Weekly	Last Close	Last Week Close	Change %
Nifty	11,754.65	11,594.45	1.38%
Bank Nifty	30,013.50	29,687.95	1.10%
USD INR	69.85	69.37	-0.69%
Crude Oil	4,410.00	4,475.00	-1.45%

Top Gainer of the week on Nifty
Ultratech Cements	8.22%
Top Loser of the week on Nifty
Bharti Infratel	-11.17%

Top Gaining Sector
BSE IT	3.12%
Top Losing Sector
Nifty Auto	-5.34%

Industries that saw good volumes past week:

Cements & Building Materials

Oil Refineries

Pharmaceuticals

Chemicals

Private Banks

Forthcoming Results
Company	Date
L&T Finance Holdings Ltd	28-Apr-19
Bank of Maharashtra	29-Apr-19
Castrol India Ltd	29-Apr-19
K P R Mill Ltd	29-Apr-19
Orient Cement Ltd	29-Apr-19
Reliance Nippon Life Asset Management Ltd	29-Apr-19
Trent Ltd	29-Apr-19
Ajanta Pharma Ltd	30-Apr-19
Ambuja Cements Ltd	30-Apr-19
BASF India Ltd	30-Apr-19
Can Fin Homes Ltd	30-Apr-19
Container Corporation Of India Ltd	30-Apr-19
Exide Industries Ltd	30-Apr-19
Godrej Properties Ltd	30-Apr-19
GRUH Finance Ltd	30-Apr-19
Indian Hotels Co Ltd	30-Apr-19
Kotak Mahindra Bank Ltd	30-Apr-19
Manappuram Finance Ltd	30-Apr-19
Monsanto India Ltd	30-Apr-19
Raymond Ltd	30-Apr-19
Schaeffler India Ltd	30-Apr-19
Shoppers Stop Ltd	30-Apr-19
Tube Investments of India Ltd	30-Apr-19
TVS Motor Company Ltd	30-Apr-19
Zensar Technologies Ltd	30-Apr-19
Britannia Industries Ltd	01-May-19
DCM Shriram Ltd	01-May-19
Future Lifestyle Fashions Ltd	01-May-19
Gujarat Gas Ltd	01-May-19
Bandhan Bank Ltd	02-May-19
Blue Star Ltd	02-May-19
Bombay Dyeing & Manufacturing Company Ltd	02-May-19
Dabur India Ltd	02-May-19
Greaves Cotton Ltd	02-May-19
Hatsun Agro Product Ltd	02-May-19
Hindustan Zinc Ltd	02-May-19
Intellect Design Arena Ltd	02-May-19
JM Financial Ltd	02-May-19
Kansai Nerolac Paints Ltd	02-May-19
Larsen & Toubro Infotech Ltd	02-May-19
Laurus Labs Ltd	02-May-19
MRF Ltd	02-May-19
Radico Khaitan Ltd	02-May-19
Security & Intelligence Services India Ltd	02-May-19
Sundaram Clayton Ltd	02-May-19
Sunteck Realty Ltd	02-May-19
Tata Power Company Ltd	02-May-19
Akzo Nobel India Ltd	03-May-19
Birla Corporation Ltd	03-May-19
Century Textiles & Industries Ltd	03-May-19
Cholamandalam Financial Holdings Ltd	03-May-19
Deepak Nitrite Ltd	03-May-19
Godrej Consumer Products Ltd	03-May-19
Hindustan Unilever Ltd	03-May-19
HSIL Ltd	03-May-19
L&T Technology Services Ltd	03-May-19
Tata Chemicals Ltd	03-May-19
Federal Bank Ltd	04-May-19
LIC Housing Finance Ltd	04-May-19
NIIT Technologies Ltd	04-May-19

Forthcoming Record Dates
Company	Date	Purpose
Foods & Inns Ltd.	02-May-19	Bonus
Nandani Creation Ltd.	02-May-19	Bonus
Sadhana Nitro Chem Ltd.	03-May-19	Interim Dividend
MAC Hotels Ltd.	03-May-19	Interim Dividend
Madhav Copper Ltd.	04-May-19	Stock Split

27-Apr-2019

CCI gives approval to Baring PE-NIIT Technologies’ Rs 2,627 crore deal

The Competition Commission of India (CCI) has cleared Baring Private Equity Asia’s 30 percent stake purchase in mid-sized IT services firm NIIT Technologies in a Rs 2,627-crore deal. The acquisition will trigger an open offer under which Baring Private Equity Asia (BPEA) will make an offer to public shareholders of NIIT Technologies for purchasing up to 26 per cent additional shareholding, taking the total deal value to up to Rs 4,890 crore.

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.

 

27-Apr-2019

Axis Bank planning to raise Rs 35,000 crore via debt instruments

In a bid to fund business growth, Axis Bank is planning to raise Rs 35,000 crore debt instrument, including in foreign currency. The decision in this regard will be taken at the annual general meeting held on July 20. The board has already given an approval to raise funds in Indian or foreign currency by issue of debt instruments including but not limited to long-term bonds, non-convertible debentures, perpetual debt instruments and tier-II capital bonds up to an amount of Rs 35,000 crore.

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.

 

27-Apr-2019

Inox Leisure to add 80-90 screens each year

Inox Leisure will be adding 80-90 screens each year as it aims to achieve 850 screens in the next few years. The company currently operates 578 screens at 140 multiplexes across 67 cities in India.

In the course of next few months the company is expanding to various parts of the country and not only leaving it to tier I. The company will also go to tier II and tier III cities because it wants people who come to cinemas to experience the best.

INOX Leisure is amongst India’s largest multiplex chains.

 

27-Apr-2019

IL&FS Transportation Networks’ arm looking to sell 49% stake in Chongqing Yuhe Expressway

IL&FS Transportation Networks’ wholly- owned subsidiary — ITNL International is looking to sell its 49 percent stake in Chongqing Yuhe Expressway Company in China. The balance 51 percent is owned by local partner Chongqing Expressway Group, one of the largest state-owned enterprises in China’s Chongqing with USD25 billion in assets.

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.

 

27-Apr-2019

Minda Industries raises Rs 30 crore through CP

Minda Industries has issued the Commercial Paper (CP) of Rs. 30 crore with issue date 26 April, 2019 and due for maturity on 25 July, 2019. This is in line with the management efforts to bring down the finance cost.

Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.

 

27-Apr-2019

CCI gives approval to Baring PE-NIIT Technologies’ Rs 2,627 crore deal

The Competition Commission of India (CCI) has cleared Baring Private Equity Asia’s 30 percent stake purchase in NIIT Technologies in a Rs 2,627-crore deal. The acquisition will trigger an open offer under which Baring Private Equity Asia (BPEA) will make an offer to public shareholders of NIIT Technologies for purchasing up to 26 per cent additional shareholding, taking the total deal value to up to Rs 4,890 crore.

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.

 

27-Apr-2019

Axis Bank planning to raise Rs 35,000 crore via debt instruments

In a bid to fund business growth, Axis Bank is planning to raise Rs 35,000 crore debt instrument, including in foreign currency. The decision in this regard will be taken at the annual general meeting held on July 20. The board has already given an approval to raise funds in Indian or foreign currency by issue of debt instruments including but not limited to long-term bonds, non-convertible debentures, perpetual debt instruments and tier-II capital bonds up to an amount of Rs 35,000 crore.

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.

 

27-Apr-2019

Inox Leisure to add 80-90 screens each year

Inox Leisure will be adding 80-90 screens each year as it aims to achieve 850 screens in the next few years. The company currently operates 578 screens at 140 multiplexes across 67 cities in India.

In the course of next few months the company is expanding to various parts of the country and not only leaving it to tier I. The company will also go to tier II and tier III cities because it wants people who come to cinemas to experience the best.

INOX Leisure is amongst India’s largest multiplex chains.

 

27-Apr-2019

IL&FS Transportation Networks’ arm looking to sell 49% stake in Chongqing Yuhe Expressway

IL&FS Transportation Networks’ wholly owned subsidiary — ITNL International is looking to sell its 49 percent stake in Chongqing Yuhe Expressway Company in China. The balance 51 percent is owned by local partner Chongqing Expressway Group, one of the largest state-owned enterprises in China’s Chongqing with USD25 billion in assets.

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.

 

27-Apr-2019

Minda Industries raises Rs 30 crore through CP

Minda Industries has issued the Commercial Paper (CP) of Rs. 30 crore with issue date 26 April, 2019 and due for maturity on 25 July, 2019. This is in line with the management efforts to bring down the finance cost.

Minda Industries offers a range of products across various verticals of auto components, such as switching systems, acoustic systems and alloy wheels, among others.

 

26-Apr-2019

JSPL’s Pellet Plant clocks record annual production, dispatch

Jindal Steel and Power (JSPL) has achieved highest ever annual production and dispatch at its 9 MTPA Pelletization complex at Barbil, Odisha. During FY 2018-19, the company produced 7.07 Million Tonnes of pellets.

The plant surpassed its previous monthly production records by clocking 6,77,000 Tonnes during March 2019. The plant achieved the highest ever monthly pellet dispatch of 6,61,786 MT in March 2019. The cumulative dispatch during the year 2018-19 was 7.17 Million MT.

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

 

26-Apr-2019

Indian Army enters into MoU with NHPC

Indian Army has entered into a memorandum of understanding (MoU) with NHPC to construct tunnels on borders with China and Pakistan for storage of ammunition and other war-related equipment.

Under the pilot project, three tunnels will be built on China border while one will be built along the Line of Control with Pakistan.

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

 

26-Apr-2019

Kirloskar Oil Engines’ arm commences business of NBFC

Kirloskar Oil Engines’ (KOEL) wholly-owned subsidiary — Kirloskar Capital has commenced its business of Non-Banking Financial Institution (NBFC) with effect from April 25, 2019.

Kirloskar Oil Engines manufactures diesel engines. The engines are preferred by various services sectors like banks, telecommunication establishments, commercial use buildings, hotels and restaurants.

 

26-Apr-2019

Music Broadcast’s Radio City bags ‘Radio Station of the Year’ award

Radio City, a part of Music Broadcast, has bagged the ‘Radio Station of the Year’ award at the Golden Mikes Awards 2019. Radio City Mumbai’s popular breakfast show ‘Kasa Kai Mumbai’ hosts RJ Salil and RJ Archana won the ‘RJ Jodi of the Year’ Award, whereas for the second time consecutively, RJ Rashi was announced as ‘Radio Jockey of the Year (Non-metro) at the ACEF Awards 2019. To add to its glory, Radio City won a total of 46 awards and counting at various industry platforms, 25 awards at Golden Mikes, 16 awards at ACEF, 3 awards at Goa fest, 1 award at Videa Awards and 6th rank by Great Place to Work among Best Large Workplaces in Asia, 2019.

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

 

26-Apr-2019

Tata Global Beverages’ JV clocks around 30% growth in revenues in FY19

Tata Starbucks, a 50:50 joint venture between Tata Global Beverages and Starbucks Coffee of the US, has clocked an around 30% growth in revenues for the Financial Year ended March 2019. It added 30 new stores during the Year, taking the current store count to 146 stores across India. It recently opened its largest coffee forward store in Bengaluru, celebrating every aspect of the coffee journey through live coffee brewing experience.

Tata Global Beverages is a global beverage business with a brand presence in over 40 countries. The company has significant interests in tea, coffee and water and is the world’s second largest tea company.

 

26-Apr-2019

Neeraj Paper Marketing satisfies borrowing amount availed from Bank of Maharashtra

Neeraj Paper Marketing has satisfied the borrowing amount availed from the Bank of Maharashtra amounting to Rs 20 crore and the said facility stands closed on April 18, 2019 and the NOC from Bank of Maharashtra was received on April 26, 2019. The company was availing cash credit facility under a consortium arrangement with three Banks, namely, Oriental Bank of Commerce, Bank of India and Bank of Maharashtra.

After withdrawal of Bank of Maharashtra from the consortium facility, the arrangement is with the two banks namely Oriental Bank of Commerce with cash credit facility of Rs 25 crore and non funded (LC) limit of Rs 10 crore , Bank of India with cash credit facility of Rs 20 crore and non funded (LC) limit of Rs 5 crore. Thus the total working capital facility availed by the company as is Rs 60 crore.

Neeraj Paper Marketing is engaged in manufacturing of packaging grades of paper and paperboards, tissue papers, iron & steel, besides trading of commodities the company enjoys a strong leadership position in the Kraft/ Liner board segment.

 

26-Apr-2019

Hindalco Industries sells business undertaking in Telangana

Hindalco Industries has sold its business undertaking at Kollur, Telangana on slump sale basis to Mundhra Alufoil through a Business Transfer Agreement dated April 26, 2019. The Kollur plant is primarily in the business of manufacturing and sales of aluminum foils. However, the Kollur plant is not in operation since March 2016. This transaction will not have an impact on the financials of the company.

Hindalco Industries is an industry leader in aluminium and copper. The company’s aluminium units across the country encompass the entire gamut of operations from bauxite mining, alumina refining, aluminium smelting to downstream rolling, extrusions, foils and alloy wheels, along with captive power plants and coal mines.

 

26-Apr-2019

Hi-Tech Pipes features in Fortune India 500

Hi-Tech pipes has featured in the fifth edition of Fortune India The Next 500. The company ranks 250 in Fortune magazine’s list of 500 companies for emerging as a leader in the structural tubes and pipes industry.

The company has been providing world-class innovative products for nearly three decades with a presence in steel pipes, hollow section tubes, cold rolled coils & strips, road crash barriers and a variety of other galvanized products.

Hi-Tech Pipes, is one of India’s leading producers and suppliers of steel pipes, hollow sections, tubes, cold rolled coils and strips and a variety of other galvanized products. 

 

26-Apr-2019

Dr Reddy’s starts recall of anti-seizure drug in US market: Report

Dr Reddy’s Laboratories has reportedly initiated a voluntary recall of anti-seizure drug Divalproex extended release tablets from the US market owing to cGMP deviations noticed in certain batches of the product.

According to the US Food and Drug Administration (USFDA) report, the company has started recalling of Divalproex 100-count and 500-count bottles, totaling 33,958 bottles on April 11, 2019 after finding out that the product was exposed to humidity levels above 50 percent during packaging.

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

 

26-Apr-2019

Shriram Transport Finance planning to raise funds

Shriram Transport Finance Company is planning to raise funds by way of issue of redeemable non-convertible debentures/ subordinated debentures on private placement basis and other methods of borrowing for purpose of business of the company during the financial year 2019-20. The meeting of Board of Directors of the company will be held on May 8, 2019 to consider and approve the same.

Shriram Transport Finance Company is a flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC.

 

26-Apr-2019

TCS wins National Intellectual Property Award 2019, WIPO Trophy

Tata Consultancy Services (TCS) has won the prestigious National Intellectual Property Award 2019 in the category ‘Top Public Limited Company/ Private Limited Company for patents & Commercialization in India’ and the World Intellectual Property Organization’s (WIPO’s) IP Enterprise Trophy.

The Indian Intellectual Property Office confers the National Intellectual Property Awards to recognize individuals and enterprises for their creation and commercialization of intellectual property (IP), contributing to the country’s intellectual capital and creating an IP ecosystem that boosts creativity and innovation. The company has registered 844 trademarks, filed 4,596 patents and has been granted 946 patents till date.

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.

 

26-Apr-2019

Simplex Castings gets nod to sale its manufacturing unit to Texmaco

Simplex Castings has received approval for sale of one of its manufacturing unit (Steel Castings Foundry)  located at Urla Industrial Estate, Raipur  in state of Chhattisgarh. Accordingly the company has entered into a Business Transfer Agreement with Texmaco Rail and Engineering in Kolkata (Texmaco) for transfer of the said unit to Texmaco subject to shareholders’ approval and other necessary approvals.

The company will receive the cash consideration of Rs 87.50 crore. The Board of Directors of the Company at its meeting held on April 26, 2019 has approved the same.

Simplex Castings a Simplex Group company is engaged in manufacturing of engineering castings in various grades for core industrial sector like steel, power, railroad equipment, mining, cement, defence, sugar and other specialized areas in as cast, machined and in assembled condition.

 

26-Apr-2019

Texmaco Rail gets nod to acquire steel casting foundry

Texmaco Rail & Engineering’s board has approved acquisition of a steel casting foundry, located at Urla Industrial Estate, Raipur, Chhattisgarh, from Simplex Castings, as a going concern on a slump sale basis, which shall result in a approximately capacity addition of more than 50% for the company. The Board of directors of the company at its meeting held on April 26, 2019 has approved for the same.

Texmaco Rail & Engineering is one of India’s leading freight car manufacturers and diversified engineering company. The company is the largest supplier of wagons to the Indian Railways in India with strong in-house capabilities for the design and manufacture of special purpose wagons.

 

26-Apr-2019

European Commission extends review deadline for Tata Steel, ThyssenKrupp deal

The European Commission has extended the deadline for reviewing the planned joint venture deal between ThyssenKrupp and Tata Steel by 7 working days until June 17. Tata Steel and ThyssenKrupp had proposed to combine their steel operations Europe, which would form the region’s second-biggest steelmaker.

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.

 

26-Apr-2019

Mahindra Lifespace Developers’ arm inaugurates ‘ORIGINS’ in Chennai

Mahindra Lifespace Developers’ subsidiary — Mahindra World City Developers (MWCDL) has inaugurated ORIGINS, Industrial Cluster on the NH16 corridor near Ponneri, Chennai. ORIGINS has been developed in a 60:40 joint venture between Mahindra World City Developers (MWCDL) and Sumitomo Corporation. Mahindra World City Developers and Sumitomo Corporation have together committed to invest approximately Rs 1000 crore in developing ORIGINS, Chennai, which is expected to create direct employment for about 7000 persons when fully operational.

Phase 1 of ORIGINS spans around 300 acres and is ready for business with all approvals in place. ORIGINS will enable faster go-to-market for businesses via world-class plug-and-play infrastructure, strategic location advantages and a range of value-added services. The target customer base for ORIGINS comprises companies in the engineering, food processing, automotive, logistics and aerospace sectors, among others.

Mahindra Lifespace Developers is the real estate and infrastructure development business of the $19 billion Mahindra Group, and a pioneer of sustainable urbanization in India.

 

26-Apr-2019

Kotak Mahindra Bank’s arm to sell 19.77% stakes in Matrix Business Services

Kotak Mahindra Bank’s wholly owned subsidiary — Kotak Mahindra Investments (KMIL) has executed a Share Purchase Agreement, for sale of its entire equity stake of 19.77% in Matrix Business Services India, an associate company. Upon completion of said sale, Matrix will cease to be an associate company of KMIL and consequently of the Bank.

Matrix is in the business of providing assurance services, claims processing, including employee background verifications checks and product and process audits.

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

 

26-Apr-2019

IndiGo awarded recognition of Top Airline by Absolute Passenger Growth

InterGlobe Aviation (IndiGo) has been named ‘Top Airline by Absolute Passenger Growth – South Asia’ by Singapore-based Changi Airport Group. In 2018, IndiGo’s traffic in Changi grew by more than 1,44,000 passengers, representing a rise of 57% as compared to 2017.

With the stellar increase in traffic, IndiGo registered the strongest growth amongst all South Asian carriers operating in Changi in 2018.

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

 

26-Apr-2019

GSFC commissions 10MW Solar Power Project at Gujarat Solar Park

Gujarat State Fertilizers and Chemicals (GSFC) has commissioned 10MW Solar Power Project at Gujarat Solar Park on April 25, 2019. This green energy initiative is in addition to its wind mill portfolio having 147 MW and Solar Rooftop of 1 MW.

The Solar project would also contribute towards company’s Renewable Purchase Obligation (RPO) compliance. Moreover, being green and clean energy, it shall reduce yearly CO2 emission by about 159,907MT.The Solar Power Plant would generate around 2 crore units of Electrical Energy and it would contribute approximately 14 crore Year on Year to balance sheet.

GSFC is engaged in the manufacturing of fertilizers and industrial products. The company has created more than 24 brands of fertilizers, petrochemicals, chemicals, industrial gases, plastics, fibers and other products.

 

26-Apr-2019

Maruti Suzuki to discontinue sale of diesel cars from April 2020

Maruti Suzuki India will discontinue the sale of diesel cars in the country from April 2020, coinciding with the transition of the automobile industry to stricter BS VI emission norms.

The company has also decided to pull the plug on the diesel version of its light commercial vehicle Super Carry from next year. It would be only available in petrol/CNG version going ahead.

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.

 

26-Apr-2019

Maruti Suzuki earmarks capex of Rs 4,500 crore for FY20

Maruti Suzuki India has earmarked a capex of Rs 4,500 crore for the current financial year (FY20). The company had earmarked a capex of Rs 4,000 crore for 2018-19.

The investment will go into various initiatives, including new product development, R&D and land acquisition for sales network.

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.

 

26-Apr-2019

HCL Technologies launches CyberSecurity Fusion Center

HCL Technologies (HCL) has launched its CyberSecurity Fusion Center (CSFC) in Frisco, Texas. The opening of the CSFC represents the next phase in the company’s mission to support secure business growth by providing customers with a single point of contact for the enterprise security lifecycle, from detection to remediation.

In addition, the CSFC reflects HCL’s commitment to the state of Texas and the city of Frisco, which have served as strategic partners to technology innovation and expansion.

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

 

26-Apr-2019

Tata Steel gets nod to merge Bamnipal Steel, Tata Steel BSL with itself

Tata Steel has received approval to merger Bamnipal Steel and Tata Steel BSL (formerly Bhushan Steel) into the Company by way of a composite scheme of amalgamation and have recommended a merger ratio of 1 equity share of Rs 10 each fully paid up of the Company for every 15 equity shares of each fully paid up held by the public shareholders of Tata Steel BSL. The Board of Directors of the Company at its meeting held on April 25, 2019 has approved the same.

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.

 

26-Apr-2019

CES gets nod to acquire further 30% stake in its subsidiary company

CES has received approval to acquire further 30% stake in its subsidiary — CES Global IT Solution. The Board of Directors of the Company at its meeting held on April 25, 2019 has approved the same.

CES is an Information Technology (IT) and Business Process Management (BPM) company, which provides services that are tailor-made to each customer.

 

26-Apr-2019

GHCL gets nod for capital budget of Rs 125.77 crore for FY20

GHCL has received approval for capital budget of around Rs 125.77 crore for the Financial Year 2019-20. The Board of Directors of the Company at its meeting held on April 25, 2019 has approved the same.

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

 

26-Apr-2019

Oriental Hotels to raise funds via NCDs

Oriental Hotels has received board’s approval to raise funds through issue of Non-Convertible Debentures or other debt securities on a private placement basis for raising funds during the financial year 2019 – 2020. The Board of Directors of the Company at its meeting held on April 25, 2019 has approved the same.

Oriental Hotels is an India-based holding company. The company is engaged in the business of hoteliering, including accommodation, restaurants and catering services.

 

26-Apr-2019

Hindustan Copper to raise funds up to Rs 1,400 crore through QIP

Hindustan Copper has received an approval for raising of funds through issue of equity shares through Qualified Institutional Placement (QIP) method for an amount not exceeding Rs 1,400 crore. The board of directors of the company at their meeting held on April 25, 2019, approved the same.

Hindustan Copper’s principal activities include mining of copper ore, concentration of copper ore into copper concentrate through a beneficiation process and also smelting, refining and extruding of the copper concentrate into refined copper in downstream saleable products.

 

26-Apr-2019

Torrent Pharmaceuticals gets observations from USFDA for Indrad plant

Torrent Pharmaceuticals has received certain observations from the US Food and Drug Administration (USFDA) for Indrad Plant which are procedural in nature and the company is confident of addressing them satisfactorily. The audit at Indrad Plant of the company was carried out by USFDA in the month of April, 2019.

Torrent Pharmaceuticals is Flagship Company of the Torrent group, a leader in cardiovascular and central nervous system segments. It also has presence in gastro-intestinal, diabetology, anti-infective and pain management segments.

 

26-Apr-2019

Dr Reddy’s gets nod for anti-platelet drug in China

Dr. Reddy’s Laboratories has received approval for anti-platelet drug Clopidogrel in China. The company believes that the sales from this product will not be material in the current financial year (FY20).

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

 

26-Apr-2019

M&M deploys EVs with Uber in Hyderabad

Mahindra & Mahindra (M&M) has deployed its Electric Vehicles (EVs) with Uber, the world’s largest on-demand ride-sharing company, to provide Zero Emission mobility in Hyderabad. On the occasion, the company ceremonially flagged off a mix of Mahindra EVs in Hyderabad.

Earlier, the company had entered into strategic collaboration with Uber, to explore the deployment of electric vehicles (EVs) on its platform in several cities across India. To begin with, the companies will deploy 50 Mahindra EVs in Hyderabad and scale up over a period of time.

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.

 

26-Apr-2019

M&M’s arm revolutionising GT/Compact GT sector with arrival of Peugeot Pulsion

Mahindra & Mahindra’s (M&M) subsidiary — Peugeot Motocycles is revolutionising the GT/Compact GT sector with the arrival of the Peugeot Pulsion on the market. With this addition to its current range of 125cc models, Peugeot Motocycles confirms its position as a key player in urban mobility and enhances its premium offer.

This latest innovation is the first scooter in the range to incorporate a new technology owned by the Peugeot Motocycles brand: i-Connect, inspired by the Peugeot i-Cockpit. Peugeot Pulsion represents a unique urban riding experience with all the safety of a two-wheeler in line with its times.

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.

 

26-Apr-2019

BSE to conduct mock trading session for various segments

Bombay Stock Exchange (BSE) is going to conduct a mock trading session from its disaster recovery (DR) site in Hyderabad for various segments on April 27. The mock trading session will be conducted for commodity derivatives, currency derivatives, equity derivatives, and equity segments.

Following the mock trading session, the exchange will conduct live trading session from its DR site for the commodity derivatives segment from May 1 to May 3, while live trading for other segments will take place on May 2 and 3.

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).

 

26-Apr-2019

PVR launches fourth multiplex in West Bengal

PVR has launched fourth multiplex in Down Town Retail Mall, Newtown Kolkata. The new 3-screen property is equipped with expert in-theatre technological solutions coupled with modern decor, to offer an enhanced movie viewing experience to movie patrons in the satellite city. With this launch, the company’s total screen count in West Bengal stands at 16 screens in 04 properties; expanding its presence in the Eastern region to 30 screens in 08 properties.

Equipped with modern technological solutions like BARCO 2K projection, Dolby 7.1 surround sound and Next-Gen 3D technology, the new property has been crafted to offer an immersive movie-viewing experience to cinema-goers. The next-generation 3D system installed in the multiplex provides better lighting and brightness in comparison to the conventional 3D systems. Further, hosting a variety of hospitality services, the new property presents itself as the perfect entertainment destination for the movie buffs in town.

PVR is the largest and most premium film exhibition company in India. Since its inception in 1997, the brand has redefined the way entertainment is consumed in the country.

 

26-Apr-2019

Nestle India receives shareholders’ nod for royalty payment to parent firm

Nestle India has received an approval from shareholders for the continuation of royalty payments to its Swiss parent firm Societe des Produits Nestle SA. Shareholders also approved the proposal to seek their mandatory approval every five years for the fixation of royalty payment.

Nestle India is a subsidiary of Nestle S.A. of Switzerland, a vibrant company that provides consumers in India with products of global standards.

 

26-Apr-2019

Zee Entertainment forays into international markets

ZEE Entertainment Enterprises has become the first Indian content company to foray into international markets. ZEE5 Global will offer its content now in 17 languages, with the addition of 5 international languages Malay, Thai, Bahasa, German and Russian, with more languages to come in time.

With this, ZEE5 Global further underscores its commitment to bring its audiences anywhere, the finest entertainment in the language of their choice.

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

 

26-Apr-2019

PVR launches fourth multiplex in West Bengal

PVR has launched fourth multiplex in Down Town Retail Mall, Newtown Kolkata. The new 3-screen property is equipped with expert in-theatre technological solutions coupled with modern decor, to offer an enhanced movie viewing experience to movie patrons in the satellite city. With this launch, the company’s total screen count in West Bengal stands at 16 screens in 04 properties; expanding its presence in the Eastern region to 30 screens in 08 properties.

Equipped with modern technological solutions like BARCO 2K projection, Dolby 7.1 surround sound and Next-Gen 3D technology, the new property has been crafted to offer an immersive movie-viewing experience to cinema-goers. The next-generation 3D system installed in the multiplex provides better lighting and brightness in comparison to the conventional 3D systems. Further, hosting a variety of hospitality services, the new property presents itself as the perfect entertainment destination for the movie buffs in town.

PVR is the largest and most premium film exhibition company in India. Since its inception in 1997, the brand has redefined the way entertainment is consumed in the country.

 

26-Apr-2019

Nestle India receives shareholders’ nod for royalty payment to parent firm

Nestle India has received an approval from shareholders for the continuation of royalty payments to its Swiss parent firm Societe des Produits Nestle SA. Shareholders also approved the proposal to seek their mandatory approval every five years for the fixation of royalty payment.

Nestle India is a subsidiary of Nestle S.A. of Switzerland, a vibrant company that provides consumers in India with products of global standards.

 

26-Apr-2019

Axis Bank turns black in Q4

Axis Bank has reported results for the fourth quarter and year ended March 31, 2019.

The Bank has reported net profit of Rs 1505.06 crore for the quarter ended March 31, 2018, against net loss of Rs 2188.74 crore for the same quarter in the previous year. Total income of the bank increased by 25.86% at Rs 18,324.31 crore for the quarter under review as compared Rs 14,559.85 crore for the quarter ended March 31, 2017.

For the year ended March 31, 2018, the bank has reported many fold jump in its net profit at Rs 4,676.61 crore as compared to Rs 275.68 crore for the same period in the previous year. Total income of bank increased by 20.03% at Rs 68,116.11 crore for year under review as compared to Rs 56,747.40 crore for the period ended March 31, 2017.

 

26-Apr-2019

Shriram City Union Finance reports many fold jumps in Q4 net profit

Shriram City Union Finance has reported results for fourth quarter and year ended March 31, 2019.

The company has reported many fold jumps in its net profit at Rs 251.27 crore for the quarter under review as compared to Rs 22.02 crore for the same quarter in the previous year. Total income of the company increased by 11.64% at Rs 1,437.96 crore for Q4FY19 as compared Rs 1,288.05 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 39.09% in its net profit at Rs 988.88 crore as compared to Rs 710.94 crore for the previous year. Total income of the company increased by 12.07% at Rs 5,781.30 crore for year under review as compared to Rs 5,158.47 crore for year ended March 31, 2018.

 

26-Apr-2019

IndiGo awarded recognition of Top Airline by Absolute Passenger Growth

InterGlobe Aviation (IndiGo) has been named ‘Top Airline by Absolute Passenger Growth – South Asia’ by Singapore-based Changi Airport Group. In 2018, IndiGo’s traffic in Changi grew by more than 1,44,000 passengers, representing a rise of 57% as compared to 2017.

With the stellar increase in traffic, IndiGo registered the strongest growth amongst all South Asian carriers operating in Changi in 2018.

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

 

26-Apr-2019

GSFC commissions 10MW Solar Power Project at Gujarat Solar Park

Gujarat State Fertilizers and Chemicals (GSFC) has commissioned 10MW Solar Power Project at Gujarat Solar Park on April 25, 2019. This green energy initiative is in addition to its wind mill portfolio having 147 MW and Solar Rooftop of 1 MW.

The Solar project would also contribute towards company’s Renewable Purchase Obligation (RPO) compliance. Moreover, being green and clean energy, it shall reduce yearly CO2 emission by about 159,907MT.The Solar Power Plant would generate around 2 crore units of Electrical Energy and it would contribute approximately 14 crore Year on Year to balance sheet.

GSFC is engaged in the manufacturing of fertilizers and industrial products. The company has created more than 24 brands of fertilizers, petrochemicals, chemicals, industrial gases, plastics, fibers and other products.

 

26-Apr-2019

BSE to conduct mock trading session for various segments

Bombay Stock Exchange (BSE) is going to conduct a mock trading session from its disaster recovery (DR) site in Hyderabad for various segments on April 27. The mock trading session will be conducted for commodity derivatives, currency derivatives, equity derivatives, and equity segments.

Following the mock trading session, the exchange will conduct live trading session from its DR site for the commodity derivatives segment from May 1 to May 3, while live trading for other segments will take place on May 2 and 3.

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).

 

26-Apr-2019

Maruti Suzuki to discontinue sale of diesel cars from April 2020

Maruti Suzuki India will discontinue the sale of diesel cars in the country from April 2020, coinciding with the transition of the automobile industry to stricter BS VI emission norms.

The company has also decided to pull the plug on the diesel version of its light commercial vehicle Super Carry from next year. It would be only available in petrol/CNG version going ahead.

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.

 

26-Apr-2019

Maruti Suzuki earmarks capex of Rs 4,500 crore for FY20

Maruti Suzuki India has earmarked a capex of Rs 4,500 crore for the current financial year (FY20). The company had earmarked a capex of Rs 4,000 crore for 2018-19.

The investment will go into various initiatives, including new product development, R&D and land acquisition for sales network.

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.

