Page 59 - Company News

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

DRDO develops naval flare system for Indian Navy's Kalvari-class subs

The DRDO has "successfully" developed a naval flare for the Kalvari-class submarines of the Indian Navy, a step towards strengthening India's underwater warfare capabilities, officials said on Friday. It has been developed by the High Energy Materials Research Laboratory (HEMRL) of the Defence Research & Development Organisation (DRDO). At a ceremony, the director of HEMRL, Pune, formally delivered the system to Director General of Naval Armament Inspection (DGNAI) Rear Admiral Rupak Barua, the DRDO said. "DRDO-HEMRL has successfully developed the Signal Star Naval Flare for the Kalvari-class submarines of the Indian Navy. At today's Handing Over Ceremony, the Director HEMRL formally delivered the system to DG-NAI, marking a significant step towards self-reliance in strategic defence technologies. Strengthening India's underwater warfare capabilities. #AtmanirbharBharat," it posted on X. It also shares some photos on the social media platform. HEMRL is one involved in basic and ..

Vikran Engineering IPO sees 23.59 times subscription on last day

The initial public offer of infrastructure company Vikran Engineering Ltd received 23.59 times subscription on the last day of share sale on Friday. The Rs 772-crore IPO got bids for 1,38,59,17,880 shares against 5,87,39,128 shares on offer, as per NSE data. The portion meant for non-institutional investors garnered 58.58 times subscription, while the quota for Qualified Institutional Buyers (QIBs) got subscribed 19.45 times. Retail Individual Investors (RIIs) portion fetched 10.97 times subscription. Vikran Engineering on Monday mobilised Rs 231.6 crore from anchor investors. The price band has been fixed at Rs 92-97 per share. The initial public offer (IPO) is a mix of fresh issue of shares of about Rs 721 crore and an offer-for-sale portion worth Rs 51 crore by the promoter. The Mumbai-based company intends to utilise proceeds from the fresh issue to the tune of Rs 541 crore for funding working capital requirements and the rest for general corporate purposes. Vikran Engineeri

Capgemini seeks CCI approval to acquire Singapore-based Cloud4C firm

French IT services major Capgemini has sought clearance from the Competition Commission of India (CCI) to acquire full ownership of Singapore-based Cloud4C. The development comes after Capgemini announced on Tuesday that it has signed an agreement to acquire Cloud4C, a leader in hybrid cloud platform services. "The proposed combination involves the acquisition of 100 per cent of the shares of target 1 (Cloud4C Services Pte Ltd) and target 2 (Cloud4C Services Pvt Ltd) by the acquirer (Capgemini SE)," according to a notice filed with the CCI. Headquartered in Paris, Capgemini is a leading multinational in consulting, digital transformation, technology, and engineering services. The company has a significant presence in India, which serves as one of its largest delivery bases globally. Cloud4C is engaged in the provision of information technology/information technology enabled services in India. The parties said the "activities of the acquirer and the targets overlap in the market of

IBM to launch quantum computer in AP by March 2026, urges app research

Global tech giant IBM is aiming to open its quantum computer in Andhra Pradesh's Amaravati by March next year, a senior company official has said. India has "strong energy" from an education and skilling perspective in the relatively newer quantum computing space, but needs to focus more on the application research side as the future winners can emerge from this front, the official has said. Scott Crowder, vice-president for quantum adoption at the company, said the company has partnered with India's largest IT services exporter TCS to install the 'IBM Quantum System Two' and the same is projected to be ready by end of first quarter of 2026. Speaking to reporters at the Thomas J. Watson Research Center, which is the headquarters for IBM Research, Crowder said while geographic locations are not entirely important when it comes to advanced technologies like cloud computing, sovereigns' insistence on storing data locally is part of the reasons for having a compute centre in the Europea

3 clients, including Encalm, to end airport lounge contracts: Dreamfolks

Adani Digital and Semolina Kitchens will also terminate their contracts, Dreamfolks said in an exchange filing

