Page 59 - Companies

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

Front running case: Individual settles case with Sebi, pays over Rs 44 lakh

An individual on Tuesday settled with capital markets regulator Sebi a case pertaining to the alleged front running of trades of its clients Aequitas after payment of over Rs 44 lakh towards settlement charges. Aequitas is a Mumbai-based boutique investment firm. The order came after the applicant (Pawan N Agarwal) filed a settlement application under the settlement regulations. "The instant proceedings initiated against the applicant vide show cause notice (SCN) dated April 22, 2022, is disposed of," Sebi said in a settlement order. Sebi received a complaint from Finsec Law Advisors alleging that Pawan N Agarwal and two others have violated the provisions of Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) by engaging in front running/ mirror trading of trades of its clients Aequitas. Thereafter, an investigation was carried out by the regulator and it was observed that Agarwal had violated the provisions of PFUTP rules. Upon conclusion of the investigation, the regu

Cargo traffic at major ports declines 1.96% to 64.63 MT in June: IPA

Cargo traffic at the country's major ports declined 1.96 per cent year-on-year to 64.63 million tonnes (MT) in June, with seven ports posting a negative growth while five such facilities saw a surge in traffic, an official release said on Tuesday. There are 12 major ports spanning across India under the administrative control of the central government. These 12 ports are Deendayal (erstwhile Kandla), Mumbai, JNPT, Mormugao, New Mangalore, Cochin, Chennai, Kamarajar (earlier Ennore), VO Chidambaranar, Visakhapatnam, Paradip and Kolkata (including Haldia). "During June 2023, the major ports handled 64.63 million tonnes of cargo against 65.93 million tonnes handled during the corresponding period of last year. The overall fall in traffic was 1.96 per cent," Indian Ports Association (IPA) said in a statement. Of the seven ports, which witnessed negative growth in June 2023, VO Chidambaranar Port saw cargo traffic declining 14.15 per cent followed by Kamarajar Port (9.55 per cent drop)

Coffee Day Enterprises' total default at Rs 440.25 crore in Apr-Jun quarter

Coffee Day Enterprises Ltd (CDEL) on Tuesday reported a total default of Rs 440.25 crore in the quarter ended on June 30, 2023. Its "total financial indebtedness of listed entity including short term and long term debt" is Rs 465.25 crore, the company stated in a regulatory filing to bourses. According to CDEL, its total outstanding amount is Rs 220.48 crore from loans or revolving facilities like cash credit from banks or financial institutions. Of this, CDEL defaulted on Rs 189.70 crore as well as an interest payment of Rs 5.78 crore as of date. The company's total outstanding from unlisted debt securities such as NCDs and NCRPS is Rs 244.77 crore. Of this, the total amount of default as of date is Rs 200 crore along with an interest of Rs 44.77 crore, CDEL said. The company is trying to pair its debts through asset resolutions and has significantly scaled it down from the time when the trouble started after the death of founder Chairman V G Siddhartha in July 2019. In March 20

Dabur to increase ad, promo spends amid softening commodity prices

Dabur India anticipates expansion in its gross margins in the current fiscal amid softening commodity prices, which would help the homegrown FMCG major to increase advertising and promotion spending and gradually improve its operating margins. Besides, Dabur India now has a portfolio of 23 brands, with sales worth higher than Rs 100 crore each. The company has added five new brands in the list in the last one year, Dabur said in its latest annual report. Its juice brand Real has "remarkable growth" in FY23 with revenues surpassing Rs 1,600 crore and it is on track to cross Rs 2,000 crore-milestone in the next few years, it added. "In all, we now have 17 brands that are above Rs 100 crore but lesser than Rs 500 crore in size; 2 brands that are over Rs 500 crore but less than Rs 1,000 crore in size, and another 4 brands that have a turnover of more than Rs 1,000 crore," said its Chairman Mohit Burman addressing the shareholders. Currently, four brands -- Dabur Amla, Dabur Vatika, Dab

Competition Commission of India approves Concentrix-Marnix Lux deal

Anti-trust regulator Competition Commission of India (CCI) on Tuesday said it has cleared the proposed deal involving Concentrix Corporation and Marnix Lux. Concentrix Corporation is a US-based firm engaged in providing customer experience services. The proposed combination envisages indirect acquisition of Marnix Lux SA (Marnix Lux) by Concentrix Corporation and acquisition of around 22 per cent shareholding in the combined entity by Marnix Lux shareholders, according to an official release. Marnix Lux is the parent company of Webhelp S.A.S. (Webhelp). Webhelp is active in the business process outsourcing services and specialised services segment. Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices as well as promotes fair competition in the marketplace.

Hero MotoCorp starts Harley-Davidson X440 bookings, deliveries in Oct

Hero MotoCorp on Tuesday said it has started bookings for the Harley-Davidson X440 motorcycle across the country with deliveries expected to commence from October onwards. The 440-cc bike, which is being manufactured by Hero MotoCorp at its Neemrana plant, could be booked online with a booking amount of Rs 5,000. The bookings commenced at 4:40 pm on Tuesday. Additionally, customers can also reserve the Harley-Davidson X440 at all Harley-Davidson dealerships and select Hero MotoCorp outlets across the country, it added. The motorcycle is available in three variants Denim, Vivid and S at an introductory price point of Rs 2.29 lakh, Rs 2.49 lakh and Rs 2.69 lakh (ex-showroom), respectively. Deliveries of Harley-Davidson X440 will commence from October 2023 onwards, the company said. The Harley-Davidson X440 marks Hero MotoCorp and Harley-Davidson's foray into the 440cc segment for the first time in India. In October 2020, Hero MotoCorp and Harley-Davidson had announced a partnershi

Apple infringed essential mobile technology patents, UK court rules

Apple had previously argued that the relevant technology was not used in the UK, according to the judgment

Samvardhana Motherson International to acquire 81% stake in Honda Motor arm

Auto components maker Samvardhana Motherson International Ltd on Tuesday said it will acquire an 81 per cent stake in the four-wheeler business of Yachiyo Industry, a Honda Motor subsidiary. The company has entered into a partnership with Honda Motor under which it will form an 81:19 strategic partnership with the latter where both partners will drive the company towards a strong and sustainable future and be fully prepared for next-generation products and technologies, Samvardhana Motherson International Ltd (SMIL) said in a statement. Yachiyo Industry Co Ltd is a publicly listed firm on the Tokyo Stock Exchange. It is a subsidiary of Honda Motor Co Ltd. It has four-wheeler (4W) and two-wheeler (2W) businesses. "As a part of the overall transaction, the 2W business will be transferred to Honda Motor before Motherson acquires 81 per cent stake in Yachiyo's 4W business," the statement said. In a regulatory filing, the company said the cost of acquisition is at an "equity value of JP