Page 38 - Companies

Sun Pharma, Pharmazz enter agreement to introduce Sovateltide in India

Sun Pharma said in a filing that it has been granted rights for marketing Sovateltide in India under the brand name Tyvalzi

Citigroup prepares for job cuts as it revamps top management structure

The moves will result in a number of job cuts, though the company doesn't yet have firm targets for how many employees will be affected

Zaggle Prepaid Ocean Services raises Rs 253 cr from anchor investors

The company has allocated 1.54 crore equity shares to 23 entities at Rs 164 apiece, according to a circular uploaded on the BSE website

DMRC, BEL ink deal for indigenous communication-based train control system

The Delhi Metro Rail Corporation and Bharat Electronics Limited (BEL) on Wednesday joined hands to develop an indigenous communication-based train control (i-CBTC) system, officials said. The team has commenced work at the i-CBTC lab of the Delhi Metro Rail Corporation (DMRC) and will soon develop and deploy a prototype i-CBTC product on a designated test track within the DMRC network, they said. With this partnership, the Delhi Metro and BEL are set to usher in a new era of rail transportation in India, driving innovation, reducing costs, and fostering self-reliance in the field of train control signalling systems, the DMRC said in a statement. A memorandum of understanding (MoU) was signed in the presence of Vikas Kumar, Managing Director of the DMRC. This groundbreaking partnership is aligned with the 'Make in India' initiative, championed by the Government of India under the Ministry of Housing & Urban Affairs, the statement said. The i-CBTC project signifies a significant ...

Amazon Web Services signs pact with Isro, IN-SPACe to advance capabilities

Amazon Web Services (AWS) has signed a memorandum of understanding with ISRO and IN-SPACe to support space-tech innovations through cloud computing. The collaboration with ISRO and Indian National Space Promotion and Authorization Centre (IN-SPACe) is aimed at giving space startups, research institutes and students access to cloud technologies through AWS Activate for new solutions in the space sector, AWS said in a statement on Wednesday. The collaboration follows the approval to Indian Space Policy, 2023 in April by the government which provides a strategic roadmap for the growth and development of India's space programme using cloud computing, data, Artificial Intelligence and Machine Learning. AWS India and South Asia Director and Chief Technologist, Public Sector, Shalini Kapoor said the company is committed to helping startups identify use cases and accelerate solution development, and build a strong talent pool in India with expertise in cloud and space. "Cloud computing-led

Adani-Hindenburg row: Former contractor witness to how money was shifted

Ajay Kumar Agarwal has sought permission from the Supreme Court to intervene in the investigations by the Sebi against the Adani Group

Byju's hid $533 mn in hedge fund once run from Miami IHOP, allege lenders

"Byju's has gone to great lengths to conceal the whereabouts of borrower's $533 million for the admitted purpose of hindering and delaying" creditors, they argued in Miami-Dade County court filings

Ahead of IPO, RR Kabel collects over Rs 585 cr from anchor investors

TPG-backed wires and cables manufacturer RR Kabel Ltd on Tuesday said it has mobilised Rs 585.62 crore from anchor investors ahead of its initial share sale. The company has allocated 56,58,201 equity shares to 54 entities at an average price of Rs 1,035 apiece, according to a circular uploaded on the BSE website. HDFC Mutual Fund, Axis Mutual Fund, Nippon India Mutual Fund, Aditya Birla Sun Life Mutual Fund, SBI Life Insurance, HDFC Life Insurance Company, Abu Dhabi Investment Authority, Morgan Stanley Asia (Singapore) Pte, Elara India Opportunities Fund, and Government Pension Fund Global are among the anchor investors. RR Kabel's Rs 1,964 crore Initial Public Offering (IPO) which comprises a fresh issue of shares worth up to Rs 180 crore and an offer for sale (OFS) of over 1.72 crore shares by promoters and other external shareholders opens for public subscription on Wednesday. Through the OFS, the promoters/promoter entities will sell 3-4 per cent of their holdings but will sti

India Inc faces costlier borrowing as corporate-govt yield gap widens

The yield spread between the AAA-rated 5-year corporate bond and the 5-year government bond narrowed by 7 basis points in August

