Page 57 - Companies

SBI seeks to raise Rs 10,000 cr in tier-I bonds, wary about spike in yields

Offering slated for coming week; bank to decide on actual issuance based on yield level in the market, which hardened in the last two weeks

There is a lot more risk aversion happening: Rothschild & Co India head

In a Q&A, the firm's India MD Chandresh Ruparel discusses the current M&A and PE space and outlook, even as he remains most bullish on India among BRICS nations for its ability to attract capital

Resignation does not absolve Auditor of onus of reporting fraud: NFRA

The NFRA in a circular has said that it has noticed that auditors are not fulfilling their statutory responsibilities relating to reporting of fraud as required by the Companies Law

Confident of resolving issues through talks with Maran: SpiceJet official

A day after the Supreme Court refused to give more time to SpiceJet in connection with interest payment related to an arbitral award, an airline official on Saturday said it is confident of resolving through talks the issues with Kalanidhi Maran and his Kal Airways. On Friday, the Supreme Court declined to extend the time for making payment to media baron Kalanithi Maran and his Kal Airways in pursuance of an arbitral award of Rs 578 crore related to a share-transfer dispute. The case and the final order are still pending before the Delhi High Court, the official said, adding that Rs 380 crore is only the deposit amount. The official also claimed that the airline is engaged in talks with Kalanithi Maran and KAL Airways for a full and final settlement of the interest amount. The airline is confident of resolving this to the satisfaction of both sides, as done successfully with many of its partners, through talks, the official said. Earlier in the case, the Delhi High Court, on June

Suzlon Energy board approves proposal for raising Rs 2,000 cr fund

Suzlon Energy Ltd on Friday said its board has approved a proposal to raise up to Rs 2,000 crore. The company will explore various financial routes to raise the amount, a BSE filing showed. The board approved "issuance of such number of fully paid-up equity shares and/or convertible bonds and / or non-convertible debt instruments and / or any other instruments and / or combination of instruments with or without detachable warrants with a right exercisable by the warrant holders to convert or subscribe to the equity shares or otherwise...in one or more tranches, denominated...for an aggregate consideration not exceeding Rs 2,000 crore," Suzlon Energy said in the exchange filing. The company will seek shareholders' approval through a postal ballot, it said.

CCI seeking info on AI-Vistara merger is normal, part of process: Wilson

Air India chief Campbell Wilson on Friday welcomed the Competition Commission seeking more information on the airline's proposed merger with Vistara and said it is a "normal and important part of the evaluation process". The Competition Commission of India (CCI) has asked for more details with respect to the proposed merger, which was announced in November last year, and approval from the regulator was sought in April this year. Under the competition law, the regulator has the power to carry out a detailed probe before approving a merger or acquisition in case there are concerns about possible anti-competitive practices in the deal. "You may have recently read that the Competition Commission of India has asked for more information regarding our proposal to merge with Vistara. We welcome this request, which is a normal and important part of the evaluation process," Wilson told employees in his weekly message on Friday. While that runs its proper course, the Chief Executive Officer a

Sebi puts in place regulatory framework for mutual fund's sponsors

Capital market watchdog Sebi on Friday came out with a regulatory framework for private equity funds sponsoring a mutual fund house as well as for self-sponsored Asset Management Companies (AMCs). Under the framework for private equity (PE) funds, Sebi said the applicant is required to have a minimum of five years of experience in the capacity of fund manager and an experience of investing in the financial sector. It should have managed, committed and drawn-down capital of at least Rs 5,000 crore. The mutual fund sponsored by the PE would not participate as an anchor investor in the public issue of an investee company, where any of the schemes and funds managed by the sponsor PE has an investment of 10 per cent or more or a board representation. "The experience, track record, and eligibility regarding the fit and proper criteria of any applicant PE to become a sponsor of a mutual fund shall be ascertained through its conduct in the respective home jurisdiction," Sebi said in a ...

