Page 58 - Company News

Medicover Hospitals to launch IPO in 2026, says CMD Anil Krishna

Medicover Hospitals, a city-based super-specialty healthcare chain, is planning to go for an Initial Public Offering (IPO) in 2026 to support its expansion of infrastructure and reduction of debt burden. Medicover on Monday announced significant expansion plans in Telangana with the addition of two new multi-specialty hospitals here, a press release said. Speaking at a media interaction, Dr Anil Krishna, Chairman and Managing Director, Medicover Hospitals, said the group has set a turnover target of Rs 2,000 crore for the current financial year. The expansion includes exploring key markets outside the Telugu states, particularly Bengaluru and Pune and increasing Medicover's overall capacity to around 6,400 beds across India, he added.

Ambani's Reliance raises nearly ₹21K crore in asset-backed securities

The Reliance offering drew a robust response, as it gave investors a chance to own top-rated asset-backed securities in a market still dominated by non-bank financial firms

Urban Company IPO subscribed 103.6 times on final day of bidding

The Gurugram-based company plans to raise Rs 472 crore through selling new shares, and existing investors plan to sell stakes worth Rs 1,428 crore

Bharat Forge signs pact with UK's Windracers to deploy cargo UAVs in India

Forging and advanced engineering company Bharat Forge on Thursday said it has signed an agreement with the UK-based autonomous cargo drone manufacturer Windracers Limited for a collaboration on deployment, localisation and application of the latter's Unmanned Aerial Vehicle (UAV) ULTRA across India. The Memorandum of understanding, signed between the two companies at the ongoing global defence exhibition and conference, DSEI UK 2025 in London, aligns with Bharat Forge's and Windracers' broader aerospace growth strategy of advancing UAV capabilities in India, supporting innovation, technology transfer and strategic aerospace applications across defence, the company said. The MoU begins with an initial two-year term, offering both companies the opportunity to advance localisation, conduct joint trials and shape a definitive agreement for deployment in India, Bharat Forge said. The partnership builds on the UK-India Free Trade Agreement (FTA), advancing aerospace technology transfer an

Nandan Nilekani's VC firm Fundamentum to focus on scale-up market

VC firm led by Infosys co-founder Nandan Nilekani pivots to two-pronged approach targeting scale-up investments and AI startups as Fund II outperforms peers

Vedanta in process of acquiring land for 3 MTPA aluminium smelter in Odisha

Vedanta is in the process of acquiring land for its 3 million tonnes per annum (MTPA) aluminium smelter in Dhenkanal, Odisha, a top company official said on Wednesday. "We are moving towards setting up a new mega aluminium plant at Dhenkanal, Odisha, (with a capacity of) three million tonnes," Rajiv Kumar, Chief Executive Officer for the Aluminium business at Vedanta, said. Currently, the company's total capacity stands at 3 million tonnes. "We want to go to six million tonnes, for which we are actively involved in land acquisition, and hopefully things are progressing very well," Kumar said. He was speaking to reporters on the sidelines of ALUMEX India 2025, organised by Aluminium Extrusion Manufacturers Association of India (ALEMAI) in the national capital during September 10-13. This green aluminium smelter, he said, has the potential to create over two lakh jobs. On the investment to be made in the said plant, he said that "Aluminium is very heavy on investment and is a ...

India is the number one office market in the world: Mindspace Reit

K Raheja-backed REIT plans ₹4,000 cr capex, portfolio expansion, and higher occupancy

Yotta Infrastructure may invest $1.5 billion for more Nvidia GPUs

Hiranandani-backed Yotta to double GPU capacity, fueling sovereign AI model development in India

Instamart launches mega sale with up to 90% discounts, 10-min delivery

Swiggy's Instamart launches Quick India Movement 2025 sale from Sept 19 to 28, offering up to 90% discounts, 50,000 products and 10-minute deliveries for festive shoppers

Usha Shriram enters FMCG with Aquaero water, eyes ₹1,000 cr sales in 2 yrs

Usha Shriram on Friday announced its entry into the FMCG segment with the launch of its premium packaged drinking water brand, Aquaero, and outlined plans to double its topline to Rs 1,000 crore in two years before considering an IPO. "Aquaero marks our third brand and our foray into FMCG," Usha Shriram COO Satnam Singh Sandhu said. He added that the packaged water industry in India is valued around Rs 50,000 crore, of which 60-70 per cent remains unorganised. "This space holds immense potential and we see Aquaero playing a strong role in tapping that opportunity," he said and expected GST cut will help boost demand. Usha Shriram zonal manager (east) Rajarshi De said the brand has been launched in Kolkata before it is expanded to other eastern states. Currently, Usha Shriram has a topline of Rs 480 crore. "We are confident of reaching Rs 1,000 crore in the next two years. Once we achieve that revenue threshold, we will look at an IPO," Sandhu said. The company also indicated a r

