Latest News and Updates

25th Aug, 2022

On Day 2 of subscription, there is a robust demand for Dreamfolks' IPO

Published on: 3:48 pm

  • By August 25, 2022, the public offering has received applications in the retail category of 16.92 times, the QIB category 0.57 times, and the NII category 5.59 times.
  • 9,483,302 equity shares will be issued in the public offering of Dreamfolks Services. Retail investors can purchase 1,724,236 shares, while qualifying institutional buyers can purchase 5,172,711 shares and non-institutional investors can purchase 2,586,355 shares. Read more

Lupin and I’rom inks agreement for Denosumab biosimilar for Japan

Published on: 3:15 pm

  • Global pharma major, Lupin Limited has announced on Thursday that it has entered into an exclusive licensing agreement with leading pharmaceutical company in Japan 'I’rom Group Co. Ltd (I’rom), a leading pharmaceutical company in Japan. 
  • According to the agreement, along with Lupin, I’rom will conduct clinical trials and also register, distribute and market biosimilar Denosumab in Japan on an exclusive basis.
  • Denosumab is indicated for the treatment of postmenopausal women with osteoporosis at high risk of fracture and prevention of skeletal-related events in patients with bone metastases from solid tumors among other indications. Read More

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ICRA withdraws rating of Share India Securities’ bank facilities worth Rs500 crore; stock dips ~3%

Published on: 3:15 pm

  • Share India Securities Limited informed that upon the request of the Company, the ICRA Limited (Credit Rating Agency) has withdrawn the rating of [ICRA] A2+ rating assigned to Rs500 crore of short-term non-fund-based facilities of the Company.
  • Apart from that company’s bank loan worth Rs190 crore holds an ‘ACUITE A’ rating. Another bank loan worth Rs810 crore holds an ‘ACUITE A1’ rating.
  • ACUITE has given an ‘ACUITE A’ rating to the company’s Non-Convertible Debentures worth Rs150 crore. Read More

Ind-Ra assigns Long-Term Issuer Rating of ‘IND A+’ to Anupam Rasayan; stock jumps ~2%

Published on: 3:12 pm

  • India Ratings and Research (Ind-Ra) has assigned Anupam Rasayan India Limited (ARIL) Long-Term Issuer Rating of ‘IND A+’. The Outlook is Stable.
  • Ind-Ra assigned the ‘IND A1’ rating to the company’s non-fund-based working capital limits worth Rs32 crore.
  • Ind-Ra has reviewed total facilities worth Rs710.70 crore. Read more

Medical Value Tourism is now a $600 billion industry: Pratap C. Reddy

Published on: 3:02 pm

  • In his address to the Annaul General Meeting of the company, Pratap C. Reddy, Chairman of Apollo Hospitals, said that healthcare will become more Digital + Physical in the foreseeable future. He added that Apollo 24/7 is already providing online care to around 20 million patients per month. He added that Apollo will also be starting several new physical hospitals and clinics over the next 5 years.
  • Mr. Reddy said that healthcare is going to become more preventive in the near future. Apollo's ProHealth program uses artifical intelligence for providing predictive risk score for various diseases. Mr. Reddy added that healthcare will become even more hi-tech in the coming times. He emphasized on the need for Apollo to take its healthcare services to even more people. Apollo's Proton therapy center is the first of its kind in Asia. Mr Reddy informed that Apollo Hospitals will be investing $200 million for creating 4-5 more such Proton centers in the country. Read more

Info Edge India to invest Rs7.5 crore in Happily Unmarried Marketing; Stock jumps 2%

Published on: 2:45 pm

  • Info Edge (India) Ltd has agreed to invest about Rs7.5 crore in Happily Unmarried Marketing Private Limited, through its wholly-owned subsidiary.
  • Happily Unmarried involves business of personal care, under the brand 'Ustraa' and 'HU Girls' and in relation to that any other brand which the Company may launch in the future and excludes the existing home accessory activities/businesses conducted under the brand 'Happily Unmarried'.
  • "As part of company’s strategic investments, the investment in Happily Unmarried would help to consolidate its position into the said line of business within the Internet Services Industry", Info Edge said in a filing. Read More

