Sunday , 21 April 2019
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BUSINESS

SpiceJet hires 500 employees, including 100 pilots of Jet Airways

Mumbai : SpiceJet has already absorbed over 500 employees, including 100 pilots, of the grounded carrier Jet Airways and it is open to induct more as it adds more aircraft and routes in the times ahead. The airline has already announced induction of 27 more planes -22 Boeing 737s and five turboprop Bombardier Q400s – in the fleet to help ... Read More »

Asian Granito forays into Sanitaryware segment

Asian Granito India has ventured into Sanitaryware segment, with an aim to provide ‘Complete Bathroom Solutions’ under one roof. The company is entering the Sanitaryware segment with 160 SKUs in products including Wash Basins, Water Closets (WC), Urinals, etc. Commercial Launch of ‘AGL Sanitaryware’ is expected by June 2019 across India. The company is launching Sanitaryware in the mid and ... Read More »

Lupin seeks more time from commerce ministry to complete project in Indore SEZ

Mumbai : Lupin has sought more time from the commerce ministry to complete its project, with proposed investment of Rs 205.69 crore, in the Indore Special Economic Zone (SEZ). The company is setting up its pharma unit in Indore SEZ to manufacture pharmaceutical formulations – metered dose inhalers and dry powder inhalers. The company’s plea for extension of time will ... Read More »

GVK Power’s arms ink pact with ADIA, NIIF

GVK Power and Infrastructure’s subsidiaries — GVK Airports Developer (GVKADL) and GVK Airport Holdings (GVKAHL) have signed a term sheet and exclusivity agreement with Abu Dhabi Investment Authority (ADIA) and the National Investment and Infrastructure Fund (NIIF) for an investment in new shares in GVKAHL equating to a 49 percent stake. ADIA and NIIF were selected as the preferred partners ... Read More »

Bank of Baroda joins hands with Srei Equipment Finance

Bank of Baroda has joined hands with non-bank lender Srei Equipment Finance for infrastructure equipment finance. Iquippo, a non profit started by Srei’s promoters, will facilitate sourcing of loans. The CSR platform has helped disburse $400 million in loans to 70,000 customers. Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small ... Read More »

SBI planning to raise Rs 17,000 crore via bonds

State Bank of India (SBI) is planning to raise $2.5 billion (about Rs 17,000 crore) through bonds to fund expansion of overseas business. The executive committee of the central board will take a decision in this regard on April 24, 2019. SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ ... Read More »

Bajaj Finance launches five digitally-enabled Fixed Deposit service branches in Pune

Bajaj Finance has launched five digitally-enabled Fixed Deposit service branches in Camp, Nalstop, Fatima Nagar, Pimpri and Aundh area of Pune. The Company plans to open 40-50 branches across the country over the next 12-24 months. These branches are equipped with digital counters, Alexa Kiosks and Wi-fi enabled tabs which will enable the customer to transact, invest and get more ... Read More »

Majesco’s arm crushes attendance records at Convergence 2019

Majesco’s insurance arm and subsidiary company — Majesco, USA, has crushed annual customer conference attendance records, growing nearly 50%. Attendees included industry influencers from insurers, reinsurers, brokers, MGAs and InsurTechs and business leaders from insurance and beyond. This jump in attendance underscores Majesco’s market leadership and the rapid growth in adoption of Majesco’s modern cloud, API and microservices-based platforms for ... Read More »

Reliance Industries reports 10% rise in Q4 consolidated net profit

Mumbai : Reliance Industries has reported results for fourth quarter ended March 31, 2019. The company has reported a fall of 1.62% in its net profit at Rs 8,556 crore for the quarter under review as compared to Rs 8,697 crore for the same quarter in the previous year. Total income of the company fell marginally by 0.44% at Rs ... Read More »

Thangamayil Jewellery to open two new branches

Thangamayil Jewellery is all set to open two new branches on April 26, 2019. The 36th branch will be located at Devakottai, Sivaganga District, while 37th branch will be located at Usilampatti – Madurai District. Thangamayil Jewellery is one of the leading jewellery retailers. The Company trades in Gold Jewellery, Diamond and Platinum jewels. The products manufactured by the company ... Read More »

Intellect Design Arena features as leader in IDC MarketScape report

Mumbai : Intellect Design Arena has been positioned as a leader in the IDC MarketScape: Worldwide End-to-End Corporate Banking Solution Providers 2019 Vendor Assessment. AI automation, Analytics, APIs, and a focus on cloud-based flexibility and UX are outlined in Intellect’s future strategy reports IDC MarketScape. IDC MarketScape vendor assessment model is designed to provide an overview of the competitive fitness ... Read More »

