Page 38 - Companies

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

Walt Disney, Charter Communications near distribution deal: Report

Charter, one of the biggest cable companies in the United States, has been locked in a distribution battle with Walt Disney over how much its channels are worth and how to package them

Credit Access Grameen raises Rs 989 cr via non-convertible debentures

Microfinance firm Credit Access Grameen on Monday said it has raised Rs 989.58 crore through public issue of secured, redeemable Non-Convertible Debentures (NCDs). The NCD Tranche II Issue had a base issue size of Rs 400 crore with an option to retain oversubscription of up to Rs 600 crore aggregating up to Rs 1,000 crore, the Non-Banking Financial Company-Micro Finance Institution (NBFC-MFI) said in a statement on Monday. The issue saw interest from investors across series and tenures offering monthly and cumulative interest options with effective yield ranging from 9.48 per cent to 10.13 per cent per annum, it said.

ITC launches dairy products in Jharkhand under 'Aashirvaad Svasti' brand

Diversified city-based conglomerate ITC Limited Monday announced its entry in the dairy business in Jharkhand with the launch of various products under its 'Aashirvaad Svasti' brand. The company will offer a slew of dairy products like milk, curd, paneer, lassi and 'mishti doi' (sweet curd) to the consumers of the state, a company statement said. Sanjay Singal, ITC chief operating officer (dairy and beverages), said the company has expanded its milk-based offerings to Jharkhand after establishing a strong brand presence in Bihar and West Bengal. "The dairy products offered by the company are differentiated and innovative and have become an established brand in these two states within a short span of five years," he said in the statement. The Aashirvaad Svasti dairy products will be available across 2000 general and modern trade outlets across Jharkhand, it added.

DevDynamics.ai raises $600,000 led by Powerhouse Ventures for amplifying AI

Engineering analytics platform DevDynamics on Monday said it has raised USD 600,000 (about Rs 4.98 crore) led by Powerhouse Ventures for amplifying its AI capabilities. Other investors include Sunn91 Ventures, PointOne Capital, and select angel investors, the company said in a statement. Founded in 2022 by Pruthviraj Haral and Rishi Saraf, the company is building a co-pilot for software engineering leaders. DevDynamics' AI co-pilot feature will help software leaders explore insights, get suggestions and anticipate challenges - transforming the landscape of engineering decision-making, the company said.

TCS joins Living Heart Project to create digital human heart models

Tata Consultancy Services on Monday said it joined the Living Heart Project of European technology major Dassault Systmes to create accurate digital human heart models. TCS in an exchange filing said it will use its domain and technology expertise, and research on the Digital BioTwin of the heart to contribute to model refinement, simulation, and technological implementation in developing and validating accurate and personalised digital human heart models. The TCS Digital BioTwin is a biophysics-based high-fidelity computational model developed by TCS researchers to enable the investigation of the function of a particular human organ remotely and non-invasively. The Living Heart Project unites an ecosystem of cardiovascular researchers, educators, medical device developers, regulatory agencies, including US FDA, and practising cardiologists, to develop and validate realistic digital simulations of the human heart. A groundbreaking project with the Living Heart simulated 3D heart m

Tesla supercomputer may boost market value by $600 bn: Morgan Stanley

The electric-vehicle maker (EV) started production of the supercomputer used to train artificial intelligence (AI) models for self-driving cars in July and plans to spend more than $1 billion on Dojo

Grocery delivery app Instacart aims for up to $7.7 bn valuation in US IPO

The San Francisco-based company and its selling shareholders are looking to raise up to $616 million by offering 22 million shares priced between $26 and $28 each, it said in a regulatory filing

'Lulu Group expects to launch IPO in H1 2024, shares to be listed in Gulf'

Hypermarket chain and mall operator Lulu Group International expects to launch its initial public offering (IPO) in the first half of 2024, its chairman said on Monday

Oriana Power bags orders worth Rs 134 cr for solar projects in K'taka, Raj

Oriana Power Ltd on Monday announced securing two fresh orders totalling Rs 134.6 crore to set up solar capacities in Karnataka and Rajasthan. It has secured an EPC (engineering, procurement and construction) contract worth Rs 100.2 crore from a steel company for construction of a 29 MW captive open access solar power plant in Karnataka, Oriana said in a statement. "With a projected completion date of five months, the company will oversee the project's life cycle, including design, engineering, supply, and installation," the statement said. The second order worth Rs 34.4 crore is for setting up a 7 MW DC solar plant in Rajasthan, the renewable energy company said adding the project was awarded by a cement player in last week of August. The company would be responsible for supply of the auxiliary panel with metering and supply and laying of cables. Oriana Power is one of India's leading solar energy solution providers that finances, constructs and operates solar projects for its ...

