Page 54 - Company News

Amazon to pay $2.5 billion to settle Prime deception allegations

Of that, $1.5 billion will go into a fund to repay eligible Prime subscribers and Amazon will not admit wrongdoing as part of the settlement, the FTC said

Tata Motors' Jaguar Land Rover secures UK loan guarantee post cyber-attack

The UK government on Sunday announced that it will support iconic British brand Jaguar Land Rover (JLR) with a loan guarantee of up to 1.5 billion pounds to give certainty to the Tata Motors owned carmaker's supply chain following a devastating cyber-attack. The loan will come from a commercial bank, backed by the Department for Business and Trade's (DBT) Export Development Guarantee (EDG), provided by export credit agency UK Export Finance, to be paid back over five years. The aim is to bolster JLR's cash reserves following the production shutdown since early this month in the wake of the hack to help support firms in the supply chain, many of them small and medium enterprises (SMEs) struggling to stay afloat. This cyber-attack was not only an assault on an iconic British brand, but on our world-leading automotive sector and the men and women whose livelihoods depend on it, said Peter Kyle, Business and Trade Secretary. Following our decisive action, this loan guarantee will help

Anthropic to triple overseas workforce as AI demand soars beyond US

Anthropic, valued at $183 billion and backed by Google-parent Alphabet and Amazon.com, has distinguished itself, in part, by building AI models that excel at coding

Godrej Agrovet inks pact with Food Processing Min for ₹960 cr investment

Godrej Agrovet Ltd has signed a pact with the Food Processing Ministry to invest Rs 960 crore to set up manufacturing, processing and research facilities. The company on Friday signed a non-binding Memorandum of Understanding (MoU) with the Ministry of Food Processing Industries (MoFPI) on the sidelines of World Food India 2025. This proposed investment of Rs 960 crore is a significant step in the company's journey towards enhancing its food processing capabilities through manufacturing facilities and an R&D centre, Godrej Agrovet said in a regulatory filing. "The MoU is in line with our long-term strategy of strengthening our agri-food processing and distribution capabilities. By investing in upstream infrastructure and R&D, our aim is to create sustainable value across the supply chain while contributing to the upliftment of the ecosystem," Sunil Kataria, CEO & MD of Godrej Agrovet, said. Under the MoU, Godrej Agrovet will set up manufacturing and processing facilities ..

Indian Oil Corp in talks with Vitol for oil trading joint venture: Report

State-run company is expanding the capacity of its three refineries to raise crude processing by 346,000 bpd over the next two years and also plans to build a 180,000 bpd refinery in southern India

Ventive Hospitality to acquire 76% stake in Hilton Goa owner Soham Leisure

Pune-based Ventive Hospitality on Friday said it plans to acquire 76 per cent stake in Soham Leisure Ventures, which owns 104-key Hilton Goa Resort and a land parcel in Goa. This transaction, valued at around Rs 320 crore, is an important step in Ventive's plan to double its room portfolio and invest in opportunities that add value, the company said in a statement. Further explaining the investment, the company said it proposes to enter into definitive agreements with Soham for an initial cash outlay of Rs 120 crore for the 104-key resort with development potential for an additional 60-65 rooms on the existing site and a 4-acre land parcel in Goa, earmarked for branded villas with an estimated gross sale value of over Rs 100 crore. The proceeds from villa sales are expected to strengthen the company's cash flows further, it added. "The Hilton Goa Resort acquisition is a landmark for Ventive, marking our foray into the leisure market in Goa. This move reinforces our commitment to ..

