Page 96 - Companies

Companies welcomed China's decision to end quarantine for visitors

Companies welcomed China's decision to end quarantines for travellers from abroad as an important step to revive slumping business activity while Japan on Tuesday announced restrictions on visitors from the country as infections surge. The ruling Communist Party's abrupt decision to lift some of the world's strictest anti-virus controls comes as it tries reverse an economic downturn. It has ended curbs that confined millions of people to their homes and sparked protests, but hospitals have been flooded with feverish, wheezing patients as the virus spreads. Monday's announcement that quarantines for travelers from abroad will end Jan. 8 is the biggest step toward ending limits that have kept most foreign visitors out of China since early 2020. Quarantines were reduced last month from seven days to five. Also Monday, the government downgraded the official seriousness of COVID-19 and dropped a requirement for people with the virus to be quarantined. That added to a rapid drumbeat of ..

BIS norms to curb fake reviews to increase costs for online sellers: Report

According to the guidelines, published on November 23, the companies will have to ensure that the ratings and reviews of their products are genuine

Mastodon to Substack: Who all are in the fray to become the new Twitter

As Twitter treads through uncertainty, here are the alternatives for those seeking a Plan B, and how they stack up against the Twitter

Advent International to pick up 50.1% in Suven Pharma for Rs 6,313 crore

To launch open offer for another 26%; plans merger with Cohance

Three Wheels United inks pact with Piaggio to buy 3,300 electric vehicles

Tech-enabled EV financing firm Three Wheels United (TWU) has inked an initial pact with small commercial vehicle maker Piaggio Vehicles to procure 3,300 electric three-wheelers, a release said on Monday. Under the partnership, the company will facilitate easy and affordable financing for individuals and fleet operators to easily switch from conventional engines to EV three-wheelers, Three Wheels United said in a statement. Drivers will be provided loans covering up to 100 per cent of the vehicle cost without any collateral, the company said, adding that its driver app, which provides details on the locations of charging stations, parking options, and vehicle maintenance, will offer constant support to them. These vehicles will be deployed across Delhi-NCR, Uttar Pradesh, Karnataka, Kerala, Telangana, Maharashtra and Andhra Pradesh over the next one-and-a-half year, it stated. Additionally, TWU will provide a buyback option that allows drivers to sell their existing more than ...

Elista India expects Rs 1,500 cr revenue by 2025, to invest up to Rs 400 cr

Electronics manufacturing company Elista India expects a revenue of Rs 1,500 crore by 2025 on the back of increased exports to the CIS countries, Middle East and Africa, a top official of the company said on Monday. The company plans an investment of Rs 350-400 crore in three years to meet its revenue guidance for 2025, the official said. Revenues of the company have increased to Rs 158 crore in just two years of operations of the company and it expects a business of Rs 200 crore this fiscal. "We expect Elista to have turnover of Rs 1,500 crore by 2025 out of which Rs 500 crore will come from the domestic market and Rs 1,000 crore from exports to CIS countries, Middle East and Africa," Elista and TeknoDome, Chairman and Managing Director, Saket Gaurav told PTI. He said that the company will initially focus on manufacturing televisions and later expand facilities for making washing, IT peripherals etc. Elista is also waiting for the allocation of land to start its manufacturing ...

This city booked most number of Uber services in 2022; Bengaluru is second

Chandigarh among top five cities in terms of fastest average speeds, according to 'How India Ubered in 2022'

Money View raises $75 mn in Series E by Apis Partners, valued at $900 mn

Founded in 2014, Money View provides personalised credit products and personal financial management solutions

Hind Zinc prepares Rs 10,000-cr blueprint for green energy, diversification

Company working on decarbonising operations; to set up fertiliser plant in the next two years, says CEO

Wadia Group to invest Rs 510 cr in Go First to meet working capital needs

Funds raised will meet working capital needs of IPO-bound airline

Jubilant still upper crust even as near-term margins slice up stock

Aggressive store expansion, new menu choices ought to boost growth for QSR

Tata Power plans to raise up to Rs 2,000 cr via bonds to finance biz ops

Tata Power's gross debt marginally rose to Rs 49,535 crore as of September this year, from Rs 47,590 crore as of March

CNH Industrial to hire over 1,000 IT professionals in India by 2025

Italian-American industrial vehicles maker CNH Industrial plans to hire over 1,000 IT professionals in India by 2025 as the company aims to expand its operation, according to its Vice President Precision Software and Cloud Aplications Mukesh Agarwal. The recruitment process is underway. Both software and product development professionals are being employed for its technology centre at Gurgram set up in 2021 as well as for soon to be set up offices in Pune and Bengaluru, he added. Currently, the company has three manufacturing units in India, one for construction equipment vehicles brands like CASE, while the remaining two units for farm vehicles brand 'New Holland' tractors and harvesters. It operates across 180 countries. "We are doing multiple things in precision technology space. As we grow, we need more people. Any software engineering plan without India is unviable. India has enormous talent and it is very exciting for us," Agarwal told PTI on the sidelines of a 'Tech Day' even

