Wednesday , 12 December 2018
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BUSINESS

HCL signs new five-year contract with Aegon

HCL Technologies (HCL) has entered into a new five-year contract with multinational life insurance, pensions and asset management company Aegon. The application services deal will see HCL continue as Aegon’s digital transformation partner, helping to accelerate innovation by establishing and managing a new multi-vendor ecosystem. HCL will also help implement an agile delivery model to reduce Aegon’s time to market ... Read More »

JSW Steel to raise funds up to Rs 3,500 crore via domestic bond: Report

JSW Steel is reportedly planning to raise funds up to Rs 3,500 crore via a domestic bond sale to partly finance its Rs 19,500-crore acquisition of Bhushan Power & Steel. The company is aiming to sell about Rs 3,000-3,500 crore of bonds and for this purpose the company is in discussion with lenders Standard Chartered, Credit Suisse and Deutsche Bank. ... Read More »

Midvalley Entertainment to de-invest entire investment made in subsidiary

Midvalley Entertainment has received an approval to de-invest the entire investment made in the subsidiary viz Midvalley Contents & Distribution. The Board of Directors of the company at its meeting held on December 10, 2018, considered and approved the same. Midvalley Entertainment is strategically and strongly ramping up itself in southern Peninsula with the aim of creating unbeatable presence in ... Read More »

Subros raises funds on preferential basis

Subros has raised funds on preferential basis. The Allotment Committee of the Board of Directors of the company at its meeting held on December 07, 2018, allotted 52,47,150 Equity Shares of Rs 2 each, on preferential basis, at a price of Rs 400 per Equity Share (including a premium of Rs 398 per equity share) to DENSO Corporation, Japan for ... Read More »

Gujarat Alkalies gets nod to establish 10,000 MTA Hydrazine Hydrate Project

Gujarat Alkalies and Chemicals has received approval to establish 10,000 MTA (80%) Hydrazine Hydrate Project through EPCM mode at revised estimated cost of Rs 405.50 crore including Interest During Construction (IDC). The Board of Directors of the company in its meeting held on December 6, 2018, approved the same. The project is planned to go on stream in 24 months ... Read More »

CRISIL revises ratings of Man Industries’ bank facilities

Credit rating agency, CRISIL has revised Man Industries’ long-term credit rating from ‘BBB+/Stable’ to ‘A-/Stable’ and the short-term credit rating from ‘A2’ to ‘A2+’. Man Industries (India) is engaged in manufacturing of LSAW Line Pipes, Hsaw Line Pipes and Aluminium Extruded Products. The main business line includes manufacturing & coating of Large Diameter Carbon steel pipes, Infrastructure, Realty & Trading. Read More »

Tata Motors’ arm reports retail sales of 48,160 units in November 2018

Tata Motors’ wholly owned subsidiary — Jaguar Land Rover (JLR) has reported total retail sales of 48,160 vehicles in November 2018, down 8.0% year-on-year reflecting continuing challenging market conditions in China while other major markets were up. Retail sales were up significantly in North America (18.1%) due to strong sales of Range Rover models in Jaguar Land Rover’s best ever ... Read More »

Oscar Global to dispose undertakings including land, building

Oscar Global has decided to sell, lease or otherwise disposing of the whole or substantially the whole of the undertaking of the company (including Land & Building). The resolution regarding this has been passed with the requisite majority, on December 6, 2018. Oscar Global was incorporated in 1990 by a private Indian party and mainly produces Leather apparel & clothing ... Read More »

Gujarat Alkalies to expand existing Caustic Soda Plant at Dahej

Gujarat Alkalies and Chemicals has received an approval for the expansion of existing Caustic Soda Plant of Dahej Complex from 785 MTPD to 1200 MTPD and also installation of 65 MW of Coal based Power Plant at Dahej at an estimated aggregate cost of Rs 825 crore. The Board of Directors of the company in its meeting held on December ... Read More »

