Page 41 - Companies

Digikore Studios files draft papers with NSE Emerge for IPO plans

Visual effects (VFX) studio Digikore Studios Ltd on Tuesday said it plans to enter the primary market with an initial public offering (IPO). Digikore has filed draft papers with the NSE's SME segment Emerge for floating an IPO, according to a statement issued by the company. The proposed IPO comprises a fresh issue of 12.6 lakh equity shares and an Offer For Sale (OFS) of 5.21 lakh equity shares. Proceeds from the fresh issue will be used to further enhance the company's operations, expand its capabilities, and drive its growth trajectory, the statement said. Besides, Digikore has successfully concluded its pre-IPO funding round, it said, adding that Sarthi Capital Advisors Pvt Ltd has been appointed as the book-running lead manager to the offer. Founded in 2000 by Abhishek More, Digikore Studios is among a select few VFX studios in the country to have worked on over 200 Hollywood films and TV series, including 'Thor: Love and Thunder', 'Black Panther: Wakanda Forever', 'Deadpool'

Maruti Suzuki India announces appointment of Arnab Roy as CFO Designate

Maruti Suzuki India on Tuesday announced appointment of Arnab Roy as CFO Designate with effect from October 16, 2023. He will succeed present CFO Ajay Seth who will retire at the end of this year. Seth shall be superannuating from the post of wholetime CFO of the company with effect from close of business hours of December 31, 2023, Maruti Suzuki India said in a regulatory filing. The board in its meeting held on Tuesday approved the appointment of Roy as CFO Designate from October 16, 2023 and wholetime CFO from January 1, 2024, it said. After his superannuation, Seth will continue to be a Member - Executive Board (MEB), the filing said. Roy has 26 years of experience with US, British and French MNCs handling all aspects of Finance & Accounts, the company said. Since January 2022, he has been serving as Zone Chief Financial Officer for Greater India Region covering all Schneider businesses. He earned his bachelor's degree in Economics, Statistics and Maths from Ranchi Universi

Arnab Roy to be Maruti Suzuki's new CFO from January 1, Ajay Seth to retire

Ajay Seth, current CFO of the company, will step down from his post on December 31 on account of superannuation

Goldman to sell wealth-advisory unit to $240 billion money manager

Goldman didn't disclose the sale price but said it expects to recognize a gain when the deal closes

PureHealth acquires UK's largest private healthcare group for AED 4.4 bn

PureHealth has signed an agreement to acquire Circle Health Group, the UK's largest independent operators of hospitals, in a deal valued at AED 4.41 billion

Ashok Leyland expands offering in CNG, launches truck in 18.5 tn segment

Strengthening its CNG portfolio, Ashok Leyland on Monday unveiled the 1922 4X2 truck in the 18.5 tonne segment with multiple cylinder options and four loading span choices. The haulage truck offers industry-best fluid efficiency, power and range (single fill) in its segment, the leading commercial vehicle manufacturer said. President-MHCV, Ashok Leyland, Sanjeev Kumar said, "in an endeavour to expand our product offerings in the CNG segment to strengthen the portfolio, and meet the ever-growing demands of the customers, we have introduced 1922 4X2 truck in the 18.5T segment...this new range will further strengthen our portfolio, helping us improve our market share in the fast-growing CNG space." The truck is powered by an H-series CNG engine with 162 kW (220 hp) and 700 Nm torque. Key features include single-fill range of 1150+ km, multiple CNG cylinder options (including 1,200L) and four loading span options ranging from 6.1m (20 ft) to 9.75m (32ft). The 1922 CNG truck offers the

Larsen and Toubro fixes September 12 as record date for share buyback

Larsen and Toubro (L&T) has fixed September 12, 2023 as the record date for determining the entitlement and eligibility of equity shareholders for participation in the company's share buyback plan. On July 25, the board of directors of the company approved a proposal to buy back shares worth up to Rs 10,000 crore, excluding tax on buyback. On August 25, shareholders of the company approved the buyback of up to 3,33,33,333 fully paid-up equity shares of face value of Rs 2 each for an aggregate consideration not exceeding Rs 10,000 crore at a price of Rs 3,000 per equity share on a proportionate basis by way of a tender offer route using stock exchange mechanism. In a public notice on Monday, the company said the equity shares proposed to be bought back shall be divided into two categories -- reserved category for small shareholders and the general category for other eligible shareholders. On the objectives behind the move, the company said it had formulated its "Lakshya 26 ...