Hitachi Energy to invest ₹300 crore to expand transformer material plant

Hitachi Energy India Ltd on Friday announced an investment of Rs 300 crore to enhance the manufacturing capability of high-quality transformer insulation materials in order to cater to the rising demand. In transformers, high-quality insulation material acts as a proactive barrier, keeping the flow of electricity safe and preventing internal short circuits. The investment is part of company's overall investment of Rs 2,000 crore for India announced in October 2024, Hitachi Energy India said in a statement. The company said the latest investment of Rs 300 crore in its insulation and components business will expand the manufacturing facility in Mysuru, Karnataka. The expansion will double the facility's capacity to produce EHV (extra-high voltage) class high-quality pressboard and laminated board, a vital insulation material used in power and distribution transformers. As part of the expansion, Hitachi Energy India will replace the fossil fuel boiler, making its Mysuru site an ultra

Gangwal family trust offloads 1.3% stake in IndiGo for ₹2,933 crore

IndiGo promoter Rakesh Gangwal's family trust on Thursday sold a 1.3 per cent stake in the country's largest airline for Rs 2,933 crore through open market transactions, cumulatively offloading shares worth Rs 14,497 crore so far this year. With the latest sale, the cumulative divestment by Rakesh Gangwal, along with his wife Shobha Gangwal and their family trust -- the Chinkerpoo Family Trust -- stood at Rs 39,532.79 crore, translating to around USD 4.51 billion. Since 2022, Gangwals and their family trust have offloaded a 28.32 per cent stake in IndiGo, according to an analysis by PTI. InterGlobe Aviation, which commands substantial valuation in the stock market, operates IndiGo, which accounts for over 65 per cent of the total domestic air traffic. Following a bitter fallout with co-promoter and co-founder Rahul Bhatia, Gangwal, in 2022, announced that he will gradual sell stake in the airline in a phased manner. According to the bulk deal data available on the NSE on Thursday,

Aimtron Electronics secures order from Vanix to supply 50K IIoT, AI devices

Electronics system design and manufacturing firm Aimtron Electronics on Thursday said it has bagged an order from Vanix Technologies for supplying 50,000 Industrial Internet of Things (IIoT) and Artificial Intelligence (AI) devices. This order strengthens Aimtron's growth pipeline and is expected to create more new job opportunities as the company scales up production to meet delivery timelines, Aimtron said. The company, however, did not disclose the financial details. The production of the first batch will begin in October this year and is expected to be completed before the end of the year, it said. Over the next five years, the company said it plans to manufacture between 250,000 and 2-million IoT devices, accelerating the adoption of smart manufacturing solutions. "This partnership with Vanix Technologies (for which an initial pact was signed in December last year) further solidifies Aimtron's position as a trusted partner in the ESDM sector, aligning with the Central Governm

Airbus picks Mahindra Aerostructures to make H125 helicopter main fuselage

Airbus has awarded a contract to Mahindra Aerostructures to manufacture the main fuselage of the H125 helicopters as the aerospace major boosts its Make In India efforts. The latest development comes less than five months after the company awarded the contract to Mahindra Aerostructures Pvt Ltd (MASPL) for manufacturing the main fuselage for H130 helicopters in April. "The production contracts for the H125 and H130 aerostructures to MASPL firmly integrate India into Airbus Helicopters' global value chain, strengthening the country's 'Make in India' initiative," Airbus said in a release on Thursday. Airbus Helicopters has awarded MASPL, as an additional source, the contract to manufacture the main fuselage of the H125 helicopters and the industrialisation will begin immediately at the MASPL facility in Bengaluru, with the first fuselage delivery targeted for 2027, the release said. Financial details were not disclosed. The H125 is one of the world's best-selling single-engine ...

Power Mech Projects bags ₹371 cr civil works order from Mahan Energen

Power Mech Projects on Thursday said that it has secured an order worth Rs 370.84 crore from Adani Power arm Mahan Energen for the execution of civil works at the Mahan Phase-III project in Singrauli, Madhya Pradesh. Mahan Energen Ltd was formerly known as Essar Power M P Ltd. The scope of work includes the execution of civil works and erection of prefabricated structural steel for BTG (boiler turbine generator) units 1and 2, the main powerhouse, central control building, ESP, FGD and limestone handling system, switchyard, and other ancillary works for Mahan PHASE III (2 x 800 MW), Mahan Energen Ltd at Singrauli, according to a regulatory filing. "We are delighted to announce that our company has secured Rs 370.84 crore (Excluding GST and BOCW Cess) order from Mahan Energen Ltd (MEL), one of the subsidiaries of Adani Power Ltd, for execution of civil works ," it said. The order will be executed in 30 months from the date of issuance of notice to proceed. PTI KKS 1.0.

