Page 27 - Companies

Serum Institute of India to apply for licence of JN.1 Covid variant vaccine

Covid cases in India: On Friday, India recorded 640 fresh Covid-19 infections and the number of active cases now stands at 2,997

Ashok Leyland wins order to supply 552 buses to Tamil Nadu transport corpn

Commercial vehicle manufacturer will deliver the buses from April 2024

Two Promoter entities of Astral divest 1.74% stake worth Rs 885 crore

Two promoter entities of building materials and equipment company Astral Ltd on Wednesday divested 1.74 per cent stake in the company for Rs 885 crore through open market transactions. Kairav Chemicals Ltd and Saumya Polymers LLP were the promoter group entities who sold the shares of Astral. Nippon India Mutual Fund, Reliance Life Insurance Company, Star Union Dai-chi Life Insurance, National Pension System (NPS) Trust SBI, Morgan Stanley, the government of Singapore, Abu Dhabi Investment Authority, and Tara Emerging Asia Liquid Fund were the buyers of the shares. As per the block deal data available with the National Stock Exchange (NSE), Kairav Chemicals offloaded 10.60 lakh shares of Astral and Saumya Polymers sold more than 36.20 lakh shares, amounting to 0.39 per cent stake and 1.35 per cent stake, respectively, in the company. The shares were disposed of at an average price of Rs 1,889.80 per piece, taking the combined transaction value to Rs 884.56 crore. After the latest

Uday A Kaole appointed chairman-cum-managing director of Coal India arm MCL

Uday A Kaole has assumed the charge of the Chairman-cum-Managing Director (CMD) of Coal India arm Mahanadi Coalfields Ltd (MCL). Prior to joining MCL as its CMD, Kaole was the Director (Technical) at Bharat Coking Coal Ltd (BCCL). Kaole brings with him 36 years of rich technical and administrative experience in the coal mining sector. He has a long experience of working in challenging underground coal mines operations, as well as in the opencast mines, MCL said in a statement. He had joined Coal India as Junior Engineering (Trainee) in 1987 and served at various important positions in Western Coalfields Limited (WCL) and South Eastern Coalfields Limited (SECL). A mining engineering graduate from Nagpur University with the First Class Mine Manager competency certification, Kaole also has degrees of Master of Business Administration (MBA) and Legum Baccalaureus (LLB) from Nagpur University.

Air India starts rollout of new brand identity from Delhi, Mumbai airports

The new Air India livery will also feature on the A350 fleet and subsequently on other incoming aircraft

SAP bullish on India as key market, talent hub, says Punit Renjen

SAP has about 15,000 employees in India focussed on fundamental research and development. Nearly 40% of the global R&D workforce is based in India

SpiceJet initiates fresh funding of $270 mn for Go First acquisition

SpiceJet is among three companies that have shown interest in acquiring the bankrupt airline

Jai Balaji raises Rs 559 cr from Tata Capital FinServ to refinance debt

Jai Balaji was on the RBI's second list of non-performing assets (NPAs) in 2017-18 mandated for resolution under the Insolvency and Bankruptcy Code

British firm Arm lays off over 70 engineers in China, relocating roles

Arm Holdings Plc has recently laid off over 70 software engineers in China though it will relocate some of the roles outside of the Asian nation, according to people with knowledge of the move.

Zydus Noveltech Inc dissolved after 'not generating meaningful revenue'

Dissolution of Zydus Noveltech Inc will not affect the business operations of the company, said Zydus Lifesciences

Hoping for reduction of rates from middle of FY25: SBI Chairman Khara

Khara also says, in an interview with Manojit Saha, the bank has a plan to plough back a significant part of its profit this financial year, and that would increase capital adequacy ratio by 140 bps

Investing half a billion dollar in our generics business: Biocon MD & CEO

Debt-reduction plans are progressing a tad slowly, said Siddharth Mittal

LTIMindtree expands presence in LATAM, opens delivery centre in New Mexico

The delivery centre, inaugurated on December 14, will enable workforce transformation and localisation for LTIMindtree in the Americas

NCLAT refuses to stay Zee-Sony merger, case now to be heard in January

IDBI Bank and Axis Finance had challenged the August 10, 2023, order of the Mumbai bench of the National Company Law Tribunal (NCLT), which approved the Zee-Sony merger

MSC arm acquires 49% in Adani Ennore Container Terminal for Rs 247 cr

After the completion of the transaction, APSEZ would hold a 51 per cent stake in AECTPL

Pawan Munjal-backed Exponent raises $26.4 million in Series B round

The fund would help the firm to deploy 1,000 e-pumps (charging stations) and have 25,000 EVs powered by Exponent by 2025

Adani Green Energy announces incorporation of step-down subsidiaries

Earlier this month. Adani Green also announced that it has sealed its largest project financing of a $1.36 billion senior debt facility

S&P downgrades Vedanta Resources to 'CC' on potential bond extensions

The ratings remain on CreditWatch with negative implications, where they were first placed on September 29, 2023

India to create AI computing capacity for start-ups, researchers: Minister

Capacity will be created by the public sector and separately in collaboration with private companies, says Rajeev Chandrasekhar

Deal activity doubles in Nov to $6.5 bn as large transactions surge: Report

Deal activity more than doubled to USD 6.541 billion in November as compared to October on the back of a surge in high-value transactions, according to a report on Tuesday. In October, the total deal activity in India was pegged at USD 2.687 billion in value terms, consultancy firm Grant Thornton Bharat said in the report. In terms of the number of transactions, November saw a decline to 132 deals as against 167 in October, primarily because of a decline in private equity investments, the report said. German major Siemens AG's 18 per cent stake buy in local unit Siemens for USD 2.28 billion was the largest transaction in November, while AU Small Finance Bank's USD 529 million acquisition of Fincare Small Finance Bank was the second largest, it said. The overall merger and acquisition activity stood at USD 4.4 billion, making November the busiest one for such deals in 2023. "The remarkable surge in M&A deal values to the USD 4-billion mark set a record for 2023, which is heartening