NTPC likely to buy central government’s stake in SJVN

NTPC is likely to acquire the central government’s stake in SJVN. But, the acquisition deal is stuck because of resistance from Himachal Pradesh government and the company is discussing about it. SJVN is a joint venture between central government and Himachal Pradesh government, with the Centre holding 63.79% stake and the latter holding 26.85% at the end of September. NTPC ... Read More »

CCEA approves sale of government stake in REC to PFC

The Cabinet Committee on Economic Affairs (CCEA) has given in principle approval for strategic sale of the Government of India’s existing 52.63% of total paid up equity shareholding in Rural Electrification Corporation (REC) to Power Finance Corporation (PFC) for an estimated Rs 15,000 crore, along with transfer of management control. PFC provides large range of financial products and services like ... Read More »

L&T’s construction arm bags orders worth Rs 2,547 crore

Larsen & Toubro’s (L&T) construction arm — L&T Construction has won orders worth Rs 2,547 crore. The company’s Power Transmission & Distribution business has secured orders worth Rs 2,547 crore. On the international front, the business has won a major order in Tanzania for the construction of a 220kV Transmission Line between Dar es Salaam and Morogoro which in turn ... Read More »

AstraZeneca Pharma inks distribution agreement with Abbott

AstraZeneca Pharma India and Abbott have entered into a Distribution Agreement for the distribution of Dapagliflozin, an innovative Type 2 diabetes medicine, in India. Dapagliflozin is company’s leading diabetes medicine. Under the agreement, Abbott will promote and distribute Dapagliflozin under the brand name GLEDEPA. Abbott will also gain the rights to promote and distribute the combination of dapagliflozin with metformin ... Read More »

Jet Airways seeks soft financing of $350 million from Etihad Airways

Jet Airways has sought a soft financing of $350 million from its investment partner Etihad Airways, as the airline continues to hold discussions with the latter to offload additional stake in the carrier. In 2013, Etihad Airways had acquired 24% stake in the airline for Rs 2,060 crore, besides extending low-interest loan of $150 million as well as purchasing 50.1% ... Read More »

Majesco makes strategic moves to accelerate cloud growth

Majesco has filed a registration statement relating to a rights offering to all shareholders in which it expects its parent company will invest an estimated $35 million that it raised through a Qualified Institutional Placement in India in February 2018. The funds will be used to support three strategic areas of Bolster Majesco’s Balance Sheet to Fund Future Acquisition Opportunities, ... Read More »

Trigyn Technologies’ arm extends contract with United Nations

Trigyn Technologies’ wholly owned subsidiary — Trigyn Technologies, Inc. and United Nations for the provision of communication and information technology staffing support at the UN Missions and other UN offices have extended contract for six additional months from the expiration date on December 31, 2018. The revised contract term will now expire on June 30, 2019, unless earlier terminated in ... Read More »

Khadim India raises Rs 30 crore via Commercial Paper

Khadim India has raised fund through issuance of Commercial Paper (CP) for an aggregate amount of Rs 30 crore. The date of issue is December 06, 2018 and the instrument will mature on December 06, 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 ... Read More »

IndiGo becomes first domestic airline to have 200 aircraft in its fleet

InterGlobe Aviation (IndiGo) has become the first domestic airline to have 200 aircraft in its fleet. Four new aircraft have joined the fleet, including town Airbus A320 ceo (VT-IKA and VT-IKB) and two A320 neo (VT IZK and VT-IZI) taking the fleet count to 200 and number of deliveries to 226. With the addition of VT-IZI, the airline has become ... Read More »

Cadila Healthcare enters into agreement with Zydus Wellness

Cadila Healthcare has entered into a share subscription agreement (SSA) with Zydus Wellness (ZWL), a subsidiary Company, to subscribe to 85,02,170 equity shares at an issue price of Rs 1,382 amounting to Rs 1174.99 crore. Cadila Healthcare is an India-based pharmaceutical company. The company’s subsidiaries include Zydus Wellness, Liva Pharmaceuticals, Biochem Pharmaceutical Industries, Zydus Technologies, German Remedies, Dialforhealth India, Dialforhealth ... Read More »