Hindustan Foods to subscribe 8.46% equity stake in ATC Beverage

Mumbai : Hindustan Foods has received approval to subscribe 8.46% of the paid-up equity share capital of ATC Beverage. The company is subscribing with a view to expand its operations and realizing synergies from the combination of businesses of both companies and devising more comprehensive and integrated solutions. The company will convert the loan amounting to Rs1.75 crore given to ... Read More »

DCB Bank reports 50% rise in Q4 net profit

Mumabi : DCB Bank has reported results for the fourth quarter and year ended March 31, 2019. The Bank has reported a rise of 50.02% in its net profit at Rs 96.33 crore for the quarter ended March 31, 2019, as compared to Rs 64.21 crore for the same quarter in the previous year. Total income of the Bank increased ... Read More »

Reliance Industries’ telecom arm adds 77.93 lakh subscribers in February

Mumbai : Reliance Industries’ (RIL) telecom arm — Reliance Jio Infocomm (Jio) has added 77.93 lakh customers in February 2019. Following this, the company’s total customer base has increased to 29.72 crore with market share of 25.11%. 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 ... Read More »

Jubilant Life Sciences strengthens on raising Rs 100 crore via CP

Mumbai : Jubilant Life Sciences is currently trading at Rs. 694.25, up by 2.95 points or 0.43% from its previous closing of Rs. 691.30 on the BSE. The scrip opened at Rs. 695.45 and has touched a high and low of Rs. 695.45 and Rs. 682.00 respectively. So far 20870 shares were traded on the counter. The BSE group ‘A’ ... Read More »

Patel Integrated Logistics gets nod for sale of its surface transport business

Mumbai : Patel Integrated Logistics has received approval from its board for sale and transfer of company’s surface transport business carried on in a division called ‘Patel Roadways’ on a going concern basis by way of Slump sale to Innovative Logistics Service, which is a wholly owned subsidiary of Stellar Value Chain Solutions upon terms and conditions contained in. The ... Read More »

Vodafone Idea loses 57.87 lakh subscribers in February

Mumbai : Vodafone Idea has lost 57.87 lakh customers in February 2019. Following this, the company’s total customer base has decreased to 40.93 crore with market share of 34.58%. 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 ... Read More »

MTNL loses 4,652 subscribers in February

Mumbai : Mahanagar Telephone Nigam (MTNL) has lost 4,652 customers in February 2019. Following this, the company’s total customer base has decreased to 34.65 lakh with market share of 0.29%. 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 ... Read More »

Cyient, lndia2022 coalition launches MedTechConnect platform

Mumbai : Cyient in partnership with Xynteo (India2022) have launched MedTechConnect platform, aimed at bringing medtech stakeholders together to address India’s ‘last-mile challenge’ in healthcare and, ultimately, touch millions of lives by 2022 and beyond. MedTechConnect will enable a collaborative ecosystem comprised of stakeholders across the healthcare value chain (start-ups, innovation hubs, academia, industry and government bodies, funding and investment ... Read More »

CES planning to acquire stake in subsidiary company

CES is planning to acquire substantial stake in one its Subsidiary company. The Board of Directors of the Company at its meeting to be held on April 25, 2019 to consider the same. CES is an Information Technology (IT) and Business Process Management (BPM) company, which provides services that are tailor-made to each customer. WhatsApp Facebook Twitter The post CES planning ... Read More »

SpiceJet to add six more Boeing 737s

SpiceJet will induct six more Boeing 737-800 NG aircraft on dry lease. These six aircraft are in addition to the 16 B737s and 5 Q400s that the airline will soon induct. The total number of planes to be inducted in the immediate future now stands at 27. The airline has applied to the Directorate General of Civil Aviation for a ... Read More »

Toyota selects Hindalco Industries’ arm as Aluminum Supplier for 2019 RAV4

Hindalco Industries’ wholly owned subsidiary — Novelis Inc., is supplying Toyota Motor Corporation with premium aluminum automotive body sheet for the all-new 2019 Toyota RAV4. The RAV4 is Toyota’s number-one-selling vehicle and the best-selling non-pickup-truck in the country. With a new-and-improved design that includes Novelis aluminum in the hood, fenders and lift gate, the fifth-generation model of the RAV4 is ... Read More »

HUL, Mondelez India collaborate to launch new frozen dessert range: Report

Hindustan Unilever (HUL) has reportedly inked pact with Mondelez India to launch the cookie brand Cadbury Oreo and Cadbury Gems in a perfect mix with HUL’s Kwality Walls frozen dessert range. The combination of the creaminess of Kwality Walls cream and the crunch of Oreo and Gems will entice the consumers who are constantly looking for newer eating experiences. Kwality ... Read More »

