to be of procedural in nature and the corrective and preventive actions for these observations will be presented to the US FDA shortly. The observations made were not repeat observations or related to data integrity.

Caplin Point Laboratories is engaged mainly in manufacturing a wide range of Ointments, Creams and other External application preparations in addition to the regular segments of pharmaceutical formulations.

 

17-Jun-2019

PG Electroplast reports fire incident at washing machine division in UP

PG Electroplast has reported fire incident at Washing Machine Division of the Company situated at Surajpur, Greater Noida, District Gautam Budh Nagar in the state of Uttar Pradesh (UP).

The fire was extinguished with help of Fire Department and prevented from spreading to other areas in the factory. The raw materials and finished goods stored therein are destroyed/damaged. However, all of them are adequately insured. Further, no damage caused to the manufacturing facility therein and the company expects to resume operations at washing machine division within a week.

PG Electroplast is an India-based company. The Company is an electronic manufacturing services (EMS) provider for original equipment manufacturers (OEMs) of consumer electronic products in India.

 

17-Jun-2019

PFC signs performance based MoU with REC

Power Finance Corporation (PFC) has signed a performance based ‘Memorandum of Understanding’ (MoU) with REC (formerly Rural Electrification Corporation) detailing various targets to be achieved by REC during FY 2019-20.

The MoU contains various financial and Non-financial parameters including sector-specific and result oriented measurable parameters.

PFC had acquired entire government stake representing 52.63% of the share capital of REC at a consideration of around Rs 14500 crore on March 28, 2019 thus becoming the holding company and also a promoter of REC.

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.

 

17-Jun-2019

REC expects over 10% growth in revenue during FY20

Rural Electrification Corporation (REC) is expecting an over 10% growth in its revenue at Rs 28,000 crore in the current fiscal year on account of excellent performance. REC had a turnover of Rs 25,310 crore in the 2018-19 fiscal.

In a Memorandum of Understanding (MoU) inked with its holding firm Power Finance Corporation (PFC), REC has targeted to achieve Rs 28,000 crore revenue from operations this fiscal in view of excellent performance scenario.

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.

 

17-Jun-2019

HDFC Bank completes 15 years in Jammu and Kashmir

HDFC Bank has completed its milestone of 15 year journey in the state of Jammu and Kashmir. The bank has helped to provide banking services to more three lakh customers in the state.

To commemorate its journey in the state, the Bank launched a special savings account for a limited period only. Known as 1,000 AMB Savings Account, it will allow customers to maintain a minimum balance i.e. the average monthly balance (AMB) of just Rs 1000. It also offers Personal Accidental Death Cover of Rs 5 lakh on its Debit Card.

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.

 

17-Jun-2019

J&K Bank to come under RTI, CVC

Jammu & Kashmir Bank (J&K) will now come under the purview of Right to Information Act (RTI) and Central Vigilance Commission (CVC) guidelines. The decision was taken by the Board of Directors of the Bank and its will ensure greater transparency and accountability.

The decision comes after Parvez Ahmed was removed as the Chairman of the J&K Bank for alleged corruption, nepotism and favouritism.

Jammu & Kashmir Bank is engaged in the banking business. The company offers a range of products and services, such as loans, insurance, tax products/planning, savings and deposits, cards, mutual funds and non-resident banking.

 

17-Jun-2019

Zydus’ Nesher Pharmaceuticals gets final nod for Omega-3-Acid Ethyl Esters Capsules

Zydus’ Nesher Pharmaceuticals, a subsidiary of Zydus Pharmaceuticals USA has received the final approval from the USFDA to market Omega-3-Acid Ethyl Esters Capsules USP (US RLD- Lovaza Capsules), 1 gram. Omega-3 acid ethyl esters, a type of fat found in fish oil, is used along with diet and exercise to help lower levels of a certain blood fat (triglyceride). It may also raise good cholesterol (HDL). The drug will be manufactured at Nesher Pharmaceuticals’ manufacturing facility located at St. Louis, MO, USA.