Edelweiss arm aims to raise up to $500 mn for maiden climate fund

An Edelweiss group arm is planning to raise up to USD 500 million (about Rs 4,143 crore) for its maiden climate fund. Edelweiss Alternatives said the fund will be used in areas of renewable energy, transmission infrastructure, developing electric vehicle infrastructure, green infrastructure, water treatment, transport decarbonisation and industrial decarbonisation. Investors will be offered a long-term viable investment vehicle to participate in the world's largest market for sustainable energy transition and "generate far more worthwhile and steady returns", the company said in a statement on Monday. Edelweiss Alternatives President Subahoo Chordia said about USD 10 trillion of investment is required to achieve India's 2070 net-zero target. "Our climate fund will look to invest in this growing and attractive investment opportunity, while also contributing to achieve the Sustainable Development Goals like climate action, clean energy, clean water, and sustainable cities," Chordia .

Coinbase to halt exchange services in India amid regulatory challenges

Global cryptocurrency exchange Coinbase advises Indian users to withdraw funds by September 25

Torrent promoters may pledge stake in power arm to fund Cipla buy

Torrent's promoters own a 53.6 per cent stake in Torrent Power, valued at Rs 18,643 crore as of Friday, which remains a crucial avenue for raising funds for the Mehtas

NCLAT dismisses operational creditor's insolvency plea against Wipro

The National Company Law Appellate Tribunal has dismissed an operational creditor's petition to initiate insolvency proceedings against Wipro Ltd. A two-member Chennai bench of the appellate tribunal held earlier that there was a pre-existing dispute over the payment between Wipro and the petitioner and observed that the Insolvency and Bankruptcy Code was not framed for being a "mere recovery legislation for creditors". The National Company Law Appellate Tribunal (NCLAT) has upheld the order of the NCLT. Earlier, the Bengaluru Bench of the National Company Law Tribunal (NCLT), on January 16, 2020, dismissed the plea by Tricolite Electrical Industries in the capacity of operational creditor. The order was challenged by the Delhi-based operational creditor, a manufacturer of 'LT/ HT Electric Panels' before the appellate body NCLAT. However, the NCLAT also dismissed it after observing, "We are satisfied that a dispute' truly existed for the Respondent Company (Wipro) to have withheld

Balrampur Chini Mills is expecting 20% higher revenues in FY24: CFO

Sugar prices are on a high with a fall in production primarily due to unseasonal showers in key growing areas of Maharashtra and Karnataka in March

HCLTech wins multiyear cloud services deal from Germany's Siemens AG

Indian firm will also supply IT infrastructure services to Siemens AG

Ford Motor gives raise to 8,000 UAW workers ahead of strike deadline

The raises, negotiated in the 2019 contract with the UAW, lift the pay of the workers by $4.33 an hour, or $9,000 a year, the automaker said in a statement

India very important for manufacturing in future: Foxconn Chairman Liu

India will be an important country in terms of manufacturing in future, Young Liu, Chairman and CEO of Hon Hai Technology Group (Foxconn) has said, his latest comment adding to a growing chorus of global voices acknowledging the country's bold moves to position itself as electronics and hi-tech production powerhouse. In an interaction with reporters in Taipei, the top honcho of the Taiwanese electronics manufacturing giant said the development of the entire ecosystem and industrial chain, and opportunities for development in India are "very, very huge opportunities". "If there is no big change, India will be a very important country in terms of manufacturing in the future," Liu said. In the past, it took 30 years to build the entire supply chain ecosystem in China, he noted, adding that while it will take an "appropriate amount of time in India" and the process will be shorter given the experience. The environment too is not quite the same, he said pointing to the advent of new ...

Abbott recalls antacid Digene Gel made in Goa after consumer complaints

India's drugs regulator issues advisory against use; company says there is no 'health concern'