Brightcom partners with US firm CQT to co-develop AI defence tech

Tech firm Brightcom Group on Friday said it has inked a strategic initial pact with US-based defence manufacturer CQT Weapon Systems to co-develop defence technology. Concurrently, the tech firm's defence vertical, Brightcom Defence, is unveiling its portfolio of indigenously developed unmanned aerial vehicles (UAVs) and the Maestro OS, an AI-powered defence operating system, a company statement said. Brightcom Group Ltd on Friday announced the signing of a memorandum of understanding (MoU) with CQT Weapon Systems, a renowned defence manufacturer based in Michigan, US, according to the statement. This strategic MoU marks a significant advancement for Brightcom's established defence vertical, it added. The agreement lays the groundwork for the two companies to collaborate on the joint development of advanced tactical hardware and AI-enabled systems, combining Brightcom's expertise in artificial intelligence and software with CQT's proven defence manufacturing capabilities. The Boar

Intel in talks with Apple on investment to support chipmaker's comeback

Once the dominant chipmaker, Intel now has a fraction of Nvidia's sales and market capitalization. It also has laid off workers, delayed factory expansion plans to cope with its deteriorating finances

Apple pushes EU to repeal tech rules citing delayed features, app risks

The request comes as the European Commission reviews the law, marking its first evaluation of the act's effectiveness and its capacity to respond to emerging technologies, including AI

Accenture beats Q4 revenue estimates, plans $865m AI-driven restructuring

The Dublin-based company expects about $250 million in charges in the November quarter, on top of $615 million recorded in the fourth quarter, for a total of $865 million

Microsoft halts cloud and AI services to Israel's defence ministry unit

Brad Smith, Microsoft's president, said the company opened the review after an August article by the Guardian alleged activity by a unit of the Israel Defense Forces

Polycab promoters, others sell shares worth ₹1,740 cr via block deals

Shares of Polycab India fell 1.96% to close at ₹7,385 apiece on the National Stock Exchange (NSE)

NTPC, NPCIL to invest ₹42K cr in 2,800 MW nuclear power plant in Rajasthan

The 2,800 MW Mahi Banswara Rajasthan Atomic Power Project, developed by a NPCIL-NTPC joint venture at an investment of around Rs 42,000 crore in Rajasthan, will be one of the largest nuclear plants in the country, supplying reliable base load energy, power major NTPC said on Thursday. Prime Minister Narendra Modi on Thursday inaugurated the nuclear project along with other energy projects having a combined investment value of over Rs 51,000 crore in Rajasthan. Modi laid the foundation stone of 4X700 MW Mahi Banswara Rajasthan Atomic Power Project (MBRAPP), which is being developed by joint venture entity Anushakti Vidhyut Nigam Ltd (ASHVINI). Nuclear Power Corporation of India (NPCIL) owns 51 per cent stake and NTPC remaining 49 per cent in the JV. The partners will pool in financial, technological, and project expertise for the project which entails an investment of around Rs 42,000 crore, NTPC said in a statement. The project, which marks NTPC's foray into nuclear power generatio

ITC upbeat on festive demand with GST relief, but flags inflation risks

Leading FMCG player ITC expects a surge in the festive demand this season after the GST rate cut, and reduced prices will have a multiplier impact on volumes for the packaged food industry, a senior company official said. However, the FMCG major is also cautious about the existing inflation on some products, its Executive Director and Divisional Chief Executive of the Foods Business Division, Hemant Malik, said. ITC, which owns popular brands as Aashirvaad, Sunfeast, Bingo!, and B Natural, has already passed on the benefits of the GST rate cuts applicable from September 22, and expects a boost in consumption and investment as well as a multiplier impact on the economy. "A lot of expenditure by consumers is also driven by sentiment. When the message reaches consumers that prices have come down, it does allow people to open their purses. Once that happens, it is a multiplier impact in terms of volume increase It has a multiplier impact on the economy, both from the aspect of employme

