Page 39 - Companies

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'

Gaming firm Nazara Technologies to raise Rs 410 cr from SBI Mutual Fund

Company will use investment for growth objectives including strategic acquisitions

Chennai-based Saas company Zoho says it surpassed 100 mn users globally

Chennai-headquartered SaaS company Zoho said it has surpassed 10 crore users globally. Zoho has become the first bootstrapped SaaS company to reach the milestone, the firm said in a statement. The company had crossed USD 1 billion in annual revenue in 2022. Zoho said it has witnessed a 3-year Compound Annual Growth Rate (CAGR) of 65 per cent in the upmarket segment in India. "This is an impressive milestone for any organisation, but it's particularly sweet for us as a bootstrapped company that has never raised external capital," Zoho Co-Founder and Chief Executive Officer Sridhar Vembu said.

Reliance Retail to buy 51% stake in Alia Bhatt's kids wear brand Ed-a-Mamma

RRVL reported a consolidated turnover of Rs 260,364 crore ($ 31.7 billion) and net profit of Rs 9,181 crore ($ 1.1 billion) for the year ended March 31, 2023

Tata Consumer Products, Haldiram's deny negotiations on stake purchase

Tata Consumer Products Ltd (TCPL) and Halidram's on Wednesday said there were no negotiations going on acquiring a 51 per cent stake in the leading snacks maker and restaurant operator. According to reports, the Tata Group's FMCG arm is in talks with Haldiram's to buy a majority stake, but not comfortable with a high enterprise value. Haldiram's is a leading snacks maker and restaurant operator. "The company is not in negotiations as reported" to acquire Haldiram's," TCPL said in a regulatory filing. The filing was in response to a clarification sought by the NSE and the BSE regarding the reports. "Tata Consumer Products does not comment on market speculation," a company spokesperson said earlier in the day. When contacted, Haldiram's management declined to comment on the matter. Later issuing a statement, Halidram's said: "We categorically deny recent reports of a 51 per cent stake sale and wish to clarify that we are not engaged in any discussions with Tata Consumer Products."

REC says it raised $1.15 billion in August from consortium of six banks

State-owned REC on Wednesday said it raised USD 1.15 billion in August in two tranches from a consortium of six banks. Proceeds of the loans shall be utilized to fund power, infrastructure and logistics sector projects as permitted under the ECB guidelines of the Reserve Bank of India. The funds have been raised under REC's Market Borrowing Programme of Rs 1.20 lakh crore for 2023-24. "Tranche 1 of USD 505 million was raised from Bank of Baroda, Gujarat International Fin Tec-City (GIFT City) IFSC Banking Unit (IBU); Axis Bank, GIFT City IBU and State Bank of India, London Branch on August 3, 2023, while Tranche 2 of USD 645 million was raised from State Bank of India, London Branch; Bank of India, GIFT City IBU; Bank of India, London Branch and HSBC, GIFT City IBU on August 31, 2023," an REC statement said. Both tranches taken together saw an aggregate commitment of USD 550 million from GIFT City IBUs. This is the highest ever commitment to REC from GIFT City IBUs in a single month

Arete Group sells 38 acre industrial land in Gujarat to Gharda Chemicals

Arete Group on Wednesday said it has sold 38 acre land at its industrial park in Dahej, Gujarat to Gharda Chemicals Ltd for setting up a manufacturing facility. ARETE Group, established in 1990, has a presence in businesses like industrial parks, real estate, retail, and investments. In a statement, Arete Group said it has "on boarded Gharda Chemicals Ltd by selling 38 acres of prime industrial land at its industrial park project PIP (Payal Industrial Park) in Dahej, Gujarat." The company did not disclose the deal value. With a total investment commitment of Rs 600 crore, Gharda Chemicals is set to establish a cutting-edge manufacturing facility at this site. The company is targeting industries like agrochemicals, pesticides, specialty chemicals, inorganic chemicals, dyes & pigments chlor-alkali and other such chemical industries for setting up a base in its industrial park. PIP, which is spread over 3,500 acres of land, has been developed within the Gujarat PCPIR (Petroleum, ...