Customers tipped delivery partners up to Rs 3 crore on Dunzo in 2022

A Chennai user ordered about Rs 45,000 worth of Ferrero Rocher chocolates from Dunzo in just three orders, the report shows

Tiktok employees 'improperly accessed' data of two journalists: ByteDance

ByteDance, the Chinese parent company of popular video app TikTok, said on Thursday that some employees improperly accessed TikTok user data of two journalists and were no longer employed by the compa

Reliance Retail to acquire Metro Cash & Carry India for Rs 2,850 crore

The acquisition is expected to strengthen Reliance Retail's physical store footprint across the country

Future Enterprises defaults on Rs 86.18 lakh interest payment for NCDs

Debt-ridden Future Enterprises Ltd (FEL) on Thursday said it has defaulted on interest payment of Rs 86.18 lakh for its non-convertible debentures. The due date for payment was December 21, 2022, it said in a regulatory filing. "The Company is unable to service its obligations in respect of the interest on Non-Convertible Debentures... due on December 21, 2022," it said. The debentures have a coupon rate of 9.55 per cent per annum. FEL has defaulted on interest payments for the period from June 21, 2022, to December 20, 2022. The total amount of securities issued was Rs 18 crore. Lenders of FEL have also appointed an auditor for conducting a forensic audit of the firm. In recent times, the company has defaulted on payment of interest on several non-convertible debentures. It is engaged in the business of manufacturing, trading, leasing of assets and logistics services. It used to develop, own and lease the retail infrastructure for the Future Group.

Sula Vineyards shares make tepid market debut; settle nearly 8% lower

Shares of Sula Vineyards on Thursday made a tepid market debut and ended nearly 8 per cent lower against the issue price of Rs 357. The stock was listed at Rs 358, marginally higher by 0.27 per cent from the issue price on the BSE. During the day, it hit a high of Rs 363.40 and low of Rs 328.60. Shares of the company finally ended at Rs 331.15 apiece, a decline of 7.24 per cent. On the NSE, it made its debut at Rs 361, climbing 1.12 per cent. The stock settled at Rs 329.90 per share, lower by 7.59 per cent. The company commanded a market valuation of Rs 2,788.24 crore on the BSE. In volume terms, 4.23 lakh shares were traded on the BSE and 80.73 lakh shares on the NSE during the day. The initial public offer of Sula Vineyards got subscribed 2.33 times last week. The Rs 960.35-crore initial share-sale had a price range of Rs 340-357 a share. The company distributes wines under a bouquet of popular brands such as Sula (its flagship brand), RASA, Dindori, The Source, Satori, Madera

Elin Electronics IPO subscribed by 3.09 times on last day of offer

The Initial Public Offer (IPO) of electronics manufacturing services company Elin Electronics was subscribed 3.09 times on the last day of subscription on Thursday. The initial share-sale received bids for 4,39,67,400 shares against 1,42,09,386 shares on offer, as per data available with the NSE. The category meant for Qualified Institutional Buyers (QIBs) was subscribed 4.51 times, non-institutional investors received 3.29 times subscription and Retail Individual Investors (RIIs) 2.20 times. The IPO had a fresh issue of up to Rs 175 crore and an offer for sale of up to Rs 300 crore, aggregating up to Rs 475 crore. Price range for the offer was at Rs 234-247 a share. The IPO of Elin Electronics was subscribed 95 per cent on the second day of subscription on Wednesday. Delhi-based Elin is a manufacturer of end-to-end product solutions for major brands of lighting, fans, and small kitchen appliances, and a leading fractional horsepower motors manufacturer in the country. Axis Capi

SBI Funds Management appoints Shamsher Singh as new MD, CEO of company

SBI Funds Management Ltd on Thursday said it has appointed Shamsher Singh as managing director and chief executive officer of the company. Singh, who was deputy managing director at State Bank of India (SBI), has taken over the charge from Vinay M Tonse following his repatriation to the public sector lender, the asset management company said in a statement. Singh has more than 32 years of rich experience working with SBI in various verticals, including investment banking, treasury, corporate banking and branch banking. He had joined SBI as probationary officer in June 1990 and moved up the ranks to become deputy MD by successfully managing leadership roles across domains besides serving international stints in the US, Bahrain and UAE. "Its a huge responsibility to manage the growth dynamics of the No. 1 mutual fund house in the country... As a market leader our aim is to ensure that more domestic investors consider mutual funds when planning for their financial goals while we reach