Jindal Stainless invests ₹700 cr in decarbonisation, cuts 3.18 lakh MT CO2

Jindal Stainless on Thursday said it is in the process of investing Rs 700 crore in decarbonisation initiatives and has reduced 3,18,248 metric tonnes of CO2 emissions in FY25. The company is taking multiple steps to reduce carbon footprints, including Odisha's largest captive solar plant, Jindal Stainless Ltd (JSL) said in a statement. "Over the next few years, JSL plans to invest Rs 700 crore in its decarbonisation initiatives, including Odisha's largest captive solar plant, energy efficiency upgrades, digitisation of our supply chain for greater transparency, and community development initiatives in education, healthcare, and skilling around our plants," it added. In FY25, JSL achieved a 14 per cent year-on-year reduction in CO2 emissions, avoiding approximately 3,18,248 metric tonnes (MT) of carbon footprint compared to FY24. For FY26, the company's focus is to build on this momentum and further reduce emissions, as was achieved for FY25 in terms of emission reductions compared

Google asks US Supreme Court to freeze app store ruling in Epic Games case

Google in its Supreme Court filing said that the changes will have enormous consequences for more than 100 million US Android users and 500,000 developers

Sebi bars Seacoast Shipping and promoters from markets for five years

Sebi has restrained Seacoast Shipping Services and its promoters from the securities market for five years, besides ordering them to disgorge unlawful gains of nearly Rs 48 crore, for misrepresenting financial statements, fund diversion, and governance lapses. In a 187-page order passed on Wednesday, the regulator found that Seacoast Shipping Services Ltd (SSSL) misrepresented financial results during the FY21, FY22, FY23 and for the period April 1, 2023, to December 31, 2023, were not genuine and misled the investors about its true financial health. "The financial statements of SSSL during the period were misrepresented/misstated, hence the allegation of publishing misrepresented financial statements is established against Noticee 1, 2 and 3 (SSSL, Manish Shah and Sameer Shah). "The allegation of fraudulently allotting 1.50 crore equity shares of SSSL to Manish Shah, and thereby, defrauding SSSL also stands established against Noticee Nos 1, 2 and 3," Sebi's whole-time member Kamle

Nuvama, C&W-backed fund buys ₹2,550-cr Chennai office campus from Keppel

Nuvama and Cushman & Wakefield Management Pvt Ltd (NCW) is a 50:50 joint venture between Nuvama Asset Management and global real estate services firm Cushman & Wakefield

Nextgen Semiconductor plans to raise up to ₹1,500 cr in 12 months

Nextgen Semiconductors, which has announced to set up a chip facility in Gujarat, on Friday said it plans to raise around Rs 1,000-1,500 crore through equity and other instruments in the next 12 months. Nextgen has announced to invest more than Rs 8,800 crore in phases to build India's fully integrated Silicon (Si) and Silicon Carbide (SiC) power semiconductor platform in Dholera, Gujarat. The company plans to raise around Rs 1,000 crore to Rs 1,500 crore over the next 12 months via a mix of equity and structured instruments, Nextgen said in a statement. Nextgen aims to establish a wafer-to-power electronics components' ecosystem that will accelerate India's self-reliance in critical semiconductor technologies for electric vehicles, renewable energy, data centres, and industrial electronics, the statement said. It plans to build the platform with a phased investment of over Rs 8,800 crore, the company said. Nextgen looks to start project work at Dholera by April 2026 and the facil

Crisil to acquire McKinsey PriceMetrix to expand wealth management insights

Crisil, an S&P Global Company, announced the acquisition of McKinsey PriceMetrix Co. (PriceMetrix), a leading provider of performance benchmarking and data-driven insights for the wealth management industry. PriceMetrix, based in Toronto, serves leading wealth management firms in the US and Canada. Its proprietary database covers USD 8 trillion in assets under management and 30 million investment accounts, backed by 25 years of data, rating agency Crisil said in a statement. The acquisition includes key products such as ValueOne, FeeCheck, CommissionCheck, SignalOne, advisory services, and comprehensive surveys of the North American wealth management sector, it said. This planned acquisition aligns with Crisil's strategy to scale in wealth management and extend sector benchmarking capabilities to large global banks, traditional wealth managers, and registered investment advisors (RIAs), it said. With this acquisition, Crisil strengthens its position as a leading provider of ...