 

26-Apr-2019

Tata steel reports 84% fall in Q4 consolidated net profit

Tata steel has reported results for fourth quarter and year ended March 31, 2019.

The company has reported over 2-fold jump in its net profit at Rs 2491.09 crore for the quarter under review as compared to Rs 1030.93 crore for the same quarter in the previous year. Total income of the company increased by 19.19% at Rs 19,667.52 crore for Q4FY19 as compared Rs 16,500.80 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a fall of 84.37% in its net profit at Rs 2,295.25 crore for the quarter under review as compared to Rs 14,688,02 crore for the same quarter in the previous year. However, total income of the company increased by 26.28% at Rs 42,913.73 crore for Q4FY19 as compared Rs 33,983.74 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported over 2-fold jump in its net profit at Rs 10533.19 crore as compared to Rs 4169.55 crore for the previous year. Total income of the company increased by 19.15% at Rs 73,016.00 crore for year under review as compared to Rs 61,283.03 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 48.78% in its net profit at Rs 9,098.33 crore as compared to Rs 17,762.81 crore for the previous year. However, total income of the company increased by 27.28% at Rs 159,089.57 crore for year under review as compared to Rs 124,990.79 crore for year ended March 31, 2018.

 

26-Apr-2019

Cyient’s Q4 consolidated net profit jumps 45%

Cyient has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 36.57% in its net profit at Rs 136.30 crore for the quarter under review as compared to Rs 99.80 crore for the same quarter in the previous year. Total income of the company increased by 13.24% at Rs 465.20 crore for Q4FY19 as compared Rs 410.80 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a rise of 45.21% in its net profit at Rs 176.00 crore for the quarter under review as compared to Rs 121.20 crore for the same quarter in the previous year. Total income of the company increased by 12.31% at Rs 1,241.80 crore for Q4FY19 as compared Rs 1,105.70 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 9.68% in its net profit at Rs 440.70 crore as compared to Rs 401.80 crore for the previous year. Total income of the company increased by 8.88% at Rs 1,777.00 crore for year under review as compared to Rs 1,632.00 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 18.36% in its net profit at Rs 477.10 crore as compared to Rs 403.10 crore for the previous year. Total income of the company increased by 16.76% at Rs 4,751.50 crore for year under review as compared to Rs 4,069.40 crore for year ended March 31, 2018.

 

26-Apr-2019

Tata Steel gets nod to merge Bamnipal Steel, Tata Steel BSL with itself

Tata Steel has received approval to merger Bamnipal Steel and Tata Steel BSL (formerly Bhushan Steel) into the Company by way of a composite scheme of amalgamation and have recommended a merger ratio of 1 equity share of Rs 10 each fully paid up of the Company for every 15 equity shares of each fully paid up held by the public shareholders of Tata Steel BSL. The Board of Directors of the Company at its meeting held on April 25, 2019 has approved the same.

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.

 

26-Apr-2019

CES gets nod to acquire further 30% stake in its subsidiary company

CES has received approval to acquire further 30% stake in its subsidiary — CES Global IT Solution. The Board of Directors of the Company at its meeting held on April 25, 2019 has approved the same.

CES is an Information Technology (IT) and Business Process Management (BPM) company, which provides services that are tailor-made to each customer.

 

26-Apr-2019

GHCL gets nod for capital budget of Rs 125.77 crore for FY20

GHCL has received approval for capital budget of around Rs 125.77 crore for the Financial Year 2019-20. The Board of Directors of the Company at its meeting held on April 25, 2019 has approved the same.

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

 

26-Apr-2019

Oriental Hotels to raise funds via NCDs

Oriental Hotels has received board’s approval to raise funds through issue of Non-Convertible Debentures or other debt securities on a private placement basis for raising funds during the financial year 2019 – 2020. The Board of Directors of the Company at its meeting held on April 25, 2019 has approved the same.

Oriental Hotels is an India-based holding company. The company is engaged in the business of hoteliering, including accommodation, restaurants and catering services.

 

26-Apr-2019

Hindustan Copper to raise funds up to Rs 1,400 crore through QIP

Hindustan Copper has received an approval for raising of funds through issue of equity shares through Qualified Institutional Placement (QIP) method for an amount not exceeding Rs 1,400 crore. The board of directors of the company at their meeting held on April 25, 2019, approved the same.

Hindustan Copper’s principal activities include mining of copper ore, concentration of copper ore into copper concentrate through a beneficiation process and also smelting, refining and extruding of the copper concentrate into refined copper in downstream saleable products.

 

26-Apr-2019

Torrent Pharmaceuticals gets observations from USFDA for Indrad plant

Torrent Pharmaceuticals has received certain observations from the US Food and Drug Administration (USFDA) for Indrad Plant which are procedural in nature and the company is confident of addressing them satisfactorily. The audit at Indrad Plant of the company was carried out by USFDA in the month of April, 2019.

Torrent Pharmaceuticals is Flagship Company of the Torrent group, a leader in cardiovascular and central nervous system segments. It also has presence in gastro-intestinal, diabetology, anti-infective and pain management segments.

 

26-Apr-2019

Dr Reddy’s gets nod for anti-platelet drug in China

Dr. Reddy’s Laboratories has received approval for anti-platelet drug Clopidogrel in China. The company believes that the sales from this product will not be material in the current financial year (FY20).

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

 

26-Apr-2019

M&M deploys EVs with Uber in Hyderabad

Mahindra & Mahindra (M&M) has deployed its Electric Vehicles (EVs) with Uber, the world’s largest on-demand ride-sharing company, to provide Zero Emission mobility in Hyderabad. On the occasion, the company ceremonially flagged off a mix of Mahindra EVs in Hyderabad.

Earlier, the company had entered into strategic collaboration with Uber, to explore the deployment of electric vehicles (EVs) on its platform in several cities across India. To begin with, the companies will deploy 50 Mahindra EVs in Hyderabad and scale up over a period of time.

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.

 

26-Apr-2019

M&M’s arm revolutionising GT/Compact GT sector with arrival of Peugeot Pulsion

Mahindra & Mahindra’s (M&M) subsidiary — Peugeot Motocycles is revolutionising the GT/Compact GT sector with the arrival of the Peugeot Pulsion on the market. With this addition to its current range of 125cc models, Peugeot Motocycles confirms its position as a key player in urban mobility and enhances its premium offer.

This latest innovation is the first scooter in the range to incorporate a new technology owned by the Peugeot Motocycles brand: i-Connect, inspired by the Peugeot i-Cockpit. Peugeot Pulsion represents a unique urban riding experience with all the safety of a two-wheeler in line with its times.

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.

 

26-Apr-2019

Zee Entertainment forays into international markets

ZEE Entertainment Enterprises has become the first Indian content company to foray into international markets. ZEE5 Global will offer its content now in 17 languages, with the addition of 5 international languages Malay, Thai, Bahasa, German and Russian, with more languages to come in time.

With this, ZEE5 Global further underscores its commitment to bring its audiences anywhere, the finest entertainment in the language of their choice.

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

 

26-Apr-2019

Kotak Mahindra Bank’s arm to sell 19.77% stakes in Matrix Business Services

Kotak Mahindra Bank’s wholly owned subsidiary — Kotak Mahindra Investments (KMIL) has executed a Share Purchase Agreement, for sale of its entire equity stake of 19.77% in Matrix Business Services India, an associate company. Upon completion of said sale, Matrix will cease to be an associate company of KMIL and consequently of the Bank.

Matrix is in the business of providing assurance services, claims processing, including employee background verifications checks and product and process audits.

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

 

26-Apr-2019

HCL Technologies launches CyberSecurity Fusion Center

HCL Technologies (HCL) has launched its CyberSecurity Fusion Center (CSFC) in Frisco, Texas. The opening of the CSFC represents the next phase in the company’s mission to support secure business growth by providing customers with a single point of contact for the enterprise security lifecycle, from detection to remediation.

In addition, the CSFC reflects HCL’s commitment to the state of Texas and the city of Frisco, which have served as strategic partners to technology innovation and expansion.

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

 

26-Apr-2019

Simplex Castings gets nod to sale its manufacturing unit to Texmaco

Simplex Castings has received approval for sale of one of its manufacturing unit (Steel Castings Foundry)  located at Urla Industrial Estate, Raipur  in state of Chhattisgarh. Accordingly the company has entered into a Business Transfer Agreement with Texmaco Rail and Engineering in Kolkata (Texmaco) for transfer of the said unit to Texmaco subject to shareholders’ approval and other necessary approvals.

The company will receive the cash consideration of Rs 87.50 crore. The Board of Directors of the Company at its meeting held on April 26, 2019 has approved the same.

Simplex Castings a Simplex Group company is engaged in manufacturing of engineering castings in various grades for core industrial sector like steel, power, railroad equipment, mining, cement, defence, sugar and other specialized areas in as cast, machined and in assembled condition.

 

26-Apr-2019

Mahindra Lifespace Developers’ arm inaugurates ‘ORIGINS’ in Chennai

Mahindra Lifespace Developers’ subsidiary — Mahindra World City Developers (MWCDL) has inaugurated ORIGINS, Industrial Cluster on the NH16 corridor near Ponneri, Chennai. ORIGINS has been developed in a 60:40 joint venture between Mahindra World City Developers (MWCDL) and Sumitomo Corporation. Mahindra World City Developers and Sumitomo Corporation have together committed to invest approximately Rs 1000 crore in developing ORIGINS, Chennai, which is expected to create direct employment for about 7000 persons when fully operational.

Phase 1 of ORIGINS spans around 300 acres and is ready for business with all approvals in place. ORIGINS will enable faster go-to-market for businesses via world-class plug-and-play infrastructure, strategic location advantages and a range of value-added services. The target customer base for ORIGINS comprises companies in the engineering, food processing, automotive, logistics and aerospace sectors, among others.

Mahindra Lifespace Developers is the real estate and infrastructure development business of the $19 billion Mahindra Group, and a pioneer of sustainable urbanization in India.

 

26-Apr-2019

JSPL’s Pellet Plant clocks record annual production, dispatch

Jindal Steel and Power (JSPL) has achieved highest ever annual production and dispatch at its 9 MTPA Pelletization complex at Barbil, Odisha. During FY 2018-19, the company produced 7.07 Million Tonnes of pellets.

The plant surpassed its previous monthly production records by clocking 6,77,000 Tonnes during March 2019. The plant achieved the highest ever monthly pellet dispatch of 6,61,786 MT in March 2019. The cumulative dispatch during the year 2018-19 was 7.17 Million MT.

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

 

26-Apr-2019

Tata Global Beverages’ JV clocks around 30% growth in revenues in FY19

Tata Starbucks, a 50:50 joint venture between Tata Global Beverages and Starbucks Coffee of the US, has clocked an around 30% growth in revenues for the Financial Year ended March 2019. It added 30 new stores during the Year, taking the current store count to 146 stores across India. It recently opened its largest coffee forward store in Bengaluru, celebrating every aspect of the coffee journey through live coffee brewing experience.

Tata Global Beverages is a global beverage business with a brand presence in over 40 countries. The company has significant interests in tea, coffee and water and is the world’s second largest tea company.

 

26-Apr-2019

Biocon reports 64% rise in Q4 consolidated net profit

Biocon has reported results for the fourth quarter and year ended March 31, 2019. 

The company has reported a fall of 1.95% in its net profit at Rs 70.50 crore for the quarter ended March 31, 2019 as compared to Rs 71.90 crore for the same quarter in the previous year. Total income of the company increased by 14.50% at Rs 777.80 crore for quarter under review as compared to Rs 679.30 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported rise of 63.88% in its net profit at Rs 213.70 crore for the quarter ended March 31, 2019 as compared to Rs 130.40 crore for the corresponding quarter in the FY18. Total consolidated income of the company rose 25.87% at Rs 1,557.00 crore for quarter under review as compared to Rs 1,237.00 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a 2-fold jump in its net profit at Rs 492.70 crore as compared to Rs 238.50 crore for the previous year. Total income of company increased 17.72% at Rs 3,002.20 crore for year under review as compared to Rs 2,550.20 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted 2-fold jump in its net profit at Rs 905.30 crore as compared to Rs 372.40 crore for the previous year. Total income of company increased by 30.51% at Rs 5,658.80 crore for year under review as compared to Rs 4,335.90 crore for year ended March 31, 2018.

 

26-Apr-2019

Carborundum Universal reports marginal fall in Q4 consolidated net profit

Carborundum Universal has reported results for the fourth quarter and year ended March 31, 2019. 

The company has reported a fall of 6.97% in its net profit at Rs 49.25 crore for the quarter ended March 31, 2019 as compared to Rs 52.94 crore for the same quarter in the previous year. However, total income of the company increased by 1.39% at Rs 467.69 crore for quarter under review as compared to Rs 461.29 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported marginal fall of 3.02% in its net profit at Rs 61.00 crore for the quarter ended March 31, 2019 as compared to Rs 62.90 crore for the corresponding quarter in the FY18. However, total consolidated income of the company rose 7.56% at Rs 703.57 crore for quarter under review as compared to Rs 654.09 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a rise of 15.76% in its net profit at Rs 166.09 crore as compared to Rs 143.48 crore for the previous year. Total income of company increased 10.76% at Rs 1,809.14 crore for year under review as compared to Rs 1,633.32 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 12.76% in its net profit at Rs 247.60 crore as compared to Rs 219.59 crore for the previous year. Total income of company increased by 12.33% at Rs 2,716.20 crore for year under review as compared to Rs 2,418.09 crore for year ended March 31, 2018.

 

26-Apr-2019

SBI Life Insurance reports 20% rise in Q4 net profit

SBI Life Insurance Company has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 20.06% in its net profit at Rs 457.68 crore for the quarter under review as compared to Rs 381.21 crore for the same quarter in the previous year. Total income of the company increased by 55.20% at Rs 15,600.97 crore for Q4FY19 as compared Rs 10,052.32 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 15.34% in its net profit at Rs 1,326.80 crore as compared to Rs 1,150.38 crore for the previous year. Total income of the company increased by 31.10% at Rs 44,261.15 crore for year under review as compared to Rs 33,760.53 crore for year ended March 31, 2018.

 

26-Apr-2019

HDFC Life Insurance reports 5% rise in Q4 net profit

HDFC Life Insurance Company has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 4.95% in its net profit at Rs 364.01 crore for the quarter under review as compared to Rs 346.84 crore for the same quarter in the previous year. Total income of the company increased by 76.71% at Rs 14,374.56 crore for Q4FY19 as compared Rs 8,134.61 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 15.13% in its net profit at Rs 1,276.79 crore as compared to Rs 1,109.00 crore for the previous year. Total income of the company increased by 19.24% at Rs 38,435.51 crore for year under review as compared to Rs 32,234.06 crore for year ended March 31, 2018.

 

26-Apr-2019

Indian Army enters into MoU with NHPC

Indian Army has entered into a memorandum of understanding (MoU) with NHPC to construct tunnels on borders with China and Pakistan for storage of ammunition and other war-related equipment.

Under the pilot project, three tunnels will be built on China border while one will be built along the Line of Control with Pakistan.

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

 

26-Apr-2019

Kirloskar Oil Engines’ arm commences business of NBFC

Kirloskar Oil Engines’ (KOEL) wholly-owned subsidiary — Kirloskar Capital has commenced its business of Non-Banking Financial Institution (NBFC) with effect from April 25, 2019.

Kirloskar Oil Engines manufactures diesel engines. The engines are preferred by various services sectors like banks, telecommunication establishments, commercial use buildings, hotels and restaurants.

 

26-Apr-2019

Neeraj Paper Marketing satisfies borrowing amount availed from Bank of Maharashtra

Neeraj Paper Marketing has satisfied the borrowing amount availed from the Bank of Maharashtra amounting to Rs 20 crore and the said facility stands closed on April 18, 2019 and the NOC from Bank of Maharashtra was received on April 26, 2019. The company was availing cash credit facility under a consortium arrangement with three Banks, namely, Oriental Bank of Commerce, Bank of India and Bank of Maharashtra.

After withdrawal of Bank of Maharashtra from the consortium facility, the arrangement is with the two banks namely Oriental Bank of Commerce with cash credit facility of Rs 25 crore and non funded (LC) limit of Rs 10 crore , Bank of India with cash credit facility of Rs 20 crore and non funded (LC) limit of Rs 5 crore. Thus the total working capital facility availed by the company as is Rs 60 crore.

Neeraj Paper Marketing is engaged in manufacturing of packaging grades of paper and paperboards, tissue papers, iron & steel, besides trading of commodities the company enjoys a strong leadership position in the Kraft/ Liner board segment.

 

26-Apr-2019

Hindalco Industries sells business undertaking in Telangana

Hindalco Industries has sold its business undertaking at Kollur, Telangana on slump sale basis to Mundhra Alufoil through a Business Transfer Agreement dated April 26, 2019. The Kollur plant is primarily in the business of manufacturing and sales of aluminum foils. However, the Kollur plant is not in operation since March 2016. This transaction will not have an impact on the financials of the company.

Hindalco Industries is an industry leader in aluminium and copper. The company’s aluminium units across the country encompass the entire gamut of operations from bauxite mining, alumina refining, aluminium smelting to downstream rolling, extrusions, foils and alloy wheels, along with captive power plants and coal mines.

 

26-Apr-2019

Hi-Tech Pipes features in Fortune India 500

Hi-Tech pipes has featured in the fifth edition of Fortune India The Next 500. The company ranks 250 in Fortune magazine’s list of 500 companies for emerging as a leader in the structural tubes and pipes industry.

The company has been providing world-class innovative products for nearly three decades with a presence in steel pipes, hollow section tubes, cold rolled coils & strips, road crash barriers and a variety of other galvanized products.

Hi-Tech Pipes, is one of India’s leading producers and suppliers of steel pipes, hollow sections, tubes, cold rolled coils and strips and a variety of other galvanized products. 

 

26-Apr-2019

Dr Reddy’s starts recall of anti-seizure drug in US market: Report

Dr Reddy’s Laboratories has reportedly initiated a voluntary recall of anti-seizure drug Divalproex extended release tablets from the US market owing to cGMP deviations noticed in certain batches of the product.

According to the US Food and Drug Administration (USFDA) report, the company has started recalling of Divalproex 100-count and 500-count bottles, totaling 33,958 bottles on April 11, 2019 after finding out that the product was exposed to humidity levels above 50 percent during packaging.

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

 

26-Apr-2019

Shriram Transport Finance planning to raise funds

Shriram Transport Finance Company is planning to raise funds by way of issue of redeemable non-convertible debentures/ subordinated debentures on private placement basis and other methods of borrowing for purpose of business of the company during the financial year 2019-20. The meeting of Board of Directors of the company will be held on May 8, 2019 to consider and approve the same.

Shriram Transport Finance Company is a flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC.

 

26-Apr-2019

TCS wins National Intellectual Property Award 2019, WIPO Trophy

Tata Consultancy Services (TCS) has won the prestigious National Intellectual Property Award 2019 in the category ‘Top Public Limited Company/ Private Limited Company for patents & Commercialization in India’ and the World Intellectual Property Organization’s (WIPO’s) IP Enterprise Trophy.

The Indian Intellectual Property Office confers the National Intellectual Property Awards to recognize individuals and enterprises for their creation and commercialization of intellectual property (IP), contributing to the country’s intellectual capital and creating an IP ecosystem that boosts creativity and innovation. The company has registered 844 trademarks, filed 4,596 patents and has been granted 946 patents till date.

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.

 

26-Apr-2019

Piramal Enterprises reports 91% fall in Q4 consolidated net profit

Piramal Enterprises has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a net loss of Rs 62.20 crore for the quarter under review against net profit of Rs 245.11 crore for the same quarter in the previous year. Total income of the company decreased by 17.61% at Rs 1,042.22 crore for Q4FY19 as compared Rs 1,264.91 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a fall of 91.22% in its net profit at Rs 338.11 crore for the quarter under review as compared to Rs 3,851.57 crore for the same quarter in the previous year. However, total income of the company increased by 24.35% at Rs 3,764.90 crore for Q4FY19 as compared Rs 3,027.57 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a net loss of Rs 861.98 crore against net profit of Rs 518.47 crore for the previous year. However, total income of the company increased by 4.60% at Rs 4,117.72 crore for year under review as compared to Rs 3,936.74 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 76.23% in its net profit at Rs 1,150.74 crore as compared to Rs 4,840.19 crore for the previous year. However, total income of the company increased by 24.12% at Rs 13,528.14 crore for year under review as compared to Rs 10,898.88 crore for year ended March 31, 2018.

 

26-Apr-2019

Texmaco Rail gets nod to acquire steel casting foundry

Texmaco Rail & Engineering’s board has approved acquisition of a steel casting foundry, located at Urla Industrial Estate, Raipur, Chhattisgarh, from Simplex Castings, as a going concern on a slump sale basis, which shall result in a approximately capacity addition of more than 50% for the company. The Board of directors of the company at its meeting held on April 26, 2019 has approved for the same.

Texmaco Rail & Engineering is one of India’s leading freight car manufacturers and diversified engineering company. The company is the largest supplier of wagons to the Indian Railways in India with strong in-house capabilities for the design and manufacture of special purpose wagons.

 

26-Apr-2019

European Commission extends review deadline for Tata Steel, ThyssenKrupp deal

The European Commission has extended the deadline for reviewing the planned joint venture deal between ThyssenKrupp and Tata Steel by 7 working days until June 17. Tata Steel and ThyssenKrupp had proposed to combine their steel operations Europe, which would form the region’s second-biggest steelmaker.

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.

 

26-Apr-2019

Music Broadcast’s Radio City bags ‘Radio Station of the Year’ award

Radio City, a part of Music Broadcast, has bagged the ‘Radio Station of the Year’ award at the Golden Mikes Awards 2019. Radio City Mumbai’s popular breakfast show ‘Kasa Kai Mumbai’ hosts RJ Salil and RJ Archana won the ‘RJ Jodi of the Year’ Award, whereas for the second time consecutively, RJ Rashi was announced as ‘Radio Jockey of the Year (Non-metro) at the ACEF Awards 2019. To add to its glory, Radio City won a total of 46 awards and counting at various industry platforms, 25 awards at Golden Mikes, 16 awards at ACEF, 3 awards at Goa fest, 1 award at Videa Awards and 6th rank by Great Place to Work among Best Large Workplaces in Asia, 2019.

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

 

26-Apr-2019

Axis MF files offer document for Nifty 100 Index Fund

Axis Mutual Fund (MF) has filed offer document with SEBI to launch an open ended Index Fund scheme named ‘Axis Nifty 100 Index Fund’. The New Fund Offer price is Rs 10 per unit. Entry load is nil and Exit Load will be 1% if redeemed or switched out within 7 days. The scheme offers growth and dividend options and seeks to collect a Minimum Target Amount of Rs 10 crore.

The performance of the schemes will be benchmarked by Nifty 100 Index. The minimum application amount for initial purchase is Rs 5,000 and in multiples of Re 1 thereafter.

The investment objective of the scheme is to provide returns before expenses that closely correspond to the total returns of the NIFTY 100 subject to tracking errors.

 

26-Apr-2019

Aditya Birla Sun Life MF introduces Fixed Term Plan-Series SN (1099 days)

Aditya Birla Sun Life Mutual Fund (MF) has launched the Aditya Birla Sun Life Fixed Term Plan-Series SN (1099 days), a close ended income scheme. The NFO opens for subscription on April 26, 2019 and closes on May 06, 2019. No Entry load and Exit load will be applicable for the scheme. The minimum subscription amount is Rs 1000 and in multiples of Rs 10 thereafter during the NFO period.

The scheme’s performance will be benchmarked against CRISIL Composite Bond Fund Index and its fund manager is Mohit Sharma.

The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities maturing on or before the duration of the scheme.

 

26-Apr-2019

Agriculture Ministry sets foodgrain production target at 147.9 MT for kharif season 2019-20

The Agriculture Ministry has set foodgrain production target at 147.9 million tonnes (MT) for kharif season 2019-20, with the Indian Meteorological Department forecasting ‘near normal’ monsoon this year. These targets are higher when compared to the actual kharif output for 2018-19, which is 142.24 MT, as per the second advance estimates.

The ministry also expects the production during the 2019-20 rabi season to be tentatively around 143.2 MT. Besides, rice output pegged at 102 MT, while maize production would be around 21.3 MT. The production of coarse cereals will be about 35.8 MT, while that of pulses would be around 10.1 MT.

The output of jowar, bajra and ragi will be 2.1 MT, 9.5 MT and 2.3 MT, respectively. Also, total oil seeds production is likely to be 25.84 MT and the sugarcane output is expected to be 385.50 MT. Cotton output is estimated to be 35.75 million bales (each of 170 kg).

 

25-Apr-2019

Shriram Transport Finance raises $500 million via allotment of secured notes

Shriram Transport Finance Company has completed the issuance and allotment of 5.950 percent Senior Secured Notes for a sum of $500,000,000 under the $2,000,000,000 Global Medium Term Note Programme, through the relevant Common Depositories.

Shriram Transport Finance Company is a flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC.

 

25-Apr-2019

APT Packaging planning to sell Pharola Plant

APT Packaging is planning to sell the Pharola Plant/unit situated on Gut No. 72, Village Pharola, Post Beedkin. The meeting of the Board of Directors of the Company will be held on April 29, 2019, to consider the same.

APT Packaging’ Division of Anil Chemicals and Industries is the pioneer and the largest manufacturer of Co-extruded Seamless Plastic tubes in India.

 

25-Apr-2019

Oriental Veneer Products’ arm secures orders worth Rs 37.01 crore

Oriental Veneer Products’ wholly owned subsidiary company — Oriental Foundry has secured orders worth Rs 37.01 crore for manufacturing and supplying Boogies. The order has been received for worth Rs 26.35 crore from Titagarh Wagons and Rs 10.66 crore from Cimmco.

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

 

25-Apr-2019

TRAI directs Dish TV to comply with new regulatory norms

Telecom Regulatory Authority of India (TRAI) has directed Dish TV India to comply with the provisions of the new framework for broadcasting and cable TV services, acting on consumer complaints pertaining to the operators’ specific offering and grievance redressal helpline.

As per complaints, the DTH operator is forcefully offering a bouquet of free-to-air channels with no choice to subscribers and without their consent.

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

 

25-Apr-2019

Dish TV forays into online Video on Demand segment

Dish TV India has forayed into online Video on Demand segment by launching OTT (over-the-top) platform ‘Watcho’, and expects to have 10 million user-base within a year. Besides, the company has also plans to add contents on its platform in other regional languages, including Bhojpuri and Gujarati, to expand in the OTT market.

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

 

25-Apr-2019

Bank of Baroda to raise Rs 5,042 crore via preferential basis to Govt

Bank of Baroda has received approval for issuance of equity shares of Rs 5,042 crore to Government of India on a preferential basis. The Board of Directors of the company at its meeting held on April 25, 2019 has approved the same.

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.

 

25-Apr-2019

Vedanta gets environment clearance for oil & gas expansion project in Rajasthan

Vedanta has received environment clearance for the expansion of its oil and gas operation in Rajasthan that would entail an investment of Rs 12,000 crore. The company aims to implement the project in a phased manner during seven years.

The proposal is to expand onshore oil and gas production from the existing 3,00,000 BOPD (barrels oil per day) to 4,00,000 BOPD and 165 mmscfd (million standard cubic feed per day) to 750 mmscfd from the ‘RJ-ON-90/1’ block located in Barmer and Jalore districts, Rajasthan.

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

 

25-Apr-2019

Speedcast International signs partnership agreement with Nelco

Speedcast International has signed a partnership agreement with Nelco to offer seamless global communications while at sea in Indian waters. In this partnership, the company will also extend to its customers Speedcast’s industry-leading products and services, which include cybersecurity, crew welfare, content solutions and data and voice applications.

Under this agreement, Speedcast will integrate with the company’s network to allow either parties’ customers to maintain connection while roaming between the different satellite coverage beams and teleports. With an integrated network, the service achieves global IP access for remote terminals and optimizes the global connectivity experience for our customers.

Nelco was established in 1940 and is a part of the leading business house – the Tata group. The company is focused on system integration and product management for industrial controls, power, electronics, defence electronics, VSAT networks and automation.

 

25-Apr-2019

IOC signs agreement with Adnoc

The UAE’s state-run oil company Abu Dhabi National Oil Company (Adnoc) has signed a long-term sales agreement with Indian Oil Corporation (IOC) for its high-quality base oil ADbase. Indian Oil will use the ADbase oils to manufacture high-end engine oils for India’s growing automotive sector.

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

 

25-Apr-2019

Indian Overseas Bank reduces loss incurring branches to 157 from 742

Indian Overseas Bank (IOB) has cut down the number of loss incurring branches to 157 as on March 2019, from 742 branches in March 2015. The reduction in the number of loss incurring branches can be attributed to the continuous efforts taken by the bank towards reduction of operating expenditure and improving overall operational efficiency.

Indian Overseas Bank is a pioneer in many fields – Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.

 

25-Apr-2019

Britannia Industries to discontinue job work contract with Shah Foods

Shah Foods has received a letter from Britannia Industries stating that the job work contract is terminated with effect from June 30, 2019. The Board of Directors of the company have approached the concerned persons with Britannia Industries and are trying their best to renew /continue the job work contract.

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

 

25-Apr-2019

SIS to acquire stake in SPAMRS

Security and Intelligence Services (SIS) has received approval for the acquisition of shares in SIS Prosegur Alarm Monitoring and Response Services (SPAMRS) from Singpai Alarms. The acquisition is expected to complete in April 2019.

The Company is currently a 50% shareholder in SPAMRS and this acquisition would result in SPAMRS becoming 100% subsidiary of the Company. It is expected that this acquisition would result in a greater alignment with the group’s strategy and would also enable the integration of the business of SPAMRS with the existing business.

SIS is a leading provider of private security and facility management services in India.

 

25-Apr-2019

Glenmark gets nod from Russian Ministry of Healthcare for Momate Rhino nasal spray

Glenmark Pharmaceuticals has received approval from the Ministry of Healthcare, Russia to market Momate Rhino (Mometasone Furoate 50 mcg) metered nasal spray as an over’the’counter (OTC) product for the treatment of seasonal and perennial allergic rhinitis in patients above 18 years of age. 

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).

 

25-Apr-2019

SBI gets nod to raise funds up to $2.5 billion during FY20

State Bank of India (SBI) has received an approval for long term fund raising in single/multiple tranches up to $2.5 billion through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2019-20. The Executive Committee of the Central Board in its meeting held on April 24, 2019, approved the same.

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.

 

25-Apr-2019

Indiabulls Housing Finance to raise funds via NCDs

Indiabulls Housing Finance has received approval to issue of Secured Non-Convertible Debentures (NCDs) and Unsecured, Redeemable, Non-Convertible Subordinate Debt in the nature of Debentures upto Rs 25,000 crore and Rs 1,000 crore respectively, on private placement basis, in one or more tranches, from time to time. The Board of Directors of the Company at its meeting held on April 24, 2019 has approved the same.

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

 

25-Apr-2019

Som Datt Finance gets nod to sell 99.99% stake of wholly owned subsidiary

Som Datt Finance Corporation has received an approval to sell 5,10,000 equity shares (99.99% of total paid up capital) of Som Datt Infosoft, a wholly owned subsidiary company (Non-material) of the Company, to Som Datt Securities. The Board of Directors of the Company at their meeting held on April 24, 2019, approved the same.

Som Datt Finance Corporation is engaged in financial activities, including hire purchase, leasing and financing.

 

25-Apr-2019

Ipca Laboratories to acquire stake in Ramdev Chemical

Ipca Laboratories has entered into a Share Purchase Agreement (SPA) to acquire 100% paid-up share capital of Ramdev Chemical, engaged in the business of manufacturing and marketing of advanced drug intermediates, fine chemicals, custom synthesis molecules and active pharmaceutical ingredients for cash  Rs 108.50 crore.

The acquisition of Ramdev Chemical will help the Company to grow its API business by adding new molecules in its Products basket with possibility of forward integrating such Products in its dosage formulations business for the world market.

Ipca Laboratories is engaged in manufacturing of active pharmaceutical ingredients and formulations. It operates in 110 countries and its export accounts for 50% of the company’s income. Worldwide the company is one of the largest suppliers of APIs and intermediates. The company holds leadership position in Anti-malarial and Rheumatoid Arthritis area.

 

25-Apr-2019

Coffee Day Enterprises’ arm launches new ‘Fruitylicious Fiesta’ menu

Coffee Day Enterprises’ subsidiary — Cafe Coffee Day has launched its new ‘Fruitylicious Fiesta’ menu. This special menu brings a chilled, flavorful and fruity range of beverages that will get through the season feeling refreshed and rejuvenated. The new Fruitylicious Fiesta menu defines pure indulgence. It has been specially crafted using a mix of all-time favorite as well as unique fruits with a creamy milk, coffee or ice base.

Coffee Day Enterprises is the parent company of the Coffee Day Group, which houses Cafe Coffee Day that pioneered the coffee culture in the chained cafe segment in India.