Zydus Wellness enters into separate share subscription agreements

Zydus Wellness has entered into separate share subscription agreements (SSAs) with True North Fund V LLP and True North Fund VI LLP, Pioneer Investment Fund, Cadila Healthcare and Zydus Family Trust, for subscribing to the equity shares of the company, proposed to be issued on a preferential basis. Zydus Wellness is an integrated consumer company. The company is engaged in ... Read More »

Techno Electric bags orders worth Rs 313 crore

Techno Electric & Engineering Company has received new / additional orders amounting to Rs 313 crore from reputed existing as well as new customers, when the shares of the company was in the process of listing, post amalgamation. Techno Electric & Engineering Company is a provider of engineering, procurement and construction (EPC) services to core sector industries in India. The ... Read More »

Government sells 2.21% stake in Coal India to CPSE ETF

Government has sold 2.21%, i.e. 13,73,11,943 equity shares in Coal India to the central public sector enterprises (CPSE) ETF mutual fund scheme which is managed by Reliance Nippon Life Asset Management. Post-acquisition holding of promoter is 72.92% of equity share capital of the company. The government has garnered more than Rs 17,000 crore from the CPSE ETF follow-on offer, the ... Read More »

HCL Technologies to acquire Select IBM software products for $1.8 billion

HCL Technologies has entered into definitive agreement under which HCL will acquire Select IBM software products for $1.8 billion. The transaction is expected to close by mid-2019. The software products in scope represent a total addressable market of more than $50 billion and include Appscan for secure application development, BigFix for secure device management, Unica (on-premise) for marketing automation and ... Read More »

Hindustan Zinc awarded at Indywood Built In India Excellence Awards 2018

Udaipur : Hindustan Zinc was awarded at Indywood Built In India Excellence Awards 2018 under the Metals and Minerals category. The Indywood Built In India Excellence Awards were held on 4th December 2018 at Hyderabad to recognize and felicitate the efforts made by organisations to boost the concept of ‘Make in India’ and make the country proud in the international ... Read More »

Elecon Engineering plans to raise Rs 150 crore via NCDs

Elecon Engineering Company is planning to raise funds of upto Rs 150 crore through issuance of Non-Convertible Debentures (NCDs) on Private Placement basis. The Board of Directors of the Company at its meeting to be held on December 10, 2018 to consider the same. Elecon Engineering Company is engaged in delivering power transmission solutions and material handling equipment. Read More »

Cords Cable becomes vendor with RDA

Cords Cable Industries is approved as a vendor with Raipur Development Authority (RDA), Chhattisgarh for supplying 1.1 KV grade of instrumentation cables, control cables and power cables. This approval is valid for a period of 3 years and it shall enable the company to offer its approved list of cables towards the ongoing and upcoming projects of RDA. In addition ... Read More »

SpiceJet to launch 8 new direct flights from Hyderabad

SpiceJet is planning to launch 8 new direct flights from Hyderabad connecting Kolkata, Pune and Coimbatore, starting from January 01, 2019. The airlines will also add another six new seasonal flights and frequencies from Bengaluru to Kochi, Port Blair as well as Bagdogra in the state of West Bengal. These new flights are scheduled to be introduced between January 5 ... Read More »

Milestone Furniture completes contract of Rs 233 lakh

Milestone Furniture has successfully completed the contract of Rs 233 lakh for interior and office furniture with Sudarshan Pharma industries Group having its office at Borivali. Further, the company is having in discussion to obtain contract of Rs 275 lakh for providing facility at godown and sales office for their infra projects. The Management of the Company has attended the ... Read More »

