Page 58 - Companies

CBRE introduces integrated solutions for project management; hire 400 more

Real estate consultant CBRE India on Thursday said it has introduced an integrated solution, backed by data and latest technology, for project management and will hire around 400 employees this year in this new business line to provide better services to its clients. The company has been doing project management for more than two decades. It has offered services to more than 1,300 clients and managed over 1 billion square feet area. Now, it has launched an integrated platform, combining multiple services. In a press conference, CBRE announced the launch of a "new integrated, data & technology-led solution platform -- 'Development Solutions' under its project management business line". The company said the integrated solutions will help its clients -- developers and investors -- save up to 12 per cent project cost and also timelines by up to 5 per cent. CBRE India aims to capture 25-30 per cent market share in the next three years. "With Development Solutions, we have expanded our

Recent Twitter modifications pose problems for users, say analysts

Some users on microblogging site Twitter are shifting to third-party apps since the company has made verification necessary within 30 days for accessing TweetDeck, a move which industry watchers believe could give an edge to rival platforms. Since the removal of Teams feature from the Elon Musk-led app, reported outages and a number of changes announced, users have been taking to the platform to report issues of increased advertisements and appearances of blocked and muted accounts on their Twitter feed. A user tweeted, "Twitter just has too many ads and now you're locking Tweet Deck behind a paywall and limiting the number of tweets I can read in a day... unless I pay." "If we're going to be rate-limited based on view count, why am I forced to view accounts I blocked?," another user tweeted. Heads of enterprise technology platforms said that their work has been impacted due to the changes over the past 3-4 months on Twitter. "We have to switch screens and use third party tools fo

SMFG India Credit announces appointment of S Subramanian as new COO

SMFG India Credit Co Ltd (formerly Fullerton India Credit Co Ltd) on Thursday announced the appointment of Swaminathan Subramanian as Chief Operating Officer (COO). Previously, Subramanian was working as Chief People Officer (CPO) at the non-banking financial company. In his elevated role, he will manage operations, technology, legal, enterprise services, human resources and CSR, the company said in a statement. Subramanian will now lead our digital transformation, corporate legal initiatives, operational efficiency, and focus on building a strong infrastructure as well as prioritising our people and community, SMFG India Credit Managing Director Shantanu Mitra said. Japan-based Sumitomo Mitsui Financial Group (SMFG) holds a 74.9 per cent stake in SMFG India Credit and offers a diverse range of financial services.

Wave Group to invest Rs 10 cr on AI tech in 4,200 acre township in Gzb

Realty firm Wave Group on Thursday said it will invest Rs 10 crore on artificial intelligence technology (AI) to improve security features and other amenities in its 4,200 acre township Wave City at Ghaziabad, Uttar Pradesh. "Wave City will invest around Rs 10 crore in AI technology to provide top-end security and features to its residents," Wave Group said in a statement. Some of the features that will be installed under AI are ATM theft detection, forensic identification, parking management and traffic management, among others, it added. Wave Group firm Uppal Chadha Hi-Tech Developers Pvt Ltd is developing this township. C J Singh, Chief Operating Officer at Wave City, said customers are looking for sustainable living spaces that are safe with integrated technology.

Ajmera Realty & Infra India Q1 sales bookings down 44% to Rs 225 cr

Ajmera Realty & Infra India Ltd on Thursday reported a 44 per cent decline in its sales bookings to Rs 225 crore in the first quarter of this fiscal year. Its sales bookings stood at Rs 400 crore in the year-ago period. The carpet area sold fell 14 per cent to 1,35,460 square feet in April-June period of this fiscal year from 1,57,438 square feet in the corresponding period of the previous year, according to a regulatory filing. The Mumbai-based company is focused on development of luxury and mid-luxury residential projects.

Puravankara Q1 sales bookings jump over 2-fold to record Rs 1,126 cr

Realty firm Puravankara Ltd on Thursday said its sales bookings jumped over two-fold to Rs 1,126 crore in the first quarter of this fiscal on better housing demand and higher price realisation. In a regulatory filing, the company shared its operational performance for the April-June quarter of 2023-24. The company's sales bookings in volume terms rose 97 per cent to 1.36 million square feet in the first quarter of this fiscal from 0.69 million square feet in the year-ago period. In value terms, the sales bookings jumped to Rs 1,126 crore from Rs 513 crore. The average price realisation went up 11 per cent to Rs 8,277 per square feet from Rs 7,436 per square feet during the period under review. "Achieved highest ever sale value of Rs 1,126 crore in any quarter and the first quarter of any financial year since inception," Bengaluru-based Puravankara said. It attributed the growth in sales to factors like need for larger houses, rising incomes, job creation, and stable home loan rate