The group now has 267 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.

 

17-Jun-2019

Symphony incorporates wholly owned subsidiary in Brazil

Symphony has incorporated a wholly owned subsidiary company in the name and style of ‘Symphony Climatizadores’ in Brazil.

The company has incorporated a subsidiary company in Brazil to carry out trading activities in Air Coolers which is in line with the main object of the company.

Symphony manufactures products like domestic air coolers, industrial air coolers, and water heaters.

 

17-Jun-2019

Lupin’s arm recalls over 18,000 bottles of Cefdinir in US market

Lupin’s American subsidiary — Lupin Pharmaceuticals Inc is recalling over 18,000 bottles of Cefdinir for Oral Suspension, used to treat bacterial infections, from the US market. The recalling is due to metal piece identified in the product bottle prior to the reconstitution.

The impacted lot has been manufactured by Lupin’s Mandideep manufacturing facility for Baltimore (Maryland) based Lupin Pharmaceuticals Inc.

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

 

17-Jun-2019

Lux Industries issues commercial paper of Rs 30 crore

Lux Industries has issued the Commercial Paper of Rs 30 crore with issue date June 14, 2019 and due for maturity on September 12, 2019. This is in line with the management efforts to bring down the finance cost.

Lux Industries manufactures and sells knitwear in India. The company offers a range of innerwear for men, women, and children. It also exports its products to the Middle East countries.

 

17-Jun-2019

Aurobindo Pharma to invest $200 million on Capex in FY20

Aurobindo Pharma is eyeing to invest up to $200 million on Capex and over five percent of sale value on Research and Development (R&D) during the current financial year. The majority of the CAPEX should be in terms of creating certain both finished dosage and API capacities.

The company had spent $225 million on capex last year and R&D expenditure was at Rs 872 crore or 4.5 percent of the revenues for the year.

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.

 

17-Jun-2019

Aditya Birla Fashion’s Pantaloons Cheers for India with ‘How Blue Are You?’

Aditya Birla Fashion and Retail’s division — Pantaloons will join in to express its love for the sport with its Cricket campaign, ‘How Blue Are You”

As part of the campaign, the brand will change its identity, which has been its calling card for years. So just for the campaign, Pantaloons will proudly change the colour of its logo to Blue. Even the name of the Loyalty Program will be changed from Greencard to Bluecard for the campaign.

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.

 

17-Jun-2019

Sandhar Technologies signs JV agreement with Winnercom Company

Sandhar Technologies (STL) has signed a Joint Venture (JV) Agreement with Winnercom Company, Republic of Korea. The joint venture is being established for manufacturing and selling, electronic parts and accessories for the automotive industries in India which would include Shark fin antenna and micro pole antenna etc. and catering to the four-wheeler segment.

The company will hold 50% of total equity share capital of the proposed Joint Venture Company. Winnercom Company, Republic of Korea will hold 50% of total equity share capital of the proposed Joint Venture Company.

Sandhar Technologies is an OEM component supplier with manufacturing plants in India, Spain, Poland and Mexico.

 

17-Jun-2019

USFDA completes inspection at Divi’s Laboratories’ Unit-II facility in Chippada

US Food and Drug Administration (USFDA) has completed inspection at Divi’s Laboratories’ Unit-II at village Chippada, Bheemunipatnam District in the state of Andhra Pradesh (AP). The inspection was conducted from June 10 to 15, 2019.

This was a general CGMP inspection by the US-FDA. The inspection has been concluded with no 483 observations.

Divis Laboratories focussed on developing new processes for the production of Active Pharma Ingredients (APIs) & Intermediates. The company in a matter of short time expanded its breadth of operations to provide complete turnkey solutions to the domestic Indian pharmaceutical industry.

 

17-Jun-2019

PNB puts on sale six non-performing loans amounting to over Rs 1,000 crore

Punjab National Bank (PNB) has put on sale six non-performing loans amounting to over Rs 1,000 crore, including two accounts of Vandana Vidyut and Visa Steel.