M&As likely to witness a strong comeback as PEs bet more cash in India

PE investors and promoter sales have largely dominated the equity sell-down activity over the last two years

Baron Capital nearly halves Byju's valuation, marks up Swiggy, Pine Labs

Byju's was last valued at $22 billion when it raised $250 million from Qatar Investment Authority in October last year

American Airlines fined $4.1 million for dozens of long tarmac delays

The federal government is fining American Airlines $4.1 million for dozens of instances in which passengers were kept on board planes without a chance to exit during long ground delays. The US Department of Transportation said Monday it is the largest such fine against an airline since rules covering long ground delays took effect about a decade ago. The department said its investigation revealed that from 2018 through 2021, American kept 43 domestic flights stuck on the ground for at least three hours without giving passengers the chance to deplane. There are exceptions in which airlines are allowed to bend the rules, including for safety and security reasons, but the department said none of those were factors in the flights it identified. This is the latest action in our continued drive to enforce the rights of airline passengers, said Transportation Secretary Pete Buttigieg, who vowed to hold airlines accountable under consumer-protection laws.

Indian refiner BPCL to spend $18.16 bn in oil, green energy over 5 years

The nation has set itself a target to reach net zero by 2070. Many Western countries have set a mid-century goal to meet net zero

JKC gets time till Sept-end to pay Jet Airways lenders Rs 350 crore dues

The date for the payment was earlier set for 31 August, but JKC had sought an extension

Sun Pharma aims to spend 7-8% of sales on R&D activities this fiscal

Sun Pharmaceutical Industries Ltd aims to spend 7-8 per cent of its sales in the current fiscal on research and development activities as it looks to further strengthen its product portfolio across therapeutic segments, a senior company official said on Monday. Addressing shareholders during the Annual General Meeting (AGM), Managing Director Dilip Shanghvi said the company did well in all its geographies last fiscal, recording double-digit growth. "Our R&D spending is expected to be 7-8 per cent of sales in 2023-24 with an increasing share of spending in specialty (drug segment) R&D," Shanghvi said. The Mumbai-based drug maker had reported a global consolidated revenue of Rs 433 billion in FY23. The Mumbai-based drug major spent about Rs 2,400 crore on R&D in 2022-23, which accounted for about 5.5 per cent of the sales as it continued to invest product pipeline for both global generics and specialty businesses. Shanghvi said the expansion of its global specialty business .

CIPL gets Rs 137 cr contract from SPMCIL to set up 2 data centres

Technology solutions company CIPL on Monday said it has signed a Rs 137 crore agreement with government-owned bank note and security paper manufacturer SPMCIL for setting up two data centres. "A landmark agreement, named 'PRAGAMAN' worth Rs 137 crore was signed between Security Printing and Minting Corporation of India Limited (SPMCIL) and Corporate Infotech Pvt. Limited (CIPL), Noida for establishing two data centre," CIPL said in a statement. The data centres which include "primary and disaster recovery" will be set up at Noida and Hyderabad, CIPL said. The project would witness the upgradation and migration of the current setup of SPMCIL to the latest technology in order to obtain better throughput in terms of speed, accuracy and efficiency, it said. SPMCIL has been engaged in manufacturing of currency and bank notes, security paper, non-judicial stamp papers, postal stamps and stationery and travel documents, among others. CIPL said it has executed a number of critical project

Vishnu Prakash IPO subscribed 87.81 times on last day of bidding

The Initial Public Offering (IPO) of Vishnu Prakash R Punglia Ltd was subscribed 87.81 times on the last day of bidding on Monday, helped by strong engagement from institutional buyers. The company is into Engineering, Procurement, and Construction (EPC) works. The Rs 308.88 crore-public issue received bids for 1,92,56,17,350 shares against 2,19,30,000 shares on offer, according to NSE data. The category for Qualified Institutional Buyers (QIBs) received 171.69 times subscription while the quota for non-institutional investors got subscribed 111.02 times. The portion for Retail Individual Investors (RIIs) was subscribed 32 times. The IPO had a fresh issue aggregating up to 3.12 crore equity shares with no Offer For Sale (OFS) component. The price range was Rs 94-99 per share. Vishnu Prakash R Punglia had raised Rs 92 crore from anchor investors. Proceeds from the fresh issuance will be utilised for purchasing capital equipment, funding the working capital requirements of the com