Private equity platform Xponentia raises Rs 1,000 crore in new fund

Private equity platform Xponentia on Tuesday said it has raised Rs 1,000 crore in its second fund, almost entirely from domestic investors. The platform will be investing the funds in companies across sectors such as consumer, healthcare, financial services, and business services, according to statement. It had set out with a target to raise Rs 750 crore, and the same has been oversubscribed and exceeded, the statement said. Apart from investors in the first fund, new investors, including High Networth Individuals (HNIs), family offices and insurance companies and the 'fund of funds' programme managed by Small Industries Development Bank of India (SIDBI) have invested or have committed money in the second fund. The platform's managing partner Devinjit Singh said that a conviction about Indian institutions and family offices being under invested in alternative assets led him to leave Carlyle in 2018 and launch the platform. "Investor appetite for the asset class has increased faste

EMS Ltd IPO subscribed 75 times on final day by mostly institutional buyers

The Initial Public Offering (IPO) of water and sewerage infra player EMS Ltd was subscribed 75.28 times on the final day of subscription on Tuesday, with heavy participation from institutional buyers. The share sale received bids for 81,21,02,970 shares against 1,07,87,431 shares on offer, according to NSE data. The category for Qualified Institutional Buyers (QIBs) was subscribed 153.02 times while the portion for non-institutional investors received 82.32 times subscription. The quota for Retail Individual Investors (RIIs) got subscribed 29.79 times. The IPO had a fresh issue of up to Rs 146.24 crore and the offer for sale of up to 82,94,118 equity shares. The price range for the offer was Rs 200-211 per share. The company offers water and sewerage infra solutions, including laying the sewerage network to build treatment plants in Uttar Pradesh, Bihar, Uttarakhand and Rajasthan. EMS Ltd on Thursday said it has raised Rs 96.37 crore from anchor investors. Proceeds from the fres

NTPC announces payement of final dividend of Rs 2,908.99 cr for FY 2022-23

State-owned power giant NTPC on Tuesday announced payment of Rs 2,908.99 crore final dividend for 2022-23. "This Final Dividend payment of Rs 2,908.99 crore constitutes 30 per cent of the paid-up equity share capital of NTPC Ltd," a company statement said. According to the statement, the total dividend disbursed for FY 2022-23 stands at an impressive Rs 7,030.08 crore, being 41 per cent of the profit after tax (PAT). This marks the 30th consecutive year in which the company has distributed dividends, underscoring its dedication to providing consistent returns to its investors, it added.

Sterlite Power reports 30% rise in net profit to Rs 322 cr in 2022-23

Sterlite Power on Tuesday reported over 30 per cent rise in its standalone net profit to Rs 322.01 crore for 2022-23, mainly on the back of higher revenues. The company's standalone net profit was Rs 246.57 crore in the preceding fiscal ended March 2022, a company statement said. Its revenue from operations rose to Rs 3,923.51 crore in fiscal 2022-23 from Rs 3,797.38 crore a year ago. Sterlite Power Managing Director Pratik Agarwal said, "The results demonstrate our continuous focus on garnering new opportunities and operational efficiencies and underscores our commitment to be a key player in building the nation's energy landscape". Recently, a record Rs 75,408 crore worth of power transmission projects have been approved by the 14th National Committee on Transmission (NCT) and are likely to be awarded this year through the bidding route, he added. With a solid track record of executing complex projects, the company is well positioned to capture a sizeable chunk of this opportuni

Aluminium rail coaches: Hindalco ropes in Italian firm for extrusion tech

Hindalco Industries, the world's largest aluminium rolling and recycling company, on Tuesday said it has signed a technology partnership agreement with Italy-based Metra to manufacture high-speed aluminium rail coaches. The Aditya Birla group company in a statement said the partnership is aimed at sharing extrusion and fabrication technology for building high-speed aluminium rail coaches. For the last six decades, Metra has been known for its cutting-edge knowhow in aluminium extrusion, machining and welding, and the collaboration is a pivotal move to bring world-class technology currently limited to Europe, China, Japan and a few other countries to the domestic market. "We are joining hands with Metra to introduce a new era of aluminium extrusions for passenger trains in the country," said Satish Pai, Managing Director of Hindalco. "This is in line with our capability building for aluminium in commercial vehicles, freight wagons, electric vehicles and passenger train application