Asset reconstruction companies (ARCs), non-banking financial companies (NBFCs), other banks and financial institutions can submit binding bids till June 26. The bids will be opened on the following day. The reserve price for the six non-performing assets (NPAs) has been fixed at Rs 342 crore.

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.

 

17-Jun-2019

BHEL bags EPC orders worth Rs 800 crore for 200 MW solar power plants

Bharat Heavy Electricals’ (BHEL) Solar Photovoltaic (SPV) portfolio has surpassed 1 GW with the company winning two EPC order for setting up SPV plants with a cumulative capacity of 200 MW. The orders are valued at over Rs 800 crore, the orders have been secured from NTPC and Gujarat State Electricity Corporation (GSECL), reinforcing the company’s position as a leading EPC player in the solar industry.

Significantly, the NTPC order envisages setting up India’s largest floating SPV plant of 100 MW capacity at NTPC Ramagundam in Telangana, while the GSECL order involves setting up a 100 MW ground-mounted SPV plant at Raghanesda Ultra Mega Solar Park, district Banaskantha in Gujarat.

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.

 

17-Jun-2019

FDC receives USFDA’s approval for Dorzolamide and Timolol Ophthalmic Solution

FDC has been granted ANDA approval by United States Food and Drug Administration (USFDA), for Dorzolamide and Timolol Ophthalmic Solution USP 22.3mg/6.83mg per ml, a generic version of Cosopt of Oak Pharmaceuticals Inc.

FDC is engaged in manufacture of specialized formulations, and oral rehydration salts (ORS).

 

17-Jun-2019

A2Z Infra Engineering’s arm secures contract from CPWD for worth Rs 59 crore

A2Z Infra Engineering’s subsidiary — A22 lnfraservices has been awarded a contract by CPWD, New Delhi. The contract is for execution of the comprehensive maintenance of GPRA complex (inclusive of Civil & Electrical Works) under the jurisdiction of L-Division and ED XII during the year 2019-20, 2020-21, 2021-22 for an aggregate of RS 58.53 crore.

A2Z Infra Engineering (previously known as A2Z Maintenance & Engineering Services) is primarily engaged in providing Engineering, Procurement and Construction (EPC) services in power transmission and distribution sector with focus on distribution.

 

15-Jun-2019

Voltas opens new brand shop in Kerala

Voltas has launched a new Brand Shop – Rams AC Systems at Chackai, Thiruvananthapuram in the state of Kerala. The brand store features a well-designed and visually appealing display of new range of Voltas and Voltas Beko’ products, comprising Air Conditioners, Air Coolers, Commercial Refrigerators, Water Dispensers, Water Coolers, Refrigerators, Washing Machines, Microwaves and Dishwashers.

The Brand Shop is being launched to meet the expectations of consumers from a growing city like Thiruvananthapuram with technologically advanced products of Voltas and Voltas Beko.

Voltas is among India’s leading air-conditioning, refrigeration and engineering services companies.

 

15-Jun-2019

Coromandel International gets GPCB’s nod to open its Sarigam facility for 3 months

Coromandel International has received approval from Gujarat Pollution Control Board (GPCB) to open its facility at Sarigam in Gujarat for three months. The Sarigam facility was closed due to a fire incident at a product godown in the unit in January this year.

Coromandel International is engaged in the manufacturing of fertilizers, plant protection chemicals and speciality nutrients.

 

15-Jun-2019

Dish TV India wins ‘BCS Ratna Award 2019’

Dish TV India has won BCS Ratna Award 2019. The company continued its winning streak by bagging award for ‘Fastest growing DTH brand in HD Category (2018-19)’. With this, the company has become the only Media & Entertainment organization to have won the award consecutively seventh time in a row and second time for the ‘Fastest Growing DTH Brand in HD Category’ title.