Indian startup funding fell 72% in H1CY23, funding rounds down 66%: Tracxn

In all cities, Bangalore emerged as the leader in total funds raised during this period, followed by Delhi-NCR and Mumbai

Tamil Nadu's Atsuya secures spot in Google's Startup Accelerator Program

Under the program, tech companies using artificial intelligence/ machine learning (AI/ML) get access to Google's resources, programs, people, products and technology

Tata Power bags Rs 1,744 cr smart metering project in Chhattisgarh

Tata Power on Wednesday announced bagging a smart metering project worth Rs 1,744 crore in Chhattisgarh. The order has been awarded by Chhattisgarh State Power Distribution Company Limited (CSPDCL), Tata Power said in a statement. "Tata Power receives order worth Rs 1,744 crore to implement smart metering project in Chhattisgarh. The LOA has been issued in conclusion to the tender floated by CSPDCL for three packages for different areas under the Chhattisgarh discom," it said. The project shall be carried out in the Raipur area (Raipur city and Raipur rural areas) of Chhattisgarh over a period of 10 years. The company will install and maintain 18.60 lakh meters in the given area, the statement said. Praveer Sinha, CEO & MD, Tata Power, said: "We are pleased to announce that we have won a significant order worth Rs 1,744 crore to implement smart metering project in CSPDCL. It is a testament to our execution expertise in delivering high value and specialized projects which are aimed

Sebi amends guidelines for institutional placement of units by InvITs

Sebi on Wednesday amended the guidelines for preferential issue and institutional placement of units by Infrastructure Investment Trusts and Real Estate Investment Trusts. The changes have been made after receiving feedback from stakeholders. In two separate but similarly-worded circulars issued for InvITs and REITs, Sebi has mentioned about pricing for institutional placement of units. "The institutional placement should be made at a price not less than the average of the weekly high and low of the closing prices of the units of the same class quoted on the stock exchange during the two weeks preceding the relevant date," Sebi said. According to the regulator, InvITs and REITs may offer a discount of not more than five per cent on the price, subject to approval of the unitholders concerned. The relevant date for deciding the price would be the "date of the meeting in which the board of directors of the manager decides to open the issue".

All provisions of medical devices rules to come into force from Oct 1: DCGI

Medical devices of all four categories (A, B, C, and D) will be brought under the regulation by October 1 and as of now only two groups (A and B) are being regulated, Drugs Controller General of India (DCGI) Rajeev Singh Raghuvanshi said on Wednesday. Speaking to reporters on the sidelines of the 9th International Pharmaceutical Exhibition (iPHEX) being organised by the Pharmaceuticals Exports Promotion Council (Pharmexcil) here, Raghuvanshi said the regulations would ensure quality in the production of medical devices. "In the medical devices, we are categorising into four groups. Two groups (A and B) are already notified. C and D are left which will happen from October 1," he said. The Union Cabinet on April 26 approved the National Medical Devices Policy, 2023 to give a thrust to the sector with quality controls. The market size of the medical devices sector in India is estimated to be USD 11 billion (approximately Rs 90,000 crore) in 2020 and its share in the global medical devi

Shri Techtex plans to raise Rs 45-50 cr through IPO: Executive Director

Ahmedabad-based technical textile manufacturer Shri Techtex Ltd plans to raise Rs 45-50 crore through its initial public offering (IPO) to expand and grow its business. The company has filed DRHP (draft red herring prospectus) earlier this year to launch its IPO. The shares will be listed on NSE Emerge. It will use the issue proceeds to fuel its growth and expand margins. The company expects to raise Rs 45-50 through the IPO, said Hanskumar Agarwal, Executive Director, Shri Techtex Ltd. According to the objects of the proposed public issue, the proceeds will be used mainly for the construction of the factory shed (Rs 3.71 crore), commissioning of a solar plant (Rs 4.89 crore), purchase of machinery (Rs 8.34 crore), and meeting working capital requirement (Rs 13.30 crore). Shri Techtex is eyeing to cross Rs 100 crore-mark in revenues by FY26, riding on a direct foray into the US market, expansion in product portfolio and improved capacities. As per the draft paper, Shri Techtex's

