Page 56 - Companies

Lupin gets USFDA establishment inspection report for Pithampur facility

Drug firm Lupin on Tuesday said it has received an Establishment Inspection Report from the US health regulator for its Pithampur Unit-2 manufacturing facility. The Establishment Inspection Report (EIR) was issued after the last inspection of the facility, which manufactures oral solids and ophthalmic dosage forms, conducted from March 21-29, 2023, the Mumbai-based drug maker said in a statement. The US Food and Drug Administration (FDA) issues an EIR on closure of inspection of an establishment that is the subject of an FDA or FDA-contracted scrutiny. The USFDA has determined that the inspection classification of the facility is Voluntary Action Indicated (VAI). According to the the USFDA, a VAI means that objectionable conditions or practices were found, but the agency is not prepared to take or recommend any administrative or regulatory action. "This is a significant milestone as we build back our reputation of being best-in-class in quality and compliance. We look forward to ne

Carbon maker PCBL Q1 consolidated net profit down 15% to Rs 109 crore

Carbon maker PCBL Ltd's consolidated net profit for the first quarter ended June 2023 of the current fiscal was down 15 per cent to Rs 109 crore compared to the same quarter's profit of Rs 126 crore of the previous year, the company said on Tuesday. Revenue from the operation during the quarter under review was Rs 1,347 crore against Rs 1409 crore registered in the June quarter of 2022. The company informed bourses that the first phase of the greenfield Tamil Nadu project got operationalised with 63,000 tonnes of carbon black production out of the total proposed 1,47,000 tonnes. The company's Mundra plant also commenced its 40,000 tonnes speciality chemicals project, with 20000 tonnes per annum in the first phase.

DGCA puts SpiceJet under 'enhanced surveillance'; airline refutes reports

Aviation watchdog DGCA has put SpiceJet under "enhanced surveillance" amid the budget airline facing multiple financial headwinds in recent months, a senior official said on Tuesday, but the carrier refuted any such development. It also comes against the backdrop of various lessors seeking repossession of aircraft leased to SpiceJet and some of the cases have been settled by the airline. The Directorate General of Civil Aviation (DGCA) has put SpiceJet under enhanced surveillance for more than three weeks now and it is an ongoing process, the official told PTI. According to the regulatory official, the enhanced surveillance includes increased night surveillance and spot checks. The focus is to ensure that due to financial issues, there are no potential adverse impact on the flight operations and that there is no "cutting corners" on safety, the official said on the condition of anonymity. The enhanced surveillance is also to check whether safety obligations are being met or not, t

Parineeti-backed Clensta raises Rs 75 cr from TradeCred, UAE Royal Family

Personal care startup Clensta International has raised Rs 75 crore in a funding round led by TradeCred and the Royal Family from UAE, the company said on Tuesday. Other investors who participated in the current round include Export-Import Bank of India, Mumbai Angels, Keiretsu, LetsVenture and O2 VC Fund, a company release said. "We are delighted to announce our recent round of funding and are grateful to the investors who've showed their faith in Clensta's vision. This good news comes at a time when there is significant stress in the startup ecosystem in India and we hope that for the startup industry, this positive announcement will open up new doors and avenues", he said. Clensta has raised Rs 105 crore since its inception in 2016, with participation from IIT Delhi and US-AID among other investors, the company said. "We look forward to supporting Clensta as they expand and grow their business in India and globally. What attracted us to the brand was their unique selling proposit

DGCA analysing special audit report of cash-strapped Go First: Official

The Directorate General of Civil Aviation (DGCA) is analysing the report of the special audit of grounded Go First, which is undergoing insolvency resolution process, a senior official said on Tuesday. Cash-strapped Go First, which had been flying for more than 17 years, stopped operations from May 3. The official said the watchdog is currently analysing the report of the special audit of Go First. The special audit was done to check the operational preparedness of Go First. The audit, conducted from July 4 to 6, covered facilities of the carrier in Mumbai and Delhi. Meanwhile, Go First and aircraft lessors are engaged in a legal battle before the Delhi High Court. According to the official, the high court's ruling in this regard would also be a key factor in terms of the proceedings under the Insolvency and Bankruptcy Code (IBC). After taking into account the audit findings and other factors, the DGCA will decide on approving Go First's revival plan. On Monday, Go First's Resol

