Page 121 - Companies

'Offer for sale' mechanism to get mega boost as Sebi relaxes norms

Among other things, the cooling-off period required between two OFSs has been reduced to as less as two weeks from 12 weeks at present

Commercial EV maker Euler Motors raises $60 mn in funding round led by GIC

Company will use the money to strengthen manufacturing, supply chain and hire talent

India's bad bank NARCL offers Rs 228 cr for Mittal Corp debt held by PSBs

The NARCL will have the right to match any counteroffers, as the lenders have put the debt on the block

Naspers-owned Prosus terminates $4.7 billion deal to acquire BillDesk

Prosus has been a long-term investor and operator in India, putting in close to $6 billion in Indian technology companies since 2005

Ex-promoters can't hold stake in insolvent firms acquired by others: SC

Court agrees with tribunal orders in Bhushan Steel's acquisition by Tata group firm

EPAM sacks around 100 Indian employees, revokes offer letter of others

At least EPAM 100 employees, across testing, .Net, DevOps, and Java domains in both firms - EPAM Systems and EPAM Anywhere - have been asked to resign

Cycle Pure Agarbathies to set up 100 stores across India by 2024: MD

NR Group, manufacturers of Cycle Pure Agarbathies, has drawn up aggressive expansion plans that includes opening 100 stores by 2024 besides tapping the online market to boost sales, according to a top company official. The Mysuru-based NR Group is known for the popular Cycle brand of agarbathis (incense sticks) and also diversified into other products like sambrani, turmeric, kumkum among others, company Managing Director Arjun Ranga said here. "Cycle - as a brand is known for agarbathis (incense sticks) but we are into other products also. We want to be known as a prayer-and-fragrance brand and not just an agarbathi brand," he told PTI. Elaborating, he said, "We are into sambrani segment and have also launched 'nai vaidhya' under spiritual products category, it is one of the fastest growing segments for us...we also have pooja oil, camphor, kumkum and turmeric," he said. To a query, he said revenue from Agarbathi business accounts for more than 90 per cent and his company wants t

Apeejay Surrendra Park Hotels plans to double number of properties by 2025

Apeejay Surrendra Park Hotels Ltd plans to more than double the number of its properties to 50 by 2025, according to company chairperson Priya Paul. The company, which currently has 23 hotels with 1,934 rooms in total, plans to add over 1,640 rooms in its portfolio through properties in various destinations, including Pune, Amritsar, Srinagar, Dimapur, Darjeeling and Port Blair. "We are looking at having 50 hotels by 2025," Paul told PTI when asked about the company's expansion plans post-Covid. While the company has opted for an asset light model, she said, "We will be building some of our own, that's a combination. That's the strategy we've identified for ourselves." The company's owned properties are less than 50 per cent of its total portfolio of hotels. Its brands include 'The Park', 'The Park Collection', 'Zone by The Park' and 'Zone Connect'. On the recovery from the pandemic, she said occupancies have been at 90 per cent rate. "This Q1 and H1, I think it's a record. It's

Hyundai's domestic sales increase by 50% to 49,700 units in September

The Korean carmaker sold 33,087 units in the country in September last year

Bandhan Bank stock weighed down by weak sentiment; worst may be priced in

The guidance is for overall 20 per cent growth in 2022-23

iPhone 14 production cut may not impact Apple's India plans: Experts

More than 7 million iPhones expected to be sold in the country in 2022, demand dip unlikely: Report

Banks unwilling to extend new credit to Voda Idea without promoter funding

Talks between Vodafone Idea Limited and its lenders to raise Rs 10,000 crore in debt have been ongoing for more than 9 months

Discussions on with Indus Towers for softer payment terms, says Vi

This follows Indus Towers's warning letter to Vi to pay up its accumulated dues or face disconnection from November.

Rothschild plans to hire 7 bankers in India before year-end for expansion

The expansion comes as India's dealmaking is bucking a global downturn driven by concerns over heightened inflation and a potential recession

Retail IPO applications down by over 50% in H1FY23, shows data

Firms raised a total of Rs 36,535 cr in the period, 30.2% less than Rs 52,325 cr last yr

IPO mop-up plunges 32% to Rs 35,456 cr in H1FY23: Report

Just 14 companies raised Rs 35,456 crore through main-board primary share sales in the first half of the fiscal, down 32 per cent from the year-ago period when 25 issues had mopped up Rs 51,979 crore. But according to Prime Database, the IPO pipeline is strong with 71 issues worth Rs 1,05,000 crore having Sebi approvals and another 43 worth about Rs 70,000 crore are awaiting approval. Of these 114 planned issues, 10 are new-age tech companies, which are looking to raise roughly Rs 35,000 crore. The overall collection would have been much lower had it not been for the Rs 20,557-crore LIC issue, which constitutes as much as 58 per cent of the total amount raised during the first half of the year, as per Prime Database. IPO (initial public offer) fund-raising declined by 32 per cent in the first half of the current fiscal to Rs 35,456 crore by 14 main-board issues, down from Rs 51,979 crore raised through 25 IPOs in the corresponding period of FY22. Of the total, as much as Rs 20,557 .

Udaan starts multiple deliveries per day for pharmacies in six cities

Softbank-backed B2B e-commerce firm Udaan has started delivering stocks to pharmacies four times a day across six cities and plans to scale up the service to other places after six to eight months, the company said on Thursday. The 4X4 delivery service' has been rolled out after a pilot programme and receiving extensive feedback from pharmacies in select cities, which required enhanced delivery capabilities. During the pilot phase, the business witnessed a 45 per cent rise in orders in the select cities. "As part of the new service offering, Udaan will provide medicine delivery to pharmacies every 4-hour with 4 delivery slot options in a day to order medicines across six cities - Kolkata, Jaipur, Indore, Ahmedabad, Bengaluru and Pune. Udaan plans to scale the '4X4 delivery service' to more cities and towns in the next 6-8 months," the company said in a statement. Udaan Business head for Pharma Category Sanjay Sharma said the company will leverage for the convenience and faster ...

NHAI's InvIT plans to raise Rs 2,000 cr to acquire road assets: Report

The Infrastructure Investment Trust (InvIT) is planning to raise Rs 2,000 crore from investors to acquire two to three road assests from its parent firm

Sebi bans The Apex Global, its proprietor from markets for 4 years

Markets regulator Sebi has barred The Apex Global and its proprietor Yadunath Singh Thakur from securities markets for four years and directed them to refund money collected from investors through unauthorised investment advisory services. The regulator found that The Apex Global and Thakur were engaged in the business of providing investment advice to their clients and for consideration and thus, were acting as investment advisers. They were involved in such investment advisory services without obtaining regulatory approval from it, which is in violation of Investment Advisers (IA) norms, the Securities and Exchange Board of India (Sebi) said in its order on Wednesday. Through such services, they had received a total amount of Rs 1.23 crore from June 2013 to December 2019 through unregistered investment advisory activities, it added. Accordingly, Sebi said, the "noticee shall within a period of three months refund the money received from any complainants/ investors, as fees or ...

SBI files 'insolvency petition' against Jaiprakash Associates in NCLT

JAL is involved in cement manufacturing, engineering and construction, expressways, real estate, hospitalities, wind/thermal power plants at various locations all over India.