PFC to acquire entire government holding in REC

The government is likely to consider Power Finance Corporation’s (PFC) proposal to acquire entire government holding in state-owned Rural Electrification Corporation (REC), which will fetch the government around Rs 15,000 crore. The proposal is PFC will acquire 52.63 per cent government stake in REC, along with transfer of management control. PFC provides large range of financial products and services like ... Read More »

Relaxo Footwears gets NCLT approval for scheme of amalgamation

Relaxo Footwears has received an approval of the National Company Law Tribunal (NCLT), Principal Bench, New Delhi, to the Scheme of Amalgamation between Marvel Polymers, Relaxo Rubber and the company and their respective shareholders and creditors. Relaxo Footwears is engaged in the manufacturing and trading of footwear and related products. The principal activity of the company is the manufacture of ... Read More »

Jet Airways gets DGCA nod for 5 months flight schedule

Jet Airways has received an approval from the Directorate General of Civil Aviation (DGCA) for the next five months flight schedule, after putting the cash-strapped airline on monthly scrutiny. The regulatory body satisfied with their performance last month and gave a five-month clearance from December onwards. Jet Airways is India’s premier international airline, which operates flights to India and overseas. ... Read More »

Shalby Hospitals wins Medical Value Travel Specialist Hospital Award 2018

Shalby Hospitals has won the Medical Value Travel Specialist Hospital Award 2018, in the category- ‘Orthopaedics- Joint Replacement’ instituted by Ministry of Commerce & Industry and FICCI at a ceremony held in Delhi on December 4, 2018, coinciding the event – Advantage Healthcare India. Shalby is a chain of Multi-specialty tertiary care hospitals based out of Ahmedabad. It has combined ... Read More »

Ravalgaon Sugar Farm receives approval for sale of assets

Ravalgaon Sugar Farm has received approval from its board for sale of land measuring 1,118 sq meters along with staff quarters (built up area 330 Sq meters) on an as is where is basis for Rs 28 lakh (all inclusive), sale of candy sugar plant and machinery on an as is where is basis for Rs 75 lakh plus taxes ... Read More »

Lemon Tree Hotels opens new hotel in Pune

Lemon Tree Hotels has opened a hotel under brand name ‘Lemon Tree Premier’ on Connaught Road, Pune on December 5, 2018. This is the company’s second owned hotel in the city. The Hotel has 201 rooms with a multi cuisine coffee shop, bar, spa, pool, fitness center, banquet spaces including a conference room. With opening of this Hotel, the company ... Read More »

UROS Group joins forces with Tata Communications to accelerate IoT, Smart City projects

UROS Group, a global innovator in turnkey IoT solutions and smart connectivity, is collaborating with Tata Communications, a leading digital infrastructure provider, to support the deployment of IoT and Smart City solutions across large commercial and public sector organisations globally. This collaboration will leverage the latest technologies and industry resources of both companies. The UROS IoT platform will be coupled ... Read More »

Jet Airways offers happy holidays year-end global sale

Jet Airways is offering ‘Happy holidays year-end global sale’ to its customer with discounts of up to 30% on their domestic and international travel across the airline’s vast network open for booking from the 5th to the 11th of December. The airline will offer special discounts of up to 30% on base fare for return travel in Premiere and Economy ... Read More »

Bank of Baroda initiates steps for divestment of overseas subsidiaries

Bank of Baroda has initiated steps for divestment of its entire equity / sale of business / closure of overseas subsidiaries such as Bank of Baroda (Guyana), Bank of Baroda (Trinidad & Tobago) and Bank of Baroda (Ghana), in line with the rationalization of overseas presence of the Bank and PSB reforms of Government of India. Bank of Baroda is ... Read More »

Indian Hume Pipe Company receives LoA worth Rs 204.51 crore

Indian Hume Pipe Company has received Letter of Acceptance (LoA) for the work of Rs 204.51 crore from public Health & Municipal Engineering Department, Government of Andhra Pradesh for the work of Kurnool District (NCT) – Package ll – External Aided Project (EAP) -Assistance from Asian lnfrastructure lnvestment Bank (AllB) – Andhra Pradesh Urban Water Supply and Septage Management lmprovement ... Read More »