ITC CMD Sanjiv Puri's total salary rose 53% to Rs 16.31 crore in FY23

The total remuneration of ITC Chairman and Managing Director Sanjiv Puri was increased 53.08 per cent to Rs 16.31 crore for financial year 2022-23. Puri drew a basic salary of Rs 2.88 crore, perquisites and other benefits of Rs 57 lakh and a performance bonus/ long-term incentives/ commission of Rs 12.86 crore from ITC for 2022-23. A year ago, Puri's total remuneration was Rs 10.66 crore, which included a basic salary of Rs 2.64 crore, perquisites and other benefits of Rs 49.63 lakh. However, his performance bonus/ commission was Rs 7.52 crore only in FY22. During the annual general meeting scheduled for August 11, ITC has proposed a resolution for re-appointment of Puri as a director and also as managing director & chairman for five years or till such earlier date to conform with the policy on retirement from July 22, 2024. Puri was appointed as Managing Director of ITC on July 22, 2019, and his present term will end on July 21, 2024. After Puri, Nakul Anand is the second ...

Co-working operator 315Work Avenue gives on lease 400 desks in Bengaluru

Co-working operator 315Work Avenue has given on lease 400 desks to a fintech company at its centre in Bengaluru. The company said in a statement that it has leased 400 seats in Bengaluru to a technology and service provider for the financial services industry. The centre is located at Indiranagar. 315Work Avenue has 40 centres, with a total capacity of 40,000 seats, across Bengaluru, Mumbai and Pune. The company manages 1.75 million square feet of office space. Manas Mehrotra, Founder of 315Work Avenue, said: "Flexible spaces are becoming mainstream now. The demand for co-workspaces is constantly increasing not only because such spaces perfectly fit the new normal, but they also help companies save costs, boost productivity and enhance work experience of employees.

ITC's FMCG biz records 21% rise in annual consumer spend at Rs 29,000 cr

Diversified conglomerate ITC's FMCG business has recorded a 21 per cent rise in annual consumer spend to nearly Rs 29,000 crore in 2022-23, according to the latest annual report of the company. ITC operates in the FMCG space with 25 home-grown brands. The company measures annual consumer spend as the sum total of what the consumer spends on buying the goods of the company. It is the net sales turnover of the brands along with channel margins and taxes. "Your company's vibrant portfolio of over 25 world-class Indian brands, largely built through an organic growth strategy in a relatively short period of time, represents an annual consumer spend of nearly Rs 29,000 crore and reaches over 230 million households in India," ITC said addressing its shareholders in the report. This is around 21 per cent higher than the financial year 2021-22. In the last annual report, ITC said its FMCG business had an annual consumer spend of over Rs 24,000 crore. In terms of distribution reach, ITC sai

Credsquare Technologies to set up R&D hub in Goa; eyes Rs 600 cr funding

Credsquare Technologies Private Limited, a Bengaluru-based artificial intelligence company, on Tuesday said it plans to set up a Research and Development hub in Goa. The move marks the company's commitment towards advancing Make in India artificial intelligence (AI) technology and fostering innovation in the state under the Atmanirbhar Bharat initiative, the company said. The centre will serve as a hub for AI research, development, and experimentation, focusing on creating groundbreaking AI solutions that cater to the unique needs of the region, it added. Further, the company is looking to raise over Rs 600 crore, which will help fund the project, it said. Gaurav Sharma, founder and chief executive officer, Credsquare Technologies, said, "We are excited to bring our R&D hub to Goa, a vibrant and progressive state." "We are raising over Rs 600 crore and are in advanced stages of due diligence with numerous investors globally. The fundraising will help Credsquare Technologies expand

India may firm up procurement of Rafales for Navy, 3 Scorpene from France

India is finalising the ground work for firming up procurement of 26 Naval variant of Rafale jets and three Scorpene submarines from France in the run up to Prime Minister Narendra Modi's visit to Paris this week, people familiar with the development said on Monday. The two sides are also inching closer to seal a deal under which French defence major Safran and an Indian entity will jointly develop an aircraft engine in India, the people said. It is learnt that the Defence Procurement Board (DPB) of the Ministry of Defence cleared the proposals. The procurement proposals will be taken up soon by the Defence Acquisition Council (DAC) headed by Defence Minister Rajnath Singh. The people said India and France may announce the big-ticket defence projects during Modi's visit to France. Modi will attend the Bastille Day Parade in Paris on July 14 as the guest of honour. Some of the defence procurement projects may be announced this week, the people said when asked where the mega ...