Samvardhana Motherson collaborates with Kingdom of Saudi Arabia to evaluate industrial development o

Published on: 2:45 pm

  • Samvardhana Motherson International Limited (SAMIL) (Formerly Motherson Sumi Systems) and the Ministry of Investment, Kingdom of Saudi Arabia (MISA) have entered into a Memorandum of Understanding (MoU) to identify investment development opportunities in the Kingdom of Saudi Arabia for industrial and service activities (KSA).
  • The MoU encourages SAMIL and MISA to work together to grow the automobile components sector in the Kingdom of Saudi Arabia (KSA). Both partners will look for investment opportunities in other industrial areas as well.
  • The Ministry of Investment, Kingdom of Saudi Arabia (MISA) is in charge of all investment matters in the Kingdom of Saudi Arabia. Read More

Mahindra Logistics launches eleventh fulfilment centre in Hyderabad; stock rises

Published on: 1:51 pm

  • Mahindra Logistics Limited (MLL), one of India's largest 3PL solution providers, has been able to create a very strong footprint in the nation after foraying into end-to-end services for its B2C food sector last year.
  • The firm today announced the opening of its eleventh fulfilment centre in the country, the third in the city of Hyderabad. The new fulfilment centre will focus on enabling rapid commerce in the supermarket category, with technology serving as the backbone in driving efficiency.
  • With its end-to-end services of fulfilment centres, milk-run transportation, micro-fulfillment centres (dark shops), and last-mile delivery, MLL has quickly built its operational capabilities across India. Read more

Privado gets $14 million in Series A funding

Published on: 1:45 pm

  • Privado, a supplier of data privacy solutions, has secured $14 million in its Series A fundraising round, which was co-led by global software investors Insight Partners and Sequoia Capital India and included previous backers Together Fund and Emergent Ventures.
  • According to a media statement released on Thursday, the business intends to use the financing to improve and extend Privado's technological stack, expand its personnel, and strengthen its open-source community. Jasdeep Cheema, Prashant Mahajan, and Vaibhav Antil founded Privado in 2020, a company that provides solutions to organizations all around the world who have privacy concerns. Read more

HDFC Bank partners with Tata Neu to launch rewarding co-branded credit cards

Published on: 1:36 pm

  • Tata Neu and HDFC Bank has announced a partnership to launch one of India’s most rewarding co-branded credit cards. This card will be launched in two variants: Tata Neu Plus HDFC Bank Credit Card and Tata Neu Infinity HDFC Bank Credit Card. 
  • Tata Neu customers can apply for the credit card with the help of Tata Neu app and access key details of the card through the app. Both variants of the card will be available on both RuPay and Visa network systems.
  • The new cards will enable customers to earn rewards on all spends, both online and in-store in the form of NeuCoins (1 NeuCoin = Re 1).  Read more

Sal Automotive skyrockets ~10% on commencing production at new manufacturing shed in Patiala

Published on: 1:30 pm

  • Sal Automotive Limited informed that it has commenced commercial production at its new manufacturing shed at the existing plant premises.
  • The said plant is situated at Kakarla Road, Nabha, Patiala District, Punjab.
  • The company commenced production on August 24, 2022. Read more

Aban Offshore agrees to pay outstanding principal of Rs121 crore to Central Bank; Stock jumps 20%

Published on: 12:57 pm

  • Aban Offshore Limited has informed that the company has entered into a settlement agreement on August 24, 2022 with Central Bank of India, one of the financial creditors of the Company.
  • As per the terms of the settlement agreement, the company has agreed to pay and the Bank has agreed to accept the outstanding principal of Rs121,78,41,258/- (Rupees One Hundred and Twenty One Crore Seventy Eight Lakh Forty One Thousand Two Hundred Fifty Eight Only) within 30 days from the date of this agreement being the full and final settlement of all the credit facilities. Read More

