Page 2006 - Company News
Infra, cement cos feel pinch of falling rupee, realty counts on more sales
Despite rise in interest rates and property prices, momentum in housing demand expected to stay, say developers; infra, cement companies remain circumspect
 "Infra, cement cos feel pinch of falling rupee, realty counts on more sales")
5G services likely in 50 top cities by March 2023, say telecom gear makers
According to the gear makers, on an average, the first phase will require about 1,000 towers in each city to be enabled with 5G gear. (Delhi alone will need 4,000 towers)
 "5G services likely in 50 top cities by March 2023, say telecom gear makers")
Walmart's PhonePe set to acquire WealthDesk, OpenQ for about $70 mn
PhonePe to acquire WealthDesk and OpenQ for about $50 million and $20 respectively according to the sources. PhonePe has invested over $60 M on acquisitions as per the data analytics platform Tracxn
 "Walmart's PhonePe set to acquire WealthDesk, OpenQ for about $70 mn")
JSW starts exclusive talks to buy renewables company Mytrah Energy
Mytrah has built over 1,800 MW of assets spread across 17 wind farms and 21 solar farms in several states
 "JSW starts exclusive talks to buy renewables company Mytrah Energy")
Adani Group enters healthcare, will set up medical and research facilities
A subsidiary called Adani Health Ventures will commence its business operations in 'due course', says conglomerate.
 "Adani Group enters healthcare, will set up medical and research facilities")
Bank settlement proposal in NCLAT: Supertech management tells SC
The erstwhile management of realty firm Supertech on Wednesday informed the Supreme Court that it has submitted a settlement proposal with Union Bank of India
 "Bank settlement proposal in NCLAT: Supertech management tells SC")
Dividends, share buybacks lift India's top promoters' income in FY22
The country's top 50 promoter families earned Rs 709.4 crore on average from their companies in FY22, while the median income of these promoters was Rs 123.2 crore in the last fiscal
 "Dividends, share buybacks lift India's top promoters' income in FY22")
Tata Consumer in acquisition talks with at least five consumer brands
Tata group will likely face stiff competition in the sector from existing global giants such as Unilever, as well as Indian tycoon Mukesh Ambani's Reliance Industries Ltd
 "Tata Consumer in acquisition talks with at least five consumer brands")
Vedantu lays off 424 employees as it expects a scarcity of capital
Citing headwinds, CEO Vamsi Krishna says capital will be scarce in upcoming quarters
 "Vedantu lays off 424 employees as it expects a scarcity of capital")
Ruchi Soya acquires Patanjali Ayurved's food business for Rs 690 crore
To pay 1% of turnover of products as annual royalty under transfer agreement
 "Ruchi Soya acquires Patanjali Ayurved's food business for Rs 690 crore")
3 senior Twitter employees quit amid Elon Musk and Parag Agarwal tussle
Amid the ongoing slugfest between Tesla CEO Elon Musk and Parag Agrawal, more Twitter executives have moved on, apparently sensing what may come their way at the micro-blogging platform in the near future.
 "3 senior Twitter employees quit amid Elon Musk and Parag Agarwal tussle")
BPCL privatisation hits hurdle, as only one bidder remains in fray: Report
Privatisation of BPCL, which was dubbed India's biggest ever, has been stalled with just one bidder left in the fray after two others walked out over issues such as lack of clarity in fuel pricing
 "BPCL privatisation hits hurdle, as only one bidder remains in fray: Report")
Cabinet empowers PSU boards to recommend stake sale, close subsidiaries
At present, PSU boards have the authority to make equity investments, undertake mergers and acquisitions subject to certain ceilings of net-worth
 "Cabinet empowers PSU boards to recommend stake sale, close subsidiaries")
Box office hits record Rs 1,500 cr in March; April likely to be as good
Based on the trends in March and April, Gianchandani said the industry expected FY23 to be the best year for it 'ever' with overall revenues expected to hit Rs 14,500-Rs 15,500 crore
 "Box office hits record Rs 1,500 cr in March; April likely to be as good")
Google's Russian subsidiary to file for bankruptcy after bank a/c seized
Google says its Russian subsidiary is planning to file for bankruptcy because it can't pay staff and suppliers.
 "Google's Russian subsidiary to file for bankruptcy after bank a/c seized")
Inspired by Indian innovation, says senior Amazon executive Dave Clark
The CEO for worldwide consumer at Amazon says the country is 'very important' to his company's plans.
 "Inspired by Indian innovation, says senior Amazon executive Dave Clark")
AI, data key differentiators for enterprises: Tata Group Chairman
In TCS annual report, Chandrasekaran said that TCS has shown remarkable resilience and adaptability, coming out stronger than ever, after catastrophic events like global financial crisis or Covid
 "AI, data key differentiators for enterprises: Tata Group Chairman")
IDBI Bank divests its entire 19.18% stake in ARCIL to Avenue India
IDBI Bank on Wednesday said it has divested its entire stake of over 19 per cent in ARCIL to Avenue India Resurgence Pte.
 "IDBI Bank divests its entire 19.18% stake in ARCIL to Avenue India")
Ujjivan SFB to have 50% assets in secured loans over next 2-3 years
Ujjivan Small Finance Bank, after facing headwinds amid the COVID-19 pandemic, is charting out a more balanced growth path by increasing its secured loan book to 50 per cent of total assets in 2 years
 "Ujjivan SFB to have 50% assets in secured loans over next 2-3 years")
How Prathap Chandra Reddy propelled Apollo Hospitals into a new orbit
The struggle that he went through in setting up a private health care facility in the India of the 1980s is part of folklore
 "How Prathap Chandra Reddy propelled Apollo Hospitals into a new orbit")