CFA Institute's inclusion push to take account of caste, gender neutrality

The focus has recently been on new-age technology companies, where disclosure quality, audit quality, and shareholder rights are areas that have attracted regulatory attention, says Arati Porwal

HDFC evaluates promoter Jain's offer for 2 Radisson Blu hotels in Ghaziabad

The total outstanding loan for the hotel properties amounts to Rs 507 crore and the loan has been categorised as a special mention account (SMA) 2, as of June

Air India, Vistara merger under lens as CCI looks for impact on competition

People in the know said that while CCI's scrutiny is unlikely to have any material impact on the business of the airlines, it could affect the timeline of the merger

Carl Zeiss to invest 250 mn euros for its largest 'vision' factory in India

The land for the facility was acquired in Bengaluru two years ago and its construction will start next month

Sebi issues consultation paper on cyber security, resilience framework

Sebi on Tuesday came out with a consultation paper on boosting cyber security framework for entities regulated by it. The consultation paper on 'Consolidated Cyber security and Cyber Resilience Framework (CSCRF) for Sebi Regulated Entities' looks at providing a common structure for multiple approaches to cyber security to prevent any cyber-risks/incidents. Sebi said the framework is based on five concurrent and continuous functions of cyber security as defined by NIST -- Identify, Protect, Detect, Respond, and Recover. NIST refers to the National Institute of Standards and Technology. "All REs shall formulate an up-to-date Cyber Crisis Management Plan (CCMP)," the consultation paper said, adding that they would also have to put in place comprehensive incident response management plan and respective Standard Operating Procedures (SOPs). "Alerts generated from monitoring and detection systems shall be suitably investigated for Root Cause Analysis (RCA)," it noted. Comments on the

Walmart Global Tech gets Balu Chaturvedula as new Country Head for India

US retail giant Walmart's technology arm Walmart Global Tech has promoted Balu Chaturvedula as the country head for India operations, the company said on Tuesday. Chaturvedula joined Walmart in 2015 and was previously the Vice President of Supply Chain Technology for Walmart's US Omni Tech organisation. "We are pleased to welcome Balu in his new role as Walmart Global Tech's Country Head in India. Balu's vast technical expertise and tenure as a Walmart leader will immensely benefit our efforts as a people-led, tech-powered omnichannel retailer," Suresh Kumar, Executive Vice President, Global Chief Technology Officer and Chief Development Officer, Walmart Inc, said. Chaturvedula succeeds Hari Vasudev, who will transition to a global role in Bentonville, Arkansas as Executive Vice President, Global Tech Platforms, the statement said. In his new role, Chaturveda will be based out of Bangalore and lead Walmart Global Tech's vision of innovation. An engineering graduate from the ...

Macrotech Developers sales bookings up 17% to Rs 3,350 cr in Apr-June qtr

Realty firm Macrotech Developers on Tuesday reported a 17 per cent growth in its sales bookings at Rs 3,350 crore in the first quarter of this fiscal year, mainly on better housing demand. Macrotech Developers, which sells properties under Lodha brand, had sold properties worth Rs 2,860 in the year-ago period. In a regulatory filing, Macrotech Developers informed that the company achieved its best-ever first quarter pre-sales performance at Rs 33.5 billion (Rs 3,350 crore) showing a growth of 17 per cent on a year-on-year basis. Macrotech Developers Ltd is one of the leading real estate developers in the country. It is developing real estate projects in Mumbai Metropolitan Region (MMR), Pune and Bengaluru.

Promoters re-invested entire amount raised via secondary share sale: BYJU's

Edtech major BYJU'S on Tuesday said its promoters have re-invested the entire amount raised by them through secondary sale of shares in the company. According to private market intelligence firm PrivateCircle Research, BYJU's promoters -- Byju Raveendran, Divya Gokulnath and Riju Ravindran -- have together sold shares worth around USD 408.53 million in 40 secondary transactions since 2015. "The promoters of BYJU'S have reinvested the entire amounts raised from secondary sales into the business for purposes of scaling it over the years," BYJU'S said in a statement. The statement came in the backdrop of the report of the intelligence firm. PrivateCircle said Raveendran holds 15.90 per cent, whereas Divya Gokulnath and Riju Ravindran have 3.32 per cent and 1.99 per cent, respectively. "Promoters' shareholding in the company has been gradually dropping since 2016. First significant drop was between 2015-2016, when the promoters stake dipped from 71.6 per cent to 54.7 per cent and lat