Bank of Maharashtra joins hands with M1Xchange TReDS platform

Bank of Maharashtra (BoM) has joined hands with M1Xchange Trade Receivables Discounting System (TReDS) platform for MSME bill discounting. TReDS is a digital platform to support micro, small and medium enterprises (MSMEs) to get their bills financed at a competitive rate through an auction where multiple registered financiers can participate. Bank of Maharashtra offers several products and services in personal ... Read More »

Rail Vikas Nigam awards contract to Ashoka Buildcon’s JV

Rail Vikas Nigam has awarded a contract to Ashoka Buildcon’s Joint Venture (JV) — ABL-STS JV, wherein Ashoka Buildcon is lead member, for works related to doubling of a railway track in Punjab. The accepted Bid Value of the Project is Rs 443.23 crore with a completion period of 36 months from the date of commencement of the work. The ... Read More »

Ithala SOC selects Intellect’s Digital Core solution to enhance customer satisfaction

Ithala SOC, an authorized financial services and credit provider in South Africa, has chosen Intellect Design Arena’s fully integrated Digital Core solution to enhance customer satisfaction, streamline operations and deliver a holistic Digital Banking experience. In addition to Retail & Business customers, Ithala also plan to expand its reach to new market segments, which includes Corporate & Public Sector banking ... Read More »

Intellect Design Arena’s iGTB Oxford School achieves 94.4% NPS score

Intellect Design Arena’s transaction banking division — Intellect Global Transaction Banking’s (iGTB) fifth iGTB Oxford School of Transaction Banking proved a phenomenal success with overwhelmingly positive feedback, an unprecedented NPS score of 94.4% and an average 4.6/5 session rating. 67% of the participants (2 in every 3) giving the maximum 10/10 for recommending this course is testament to the recognition ... Read More »

HT Media acquires 36.82% stake of NMW

HT Media has acquired 2,46,28,563 equity shares of Next Mediaworks (NMW) of Rs 10 each, at a price of Rs 27 per share representing 36.82% of the fully diluted voting equity share capital of NMW, pursuant a share purchase agreement dated December 20, 2018, executed by and between HTML and the promoters and members of the promoter group of the ... Read More »

P-notes investment jumps to Rs 78,110 crore at March-end

Mumbai : With positive market sentiments, the share of foreign portfolio investments (FPI) in domestic capital markets through participatory notes (P-notes) jumped to Rs 78,110 crore at the end of March. According to Securities and Exchange Board of India (SEBI) data, total value of P-note investments in Indian markets including equity, debt and derivatives, at March end climbed to Rs ... Read More »

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

ICICI Prudential Mutual Fund (MF) has launched the ICICI Prudential Fixed Maturity Plan-Series 86-1099 Days Plan A, a close ended debt scheme. The NFO opens for subscription on April 18, 2019 and closes on April 25, 2019. No entry load and exit load will be applicable for the scheme. The minimum subscription amount is Rs 5,000 & in multiples of ... Read More »

Indiabulls Integrated Services’ arm gets IRDAI’s R1 approval for its general insurance business

Mumbai : Indiabulls Integrated Services’ wholly owned subsidiary — Indiabulls General Insurance has received regulatory R1 approval from Insurance Regulatory and Development Authority of India (IRDAI) for its proposed general insurance business. The Company is in the process of putting in place the necessary systems and move ahead with the next step of filing its application for registration (R2) with ... Read More »

Vivo Bio Tech gets nod to acquire Donakanti Consultancy Services

Vivo Bio Tech has received approval from its board for acquiring 100% stake in Donakanti Consultancy Services. The current investment of Rs 3.18 crore, will help the company to acquire E-governance projects with the Government of India. Vivo Bio Tech is a contract research company engaged in biotechnology and pharma drug discovery activities. VBTL provides services ranging from insilico design, ... Read More »

Cella Space to avail Rs 7.64 crore term loan from Andhra Bank

Cella Space has received approval to avail Rs 7.64 crore term loan against rent receivable scheme from Andhra Bank repayable in 120 months. The Board of Directors of the Company at its meeting held on April 17, 2019 has approved the same. Cella Space is engaged in the manufacturing of Kraft Paper and Duplex Board. The primary objective of the ... Read More »

Ashoka Buildcon’s JV receives LoA from Rail Vikas Nigam

Mumbai : Ashoka Buildcon’s Joint Venture (JV) — ABL-STS JV, wherein the Company is lead member, has received a Letter of Award (LoA) from Rail Vikas Nigam (RVNL). The accepted Bid Value of the Project is Rs 443.23 crore with a completion period of 36 months from the date of commencement of the work. The Project is for the Construction ... Read More »