NARCL proposes to buy 5 bad debt accounts including that of Future Retail

Published on: 12:57 pm

  • According to news reports, the government-sponsored bad bank National Asset Reconstruction Company of India Ltd (NARCL) this week proposed to buy five impaired loan accounts, including those of Future Retail and GTL Ltd.
  • According to the reports, McNally Bharat Engineering and Consolidated Construction Co. Ltd (CCCL) are two engineering procurement and construction firms whose debt NARCL has also proposed to buy. In a recent letter to lenders, the government-owned asset reconstruction corporation (ARC) made the suggestion, they claimed, adding that the fifth business was Rainbow Papers. Read More

Petrol and fuel prices rise in Meghalaya after state government raises taxes

Published on: 12:25 pm

  • According to James PK Sangma, the state's revenue minister, the Meghalaya government raised the cost of gasoline and diesel. For petrol, the highest of 13.5% tax or Rs11 per liter applied. The new tariff, according to him, is 13.5% or Rs. 12.50 per liter, whichever is higher.
  • Diesel had a 5% tax, or Rs4 per liter, whichever was higher. He stated that the new price is % or Rs5.50 per liter, whichever is greater. "As you may know, the price of gasoline and diesel has increased in the state of Assam. In response, the state government in this location adjusts its rates for gasoline and diesel to benefit from the price discrepancy "After the cabinet approved the revisions on Wednesday, Sangma made the statement. Read more

IDBI Bank shoots up ~9% as LIC, Govt plans to pare atleast 51% stake

Published on: 12:24 pm

  • According to reports, the government and life insurer LIC, who hold together 94.71% stake of IDBI Bank, are considering to dispose off at least 51% stake of the institution.
  • Following this development, IDBI Bank’s counter shot up nearly 9%.
  • India will publicly evaluate interest in IDBI Bank as soon as September, with the government likely keeping some IDBI Bank shares following the sale. Read more

REC-led subsidiary transfers project specific SPV to Power Grid

Published on: 12:23 pm

  • REC Limited has informed regarding sale and transfer of Neemuch Transmission Limited, wholly owned subsidiary of RECPDCL and also of REC.
  • According to the regulatory filing, it is informed that after receipt of consideration comprising of professional fees of Bid Process Coordination, interest cost and reimbursement of expenditure incurred on the project by REC Power Development & Consultancy Limited (RECPDCL), a wholly-owned subsidiary of REC, the entire shareholding of Neemuch Transmission Limited, comprising of 50,000 equity shares, presently held by RECPDCL, has been transferred at par value along with all its assets and liabilities on August 24, 2022 to Power Grid Corporation of India Limited, the successful bidder selected through tariff based competitive bidding process, for development of "Transmission System for evacuation of power from Neemuch SEZ." Read more

DreamFolks Services IPO subscribed 3 times on day two, retail part booked 12 times

Published on: 12:07 pm

  • On August 25, the second day of bidding, the DreamFolks Services IPO received strong support from retail investors and was booked three times. Retail portion was subscribed 12 times.
  • Following the company's August 23 anchor book raise of Rs253 crore, the issue size was decreased from 1.72 crore shares to 94.83 lakh shares.
  • On August 25, the second day of bidding, the DreamFolks Services IPO received strong support from retail investors and was booked three times. Read more

Torrent Pharma all geared up to acquire skincare manufacturer ‘Curatio Healthcare’

Published on: 11:43 am

  • Torrent Pharmaceuticals Limited plans to buy Curatio Healthcare, a skincare product maker. According to persons familiar with the situation, the acquisition will value Curatio at Rs2,100 crore.
  • Existing Curatio investors such as ChrysCapital (which has a 20% investment) and Sequoia Capital (33% stake) will exit their holdings. The company's promoters, including GK Ramani, and management will also be leaving the company.
  • The agreement is scheduled to be inked within the next two weeks, according to the sources. Read more