Securities and Appellate Tribunal to pronounce Zee verdict on Monday

After hearing arguments from the senior counsels of Zee promoters and Sebi, SAT had reserved its order in the case on June 27

Almost half of workers in India don't feel secure in their jobs: Survey

Job insecurity is a growing concern for workers worldwide, and in India 47 per cent of employees do not feel secure in their positions, says a survey. According to the ADP Research Institute's People at Work 2023: A Global Workforce View report, a concerning 47 per cent of employees in India do not feel secure in their positions. "Workers are bound to be worried about their jobs in these volatile and uncertain economic times, especially in light of recent reports of large-scale job losses at prominent corporations and the alleged threat of AI to human employment," said Rahul Goyal, MD, ADP. Across markets, feelings of job insecurity are highest among the young. According to a survey of over 32,000 workers, half of Gen Z (18-24 year-olds) said they do not feel secure in their jobs. This is double the proportion of over 55-year-olds who say the same. Goyal further noted that "many businesses continue to have serious problems finding and keeping talent, so the situation may not be as

Tata's Jaguar Land Rover Q1 retail sales up 29% at 1,01,994 units

Tata Motors-owned Jaguar Land Rover on Friday reported 29 per cent rise in retail sales in the first quarter ended June 30 at 1,01,994 units, as compared to the same period a year ago. The growth reflects continuing improvement in chip and other supply constraints, Tata Motors said in a regulatory filing. Wholesales, excluding those of Chery Jaguar Land Rover China JV, were at 93,253 units in the first quarter, up 30 per cent as compared to the year-ago period. "The order book remained strong with over 1,85,000 client orders at quarter end, reducing from 2,00,000 at March 31, 2023 in line with expectations, as chip and other supply constraints continue to improve," the company said. Range Rover, Range Rover Sport and Defender demand remains particularly strong, representing 76 per cent of the order book, it added.

Centre working on quality control norms for home appliances: Report

The appliances have been grouped into six categories based on their usage and each category will have a separate Quality Control Order

Trai to start consultation on regulation of OTT apps soon: Report

The DoT wants to regulate only communication OTT apps like WhatsApp, Signal and Telegram, and not the broadcasting ones like Netflix and Amazon Prime

Entity offloads Piramal Enterprises' shares worth Rs 575 cr via open market

An entity on Thursday offloaded shares of Piramal Enterprises for Rs 575 crore through open market transactions. According to the block deal data available with the BSE, SmallCap World Fund Inc sold a total of 61,09,068 shares of Piramal Enterprises 17 tranches. The shares were disposed at an average price of Rs 941.15 apiece, taking the aggregate transaction value to Rs 574.95 crore. Plutus Wealth Management, Tata Mutual Fund (MF), Bandhan MF BOFA Securities Europe SA, BNP Paribas Arbitrage and Segantii India Mauritius, among others were buyers of shares of Piramal Enterprises. In a separate transaction on BSE, New World Fund Inc offloaded more than 34.62 lakh shares of Piramal Enterprises for Rs 326 crore through an open market transaction, as per the bulk deal data. The shares were sold at an average price of Rs 941.15 per share, taking the transaction value to Rs 325.91 crore. Details of the buyers could not be ascertained. On Thursday, shares of Piramal Enterprises fell 1.0

NCLT starts live streaming proceedings of principal bench on YouTube

The National Company Law Tribunal (NCLT) on Thursday started live streaming of the proceedings on YouTube. The live streaming of the proceedings of the principal bench headed by NCLT President Justice S Ramalingam was started on a pilot basis. This initiative to livestream has been taken by the NCLT and the Ministry of Corporate Affairs (MCA) to "promote transparency in the court proceedings for the benefit of litigants and stakeholders. "As a pilot, the proceedings of the Principal Bench of NCLT presided by Justice Sudhakar Ramalingam and Member Avinash Srivastava were on live broadcast on YouTube today," MCA said in a tweet. After the pandemic, several high courts, tribunals, including NCLT and NCLAT and the Supreme court, went for virtual proceedings. In late 2022, the Supreme Court started live streaming for the first time. Set up under section 408 of the Companies Act, 2013 in June 2016, the NCLT has eleven benches, including the principal bench in the national capital. It h

Infosys' US arm expands to Canada, opens 10,000-sq ft digital centre

IT company Infosys on Thursday said it has set up a new subsidiary in Canada under its US arm Infosys Public Services. Headquartered in Ottawa, Infosys Public Services Canada will span over 10,000 square feet. "Infosys Public Services (IPS), a North America-based company of Infosys, today announced the opening of its new subsidiary, Infosys Public Services Canada, Inc headquartered in Ottawa, Ontario with local offices in Mississauga ON, Calgary AB, and Burnaby BC," the company said in a statement. The expansion follows a series of Infosys' investments in the Canada. IPS Canada aims to work with local universities and technical colleges to recruit talent, it added. "This IPS Canada announcement is the latest development in a series of investments made by Infosys which has expanded the employee count to over 7,000 with a commitment to increase to 8,000 employees by 2024," the statement said. IPS Canada will help modernize public sector service delivery for new and existing federal