Oppo expects to sell 83% more Reno 10 series than previous version

Smartphone maker Oppo expects its Reno 10 series sales volume to be 83 per cent higher in India compared to the previous version, a senior official of the company said on Monday. The company expects Reno 10 series to set the pace of business during the upcoming festive season. "We are looking at an 83 per cent increase in the overall volume of sales of the Reno10 series versus the previous generation. That is the aggressive target that we have set for ourselves," Oppo India chief marketing officer Damyant Singh Khanoria said at a company's event. At the event, the company unveiled three 5G smartphones -- Reno10 5G, Reno10 Pro 5G and Reno10 Pro+ 5G in the price range of Rs 39,999 to Rs 54,999. In this version of Reno smartphones, the company has focussed on a dedicated camera for a telephoto portrait and fast charging. The telephoto sensor's capacity in the Reno10 series is in the range of 32 megapixel to 64 megapixel. The latest version of the Reno 10 series has come after a gap o

Dr Reddy's selects Amazon Web Services as preferred cloud provider

Amazon Web Services (AWS) on Monday announced that Dr. Reddy's Laboratories has selected it as preferred cloud provider to help provide access to affordable and innovative medicines. As part of the collaboration, the company has migrated its SAP platform entirely onto AWS. "By centralising the platform on the world's leading cloud, Dr. Reddy's will accelerate the development of new healthcare applications, grow its digital platform to help the organisation serve more than 1.5 billion patients by 2030 around the world, and enable healthcare providers to better track the progress of patients," according to a statement. Since 2019, Dr. Reddy's has been progressively creating and migrating digital applications to AWS to automate the company's IT infrastructure. "Leveraging AWS, Dr. Reddy's has made healthcare more accessible by launching new applications faster, to provide better service to its customers," the statement said. With AWS, Dr. Reddy's aims to reduce application developmen

TPG to buy Forcepoint's govt cyber unit in $2.45 billion deal: Report

The acquisition would hand TPG control of Forcepoint Global Governments and Critical Infrastructure, which focuses on key infrastructure for US government and federal agencies

Foxconn, Vedanta committed to semiconductor mission, says Vaishnaw

Taiwanese electronics manufacturing giant Foxconn and mining behemoth Vedanta are committed to the semiconductor mission and the Make-in-India programme of the country, Union Minister of Electronics and IT Ashwini Vaishnaw said on Monday. The comments came against the backdrop of Foxconn announcing pulling out of its semiconductor joint venture Vedanta Foxconn Semiconductors Private Limited. "Both the companies Foxconn and Vedanta are committed to India's semiconductor mission and Make in India program," Vaishnaw tweeted. Taiwan's Foxconn has withdrawn from a USD 19.5 billion (about Rs 1.5 lakh crore) semiconductor joint venture with mining baron Anil Agarwal's Vedanta Ltd as the venture struggled to get a technology partner to make chips that are used in mobile phones to refrigerators and cars. In a statement, Foxconn, the world's largest contract electronics maker, said it "has determined it will not move forward on the joint venture with Vedanta." Agarwal's metals-to-oil ...