 

25-Apr-2019

Maruti Suzuki to increase price of BALENO RS Petrol, Diesel variant

Maruti Suzuki India will increase the price of Baleno RS Petrol variant and Diesel variants with immediate effect. The company to increase the price of BALENO RS Petrol to Rs 8,88,913. Further, the company to hike the prices of BALENO Sigma Diesel to Rs 6,73,611, BALENO Delta Diesel to Rs 7,51,621, BALENO Zeta Diesel to Rs 8,12,921 and BALENO Alpha Diesel variant to Rs 8,73,221 (Ex-Showroom Price in Delhi).

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.

 

25-Apr-2019

V2 Retail closes one Retail Store in Uttar Pradesh

V2 Retail has closed one operational Retail Store located at Bhangel, District Gautam budh Noida in the state of Uttar Pradesh. Therefore currently 76 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.

 

25-Apr-2019

NBCC submits revised bid to acquire Jaypee Infratech

NBCC (India) has submitted its revised bid to acquire debt-ridden Jaypee Infratech and complete over 20,000 delayed apartments in Noida.

NBCC and Suraksha group, which are in the race to acquire the Jaypee Group firm, were asked to sweeten their offers by the lenders. Suraksha had earlier submitted its revised bid.

However, details of the revised offers by NBCC and Suraksha were not immediately available.

NBCC (India) is one of the few public sector companies engaged in the business of project management consultancy services for civil construction projects (PMC), civil infrastructure for power sector and real estate development.

 

25-Apr-2019

Max India’s arm initiates ExYourExcuse campaign

Max India’s subsidiary — Max Bupa has initiated a month long integrated campaign ExYourExcuse, in order to nudge people, especially the youth, to take their health seriously by giving up on unhealthy habits and excuses that keep them from achieving their health goals. Max Bupa is urging people to take small steps towards leading a healthier and fitter lifestyle.

Max India is engaged in the business of investments and providing consultancy services to group companies. The company’s segments are Healthcare Business, Business Investments, Health Insurance, Senior Living and Others.

 

25-Apr-2019

IndiGo wins ‘Best Partnership Airline with Dubai Airport’ award: Report

InterGlobe Aviation (IndiGo) has reportedly won ‘The Best Partnership Airline with Dubai Airport’ award at the Dubai Airports Excellence Awards. At the award ceremony, Dubai airports honoured IndiGo along with other winners and business partners who have demonstrated their commitment to improve services and deliver exceptional customer experiences at Dubai airports.

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

 

25-Apr-2019

Allahabad Bank allots shares worth Rs 6896 crore to govt

Allahabad Bank has issued and allotted 162,48,82,186 new equity shares of face value of Rs 10 of the Bank on preferential basis to the Government of India (President of India) at an Issue Price of Rs 42.44 per equity share including a premium of Rs 32.44 per equity share aggregating to Rs 6895,99,99,973.84 against their capital infusion of Rs 6896.00 crore in the Bank for FY 2018-19. 

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

 

25-Apr-2019

Zydus Cadila receives USFDA’s approval for Leflunomide Tablets

Zydus Cadila has received the final approval from the United States Food & Drug Administration (USFDA) to market Leflunomide Tablets USP (US RLD-Arava Tablets), 10 mg and 20 mg. It will be manufactured at the group’s formulations manufacturing facility at Baddi.

This medication is used to treat rheumatoid arthritis, a condition affecting multiple small and large joints of the body. Leflunomide belongs to a class of medications called disease-modifying antirheumatic drugs (DMARDS). It helps to reduce the joint damage/pain/swelling and helps in better joint movement.

The group now has 263 approvals and has so far filed over 350 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.

 

25-Apr-2019

Apis Growth Fund II to acquire minority stake in L&T Finance Holdings’ arm

Apis Growth Fund II, a private equity fund managed by Apis Partners LLP (Apis), has entered into a binding agreement to acquire up to 25.1% minority stake in L&T Finance Holdings’ subsidiary — L&T Infra Debt Fund (L&T IDF).

Out of the total investment amount, 70% is in the form of growth capital for L&T IDF and 30% is for purchase of shares from existing shareholders (subsidiaries of LTFH). The Fund’s investment into L&T IDF will support the growth of its loan book focused on infrastructure projects in India, strengthen its capital structure, and further its technology and digitisation strategy. This long-term partnership will support the company in accessing low cost international sources of funds which will be utilised to refinance operational infrastructure projects in India.

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

 

25-Apr-2019

Khadim India issues Commercial Papers worth Rs 30 crore

Khadim India has issued the Commercial Paper for an aggregate amount of Rs 30 crore on April 24, 2019 and having maturity date on July 23, 2019.

Khadim India operates as a footwear retailer in India under the brand Khadim’s. It also engages in the manufacture and sale of footwear. The company operates approximately 260 retail outlets in 22 states.

 

25-Apr-2019

Sterlite Technologies gets nod to raise funds up to Rs 1000 crore via NCDs

Sterlite Technologies has received an approval for issue of Non-Convertible Debentures (NCDs) of up to Rs 1000 crore. The Board of Directors of the Company at their meeting held on April 23, 2019, approved the same.

The Board has also given approval for raising of funds, inter alia, by issue of equity shares, any financial instruments and/or security convertible into-equity shares, combination such securities by way of one or more public and/or private offerings, qualified institutions placement and/or preferential allotment basis and/or rights offering or any combination thereof or any other method in accordance with the provisions of applicable laws, for an aggregate consideration of up to Rs 1000 crore.

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

 

25-Apr-2019

Superspace Infrastructure gets nod to open corporate office in Kolkata

Superspace Infrastructure has received an approval to open a corporate office at 4, Netaji Subhash Road, Kolkata, West Bengal with effect from 24 April 2019. The Board of the Company at their meeting held on April 24, 2019, approved the same.

Superspace Infrastructure (formerly, Surabhi Chemicals & Investments) was engaged in Investment and Chemicals and with the change in management in 2012, has now diversified into Real Estate, Construction and Infrastructure activities.

 

25-Apr-2019

Hindusthan Urban commences commercial production at Gwalior Plant

Hindusthan Urban Infrastructure has commenced commercial production at Gwalior Plant on small scale. The operation of Gwalior Plant was discontinued during January, 2018.

Hindusthan Urban Infrastructure, together with its subsidiaries, manufactures and sells overhead conductors and electro-porcelain high tension (HT) insulators in India and internationally.

 

25-Apr-2019

Bharti Infratel, Indus Towers merger to complete in next few months

Bharti Infratel is hoping that merger of the company and Indus Towers would be completed in the next few months, as merger process is on track.

Bharti Infratel is a provider of tower and related infrastructure, and deploys, owns and manages telecom towers and communication structures for various mobile operators.

 

25-Apr-2019

IndiGo wins ‘Best Partnership Airline with Dubai Airport’ award: Report

InterGlobe Aviation (IndiGo) has reportedly won ‘The Best Partnership Airline with Dubai Airport’ award at the Dubai Airports Excellence Awards. At the award ceremony, Dubai airports honoured IndiGo along with other winners and business partners who have demonstrated their commitment to improve services and deliver exceptional customer experiences at Dubai airports.

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

 

25-Apr-2019

IOC signs agreement with Adnoc

The UAE’s state-run oil company Abu Dhabi National Oil Company (Adnoc) has signed a long-term sales agreement with Indian Oil Corporation (IOC) for its high-quality base oil ADbase. Indian Oil will use the ADbase oils to manufacture high-end engine oils for India’s growing automotive sector.

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

 

25-Apr-2019

Indian Overseas Bank reduces loss incurring branches to 157 from 742

Indian Overseas Bank (IOB) has cut down the number of loss incurring branches to 157 as on March 2019, from 742 branches in March 2015. The reduction in the number of loss incurring branches can be attributed to the continuous efforts taken by the bank towards reduction of operating expenditure and improving overall operational efficiency.

Indian Overseas Bank is a pioneer in many fields – Banking, Insurance and Industry with the twin objectives of specialising in foreign exchange business and overseas banking.

 

25-Apr-2019

Allahabad Bank allots shares worth Rs 6896 crore to govt

Allahabad Bank has issued and allotted 162,48,82,186 new equity shares of face value of Rs 10 of the Bank on preferential basis to the Government of India (President of India) at an Issue Price of Rs 42.44 per equity share including a premium of Rs 32.44 per equity share aggregating to Rs 6895,99,99,973.84 against their capital infusion of Rs 6896.00 crore in the Bank for FY 2018-19. 

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

 

25-Apr-2019

Zydus Cadila receives USFDA’s approval for Leflunomide Tablets

Zydus Cadila has received the final approval from the United States Food & Drug Administration (USFDA) to market Leflunomide Tablets USP (US RLD-Arava Tablets), 10 mg and 20 mg. It will be manufactured at the group’s formulations manufacturing facility at Baddi.

This medication is used to treat rheumatoid arthritis, a condition affecting multiple small and large joints of the body. Leflunomide belongs to a class of medications called disease-modifying antirheumatic drugs (DMARDS). It helps to reduce the joint damage/pain/swelling and helps in better joint movement.

The group now has 263 approvals and has so far filed over 350 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.

 

25-Apr-2019

Apis Growth Fund II to acquire minority stake in L&T Finance Holdings’ arm

Apis Growth Fund II, a private equity fund managed by Apis Partners LLP (Apis), has entered into a binding agreement to acquire up to 25.1% minority stake in L&T Finance Holdings’ subsidiary — L&T Infra Debt Fund (L&T IDF).

Out of the total investment amount, 70% is in the form of growth capital for L&T IDF and 30% is for purchase of shares from existing shareholders (subsidiaries of LTFH). The Fund’s investment into L&T IDF will support the growth of its loan book focused on infrastructure projects in India, strengthen its capital structure, and further its technology and digitisation strategy. This long-term partnership will support the company in accessing low cost international sources of funds which will be utilised to refinance operational infrastructure projects in India.

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

 

25-Apr-2019

Coromandel International reports 23% rise in Q4 consolidated net profit

Coromandel International has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 25.59% in its net profit at Rs 107.23 crore for the quarter under review as compared to Rs 85.38 crore for the same quarter in the previous year. Total income of the company increased by 8.66% at Rs 2,642.41 crore for Q4FY19 as compared Rs 2,431.73 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a rise of 23.18% in its net profit at Rs 110.38 crore for the quarter under review as compared to Rs 89.61 crore for the same quarter in the previous year. Total income of the company increased by 9.00% at Rs 2,646.96 crore for Q4FY19 as compared Rs 2,428.45 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 4.25% in its net profit at Rs 713.91 crore as compared to Rs 684.81 crore for the previous year. Total income of the company increased by 18.56% at Rs 13,240.22 crore for year under review as compared to Rs 11,167.84 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 4.22% in its net profit at Rs 720.48 crore as compared to Rs 691.31 crore for the previous year. Total income of the company increased by 18.55% at Rs 13,261.64 crore for year under review as compared to Rs 11,186.77 crore for year ended March 31, 2018.

 

25-Apr-2019

Khadim India issues Commercial Papers worth Rs 30 crore

Khadim India has issued the Commercial Paper for an aggregate amount of Rs 30 crore on April 24, 2019 and having maturity date on July 23, 2019.

Khadim India operates as a footwear retailer in India under the brand Khadim’s. It also engages in the manufacture and sale of footwear. The company operates approximately 260 retail outlets in 22 states.

 

25-Apr-2019

Sterlite Technologies gets nod to raise funds up to Rs 1000 crore via NCDs

Sterlite Technologies has received an approval for issue of Non-Convertible Debentures (NCDs) of up to Rs 1000 crore. The Board of Directors of the Company at their meeting held on April 23, 2019, approved the same.

The Board has also given approval for raising of funds, inter alia, by issue of equity shares, any financial instruments and/or security convertible into-equity shares, combination such securities by way of one or more public and/or private offerings, qualified institutions placement and/or preferential allotment basis and/or rights offering or any combination thereof or any other method in accordance with the provisions of applicable laws, for an aggregate consideration of up to Rs 1000 crore.

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

 

25-Apr-2019

Superspace Infrastructure gets nod to open corporate office in Kolkata

Superspace Infrastructure has received an approval to open a corporate office at 4, Netaji Subhash Road, Kolkata, West Bengal with effect from 24 April 2019. The Board of the Company at their meeting held on April 24, 2019, approved the same.

Superspace Infrastructure (formerly, Surabhi Chemicals & Investments) was engaged in Investment and Chemicals and with the change in management in 2012, has now diversified into Real Estate, Construction and Infrastructure activities.

 

25-Apr-2019

Hindusthan Urban commences commercial production at Gwalior Plant

Hindusthan Urban Infrastructure has commenced commercial production at Gwalior Plant on small scale. The operation of Gwalior Plant was discontinued during January, 2018.

Hindusthan Urban Infrastructure, together with its subsidiaries, manufactures and sells overhead conductors and electro-porcelain high tension (HT) insulators in India and internationally.

 

25-Apr-2019

Bharti Infratel, Indus Towers merger to complete in next few months

Bharti Infratel is hoping that merger of the company and Indus Towers would be completed in the next few months, as merger process is on track.

Bharti Infratel is a provider of tower and related infrastructure, and deploys, owns and manages telecom towers and communication structures for various mobile operators.

 

25-Apr-2019

ICICI Prudential Life Insurance reports 23% fall in Q4 consolidated net profit

ICICI Prudential Life Insurance has reported results for the fourth quarter and year ended March 31, 2019. 

The company has reported a fall of 23.26% in its net profit at Rs 261.37 crore for the quarter ended March 31, 2019 as compared to Rs 340.58 crore for the same quarter in the previous year. However, total income of the company reported 2-fold jump at Rs 16,053.90 crore for quarter under review as compared to Rs 7,136.87 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported fall of 23.29% in its net profit at Rs 261.02 crore for the quarter ended March 31, 2019 as compared to Rs 340.26 crore for the corresponding quarter in the FY18. However, total consolidated income of the company reported 2-fold jump at Rs 16,053.89 crore for quarter under review as compared to Rs 7,136.87 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a fall of 29.58% in its net profit at Rs 1,140.65 crore as compared to Rs 1,619.83 crore for the previous year. However, total income of company increased 8.33% at Rs 41,400.26 crore for year under review as compared to Rs 38,217.43 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted fall of 29.66% in its net profit at Rs 1,138.92 crore as compared to Rs 1,619.17 crore for the previous year. However, total income of company increased by 8.33% at Rs 41,400.27 crore for year under review as compared to Rs 38,217.43 crore for year ended March 31, 2018.

 

25-Apr-2019

Mahindra & Mahindra Financial Services reports 87% rise in Q4 net profit

Mahindra & Mahindra Financial Services has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 87.02% in its net profit at Rs 587.97 crore for the quarter under review as compared to Rs 314.39 crore for the same quarter in the previous year. Total income of the company increased by 37.17% at Rs 2,479.54 crore for Q4FY19 as compared Rs 1,807.68 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 44.70% in its net profit at Rs 1,557.06 crore as compared to Rs 1,076.09 crore for the previous year. Total income of the company increased by 31.78% at Rs 8,809.81 crore for year under review as compared to Rs 6,685.20 crore for year ended March 31, 2018.

 

25-Apr-2019

Speedcast International signs partnership agreement with Nelco

Speedcast International has signed a partnership agreement with Nelco to offer seamless global communications while at sea in Indian waters. In this partnership, the company will also extend to its customers Speedcast’s industry-leading products and services, which include cybersecurity, crew welfare, content solutions and data and voice applications.

Under this agreement, Speedcast will integrate with the company’s network to allow either parties’ customers to maintain connection while roaming between the different satellite coverage beams and teleports. With an integrated network, the service achieves global IP access for remote terminals and optimizes the global connectivity experience for our customers.

Nelco was established in 1940 and is a part of the leading business house – the Tata group. The company is focused on system integration and product management for industrial controls, power, electronics, defence electronics, VSAT networks and automation.

 

25-Apr-2019

Britannia Industries to discontinue job work contract with Shah Foods

Shah Foods has received a letter from Britannia Industries stating that the job work contract is terminated with effect from June 30, 2019. The Board of Directors of the company have approached the concerned persons with Britannia Industries and are trying their best to renew /continue the job work contract.

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

 

25-Apr-2019

SIS to acquire stake in SPAMRS

Security and Intelligence Services (SIS) has received approval for the acquisition of shares in SIS Prosegur Alarm Monitoring and Response Services (SPAMRS) from Singpai Alarms. The acquisition is expected to complete in April 2019.

The Company is currently a 50% shareholder in SPAMRS and this acquisition would result in SPAMRS becoming 100% subsidiary of the Company. It is expected that this acquisition would result in a greater alignment with the group’s strategy and would also enable the integration of the business of SPAMRS with the existing business.

SIS is a leading provider of private security and facility management services in India.

 

25-Apr-2019

Bharti Infratel reports marginal rise in Q4 consolidated net profit

Bharti Infratel has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a rise of 16.19% in its net profit at Rs 389.00 crore for the quarter under review as compared to Rs 334.80 crore for the same quarter in the previous year. However, total income of the company decreased by 1.46% at Rs 1,693.20 crore for Q4FY19 as compared Rs 1,718.20 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a marginal rise of 0.26% in its net profit at Rs 607.60 crore for the quarter under review as compared to Rs 606.00 crore for the same quarter in the previous year. However, total income of the company decreased by 1.45% at Rs 1,694.40 crore for Q4FY19 as compared Rs 1,719.30 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 15.12% in its net profit at Rs 2,779.00 crore as compared to Rs 2,413.90 crore for the previous year. Total income of the company increased by 4.21% at Rs 8,049.30 crore for year under review as compared to Rs 7,724.10 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a net profit of Rs 2,493.80 crore as compared net profit of Rs 2,493.70 crore for the previous year. Total income of the company increased by 2.99% at Rs 6,927.70 crore for year under review as compared to Rs 6,726.40 crore for year ended March 31, 2018.

 

25-Apr-2019

Indiabulls Housing Finance reports 7% fall in Q4 consolidated net profit

Indiabulls Housing Finance has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a fall of 12.44% in its net profit at Rs 875.39 crore for the quarter under review as compared to Rs 999.71 crore for the same quarter in the previous year. Total income of the company decreased by 7.32% at Rs 3,709.50 crore for Q4FY19 as compared Rs 4,002.56 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a fall of 6.95% in its net profit at Rs 1,001.37 crore for the quarter under review as compared to Rs 1,076.13 crore for the same quarter in the previous year. However, total income of the company increased by 5.24% at Rs 4,209.81 crore for Q4FY19 as compared Rs 4,000.24 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 17.08% in its net profit at Rs 3,729.26 crore as compared to Rs 3,185.28 crore for the previous year. Total income of the company increased by 12.20% at Rs 15,439.12 crore for year under review as compared to Rs 13,760.49 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 4.76% in its net profit at Rs 4,057.79 crore as compared to Rs 3,873.33 crore for the previous year. Total income of the company increased by 13.83% at Rs 17,027.04 crore for year under review as compared to Rs 14,958.69 crore for year ended March 31, 2018.

 

25-Apr-2019

Glenmark gets nod from Russian Ministry of Healthcare for Momate Rhino nasal spray

Glenmark Pharmaceuticals has received approval from the Ministry of Healthcare, Russia to market Momate Rhino (Mometasone Furoate 50 mcg) metered nasal spray as an over’the’counter (OTC) product for the treatment of seasonal and perennial allergic rhinitis in patients above 18 years of age. 

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).

 

25-Apr-2019

SBI gets nod to raise funds up to $2.5 billion during FY20

State Bank of India (SBI) has received an approval for long term fund raising in single/multiple tranches up to $2.5 billion through a public offer and/or private placement of senior unsecured notes in US Dollar or any other convertible currency during FY 2019-20. The Executive Committee of the Central Board in its meeting held on April 24, 2019, approved the same.

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.

 

25-Apr-2019

Indiabulls Housing Finance to raise funds via NCDs

Indiabulls Housing Finance has received approval to issue of Secured Non-Convertible Debentures (NCDs) and Unsecured, Redeemable, Non-Convertible Subordinate Debt in the nature of Debentures upto Rs 25,000 crore and Rs 1,000 crore respectively, on private placement basis, in one or more tranches, from time to time. The Board of Directors of the Company at its meeting held on April 24, 2019 has approved the same.

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

 

25-Apr-2019

Som Datt Finance gets nod to sell 99.99% stake of wholly owned subsidiary

Som Datt Finance Corporation has received an approval to sell 5,10,000 equity shares (99.99% of total paid up capital) of Som Datt Infosoft, a wholly owned subsidiary company (Non-material) of the Company, to Som Datt Securities. The Board of Directors of the Company at their meeting held on April 24, 2019, approved the same.

Som Datt Finance Corporation is engaged in financial activities, including hire purchase, leasing and financing.

 

25-Apr-2019

Ipca Laboratories to acquire stake in Ramdev Chemical

Ipca Laboratories has entered into a Share Purchase Agreement (SPA) to acquire 100% paid-up share capital of Ramdev Chemical, engaged in the business of manufacturing and marketing of advanced drug intermediates, fine chemicals, custom synthesis molecules and active pharmaceutical ingredients for cash  Rs 108.50 crore.

The acquisition of Ramdev Chemical will help the Company to grow its API business by adding new molecules in its Products basket with possibility of forward integrating such Products in its dosage formulations business for the world market.

Ipca Laboratories is engaged in manufacturing of active pharmaceutical ingredients and formulations. It operates in 110 countries and its export accounts for 50% of the company’s income. Worldwide the company is one of the largest suppliers of APIs and intermediates. The company holds leadership position in Anti-malarial and Rheumatoid Arthritis area.

 

25-Apr-2019

Coffee Day Enterprises’ arm launches new ‘Fruitylicious Fiesta’ menu

Coffee Day Enterprises’ subsidiary — Cafe Coffee Day has launched its new ‘Fruitylicious Fiesta’ menu. This special menu brings a chilled, flavorful and fruity range of beverages that will get through the season feeling refreshed and rejuvenated. The new Fruitylicious Fiesta menu defines pure indulgence. It has been specially crafted using a mix of all-time favorite as well as unique fruits with a creamy milk, coffee or ice base.

Coffee Day Enterprises is the parent company of the Coffee Day Group, which houses Cafe Coffee Day that pioneered the coffee culture in the chained cafe segment in India.

 

25-Apr-2019

Maruti Suzuki to increase price of BALENO RS Petrol, Diesel variant

Maruti Suzuki India will increase the price of Baleno RS Petrol variant and Diesel variants with immediate effect. The company to increase the price of BALENO RS Petrol to Rs 8,88,913. Further, the company to hike the prices of BALENO Sigma Diesel to Rs 6,73,611, BALENO Delta Diesel to Rs 7,51,621, BALENO Zeta Diesel to Rs 8,12,921 and BALENO Alpha Diesel variant to Rs 8,73,221 (Ex-Showroom Price in Delhi).

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.

 

25-Apr-2019

V2 Retail closes one Retail Store in Uttar Pradesh

V2 Retail has closed one operational Retail Store located at Bhangel, District Gautam budh Noida in the state of Uttar Pradesh. Therefore currently 76 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.

 

25-Apr-2019

NBCC submits revised bid to acquire Jaypee Infratech

NBCC (India) has submitted its revised bid to acquire debt-ridden Jaypee Infratech and complete over 20,000 delayed apartments in Noida.

NBCC and Suraksha group, which are in the race to acquire the Jaypee Group firm, were asked to sweeten their offers by the lenders. Suraksha had earlier submitted its revised bid.

However, details of the revised offers by NBCC and Suraksha were not immediately available.

NBCC (India) is one of the few public sector companies engaged in the business of project management consultancy services for civil construction projects (PMC), civil infrastructure for power sector and real estate development.

 

25-Apr-2019

Max India’s arm initiates ExYourExcuse campaign

Max India’s subsidiary — Max Bupa has initiated a month long integrated campaign ExYourExcuse, in order to nudge people, especially the youth, to take their health seriously by giving up on unhealthy habits and excuses that keep them from achieving their health goals. Max Bupa is urging people to take small steps towards leading a healthier and fitter lifestyle.

Max India is engaged in the business of investments and providing consultancy services to group companies. The company’s segments are Healthcare Business, Business Investments, Health Insurance, Senior Living and Others.

 

25-Apr-2019

GHCL reports 44% rise in Q4 net profit

GHCL has reported results for the fourth quarter and year ended March 31, 2019. 

The company has reported a rise of 44.31% in its net profit at Rs 118.55 crore for the quarter ended March 31, 2019 as compared to Rs 82.15 crore for the same quarter in the previous year. Total income of the company increased by 25.96% at Rs 914.58 crore for quarter under review as compared to Rs 726.11 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a marginal fall of 0.95% in its net profit at Rs 361.03 crore as compared to Rs 364.51 crore for the previous year. However, total income of company increased 14.03% at Rs 3,384.72 crore for year under review as compared to Rs 2,968.34 crore for year ended March 31, 2018.

 

25-Apr-2019

Maruti Suzuki reports 5% fall in Q4 net profit

Maruti Suzuki India has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a fall of 4.60% in its net profit at Rs 1795.60 crore for the quarter under review as compared to Rs 1882.10 crore for the same quarter in the previous year. However, total income of the company increased by 2.60% at Rs 22,327.10 crore for Q4FY19 as compared Rs 21,760.60 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a fall of 2.86% in its net profit at Rs 7,500.60 crore as compared to Rs 7,721.80 crore for the previous year. However, total income of the company increased by 5.40% at Rs 88,581.30 crore for year under review as compared to Rs 84,039.90 crore for year ended March 31, 2018.

 

25-Apr-2019

TRAI directs Dish TV to comply with new regulatory norms

Telecom Regulatory Authority of India (TRAI) has directed Dish TV India to comply with the provisions of the new framework for broadcasting and cable TV services, acting on consumer complaints pertaining to the operators’ specific offering and grievance redressal helpline.

As per complaints, the DTH operator is forcefully offering a bouquet of free-to-air channels with no choice to subscribers and without their consent.

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

 

25-Apr-2019

Shriram Transport Finance raises $500 million via allotment of secured notes

Shriram Transport Finance Company has completed the issuance and allotment of 5.950 percent Senior Secured Notes for a sum of $500,000,000 under the $2,000,000,000 Global Medium Term Note Programme, through the relevant Common Depositories.

Shriram Transport Finance Company is a flagship company of the Chennai-based Shriram group and is classified as deposit taking Asset Financing NBFC.

 

25-Apr-2019

APT Packaging planning to sell Pharola Plant

APT Packaging is planning to sell the Pharola Plant/unit situated on Gut No. 72, Village Pharola, Post Beedkin. The meeting of the Board of Directors of the Company will be held on April 29, 2019, to consider the same.

APT Packaging’ Division of Anil Chemicals and Industries is the pioneer and the largest manufacturer of Co-extruded Seamless Plastic tubes in India.

 

25-Apr-2019

Indiabulls Ventures reports over 2-fold jump in Q4 consolidated net profit

Indiabulls Ventures has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a around 4-fold jump in its net profit at Rs 28.52 crore for the quarter under review as compared to Rs 7.29 crore for the same quarter in the previous year. Total income of the company increased by 52.97% at Rs 81.29 crore for Q4FY19 as compared Rs 53.14 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported over 2-fold jump in its net profit at Rs 111.41 crore for the quarter under review as compared to Rs 54.85 crore for the same quarter in the previous year. Total income of the company increased by 55.56% at Rs 600.16 crore for Q4FY19 as compared Rs 385.81 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported 2-fold jump in its net profit at Rs 105.45 crore as compared to Rs 48.57 crore for the previous year. Total income of the company increased by 59.06% at Rs 317.11 crore for year under review as compared to Rs 199.37 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported 2-fold jump in its net profit at Rs 460.29 crore as compared to Rs 209.53 crore for the previous year. Total income of the company registers 2-fold jump at Rs 1,997.28 crore for year under review as compared to Rs 994.78 crore for year ended March 31, 2018.

 

25-Apr-2019

Dish TV forays into online Video on Demand segment

Dish TV India has forayed into online Video on Demand segment by launching OTT (over-the-top) platform ‘Watcho’, and expects to have 10 million user-base within a year. Besides, the company has also plans to add contents on its platform in other regional languages, including Bhojpuri and Gujarati, to expand in the OTT market.

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

 

25-Apr-2019

Bank of Baroda to raise Rs 5,042 crore via preferential basis to Govt

Bank of Baroda has received approval for issuance of equity shares of Rs 5,042 crore to Government of India on a preferential basis. The Board of Directors of the company at its meeting held on April 25, 2019 has approved the same.

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.

 

25-Apr-2019

Vedanta gets environment clearance for oil & gas expansion project in Rajasthan

Vedanta has received environment clearance for the expansion of its oil and gas operation in Rajasthan that would entail an investment of Rs 12,000 crore. The company aims to implement the project in a phased manner during seven years.

The proposal is to expand onshore oil and gas production from the existing 3,00,000 BOPD (barrels oil per day) to 4,00,000 BOPD and 165 mmscfd (million standard cubic feed per day) to 750 mmscfd from the ‘RJ-ON-90/1’ block located in Barmer and Jalore districts, Rajasthan.

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

 

25-Apr-2019

Oriental Veneer Products’ arm secures orders worth Rs 37.01 crore

Oriental Veneer Products’ wholly owned subsidiary company — Oriental Foundry has secured orders worth Rs 37.01 crore for manufacturing and supplying Boogies. The order has been received for worth Rs 26.35 crore from Titagarh Wagons and Rs 10.66 crore from Cimmco.

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

 

25-Apr-2019

Indiabulls MF introduces Banking & PSU Debt Fund

Indiabulls Mutual Fund (MF) has launched the Indiabulls Banking & PSU Debt Fund, an open ended debt scheme. The NFO opens for subscription on April 25, 2019 and closes on May 09, 2019. Entry load is nil and Exit load will be 0.25% in case of Redemption/Switch on or before 3 days of subscription and Exit load will be nil in case of Post completion of 3 days. The minimum subscription amount is Rs 500 and in multiples of Re 1 thereafter.

The scheme’s performance will be benchmarked against CRISIL Banking and PSU Debt Index and its fund manager is Vikrant Mehta.

The investment objective of the scheme is to generate income over short to medium term horizon through investments in debt and money market instruments of various maturities, consisting predominantly of securities issued by entities such as Banks, Public Sector Undertakings (PSUs) and Public Financial Institutions (PFIs).

 

25-Apr-2019

ITI MF introduces Multi Cap Fund

ITI Mutual Fund (MF) has launched the ITI Multi Cap Fund, an open ended equity scheme. The NFO opens for subscription on April 25, 2019 and closes on May 09, 2019. Entry load is nil and Exit load will be 1% within 12 months from the date of allotment in respect of Purchase made other than through SIP; and within 12 months from the date of allotment in respect of each Purchase made through SIP and Exit load will be nil beyond 12 months from the date of allotment. The minimum subscription amount is Rs 1000 and in multiples of Re 1 thereafter.

The scheme’s performance will be benchmarked against Nifty 500 Total Return Index and its fund managers are George Heber Joseph and Pradeep Gokhale.

The investment objective of the scheme is to generate long-term capital appreciation from a diversified portfolio that predominantly invests in equity and equity-related securities of companies across various market capitalization.

 

25-Apr-2019

India’s copper exports slip 70% in FY19

The India’s Engineering Export Promotion Council (EEPC), which is supported by the country’s trade ministry, in its latest data has showed that the country’s copper products exports slipped 70% in the value terms in the year ended March 2019, as compared to fiscal year 2017-18. It added that fall in value of exports was mainly due to shutdown of Vedanta’s copper smelter.

The government of the South Indian state of Tamil Nadu in May ordered Vedanta to shut its smelter in the city of Thoothukudi, after police killed 13 demonstrators during protests against alleged pollution at the plant. The site is operated by Sterlite Copper, a subsidiary of Vedanta. Sterlite alone accounts for about 40% of the country’s production. So exports fell due to their shutdown.

As per the data, exports of copper and copper products, including cathodes, were $1.07 billion in the period from April 2018 to March 2019, down from $3.48 billion in the 2017/18 fiscal year. Exports to China, one of the biggest importers of copper products from India, fell over 80% in 2018/19 from the previous year. Copper production by major companies including Hindalco Industries and Hindustan Copper was about 457,000 tonnes in 2018/19, down 40% from about 766,000 tonnes a year earlier.

 

24-Apr-2019

SEBI bars Hotel Leelaventure from selling properties to Brookfield

The Securities and Exchange Board of India (SEBI) has barred Hotel Leelaventure from selling its four hotels and other assets to Canadian investment fund Brookfield Asset Management.

On March 18, Hotel Leelaventure had announced sale of its four hotels located in Bengaluru, Chennai, Delhi and Udaipur, and a property to Canadian investment fund Brookfield for Rs 3,950 crore. It has sought shareholders’ approval and voting is scheduled to end on April 24.

Hotel Leelaventure is an India-based holding company, which is engaged in hoteliering business. The company is engaged in providing accommodation and food services, and food and beverage services.

 

24-Apr-2019

Siemens to upgrade India’s oldest HVDC link

Power Grid Corporation of India has chosen Siemens to modernize the country’s first and oldest high voltage direct current (HVDC) link, Vindhyachal. Located in Madhya Pradesh, the 500-megawatt HVDC back-to-back system was put into operation in 1989 to interconnect the asynchronous 400-kilovolt alternating current networks of the Northern and Western regions. By installing its latest HVDC components Siemens will extend the useful life of the system.

