Page 2 - Company News

Noel Tata to step down as Trent chairman after nearly three decades

The development would mark the end of a tenure that oversaw the transformation of the company from a single-store operation into one of India's largest retail networks

ED searches Rajesh Exports amid Sebi probe into alleged irregularities

The Enforcement Directorate on Tuesday conducted searches against Rajesh Exports which is facing scrutiny from market regulator Sebi over alleged financial irregularities, official sources said. The action is understood to have been taken under the Foreign Exchange Management Act (FEMA) at the Bengaluru-headquartered company. Premises in Bengaluru and Mumbai linked to the company are being covered, they said. Rajesh Exports Ltd allegedly inflated its consolidated revenues by more than Rs 15 lakh crore over five years by attributing massive revenues to overseas subsidiaries, particularly Switzerland-based Valcambi SA, despite the subsidiary's audited standalone financial statements showing only a fraction of those amounts, according to an interim order by Sebi. The regulator has restrained the company's Chairman and Managing Director, Rajesh Mehta, from buying, selling or dealing in securities of Rajesh Exports, either directly or indirectly, until further orders. Rajesh Exports ha

Infosys eyes $300-400 bn AI-first services opportunity by 2030: Nilekani

Nilekani said Infosys is more relevant than ever before and is well-positioned for the decade ahead as artificial intelligence reshapes industries and businesses

Meta taps Kunal Shah to head WhatsApp as part of $900 mn Cred investment

The investment gives Meta a roughly 20 per cent stake in Cred, which operates an app that rewards customers for paying their credit card bills on time

Startup discovery platform Ideabaaz buys stake in KickSky Space Lab

The partnership aims to identify, support and scale Indian deep-tech and space-tech startups by connecting founders with specialised networks, investors and global growth opportunities

Sun Pharma to acquire 100% stake in Innovcare Lifesciences for $28.7 mn

Sun ​Pharmaceutical Industries said ‌it will acquire 100% of ​Innovcare Lifesciences

Govt sells 5% GIC stake; FY27 disinvestment haul tops ₹16,000 crore

The government on Wednesday said it has sold a five per cent stake in the public sector reinsurance company, the General Insurance Corporation of India (GIC), with an enthusiastic response from investors to the offer for sale. The stake sale is expected to garner about Rs 3,000 crore to the exchequer, taking the total proceeds from five PSU disinvestments so far in the current fiscal to around Rs 16,000 crore. Non-retail investors oversubscribed the offer for sale (OFS) on Tuesday, putting in bids worth Rs 4,000 crore. The OFS opened for retail investors on Wednesday. "Offer for Sale (OFS) in GIC Re closed with enthusiastic response from the investors. Government of India has divested 5 per cent of its stake in GIC Re with full subscription of base and green-shoe offer," Department of Investment and Public Asset Management (DIPAM) Secretary Arunish Chawla said on X. Through the two-day OFS at a floor price of Rs 352 per share, the government proposed to divest 2 per cent of equity

Subhash Chandra sells 3-acre Lutyens' Delhi bungalow for ₹1,260 crore

Essel group Chairman Subhash Chandra has sold a prime Lutyens' Delhi bungalow to an unnamed businessman for Rs 1,260 crore in what is being touted as one of the costliest property deals in recent times, sources said. The nearly 3-acre bungalow on Bhagwan Das Road in close vicinity to Connaught Place and India Gate has been bought by a "Delhi-based business family", the sources said, refusing to divulge the identity of the buyer. The residential plot is on the same road as another plot that Gautam Adani conglomerate had bought in 2020 for a reported Rs 400 crore. Sources said the Rs 1,260 crore deal will be closed by the first week of December. A spokesperson of Zee Group declined to comment on the transaction. Chandra had acquired the property in 2015 for Rs 304 crore, translating into a more than four-fold increase in value over the past decade. In Lutyens Bungalow Zone (LBZ), there are around 3,000 bungalows. The LBZ is one of the most expensive real estate locations in the cou

Ashok Leyland signs pact for old truck, bus replacement in Delhi-NCR

In addition to the 8 per cent discount offered by participating OEMs, the Central Government will provide 5 per cent interest subvention and fixed monthly fuel vouchers for a period of five years

Sarvam AI becomes unicorn after raising $234 mn; HCLTech acquires over 10%

The sovereign AI startup raised $234 million in the first close of its Series B round, with HCLTech emerging as the lead strategic investor