Jet Airways case: NCLAT extends time till Sep 30 for JKC to pay Rs 350 cr

The National Company Law Appellate Tribunal (NCLAT) on Monday extended the time till September 30 for Jalan-Kalrock Consortium for payment of Rs 350 crore to the lenders of the bankrupt Jet Airways. A three-member NCLAT bench accepted the plea of the consortium to extend the timeline and also for adjustment of Rs 150 crore from performance bank guarantee (PBG) towards payment of Rs 350 crore. The consortium has submitted an undertaking before the appellate tribunal, in which it had committed to pay Rs 100 crore by August 31, 2023 and another Rs 100 crore by September 30, 2023. For the rest Rs 150 crore, the consortium had requested the appellate tribunal to encash the PBG submitted for that purpose. Jalan-Kalrock Consortium had emerged as the winning bidder for the airline, which stopped flying in April 2019 and later underwent an insolvency resolution process. The NCLAT order is yet to be uploaded on NCLAT website. Earlier, the consortium was to pay Rs 350 crore to the lenders b

Glenmark recalls 1,200 bottles of generic hypertension drug in US

Glenmark Pharmaceuticals is recalling 1,200 bottles of a generic drug, used to treat high blood pressure, in the American market due to a manufacturing issue, according to the US Food and Drug Administration (USFDA). The New Jersey-based arm of the drug firm is recalling 1,200 bottles of Trandolapril and Verapamil Hydrochloride extended-release tablets, as per the latest Enforcement Report of the US health regulator. The affected lot has been manufactured at the Goa plant of the Mumbai-based drug firm and then supplied to Glenmark Pharmaceuticals Inc, USA, the USFDA said. The firm is recalling the affected bottles due to it being "Subpotent", it noted. Glenmark Pharmaceuticals Inc initiated the nationwide (US) Class III recall on August 14 this year, it added. As per the USFDA, a Class III recall is initiated in a "situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences".

58 firms including top global players registered for IT hardware PLI

As many as 58 companies, including top global players, have registered for the government's Rs 17,000-crore production-linked incentive (PLI) scheme for IT hardware, a senior government official said on Monday. The Ministry of Electronics and IT, Secretary, Alkesh Kumar Sharma said that the response to PLI Scheme 2.0 for IT hardware has been more than expected. "The last date for the scheme is August 30. 58 companies have registered," Sharma said on the sidelines of an event organised by the India Cellular and Electronics Association. When asked if all the top global players have registered, Sharma answered in the affirmative. He said several domestic companies have also registered for the scheme and added that more than two players have already applied for the scheme. The Production-Linked Incentive Scheme 2.0 for IT hardware covers laptops, tablets, all-in-one PCs, servers and ultra-small form factor devices. The scheme aims to broaden and deepen the IT hardware manufacturing .

ARPU of Indian telcos to rise 8-10% to Rs 190 this year, says CRISIL

CRISIL added that the operating profits of these companies could record a 15 to 17 per cent rise to Rs 1.2 trillion this year from Rs 1.04 trillion in 2021-22

Vedanta wins arbitration against govt in $1.1 bn cost disallowance case

Mining magnate Anil Agarwal's Vedanta Ltd has won an arbitration against a demand for a higher payout from its prolific Rajasthan oil and gas fields after disallowance of Rs 9,545 crore (USD 1.16 billion) in certain costs incurred, the company said. The government has sought additional profit petroleum (or its share from the oil and gas fields) after it reallocated certain costs between the fields in the block and disallowed a portion of the cost incurred on laying a pipeline to evacuate oil produced from the Rajasthan block. As per the contract, companies are allowed to recover all costs incurred before splitting profit in a predetermined ratio with the government. If a certain portion of cost is disallowed, it would result in higher profits and a resultant higher share to the government. Vedanta had challenged such a demand before an arbitration tribunal. "The company has received an arbitration award dated August 23, 2023... upholding the contention of the company that additional