Pakka setting up $250 mn bagasse-based packaging paper plant in Guatemala

Regenerative packaging solutions firm Pakka is setting up a 400 tonne per day bagasse-based packaging paper plant at an investment of USD 250 million (around Rs 2,065 crore) in sugarcane-rich Guatemala, South America. The company, began as Yash Papers in 1981, is also nearly doubling its capacity of the Ayodhya plant with around Rs 550 crore of investment from 130 tonne/day to 230 tonne/day. The Ayodhya-based company is into regenerative packaging solutions for the food packaging and serving segments. The paper-based food packaging industry or those making compostable packaging solutions, is highly fragmented and is led by Ecoware, Fomex, Dine Earth and Pakka, among others. "We have finalised a plan to set up a 400-tonne per say bagasse-based plant in the Latin American country of Guatemala at an investment of USD 250 million. We are in the process of identifying the land. We need around 90 acres for a Greenfield plant of this scale," Jagdeep Hira, the company's managing director,

Tata Comm to acquire remaining 41.9% stake in OSSE France for Rs 99.3 cr

Tata Communications will acquire the remaining 41.9 per cent stake in eSIM company OSSE France for Rs 99.3 crore, the company said on Monday. Following the transaction, which the company expects to close in about a month, Tata Communications' Singapore-based subsidiary Tata Communications International Pte (TCIPL) would acquire 100 per cent equity shareholding in Oasis Smart SIM Europe. "TCIPL will acquire full equity ownership in OSSE France, increasing its shareholding from the current stake of 58.1 per cent to 100 per cent by buying out the remaining stake of 41.9 per cent," Tata Communications said in a regulatory filing. In 2020, TCIPL acquired a majority equity stake of 58.1 pc in Oasis Smart Sim Europe SAS (OSSE France) and Oasis Smart E-Sim Pte Ltd (OSEPL) Oasis, making OSSE France and OSEPL its subsidiaries. OSEPL is a wholly-owned subsidiary of OSSE France. "The acquisition of Oasis will help Tata Communications complete the alignment of Oasis eSIM R&D road map with Tata

Nazara Technologies to raise upto Rs 750 cr through equity shares

Online sports platform Nazara Technologies on Monday said its board has approved raising of up to Rs 750 crore through equity shares. The board, in a meeting held on Monday, also authorised the increase in share capital from Rs 30 crore to Rs 50 crore, according to a regulatory filing. "The board considered and approved raising of funds by way of issuance of such number of equity shares having a face value of Rs 4 each of the company for an aggregate amount not exceeding Rs 750 crore," the filing stated. The company will seek approval of shareholders for the increase in authorised share capital, issuance of securities and ancillary actions through a postal ballot, it added.

EaseMyTrip's general sales agreement with SpiceJet to start from Aug 1

Online travel service provider Easy Trip Planners Ltd on Monday said it has signed a general sales agreement with SpiceJet for selling and promoting the carrier's passenger tickets and other services to passengers in India. The agreement will commence from August 1, 2023, under which the company will be responsible for selling and promoting the products and services offered by SpiceJet in India, Easy Trip Planners, which operates under brand EaseMyTrip, said in a statement. "With this collaboration and the potential for future acquisitions, we are presented with a fantastic opportunity for growth," EaseMyTrip CEO and Co-Founder Nishant Pitti said. The company anticipates gaining additional momentum and propel towards becoming a leader in the air ticketing industry within the next 18 to 24 months, he added. "With their extensive experience, strong industry connections, and deep understanding of the Indian market, we are confident that they (EaseMyTrip) will drive our sales efforts

Suraksha QR gets 27,000 subscribers within 4 months; eyes 500,000-user mark

Healthtech platform Suraksha QR on Monday said it has acquired 27,000 customers within four months and aims to onboard 5 lakh users, expanding operations to more than 10 states by the end of this fiscal. The Hyderabad-based startup helps its subscribers get quick access to ambulances and other health service providers in case of a medical emergency with the help of a unique QR code. The company which currently operates in Andhra Pradesh, Telangana, Uttar Pradesh, Madhya Pradesh, and Maharashtra, will be entering Tamil Nadu, Delhi-NCR, Rajasthan and other states in the months to come. "Suraksha QR platform has already crossed a milestone of acquiring over 27,000 subscribers pan-India, in a short time span of around 4 months, since its roll-out in March 2023," the company said in a release. In case of an accident or any medical emergency, the victim (on his own) or a bystander can scan this unique QR code with a smartphone and quickly get access to the nearest ambulance providers. Th

No amicable settlement between SpiceJet and Kalanithi Maran: Sun Group

Sun Group says 'no question' of that, asks airline to make full payment to in arbitral award