This will be the first Siemens HVDC modernization project in India. The key components for the upgrade will be delivered from the Indian facility in Goa.

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

 

24-Apr-2019

IndiGo revamps its inflight offerings with addition of 30 new products

InterGlobe Aviation (IndiGo) has revamped its inflight offerings with the addition of 30 new products, effective from April 23, 2019. In addition to these products, there will be many more offerings at the on-ground AVA stores. 6E flyers will also be able to buy the ‘deal of the month’ where they can purchase unique products at heavy discounts. For instance, the current deal of the month is 55% off on Detel 55′ UHD-LED Television, offering savings worth Rs 44,000.

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

 

24-Apr-2019

Infosys partners with Huawei Cloud

Infosys has entered into partnership with Huawei Cloud to jointly develop solutions around cloud computing services for business organisations. As part of the agreement, Infosys will join the Huawei Cloud Partner Network (HCPN) and the two companies will develop new cloud solutions leveraging Huawei Cloud and Infosys products and services to help customers securely adopt cloud-based systems for their enterprise workloads.

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.

 

24-Apr-2019

Airtel, Zee bring best of Indian theatre to TV screen

Airtel Digital TV, the DTH arm of Bharti Airtel, and Zee Theatre, the popular theatre segment of Zee Entertainment Enterprises, have launched ‘Spotlight’ – a video on demand channel that will air the best of Indian plays by popular theatre groups from across the country.

With this, Airtel’s Digital TV platform with its strong customer base, will offer Indian theatre a wider market reach in India as customers watch their favourite plays from the biggest playwrights come alive right in their homes.

Viewers can watch over 100 plays in Hindi, Marathi, Gujarati, Bengali and English, across a wide variety of genre, ranging from classic, to thriller, to comedy which will be brought to life by renowned artists such as Varun Badola, Sonali Kulkarni, Ira Dubey and Vikram Gokhale. Some of the popular plays that will be available to customers on the new channel are Choker Bali, Ma Retire Hoti Hai, Vaastav, Sakubai and Janpath Kiss.

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

 

24-Apr-2019

Softbank looking to make $2-3 billion investment in Reliance’s telecom arm: Reports

Japan’s Softbank is reportedly looking to make a $2-3 billion investment in Reliance Industries’ (RIL) telecom arm — Reliance Jio Infocomm (Jio) as billionaire Mukesh Ambani looks to deleverage business by selling stakes. This comes on the back of reports of Saudi giant Aramco in discussions to buy a 25 percent stake in Reliance Industries’ refining and petrochemical business for $10-15 billion.

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.

 

24-Apr-2019

HDFC gets RBI’s nod for acquiring 9.9% stake in Bandhan Bank

Housing Development Finance Corporation (HDFC) has received approval from Reserve Bank of India (RBI) for acquiring up to 9.9 per cent stake in Bandhan Bank upon the effective date of scheme of amalgamation following the Gruh Finance deal. The scheme remains subject to approvals from the National Company Law Tribunal and the respective shareholders of Gruh Finance and Bandhan Bank.

The Gruh Finance deal will reduce stake of Bandhan Financial Holdings in Bandhan Bank to about 61 per cent from the current 82 per cent. The share swap ratio for the merger will be 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance.

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.

 

24-Apr-2019

Government raises authorised capital of Allahabad Bank to Rs 8,000 crore

Government has raised authorised capital of Allahabad Bank by Rs 5,000 crore to Rs 8,000 crore. The increase in authorised capital will help enable the bank to raise further fund up to a maximum ceiling of Rs 8,000 crore.

The central government after consultation with the Reserve Bank of India has increased the authorised capital of the bank from Rs 3,000 to Rs 8,000 through Gazette Notification.

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

 

24-Apr-2019

Zee partners with Airtel for video on demand channel

Zee Theatre, the popular theatre segment of Zee Entertainment Enterprises and Airtel Digital TV, the DTH arm of Bharti Airtel, have launched ‘Spotlight’ – a video on demand channel that will air the best of Indian plays by popular theatre groups from across the country.

With this, Airtel’s Digital TV platform with its strong customer base, will offer Indian theatre a wider market reach in India as customers watch their favourite plays from the biggest playwrights come alive right in their homes.

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

 

24-Apr-2019

Bajaj Finserv offers substantial business loan for CAs

Bajaj Finserv is offering a substantial business loan for CAs of up to Rs 35 lakh, so they can finance the purchase and installation of the latest tax software without breaking into a sweat. To diversify business and scale operations bit by bit, CAs can avail a CA loan from Bajaj Finserv as a Flexi Loan.

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

 

24-Apr-2019

Indiabulls Real Estate decides to divest Century

Indiabulls Real Estate has decided to focus only on Mumbai & NCR markets and hence has decided to divest Century, the parent company that houses Hanover Square property, London. In light of continuing Brexit related issues and uncertainty around it, the London property market remains sluggish so the promoter has undertaken to buy the parent company of London asset for GBP 200 million. The company had purchased this property for GBP 161.5 million. CBRE, London has recently valued the property at GBP 189 million. Transaction is subject to approvals including the shareholders’ approval. Since it is a related party transaction, Promoter will not be participating in the voting on this item.

Net debt as on March 31, 2019 is Rs 4,590 crore. Post this transaction, net debt of the company would be below Rs 3,000 crore.

Indiabulls Real Estate is India’s third largest real estate company, with its focus on construction and development of residential, commercial and SEZ projects across major Indian metros.

 

24-Apr-2019

Tata Global Beverages’ India tea business clocks 9% volume growth in FY19

Tata Global Beverages’ India tea business has clocked 9% volume growth for the Fiscal 2019. The company has registered a 7% value growth across its brands for the full year. For the March quarter 2019 India registers a 12% volume growth and 11% value growth.

Tata Global Beverages is a global beverage business with a brand presence in over 40 countries. The company has significant interests in tea, coffee and water and is the world’s second largest tea company.

 

24-Apr-2019

Infosys features as leader in Gartner’s Magic Quadrant

Infosys has been positioned a Leader in Gartner’s Magic Quadrant for Public Cloud Infrastructure Professional and Managed Services, Worldwide. According to Gartner, Leaders have a track record of successful delivery of high-quality professional and managed services that thoughtfully exploit the capabilities of the cloud platform. They are well-positioned to continue delivering leading-edge services in the future.

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.

 

24-Apr-2019

USFDA classifies inspection of Lupin’s Pithampur facility as OAI

The United States Food and Drug Administration (USFDA) has classified the inspection conducted at Lupin’s Pithampur (Indore) Unit-2 facility in January 2019 as Official Action Indicated (OAI). The USFDA has stated that this facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed.

The company does not believe that this classification will have an impact on disruption of supplies or the existing revenues from operations of this facility.

The company is in the process of sending further updates of its corrective actions to the USFDA and is hopeful of a positive outcome.

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

 

24-Apr-2019

Surya Roshni obtains order worth Rs 231.18 crore

Surya Roshni has obtained order aggregating to Rs 231.18 crore (GST Extra) for supply of API 3LPE Coated 5L Grade Pipes to Indian Oil Corporation through competitive e-bidding.

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).  

 

24-Apr-2019

ACC registers 8% rise in net sales for Q1

ACC has reported 8.24% rise in its net sales at Rs 3,850 crore during Q1 of 2019 compared to Rs 3,557 crore for the same quarter last year. The company’s cement sales grew from 7.1 million tonnes (MT) in quarter ended March 2018 to 7.5 MT for quarter ended March 2019, registering a growth of 5.63%.

Further, Ready Mix Concrete sales was up by 18.99% at 0.94 million cubic metres for March 2019 from 0.79 million cubic metres for the same quarter previous year.

ACC is India’s foremost manufacturer of cement and ready mixed concrete with a countrywide network of factories and sales offices.

 

24-Apr-2019

Wall Street Finance launches mobile app for agent partners

Wall Street Finance has launched ‘WSFX Smart Agent’ mobile app, for the company’s agent partners. The agent platform along with Smart Agent app will provide a comprehensive digital solution for agent partners to manage their forex referral business in an efficient and seamless manner. Through the app agent can refer leads, track order status, monitor his commissions, take pricing decisions etc.

Wall Street Finance is a leader in foreign exchange and money remittance services in the country and has been upgraded to the status of Authorized Dealer Forex-II by the Reserve Bank of India.

 

24-Apr-2019

V-Mart Retail opens two new stores

V-Mart Retail has opened two new stores one in the state of West Bengal and other in the state of Uttar Pradesh. This takes the total number of stores to 218 Stores in 172 Cities across 17 states and total tally of West Bengal is 13 stores and Uttar Pradesh is 86 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.

 

24-Apr-2019

ACC investing in pipeline of solutions, products including portfolio of dry mix products

ACC is investing in a pipeline of solutions and products including a portfolio of dry mix products. Besides, the company’s brand campaign ‘Karein Kuch Kamaal’ is receiving very positive response across markets and will help them build long-term brand equity.

ACC is India’s foremost manufacturer of cement and ready mixed concrete with a countrywide network of factories and sales offices.

 

24-Apr-2019

Astron Paper to temporary shutdown Unit-2 at Bhuj

Astron Paper & Board Mill will temporary shutdown Unit-2 located at Bhuj in the state of Gujarat from mid night i.e of April 24, 2019 to May 15, 2019 due to capacity expansion/modernization of plant. 

Astron Paper & Board Mill is engaged in the manufacturing of kraft paper (paperboard or cardboard). It comes up with the eco-friendly concept and working towards goal of converting waste in to wealth.

 

24-Apr-2019

Future Retail raises Rs 2,000 crore through issue of warrants

Future Retail has raised nearly Rs 2,000 crore through issue of warrants to its promoter group entity on a preferential basis.

The committee of directors of the company has inter-alia considered and allotted 3,96,03,960 equity warrants at a price of Rs 505 per warrant, each convertible into or exchangeable for one equity share of face value of Rs 2 each to Future Coupons, a promoter group entity, on preferential basis. The allotment has been made post receipt of the approval of Competition Commission of India (CCI).

Future Retail offers food and grocery categories, fresh fruits and vegetables, meat and poultry, dairy products, staples, FMCG and processed foods, electronics and appliances, clothing and footwear, furniture and furnishing, and other household articles.

 

24-Apr-2019

DSIR recognizes Sakar Healthcare’s unit

Sakar Healthcare’s in-house Research & Development unit has been recognized by Department of Scientific & Industrial Research (DSIR) operating as a part of Ministry of Science & Technology, India. The company is registered with the DSIR for the purpose of availing Customs duty exemption.

The company working over two years with specified molecules, the team of trained scientists of the company could present to the DSIR team with existing products having enhanced value additions. The approval would help to culture more of innovation at the company.

Sakar Healthcare is an Indian pharmaceutical company engaged in the manufacturing and marketing of its own pharmaceutical formulations for domestic and international markets. The company manufactures and markets pharmaceutical formulations relating to analgesics, antielminthics, anti coagulants, anti malarial, anti spasmodics, antianemics, antibiotics, anti-emetics, anti-histamines, bronchodilators, corticosteroids, cough and cold preparations, multivitamins, etc.

 

24-Apr-2019

Power Grid selects Siemens to modernize India’s oldest HVDC link

Power Grid Corporation of India has selected Siemens to modernize the country’s first and oldest high voltage direct current (HVDC) link, Vindhyachal. This will be the first Siemens HVDC modernization project in India. The key components for the upgrade will be delivered from the Indian facility in Goa.

Located in Madhya Pradesh, the 500-megawatt HVDC back-to-back system was put into operation in 1989 to interconnect the asynchronous 400-kilovolt alternating current networks of the Northern and Western regions. By installing its latest HVDC components Siemens will extend the useful life of the system.

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.

 

24-Apr-2019

USFDA retains OAI status for Indoco’s Goa Plant

The United States Food and Drug Administration (USFDA) has retained the Official Action Indicated (OAI) status for Goa Plant – I (Finished Dosages Facility) of Indoco Remedies. The facility was inspected by the USFDA in January 2019. The plant currently supplies against one approved ANDA and has four ANDAs pending for approval.

Indoco Remedies is engaged in the manufacturing and marketing of formulations (finished dosage forms) and active pharmaceutical ingredients (APIs) in India.

 

24-Apr-2019

HPL Electric issues Commercial Papers worth Rs 60 crore

HPL Electric & Power has issued Commercial Papers (CPs) of Rs 60 crore on April 24, 2019 for 90 days and having maturity date on July 23, 2019. The CPs has a coupon rate of 8.85% per annum.

HPL Electric & Power is an electric equipment manufacturing company engaged in the business of manufacture and sell electric equipments including, metering solutions, switchgears, lighting equipment and wires and cables under the HPL brand.

 

24-Apr-2019

USFDA concludes audit at Jeevan Scientific Technology’s Hyderabad centre

United States Food and Drug Administration (USFDA) has concluded the audit at Jeevan Scientific Technology’s clinical pharmacology centre, Hyderabad. The auditors started the review on April 15, 2019 and completed on April 24, 2019. The audit is completed with NIL Observation (i.e. zero 483 observation), signifying that best practices were followed, in compliance to applicable regulations.

Jeevan Scientific Technology provides a range of clinical research services for healthcare/pharmaceutical industries in India and internationally. Its clinical research services comprise bio-analytical, clinical data management, biostatistics and statistical programming, medical writing, pharmacovigilance, regulatory affairs, quality assurance, and project management services, as well as clinical operation and scientific writing services.

 

24-Apr-2019

Hero Cycles partners with Satin Creditcare Network towards empowering Rural India

Satin Creditcare Network has entered into a strategic partnership with Hero Cycles, a recognized global cycle maker, to provide bicycles to lower income households in Uttar Pradesh. Through this partnership, the company’s 560,000 clients across 28 districts in Western Uttar Pradesh will have access to affordable mobility through Hero cycles. Separate bicycle models have been made available for women, men, youth & children.

Both the partners are already working together in Bihar, Assam and Eastern Uttar Pradesh providing similar solutions to over 17,80,000 clients. The company and Hero Cycles already financed more than 16,000 cycle loans in a short span of one year. With expansion in Western Uttar Pradesh, this partnership would be another stepping stone to ensure mobility for all.

Satin Creditcare Network is one of the largest Microfinance Institutions (MFI) in Northern India, and is the 3rd largest MFI in the country.

 

24-Apr-2019

Maruti Suzuki launches New Alto

Maruti Suzuki has launched the New Alto, which has been India’s best-selling car for 15 consecutive years. The New Alto is with enhanced safety features and captivating design and now comes with BSVI compliant engine, nearly a year before the regulation being mandated.

The New Alto now comes with Anti-lock Braking System (ABS) and Electronic Brake Force Distribution System (EBD). ABS will help to avoid skidding by electronically controlling braking pressure. It will also help to maintain steering control when braking on slippery surfaces or when braking hard. The ABS works automatically, whenever it senses that the wheels are locking up. Other standard safety features in the New Alto include Reverse Parking Sensor, Driver Airbag, Speed Alert System and Seat Belt Reminder for both driver and co-driver. New Alto also complies with upcoming crash and pedestrian safety regulation. The BS-VI compliant engine will mean a substantial reduction, (nearly 25%) of Nitrogen Oxides (NOx), in vehicular emission.

The company’s New Alto BS VI Std (Ex-Showroom Delhi) price starts at Rs 2.94 lakh for the base Std variant, Rs 3.50 lakh for the New Alto BS VI LXI variant and Rs 3.72 lakh for the New Alto BS VI VXI variant. 

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.

 

24-Apr-2019

NIIT Technologies features as leader in NelsonHall NEAT report 2019

NIIT Technologies has been positioned as a ‘Leader’ in the Overall market segment for RPA and AI in Banking in NelsonHall NEAT report 2019.

This NelsonHall Vendor Evaluation & Assessment Tool (NEAT) analyzes the performance of 14 leading vendors offering RPA & AI services in the banking sector. The NEAT tool allows strategic sourcing managers to assess the capability of vendors across a range of criteria and business situations and identify the best performing vendors overall, and with specific capability around RPA, AI, and supporting new digital banking models.

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.

 

24-Apr-2019

Infosys Finacle features as leader in first IDC MarketScape

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, has been positioned as a leader in the first IDC MarketScape: Worldwide End-to-End Corporate Banking Solution Providers 2019 Vendor Assessment.

The report assesses the capabilities and strategies of seven leading corporate banking solutions powering the digital transformations of corporate banking organizations.

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.

 

24-Apr-2019

Tata Global Beverages to acquire branded tea business of Dhunseri Tea

Tata Global Beverages has entered into a non-binding term sheet to acquire the branded tea business of Dhunseri Tea & Industries, for an aggregate consideration of up to Rs 101 crore. The branded tea business of Dhunseri Tea and Industries is presently carried out under the brands ‘Lalghoda’ and ‘Kalaghoda’ which are among the leading local brands in Rajasthan, a market which is dominated by local players.

The proposed acquisition shall be subject to due-diligence, signing of definitive binding agreements and applicable shareholder, statutory/ regulatory and other third-party approvals, as may be applicable.

Tata Global Beverages is a global beverage business with a brand presence in over 40 countries. The company has significant interests in tea, coffee and water and is the world’s second largest tea company.

 

24-Apr-2019

NBCC inks agreements with Government of Republic of Mauritius

NBCC (India) has signed agreements with Government of Republic of Mauritius for Project Management Consultancy for Construction of Mauritius Police Academy (MPA), Forensic Science Laboratory (FSL) and National Library & National Achieves (NA&NL) at Mauritius.

The company secured order of Lot -1 MPA, Lot-2 FSL, Lot-3 NA&NL through competitive bids invited by Government of Mauritius. Exim Bank of India is funding these Projects under GoI Line of Credit. The approximate cost of the Projects is $44 million with PMC fees of $18,07,256 for all the three lots.

NBCC (India) is one of the few public sector companies engaged in the business of project management consultancy services for civil construction projects (PMC), civil infrastructure for power sector and real estate development.

 

24-Apr-2019

Hitachi launches new range of Smart and Expandable Inverter AC

Johnson Controls-Hitachi Air Conditioning India has launched latest range of energy-efficient and expandable Inverter AC solutions in the capital. With the launch of its all new range of most energy-efficient and environmentally friendly air conditioning solutions, the organization aims to bring about a revolution in Indian AC industry and to become India’s leading HVAC brand.

Hitachi’s innovative range of Inverter air conditioning solutions are eco-friendly products, which are designed for optimum cooling comfort with optimum energy efficiency. Hitachi Expandable Inverter ACs have been designed to provide maximum comfort even at 52 degree Celsius ambient conditions of the Northern Plains or the hot humidity of the Coastal Areas.

Johnson Controls-Hitachi Air Conditioning is engaged in manufacturing a range of electronic home solutions.The product range of the company includes window ACs, split AC, tower and packaged air conditioners, 2- and 3-door refrigerators &fully automatic machines.

 

24-Apr-2019

Embassy Office Parks REIT gets nod to raise funds via NCDs

Embassy Office Parks REIT has received approval for the issuance of rupee denominated, listed, rated, secured, redeemable, Non-Convertible Debentures (NCDs) by the Embassy Office Parks REIT on a private placement basis for an aggregate amount of Rs 3,650 crore split into Two Tranches i.e. Tranche A and Tranche B wherein Tranche A shall be for an aggregate amount of Rs 3,000 crore and Tranche B shall be for an aggregate amount of Rs 650 crore.

The Debenture Committee of the Board of Directors of Embassy Office Parks Management Services, Investment Manager of Embassy Office Parks REIT at its meeting held on April 23, 2019 has approved the same.

 

24-Apr-2019

Majesco signs agreement with Foresters Friendly Society

Majesco has signed an agreement with Foresters Friendly Society to deliver full, end-to-end policy lifecycle support for their digital strategy. The Society will implement Majesco’s SaaS solutions, including Life AdminPlus, Life DistributionPlus, and Life IllustratePlus, to meet their strategic business objectives.

Foresters Friendly Society chose Majesco for its end-to-end capabilities that will equip the Society with future proofed technology that enhance its digital capability to meet the emerging challenges it faces in a dynamic marketplace. The company will deliver a digitally compliant journey for all Foresters Friendly Society members.

Majesco enables insurance business transformation for approximately 150 insurance customers by providing solutions which include software, consulting and services.

 

24-Apr-2019

Sasken Technologies to buyback 11.68% stake for Rs 169.88 crore

Sasken Technologies has received approval to Buy-back up to 19,98,678 fully paid up Equity Shares of the Company having face value of Rs 10 each representing 11.68% of the total number of equity shares of the Company at a price not exceeding Rs 850 per Equity Share payable in cash for a total consideration not exceeding Rs 169.88 crore which is 24.96% and 25.00% of the total paid-up equity capital and free reserves. The Board of Directors of the Company at its meeting held on April 23, 2019 has approved the same.

Sasken Technologies offers a range of services in areas of research & development consultancy, wireless software products and software services, and works with network OEMs, semiconductor vendors, terminal device OEMs and operators across the world.

 

24-Apr-2019

Dhunseri Tea to sell its branded tea business for Rs 101 crore

Dhunseri Tea & Industries has received board’s approval to enter into a non-binding term sheet to sell its branded tea business presently undertaken under the brands ‘LALGHORA’ and ‘KALAGHORA’ for an aggregate consideration of Rs 101 crore. The Board of Directors of the Company at its meeting held on April 23, 2019 has approved the same.

The proposed sale shall be subject to due-diligence by the buyer including definitive binding agreements and applicable statutory / regulatory approvals.

Dhunseri Tea and Industries is engaged in tea production. It provides packaging and blending units are located in Dhunseri Tea Estate (Assam) and at Jaipur (Rajasthan).

 

24-Apr-2019

SML ISUZU launches two new vehicles

SML ISUZU has launched two new vehicles – Sartaj 5252 XM (CNG) Truck and Ambulance in the domestic market.

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

 

24-Apr-2019

SEBI imposes fine of Rs 30 lakh on Geojit Financial Services

Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 30 lakh on Geojit Financial Services for various violations of stock broker norms. The regulator had conducted an inspection of the books of accounts and other records of the company. The inspection period was financial years 2013-14 and 2014-15.

According to the regulator, the company was also not settling client accounts with balances less than Rs 1,000 in the seven quarters, where the total amount not settled during the quarter ranged from around Rs 43.87 lakh to Rs 83.06 lakh. The number of such clients ranged from 38,039 to 52,146.

Geojit Financial Services offers complete spectrum of financial services including online broking for equities, derivatives and currency futures, custody accounts, financial products distribution, portfolio management services, margin funding, etc.

 

24-Apr-2019

Tiger Logistics secures project from Chittaranjan Locomotive Works

Tiger Logistics (India) has bagged Government Project of Chittaranjan Locomotive Works (Indian Railways) which will help in the enhancement of branding and increment in the sales figure of the company.

Above government project is in addition to other government projects which the company has handled in the previous year such as Bank Note Paper Mill India, Hindustan Insecticides (HIL), Airports Authority of India (AAI), Hindustan Aeronautics (HAL) etc.

Tiger Logistics is a leading Third-party logistics player with specialization in International Logistics handling import and export of Cargos and Projects.

 

24-Apr-2019

Indiabulls Real Estate reports 95% fall in Q4 consolidated net profit

Indiabulls Real Estate has reported results for the fourth quarter and year ended March 31, 2019. 

The company has reported a net profit of Rs 126.93 crore for the quarter ended March 31, 2019 as against net loss of Rs 7.16 crore for the same quarter in the previous year. Total income of the company Jump around 3-fold at Rs 284.87 crore for quarter under review as compared to Rs 84.53 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported fall of 95.02% in its net profit at Rs 108.61 crore for the quarter ended March 31, 2019 as compared to Rs 2181.21  crore for the corresponding quarter in the FY18. Total consolidated income of the company decreased by 37.10% at Rs 2040.61 crore for quarter under review as compared to Rs 3244.25 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted its net profit at Rs 106.01 crore as against net loss of Rs 19.75 crore for the previous year. Total income of company increased 44.76% at Rs 554.72 crore for year under review as compared to Rs 383.21 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted fall of 78.63% in its net profit at Rs 504.32 crore as compared to Rs 2359.56 crore for the previous year. However, total income of company increased by 10.38% at Rs 5222.93 crore for year under review as compared to Rs 4731.84 crore for year ended March 31, 2018.

 

24-Apr-2019

Siemens to upgrade India’s oldest HVDC link

Power Grid Corporation of India has chosen Siemens to modernize the country’s first and oldest high voltage direct current (HVDC) link, Vindhyachal. Located in Madhya Pradesh, the 500-megawatt HVDC back-to-back system was put into operation in 1989 to interconnect the asynchronous 400-kilovolt alternating current networks of the Northern and Western regions. By installing its latest HVDC components Siemens will extend the useful life of the system.

This will be the first Siemens HVDC modernization project in India. The key components for the upgrade will be delivered from the Indian facility in Goa.

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

 

24-Apr-2019

IndiGo revamps its inflight offerings with addition of 30 new products

InterGlobe Aviation (IndiGo) has revamped its inflight offerings with the addition of 30 new products, effective from April 23, 2019. In addition to these products, there will be many more offerings at the on-ground AVA stores. 6E flyers will also be able to buy the ‘deal of the month’ where they can purchase unique products at heavy discounts. For instance, the current deal of the month is 55% off on Detel 55′ UHD-LED Television, offering savings worth Rs 44,000.

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

 

24-Apr-2019

Infosys partners with Huawei Cloud

Infosys has entered into partnership with Huawei Cloud to jointly develop solutions around cloud computing services for business organisations. As part of the agreement, Infosys will join the Huawei Cloud Partner Network (HCPN) and the two companies will develop new cloud solutions leveraging Huawei Cloud and Infosys products and services to help customers securely adopt cloud-based systems for their enterprise workloads.

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.

 

24-Apr-2019

Airtel, Zee bring best of Indian theatre to TV screen

Airtel Digital TV, the DTH arm of Bharti Airtel, and Zee Theatre, the popular theatre segment of Zee Entertainment Enterprises, have launched ‘Spotlight’ – a video on demand channel that will air the best of Indian plays by popular theatre groups from across the country.

With this, Airtel’s Digital TV platform with its strong customer base, will offer Indian theatre a wider market reach in India as customers watch their favourite plays from the biggest playwrights come alive right in their homes.

Viewers can watch over 100 plays in Hindi, Marathi, Gujarati, Bengali and English, across a wide variety of genre, ranging from classic, to thriller, to comedy which will be brought to life by renowned artists such as Varun Badola, Sonali Kulkarni, Ira Dubey and Vikram Gokhale. Some of the popular plays that will be available to customers on the new channel are Choker Bali, Ma Retire Hoti Hai, Vaastav, Sakubai and Janpath Kiss.

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

 

24-Apr-2019

Softbank looking to make $2-3 billion investment in Reliance’s telecom arm: Reports

Japan’s Softbank is reportedly looking to make a $2-3 billion investment in Reliance Industries’ (RIL) telecom arm — Reliance Jio Infocomm (Jio) as billionaire Mukesh Ambani looks to deleverage business by selling stakes. This comes on the back of reports of Saudi giant Aramco in discussions to buy a 25 percent stake in Reliance Industries’ refining and petrochemical business for $10-15 billion.

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.

 

24-Apr-2019

HDFC gets RBI’s nod for acquiring 9.9% stake in Bandhan Bank

Housing Development Finance Corporation (HDFC) has received approval from Reserve Bank of India (RBI) for acquiring up to 9.9 per cent stake in Bandhan Bank upon the effective date of scheme of amalgamation following the Gruh Finance deal. The scheme remains subject to approvals from the National Company Law Tribunal and the respective shareholders of Gruh Finance and Bandhan Bank.

The Gruh Finance deal will reduce stake of Bandhan Financial Holdings in Bandhan Bank to about 61 per cent from the current 82 per cent. The share swap ratio for the merger will be 568 shares of Bandhan Bank for every 1,000 shares of Gruh Finance.

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.

 

24-Apr-2019

ICICI Prudential MF declares dividend under Medium Term Bond Fund

ICICI Prudential Mutual Fund (MF) has declared dividend under ICICI Prudential Medium Term Bond Fund. The record date for the same is April 29, 2019.

The quantum of dividend on the face value of Rs 10 per unit will be Rs 0.1601 under Quarterly Dividend, Rs 0.1578 under Plan B – Quarterly Dividend, and Rs 0.1876 under direct plan – Quarterly Dividend.

 

24-Apr-2019

ICICI Prudential MF declares dividend under All Seasons Bond Fund

ICICI Prudential Mutual Fund (MF) has declared dividend under ICICI Prudential All Seasons Bond Fund. The record date for the same is April 29, 2019.

The quantum of dividend on the face value of Rs 10 per unit will be Rs 0.1934 under Quarterly Dividend, Rs 0.1959 under Retail – Quarterly Dividend, and Rs 0.2156 under direct plan – Quarterly Dividend.

 

24-Apr-2019

Govt may raise import duty on wheat to 40%

In order to rule out any possibility of cheaper imports amid the harvesting of the new crop, the government may raise the import duty on wheat to 40% from the current 30%. The import duty increase will force flour millers to buy wheat from FCI, which is set to offload stocks rather than source the grain from other countries.

After the proposal of increase in import duty on wheat to 40% approved by a panel of secretaries, the Election Commission (EC) is likely to clear the same soon. The Centre is expecting to buy 38-40 million tonne (MT) of wheat this year, after which the stock with FCI may reach to about 58 million tonne by end of May.

India had imported 5.75 MT of wheat in FY2016-17, against 518,000 tonne in 2015-16. The wheat import was 1.2 MT during 2017-18, while the increase in duty last year helped the country to check any import in 2018-19. India’s wheat production is estimated at record 99.12 MT in 2018-19 crop year (July-June).

 

24-Apr-2019

ICICI Pru MF introduces Fixed Maturity Plan-Series 86-1099 Days Plan B

ICICI Prudential Mutual Fund (MF) has launched the ICICI Prudential Fixed Maturity Plan-Series 86-1099 Days Plan B, a close ended debt scheme. The NFO opens for subscription on April 24, 2019 and closes on April 30, 2019. No Entry load and Exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Rs 10 thereafter.

The scheme’s performance will be benchmarked against Crisil Short Term Bond Fund Index and its fund managers are Rahul Goswami and Rohan Maru.

The investment objective of the scheme is to generate income by investing in a portfolio of fixed income securities/debt instruments maturing on or before the maturity of the Scheme.

 

24-Apr-2019

ITI MF introduces Liquid Fund

ITI Mutual Fund (MF) has launched the ITI Liquid Fund, an open ended liquid scheme. The NFO opens and closes for subscription on April 24, 2019. No Entry load and Exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Re 1 thereafter.

The scheme’s performance will be benchmarked against CRISIL Liquid Fund Index and its fund managers are Milan Mody and George Heber Joseph.

The investment objective of the scheme is to provide reasonable returns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities.

 

24-Apr-2019

Maruti Suzuki launches New Alto

Maruti Suzuki has launched the New Alto, which has been India’s best-selling car for 15 consecutive years. The New Alto is with enhanced safety features and captivating design and now comes with BSVI compliant engine, nearly a year before the regulation being mandated.

The New Alto now comes with Anti-lock Braking System (ABS) and Electronic Brake Force Distribution System (EBD). ABS will help to avoid skidding by electronically controlling braking pressure. It will also help to maintain steering control when braking on slippery surfaces or when braking hard. The ABS works automatically, whenever it senses that the wheels are locking up. Other standard safety features in the New Alto include Reverse Parking Sensor, Driver Airbag, Speed Alert System and Seat Belt Reminder for both driver and co-driver. New Alto also complies with upcoming crash and pedestrian safety regulation. The BS-VI compliant engine will mean a substantial reduction, (nearly 25%) of Nitrogen Oxides (NOx), in vehicular emission.

The company’s New Alto BS VI Std (Ex-Showroom Delhi) price starts at Rs 2.94 lakh for the base Std variant, Rs 3.50 lakh for the New Alto BS VI LXI variant and Rs 3.72 lakh for the New Alto BS VI VXI variant. 

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.

 

24-Apr-2019

Hitachi launches new range of Smart and Expandable Inverter AC

Johnson Controls-Hitachi Air Conditioning India has launched latest range of energy-efficient and expandable Inverter AC solutions in the capital. With the launch of its all new range of most energy-efficient and environmentally friendly air conditioning solutions, the organization aims to bring about a revolution in Indian AC industry and to become India’s leading HVAC brand.

Hitachi’s innovative range of Inverter air conditioning solutions are eco-friendly products, which are designed for optimum cooling comfort with optimum energy efficiency. Hitachi Expandable Inverter ACs have been designed to provide maximum comfort even at 52 degree Celsius ambient conditions of the Northern Plains or the hot humidity of the Coastal Areas.

Johnson Controls-Hitachi Air Conditioning is engaged in manufacturing a range of electronic home solutions.The product range of the company includes window ACs, split AC, tower and packaged air conditioners, 2- and 3-door refrigerators &fully automatic machines.