Promoters of Wardwizard Innovations waives dividend; Stock under pressure

Published on: 11:42 am

  • Wardwizard Innovations & Mobility Limited has informed that the Board of Directors in its meeting held on August 24, 2022 has considered and approved to waive/forgo the right to receive a final dividend of Rs0.075 paise per equity share @ 7.5% at par value Rs1 each fully paid-up for the Financial Year 2021-2022 of the Promoter(s) & Promoter Group (s) holding 18,36,70,000 number of Equity shares of the company.
  • The meeting of the Board of Directors commenced at 12.15 P.M. & concluded at 12.45 P.M. Read More

RBI pulls up ban imposed on American Express

Published on: 11:13 am

  • The Reserve Bank of India removed the ban on American Express on Wednesday, more than a year after it was imposed.
  • In April of last year, the central bank barred Amex from accepting new clients because it failed to fulfill data localization standards.
  • Last year, the RBI prohibited three US-based card networks – MasterCard, American Express, and Diners Club International – from issuing new cards in India because they were deemed to be in violation of local data storage regulations. Read more

Jubilant Ingrevia redeems commercial papers worth Rs50 crore; Stock rises

Published on: 10:52 am

  • Jubilant Ingrevia Limited has informed to the exchanges regarding redemption of Commercial Papers of Rs50 crore.
  • At around 10:51 AM, Jubilant Ingrevia was trading at Rs483 per share higher by Rs2.20 or 0.46% on the BSE.
  • The company said in a regulatory filing that the commercial papers of Rs50 crore issued on Thursday, July 14, 2022, have been fully redeemed by the Company on Tuesday, August 23, 2022 i.e. the maturity date. Read more

NHPC's RE arm collaborates with GoR to set up Ultra Mega Renewable Energy Power Park; stock climbs ~

Published on: 10:41 am

  • NHPC Limited informed that its wholly-owned subsidiary NHPC Renewable Energy Limited has signed a Memorandum of Understanding (MoU) with the Government of Rajasthan (GoR) for the Development of Ultra Mega Renewable Energy Power Park in the state of Rajasthan.
  • The company stated that this MoU establishes a framework within which the Parties may interact and cooperate to establish 10 GW RE Parks (UMREPP)/ Projects at locations designated within Rajasthan, by maximizing the exploitation of both Parties' resources and knowledge base.
  • The MoU also provides for the development of RE Park & projects in the identified areas. Read more

Amazon to shut down its healthcare platform 'Amazon Care' by December 31

Published on: 10:27 am

  • Amazon is planning to shut down Amazon Care, the hybrid virtual and in-home care service after spending years of developing it which underscores the challenges it faces as it moves into health care vertical.
  • The service will end by December 31 this year, according to an email sent to staff by Neil Lindsay, senior vice president of Amazon Health Services.
  • Amazon's decision to pull the plug on Amazon Care is even more surprising given the company said in February that it was planning to expand the in-person care services. Last year, Amazon also began offering the service to private employers nationwide. Read more

Asian Granito stock gains 1.6% on incorporation of wholly-owned foreign subsidiary

Published on: 10:02 am

  • Asian Granito Limited has announced to the exchanges regarding incorporation of a Wholly Owned Foreign Subsidiary Company.
  • As per the filing, the Company has incorporated Wholly Owned Foreign Subsidiary Company named AGL Surfaces INC on August 18, 2022 and the intimation for the same is received by the Company on August 24, 2022.
  • Further, AGL SURFACES INC is incorporated with an object to undertake selling & marketing activity of its products in USA and it is yet to commence its business, the company said. Read more

Amara Raja Batteries to invest Rs77 crore in Log 9; Stock climbs over 1.5%

Published on: 9:44 am

  • Amara Raja Batteries Limited as a part of its strategic initiatives has agreed to invest Rs77 crore in securities of Log 9 Materials Scientific Private Limited ("Log 9") in one or more tranches and further executed the necessary transaction documents on August 24, 2022, Wednesday.
  • The proposed investment including the investments, previously made would entitle the Company, to a stake of 15.38% (on fully diluted basis) in Log 9.
  • As per the filing, the investment is a part of its focus to foray into new green technologies / solutions. These initiatives will include expansion and investment that will help the Company to maintain its technological & business leadership in the Energy & Mobility space, apart from creating new growth avenues. Read more