Anthropic episode is a wake-up call: Sarvam Cofounder Vivek Raghavan

Vivek Raghavan, co-founder, Sarvam in a virtual interaction with Shivani Shinde talks about HCLTech's entry as investor, fund raising and sovereign AI. Edited excerpts

LG expects India to remain its largest global AC market by volume

South Korean consumer electronics major LG expects India to continue to be its number one market globally for residential air conditioning by sales volume with the country offering significant growth potential, according to a senior company official. India, which is among LG's top three HVAC (heating, ventilation, and air conditioning) markets globally along with the US and Brazil, however, has room for growth in the commercial air conditioning business, LG Electronics Head of Eco Solution Asia/India Sales & Marketing Department, Kiyoon Seong told visiting Indian journalists here. "India has a large population and relatively low AC penetration, which indicates significant growth potential. India is already one of LG's top three HVAC markets globally. In the RAC (residential air conditioning) business, India is LG's number one market worldwide in terms of sales volume," he said. Seong was responding to a query on the significance of the Indian market for LG and its ranking among ...

Ather Energy in talks for post-IPO ₹2,500 crore fundraise: Report

The electric two-wheeler maker is expected to begin the fundraising process as early as July and could raise the funds through multiple instruments

TN pollution body flags alleged violations at Tata's iPhone components unit

The pollution regulator has warned that the unit may face closure action and possible stoppage of power supply if Tata Electronics fails to provide a satisfactory explanation

US drug regulator issues import alert for drugs made at a Dabur India plant

The action was taken after the FDA inspected the factory and flagged data integrity and maintenance lapses

Goldman Sachs, MFs buy 4% stake in GNG Electronics for ₹175 crore

: Goldman Sachs, MCP Emerging Markets and other financial institutions on Thursday picked up more than 44 lakh shares, representing nearly a 4 per cent equity stake, of GNG Electronics, the parent company of Electronics Bazaar, for a total of Rs 175 crore through open market transactions. GNG Electronics promoter Vidhi S Khandelwal pared around 4 per cent stake in the company on Thursday, according to an exchange filing. Shares of the company jumped more than 6 per cent to close at Rs 418.60 apiece on the NSE. Domestic institutional investors such as Mirae Asset Mutual Fund (MF), ITI MF, Edelweiss MF, Trust MF, and Motilal Oswal Equity Opportunities Fund Series II also bought shares of GNG Electronics. These entities collectively purchased 44,87,203 shares representing a 3.94 per cent stake in Mumbai-based GNG Electronics, according to the block deal data available on the National Stock Exchange (NSE). The shares were picked up at an average price of Rs 390 apiece, taking the comb

Craft chocolate startup Manam raises $9 mn to expand retail footprint

The Hyderabad-based company, which works with more than 250 cacao farmers in Andhra Pradesh, plans to open new stores in the Delhi-NCR region

NCLT admits SBI's personal insolvency plea against Anil Ambani

A division bench comprising Judicial Member Sushil Mahadeorao Kochey and Technical Member Prabhat Kumar admitted the application through an oral order

Zee Entertainment plans ₹2,300 crore fundraise to back expansion plans

The company, which did not disclose a medium for the raise, said the board will deliberate further on options for raising funds

Fidelity pares Meesho stake, raises ₹988 crore through share sale

American financial services company Fidelity Investments on Wednesday divested a 1.3 per cent stake in e-commerce firm Meesho for Rs 988 crore through open market transactions. Fidelity Investments, through its two affiliates, FID FDI 2117 LLC and FID FDI 312 LLC, offloaded a total of 5,98,16,300 shares representing a 1.31 per cent stake in the Bengaluru-based e-commerce firm, according to the bulk deal data available on the National Stock Exchange (NSE). The shares were sold in the price range of Rs 165.18-165.21 apiece, taking the combined transaction value to Rs 988.15 crore. At the end of the March quarter, FID FDI 312 LLC owned a 1.13 per cent stake in Meesho, as per shareholding data available on the BSE. Details of the buyers of Meesho's shares could not be ascertained on the exchange. Shares of Meesho fell marginally to close at Rs 166.16 apiece on the NSE. Last month, Meesho said its consolidated net loss narrowed to Rs 166.34 crore for the fourth quarter ended March 31.