 

24-Apr-2019

Embassy Office Parks REIT gets nod to raise funds via NCDs

Embassy Office Parks REIT has received approval for the issuance of rupee denominated, listed, rated, secured, redeemable, Non-Convertible Debentures (NCDs) by the Embassy Office Parks REIT on a private placement basis for an aggregate amount of Rs 3,650 crore split into Two Tranches i.e. Tranche A and Tranche B wherein Tranche A shall be for an aggregate amount of Rs 3,000 crore and Tranche B shall be for an aggregate amount of Rs 650 crore.

The Debenture Committee of the Board of Directors of Embassy Office Parks Management Services, Investment Manager of Embassy Office Parks REIT at its meeting held on April 23, 2019 has approved the same.

 

24-Apr-2019

Majesco signs agreement with Foresters Friendly Society

Majesco has signed an agreement with Foresters Friendly Society to deliver full, end-to-end policy lifecycle support for their digital strategy. The Society will implement Majesco’s SaaS solutions, including Life AdminPlus, Life DistributionPlus, and Life IllustratePlus, to meet their strategic business objectives.

Foresters Friendly Society chose Majesco for its end-to-end capabilities that will equip the Society with future proofed technology that enhance its digital capability to meet the emerging challenges it faces in a dynamic marketplace. The company will deliver a digitally compliant journey for all Foresters Friendly Society members.

Majesco enables insurance business transformation for approximately 150 insurance customers by providing solutions which include software, consulting and services.

 

24-Apr-2019

Sasken Technologies to buyback 11.68% stake for Rs 169.88 crore

Sasken Technologies has received approval to Buy-back up to 19,98,678 fully paid up Equity Shares of the Company having face value of Rs 10 each representing 11.68% of the total number of equity shares of the Company at a price not exceeding Rs 850 per Equity Share payable in cash for a total consideration not exceeding Rs 169.88 crore which is 24.96% and 25.00% of the total paid-up equity capital and free reserves. The Board of Directors of the Company at its meeting held on April 23, 2019 has approved the same.

Sasken Technologies offers a range of services in areas of research & development consultancy, wireless software products and software services, and works with network OEMs, semiconductor vendors, terminal device OEMs and operators across the world.

 

24-Apr-2019

SML ISUZU launches two new vehicles

SML ISUZU has launched two new vehicles – Sartaj 5252 XM (CNG) Truck and Ambulance in the domestic market.

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

 

24-Apr-2019

SEBI imposes fine of Rs 30 lakh on Geojit Financial Services

Securities and Exchange Board of India (SEBI) has imposed a fine of Rs 30 lakh on Geojit Financial Services for various violations of stock broker norms. The regulator had conducted an inspection of the books of accounts and other records of the company. The inspection period was financial years 2013-14 and 2014-15.

According to the regulator, the company was also not settling client accounts with balances less than Rs 1,000 in the seven quarters, where the total amount not settled during the quarter ranged from around Rs 43.87 lakh to Rs 83.06 lakh. The number of such clients ranged from 38,039 to 52,146.

Geojit Financial Services offers complete spectrum of financial services including online broking for equities, derivatives and currency futures, custody accounts, financial products distribution, portfolio management services, margin funding, etc.

 

24-Apr-2019

Hero Cycles partners with Satin Creditcare Network towards empowering Rural India

Satin Creditcare Network has entered into a strategic partnership with Hero Cycles, a recognized global cycle maker, to provide bicycles to lower income households in Uttar Pradesh. Through this partnership, the company’s 560,000 clients across 28 districts in Western Uttar Pradesh will have access to affordable mobility through Hero cycles. Separate bicycle models have been made available for women, men, youth & children.

Both the partners are already working together in Bihar, Assam and Eastern Uttar Pradesh providing similar solutions to over 17,80,000 clients. The company and Hero Cycles already financed more than 16,000 cycle loans in a short span of one year. With expansion in Western Uttar Pradesh, this partnership would be another stepping stone to ensure mobility for all.

Satin Creditcare Network is one of the largest Microfinance Institutions (MFI) in Northern India, and is the 3rd largest MFI in the country.

 

24-Apr-2019

NIIT Technologies features as leader in NelsonHall NEAT report 2019

NIIT Technologies has been positioned as a ‘Leader’ in the Overall market segment for RPA and AI in Banking in NelsonHall NEAT report 2019.

This NelsonHall Vendor Evaluation & Assessment Tool (NEAT) analyzes the performance of 14 leading vendors offering RPA & AI services in the banking sector. The NEAT tool allows strategic sourcing managers to assess the capability of vendors across a range of criteria and business situations and identify the best performing vendors overall, and with specific capability around RPA, AI, and supporting new digital banking models.

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.

 

24-Apr-2019

Infosys Finacle features as leader in first IDC MarketScape

Infosys Finacle, part of EdgeVerve Systems, a wholly-owned subsidiary of Infosys, has been positioned as a leader in the first IDC MarketScape: Worldwide End-to-End Corporate Banking Solution Providers 2019 Vendor Assessment.

The report assesses the capabilities and strategies of seven leading corporate banking solutions powering the digital transformations of corporate banking organizations.

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.

 

24-Apr-2019

Tata Global Beverages to acquire branded tea business of Dhunseri Tea

Tata Global Beverages has entered into a non-binding term sheet to acquire the branded tea business of Dhunseri Tea & Industries, for an aggregate consideration of up to Rs 101 crore. The branded tea business of Dhunseri Tea and Industries is presently carried out under the brands ‘Lalghoda’ and ‘Kalaghoda’ which are among the leading local brands in Rajasthan, a market which is dominated by local players.

The proposed acquisition shall be subject to due-diligence, signing of definitive binding agreements and applicable shareholder, statutory/ regulatory and other third-party approvals, as may be applicable.

Tata Global Beverages is a global beverage business with a brand presence in over 40 countries. The company has significant interests in tea, coffee and water and is the world’s second largest tea company.

 

24-Apr-2019

NBCC inks agreements with Government of Republic of Mauritius

NBCC (India) has signed agreements with Government of Republic of Mauritius for Project Management Consultancy for Construction of Mauritius Police Academy (MPA), Forensic Science Laboratory (FSL) and National Library & National Achieves (NA&NL) at Mauritius.

The company secured order of Lot -1 MPA, Lot-2 FSL, Lot-3 NA&NL through competitive bids invited by Government of Mauritius. Exim Bank of India is funding these Projects under GoI Line of Credit. The approximate cost of the Projects is $44 million with PMC fees of $18,07,256 for all the three lots.

NBCC (India) is one of the few public sector companies engaged in the business of project management consultancy services for civil construction projects (PMC), civil infrastructure for power sector and real estate development.

 

24-Apr-2019

Dhunseri Tea to sell its branded tea business for Rs 101 crore

Dhunseri Tea & Industries has received board’s approval to enter into a non-binding term sheet to sell its branded tea business presently undertaken under the brands ‘LALGHORA’ and ‘KALAGHORA’ for an aggregate consideration of Rs 101 crore. The Board of Directors of the Company at its meeting held on April 23, 2019 has approved the same.

The proposed sale shall be subject to due-diligence by the buyer including definitive binding agreements and applicable statutory / regulatory approvals.

Dhunseri Tea and Industries is engaged in tea production. It provides packaging and blending units are located in Dhunseri Tea Estate (Assam) and at Jaipur (Rajasthan).

 

24-Apr-2019

Tiger Logistics secures project from Chittaranjan Locomotive Works

Tiger Logistics (India) has bagged Government Project of Chittaranjan Locomotive Works (Indian Railways) which will help in the enhancement of branding and increment in the sales figure of the company.

Above government project is in addition to other government projects which the company has handled in the previous year such as Bank Note Paper Mill India, Hindustan Insecticides (HIL), Airports Authority of India (AAI), Hindustan Aeronautics (HAL) etc.

Tiger Logistics is a leading Third-party logistics player with specialization in International Logistics handling import and export of Cargos and Projects.

 

24-Apr-2019

Tata Elxsi reports marginal rise in Q4 net profit

Tata Elxsi has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a marginal rise of 1.42% in its net profit at Rs 71.29 crore for the quarter under review as compared to Rs 70.29 crore for the same quarter in the previous year. Total income of the company increased by 6.35% at Rs 420.09 crore for Q4FY19 as compared Rs 395.00 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 20.80% in its net profit at Rs 289.97 crore as compared to Rs 240.04 crore for the previous year. Total income of the company increased by 14.75% at Rs 1,640.39 crore for year under review as compared to Rs 1,429.54 crore for year ended March 31, 2018.

 

24-Apr-2019

Infosys features as leader in Gartner’s Magic Quadrant

Infosys has been positioned a Leader in Gartner’s Magic Quadrant for Public Cloud Infrastructure Professional and Managed Services, Worldwide. According to Gartner, Leaders have a track record of successful delivery of high-quality professional and managed services that thoughtfully exploit the capabilities of the cloud platform. They are well-positioned to continue delivering leading-edge services in the future.

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.

 

24-Apr-2019

Wall Street Finance launches mobile app for agent partners

Wall Street Finance has launched ‘WSFX Smart Agent’ mobile app, for the company’s agent partners. The agent platform along with Smart Agent app will provide a comprehensive digital solution for agent partners to manage their forex referral business in an efficient and seamless manner. Through the app agent can refer leads, track order status, monitor his commissions, take pricing decisions etc.

Wall Street Finance is a leader in foreign exchange and money remittance services in the country and has been upgraded to the status of Authorized Dealer Forex-II by the Reserve Bank of India.

 

24-Apr-2019

Ultratech Cement reports over 2-fold jump in Q4 consolidated net profit

Ultratech Cement has reported results for fourth quarter and year ended March 31, 2019.

The company has reported 2-fold jump in its net profit at Rs 1,017.47 crore for the quarter under review as compared to Rs 487.95 crore for the same quarter in the previous year. Total income of the company increased by 18.45% at Rs 10,640.41 crore for Q4FY19 as compared Rs 8,982.78 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported over 2-fold jump in its net profit at Rs 1,034.21 crore for the quarter under review as compared to Rs 446.13 crore for the same quarter in the previous year. Total income of the company increased by 17.34% at Rs 11,031.27 crore for Q4FY19 as compared Rs 9,401.49 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 10.06% in its net profit at Rs 2,455.72 crore as compared to Rs 2,231.28 crore for the previous year. Total income of the company increased by 17.26% at Rs 36,174.95 crore for year under review as compared to Rs 30,851.30 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a rise of 9.31% in its net profit at Rs 2,431.59 crore as compared to Rs 2,224.46 crore for the previous year. Total income of the company increased by 16.50% at Rs 37,817.27 crore for year under review as compared to Rs 32,461.02 crore for year ended March 31, 2018.

 

24-Apr-2019

Astron Paper to temporary shutdown Unit-2 at Bhuj

Astron Paper & Board Mill will temporary shutdown Unit-2 located at Bhuj in the state of Gujarat from mid night i.e of April 24, 2019 to May 15, 2019 due to capacity expansion/modernization of plant. 

Astron Paper & Board Mill is engaged in the manufacturing of kraft paper (paperboard or cardboard). It comes up with the eco-friendly concept and working towards goal of converting waste in to wealth.

 

24-Apr-2019

Future Retail raises Rs 2,000 crore through issue of warrants

Future Retail has raised nearly Rs 2,000 crore through issue of warrants to its promoter group entity on a preferential basis.

The committee of directors of the company has inter-alia considered and allotted 3,96,03,960 equity warrants at a price of Rs 505 per warrant, each convertible into or exchangeable for one equity share of face value of Rs 2 each to Future Coupons, a promoter group entity, on preferential basis. The allotment has been made post receipt of the approval of Competition Commission of India (CCI).

Future Retail offers food and grocery categories, fresh fruits and vegetables, meat and poultry, dairy products, staples, FMCG and processed foods, electronics and appliances, clothing and footwear, furniture and furnishing, and other household articles.

 

24-Apr-2019

HPL Electric issues Commercial Papers worth Rs 60 crore

HPL Electric & Power has issued Commercial Papers (CPs) of Rs 60 crore on April 24, 2019 for 90 days and having maturity date on July 23, 2019. The CPs has a coupon rate of 8.85% per annum.

HPL Electric & Power is an electric equipment manufacturing company engaged in the business of manufacture and sell electric equipments including, metering solutions, switchgears, lighting equipment and wires and cables under the HPL brand.

 

24-Apr-2019

USFDA concludes audit at Jeevan Scientific Technology’s Hyderabad centre

United States Food and Drug Administration (USFDA) has concluded the audit at Jeevan Scientific Technology’s clinical pharmacology centre, Hyderabad. The auditors started the review on April 15, 2019 and completed on April 24, 2019. The audit is completed with NIL Observation (i.e. zero 483 observation), signifying that best practices were followed, in compliance to applicable regulations.

Jeevan Scientific Technology provides a range of clinical research services for healthcare/pharmaceutical industries in India and internationally. Its clinical research services comprise bio-analytical, clinical data management, biostatistics and statistical programming, medical writing, pharmacovigilance, regulatory affairs, quality assurance, and project management services, as well as clinical operation and scientific writing services.

 

24-Apr-2019

SEBI bars Hotel Leelaventure from selling properties to Brookfield

The Securities and Exchange Board of India (SEBI) has barred Hotel Leelaventure from selling its four hotels and other assets to Canadian investment fund Brookfield Asset Management.

On March 18, Hotel Leelaventure had announced sale of its four hotels located in Bengaluru, Chennai, Delhi and Udaipur, and a property to Canadian investment fund Brookfield for Rs 3,950 crore. It has sought shareholders’ approval and voting is scheduled to end on April 24.

Hotel Leelaventure is an India-based holding company, which is engaged in hoteliering business. The company is engaged in providing accommodation and food services, and food and beverage services.

 

24-Apr-2019

ACC reports 38% rise in Q1 consolidated net profit

ACC has reported results for first quarter ended March 31, 2019.

The company has reported a rise of 38.07% in its net profit of Rs 338.42 crore for the quarter under review as compared to Rs 245.10 crore for the same quarter in the previous year. Total income of the company increased by 10.90% at Rs 4,071.58 crore for March quarter as compared Rs 3,671.40 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a rise of 38.19% in its net profit of Rs 346.02 crore for the quarter under review as compared to Rs 250.39 crore for the same quarter in the previous year. Total income of the company increased by 11% at Rs 4,075.71 crore for March quarter as compared Rs 3,671.95 crore for the corresponding quarter previous year.

 

24-Apr-2019

Sterlite Technologies reports 37% rise in Q4 consolidated net profit

Sterlite Technologies has reported results for the fourth quarter and year ended March 31, 2019. 

The company has reported a rise of 95.38% in its net profit at Rs 193.04 crore for the quarter ended March 31, 2019 as compared to Rs 98.80 crore for the same quarter in the previous year. Total income of the company jump around 2-fold at Rs 1800.93 crore for quarter under review as compared to Rs 785.16 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported rise of 36.93% in its net profit at Rs 163.17 crore for the quarter ended March 31, 2019 as compared to Rs 119.16 crore for the corresponding quarter in the FY18. Total consolidated income of the company reported 2-fold jump at Rs 1804.36 crore for quarter under review as compared to Rs 863.81 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a 2-fold jump in its net profit at Rs 535.23 crore as compared to Rs 254.68 crore for the previous year. Total income of company increased 67.11% at Rs 4897.47 crore for year under review as compared to Rs 2930.60 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 58.68% in its net profit at Rs 577.79 crore as compared to Rs 364.13 crore for the previous year. Total income of company increased by 57.92% at Rs 5124.12 crore for year under review as compared to Rs 3244.76 crore for year ended March 31, 2018.

 

24-Apr-2019

Hexaware Technologies reports 3% rise in Q1 consolidated net profit

Hexaware Technologies has reported results for the first quarter ended March 31, 2019. 

The company has reported a rise of 25.98% in its net profit at Rs 118.61 crore for the quarter ended March 31, 2019 as compared to Rs 94.15 crore for the same quarter in the previous year. Total income of the company increased by 22.08% at Rs 508.78 crore for quarter under review as compared to Rs 416.75 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported rise of 3.10% in its net profit at Rs 138.47 crore for the quarter ended March 31, 2019 as compared to Rs 134.31 crore for the corresponding quarter in the FY18. Total consolidated income of the company rose 17.82% at Rs 1259.84 crore for quarter under review as compared to Rs 1069.33 crore for the same quarter ended previous year.

 

24-Apr-2019

Indiabulls Real Estate decides to divest Century

Indiabulls Real Estate has decided to focus only on Mumbai & NCR markets and hence has decided to divest Century, the parent company that houses Hanover Square property, London. In light of continuing Brexit related issues and uncertainty around it, the London property market remains sluggish so the promoter has undertaken to buy the parent company of London asset for GBP 200 million. The company had purchased this property for GBP 161.5 million. CBRE, London has recently valued the property at GBP 189 million. Transaction is subject to approvals including the shareholders’ approval. Since it is a related party transaction, Promoter will not be participating in the voting on this item.

Net debt as on March 31, 2019 is Rs 4,590 crore. Post this transaction, net debt of the company would be below Rs 3,000 crore.

Indiabulls Real Estate is India’s third largest real estate company, with its focus on construction and development of residential, commercial and SEZ projects across major Indian metros.

 

24-Apr-2019

Tata Global Beverages’ India tea business clocks 9% volume growth in FY19

Tata Global Beverages’ India tea business has clocked 9% volume growth for the Fiscal 2019. The company has registered a 7% value growth across its brands for the full year. For the March quarter 2019 India registers a 12% volume growth and 11% value growth.

Tata Global Beverages is a global beverage business with a brand presence in over 40 countries. The company has significant interests in tea, coffee and water and is the world’s second largest tea company.

 

24-Apr-2019

USFDA classifies inspection of Lupin’s Pithampur facility as OAI

The United States Food and Drug Administration (USFDA) has classified the inspection conducted at Lupin’s Pithampur (Indore) Unit-2 facility in January 2019 as Official Action Indicated (OAI). The USFDA has stated that this facility may be subject to regulatory or administrative action and that it may withhold approval of any pending applications or supplements in which this facility is listed.

The company does not believe that this classification will have an impact on disruption of supplies or the existing revenues from operations of this facility.

The company is in the process of sending further updates of its corrective actions to the USFDA and is hopeful of a positive outcome.

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

 

24-Apr-2019

Government raises authorised capital of Allahabad Bank to Rs 8,000 crore

Government has raised authorised capital of Allahabad Bank by Rs 5,000 crore to Rs 8,000 crore. The increase in authorised capital will help enable the bank to raise further fund up to a maximum ceiling of Rs 8,000 crore.

The central government after consultation with the Reserve Bank of India has increased the authorised capital of the bank from Rs 3,000 to Rs 8,000 through Gazette Notification.

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

 

24-Apr-2019

Tata Global Beverages reports 50% fall in Q4 consolidated net profit

Tata Global Beverages has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a marginal rise of 0.19% in its net profit at Rs 53.26 crore for the quarter under review as compared to Rs 53.16 crore for the same quarter in the previous year. However, total income of the company increased by 9.73% at Rs 810.66 crore for Q4FY19 as compared Rs 738.75 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a fall of 49.71% in its consolidated net profit at Rs 35.99 crore for the quarter under review as compared to Rs 71.56 crore for the same quarter in the previous year. However, total income of the company increased by 5.63% at Rs 1,810.69 crore for Q4FY19 as compared Rs 1,714.12 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a fall of 23.09% in its net profit at Rs 410.93 crore as compared to Rs 534.32 crore for the previous year. However, total income of the company increased by 7.35% at Rs 3,612.17 crore for year under review as compared to Rs 3,364.90 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 17.88% in its consolidated net profit at Rs 456.98 crore as compared to Rs 556.50 crore for the previous year. However, total income of the company increased by 7.22% at Rs 7,408.63 crore for year under review as compared to Rs 6,909.50 crore for year ended March 31, 2018.

 

24-Apr-2019

Surya Roshni obtains order worth Rs 231.18 crore

Surya Roshni has obtained order aggregating to Rs 231.18 crore (GST Extra) for supply of API 3LPE Coated 5L Grade Pipes to Indian Oil Corporation through competitive e-bidding.

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).  

 

24-Apr-2019

Zee partners with Airtel for video on demand channel

Zee Theatre, the popular theatre segment of Zee Entertainment Enterprises and Airtel Digital TV, the DTH arm of Bharti Airtel, have launched ‘Spotlight’ – a video on demand channel that will air the best of Indian plays by popular theatre groups from across the country.

With this, Airtel’s Digital TV platform with its strong customer base, will offer Indian theatre a wider market reach in India as customers watch their favourite plays from the biggest playwrights come alive right in their homes.

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

 

24-Apr-2019

ACC registers 8% rise in net sales for Q1

ACC has reported 8.24% rise in its net sales at Rs 3,850 crore during Q1 of 2019 compared to Rs 3,557 crore for the same quarter last year. The company’s cement sales grew from 7.1 million tonnes (MT) in quarter ended March 2018 to 7.5 MT for quarter ended March 2019, registering a growth of 5.63%.

Further, Ready Mix Concrete sales was up by 18.99% at 0.94 million cubic metres for March 2019 from 0.79 million cubic metres for the same quarter previous year.

ACC is India’s foremost manufacturer of cement and ready mixed concrete with a countrywide network of factories and sales offices.

 

24-Apr-2019

V-Mart Retail opens two new stores

V-Mart Retail has opened two new stores one in the state of West Bengal and other in the state of Uttar Pradesh. This takes the total number of stores to 218 Stores in 172 Cities across 17 states and total tally of West Bengal is 13 stores and Uttar Pradesh is 86 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.

 

24-Apr-2019

ICICI Securities reports 20% fall in Q4 consolidated net profit

ICICI Securities has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a fall of 17.70% in its net profit at Rs 121.36 crore for the quarter under review as compared to Rs 147.46 crore for the same quarter in the previous year. Total income of the company decreased by 15.66% at Rs 428.42 crore for Q4FY19 as compared Rs 507.97 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a fall of 19.55% in its net profit at Rs 121.53 crore for the quarter under review as compared to Rs 151.07 crore for the same quarter in the previous year. Total income of the company decreased by 16.10% at Rs 428.31 crore for Q4FY19 as compared Rs 510.50 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a fall of 11.32% in its net profit at Rs 486.92 crore as compared to Rs 549.10 crore for the previous year. Total income of the company decreased by 7.14% at Rs 1,725.80 crore for year under review as compared to Rs 1,858.48 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 11.34% in its net profit at Rs 490.73 crore as compared to Rs 553.47 crore for the previous year. Total income of the company increased by 7.20% at Rs 1,727.02 crore for year under review as compared to Rs 1,861.01 crore for year ended March 31, 2018.

 

24-Apr-2019

Bajaj Finserv offers substantial business loan for CAs

Bajaj Finserv is offering a substantial business loan for CAs of up to Rs 35 lakh, so they can finance the purchase and installation of the latest tax software without breaking into a sweat. To diversify business and scale operations bit by bit, CAs can avail a CA loan from Bajaj Finserv as a Flexi Loan.

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

 

24-Apr-2019

ACC investing in pipeline of solutions, products including portfolio of dry mix products

ACC is investing in a pipeline of solutions and products including a portfolio of dry mix products. Besides, the company’s brand campaign ‘Karein Kuch Kamaal’ is receiving very positive response across markets and will help them build long-term brand equity.

ACC is India’s foremost manufacturer of cement and ready mixed concrete with a countrywide network of factories and sales offices.

 

24-Apr-2019

DSIR recognizes Sakar Healthcare’s unit

Sakar Healthcare’s in-house Research & Development unit has been recognized by Department of Scientific & Industrial Research (DSIR) operating as a part of Ministry of Science & Technology, India. The company is registered with the DSIR for the purpose of availing Customs duty exemption.

The company working over two years with specified molecules, the team of trained scientists of the company could present to the DSIR team with existing products having enhanced value additions. The approval would help to culture more of innovation at the company.

Sakar Healthcare is an Indian pharmaceutical company engaged in the manufacturing and marketing of its own pharmaceutical formulations for domestic and international markets. The company manufactures and markets pharmaceutical formulations relating to analgesics, antielminthics, anti coagulants, anti malarial, anti spasmodics, antianemics, antibiotics, anti-emetics, anti-histamines, bronchodilators, corticosteroids, cough and cold preparations, multivitamins, etc.

 

24-Apr-2019

Power Grid selects Siemens to modernize India’s oldest HVDC link

Power Grid Corporation of India has selected Siemens to modernize the country’s first and oldest high voltage direct current (HVDC) link, Vindhyachal. This will be the first Siemens HVDC modernization project in India. The key components for the upgrade will be delivered from the Indian facility in Goa.

Located in Madhya Pradesh, the 500-megawatt HVDC back-to-back system was put into operation in 1989 to interconnect the asynchronous 400-kilovolt alternating current networks of the Northern and Western regions. By installing its latest HVDC components Siemens will extend the useful life of the system.

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.

 

24-Apr-2019

USFDA retains OAI status for Indoco’s Goa Plant

The United States Food and Drug Administration (USFDA) has retained the Official Action Indicated (OAI) status for Goa Plant – I (Finished Dosages Facility) of Indoco Remedies. The facility was inspected by the USFDA in January 2019. The plant currently supplies against one approved ANDA and has four ANDAs pending for approval.

Indoco Remedies is engaged in the manufacturing and marketing of formulations (finished dosage forms) and active pharmaceutical ingredients (APIs) in India.

 

23-Apr-2019

Syndicate Bank enters into MoU with BEML

Syndicate Bank and BEML have signed a memorandum of understanding (MoU) for financing Earth Moving & Construction Equipment manufactured by BEML. Under the MoU, BEML will nominate Syndicate Bank as a preferred financer for financing its customers. The customers under the tie-up arrangement will be provided loans in the range of Rs 20 lakh to Rs 300 lakh and preferential pricing by Syndicate Bank. Financing Equipment of BEML will be covered under ‘SPECIAL’ scheme of the Bank.

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

 

23-Apr-2019

Kotak Mahindra Bank launches debit card-based e-mandate

Kotak Mahindra Bank has become the first lender to go live with both debit card and net banking- based electronic mandates on NPCI’s e-Mandate API platform. This capability will enable customers to create electronic mandates (similar to the erstwhile eNACH with Aadhaar + OTP) via both the debit card and net banking channels.

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

 

23-Apr-2019

Lux Industries evaluating options to complete merger of J.M. Hosiery, Ebell Fashions with itself

Lux Industries is in the process of evaluating various options to complete the merger of J.M. Hosiery & Co. and Ebell Fashions with the company and expect it to be completed as soon as possible after meeting all the regulatory requirements and processes.

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.

 

23-Apr-2019

Fineotex Chemical’s arm increases stake in its step down subsidiaries

Fineotex Chemical’s overseas subsidiary — Fineotex Malaysia (FML) incorporated in Malaysia has increased its holding in its step down subsidiaries, namely BT Chemicals, BT Siotex and Rovatex.

Post acquisition, FML’s holding in BT Chemicals increased from 67.16% to 71.92%, and the company’s holding in BT Siotex increased from 67.62% to 72.38%. Further, the company’s holding in Rovatex increased from 70.00% to 74.76%.

Fineotex Chemical is engaged in the manufacturing of Specialty Chemicals and Enzymes for various industries .The company manufactures and trade in Specialty Chemicals and Enzymes for Textile & Garment Industry, Construction Industry, Leather Industry, Water Treatment Industry, Paint Industry Agrochemicals, Adhesives and others.

 

23-Apr-2019

DoT floats draft proposal on 4G spectrum to MTNL, BSNL

The Department of Telecom (DoT) has sent a draft cabinet note on 4G spectrum allocation to Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) and implementation of voluntary retirement scheme in these companies. Comments from some of the key ministries are awaited.

Both the companies have sought spectrum for 4G services through equity infusion from the government.

MTNL was set up by the Government of India to upgrade the quality of telecom services, expand the telecom network, and introduce new services and to raise revenue for telecom development needs of India’s key metros — Delhi and Mumbai.

 

23-Apr-2019

Eros International’s Andhadhun collects over $43 million in China

Eros International Media’s parent company — Eros International Plc’s Andhadhun, an engaging thriller starring Tabu, Ayushmann Khurrana and Radhika Apte, has collected over $43 million since its initial release in China earlier this month.

Andhadhun is now the third highest grossing Indian film to be released in China. Andhadhun was released in China on April 03, 2019 and continues to enjoy a very strong box office performance. The film was originally released theatrically in India and internationally on October 05, 2018 to widespread critical acclaim. Andhadhun was produced by Viacom18 Motion Pictures and Matchbox Pictures, and distributed internationally by Eros International.

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

 

23-Apr-2019

RBL Bank, Wirecard expands partnership to promote financial inclusion in India

RBL Bank and Wirecard have expanded partnership to promote financial inclusion in India. This partnership will make digital payment and banking transactions more readily accessible to all Indian citizens, including those living in remote areas.

In partnership with RBL, Wirecard will empower its retail agents, who serve as customer service representatives in various areas across the country, to enable the financially underserved to access basic payment and banking services. These include cash withdrawals and deposits as well as balance enquiries.

RBL Bank operates as a scheduled commercial bank. The bank offers its services under the five business verticals including corporate and institutional banking, commercial banking, retail banking, agri and development banking and financial markets. The bank was founded in 1943 and is based in Kolhapur, Maharashtra. 

 

23-Apr-2019

Xchanging Solutions to reduce stake in subsidiary company

Xchanging Solutions has received Board’s approval for the reduction of share capital of Xchanging Solutions (Europe) (XSEL), wholly owned subsidiary from Pound sterling 2,664,278 divided into 2,664,278 shares of Pound sterling 1 each, to Pound sterling 1 divided into 1 share of Pound sterling 1 each and that the amount of the reduction be credited to the distributable reserves of the XSEL.

Xchanging Solutions is engaged in business process outsourcing and information technology services.

 

23-Apr-2019

Tata Power’s arm inks binding agreement to sell its 32 MW wind assets in Maharashtra

Tata Power Company’s wholly-owned subsidiary — Tata Power Renewable Energy Limited (TPREL) has signed a binding agreement to sell its 32 MW operating wind assets located in Satara, in the state of Maharashtra. The power from these assets is currently tied up with Tata Power Company – Distribution (TPC-D) under a long-term power purchase agreement.

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.

 

23-Apr-2019

Meera Industries secures order worth Rs 1.68 crore from Creative Textile

Meera Industries has secured prestigious order worth Rs 1.68 crore from Creative Textile for Carpet Cabler / Twister Machine. The company’s Cabler / Twister will be used to produce premium quality carpet yarn for wall to wall and contract carpets basically made of polyester, PP and Nylon BCF yarns.

Meera Industries is engaged in the manufacturing of Yarn Twisting, Winding and Heat-Setting Machine for textile industries. The company’s products are sold under the brand name ‘MEERA’.

 

23-Apr-2019

SBI launches ‘SBI green car loan’ scheme for electric vehicle

State Bank of India (SBI) has launched ‘SBI green car loan’ (electric vehicle) scheme which provide a discounted loan for buyers of electric vehicles pricing 20 basis points lower than its existing auto loans. The scheme would act as a change agent in the auto loan segment and encourage customers to switch to electric vehicles which can improve overall air quality and lower carbon emissions. 

The scheme comes with the longest repayment period of up to eight years is a strategic inclusion to the bank’s auto loan segment offered with zero processing fee for the first six months of the launch.

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.

 

23-Apr-2019

Sri KPR Industries planning to sell land

Sri KPR Industries is planning to sell land under Survey No. 156 situated at Narsingi; Village & Gramapanchayat, Gandipet; Mandal, Ranga Reddy; District Telangana; State & land under Survey No. 66, situated at Kasulabad; Village, Miridoddi; Mandal, Siddipet; District Telangana State.

The meeting of the Board of Directors of the company is scheduled to be held on April 26, 2019, to consider the same.

Sri KPR Industries is engaged in the manufacturing of foam, polystyrene, tubes and tubing, polyethylene, rigid, tubes and tubing, etc. The company also in the business segment of Wind Power.

 

23-Apr-2019

Vodafone Idea inks pact with SonyLIV

Vodafone Idea has entered into partnership with SonyLIV, a premium video on demand service by Sony Pictures Networks India, to offer its customers content across genres in Hindi and English.

The offering includes over 1000 movies along with recently announced 14 original shows, over 100 short format shows, top rated shows from Sony Entertainment Channel and Sab TV for the customers of Vodafone Idea. The company’s partnership with SonyLIV is a step towards bolstering the growth of the digital ecosystem in India.

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.

 

23-Apr-2019

Thomas Cook wins ‘Best Tour Operator-International’ Award

Thomas Cook (India) was honoured with the prestigious award of Best Tour Operator – International at the Times Travel Awards 2019, presented by VFS Global. The company has received this top award on both occasions since its inception in 2018.

The Times Travel Awards is a recognition of companies who transform travel into a memorable experience – that celebrate excellence while setting benchmarks for highest standards of service and innovation. The top award conferred on company under the Travel Agents & Operators category, acknowledges Thomas Cook India’s transformation of the industry with its innovative products, services, processes and practices.

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.