Probability of OPEC supply cuts is driving up oil prices

Published on: 9:39 am

  • After Saudi Arabia said the Organization of the Petroleum Exporting Countries would consider cutting output, oil prices jumped in early Asian trade on Wednesday. However, negative economic signals from central bankers and declining equities weighed on the market.
  • U.S. crude prices increased 34 cents to $95.23 per barrel by 00:16 GMT, while Brent crude futures increased 51 cents to $101.73 per barrel. After the Saudi energy minister suggested that output might be reduced, both crude oil benchmark contracts reached three-week highs on Wednesday. Read more

PSP Projects rallies ~4% on bagging contract worth Rs247.35 crore

Published on: 9:38 am

  • PSP Projects Limited informed that it has received orders worth Rs247.35 crore from Precast and Government segments.
  • With the receipt of the above order, the company’s order inflow for the financial year 2022-23 to date stands at Rs1,344.24 crore. Read More

Markets trade higher amid positive cues; Banking, IT, realty major drivers

Published on: 9:34 am

  • Indian markets trade higher on account of F&O expiry day and positive global cues. Banking, IT and metal stocks were major drivers of the benchmarks with pharma and auto stocks also adding substantial gains. Positive Asian peers coupled with strong gains in Wall Street - kept the sentiment of the markets at home on the upside front.
  • Some consolidation is expected today as derivative contracts expiry seeing higher than normal volatility. Midcaps are expected to be active this week.
  • At around 09:36 AM, Sensex was trading at 59,370.04 up by 284.61  points or 0.48%. Nifty 50 traded higher by 77.95 points or 0.44% at 17,682.90. Read more

Lupin inks pact for acquisition of brands ‘Ondero’ and ‘Ondero – Met’

Published on: 9:25 am

  • Lupin Limited announced that the company has entered into a Deed of Assignment with Boehringer Ingelheim International GmbH for the acquisition of brands Ondero and Ondero - Met (including trademark rights associated with the brands), which will enable the Company to provide comprehensive and best-in-class treatment options for diabetes management.
  • The brands are associated with diabetes medications. Lupin's diabetes portfolio is likely to generate value.
  • The said acquisition is for a cash consideration of Euro 26 million (Rs207.26 crore approx.). Read more

Wagner Jesus named as Wipro’s Country Head for Brazil

Published on: 9:22 am

  • Wagner Jesus has been named Country Head and Managing Director for operations in Brazil by Wipro Limited, a renowned technology services and consulting firm.
  • Wagner had joined Wipro three years ago, taking over as the leader of the non-financial business sector.
  • Throughout his employment, he has played an important role in both local and global accounts, and he has effectively created contacts in the region. He has been a driver of substantial change inside the firm and is a powerful leader who has spearheaded the company's most recent acquisitions while driving expansion in Brazil. Read more

Artson Engineering receives order of Rs61.77 crore; Stock zooms 10%

Published on: 9:19 am

  • Artson Engineering Limited has received order of Rs61.77 crore (Rupees Sixty One Crores Seventy Seven Lakhs Only) including taxes.
  • As per the filing, the order is received from Tata Projects Limited (TPL) for Fabrication and supply of structures for TSL IOPP, Noamundi Project.
  • Further, the time period by which the order is to be executed is 10 months, the company said. Read more

Adani Enterprises forms two wholly-owned subsidiaries for coal mining

Published on: 9:18 am

  • Adani Enterprises has announced to the stock exchanges regarding incorporation of wholly owned subsidiaries.
  • As per filing, the company has incorporated two Wholly Owned Subsidiaries on August 23, 2022 and the details are as as follows:
  • Hirakund Natural Resources Limited ("HNRL"), with an Initial Authorized Share Capital of Rs10 lakh and Paid-Up Share Capital of Rs5 lakh to, interalia manage the business in Mining of Coals and other related minerals and to do all necessary activities in this regard. Further, HNRL will start its business operations in due course, the company said. Read more