L&T’s arm secures contracts for critical reactors, equipment

Larsen & Toubro’s (L&T) subsidiary — L&T Heavy Engineering has won significant contracts for critical reactors, equipment and systems for Process Plant sector, against stiff global competition. Orders from international clients are mainly from the US, Europe, Middle East and South East Asia. L&T is an Indian multinational engaged in technology, engineering, construction, manufacturing and financial services with over $18 ... Read More »

Maruti Suzuki introduces additional safety features in Tour S

Maruti Suzuki India has introduced additional safety features in Tour S. Tour S is now compliant to ‘AIS-145 Safety Norms’. As part of these additional safety features, Tour S is now equipped with ABS with EBD, Driver Airbag, Reverse Parking Sensor, Speed Alert System and Driver and Co-Driver Seat belt Reminder. This will result in price increase in all variants ... Read More »

ICICI Bank gains on unveiling insta car, two wheeler loans

Mumbai : ICICI Bank is currently trading at Rs. 409.50, up by 2.70 points or 0.66% from its previous closing of Rs. 406.80 on the BSE. The scrip opened at Rs. 408.60 and has touched a high and low of Rs. 410.65 and Rs. 408.60 respectively. So far 104745 shares were traded on the counter. The BSE group ‘A’ stock ... Read More »

Majesco unveils Majesco L&A and Group Core Suite Version 11

Mumbai : Majesco has pre-announced the upcoming version 11 release of the Majesco L&A and Group Core Suite, including Majesco Policy for L&A and Group, Majesco Billing for L&A and Group and Majesco Claims for L&A and Group. The new version will be available in October 2019. The L&A and Group segment of the insurance industry has been slow to ... Read More »

JM Financial’s NBFC arm to raise Rs 1,000 crore via NCDs

JM Financial’s NBFC arm– JM Financial Products is raising up to Rs 1,000 crore through a non-convertible debentures (NCDs) of different maturities. The base size of the issue is Rs 200 crore with an option to retain over subscription up to Rs 800 crore. The company’s public issue of NCDs will enable it to further diversify its funding sources. JM ... Read More »

Sharda Motor Industries buys 50% stake of JV Company

Mumbai : Sharda Motor Industries has purchased its 50% share (5,000 shares of Rs. 10 each) in the proposed JV Company namely; Exhaust Technology and an equal stake shall be brought by the Eberspaecher Exhaust Technology International GmbH (EET) in the said proposed JV Company in due course of time. Earlier, the company had entered into a Joint Venture (JV) ... Read More »

IDBI Bank launches paperless account facility for NRIs

Mumbai : IDBI Bank has launched ‘NRI-Insta-Online’ account opening process for the Non-Resident Indians (NRIs) residing in Financial Action Task Force (FATF) member countries. NRIs living in nearly 40 countries will now be able to open account in IDBI Bank without submitting paper documents. The person will not be required to furnish physical documents as well as KYC proofs for ... Read More »

Wipro reports 38% rise in Q4 consolidated net profit

Mumbai : Wipro has reported results for fourth quarter ended March 31, 2019. The company has reported a fall of 10.88% in its net profit at Rs 1,566.00 crore for the quarter under review as compared to Rs 1,757.20 crore for the same quarter in the previous year. However, total income of the company increased by 10.27% at Rs 13,138.20 ... Read More »

Indian Hotels joins hands with Mahagun Group

Mumbai : Indian Hotels Company (IHCL) has partnered with realty player Mahagun Group to expand its presence in Greater Noida. The company announced signing of a new Vivanta hotel in Greater Noida. The new Vivanta branded hotel is a greenfield project and will be a part of the landmark Mahagun Marina Walk – a large mixed use project with destination ... Read More »

Allied Digital Services secures Smart City project in Rajkot

Mumbai : Allied Digital Services has bagged Smart City project for Rajkot in consortium with lead bidder BSNL. The total cost of the project is around Rs 151 crore. The project is expected to be executed in a period of 6 months and operations and maintenance shall run for 60 months and has been budgeted under the Prime Minister’s Smart ... Read More »

SpiceJet to expand Bombardier fleet size to 32

SpiceJet will add five 90-seater Q400 aircraft taking its Bombardier fleet size to 32. Three of these planes will join SpiceJet’s fleet in the next ten days while the remaining two will be inducted by June. The 90-seater variant is part of SpiceJet’s second purchase order for up to 50 Q400 turboprops placed in September 2017. This was the largest ... Read More »