 

23-Apr-2019

Prabhat Telecoms enters into ‘Framework Supply Agreement’ with METRO Cash & Carry

Prabhat Telecoms has entered into the ‘Framework Supply Agreement’ with METRO Cash & Carry India. The agreement is for selling various telecoms accessories and other accessories in METRO Cash & Carry India located at Western Express Highway, Borivali in Mumbai and at its other branches.

Prabhat Telecoms (India) is a part of Prabhat group of companies engaged in design, assemble, and customize import and distribution of mobile handsets, wireless dongles/data-cards, data products and mobile/telecom accessories.

 

23-Apr-2019

Sunteck Realty planning to raise funds through various means

Sunteck Realty is planning to raise funds by way of debt or equity or any other convertible securities etc. and through Qualified Institutional Placement (QIP), Follow-On Public Offer (FPO), American depositary receipt (ADR), Global Depositary Receipt (GDR), rights issue, debt issue, preferential issue, Foreign Currency Convertible Bond (FCCB) etc. The Board of Directors of the Company at its meeting to be held on May 02, 2019 to consider the same.

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

 

23-Apr-2019

Rajesh Exports opens 82nd retail showroom at Mangalore

Rajesh Exports has opened 82nd Retail Showroom under its brand ‘Shubh Jewellers’ at Mangalore. With this launch the company now has 82 Shubh Jewllers showrooms. The company is aggressively planning to launch more Shubh Jewellers showrooms in the coming months.

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.

 

23-Apr-2019

Indian Hotels ties up with Sankalp In

Indian Hotels Company (IHCL) has tied up with diversified group Sankalp In for a Taj hotel in Ahmedabad. This will be the company’s fourteenth hotel in Gujarat.

The partnership highlights the growth momentum of the company and is a great addition to IHCL’s domestic portfolio. The hotel, slated to open in early 2020, will have 315 rooms.

Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and recognized as one of Asia’s largest and finest hotel company. It operates in the luxury, premium, mid-market and value segments of the market.

 

23-Apr-2019

Shree Ajit Pulp & Paper to shut down its plant for installation of equipment

Shree Ajit Pulp & Paper will shut down its plant approximately for 3-5 day in the month of April and 6-7 days in month of May. The shutdown is for installation / erection of some additional equipment in the plant.

Shree Ajit Pulp & Paper is engaged in manufacturing different varieties of Kraft Paper and also in the business of Paper, Wind Mill.

 

23-Apr-2019

Tata Steel to organise sports summer camp

Tata Steel is all set to organize Summer Camp, 2019 at the JRD Tata Sports Complex. The Camp is scheduled during the period May 13-31, 2019. The objective of the event is to inculcate a healthy lifestyle among the children. Keeping in view the vacation time, the event is positioned to attract maximum participants.

For children in the age group 5-18 years, the Camp will include sporting activities in 19 disciplines such as – Archery, Athletics, Badminton, Boxing, Basketball, Chess, Cricket, Football, Golf, Handball, Karate, Kabaddi, Roller Skate/Roll Ball, Swimming, Table Tennis, Tennis and Volleyball. Yoga and Zumba will be for all age groups.

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.

 

23-Apr-2019

Balaji Telefilms’ arm wins ‘OTT Platform of the Year’ award

Balaji Telefilms’ wholly owned subsidiary ‘ ALTBalaji has won the ‘OTT Platform of the Year’ award at vIDEA 2019.

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.

 

23-Apr-2019

Blackstone to purchase majority stake in Essel Propack

Blackstone has entered into a definitive agreement with Ashok Goel Trust to purchase a majority stake in Essel Propack (EPL). Ashok Goel Trust and its affiliates currently hold approximately 57% of EPL. Blackstone will pay a purchase price of Rs 134 per share to acquire a 51% shareholding from Ashok Goel Trust.

As per the Takeover Code in India, this transaction will trigger a mandatory open offer for a purchase of additional 26% shares of the company. The open offer price has been fixed at Rs 139.19 per share. Based on the open offer subscription, the purchase price consideration will vary between Rs 2,157 crore and Rs 3,211 crore (or, approximately $310 million – $462 million). Ashok Goel will retain a minority stake in the company. The sale is expected to complete in the coming months.

Essel Propack is a flagship company of the Essel group 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.

 

23-Apr-2019

Lakshmi Vilas Bank planning to raise Rs 188.16 crore

Lakshmi Vilas Bank is planning to raise Rs 188.16 crore by allotting 4.99 percent of its shares at Rs 112 apiece on a preferential basis to Indiabulls Housing Finance.

Earlier, the private sector lender had announced its merger with Indiabulls Housing Finance (IBHL) in a share-swap deal with an intent to create a combined entity with larger capital base and wider geographical reach.

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.

 

23-Apr-2019

GAIL emerges as highest bidder for IL&FS wind power plants

GAIL (India) has been emerged as the highest bidder for Infrastructure Leasing & Financial Services’ (IL&FS) seven operating wind power plants. The bidding process to these assets having 12 sites spread across seven states was launched in November last year.

The company’s offer of approximately Rs 4,800 crore for 100 percent enterprise value contemplates no hair-cut to the debt of the SPVs, aggregating to nearly Rs 3,700 crore. These wind power assets have a total generation capacity of 874 MW.

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

 

23-Apr-2019

AU Small Finance Bank reports 50% growth in loans in Q4FY19

AU Small Finance Bank has reported 50% growth in loans and 42% growth in PAT of Q4 FY19. Q4 FY19 Disbursements crossed Rs 5,000 crore mark.

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.

 

23-Apr-2019

BEML, Syndicate Bank join hands for financing earth moving equipment

BEML and Syndicate Bank, one of the oldest and leading public sector bank, have signed a memorandum of understanding (MoU) for financing Earth Moving & Construction Equipment manufactured by BEML.

Under the MoU, BEML will nominate Syndicate Bank as a preferred financer for financing its customers. The customers under the tie-up arrangement will be provided loans in the range of Rs 20 lakh to Rs 300 lakh and preferential pricing by Syndicate Bank. Financing Equipment of BEML will be covered under ‘SPECIAL’ scheme of the Bank.

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

 

23-Apr-2019

Maruti Suzuki’s Alto becomes best-selling passenger vehicle model in India in 2018-19

Maruti Suzuki India’s Alto has become the best-selling passenger vehicle model in India in 2018-19, leading the pack of the auto major’s models that grabbed seven places in the top 10 list.

As per the Society of Indian Automobile Manufacturers (SIAM) data report, the Alto retained its number one position by selling 2,59,401 units in 2018-19 as against 2,58,539 units in the previous financial year.

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

 

23-Apr-2019

Reliance’s telecom arm emerges as fastest in download speed during March

Reliance Industries’ (RIL) telecom arm — Reliance Jio Infocomm (Jio) has been emerged as the fastest mobile network in terms of download speed during March. According to TRAI data, Jio recorded an average download speed of 22.2 megabit per second, while Vodafone led the chart in terms of upload speed.

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.

 

23-Apr-2019

Suven Life Sciences completes purchase of assets of Rising Pharmaceuticals

Suven Life Sciences has completed the purchase of the assets of Rising Pharmaceuticals and Rising’s subsidiaries to Shore Suven Pharma, Inc. This brings closure of the purchase process for the assets of Rising Pharmaceuticals and paves the way for a seamless transition of the portfolio, customer programs and manufacturing and drug development relationships to Shore Suven Pharma Inc.

Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies using GPCR targets.

 

23-Apr-2019

Capacite Infraprojects bags orders worth Rs 342.38 crore

Capacite Infraprojects has received two orders aggregating to Rs 342.38 crore from private sector clients for construction of commercial and residential buildings at Mumbai. The repeat order further reinforces the trust which existing clients place on Capacite.

Capacite Infraprojects is a fast growing construction company focussed on Residential, Commercial and Institutional buildings. It provides end-to-end construction services for residential buildings, multi level car parks, corporate office buildings and buildings for commercial purposes and buildings for educational, hospitality and healthcare purposes.

 

23-Apr-2019

Karuturi Global’s arm receives 15,000 hectares of land for agricultural activities

Karuturi Global’s (KGL) subsidiary — Karuturi Agro Products Plc. has been granted 15,000 hectares of land for agricultural activities. Earlier in October 2017, the company had been conducted land lease agreement in Gambella people’s National Regional State Etang special and Gikawo woreda in particular on land plot having size of 100,000 hectare however due to various reasons the company has not be able to undertake the investment based on the lease agreement and thus warning has been issued to the company in various occasions as a result of which measure has been taken to cancel the contract only by assigning 1200 hectares that the company has used for Development and Investment activities.

Karuturi Global is the largest producer of cut roses in the world, with are area of over 292 hectares under Greenhouse cultivation and an annual production capacity of around 555 million stems.

 

23-Apr-2019

Godrej Consumer Products launches ‘Godrej Expert Easy 5 minute hair colour’

Godrej Consumer Products has launched ‘Godrej Expert Easy 5 minute hair colour’. The shampoo based hair colour removes new trier barriers of perceived difficulty and time commitment of the colouring process and safety by making colouring as easy as shampooing.

Godrej Consumer Products is the largest home-grown home and personal care company in India.

 

23-Apr-2019

Vidhi Specialty Food Ingredients completes acquisition of stake in Arjun Food Colorants Manufacturing

Vidhi Specialty Food Ingredients has completed acquisition of 100% equity shares of Arjun Food Colorants Manufacturing an entity owned and held by the Promoters Group of Vidhi Specialty Food Ingredients. The company has completed the acquisition of Arjun Food Colorants Manufacturing for a cash consideration of Rs 7.92 lakh.

The objective of the acquisition is to acquire the industrial land and building for future expansion and consolidate the business of promoter Group Company.

Vidhi Specialty Food Ingredients is engaged in the manufacture of the following range of products Brilliant blue FCF, Indigo Carmine, Allura Red AC, Tartrazine etc.

 

23-Apr-2019

Aurionpro inks deal with public sector bank in India for setting up self-servicing KIOSKS

Aurionpro Solutions has signed a deal with leading public sector bank in India for setting up of self-servicing KIOSKS at various locations across India.

The company shall supply, install and maintain self-servicing KIOSKS at more than 500 branches of the bank across India. The order is valued at about Rs 18 crore, the installation and implementation will be completed upto September 2019, followed by the maintenance and support.

Aurionpro Solutions is a publicly traded technology company providing software products and expert level consulting services to an extensive global customer base. The company provides valuable operational and technical experience in helping banks provide new and innovative products to their customers.

 

23-Apr-2019

JSPL completes delivery of first rail order to Indian Railways

Jindal Steel and Power (JSPL) has completed delivery of the first rail order to supply rails to Indian Railways. Earlier, in July 2018, company has bagged 20% of the Rs 2,500 crore global tender by the Indian Railways to supply long rails.

The company was to supply 97,400 tonnes of rails to the national transporter over a period of one year. The company started dispatching the first consignments of rails on August15, 2018 from its Raigarh plant and completed delivery of total quantities on April 22, 2019, almost 4 months ahead of schedule.

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

 

23-Apr-2019

LEEL Electricals to sell business of Railways HVAC and Engine Oil Cooling Systems

LEEL Electricals has received approval for the sale of business of Railways HVAC and Engine Oil Cooling Systems being manufactured by the Company at its plants located in Bhiwadi, Rajasthan and Haridwar, Uttarakhand on such terms and conditions as may be agreed between the Company and Buyers in best interest of the shareholders and other stakeholders of the Company.

The Board of Directors of the Company at its meeting held on April 22, 2019 has approved the same.

LEEL Electricals (formerly known as Lloyd Electric and Engineering) is the largest producer of coils / heat exchangers (fin and tube type) in India, serving the entire spectrum of HVAC & R industry in the country as well as OEM’s in North America, Europe, Middle East and Australia.

 

23-Apr-2019

Deepak Fertilisers to raise $30 million in two tranches via FCCBs

Deepak Fertilisers & Petrochemicals Corporation has received in-principle approval for offering Foreign Currency Convertible Bonds (FCCBs) aggregating upto $30 million in two tranches to International Finance Corporation (IFC) upon opening of the issue by the Securities Issue Committee of Directors. The Board of Directors of the Company at its meeting held on April 22, 2019 has approved the same.

The Board has further granted an in-principle approval for issue of Compulsory Convertible Debentures (CCDs) by Smartchem Technologies (a wholly owned subsidiary of the Company) aggregating upto $30 million in two tranches to IFC.

Deepak Fertilisers & Petrochemicals Corporation business can be broadly categorized into Chemicals, Agribusiness and Specialty Retailing. The company’s chemical division manufactures Methanol, various grades of Nitric Acid and Ammonia.

 

23-Apr-2019

Jet Airways reports passenger load factor of 86.7% in March

Jet Airways (India) has reported the Passenger Load Factor (PLF) of 86.7% during the month of March 2019. The company had reported the Passenger Load Factor of 89.4% during the month of February 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.

Jet Airways (India) is India’s premier international airline, which operates flights to India and overseas. The company’s robust domestic India network spans the length and breadth of the country covering metro cities, state capitals and emerging destinations.

 

23-Apr-2019

Symphony surrenders lease rights of Surat SEZ unit

Symphony has surrendered the lease rights of Surat SEZ unit and received the consideration amounting to Rs 3.50 crore towards the same.

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

 

23-Apr-2019

McLeod Russel to sell specified assets of its certain Tea Estates

McLeod Russel India has executed an agreement for sale of Specified Assets of Addabarie Tea Estate, Mahakali Tea Estate and Dirai Tea Estate of the Company, with Luxmi Tea Company on April 22, 2019.

Earlier, the company had entered into a Non-Binding term sheet with Saffron Enclave inter alia for sale of specified assets of the aforesaid three estates, which has expired on March 31, 2019.

McLeod Russel India is a holding company. The company is engaged in manufacturing of tea in India.

 

23-Apr-2019

SpiceJet reports passenger load factor of 93% in March

SpiceJet has reported the Passenger Load Factor (PLF) of 93.0% during the month of March 2019. The company had reported PLF of 94.0% during the month of February 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.

 

23-Apr-2019

Datamatics Global Services partners with TechniSMART Solutions

Datamatics Global Services has entered into strategic partnership with TechniSMART Solutions to further expand foothold in the UK & European markets for its RPA product, TruBot.

The partnership will bolster Datamatics presence in the global markets and will provide access to strong customer base of TechniSMART Solutions in Manufacturing and Healthcare space. TechniSMART Solutions will be Datamatics’ value added reseller and implementation partner. The partnership will provide TechniSMART Solutions complete access to various modules and platforms of TruBot, access to partner training & technical programs and support to create marketing visibility in the desired markets.

Datamatics Global Services is a premier provider of end-to-end BPO and IT solutions spanning consulting, technology architectures and business process management.

 

23-Apr-2019

InterGlobe Aviation reports passenger load factor of 86% in March

InterGlobe Aviation (IndiGo) has reported the Passenger Load Factor (PLF) of 86.0% during the month of March 2019. The company had reported PLF of 88.4% during February 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.

 

23-Apr-2019

IndiGo launches additional daily non-stop flights to strengthen connectivity from Delhi

InterGlobe Aviation (IndiGo) has launched six additional daily non-stop flights to strengthen connectivity from Delhi. Effective May 25, the airline will operate its first direct flight on Delhi-Allahabad route, second and sixth frequency on Delhi-Bhopal and Delhi-Patna routes respectively.

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

 

23-Apr-2019

Baroda MF introduces Overnight Fund

Baroda Mutual Fund (MF) has launched the Baroda Overnight Fund, an open ended debt scheme. The NFO opens for subscription on April 23, 2019 and closes on April 24, 2019. No Entry load and Exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Re 1 thereafter per application during the NFO period.

The scheme’s performance will be benchmarked against CRISIL Overnight index and its fund managers are Alok Sahoo & Hetal Shah. The investment objective of the scheme is to generate returns, commensurate with low risk and providing high level of liquidity, through investments made primarily in overnight securities having maturity of one business day.

 

23-Apr-2019

SBI MF introduces Fixed Maturity Plan (FMP)-Series 4 (365 Days)

SBI Mutual Fund (MF) has launched the SBI Fixed Maturity Plan (FMP)-Series 4 (365 Days), a close ended debt scheme. The NFO opens for subscription on April 23, 2019 and closes on April 30, 2019. No Entry load and Exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiples of Re 1 thereafter.

The scheme’s performance will be benchmarked against Crisil Short Term Bond Fund Index and its fund manager is Ranjana Gupta.

The investment objective of the scheme is to provide regular income and capital growth with limited interest rate risk to the investors through investments in a portfolio comprising of debt instruments such as Government Securities, PSU & Corporate Bonds and Money Market Instruments maturing on or before the maturity of the scheme.

 

23-Apr-2019

Mirae Asset MF introduces Focused Fund

Mirae Asset Mutual Fund (MF) has launched the Mirae Asset Focused Fund, an open ended equity scheme. The NFO opens for subscription on April 23, 2019 and closes on May 07, 2019. Entry load is nil and Exit load will be 1%, if redeemed within 1 year (365 days) from the date of allotment and Exit load will be nil, if redeemed after 1 year (365 days) from the date of allotment. The minimum subscription amount is Rs 5000 and in multiples of Re 1 thereafter.

The scheme’s performance will be benchmarked against Nifty 200 Index (TRI) and its fund manager is Gaurav Misra.

The investment objective of the scheme is to generate long term capital appreciation/income by investing in equity & equity related instruments of up to 30 companies.

 

23-Apr-2019

Tejas Networks reports 23% rise in Q4 consolidated net profit

Tejas Networks has reported results for the fourth quarter and year ended March 31, 2019. 

The company has reported a rise of 32.33% in its net profit at Rs 35.86 crore for the quarter ended March 31, 2019 as compared to Rs 27.12 crore for the same quarter in the previous year. Total income of the company reported over 2-fold jump at Rs 278.88 crore for quarter under review as compared to Rs 107.63 crore for the quarter ended March 31, 2018.

On consolidated basis, the company has reported rise of 23.46% in its net profit at Rs 35.89 crore for the quarter ended March 31, 2019 as compared to Rs 29.07 crore for the corresponding quarter in the FY18. Total consolidated income of the company reported over 2-fold jump at Rs 280.00 crore for quarter under review as compared to Rs 112.19 crore for the same quarter ended previous year.

For the year ended March 31, 2019, the company has posted a rise of 36.94% in its net profit at Rs 146.69 crore as compared to Rs 107.12 crore for the previous year. Total income of company increased 18.06% at Rs 930.67 crore for year under review as compared to Rs 788.29 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has posted rise of 38.23% in its net profit at Rs 147.24 crore as compared to Rs 106.52 crore for the previous year. Total income of company increased by 17.82% at Rs 937.01 crore for year under review as compared to Rs 795.27 crore for year ended March 31, 2018.

 

23-Apr-2019

BEML, Syndicate Bank join hands for financing earth moving equipment

BEML and Syndicate Bank, one of the oldest and leading public sector bank, have signed a memorandum of understanding (MoU) for financing Earth Moving & Construction Equipment manufactured by BEML.

Under the MoU, BEML will nominate Syndicate Bank as a preferred financer for financing its customers. The customers under the tie-up arrangement will be provided loans in the range of Rs 20 lakh to Rs 300 lakh and preferential pricing by Syndicate Bank. Financing Equipment of BEML will be covered under ‘SPECIAL’ scheme of the Bank.

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

 

23-Apr-2019

Maruti Suzuki’s Alto becomes best-selling passenger vehicle model in India in 2018-19

Maruti Suzuki India’s Alto has become the best-selling passenger vehicle model in India in 2018-19, leading the pack of the auto major’s models that grabbed seven places in the top 10 list.

As per the Society of Indian Automobile Manufacturers (SIAM) data report, the Alto retained its number one position by selling 2,59,401 units in 2018-19 as against 2,58,539 units in the previous financial year.

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

 

23-Apr-2019

Reliance’s telecom arm emerges as fastest in download speed during March

Reliance Industries’ (RIL) telecom arm — Reliance Jio Infocomm (Jio) has been emerged as the fastest mobile network in terms of download speed during March. According to TRAI data, Jio recorded an average download speed of 22.2 megabit per second, while Vodafone led the chart in terms of upload speed.

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.

 

23-Apr-2019

Lakshmi Vilas Bank planning to raise Rs 188.16 crore

Lakshmi Vilas Bank is planning to raise Rs 188.16 crore by allotting 4.99 percent of its shares at Rs 112 apiece on a preferential basis to Indiabulls Housing Finance.

Earlier, the private sector lender had announced its merger with Indiabulls Housing Finance (IBHL) in a share-swap deal with an intent to create a combined entity with larger capital base and wider geographical reach.

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.

 

23-Apr-2019

Capacite Infraprojects bags orders worth Rs 342.38 crore

Capacite Infraprojects has received two orders aggregating to Rs 342.38 crore from private sector clients for construction of commercial and residential buildings at Mumbai. The repeat order further reinforces the trust which existing clients place on Capacite.

Capacite Infraprojects is a fast growing construction company focussed on Residential, Commercial and Institutional buildings. It provides end-to-end construction services for residential buildings, multi level car parks, corporate office buildings and buildings for commercial purposes and buildings for educational, hospitality and healthcare purposes.

 

23-Apr-2019

Karuturi Global’s arm receives 15,000 hectares of land for agricultural activities

Karuturi Global’s (KGL) subsidiary — Karuturi Agro Products Plc. has been granted 15,000 hectares of land for agricultural activities. Earlier in October 2017, the company had been conducted land lease agreement in Gambella people’s National Regional State Etang special and Gikawo woreda in particular on land plot having size of 100,000 hectare however due to various reasons the company has not be able to undertake the investment based on the lease agreement and thus warning has been issued to the company in various occasions as a result of which measure has been taken to cancel the contract only by assigning 1200 hectares that the company has used for Development and Investment activities.

Karuturi Global is the largest producer of cut roses in the world, with are area of over 292 hectares under Greenhouse cultivation and an annual production capacity of around 555 million stems.

 

23-Apr-2019

Aurionpro inks deal with public sector bank in India for setting up self-servicing KIOSKS

Aurionpro Solutions has signed a deal with leading public sector bank in India for setting up of self-servicing KIOSKS at various locations across India.

The company shall supply, install and maintain self-servicing KIOSKS at more than 500 branches of the bank across India. The order is valued at about Rs 18 crore, the installation and implementation will be completed upto September 2019, followed by the maintenance and support.

Aurionpro Solutions is a publicly traded technology company providing software products and expert level consulting services to an extensive global customer base. The company provides valuable operational and technical experience in helping banks provide new and innovative products to their customers.

 

23-Apr-2019

GAIL emerges as highest bidder for IL&FS wind power plants

GAIL (India) has been emerged as the highest bidder for Infrastructure Leasing & Financial Services’ (IL&FS) seven operating wind power plants. The bidding process to these assets having 12 sites spread across seven states was launched in November last year.

The company’s offer of approximately Rs 4,800 crore for 100 percent enterprise value contemplates no hair-cut to the debt of the SPVs, aggregating to nearly Rs 3,700 crore. These wind power assets have a total generation capacity of 874 MW.

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

 

23-Apr-2019

LEEL Electricals to sell business of Railways HVAC and Engine Oil Cooling Systems

LEEL Electricals has received approval for the sale of business of Railways HVAC and Engine Oil Cooling Systems being manufactured by the Company at its plants located in Bhiwadi, Rajasthan and Haridwar, Uttarakhand on such terms and conditions as may be agreed between the Company and Buyers in best interest of the shareholders and other stakeholders of the Company.

The Board of Directors of the Company at its meeting held on April 22, 2019 has approved the same.

LEEL Electricals (formerly known as Lloyd Electric and Engineering) is the largest producer of coils / heat exchangers (fin and tube type) in India, serving the entire spectrum of HVAC & R industry in the country as well as OEM’s in North America, Europe, Middle East and Australia.

 

23-Apr-2019

Jet Airways reports passenger load factor of 86.7% in March

Jet Airways (India) has reported the Passenger Load Factor (PLF) of 86.7% during the month of March 2019. The company had reported the Passenger Load Factor of 89.4% during the month of February 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.

Jet Airways (India) is India’s premier international airline, which operates flights to India and overseas. The company’s robust domestic India network spans the length and breadth of the country covering metro cities, state capitals and emerging destinations.

 

23-Apr-2019

McLeod Russel to sell specified assets of its certain Tea Estates

McLeod Russel India has executed an agreement for sale of Specified Assets of Addabarie Tea Estate, Mahakali Tea Estate and Dirai Tea Estate of the Company, with Luxmi Tea Company on April 22, 2019.

Earlier, the company had entered into a Non-Binding term sheet with Saffron Enclave inter alia for sale of specified assets of the aforesaid three estates, which has expired on March 31, 2019.

McLeod Russel India is a holding company. The company is engaged in manufacturing of tea in India.

 

23-Apr-2019

SpiceJet reports passenger load factor of 93% in March

SpiceJet has reported the Passenger Load Factor (PLF) of 93.0% during the month of March 2019. The company had reported PLF of 94.0% during the month of February 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.

 

23-Apr-2019

Datamatics Global Services partners with TechniSMART Solutions

Datamatics Global Services has entered into strategic partnership with TechniSMART Solutions to further expand foothold in the UK & European markets for its RPA product, TruBot.

The partnership will bolster Datamatics presence in the global markets and will provide access to strong customer base of TechniSMART Solutions in Manufacturing and Healthcare space. TechniSMART Solutions will be Datamatics’ value added reseller and implementation partner. The partnership will provide TechniSMART Solutions complete access to various modules and platforms of TruBot, access to partner training & technical programs and support to create marketing visibility in the desired markets.

Datamatics Global Services is a premier provider of end-to-end BPO and IT solutions spanning consulting, technology architectures and business process management.

 

23-Apr-2019

InterGlobe Aviation reports passenger load factor of 86% in March

InterGlobe Aviation (IndiGo) has reported the Passenger Load Factor (PLF) of 86.0% during the month of March 2019. The company had reported PLF of 88.4% during February 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.

 

23-Apr-2019

IndiGo launches additional daily non-stop flights to strengthen connectivity from Delhi

InterGlobe Aviation (IndiGo) has launched six additional daily non-stop flights to strengthen connectivity from Delhi. Effective May 25, the airline will operate its first direct flight on Delhi-Allahabad route, second and sixth frequency on Delhi-Bhopal and Delhi-Patna routes respectively.

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

 

23-Apr-2019

AU Small Finance Bank reports 50% growth in loans in Q4FY19

AU Small Finance Bank has reported 50% growth in loans and 42% growth in PAT of Q4 FY19. Q4 FY19 Disbursements crossed Rs 5,000 crore mark.

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.

 

23-Apr-2019

Blackstone to purchase majority stake in Essel Propack

Blackstone has entered into a definitive agreement with Ashok Goel Trust to purchase a majority stake in Essel Propack (EPL). Ashok Goel Trust and its affiliates currently hold approximately 57% of EPL. Blackstone will pay a purchase price of Rs 134 per share to acquire a 51% shareholding from Ashok Goel Trust.

As per the Takeover Code in India, this transaction will trigger a mandatory open offer for a purchase of additional 26% shares of the company. The open offer price has been fixed at Rs 139.19 per share. Based on the open offer subscription, the purchase price consideration will vary between Rs 2,157 crore and Rs 3,211 crore (or, approximately $310 million – $462 million). Ashok Goel will retain a minority stake in the company. The sale is expected to complete in the coming months.

Essel Propack is a flagship company of the Essel group 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.

 

23-Apr-2019

Suven Life Sciences completes purchase of assets of Rising Pharmaceuticals

Suven Life Sciences has completed the purchase of the assets of Rising Pharmaceuticals and Rising’s subsidiaries to Shore Suven Pharma, Inc. This brings closure of the purchase process for the assets of Rising Pharmaceuticals and paves the way for a seamless transition of the portfolio, customer programs and manufacturing and drug development relationships to Shore Suven Pharma Inc.

Suven Life Science is a biopharmaceutical company focused on discovering, developing and commercializing novel pharmaceutical products, which are first in class or best in class CNS therapies using GPCR targets.

 

23-Apr-2019

Godrej Consumer Products launches ‘Godrej Expert Easy 5 minute hair colour’

Godrej Consumer Products has launched ‘Godrej Expert Easy 5 minute hair colour’. The shampoo based hair colour removes new trier barriers of perceived difficulty and time commitment of the colouring process and safety by making colouring as easy as shampooing.

Godrej Consumer Products is the largest home-grown home and personal care company in India.

 

23-Apr-2019

Vidhi Specialty Food Ingredients completes acquisition of stake in Arjun Food Colorants Manufacturing

Vidhi Specialty Food Ingredients has completed acquisition of 100% equity shares of Arjun Food Colorants Manufacturing an entity owned and held by the Promoters Group of Vidhi Specialty Food Ingredients. The company has completed the acquisition of Arjun Food Colorants Manufacturing for a cash consideration of Rs 7.92 lakh.

The objective of the acquisition is to acquire the industrial land and building for future expansion and consolidate the business of promoter Group Company.

Vidhi Specialty Food Ingredients is engaged in the manufacture of the following range of products Brilliant blue FCF, Indigo Carmine, Allura Red AC, Tartrazine etc.

 

23-Apr-2019

JSPL completes delivery of first rail order to Indian Railways

Jindal Steel and Power (JSPL) has completed delivery of the first rail order to supply rails to Indian Railways. Earlier, in July 2018, company has bagged 20% of the Rs 2,500 crore global tender by the Indian Railways to supply long rails.

The company was to supply 97,400 tonnes of rails to the national transporter over a period of one year. The company started dispatching the first consignments of rails on August15, 2018 from its Raigarh plant and completed delivery of total quantities on April 22, 2019, almost 4 months ahead of schedule.

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

 

23-Apr-2019

Deepak Fertilisers to raise $30 million in two tranches via FCCBs

Deepak Fertilisers & Petrochemicals Corporation has received in-principle approval for offering Foreign Currency Convertible Bonds (FCCBs) aggregating upto $30 million in two tranches to International Finance Corporation (IFC) upon opening of the issue by the Securities Issue Committee of Directors. The Board of Directors of the Company at its meeting held on April 22, 2019 has approved the same.

The Board has further granted an in-principle approval for issue of Compulsory Convertible Debentures (CCDs) by Smartchem Technologies (a wholly owned subsidiary of the Company) aggregating upto $30 million in two tranches to IFC.

Deepak Fertilisers & Petrochemicals Corporation business can be broadly categorized into Chemicals, Agribusiness and Specialty Retailing. The company’s chemical division manufactures Methanol, various grades of Nitric Acid and Ammonia.

 

23-Apr-2019

Symphony surrenders lease rights of Surat SEZ unit

Symphony has surrendered the lease rights of Surat SEZ unit and received the consideration amounting to Rs 3.50 crore towards the same.

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

 

23-Apr-2019

Fineotex Chemical’s arm increases stake in its step down subsidiaries

Fineotex Chemical’s overseas subsidiary — Fineotex Malaysia (FML) incorporated in Malaysia has increased its holding in its step down subsidiaries, namely BT Chemicals, BT Siotex and Rovatex.

Post acquisition, FML’s holding in BT Chemicals increased from 67.16% to 71.92%, and the company’s holding in BT Siotex increased from 67.62% to 72.38%. Further, the company’s holding in Rovatex increased from 70.00% to 74.76%.

Fineotex Chemical is engaged in the manufacturing of Specialty Chemicals and Enzymes for various industries .The company manufactures and trade in Specialty Chemicals and Enzymes for Textile & Garment Industry, Construction Industry, Leather Industry, Water Treatment Industry, Paint Industry Agrochemicals, Adhesives and others.

 

23-Apr-2019

Xchanging Solutions to reduce stake in subsidiary company

Xchanging Solutions has received Board’s approval for the reduction of share capital of Xchanging Solutions (Europe) (XSEL), wholly owned subsidiary from Pound sterling 2,664,278 divided into 2,664,278 shares of Pound sterling 1 each, to Pound sterling 1 divided into 1 share of Pound sterling 1 each and that the amount of the reduction be credited to the distributable reserves of the XSEL.

Xchanging Solutions is engaged in business process outsourcing and information technology services.

 

23-Apr-2019

Tata Power’s arm inks binding agreement to sell its 32 MW wind assets in Maharashtra

Tata Power Company’s wholly-owned subsidiary — Tata Power Renewable Energy Limited (TPREL) has signed a binding agreement to sell its 32 MW operating wind assets located in Satara, in the state of Maharashtra. The power from these assets is currently tied up with Tata Power Company – Distribution (TPC-D) under a long-term power purchase agreement. 

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.

 

23-Apr-2019

Meera Industries secures order worth Rs 1.68 crore from Creative Textile

Meera Industries has secured prestigious order worth Rs 1.68 crore from Creative Textile for Carpet Cabler / Twister Machine. The company’s Cabler / Twister will be used to produce premium quality carpet yarn for wall to wall and contract carpets basically made of polyester, PP and Nylon BCF yarns.

Meera Industries is engaged in the manufacturing of Yarn Twisting, Winding and Heat-Setting Machine for textile industries. The company’s products are sold under the brand name ‘MEERA’.