OYO's Q1FY26 profit more than doubles to ₹200 crore, plans 1:1 bonus shares

IPO-bound travel tech platform OYO's profit after tax (PAT) more than doubled to Rs 200 crore in the first quarter, on the back of robust revenue growth, Founder Ritesh Agarwal shared in an email to the top management on Friday. The email, accessed by PTI, also mentions that the company's revenue grew 47 per cent to Rs 2,019 crore in the April-June period, from Rs 1,371 crore in the year-ago period. The revenue growth was led by premiumisation of hotel inventory and better room utilisation, Agarwal said in a email. The gross booking value (GBV) reached Rs 7,227 crore in the first quarter of the current fiscal year, marking a significant 144 per cent increase year-on-year from Rs 2,966 crore a year earlier. OYO had recorded a profit after tax of Rs 87 crore in the corresponding quarter of the previous year. In a letter to shareholders, the company has sought approval to issue bonus shares in a 1:1 ratio, which will double its authorised share capital to Rs 24,31,13,59,300. It has

TVS Motor launches Ntorq 150, India's first 'hyper sport scooter'

TVS Motor launches the Ntorq 150, India's first 'hyper sport scooter', marking its entry into the high-capacity scooter market with advanced features, performance enhancements, and a 149.7cc engine

ADIA exits One MobiKwik Systems; sells entire 2.1% stake for ₹39 crore

Abu Dhabi Investment Authority (ADIA) on Monday exited One MobiKwik Systems by divesting its entire 2.10 per cent stake in the fintech firm for Rs 39 crore through an open market transaction. According to the bulk deal data available on the NSE, ADIA offloaded a little over 16.44 lakh equity shares, representing a 2.10 per cent stake in Gurugram-based One MobiKwik Systems. The shares were disposed of at an average price of Rs 238.45 apiece, taking the deal value to Rs 39.21 crore. Meanwhile, BofA Securities Europe SA and SI Investments Broking Pvt Ltd bought a total of 9 lakh shares or 1.15 per cent stake in One MobiKwik Systems, a combined transaction value of Rs 22.12 crore. The shares were acquired in the price range of Rs 243.61-248.42 per piece. Details of the other buyers of One MobiKwik Systems' shares could not be ascertained on the exchange. Shares of One MobiKwik Systems climbed 8.12 per cent to close at Rs 237.74 apiece on the NSE. Last month, One MobiKwik Systems rep

Mukand Sumi Special Steel to invest ₹2,345 cr in Karnataka greenfield plant

Mukand Sumi Special Steel on Monday said it will invest Rs 2,345 crore to set up a greenfield project in Kanakpura, Karnataka. Mukand Sumi Special Steel Limited (MSSSL) is a joint venture company between Japan's Sumitomo Corporation (49:51 per cent) and Jamnalal Sons Private Limited (Bajaj Group), which owns 51 per cent. "With this collaboration, MSSSL's productive potential will increase to 7,00,000 tonnes per annum, positioning it among India's pre-eminent special steel manufacturers," Mukand Sumi Special Steel said in a statement. The new facility, to be set up with an investment of Rs 2,345 crore, will produce special high-grade steel for automotives, railways, energy, oil & gas and bearings. The company will follow a zero liquid, solid, and gaseous discharge model, with over 95 per cent of energy needs met through renewables. "The new facility will allow us to serve growing demand with greater efficiency, quality, and environmental responsibility. It is a step forward in ...

Nuvoco Vistas to invest ₹200 cr to expand cement grinding capacity

Nuvoco Vistas Corp, the Nirma group's cement business, on Monday announced a Rs 200 crore investment to expand its grinding capacity by 4 MMTPA. The company, which is expanding its presence in Eastern India, will invest in a new cement grinding capacity through a new mill at the Arasmeta Cement Plant in Chhattisgarh, according to a statement from Nuvoco Vistas Corp. This will be complemented by a series of debottlenecking projects at Jojobera, Panagarh, and Odisha Cement Plants, it added. "Including a new mill, the company plans to add 4 MMTPA of grinding capacity through equipment upgrades, process improvements, and internal debottlenecking initiatives by the end of FY'27," it said. Following this, Nuvoco's cement capacity in the East will rise by over 20 per cent within the next one and a half years, increasing from 19 MMTPA (million tonnes per annum), it said. Commenting on the development, the company's Managing Director Jayakumar Krishnaswamy said: "With cement demand in Indi