Tata Steel consolidated output falls 7.69% to 7.08 MT in Q1; sales grow 8%

Tata Steel on Thursday its consolidated production declined to 7.08 million tonnes (MT) in the first quarter of FY24. The company's consolidated production was at 7.67 MT during April-June of the preceding financial year, Tata Steel said in a statement. Consolidated deliveries however rose 7.97 pc to 7.04 MT from 6.52 MT in the same period of the last fiscal. In India, Tata Steel India produced 5.01 MT of steel over 4.92 MT in the year-ago quarter. The deliveries in India rose to 4.80 MT from 4.07 MT a year ago. Tata Steel Europe saw its production fall to 1.81 MT from 2.44 MT in April-June FY23. In Europe, the deliveries fell to 1.97 MT from 2.14 MT in the same quarter a year ago. In Thailand, Tata Steel Thailand produced 0.26 MT, down from 0.31 MT Q1 in the preceding fiscal. In Thailand also deliveries reduced to 0.27 MT from 0.31 in the year-ago quarter. "The planned relining of BF6 at Tata Steel Netherlands commenced in April and this has led to a drop in crude steel producti

Amara Raja Electronics announces stake acquisition in Design Alpha

Amara Raja Electronics Ltd on Thursday said it has acquired a stake in engineering design firm Design Alpha. The acquisition will position Amara Raja Electronics Ltd AREL as a fully integrated electronic systems design and manufacturing (ESDM) company, unlocking numerous opportunities in the electronics manufacturing business, the company said in a statement without disclosing the percentage of shareholding it acquired. "By acquiring Design Alpha, AREL will gain access to expertise in industrial design, embedded and mixed signal electronics, power electronics, optical and photonics, firmware, and mechanical designs," it added. Besides opening doors to partnerships with large multinational corporations and expanding their customer base, the acquisition will also facilitate seamless integration of design and manufacturing processes, along with the provision of value-added services to enhance product performance, efficiency, and reduce time to market, the company said. "The acquisiti

Ambrane expects to almost double revenue to Rs 500 cr by 2025-26

Smart devices and accessories maker Ambrane India expects to almost double its revenue to Rs 500 crore by 2025-26 as it looks to expand both product portfolio and geographic reach, a top official of the company said on Thursday. Ambrane founder and Director Ashok Rajpal told PTI that the company clocked revenue of Rs 230 crore in the last fiscal. "We crossed Rs 230 crore in revenue in the last financial year. It is a testament to our commitment to innovation, quality, and customer satisfaction. With our upcoming plans, we aim to clock our revenue to 500 crore by 2025-2026," Rajpal said. Since its inception in 2012, Ambrane claims to have sold over 4 crore products in India with a majority of the contribution coming from power banks. "Our expansion roadmap through a combination of widening product portfolio, technology and geography shall drive our growth," Rajpal said. As a part of its next step of growth, the company aims to focus on direct sales and strengthen its availability i

Unseasonal rains made this summer challenging, says Coca-Cola India

Unseasonal rains have made this summer a challenging one for beverages major Coca-Cola India although sales became better as the season progressed, according to Vice President Sundeep Bajoria. The company also believes that consumers will not jump the gun on the issue of the artificial sweetener aspartame, which according to reports may be declared "possibly carcinogenic to humans". The current summer season was "challenging" due to weather changes and drop in temperature. However, the company's performance in the summer season was better when it exited than it entered, said. "It was one of the challenging summer seasons, but we ended better from where we started off," he said on the sidelines of an event organised hereby the Indian Beverage Association. There is no way out of such sudden change in the weather conditions and the country has seen summer rains after every few years, he said, adding the beverage players have to make sure that they are better connected with the ...

DPIIT to roll out mandatory quality norms for home electrical appliances

The Department for Promotion of Industry and Internal Trade (DPIIT) will soon roll out mandatory quality control and safety standards for a number of household electrical appliances, a senior official said on Thursday. The move is aimed at containing the import of sub-standard goods from countries like China and boost domestic manufacturing. These products, which are divided under six categories, include Vacuum Cleaners, Electrical Shavers Hair, Massage Appliances, Electric Steam Cookers, Electric Heating Tools, Electric Coffee Makers, and Electric Food Processors. Most of the imports are coming from China. As many as 85 standards will be covered under one quality control order for safety of household, commercial and similar electrical appliances, Joint Secretary in the DPIIT Sanjiv told PTI. He said that the move will help in addressing safety concerns about these products. Sanjiv also held a stakeholder consultation meeting to discuss on the draft order, which is in public doma