Maharashtra authorities impose Rs 33.78 crore fine on Dilip Buildcon

Maharashtra authorities have imposed Rs 33.78 crore fine on Dilip Buildcon (DBL) for allegedly excavating murum (soft rock) illegally in Beed district in the state of Maharashtra. The company was engaged in illegal excavation work during cementing of the Majalgaon-Kej road as part of the Khamgaon-Pandharpur National Highway project stretch. Dilip Buildcon’s core business is undertaking construction projects across India ... Read More »

Jet Airways introduces 65 additional frequencies on international, domestic routes

Jet Airways has introduced 65 additional frequencies on its international and domestic routes starting December 2018, which will further strengthening its network over its hubs of Mumbai and Delhi. On the international network from Delhi, the airline has added an additional third service between Delhi and Bangkok and a fourth frequency on the Delhi to Kathmandu route to meet the ... Read More »

Mahindra Finance gets nod to raise funds through NCDs

Mahindra & Mahindra Financial Services (Mahindra Finance) has received an approval for the allotment of 584 Secured Redeemable Principal Protected – Market Linked Non-Convertible Debentures (NCDs) of the face value of Rs 10,00,000 each, at a premium, aggregating to Rs 58.40 crore and 92 Secured Redeemable Principal Protected -Market Linked Non-Convertible Debentures (NCDs) of the face value of Rs 10,00,000 ... Read More »

Khadim India redeems Commercial Paper worth Rs 30 crore

Khadim India has redeemed Commercial Paper worth Rs 30 crore, which was been issued on August 31, 2018. The maturity date of the instrument is on November 30, 2018. 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 ... Read More »

Tasty Dairy Specialities enters into MoU with Foundation Dutch Greenhouse Delta

Tasty Dairy Specialities has entered into a Memorandum of Understanding (MoU) with Foundation Dutch Greenhouse Delta, the Netherlands based organization. The MoU is aimed to establish a Centre of Excellence on Horticulture on the lines of World Horti Centre of Netherlands and work for the growth of horticulture in India resulting in increased income for the farmers and dairy farmers. ... Read More »

Sensex tanks 250 pts on RBI status quo, grim global cues

Mumbai :  Benchmark indices nursed losses for the second straight day Wednesday as the RBI left the repo rate unchanged, while global markets wobbled on renewed concerns over the US-China trade dispute. The BSE Sensex tumbled 249.90 points, or 0.69 per cent, to close at 35,884.41. Similarly, the broader NSE Nifty fell 84.55 points, or 0.74 per cent, to end ... Read More »

SBI to cease to be EPFO fund manager by March end

State Bank of India (SBI) will cease to be a fund manager of retirement fund body EPFO by March-end, as a bank cannot function as an asset management company under the Reserve Bank of India (RBI) norms. SBI is the country’s largest lender and it offers a wide range of services in the Personal Banking, Agriculture/ Rural, NRI services, SME ... Read More »

Alembic Pharma receives USFDA approval for Candesartan Cilexetil tablets

Alembic Pharmaceuticals has received approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Candesartan Cilexetil tablets USP, 4 mg, 8 mg, and 16 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Atacand Tablets, 4 mg, 8 mg, and 16 mg, of ANI Pharmaceuticals, Inc. Candesartan cilexetil tablets ... Read More »

Tech Mahindra joins hands with H2O.ai

Tech Mahindra has joined hands with open source artificial intelligence firm H2O.ai to establish a Center of Excellence to provide artificial intelligence (AI) and machine learning solutions to enterprise customers. Tech Mahindra is a leading provider of solutions and services to the telecommunications industry with a majority stake owned by Mahindra & Mahindra. The company, since 2002 has operations in ... Read More »