Lupin gets USFDA approval for Formoterol Fumarate Inhalation Solution

Published on: 9:17 am

  • Global pharma major Lupin Limited has received approval for its Abbreviated New Drug Application (ANDA), Formoterol Fumarate Inhalation Solution, 20 mcg/2 mL per Unit-Dose Vial from the United States Food and Drug Administration (FDA).
  • As per the filing, the receipt of USFDA approval is to market a generic equivalent of Perforomist Inhalation Solution, 20 mcg/2 mL, of Mylan Specialty, L.P.
  • In addition, according to the IQVIA MAT June 2022 data, Formoterol Fumarate Inhalation Solution (RLD Perforomist) had estimated annual sales of USD 282 million in the U.S.  Read more

Parag Milk Foods raises Rs131 crore fund via preferential allotment; Stock surges 1.5%

Published on: 9:16 am

  • A leading dairy-FMCG company in India, Parag Milk Foods Limited has announced that it has raised a total of ~Rs131 crore through preferential allotment from marquee investors and promoters. 
  • Investors have put in around ~Rs113 crore, demonstrating their trust in the company's ethos, values as well as a promising growth strategy. In addition, the promoters will also invest ~Rs18.75 crore.
  • "The Company has reported a strong Q1FY23 performance with a growth of 57.6% yoy in revenue. The overall growth is broad-based on account of strong momentum across all our verticals. Ahead of festive season, the demand momentum for dairy products continues to accelerate and all our brands are witnessing growth in the overall offtake. This fund raise comes at an opportune time to enable us to meet our expanded working capital need to capitalize on demand potential and pave the way for a profitable business ahead", the company said. Read more

TVS Motor Company acquires 48.27% stake in Narain Karthikeyan’s “DriveX”

Published on: 9:16 am

  • TVS Motor Company, one of the world's top manufacturers of two-wheelers and three-wheelers, announced an investment in Narain Karthikeyan's pre-owned two-wheeler platform "DriveX" (NKars Mobility Millennial Solutions Private Limited).
  • TVS Motor sees a lot of opportunity in the pre-owned two-wheeler industry, which is transitioning from an unorganized to an organized sector.
  • The pre-owned two-wheeler sector is quickly expanding and has attracted significant investor and customer interest in recent years, thanks to digitalization and the advent of start-ups. DriveX's funding aims to enable creative solutions to spearhead this shift. Read more

Twitter whistleblower to give testimony before Senate on September 13th

Published on: 9:13 am

  • Peiter "Mudge" Zatko, the former security director of Twitter Inc., will testify before the US Senate Judiciary committee on September 13 to address claims made in his whistleblower complaint that the social media corporation deceived regulators.
  • According to a spokesperson for Zatko, the senator's complaint has already been discussed with the staff of the chair and ranking member of the Senate Judiciary Committee, the House Energy and Commerce Committee, and the staff of the Senate Intelligence Committee. Zatko accused Twitter of falsely asserting that it had a strong security plan and making misleading claims about its defenses against hackers and spam accounts. Read More

Prices of petrol and diesel on August 25

Published on: 9:11 am

  • State-run oil companies sent a price notification on August 25, a day after gasoline and diesel prices saw a little rate reduction, indicating no change in pricing nationwide. On August 24, Delhi's gasoline and diesel prices were lowered to Rs101.49 and Rs88.92, respectively. The national capital's prices remained the same today.
  • Similar trends were seen in Mumbai's fuel pricing. Retail gasoline costs Rs107.52 per liter, remaining constant. The financial center made history on May 29 when it became the first metro area in the nation to sell gasoline for more than Rs100 a liter. In the capital of Maharashtra, diesel continues to be sold for Rs96.48 per liter. In Kolkata, the cost of a liter of gasoline and diesel remained the same at Rs101.82 and Rs91.98, respectively. Read more

Nasscom intends to have an impact on 100 million people through its digital skills program