Chavda Infra IPO to open on Sept 12, fixes price band at Rs 60-65

Gujarat-based civil construction company Chavda Infra Ltd has set a price band of Rs 60-65 per share for its initial public offering (IPO). The IPO will open for public subscription on September 12 and will conclude on September 14, while the bidding for the anchor investors will open on September 11, the company said in a statement on Tuesday. The shares of the company will be listed on NSE Emerge, a platform for small and medium enterprises, it added. The IPO comprises of a fresh issue of 66.56 lakh equity shares with a face value of Rs 10 through the book-building route. The company intends to utilise the proceeds from the issue of up to Rs 27 crore for working capital requirements and the balance being used for general corporate purposes and issue expenses. Beeline Capital Advisors is the book-running lead manager to the issue. Chavda Infra has executed over 100 projects worth Rs 671 crore. As of May 31, 2023, the company has 26 ongoing projects worth Rs 601.39 crore, compris

Reliance Jio turns seven: Here is a look at the latest tariff vouchers

The telecom operator launched a number of extra data and special vouchers for their customers

Zerodha's Kamath brothers to invest Rs 100 crore in Nazara Technologies

This will take Nikhil Kamath's stake in the firm to 3.5 per cent, up from an earlier 1 per cent

Omaxe says promoters Rohtas Goel, Sunil Goel settled dispute amicably

Realty firm Omaxe on Monday said promoters Rohtas Goel and Sunil Goel have settled their dispute amicably, with the latter withdrawing legal cases pending in the NCLT and agreeing to transfer his share to his elder brother's family. Omaxe Group began its journey in 1987 when Rohtas Goel laid the foundation to undertake the construction and contracting business. The two brothers have been engaged in a legal battle since 2017 after Sunil Goel was removed from the board of directors on September 27. In a statement, Omaxe said Sunil Goel, his wife & HUF, have transferred their 9.45 per cent stake in Guild Builders Pvt Ltd (holding company of Omaxe) to elder brother Rohtas Goel and the entities controlled by him or his family members. These shares are equivalent to a 6.47 per cent indirect stake in Omaxe. Sunil Goel group would be further transferring the remaining holding in tranches. "Omaxe Group has amicably resolved the brother's legal dispute in the NCLT (National Company Law ...

Nasscom appoints Cognizant chairman, MD Rajesh Nambiar as new chairperson

Nambiar has previously served as the Vice Chairperson of Nasscom and will succeed Anant Maheshwari, Former President, of Microsoft India as its new chairperson

Flipkart aims to create over 100,000 seasonal jobs ahead of festive season

Homegrown e-commerce marketplace Flipkart on Monday said it is looking to create more than 1 lakh seasonal job opportunities across its supply chain to cater to demand during the festive season. The seasonal jobs, both direct and indirect, will include those for local kirana delivery partners and women. Persons With Disabilities (PWDs) will also be employed to create a diverse supply chain talent, the company said in a statement. Ahead of the festive season, Flipkart expects to generate over 1,00,000 new job opportunities across its supply chain, including fulfilment centres, sortation centres and delivery hubs, it said. "The Big Billion Days (TBBD) is about scale, innovating for India, and impacting the ecosystem. It allows millions of new customers to experience the goodness of e-commerce, many of them for the first time," Flipkart Group Senior Vice President and Head of Supply Chain, Customer Experience and ReCommerce, Hemant Badri said. TBBD is the Flipkart sale time during whi

Companies in Delhi-NCR facilitate WFH arrangements during G20 weekend

Offices in Delhi and adjoining areas of Noida and Gurugram have facilitated work-from-home arrangements for their employees during the G20 weekend. India is hosting the G20 Summit and the main event will be held in New Delhi on September 9-10. The summit is likely to be attended by 29 heads of states as well as top officials of the European Union and invited guest countries and 14 heads of international organisations. All private and government offices in Delhi will remain closed on September 8-10, while banks and commercial establishments, including markets, in the New Delhi district will be shut during these three days. Accordingly, companies have announced flexible work measures during the G20 weekend. "In view of the Delhi government's traffic advisory around the G20 summit from 8th to 10th September, we understand the potential challenges our Delhi-based employees might face in their daily commute. "Considering the same, we have already announced the flexibility to work from

For now grounded Go First cannot use two-letter designator code 'G8'

Bankrupt Go First is now not eligible for the two-letter designator code 'G8', with global airlines' grouping IATA blocking the code as the airline has not been flying for the past few months. The International Air Transport Association (IATA), which provides two-letter designator and numeric codes to airlines, has blocked the 'G8' for Go First for a 12-month period, according to an official. IATA assigns the airline designator code to companies to use for reservations, schedules, timetables, telecommunications, ticketing, cargo documentation, legal, tariffs and/or other commercial/traffic purposes, according to IATA website. "One of the requirements for a company to be eligible for an IATA two-letter designator is that the airline needs to be operating. As Go First ceased to operate commercial flights since early May 2023, it is currently not eligible for the IATA two-letter designator," Albert Tjoeng, Head of Corporate Communications at IATA, said in a statement. He said the ...