Coal India commits Rs 24,750 cr investment for 61 eco-friendly projects

Coal India Ltd has committed a capital investment of about Rs 24,750 crore in the next few years on as many as 61 first-mile connectivity (FMC) projects in a bid to boost eco-friendly coal transportation. In a statement, the world's largest coal producer said the projects, which will be set up in three phases, will have a combined capacity of 763.5 million tonnes per annum on completion. FMC projects involve the transportation of coal in mechanized piped conveyors from production points to coal handling plants/silos with a rapid loading system where coal is loaded directly into rail wagons. "It is essential that coal transportation is environment friendly to improve the quality of life of people living in the proximity of coalfield areas. "FMC projects offer benefits like suppression of dust pollution and carbon emissions. They also reduce the load on road transportation leading to safety. Other benefits include precise quantity and quality coal is loaded for consumers with minimal

Zaggle's Rs 564 cr IPO opens on Sep 14, price band fixed at Rs 156-164

Fintech player Zaggle Prepaid Ocean Services on Monday set the price band for its Rs 564-crore initial share sale at Rs 156-164 apiece, a hefty 156-164 times of the face value of its shares. The initial public offering (IPO), which is opening on September 14, comprises a fresh issue of equity shares up to Rs 392 crore and an offer for sale (OFS) by promoters and a few external investors aggregating up to Rs 174 crore. Post-issue the promoter/promoter entities will hold around 42 per cent of the paid up equity, while selling shareholders will collectively pare their holdings by a tad over 8 per cent. Through the OFS, the founder and chairman Raj P Narayanam will sell just 0.02 per cent from his 44 per cent holding. Another promoter Avinash Ramesh Godkhindi, who is also the managing director of the city-based firm, will sell an equal amount of stake. External investor VenturEast Proactive Fund will sell a 2.17 per cent, while another external investor GKFF Ventures will pare only 0.02

Elon Musk's Starlink may soon get a licence to start its services in India

The telecom ministry is expected to hold a meeting later this month to discuss the proposal of Starlink for a GMPCS service license, and it is likely to be passed

Fintech firm Perfios raises $229 mn from Kedaara in Series D funding

Perfios, a B2B SaaS specialist, says investment will help it in 'providing access to financial services'

Bullet train: HC asks Maha govt to decide in 30 days on Godrej & Boyce plea

The Bombay High Court on Monday directed the Maharashtra government to decide within a month an application filed by Godrej & Boyce company seeking enhancement of compensation awarded to it for acquisition of its land in suburban Vikhroli for the Mumbai-Ahmedabad bullet train project. A division bench of Justices B P Colabawala and M M Sathaye was hearing a petition filed by the company seeking a direction to the Mumbai suburban district collector and the deputy collector (land acquisition) to make a reference to the Land Acquisition, Rehabilitation and Resettlement (LARR) Authority on the company's application seeking enhancement of compensation. The bench directed the state government authorities concerned to decide on the company's application within 30 days. The company and the government have been embroiled in a legal dispute over acquisition of the company-owned land in Vikhroli area of Mumbai for the bullet train project since 2019. Godrej's contention was that initially ...

JetBlue steps up campaign to save plan to buy Spirit Airlines for $3.8 bn

JetBlue Airways said on Monday it has reached agreement to turn over Spirit Airlines' operations at airports in Boston and Newark, New Jersey, as JetBlue ramps up its effort to win regulatory or court approval to buy Spirit. JetBlue CEO Robin Hays said the announcement is aimed at removing any doubt of our commitment to promoting competition. The US Justice Department is suing to block JetBlue's proposed USD 3.8 billion purchase of Spirit, arguing that it will hurt competition and raise prices by eliminating Spirit, the nation's biggest discount airline. A trial is scheduled to start next month in federal court in Boston. Lawyers for two dozen consumers have filed a similar lawsuit in the same court. The Justice Department was emboldened after it won a similar case and blocked a partnership between JetBlue and American Airlines, leading JetBlue to scramble to salvage its Spirit deal. The New York-based airline argues that buying Spirit will make it bigger and a stronger competitor