Published on: 9:09 am

  • Through its digital learning, skilling, and employability programs, the Nasscom Foundation, the CSR arm of the IT industry association Nasscom, wants to have an influence on 100 million people by 2026, according to a top executive.
  • The organization hopes to have an influence on over 25 lakh lives across 15 states by the end of this year alone, with the primary objective of enabling women's entrepreneurship, chief executive Nidhi Bhasin told ET. The foundation is quickly spreading its activities to rural India even though it is now concentrated on metropolitan regions. These programs fall under Nasscom's stated Tech For Good objectives for the coming ten years. Read More

Google will launch an anti-disinformation campaign in a few EU nations

Published on: 9:00 am

  • Based on a study conducted by psychologists at two British universities, Google's Jigsaw subsidiary will launch a campaign next week to combat misinformation about Ukrainian refugees in Poland, Slovakia, and the Czech Republic.
  • The psychologists from Bristol and Cambridge universities collaborated with Jigsaw to create 90-second videos that serve as an "inoculation" against hazardous social media content. Read More

Men's underwear brand XYXX raises $11 million in funding

Published on: 8:56 am

  • Singularity Opportunities Growth Fund, the brand's lead investor, helped men's innerwear company XYXX Apparels raise Rs 90 crore (about $11 million) in its most recent investment round.
  • Trifecta Capital contributed a debt infusion of Rs 15 crore (about $2 million) to the round.
  • The fundraising round also included participation from current investors such as Sauce Venture Capital and DSG Consumer Partners.
  • Including the most recent round, the brand has already raised Rs 135 crore ($16.9 million). Read more

Bharti Telecom to purchase a 3.33% stake in Airtel from Singtel for Rs 12,895 crore

Published on: 8:51 am

  • Bharti Telecom, the promoter of Bharti Airtel, said in a filing on August 25 that it will buy a 3.33 percent stake in Bharti Airtel from Singtel for Rs 12,895 crore in 90 days.
  • According to Bharti Airtel, "Singtel and its affiliates have entered into an agreement to transfer approximately 3.33 percent of shares to Bharti Telecom for an aggregate amount of approximately 2.25 billion Singapore dollars." This leaves Singtel and Bharti's direct shareholdings in Airtel at roughly 10% and 6%, respectively.
  • According to the petition, "Bharti and Singtel have agreed to strive toward equalizing their stake in Airtel over time." Read More

EaseMyTrip sells tickets worth Rs300 crore in its annual festive season sale

Published on: 8:46 am

  • The travel and tourism sector is not slowing down, according to e-travel operator EasyMyTrip, which also reported that it sold tickets worth Rs 300 crore during its annual festive season sale in the first 10 days of August. This statement was made on Wednesday.
  • "We actually just had our yearly sale, which took place from August 1 to August 10. And we were able to conduct business worth Rs 300 crore in just 10 days. Therefore, the total sale went quite well, and the consumers were very pleased. In an interview with CNBC-TV18, EasyMyTrip co-founder Prashant Pitti stated.
  • Last month, the company reported strong first-quarter financial results, with profit after tax increasing by 125 percent to Rs 33 crore from Rs 14.9 crore in the same period last year. Read More

ONGC asks a higher price of $15 mmBtu for natural gas from KG Field

Published on: 8:41 am

  • To take advantage of the global rise in energy prices, the Oil and Natural Gas Corporation (ONGC) has reopened a tender to sell gas from its KG fields at a higher price of USD 15 per mmBtu.
  • The company requested offers for the sale of 0.75 million standard cubic meters of gas per day for a period of one year from the KG-DWN-98/2 (KG-D5) fields in the Bay of Bengal, citing the tender document. Users were prompted by the company to provide a premium quote that is greater than the reserve gas price, which is 1 dollar per million British thermal units plus 14% of the price of Brent crude oil. Read More

With focused efforts, Latin America might become a significant centre for Indian business: S. Jaisha