Tata Motors sales up 2% to 73,178 units in Aug; domestic dispatches fall 2%

Tata Motors on Monday said its total wholesales rose 2 per cent year-on-year to 73,178 units last month as compared with 71,693 units in August 2024. The company's total domestic dispatches, however, declined 2 per cent year on year to 68,482 units last month as against 70,006 units in August last year, the auto major said in a statement. Total passenger vehicle dispatches of the company in the domestic market declined 7 per cent to 41,001 units last month from 44,142 units in August 2024. Total domestic commercial vehicle sales stood at 27,481 units last month, an increase of 6 per cent as compared to 25,864 units in August last year. Shares of the company were trading 3.09 per cent up at Rs 689.45 apiece on BSE.

SpiceJet flight returns mid-air, lands in Pune after technical glitch

A Delhi-bound SpiceJet flight from Pune made a mid-air turnback to the originating airport due to a technical glitch on Monday and landed under full emergency conditions, a source said. The aircraft landed safely and passengers were deplaned normally, SpiceJet said in a statement. "SpiceJet Boeing 737 aircraft, bearing registration VT-SLG was midway diverted back to Pune airport due to a technical glitch. The flight landed back under full emergency conditions after an hour of its take off for Delhi," the source said. The flight SG937 had departed with a delay of 40 minutes from its scheduled time of 6 am from Pune airport, and was to land in Delhi at 8.10 am, as per flight tracking website flightradar24.com. "SpiceJet flight SG 937 on September 1, operating from Pune to Delhi, returned to Pune shortly after take-off. Following take-off, the flap transit light illuminated, and the operating crew carried out all necessary checks in accordance with standard operating procedures," the

Excel Infra to invest ₹252 cr in luxury housing project in Mumbai

Realty firm Excel Infra Construction on Monday said it will invest Rs 250 crore to develop a housing project in Mumbai. In a statement, the company said it has launched a luxury residential project at Bandra Reclamation with an investment of Rs 252 crore. The funding will be through a mix of equity and Alternative Investment Fund (ATF) structured as non-convertible debentures. The company expects revenue of Rs 400 crore from this project, comprising a 33-storey residential tower comprising 96 units. The apartments in the project named 'Bellissima' are being sold at Rs 51,500 per square feet. "With a well-structured investment and the adoption of advanced construction technology, we are confident of delivering a project much ahead of the scheduled date of delivery," said Virendra Vora, Promoter and Managing Partner, Excel Infra Construction. Excel Infra has developed more than 20 projects across Mumbai.

Auditor flags ₹63 crore as potentially fraudulent in HNG transactions

Transactions auditor BDO India has detected three potentially fraudulent or wrongful transactions worth Rs 63.34 crore under the erstwhile management of Hindusthan National Glass & Industries Ltd (HNG) during the three financial years 2019-20 to 2021-22. The three entities reportedly involved in the fraudulent or wrongful trading are Rafbrix International (Rs 15.10 crore), Maithan Ceramic Ltd (Rs 5.78 crore), and Durvish Vyapaar Pvt Ltd (Rs 42.46 crore), as per the report submitted to NCLT as part of the resolution process of the debt-ridden company. The auditor in its report said it is concluded that outstanding advances amounting to Rs 15.10 crores, Rafbrix International, is a potential diversion of funds and the same can be classified under section 66 of the Insolvency and Bankruptcy Code (IBC) as 'fraudulent or wrongful trading'. A similar observation was made in the case of HNG trading with Durvish Vyapaar Pvt Ltd (Rs 42.46 crore) after negative physical site visit, absence ..

DTDC Express expects ecom to contribute about 50% of its total business

Logistics and courier services operator DTDC Express is expecting its e-commerce segment to account for around 50 per cent of its overall business as the company bets big on the rapid commerce amid customers looking for quicker deliveries of their orders. The company which officially launched its rapid commerce vertical Raftaar earlier this month to offer deliveries as fast as 4-6 hours time, also plans to set up 125 dark stores in the next three quarters to cater to the customers' expectations, DTDC Express CEO Abhishek Chakraborty told PTI. "Rapid commerce, as we were describing today, is a sweet spot. We know quick commerce is all about minute deliveries, which is very perfect for impulse buys, urgent things, and groceries. "But, I think overall, there is a whole category of products for which both the brands want a faster, but definitely sustainable, cost-effective solution. And that is what DTDC wants to bring to the table, where brands can access the service without having to