3 entities sell shares of Five Star Finance for Rs 1,863 cr via open market

Three entities on Friday offloaded 2.55 crore shares of non-banking financial company Five-Star Business Finance for Rs 1,863 crore through open market transactions. Following the share sale, shares of Five-Star Business Finance plunged 5.89 per cent to close at Rs 727.80 apiece on the BSE. Norwest Venture Partners X Mauritius, Matrix Partners India Investment Holdings II LLC and TPG Asia VII SF Pte were the entities that sold the shares of Five-Star Business Finance on the BSE. According to the bulk deal data on the BSE, they offloaded a total of 2.55 crore shares of Five-Star Business Finance in four tranches. The shares were sold in the price range of Rs 730-730.62 apiece, taking the combined transaction value to Rs 1,862.86 crore. Meanwhile, HDFC Mutual Fund acquired 41.19 lakh shares of Five-Star Business Finance, at an average price of Rs 730 apiece, taking the deal value to Rs 300.71 crore.

SLMG Beverages plans to invest Rs 100 cr to increase electric vehicle fleet

Independent franchise bottler SLMG Beverages on Friday said it plans to invest approximately Rs 100 crore to increase its electric vehicle fleet to 5,000 by 2024 from 2,000 at present for its distribution network. With this investment the company will be converting its distribution entirely to EVs, SLMG Beverages said in a statement. Mahindra & Mahindra and Tata Motors will be the OEM partners for the 3-wheelers for distribution of bottles across four states, it said. SLMG Beverages will invest approximately Rs 100 crore to increase its fleet from 2000 EVs to 5000 EVs for its distribution network," the company said in the statement. SLMG Beverages claims to be India's largest independent bottler of Coca-Cola in India and South West Asia. As concerns about carbon emissions, air pollution, and resource depletion increase, the spotlight is now firmly on green transport as a critical pathway for positive change," said Vivek Ladhani, Executive Director at SLMG Beverages Pvt Ltd. The .

Steelbird lines up Rs 105 cr capex to ramp up production capacity

Steelbird Hi-Tech India on Friday said it plans to invest Rs 105 crore to enhance production capacity at existing plants as ait aims to roll out 1 crore helmets in the current fiscal. The company will utilise the capital for capacity expansion in its plants based in Baddi (Himachal Pradesh) and Noida (Uttar Pradesh). "Our aspiration to produce 10 million helmets signifies our unwavering commitment to riders globally. With ECE-certified helmets, we're not only upholding stringent safety standards but also advancing towards global dominance," Steelbird Hi-Tech India Managing Director Rajeev Kapur said in a statement. The company has allocated a capex of Rs 105 crore to fuel the ongoing expansions to expand manufacturing capacities in existing plants, he said. Kapur noted that Steelbird is looking to capture a significant share of the European and American helmet markets, besides consolidating its position in the domestic market. With the helmet industry projected to witness remarkab

Honda Motorcycle reports 3% increase in sales in August at 477,590 units

Honda Motorcycle and Scooter India (HMSI) on Friday said its sales increased by 3 per cent to 4,77,590 units in August. The company dispatched 4,62,529 units to dealers in August 2022. Last month, the company sold 4,51,200 units in the domestic market, HMSI said in a statement. It also dispatched 26,390 units to export markets, it added.

Honda Cars reports 1% increase in sales in August to 7,880 units

Honda Cars India on Friday reported a 1 per cent increase in sales in the domestic market to 7,880 units in August. The company had dispatched 7,769 units to dealers in the domestic market in August last year, Honda Cars India Ltd (HCIL) said in a statement. The company's exports dipped 7 per cent to 2,189 units during the month from 2,356 units exported in the previous year, it added. "The festive demand has been strong and continues to show good momentum. The celebratory fervour, which began with Onam in southern India, will extend to the rest of the markets as we move towards the peak of festivities in the coming months," Honda Cars India Director Marketing and Sales Yuichi Murata said.