Dish TV is India’s largest Direct to Home television operator using MPEG 4 DVB S2 and MPEG 2 digital compression technology.

 

15-Jun-2019

Bharat Financial Inclusion completes second direct assignment transaction of Rs 1,546 crore

Bharat Financial Inclusion has assigned a pool of receivables of an aggregate value of Rs 1,545.93 crore to one of the largest private sector banks on a direct assignment basis as per the guidelines prescribed by the Reserve Bank of India. This is the second Direct Assignment transaction in FY20.

With this transaction, the company has completed Direct Assignment transactions worth Rs 2,653.33 crore in FY20.

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.

 

15-Jun-2019

Tata Power’s arm raises Rs 1,110 crore via NCDs

Tata Power Company’s subsidiary — Coastal Gujarat Power (CGPL) has raised Rs 1,110 crore through issuance of Non-Convertible Debentures (NCDs) on private placement basis, for refinancing existing debt, capital expenditure and augmentation of working capital.

The NCDs will carry a coupon rate of 9.15 per cent, payable annually. The debt obligations of CGPL under the NCDs are guaranteed by 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.

 

15-Jun-2019

Cadila Healthcare’s arm receives EIR for manufacturing facility in Ahmedabad

Cadila Healthcare’s subsidiary– Alidac Pharmaceuticals has received an Establishment Inspection Report (EIR) for manufacturing facility located at Pharmez, Ahmedabad.

The USFDA had conducted a Pre-Approval Inspection (PAI) for Doxorubicin Liposomal, a complex oncological injectable at Alidac, the injectable onco manufacturing facility, from March 18 to March 26, 2019. There was also a separate in-vitro BE inspection conducted by the Office of Study Integrity and Surveillance branch of the USFDA for the same product.

Cadila Healthcare is an India-based pharmaceutical company. The company’s subsidiaries include Zydus Wellness, Liva Pharmaceuticals, Biochem Pharmaceutical Industries, Zydus Technologies, German Remedies, Dialforhealth India, Dialforhealth Unity and Dialforhealth Greencross, among others.

 

15-Jun-2019

ITC registers 11.55% increase in forex earning in FY19

ITC has registered 11.55% increase at Rs 4,673 crore in forex earning in 2018-19, driven by exports of agri-commodities. The company has made nearly $7.2 billion in the last 10 years, of which agri-exports constituted 56%. In FY19, the company and its subsidiaries earned Rs 4,673 crore in foreign exchange.

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.

 

15-Jun-2019

NIIT Technologies completes acquisition of 52.11% stake in Whishworks IT Consulting

NIIT Technologies has concluded the transaction at the first closing by acquiring approximately 52.11% stake in the equity share capital of Whishworks IT Consulting, thereby acquiring control of the Whishworks IT Consulting.

The balance 0.56% stake of the first closing shall be acquired upon fulfilment of certain regulatory requirements by Whishworks IT Consulting. Consequent to the above transaction, Whishworks IT Consulting has become a subsidiary of the company with immediate effect.

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.

 

15-Jun-2019

HDFC sells 4.22% stake in Gruh Finance

Housing Development Finance Corporation (HDFC) has sold 3.10 crore equity shares representing 4.22% of the issued and paid-up share capital of Gruh Finance. The sale was carried out through stock exchanges at the prevailing market price. The average price was Rs 290.14 per equity share.

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.

 

15-Jun-2019

M&M’s FES invests $4.3 million in Gamaya

Mahindra & Mahindra’s (M&M) Farm Equipment Sector (FES) has invested $4.3 million for an 11.25% stake in Switzerland based agri technology firm Gamaya SA. This investment will be through a subscription to 300 Common Shares and 30,469 Series B Preferred Shares of Gamaya SA.

ICOS Capital, VI Partners and some existing investors also participated in the CHF 7.5 mn Series B funding round. Through this investment, Mahindra will make superior farming solutions easily accessible to the global farming community, in line with the company’s Farming 3.0 strategy.

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.