 

23-Apr-2019

Sri KPR Industries planning to sell land

Sri KPR Industries is planning to sell land under Survey No. 156 situated at Narsingi; Village & Gramapanchayat, Gandipet; Mandal, Ranga Reddy; District Telangana; State & land under Survey No. 66, situated at Kasulabad; Village, Miridoddi; Mandal, Siddipet; District Telangana State.

The meeting of the Board of Directors of the company is scheduled to be held on April 26, 2019, to consider the same.

Sri KPR Industries is engaged in the manufacturing of foam, polystyrene, tubes and tubing, polyethylene, rigid, tubes and tubing, etc. The company also in the business segment of Wind Power.

 

23-Apr-2019

Thomas Cook wins ‘Best Tour Operator-International’ Award

Thomas Cook (India) was honoured with the prestigious award of Best Tour Operator – International at the Times Travel Awards 2019, presented by VFS Global. The company has received this top award on both occasions since its inception in 2018.

The Times Travel Awards is a recognition of companies who transform travel into a memorable experience – that celebrate excellence while setting benchmarks for highest standards of service and innovation. The top award conferred on company under the Travel Agents & Operators category, acknowledges Thomas Cook India’s transformation of the industry with its innovative products, services, processes and practices.

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.

 

23-Apr-2019

Prabhat Telecoms enters into ‘Framework Supply Agreement’ with METRO Cash & Carry

Prabhat Telecoms has entered into the ‘Framework Supply Agreement’ with METRO Cash & Carry India. The agreement is for selling various telecoms accessories and other accessories in METRO Cash & Carry India located at Western Express Highway, Borivali in Mumbai and at its other branches.

Prabhat Telecoms (India) is a part of Prabhat group of companies engaged in design, assemble, and customize import and distribution of mobile handsets, wireless dongles/data-cards, data products and mobile/telecom accessories.

 

23-Apr-2019

Rajesh Exports opens 82nd retail showroom at Mangalore

Rajesh Exports has opened 82nd Retail Showroom under its brand ‘Shubh Jewellers’ at Mangalore. With this launch the company now has 82 Shubh Jewllers showrooms. The company is aggressively planning to launch more Shubh Jewellers showrooms in the coming months.

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.

 

23-Apr-2019

Indian Hotels ties up with Sankalp In

Indian Hotels Company (IHCL) has tied up with diversified group Sankalp In for a Taj hotel in Ahmedabad. This will be the company’s fourteenth hotel in Gujarat.

The partnership highlights the growth momentum of the company and is a great addition to IHCL’s domestic portfolio. The hotel, slated to open in early 2020, will have 315 rooms.

Indian Hotels Company and its subsidiaries are collectively known as Taj Hotels Resorts and Palaces and recognized as one of Asia’s largest and finest hotel company. It operates in the luxury, premium, mid-market and value segments of the market.

 

23-Apr-2019

Shree Ajit Pulp & Paper to shut down its plant for installation of equipment

Shree Ajit Pulp & Paper will shut down its plant approximately for 3-5 day in the month of April and 6-7 days in month of May. The shutdown is for installation / erection of some additional equipment in the plant.

Shree Ajit Pulp & Paper is engaged in manufacturing different varieties of Kraft Paper and also in the business of Paper, Wind Mill.

 

23-Apr-2019

Tata Steel to organise sports summer camp

Tata Steel is all set to organize Summer Camp, 2019 at the JRD Tata Sports Complex. The Camp is scheduled during the period May 13-31, 2019. The objective of the event is to inculcate a healthy lifestyle among the children. Keeping in view the vacation time, the event is positioned to attract maximum participants.

For children in the age group 5-18 years, the Camp will include sporting activities in 19 disciplines such as – Archery, Athletics, Badminton, Boxing, Basketball, Chess, Cricket, Football, Golf, Handball, Karate, Kabaddi, Roller Skate/Roll Ball, Swimming, Table Tennis, Tennis and Volleyball. Yoga and Zumba will be for all age groups.

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.

 

23-Apr-2019

Balaji Telefilms’ arm wins ‘OTT Platform of the Year’ award

Balaji Telefilms’ wholly owned subsidiary ‘ ALTBalaji has won the ‘OTT Platform of the Year’ award at vIDEA 2019.

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.

 

23-Apr-2019

Lux Industries reports 24% rise in Q4 net profit

Lux Industries has reported results for the fourth quarter and year ended March 31, 2019. 

The company has reported a rise of 23.78% in its net profit at Rs 37.64 crore for the quarter ended March 31, 2019 as compared to Rs 30.41 crore for the same quarter in the previous year. Total income of the company increased by 18.54% at Rs 394.64 crore for quarter under review as compared to Rs 332.91 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a rise of 30.08% in its net profit at Rs 101.31 crore as compared to Rs 77.88 crore for the previous year. Total income of company increased 12.83% at Rs 1,217.88 crore for year under review as compared to Rs 1,079.36 crore for year ended March 31, 2018.

 

23-Apr-2019

AU Small Finance Bank reports 42% rise in Q4 net profit

AU Small Finance Bank has reported results for fourth quarter and year ended March 31, 2019.

The Bank has reported a rise of 42.39% in its net profit at Rs 118.24 crore for the quarter under review as compared to Rs 83.04 crore for the same quarter in the previous year. Total income of the Bank increased by 51.22% at Rs 1,007.40 crore for Q4FY19 as compared Rs 666.17 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the Bank has reported a rise of 30.74% in its net profit at Rs 381.81 crore as compared to Rs 292.04 crore for the previous year. Total income of the Bank increased by 58.26% at Rs 3,410.86 crore for year under review as compared to Rs 2,155.25 crore for year ended March 31, 2018.

 

23-Apr-2019

DoT floats draft proposal on 4G spectrum to MTNL, BSNL

The Department of Telecom (DoT) has sent a draft cabinet note on 4G spectrum allocation to Bharat Sanchar Nigam (BSNL) and Mahanagar Telephone Nigam (MTNL) and implementation of voluntary retirement scheme in these companies. Comments from some of the key ministries are awaited.

Both the companies have sought spectrum for 4G services through equity infusion from the government.

MTNL was set up by the Government of India to upgrade the quality of telecom services, expand the telecom network, and introduce new services and to raise revenue for telecom development needs of India’s key metros — Delhi and Mumbai.

 

23-Apr-2019

Eros International’s Andhadhun collects over $43 million in China

Eros International Media’s parent company — Eros International Plc’s Andhadhun, an engaging thriller starring Tabu, Ayushmann Khurrana and Radhika Apte, has collected over $43 million since its initial release in China earlier this month.

Andhadhun is now the third highest grossing Indian film to be released in China. Andhadhun was released in China on April 03, 2019 and continues to enjoy a very strong box office performance. The film was originally released theatrically in India and internationally on October 05, 2018 to widespread critical acclaim. Andhadhun was produced by Viacom18 Motion Pictures and Matchbox Pictures, and distributed internationally by Eros International.

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

 

23-Apr-2019

Syndicate Bank enters into MoU with BEML

Syndicate Bank and BEML have signed a memorandum of understanding (MoU) for financing Earth Moving & Construction Equipment manufactured by BEML. Under the MoU, BEML will nominate Syndicate Bank as a preferred financer for financing its customers. The customers under the tie-up arrangement will be provided loans in the range of Rs 20 lakh to Rs 300 lakh and preferential pricing by Syndicate Bank. Financing Equipment of BEML will be covered under ‘SPECIAL’ scheme of the Bank.

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

 

23-Apr-2019

RBL Bank, Wirecard expands partnership to promote financial inclusion in India

RBL Bank and Wirecard have expanded partnership to promote financial inclusion in India. This partnership will make digital payment and banking transactions more readily accessible to all Indian citizens, including those living in remote areas.

In partnership with RBL, Wirecard will empower its retail agents, who serve as customer service representatives in various areas across the country, to enable the financially underserved to access basic payment and banking services. These include cash withdrawals and deposits as well as balance enquiries.

RBL Bank operates as a scheduled commercial bank. The bank offers its services under the five business verticals including corporate and institutional banking, commercial banking, retail banking, agri and development banking and financial markets. The bank was founded in 1943 and is based in Kolhapur, Maharashtra. 

 

23-Apr-2019

Kotak Mahindra Bank launches debit card-based e-mandate

Kotak Mahindra Bank has become the first lender to go live with both debit card and net banking- based electronic mandates on NPCI’s e-Mandate API platform. This capability will enable customers to create electronic mandates (similar to the erstwhile eNACH with Aadhaar + OTP) via both the debit card and net banking channels.

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

 

23-Apr-2019

Lux Industries evaluating options to complete merger of J.M. Hosiery, Ebell Fashions with itself

Lux Industries is in the process of evaluating various options to complete the merger of J.M. Hosiery & Co. and Ebell Fashions with the company and expect it to be completed as soon as possible after meeting all the regulatory requirements and processes.

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.

 

23-Apr-2019

SBI launches ‘SBI green car loan’ scheme for electric vehicle

State Bank of India (SBI) has launched ‘SBI green car loan’ (electric vehicle) scheme which provide a discounted loan for buyers of electric vehicles pricing 20 basis points lower than its existing auto loans. The scheme would act as a change agent in the auto loan segment and encourage customers to switch to electric vehicles which can improve overall air quality and lower carbon emissions. 

The scheme comes with the longest repayment period of up to eight years is a strategic inclusion to the bank’s auto loan segment offered with zero processing fee for the first six months of the launch.

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.

 

23-Apr-2019

Vodafone Idea inks pact with SonyLIV

Vodafone Idea has entered into partnership with SonyLIV, a premium video on demand service by Sony Pictures Networks India, to offer its customers content across genres in Hindi and English.

The offering includes over 1000 movies along with recently announced 14 original shows, over 100 short format shows, top rated shows from Sony Entertainment Channel and Sab TV for the customers of Vodafone Idea. The company’s partnership with SonyLIV is a step towards bolstering the growth of the digital ecosystem in India.

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.

 

23-Apr-2019

Sunteck Realty planning to raise funds through various means

Sunteck Realty is planning to raise funds by way of debt or equity or any other convertible securities etc. and through Qualified Institutional Placement (QIP), Follow-On Public Offer (FPO), American depositary receipt (ADR), Global Depositary Receipt (GDR), rights issue, debt issue, preferential issue, Foreign Currency Convertible Bond (FCCB) etc. The Board of Directors of the Company at its meeting to be held on May 02, 2019 to consider the same.

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

 

22-Apr-2019

Mahindra Lifespace achieves sales of Rs 1023 crore in residential business in FY19

Mahindra Lifespace Developers has achieved sales of Rs 1023 crore in residential business during FY19, growth of 67% over FY18.

During Q4 FY19, the company achieved sales of Rs 407 crore in residential business, growth of 112% over Q4 FY18 and 89% over Q3 FY19.

Mahindra Lifespace Developers is the real estate and infrastructure development business of the $19 billion Mahindra Group, and a pioneer of sustainable urbanization in India.

 

22-Apr-2019

Tata Power to launch ‘Earth Week’ E-waste collection campaign

Tata Power in association with TATA CLiQ, will be hosting ‘Earth Week’ – a campaign from April 22, 2019 to April 28, 2019 to provide a transformative solution on E-waste management. The company has collaborated with Karo Sambhav, India’s leading E-waste producer responsibility organisation.  The campaign indicates an evolved mind-set of India’s ‘Reflex Generation’ with a proactive participation to responsibly recycle E-waste.

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.

 

22-Apr-2019

Bajaj Finserv’s JV launches ‘Total Health Secure Goal’ plan

Bajaj Finserv’s Joint Venture (JV) – Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance in collaboration has launched their first product ‘Total Health Secure Goal’. This plan is designed to take care of customer’s health and life goals, through one comprehensive insurance policy.

The new insurance product is a combination of two existing plans – Health Guard policy by Bajaj Allianz General Insurance, and iSecure from Bajaj Allianz Life Insurance. This combined plan offers customers an additional 5% discount on the total premium payable and provides flexibility of availing service or communication on the product from either of the companies.

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

 

22-Apr-2019

Asian Paints resumes paint manufacturing operations at Vishakhapatnam facility

Asian Paints has resumed paint manufacturing operations at the Vishakhapatnam plant in the state of Andhra Pradesh. The company had reported a fire incident at paint manufacturing facility in Vishakhapatnam on April 08, 2019.

Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing of related services. The Company’s business segments are Paints and Home Improvement.

 

22-Apr-2019

Gruh Finance plans to raise funds by debt instruments

Gruh Finance is planning to raise funds by way of on shore and/or off shore debt instruments including but not limited to bonds, non-convertible debentures, non-convertible subordinated debt Tier-II debentures, denominated in Indian currency and or any foreign currency. The Board of Directors of the company at its meeting to be held on April 30, 2019 to consider the same.

Gruh Finance is a Housing Finance Company recognized by National Housing Bank. The company offers loans to individuals for purchase, construction, repairs, renovation of dwelling units. The company also offers loans to the self employed segment where in formal income proofs are not available.

 

22-Apr-2019

Non-life insurers witness 13% rise in premium in FY19: IRDAI

The Insurance Regulatory and Development Authority of India (IRDAI) in its latest data has showed that Non-life insurance firms registered a rise of 13 percent in their collective gross premium income to Rs 1.70 lakh crore in the financial year ended March 2019, against Rs 1.51 lakh crore a year ago.

Out of the 34 non-life insurers, the collective gross premium for the 25 general insurers stood at Rs 1.50 lakh crore, up by nearly 13 percent from Rs 1.33 lakh crore a year ago. While the standalone private health insurers witnessed a rise of 37 percent in their combined premium to Rs 11,368.82 crore in the financial year ended March 2019, against Rs 8,314.27 crore a year ago.

However, the state-owned specialised insurers — Agricultural Insurance Company of India and ECGC — registered a drop of 7.75 percent in premium at Rs 8,425.75 crore during the fiscal ended March 2019, as against Rs 9,133.78 crore in the previous financial year.

 

22-Apr-2019

Reliance’s Retail Unit delivers record-breaking performance in revenue, profits during FY19

Reliance Industries’ Retail Unit–Reliance Retail has delivered a record-breaking performance in revenue and profits growth for the year 2018-19. Segment Revenue for FY19 grew by 88.7% Y-o-Y to Rs 130,566 crore as against Rs 69,198 crore in the previous year. Business PBDIT for FY19 grew by 145.2% Y-o-Y to Rs 6,201 crore as against Rs 2,529 crore in previous year. During the year, retail area under operations grew by 24.2% to 22 million square feet.

Segment Revenue for Q4 FY19 grew by 51.6% Y-o-Y to Rs 36,663 crore as against Rs 24,183 crore in the corresponding period of the previous year. Business PBDIT for Q4 FY19 grew by 77.1% Y-o-Y to Rs 1,923 crore as against Rs 1,086 crore in the corresponding period of the previous year.

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.

 

22-Apr-2019

SpiceJet to launch 24 new flights

SpiceJet will launch 24 new flights connecting Mumbai and Delhi with other cities on its domestic network. Of these, 16 will connect Mumbai, four will connect Delhi while the rest will connect the two metros with each other.

The new flights from Mumbai are on the Mumbai-Jaipur-Mumbai, Mumbai-Patna-Mumbai, Mumbai-Bagdogra-Mumbai, Mumbai-Amritsar-Mumbai, Mumbai-Hyderabad-Mumbai, Mumbai-Coimbatore-Mumbai, Mumbai-Kolkata-Mumbai and Mumbai-Mangaluru-Mumbai sectors while the flights from Delhi are on the Delhi-Patna-Delhi and Delhi-Bangalore-Delhi sectors besides two additional frequencies on the Mumbai-Delhi-Mumbai sector. All the new flights introduced will be operational daily.

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

 

22-Apr-2019

Eicher Motors’ arm opens standalone flagship store in South Korea

Eicher Motors’ motorcycle arm — Royal Enfield has expanded its presence in Asia by opening its standalone flagship store in Seoul, South Korea. Vintage Motors (Kiheung International) will be Royal Enfield’s distributor-partner in South Korea.

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

 

22-Apr-2019

Birlasoft features as rising star in Salesforce Ecosystem Quadrant Report by ISG

Birlasoft has been recognized as a Rising Star in the Salesforce Ecosystem Quadrant Report for USA 2019 by Information Services Group (ISG), a leading global technology research and advisory firm.

According to the ISG Provider Lens Salesforce Ecosystem Quadrant Report, Birlasoft was among the leading providers of professional services in the USA related to the Salesforce Sales Cloud and Service Cloud products.

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

 

22-Apr-2019

GHCL launches ‘REKOOP’ on Amazon.com

GHCL has launched ‘REKOOP’ on Amazon.com. REKOOP bedding is made by blending cotton with polyester fiber obtained from recycling post-consumer PET bottles. The concept is sustainable, durable and free of any hazardous chemicals. Molecular tagging of the recycled fiber through the CertainT platform of Applied DNA Sciences in Stony Brook, New York, secures provenance and complete traceability across the supply chain.

The platform is designed to tag, test and track synthetic fibers to provide transparency, traceability and trust throughout the textile supply chain. Reliance Industries (RIL), India’s largest private company, is GHCL’s fiber-manufacturing partner and supplies the truly ecofriendly recycled polyester fiber – Recon Green Gold, which is used in REKOOP bedding.

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

 

22-Apr-2019

Torrent Pharma’s arm recalls over 10.78 lakh bottles of hypertension tablets from US

Torrent Pharmaceuticals’ subsidiary — Torrent Pharmaceuticals Inc is recalling over 10.78 lakh bottles of hypertension treatment tablets from the US and Puerto Rico on account of deviations from current good manufacturing norms. The reason for the recalls is presence of an impurity, N-Methylnitrosobutyric acid (NMBA) in the finished product above the interim acceptable daily intake level of 9.82 parts per million.

Torrent Pharmaceuticals is Flagship Company of the Torrent group, a leader in cardiovascular and central nervous system segments. It also has presence in gastro-intestinal, diabetology, anti-infective and pain management segments.

 

22-Apr-2019

SBI’s arm launches product to protect businesses from cyber attacks

State Bank of India’s (SBI) subsidiary — SBI General Insurance has launched a product to protect businesses from financial and reputational losses due to cyber attacks. In the initial phase, the focus will be on SMEs and mid-market businesses, but later the product can cater to larger business conglomerates as well.

This offers protection against the growing threat of cyber breaches and is designed to protect against major insurable cyber exposures like hacking attacks, identity theft, disclosure of sensitive information and business interruption. The product offers both first and third-party coverage benefits including coverage options for contingent business interruption, system failure, reputational loss, multimedia liability and computer crime.

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.

 

22-Apr-2019

Som Datt Finance planning to sell 99.99% stake of wholly owned subsidiary

Som Datt Finance Corporation is planning to sell 99.99% equity shares of Som Datt Infosoft, a wholly owned subsidiary company (Non-material) of the Company, to Som Datt Securities. The meeting of the Board of Directors of the Company is scheduled to be held on April 24, 2019, to consider the same.

Som Datt Finance Corporation is engaged in financial activities, including hire purchase, leasing and financing.

 

22-Apr-2019

Bank of Baroda’s board to consider issuance of equity shares of Rs 5,042 crore to Govt

Bank of Baroda’s board is going to consider issuance of equity shares of Rs 5,042 crore to Government of India on a Preferential Basis. The meeting of the Board of Directors of the Bank is scheduled to be held on April 25, 2019, to consider the same.

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.

 

22-Apr-2019

Wockhardt planning to raise funds via various sources

Wockhardt is planning to raise funds by issue of Equity Shares, Global Depository Receipts, American depository receipts, Foreign Currency Convertible Bonds, fully convertible debentures, partly convertible debentures, preference shares convertible into Equity Shares, and/ or any other financial instruments convertible into Equity Shares (including warrants, or otherwise, in registered or bearer form) and/ or any security convertible into equity Shares, combination of any of the aforementioned securities by way of one or more public and/ or private offerings, Qualified Institutions Placement and/ or on preferential allotment basis or any combination thereof or any other method as may be permitted under applicable law.

The meeting of the Board of Directors of the Bank is scheduled to be held on May 06, 2019, to consider the same.

Wockhardt is one of the few companies with end to end integrated capabilities for its products, starting with the manufacture of the oral and sterile API’s, the dose forms and marketing through wholly owned subsidiary in the US, enabling the company to capture maximum value.

 

22-Apr-2019

Tata Power empowers youth with training and recruitment drive in Maithon, Jharkhand

Tata Power Company in a joint venture (JV) with Tata Consultancy Services (TCS) and Damodar Valley Corporation has commenced a Training and Recruitment drive in the villages of Nisra Block, Maithon, Dhanbad in the state of Jharkhand.

The objective of this program is to provide better employment opportunities to the local communities. Spanned across over 20 days, the programme provides training to the youth in soft skills like business communication, business etiquettes, public speaking, group discussion, presentation skills and computer knowledge.

Post successful completion of this training, candidates who have passed the written test and HR interviews of TCS- Kolkata will be placed in its BPS/KPO division. In this programme this year 60 candidates have successfully cleared the tests and have been placed with TCS.

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.

 

22-Apr-2019

Maruti Suzuki to launch Baleno with next generation Smart Hybrid Technology

Maruti Suzuki India is all set to launch new 1.2 litre DUALJET, DUAL VVT BS VI engine with next generation Smart Hybrid technology in Baleno a premium hatchback. The new BS VI compliant Baleno (Petrol) with Smart Hybrid will be available at NEXA showrooms across the country.

The technological advancement leads to improved fuel efficiency while reducing vehicular emissions. Existing 1.2L VVT petrol engine variants will also be BS VI compliant and available in all variants including CVT.

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.

 

22-Apr-2019

Gujarat Petrosynthese to invest surplus funds in mutual funds, bonds, securities, shares

Gujarat Petrosynthese has received an approval to invest surplus funds in mutual funds, bonds, securities, shares, inter corporate deposits etc. to optimize its returns. The Board of Directors of the Company at their meeting held on April 19, 2019, approved the same.

Gujarat Petrosynthese (Polymer Alloys & Blends Division) is engaged in manufacturing Polymer Blends & Alloys, Specialty grade compounds with Engineering Plastics to meet demanding needs for specific applications.

 

22-Apr-2019

HSPCB orders Piccadily Agro Industries to close distillery unit

Haryana State Pollution Control Board (HSPCB) has ordered Piccadily Agro Industries for the closing of its distillery unit for making the compliance of the certain pollution norms. The unit is making compliance of instructions and may start its operations shortly.

Piccadily Agro Industries is in the business of manufacturing of sugar and it’s by-products. The product range of the company includes white crystal sugar, molasses and bagasse and liquor.

 

22-Apr-2019

TeamLease Services completes acquisition of eCentric

TeamLease Services through its wholly owned subsidiary TL Digital has completed the acquisition of IT Staffing vertical of eCentric, by way of business transfer/ slump sale arrangement.

As per the Business Transfer Agreement entered into two companies, the first tranche of consideration is payable to eCentric upon meeting the conditions precedent to acquisition. The aforesaid first tranche has been transferred on April 20, 2019 to eCentric, pursuant to which the IT Staffing vertical of eCentric now stands acquired by the company.

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

 

22-Apr-2019

Karur Vysya Bank opens new branch in Andhra Pradesh

Karur Vysya Bank has opened new branch in Pattabhipuram district Guntur in state of Andhra Pradesh. The bank has opened branch on April 22, 2019.

Karur Vysya Bank is among six old generation private sector banks that have been identified by the Reserve Bank of India (RBI) to implement Speed Clearing at Mumbai.

 

22-Apr-2019

Alembic Pharma gets USFDA’s nod for Teriflunomide Tablets

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Teriflunomide Tablets, 7 mg and 14 mg. The approved ANDA is therapeutically equivalent to the reference listed drug (RLD), Aubagio Tablets, 7 mg and 14 mg, of Sanofi-Aventis US, LLC (Sanofi-Aventis). Teriflunomide tablets are indicated for the treatment of patients with relapsing forms of multiple sclerosis. Teriflunomide Tablets, 7 mg and 14 mg have an estimated market size of $1.6 billion for twelve months ending December 2018 according to IQVIA.

 

The company has settled the litigation and will launch the product as per the terms of the settlement. Alembic now has a total of 91 ANDA approvals (79 final approvals and 12 tentative approvals) from USFDA.

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

 

22-Apr-2019

Exide Industries signs equity shareholding agreement with Cleantech Solar Energy

Exide Industries has signed an equity shareholding agreement with Singapore-based Cleantech Solar Energy for three captive solar power plants to be set up for its manufacturing units.

According to the pact, Exide Industries has picked up 26-30% equity stake in CSE Solar Sunpark Tamil Nadu, Greenyana Solar and CSE Solar Sunpark Maharashtra.

Exide Industries manufactures the widest range of storage batteries in the world from 2.5 Ah to 20,400 Ah capacities, covering the broadest spectrum of applications. It is India’s largest producer of automotive and industrial batteries, with seven manufacturing plants strategically located across the country.

 

22-Apr-2019

PVR launches first multiplex in Amritsar

PVR has launched its first multiplex in Amritsar at Suraj Chanda Tara on April 22, 2019. Strengthening PVR’s footprints across key markets, the new 6-screen property is a standalone complex in the region with a host of advanced hospitality facilities to offer a seamless experience to movie patrons.

Equipped with the latest technology and state-of-the-art infrastructure, the multiplex is positioned at a convenient location with close proximity to the historic Golden Temple. With this, PVR augments its presence in Punjab with 49 screens in 09 properties and 226 screens in 54 properties in Northern India.

Based on a Victorian architectural design, the plush interiors and sophisticated lighting provide a look of elegance and luxury to the multiplex. The property is spread across an area of 41,400 sq. ft. with a seating capacity of 1,037 guests. Its central location ensures wide connectivity and easy access for cine-goers. It is also integrated with BARCO 4K and 2K projection systems, providing excellent brightness and vibrant colors for a razor-sharp picture quality along with Dolby 7.1 surround sound system and the Next-Gen 3D technology.

PVR is the largest and most premium film exhibition company in India. Since its inception in 1997, the brand has redefined the way entertainment is consumed in the country.

 

22-Apr-2019

Alembic Pharma gets USFDA’s nod for Tobramycin Ophthalmic Solution

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Tobramycin Ophthalmic Solution USP, 0.3%. The approved ANDA is therapeutically equivalent to the reference listed drug (RLD), Tobrex Ophthalmic Solution, 0.3%, of Novartis Pharmaceuticals Corporation.

Tobramycin Ophthalmic Solution USP, 0.3% is a topical antibiotic indicated in the treatment of external infections of the eye and its adnexa caused by susceptible bacteria. Tobramycin Ophthalmic Solution USP, 0.3% have an estimated market size of $9.6 million for twelve months ending December 2018 according to IQVIA.

Alembic now has a total of 92 ANDA approvals (80 final approvals and 12 tentative approvals) from USFDA.

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

 

22-Apr-2019

Bajaj Finserv offers affordable eyewear insurance policy

Bajaj Finserv is offering an affordable eyewear insurance policy that provides coverage for specific need at a pocket-friendly price. The insurance offers coverage in case of theft, online payment options, comprehensive protection and easily claim service.

With all the above features and an easy online application process, this eyewear protection plan provides the best value.

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

 

22-Apr-2019

CCI approves acquisition of 7.30% stake in Future Retail by FCL

The Competition Commission of India (CCI) has given its approval for acquisition of 7.30% equity stake in Future Retail by Future Coupons (FCL) through conversion of equity warrants. According to a notice filed with CCI, the proposed combination relates to the allotment of 3.96 crore equity warrants of Future Retail to FCL, priced at Rs 505 apiece aggregating to over Rs 2,000 crore.

Future Retail offers food and grocery categories, fresh fruits and vegetables, meat and poultry, dairy products, staples, FMCG and processed foods, electronics and appliances, clothing and footwear, furniture and furnishing, and other household articles.

 

22-Apr-2019

Adani Enterprises’ arm acquires Alpha Design Technologies

Adani Enterprises’ wholly owned subsidiary — Adani Defence Systems and Technologies has acquired the control of Alpha Design Technologies. The acquired company provides Adani Defence and Aerospace a strong Tier – I capability for building a base for graduating to platform capabilities. The key Business Areas of Alpha Design Technologies is in Defence Electronics, Avionics, Aero-structure Assemblies, Space and Satellite Systems, Simulators etc.

Adani Enterprises is an infrastructure company. The company is engaged in coal trading, coal mining, oil and gas exploration, ports, multimodal logistics, power generation and transmission, and gas distribution.

 

22-Apr-2019

TCS modernises more than 1.5 lakh post offices

Tata Consultancy Services (TCS) has developed an integrated solution for India Post that has helped modernise a network of more than 1.5 lakh post offices in the country. The company has been receiving over Rs 1,100 crore multi-year contract from the Department of Posts (DoP) for an end-to-end IT modernisation programme.

The partnership was aimed at equipping India Post with modern technologies and systems to enable it to offer more services to the customers in an effective manner. The integrated solution supports requirements of over five lakh employees, services over 40,000 concurrent users, and processes over three million postal transactions a day, making this one of the largest SAP implementations globally.

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.

 

22-Apr-2019

Fortis Healthcare’s arm to conduct 3rd Annual Cadaver, Live Surgical Workshop on MISS

Fortis Healthcare’s subsidiary — Fortis Hospital, Bangalore, along with the Minimally Invasive Spine Surgeons Association of Bharat (MISSAB) is conducting 3rd live surgery workshop, MIS Live Cad, 2019. The live Minimally-Invasive Spine Surgeries will be conducted at Fortis Hospital, Bannerghatta Road, and the 3-D live surgery will be broadcast at Hotel JW Marriott on April 20, 2019.

The workshop would be the first of its kind in the world to transmit 3-D live surgery remotely from Fortis Hospitals, Bannerghatta Road, to Hotel JW Marriot, Bangalore.

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.

 

22-Apr-2019

Zensar Technologies sponsors ‘the International Women’s Hackathon 2019’

Zensar Technologies is an associate sponsor of the prestigious 2019 edition of the International Women’s Hackathon organized by HackerEarth (the world’s largest developer communities). The edition was launched on March 08, 2019 globally as part of International Women’s Day celebration.

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

 

22-Apr-2019

Shilpa Medicare receives EIR from USFDA for R&D unit at Modavalasa

Shilpa Medicare’s Pharmaceutical Research & Development (R&D) Unit at Modavalasa in the state of Andhra Pradesh region has received US Food and Drug Administration (USFDA) Establishment Inspection Report (EIR) with intimation of closure of inspection on April 08, 2019.

Earlier, this R&D site has undergone an inspection by the USFDA during February 11, 2019 to February 13, 2019, wherein the company has been issued a Form 483 with one observation.

Shilpa Medicare produces and exports consistently high-quality Active Pharmaceutical Ingredients Fine Chemicals, intermediates, herbal products and speciality chemical products using sophisticated technology, meticulously following international specifications.

 

22-Apr-2019

HDFC Bank gets nod to raise Rs 50,000 crore via Bonds

HDFC Bank has received approval for the issuance of Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long Term Bonds (financing of infrastructure and affordable housing) up to a total amount of up to a total amount of Rs 50,000 crore in the period of next twelve months through private placement mode.

The Board of Directors of the Company at its meeting held on April 20, 2019 has approved the same.

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.

 

22-Apr-2019

Vikas WSP gets order confirmation for export of guar gum

Vikas WSP has received order confirmation after plant Audit for export of guar gum newly developed Depolymerised product from IMC Kelium potash, USA for a business of 12500 MT for an approximate amount of Rs 230 crore.

The technical expert team of the Importer audited the plant of the Company on April 20, 2019 and confirmed the above order the shipments.

Vikas WSP is one of India’s foremost guar gum powder (GGP) manufacturer, supplying to all sectors of the food industry with an extensive range of quality products.

 

22-Apr-2019

Commercial Syn Bags gets approval for migration to main board of BSE

Commercial Syn Bags has received the in-principle approval from Bombay Stock Exchange (BSE) for migration of equity shares of the Company from BSE SME platform to Main Board of BSE.

Commercial Syn Bags is engaged in manufacturing packaging bags under the brand name Comsyn and Tiger Tarpaulin. Its products include flexible intermediate bulk container bulk bags, poly tarpaulin, polypropylene woven sacks, polypropylene fabric, asbestos bag, container bag, garden bag, waste bag, tarpaulin tarps, bopp bags, ground covers, spiral tubing, box bags.

 

22-Apr-2019

SpiceJet, Emirates sign MoU for codeshare partnership

SpiceJet and Emirates have signed a Memorandum of Understanding (MoU) to enter into a reciprocal codeshare agreement, which is set to open new routes and destinations for passengers travelling between India and popular destinations across America, Europe, Africa and the Middle East.

The airlines passengers travelling from Delhi, Mumbai, Ahmedabad, Kochi, Amritsar, Jaipur, Pune, Mangalore, Madurai, Kozhikode and 41 other domestic destinations that the airline operates to, will be able to access Emirates’ expansive network across the globe.

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

 

22-Apr-2019

Avantel bags order from The Boeing Company

Avantel has bagged an order for an amount of around $1,161,710 from The Boeing Company.