Published on: 8:41 am

  • Jaishankar, the minister of external affairs, has emphasized how crucial it is for India to establish itself as a major commercial centre in the wide region of Latin America.
  • Jaishankar is traveling on business for six days across Argentina, Paraguay, and Brazil. His trip to South America is his first official one to date. As he talked with renowned businesspeople here on Tuesday, Jaishankar stated that India and Brazil are not only partners but can also share best practices for their mutual growth and advancement. Read More

Markets may start the day on a positive note today

Published on: 8:35 am

  • Indian markets may start the day in green today. Other Asian markets have started the day in green. US markets closed in green yesterday. SGX Nifty has opened in green today, up by 0.43% since morning. Oil prices have started rising up once again. This is a negative development for the Indian equity markets in the near term.
  • Dow Jones closed up by 0.18% yesterday. Nasdaq closed up by 0.41%. NYSE index closed up by 0.35%. US dollar fell to index level of 108.5. Oil prices saw uptick, crossing US$100. Bond yields remained near 3.11% in anticipation of the outcome of Federal Reserve’s meeting at Jackson Hole. Read More

Swiggy's Instamart now has 9 million users

Published on: 8:24 am

  • In the two years since it started operations, Swiggy's quick commerce grocery service, Instamart, has grown to over 25 cities and is now utilized by 9 million people, according to a top official.
  • Quick commerce supermarket firms received a lot of venture capital interest during the financing boom last year despite having no established profitable unit economics.
  • Additionally, there is more pressure on these firms to cut back on cash burn as demand for cash-hungry businesses declines amid global headwinds. Read More

Uber India claims it create Rs44,600 crore in value for the Indian economy in 2021

Published on: 8:23 am

  • Uber's on-demand service for users, drivers, and the general public created Rs 44,600 crore in value for the Indian economy in 2021, according to a report commissioned by the ride-hailing business on Wednesday. Uber produced Rs1.5 trillion in consumer surplus in 2021, according to a report by Public First, a public policy research organization. This is equal to 0.8% of India's GDP (GDP).
  • The survey from Public First found that up to 96% of users stated they choose Uber because it was convenient. Uber saves users more than 16.8 billion hours a year. According to the analysis, Uber driver-partners will generate an additional Rs1,700 crore in revenue in 2021, which is an average of 49% higher than their next-best alternative employment. Read more

USFDA classifies Glenmark's Monroe plant as Official Action Indicated (OAI)

Published on: 8:22 am

  • The USFDA has designated the pharmaceutical manufacturer Glenmark's Monroe, North Carolina plant as Official Action Indicated (OAI), which could potentially prevent the facility from submitting new applications for approval.
  • The business said in a statement to stock markets late Tuesday night that "the OAI designation means, among other things, that the USFDA may suspend clearance of any ongoing product applications or supplements filed from this facility until the outstanding observations are resolved." Read more

Reliance Retail wins bid to purchase 40,000 tonnes of wheat from Hafed

Published on: 8:18 am

  • According to news reports, Reliance Retail has won the contract to purchase 40,000 tonnes of wheat from the Haryana State Cooperative Supply and Marketing Federation (Hafed) for Rs24,200 per tonne.
  • Hafed, which previously only purchased wheat at the minimum support price for Food Corporation of India, made its first market purchase of the grain this year specifically for exports. 1,80,000 tonnes of wheat had been purchased, with prices above the MSP for exports. However, the cooperative body began supplying wheat to domestic purchasers when the Center halted wheat exports in May. Read More

Tata Power to raise $320 million in loans linked to sustainability

Published on: 8:13 am

  • According to news reports, Tata Power is securing $320 million in sustainability-related loans from international lenders led by Bank of America.
  • Sustainability-linked loans typically allow borrowers to obtain funds up to 25 basis points, or 0.25%, less expensively than conventional loans.
  • According to the reports, Tata Power will benefit from a drop in financing rates of up to eight basis points if it does not invest in or increase capacity in sectors like thermal power generation over the next few years.
  • In order to receive additional financial incentives, it must also boost the generation of renewable energy by 1.5 to 2 gigawatts annually. Read More

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