Avantel is actively involved in design and development of products based on High Power Broad band Wireless, Satellite Communication and Broad band access technologies.

 

22-Apr-2019

CCI gives green signal for acquisition of L&T’s electrical & automation business by Schneider

The Competition Commission of India (CCI) has given its approval for acquisition of electrical and automation business of Larsen & Toubro (L&T) by Schneider and MacRitchie. However, the deal is subject to compliance of certain modifications.

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

 

22-Apr-2019

Shilpa Medicare receives USFDA’s approval for Busulfan Injection

Shilpa Medicare has received US Food and Drug Administration’s (USFDA) approval for its ANDA, Busulfan Injection, 60 mg/10 ml. Busulfan Injection, 60 mg/10 ml is a generic equivalent of reference listed drug (RLD), Busulfex Injection, 60 mg/10 ml, used in the treatment of patients with chronic myelogenous leukemia as recommended in the label approved by USFDA.

According to IQVIA MAT Q4 2018 data, the US market for Busulfan Injection, 60 mg/10 ml is approximately $32.8 million.

Shilpa Medicare produces and exports consistently high-quality Active Pharmaceutical Ingredients Fine Chemicals, intermediates, herbal products and speciality chemical products using sophisticated technology, meticulously following international specifications.

 

22-Apr-2019

Tata Steel’s structural hollow steel brand gets Superbrand status

Tata Steel’s premium structural hollow steel product brand widely used in building homes, industrial and infrastructure projects — Tata Structura has been accorded the Superbrand status after being validated by consumers and industry in the most recent survey by the Superbrands organisation.

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.

 

22-Apr-2019

ICICI Prudential MF declares dividend under FMP – Series 78 – 1150 Days Plan N

ICICI Prudential Mutual Fund (MF) has declared dividend under ICICI Prudential Fixed Maturity Plan – Series 78 – 1150 Days Plan N. The record date for the same is April 25, 2019. The quantum of dividend on the face value of Rs 10 per unit will be Rs 0.0005 each under regular and direct plan – Dividend.

The units of FMP – Sr 78 Pl N are listed on NSE. The trading of units of FMP – Sr 78 Pl N will be suspended on NSE with effect from closing hours of trading of April 22, 2019. For the purposes of redemption proceeds, the record date shall be April 25, 2019.

 

22-Apr-2019

ICICI Prudential MF declares dividend under FMP – Series 78 – 1130 Days Plan T

ICICI Prudential Mutual Fund (MF) has declared dividend under ICICI Prudential Fixed Maturity Plan – Series 78 – 1130 Days Plan T. The record date for the same is April 25, 2019. The quantum of dividend on the face value of Rs 10 per unit will be Rs 0.0500 under direct plan – Dividend.

The units of FMP – Sr 78 Pl T are listed on NSE. The trading of units of FMP – Sr 78 Pl T will be suspended on NSE with effect from closing hours of trading of April 22, 2019. For the purposes of redemption proceeds, the record date shall be April 25, 2019.

 

22-Apr-2019

ICICI Prudential MF declares dividend under Equity – Arbitrage Fund

ICICI Prudential Mutual Fund (MF) has declared dividend under ICICI Prudential Equity – Arbitrage Fund. The record date for the same is April 26, 2019.

The quantum of dividend on the face value of Rs 10 per unit will be Rs 0.0902 under dividend; and Rs 0.0400 under direct plan – Dividend.

 

22-Apr-2019

Gold imports decline by 3% to $32.8 billion in 2018-19

India, one of the largest gold importers in the world, has reported fall in gold imports by around 3% to $32.8 billion in 2018-19, while last year same period total imports of the precious metal stood at $33.7 billion. Easing trend of the overseas bullion rates is stated as the reason for the contraction in the value of imports.

The country had marked negative growth in its imports in February, while it grew in March. The current account deficit (CAD), widened to 2.5% of gross domestic product (GDP) in the third quarter of the fiscal, against last year same period’s 2.1%, mainly due to a large trade deficit.

The government had introduced several measures to restrict the import of gold. Import of the yellow metal attracts 10% duty. The domestic jewelry industry always demands a cut in the duty and relaxation of other import norms for increasing availability of the yellow metal to boost jewelry exports.

 

22-Apr-2019

UTI MF introduces Fixed Term Income Fund Series XXXI-XIII (1127 Days)

UTI Mutual Fund (MF) has launched the UTI-Fixed Term Income Fund Series XXXI-XIII (1127 Days), a close ended debt scheme. The NFO opens for subscription on April 22, 2019 and closes on May 06, 2019. No Entry load and Exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiple of Rs 10 under all the plans/options. 

The scheme’s performance will be benchmarked against CRISIL Composite Bond Fund Index and its fund manager is Sunil Patil. 

The investment objective of the scheme is to generate returns by investing in a portfolio of fixed income securities maturing on or before the date of maturity of the scheme.

 

22-Apr-2019

UTI MF introduces Fixed Term Income Fund Series XXXI-XIII (1127 Days)

UTI Mutual Fund (MF) has launched the UTI-Fixed Term Income Fund Series XXXI-XIII (1127 Days), a close ended debt scheme. The NFO opens for subscription on April 22, 2019 and closes on May 06, 2019. No Entry load and Exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000 and in multiple of Rs 10 under all the plans/options. 

The scheme’s performance will be benchmarked against CRISIL Composite Bond Fund Index and its fund manager is Sunil Patil. 

The investment objective of the scheme is to generate returns by investing in a portfolio of fixed income securities maturing on or before the date of maturity of the scheme.

 

22-Apr-2019

Principal MF introduces Small Cap Fund

Principal Mutual Fund (MF) has launched the Principal Small Cap Fund, an open ended equity scheme. The NFO opens for subscription on April 22, 2019 and closes on May 06, 2019. Entry load will be nil and exit load will be nil for redemption/switch out of units upto 25% of the units allotted (the limit) if redeemed/ switched on or before 1 year from the date of allotment and exit load will be 1% on redemption in excess of 25% of the limit stated above if Redemption of units would be done on First in First out Basis (FIFO) and Nil thereafter. The minimum subscription amount is Rs 5,000 for both Dividend and Growth Option and any amount thereafter under each Plan/option. 

The scheme’s performance will be benchmarked against Nifty Small cap 100 index and its fund managers are P.V.K. Mohan and Siddarth Mohta. 

The investment objective of the scheme is to generate long term capital appreciation by predominantly investing in equity and equity related instruments of small cap companies.

 

22-Apr-2019

Reliance’s Retail Unit delivers record-breaking performance in revenue, profits during FY19

Reliance Industries’ Retail Unit–Reliance Retail has delivered a record-breaking performance in revenue and profits growth for the year 2018-19. Segment Revenue for FY19 grew by 88.7% Y-o-Y to Rs 130,566 crore as against Rs 69,198 crore in the previous year. Business PBDIT for FY19 grew by 145.2% Y-o-Y to Rs 6,201 crore as against Rs 2,529 crore in previous year. During the year, retail area under operations grew by 24.2% to 22 million square feet.

Segment Revenue for Q4 FY19 grew by 51.6% Y-o-Y to Rs 36,663 crore as against Rs 24,183 crore in the corresponding period of the previous year. Business PBDIT for Q4 FY19 grew by 77.1% Y-o-Y to Rs 1,923 crore as against Rs 1,086 crore in the corresponding period of the previous year.

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.

 

22-Apr-2019

Goa Carbon reports net loss of Rs 9 crore in Q4

Goa Carbon has reported results for the fourth quarter and year ended March 31, 2019. 

The company has reported a net loss of Rs 8.79 crore for the quarter ended March 31, 2019 as against net profit of Rs 11.84 crore for the same quarter in the previous year. Total income of the company decreased by 20.92% at Rs 128.41 crore for quarter under review as compared to Rs 162.37 crore for the quarter ended March 31, 2018.

For the year ended March 31, 2019, the company has posted a net loss at Rs 7.51 crore as against net profit of Rs 53.85 crore for the previous year. Total income of company decreased 22.14% at Rs 464.04 crore for year under review as compared to Rs 595.99 crore for year ended March 31, 2018.

 

22-Apr-2019

SpiceJet to launch 24 new flights

SpiceJet will launch 24 new flights connecting Mumbai and Delhi with other cities on its domestic network. Of these, 16 will connect Mumbai, four will connect Delhi while the rest will connect the two metros with each other.

The new flights from Mumbai are on the Mumbai-Jaipur-Mumbai, Mumbai-Patna-Mumbai, Mumbai-Bagdogra-Mumbai, Mumbai-Amritsar-Mumbai, Mumbai-Hyderabad-Mumbai, Mumbai-Coimbatore-Mumbai, Mumbai-Kolkata-Mumbai and Mumbai-Mangaluru-Mumbai sectors while the flights from Delhi are on the Delhi-Patna-Delhi and Delhi-Bangalore-Delhi sectors besides two additional frequencies on the Mumbai-Delhi-Mumbai sector. All the new flights introduced will be operational daily.

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

 

22-Apr-2019

GHCL launches ‘REKOOP’ on Amazon.com

GHCL has launched ‘REKOOP’ on Amazon.com. REKOOP bedding is made by blending cotton with polyester fiber obtained from recycling post-consumer PET bottles. The concept is sustainable, durable and free of any hazardous chemicals. Molecular tagging of the recycled fiber through the CertainT platform of Applied DNA Sciences in Stony Brook, New York, secures provenance and complete traceability across the supply chain.

The platform is designed to tag, test and track synthetic fibers to provide transparency, traceability and trust throughout the textile supply chain. Reliance Industries (RIL), India’s largest private company, is GHCL’s fiber-manufacturing partner and supplies the truly ecofriendly recycled polyester fiber – Recon Green Gold, which is used in REKOOP bedding.

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

 

22-Apr-2019

Torrent Pharma’s arm recalls over 10.78 lakh bottles of hypertension tablets from US

Torrent Pharmaceuticals’ subsidiary — Torrent Pharmaceuticals Inc is recalling over 10.78 lakh bottles of hypertension treatment tablets from the US and Puerto Rico on account of deviations from current good manufacturing norms. The reason for the recalls is presence of an impurity, N-Methylnitrosobutyric acid (NMBA) in the finished product above the interim acceptable daily intake level of 9.82 parts per million.

Torrent Pharmaceuticals is Flagship Company of the Torrent group, a leader in cardiovascular and central nervous system segments. It also has presence in gastro-intestinal, diabetology, anti-infective and pain management segments.

 

22-Apr-2019

SBI’s arm launches product to protect businesses from cyber attacks

State Bank of India’s (SBI) subsidiary — SBI General Insurance has launched a product to protect businesses from financial and reputational losses due to cyber attacks. In the initial phase, the focus will be on SMEs and mid-market businesses, but later the product can cater to larger business conglomerates as well.

This offers protection against the growing threat of cyber breaches and is designed to protect against major insurable cyber exposures like hacking attacks, identity theft, disclosure of sensitive information and business interruption. The product offers both first and third-party coverage benefits including coverage options for contingent business interruption, system failure, reputational loss, multimedia liability and computer crime.

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.

 

22-Apr-2019

Som Datt Finance planning to sell 99.99% stake of wholly owned subsidiary

Som Datt Finance Corporation is planning to sell 99.99% equity shares of Som Datt Infosoft, a wholly owned subsidiary company (Non-material) of the Company, to Som Datt Securities. The meeting of the Board of Directors of the Company is scheduled to be held on April 24, 2019, to consider the same.

Som Datt Finance Corporation is engaged in financial activities, including hire purchase, leasing and financing.

 

22-Apr-2019

Bank of Baroda’s board to consider issuance of equity shares of Rs 5,042 crore to Govt

Bank of Baroda’s board is going to consider issuance of equity shares of Rs 5,042 crore to Government of India on a Preferential Basis. The meeting of the Board of Directors of the Bank is scheduled to be held on April 25, 2019, to consider the same.

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.

 

22-Apr-2019

Wockhardt planning to raise funds via various sources

Wockhardt is planning to raise funds by issue of Equity Shares, Global Depository Receipts, American depository receipts, Foreign Currency Convertible Bonds, fully convertible debentures, partly convertible debentures, preference shares convertible into Equity Shares, and/ or any other financial instruments convertible into Equity Shares (including warrants, or otherwise, in registered or bearer form) and/ or any security convertible into equity Shares, combination of any of the aforementioned securities by way of one or more public and/ or private offerings, Qualified Institutions Placement and/ or on preferential allotment basis or any combination thereof or any other method as may be permitted under applicable law.

The meeting of the Board of Directors of the Bank is scheduled to be held on May 06, 2019, to consider the same.

Wockhardt is one of the few companies with end to end integrated capabilities for its products, starting with the manufacture of the oral and sterile API’s, the dose forms and marketing through wholly owned subsidiary in the US, enabling the company to capture maximum value.

 

22-Apr-2019

Tata Power empowers youth with training and recruitment drive in Maithon, Jharkhand

Tata Power Company in a joint venture (JV) with Tata Consultancy Services (TCS) and Damodar Valley Corporation has commenced a Training and Recruitment drive in the villages of Nisra Block, Maithon, Dhanbad in the state of Jharkhand.

The objective of this program is to provide better employment opportunities to the local communities. Spanned across over 20 days, the programme provides training to the youth in soft skills like business communication, business etiquettes, public speaking, group discussion, presentation skills and computer knowledge.

Post successful completion of this training, candidates who have passed the written test and HR interviews of TCS- Kolkata will be placed in its BPS/KPO division. In this programme this year 60 candidates have successfully cleared the tests and have been placed with TCS.

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.

 

22-Apr-2019

Gujarat Petrosynthese to invest surplus funds in mutual funds, bonds, securities, shares

Gujarat Petrosynthese has received an approval to invest surplus funds in mutual funds, bonds, securities, shares, inter corporate deposits etc. to optimize its returns. The Board of Directors of the Company at their meeting held on April 19, 2019, approved the same.

Gujarat Petrosynthese (Polymer Alloys & Blends Division) is engaged in manufacturing Polymer Blends & Alloys, Specialty grade compounds with Engineering Plastics to meet demanding needs for specific applications.

 

22-Apr-2019

HSPCB orders Piccadily Agro Industries to close distillery unit

Haryana State Pollution Control Board (HSPCB) has ordered Piccadily Agro Industries for the closing of its distillery unit for making the compliance of the certain pollution norms. The unit is making compliance of instructions and may start its operations shortly.

Piccadily Agro Industries is in the business of manufacturing of sugar and it’s by-products. The product range of the company includes white crystal sugar, molasses and bagasse and liquor.

 

22-Apr-2019

TeamLease Services completes acquisition of eCentric

TeamLease Services through its wholly owned subsidiary TL Digital has completed the acquisition of IT Staffing vertical of eCentric, by way of business transfer/ slump sale arrangement.

As per the Business Transfer Agreement entered into two companies, the first tranche of consideration is payable to eCentric upon meeting the conditions precedent to acquisition. The aforesaid first tranche has been transferred on April 20, 2019 to eCentric, pursuant to which the IT Staffing vertical of eCentric now stands acquired by the company.

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

 

22-Apr-2019

Karur Vysya Bank opens new branch in Andhra Pradesh

Karur Vysya Bank has opened new branch in Pattabhipuram district Guntur in state of Andhra Pradesh. The bank has opened branch on April 22, 2019.

Karur Vysya Bank is among six old generation private sector banks that have been identified by the Reserve Bank of India (RBI) to implement Speed Clearing at Mumbai.

 

22-Apr-2019

Alembic Pharma gets USFDA’s nod for Teriflunomide Tablets

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Teriflunomide Tablets, 7 mg and 14 mg. The approved ANDA is therapeutically equivalent to the reference listed drug (RLD), Aubagio Tablets, 7 mg and 14 mg, of Sanofi-Aventis US, LLC (Sanofi-Aventis). Teriflunomide tablets are indicated for the treatment of patients with relapsing forms of multiple sclerosis. Teriflunomide Tablets, 7 mg and 14 mg have an estimated market size of $1.6 billion for twelve months ending December 2018 according to IQVIA.

 

The company has settled the litigation and will launch the product as per the terms of the settlement. Alembic now has a total of 91 ANDA approvals (79 final approvals and 12 tentative approvals) from USFDA.

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

 

22-Apr-2019

Exide Industries signs equity shareholding agreement with Cleantech Solar Energy

Exide Industries has signed an equity shareholding agreement with Singapore-based Cleantech Solar Energy for three captive solar power plants to be set up for its manufacturing units.

According to the pact, Exide Industries has picked up 26-30% equity stake in CSE Solar Sunpark Tamil Nadu, Greenyana Solar and CSE Solar Sunpark Maharashtra.

Exide Industries manufactures the widest range of storage batteries in the world from 2.5 Ah to 20,400 Ah capacities, covering the broadest spectrum of applications. It is India’s largest producer of automotive and industrial batteries, with seven manufacturing plants strategically located across the country.

 

22-Apr-2019

PVR launches first multiplex in Amritsar

PVR has launched its first multiplex in Amritsar at Suraj Chanda Tara on April 22, 2019. Strengthening PVR’s footprints across key markets, the new 6-screen property is a standalone complex in the region with a host of advanced hospitality facilities to offer a seamless experience to movie patrons.

Equipped with the latest technology and state-of-the-art infrastructure, the multiplex is positioned at a convenient location with close proximity to the historic Golden Temple. With this, PVR augments its presence in Punjab with 49 screens in 09 properties and 226 screens in 54 properties in Northern India.

Based on a Victorian architectural design, the plush interiors and sophisticated lighting provide a look of elegance and luxury to the multiplex. The property is spread across an area of 41,400 sq. ft. with a seating capacity of 1,037 guests. Its central location ensures wide connectivity and easy access for cine-goers. It is also integrated with BARCO 4K and 2K projection systems, providing excellent brightness and vibrant colors for a razor-sharp picture quality along with Dolby 7.1 surround sound system and the Next-Gen 3D technology.

PVR is the largest and most premium film exhibition company in India. Since its inception in 1997, the brand has redefined the way entertainment is consumed in the country.

 

22-Apr-2019

Alembic Pharma gets USFDA’s nod for Tobramycin Ophthalmic Solution

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Tobramycin Ophthalmic Solution USP, 0.3%. The approved ANDA is therapeutically equivalent to the reference listed drug (RLD), Tobrex Ophthalmic Solution, 0.3%, of Novartis Pharmaceuticals Corporation.

Tobramycin Ophthalmic Solution USP, 0.3% is a topical antibiotic indicated in the treatment of external infections of the eye and its adnexa caused by susceptible bacteria. Tobramycin Ophthalmic Solution USP, 0.3% have an estimated market size of $9.6 million for twelve months ending December 2018 according to IQVIA.

Alembic now has a total of 92 ANDA approvals (80 final approvals and 12 tentative approvals) from USFDA.

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

 

22-Apr-2019

Bajaj Finserv offers affordable eyewear insurance policy

Bajaj Finserv is offering an affordable eyewear insurance policy that provides coverage for specific need at a pocket-friendly price. The insurance offers coverage in case of theft, online payment options, comprehensive protection and easily claim service.

With all the above features and an easy online application process, this eyewear protection plan provides the best value.

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

 

22-Apr-2019

Eicher Motors’ arm opens standalone flagship store in South Korea

Eicher Motors’ motorcycle arm — Royal Enfield has expanded its presence in Asia by opening its standalone flagship store in Seoul, South Korea. Vintage Motors (Kiheung International) will be Royal Enfield’s distributor-partner in South Korea.

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

 

22-Apr-2019

Birlasoft features as rising star in Salesforce Ecosystem Quadrant Report by ISG

Birlasoft has been recognized as a Rising Star in the Salesforce Ecosystem Quadrant Report for USA 2019 by Information Services Group (ISG), a leading global technology research and advisory firm.

According to the ISG Provider Lens Salesforce Ecosystem Quadrant Report, Birlasoft was among the leading providers of professional services in the USA related to the Salesforce Sales Cloud and Service Cloud products.

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

 

22-Apr-2019

CCI approves acquisition of 7.30% stake in Future Retail by FCL

The Competition Commission of India (CCI) has given its approval for acquisition of 7.30% equity stake in Future Retail by Future Coupons (FCL) through conversion of equity warrants. According to a notice filed with CCI, the proposed combination relates to the allotment of 3.96 crore equity warrants of Future Retail to FCL, priced at Rs 505 apiece aggregating to over Rs 2,000 crore.

Future Retail offers food and grocery categories, fresh fruits and vegetables, meat and poultry, dairy products, staples, FMCG and processed foods, electronics and appliances, clothing and footwear, furniture and furnishing, and other household articles.

 

22-Apr-2019

TCS modernises more than 1.5 lakh post offices

Tata Consultancy Services (TCS) has developed an integrated solution for India Post that has helped modernise a network of more than 1.5 lakh post offices in the country. The company has been receiving over Rs 1,100 crore multi-year contract from the Department of Posts (DoP) for an end-to-end IT modernisation programme.

The partnership was aimed at equipping India Post with modern technologies and systems to enable it to offer more services to the customers in an effective manner. The integrated solution supports requirements of over five lakh employees, services over 40,000 concurrent users, and processes over three million postal transactions a day, making this one of the largest SAP implementations globally.

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.

 

22-Apr-2019

Fortis Healthcare’s arm to conduct 3rd Annual Cadaver, Live Surgical Workshop on MISS

Fortis Healthcare’s subsidiary — Fortis Hospital, Bangalore, along with the Minimally Invasive Spine Surgeons Association of Bharat (MISSAB) is conducting 3rd live surgery workshop, MIS Live Cad, 2019. The live Minimally-Invasive Spine Surgeries will be conducted at Fortis Hospital, Bannerghatta Road, and the 3-D live surgery will be broadcast at Hotel JW Marriott on April 20, 2019.

The workshop would be the first of its kind in the world to transmit 3-D live surgery remotely from Fortis Hospitals, Bannerghatta Road, to Hotel JW Marriot, Bangalore.

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.

 

22-Apr-2019

Tata Sponge Iron reports 48% fall in Q4 consolidated net profit

Tata Sponge Iron has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a fall of 47.82% in its net profit at Rs 24.37 crore for the quarter under review as compared to Rs 46.70 crore for the same quarter in the previous year. However, total income of the company increased by 5.44% at Rs 269.03 crore for Q4FY19 as compared Rs 255.16 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a fall of 47.76% in its net profit at Rs 24.39 crore for the quarter under review as compared to Rs 46.69 crore for the same quarter in the previous year. However, total income of the company increased by 5.44% at Rs 269.05 crore for Q4FY19 as compared Rs 255.17 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a fall of 11.73% in its net profit at Rs 124.34 crore as compared to Rs 140.86 crore for the previous year. However, total income of the company increased by 22.11% at Rs 1,049.72 crore for year under review as compared to Rs 859.66 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 11.70% in its net profit at Rs 124.39 crore as compared to Rs 140.88 crore for the previous year. However, total income of the company increased by 22.11% at Rs 1,049.78 crore for year under review as compared to Rs 859.71 crore for year ended March 31, 2018.

 

22-Apr-2019

Zensar Technologies sponsors ‘the International Women’s Hackathon 2019’

Zensar Technologies is an associate sponsor of the prestigious 2019 edition of the International Women’s Hackathon organized by HackerEarth (the world’s largest developer communities). The edition was launched on March 08, 2019 globally as part of International Women’s Day celebration.

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

 

22-Apr-2019

Shilpa Medicare receives EIR from USFDA for R&D unit at Modavalasa

Shilpa Medicare’s Pharmaceutical Research & Development (R&D) Unit at Modavalasa in the state of Andhra Pradesh region has received US Food and Drug Administration (USFDA) Establishment Inspection Report (EIR) with intimation of closure of inspection on April 08, 2019.

Earlier, this R&D site has undergone an inspection by the USFDA during February 11, 2019 to February 13, 2019, wherein the company has been issued a Form 483 with one observation.

Shilpa Medicare produces and exports consistently high-quality Active Pharmaceutical Ingredients Fine Chemicals, intermediates, herbal products and speciality chemical products using sophisticated technology, meticulously following international specifications.

 

22-Apr-2019

Maruti Suzuki to launch Baleno with next generation Smart Hybrid Technology

Maruti Suzuki India is all set to launch new 1.2 litre DUALJET, DUAL VVT BS VI engine with next generation Smart Hybrid technology in Baleno a premium hatchback. The new BS VI compliant Baleno (Petrol) with Smart Hybrid will be available at NEXA showrooms across the country.

The technological advancement leads to improved fuel efficiency while reducing vehicular emissions. Existing 1.2L VVT petrol engine variants will also be BS VI compliant and available in all variants including CVT.

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.

 

22-Apr-2019

HDFC Bank gets nod to raise Rs 50,000 crore via Bonds

HDFC Bank has received approval for the issuance of Perpetual Debt Instruments (part of Additional Tier I capital), Tier II Capital Bonds and Long Term Bonds (financing of infrastructure and affordable housing) up to a total amount of up to a total amount of Rs 50,000 crore in the period of next twelve months through private placement mode.

The Board of Directors of the Company at its meeting held on April 20, 2019 has approved the same.

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.

 

22-Apr-2019

Vikas WSP gets order confirmation for export of guar gum

Vikas WSP has received order confirmation after plant Audit for export of guar gum newly developed Depolymerised product from IMC Kelium potash, USA for a business of 12500 MT for an approximate amount of Rs 230 crore.

The technical expert team of the Importer audited the plant of the Company on April 20, 2019 and confirmed the above order the shipments.

Vikas WSP is one of India’s foremost guar gum powder (GGP) manufacturer, supplying to all sectors of the food industry with an extensive range of quality products.

 

22-Apr-2019

Commercial Syn Bags gets approval for migration to main board of BSE

Commercial Syn Bags has received the in-principle approval from Bombay Stock Exchange (BSE) for migration of equity shares of the Company from BSE SME platform to Main Board of BSE.

Commercial Syn Bags is engaged in manufacturing packaging bags under the brand name Comsyn and Tiger Tarpaulin. Its products include flexible intermediate bulk container bulk bags, poly tarpaulin, polypropylene woven sacks, polypropylene fabric, asbestos bag, container bag, garden bag, waste bag, tarpaulin tarps, bopp bags, ground covers, spiral tubing, box bags.

 

22-Apr-2019

SpiceJet, Emirates sign MoU for codeshare partnership

SpiceJet and Emirates have signed a Memorandum of Understanding (MoU) to enter into a reciprocal codeshare agreement, which is set to open new routes and destinations for passengers travelling between India and popular destinations across America, Europe, Africa and the Middle East.

The airlines passengers travelling from Delhi, Mumbai, Ahmedabad, Kochi, Amritsar, Jaipur, Pune, Mangalore, Madurai, Kozhikode and 41 other domestic destinations that the airline operates to, will be able to access Emirates’ expansive network across the globe.

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

 

22-Apr-2019

Avantel bags order from The Boeing Company

Avantel has bagged an order for an amount of around $1,161,710 from The Boeing Company.

Avantel is actively involved in design and development of products based on High Power Broad band Wireless, Satellite Communication and Broad band access technologies.

 

22-Apr-2019

CCI gives green signal for acquisition of L&T’s electrical & automation business by Schneider

The Competition Commission of India (CCI) has given its approval for acquisition of electrical and automation business of Larsen & Toubro (L&T) by Schneider and MacRitchie. However, the deal is subject to compliance of certain modifications.

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

 

22-Apr-2019

Shilpa Medicare receives USFDA’s approval for Busulfan Injection

Shilpa Medicare has received US Food and Drug Administration’s (USFDA) approval for its ANDA, Busulfan Injection, 60 mg/10 ml. Busulfan Injection, 60 mg/10 ml is a generic equivalent of reference listed drug (RLD), Busulfex Injection, 60 mg/10 ml, used in the treatment of patients with chronic myelogenous leukemia as recommended in the label approved by USFDA.

According to IQVIA MAT Q4 2018 data, the US market for Busulfan Injection, 60 mg/10 ml is approximately $32.8 million.

Shilpa Medicare produces and exports consistently high-quality Active Pharmaceutical Ingredients Fine Chemicals, intermediates, herbal products and speciality chemical products using sophisticated technology, meticulously following international specifications.

 

22-Apr-2019

Tata Steel’s structural hollow steel brand gets Superbrand status

Tata Steel’s premium structural hollow steel product brand widely used in building homes, industrial and infrastructure projects — Tata Structura has been accorded the Superbrand status after being validated by consumers and industry in the most recent survey by the Superbrands organisation.

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.

 

22-Apr-2019

Adani Enterprises’ arm acquires Alpha Design Technologies

Adani Enterprises’ wholly owned subsidiary — Adani Defence Systems and Technologies has acquired the control of Alpha Design Technologies. The acquired company provides Adani Defence and Aerospace a strong Tier – I capability for building a base for graduating to platform capabilities. The key Business Areas of Alpha Design Technologies is in Defence Electronics, Avionics, Aero-structure Assemblies, Space and Satellite Systems, Simulators etc.

Adani Enterprises is an infrastructure company. The company is engaged in coal trading, coal mining, oil and gas exploration, ports, multimodal logistics, power generation and transmission, and gas distribution.

 

22-Apr-2019

Tata Coffee reports 20% fall in Q4 consolidated net profit

Tata Coffee has reported results for fourth quarter and year ended March 31, 2019.

The company has reported a 3-fold jump in its net profit at Rs 12.19 crore for the quarter under review as compared to Rs 3.91 crore for the same quarter in the previous year. Total income of the company increased by 2.50% at Rs 212.09 crore for Q4FY19 as compared Rs 206.91 crore for the corresponding quarter previous year.

On the consolidated basis, the company has reported a fall of 20.27% in its net profit at Rs 17.86 crore for the quarter under review as compared to Rs 22.40 crore for the same quarter in the previous year. However, total income of the company increased by 3.55% at Rs 464.46 crore for Q4FY19 as compared Rs 448.53 crore for the corresponding quarter previous year.

For the year ended March 31, 2019, the company has reported a rise of 14.05% in its net profit at Rs 71.58 crore as compared to Rs 62.76 crore for the previous year. However, total income of the company marginally decreased by 0.63% at Rs 756.83 crore for year under review as compared to Rs 761.66 crore for year ended March 31, 2018.

For the year ended March 31, 2019, on the consolidated basis, the company has reported a fall of 42.84% in its net profit at Rs 106.89 crore as compared to Rs 187.00 crore for the previous year. However, total income of the company increased by 14.66% at Rs 1,822.41 crore for year under review as compared to Rs 1,589.35 crore for year ended March 31, 2018.

 

22-Apr-2019

Mahindra Lifespace achieves sales of Rs 1023 crore in residential business in FY19

Mahindra Lifespace Developers has achieved sales of Rs 1023 crore in residential business during FY19, growth of 67% over FY18.

During Q4 FY19, the company achieved sales of Rs 407 crore in residential business, growth of 112% over Q4 FY18 and 89% over Q3 FY19.

Mahindra Lifespace Developers is the real estate and infrastructure development business of the $19 billion Mahindra Group, and a pioneer of sustainable urbanization in India.

 

22-Apr-2019

Tata Power to launch ‘Earth Week’ E-waste collection campaign

Tata Power in association with TATA CLiQ, will be hosting ‘Earth Week’ – a campaign from April 22, 2019 to April 28, 2019 to provide a transformative solution on E-waste management. The company has collaborated with Karo Sambhav, India’s leading E-waste producer responsibility organisation.  The campaign indicates an evolved mind-set of India’s ‘Reflex Generation’ with a proactive participation to responsibly recycle E-waste.

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.

 

22-Apr-2019

Bajaj Finserv’s JV launches ‘Total Health Secure Goal’ plan

Bajaj Finserv’s Joint Venture (JV) – Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance in collaboration has launched their first product ‘Total Health Secure Goal’. This plan is designed to take care of customer’s health and life goals, through one comprehensive insurance policy.

The new insurance product is a combination of two existing plans – Health Guard policy by Bajaj Allianz General Insurance, and iSecure from Bajaj Allianz Life Insurance. This combined plan offers customers an additional 5% discount on the total premium payable and provides flexibility of availing service or communication on the product from either of the companies.

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

 

22-Apr-2019

Asian Paints resumes paint manufacturing operations at Vishakhapatnam facility

Asian Paints has resumed paint manufacturing operations at the Vishakhapatnam plant in the state of Andhra Pradesh. The company had reported a fire incident at paint manufacturing facility in Vishakhapatnam on April 08, 2019.

Asian Paints is engaged in the business of manufacturing, selling and distribution of paints, coatings, products related to home decor, bath fittings and providing of related services. The Company’s business segments are Paints and Home Improvement.

 

22-Apr-2019

Gruh Finance plans to raise funds by debt instruments

Gruh Finance is planning to raise funds by way of on shore and/or off shore debt instruments including but not limited to bonds, non-convertible debentures, non-convertible subordinated debt Tier-II debentures, denominated in Indian currency and or any foreign currency. The Board of Directors of the company at its meeting to be held on April 30, 2019 to consider the same.

Gruh Finance is a Housing Finance Company recognized by National Housing Bank. The company offers loans to individuals for purchase, construction, repairs, renovation of dwelling units. The company also offers loans to the self employed segment where in formal income proofs are not available.

Covered By:

Jamnadas Virji Advisory