Air India Express becomes fourth Indian airline to join global body IATA

Air India Express has joined the IATA as a member, making it the fourth Indian carrier currently to be part of the global airlines' association. The International Airport Transport Association (IATA) represents around 350 airlines that account for about 80 per cent of the global air traffic. In a post on LinkedIn on Wednesday, IATA welcomed the membership of Air India Express, which was launched in 2005 and is the low-cost wholly-owned subsidiary of Air India. "With a fleet of 115 aircraft-75 Boeing 737s and 40 Airbus A320s, the airline operates around 500 daily flights, connecting 38 domestic and 17 international airports across India, the Middle East, and Southeast Asia," IATA said. Now, there are four Indian airlines that are IATA members -- Tata Group-owned Air India and Air India Express, IndiGo and SpiceJet. Jet Airways, which stopped flying in April 2019 and is now undergoing a liquidation process, was an IATA member.

Jet Airways to transfer Mumbai office lease to Parthos for ₹370 crore

Jet Airways, which is undergoing liquidation, on Wednesday said it has executed an agreement to transfer the lease of its office space in Mumbai to an entity for a little over Rs 370 crore. The proposed lease transfer, subject to approval from the Mumbai Metropolitan Region Development Authority (MMRDA), is being conducted under the provisions of the Insolvency and Bankruptcy Code (IBC) and Liquidation Regulations, according to a regulatory filing. After flying for 25 years, the once storied Jet Airways shuttered operations in April 2019, following financial headwinds and subsequently, lenders referred the ailing airline for resolution under the IBC. Under the insolvency resolution process, the winning bidder was unable to implement the resolution plan due to multiple issues, and after long-drawn legal proceedings, the Supreme Court, in November 2024, ordered the liquidation of the carrier. "The company has executed the deed of assignment and other related documents in order to ...

TCS appoints Amit Kapur to lead newly formed AI and services unit

Kapur's appointment, effective from September, comes at a time when Indian IT companies are racing to adopt and offer more AI products to their clients to attract tech spending

BLS International bags ₹2,055 crore UIDAI order for Aadhaar Seva Kendras

BLS International Services on Tuesday said it has been awarded a work order amounting to Rs 2,055.35 crore from Unique Identification Authority of India (UIDAI) for being the service provider for establishing and running district-level Aadhar Seva Kendra. BLS International Services works in the domain of visa, passports, consular, citizen, e-governance, attestation, biometric, e-visa, and retail services since 2005. These Aadhaar Seva Kendras (ASKs) will function as core facilities for appointment and walk-in based Aadhaar enrolment, updates, and other citizen-centric Aadhaar services, the company said in a release. "The scope of the project includes setting up and managing Aadhaar Seva Kendras at the district level, with complete end-to-end responsibility under UIDAI's supervision," it said. BLS International Services works with over 46 client governments, including diplomatic missions, embassies, and consulates, and leverages technology and processes that ensure data security. T

Dream11 parent testing DreamSuite app to expand into financial services

Fantasy gaming platform Dream11's parent firm Dream Sports is testing a new app, Dream Money, to foray into the financial services sector, sources aware of the development said on Sunday. Dream Sports has been a major real-money gaming player in India, but it has to close its money-based games after the government banned all forms of online money games. "Dream Money has been under pilot for the last few months. The platform has not been launched yet," a source aware of the development said. As per information available on Google Play Store, the app will offer gold purchase service on a daily basis, starting from Rs 10 per day and fixed deposits starting from Rs 1,000. According to the source, the official name of the new platform is "Dream Suite Platform Private Limited". The app has been published by a Dream Sports entity, Dreamsuite. The website of DreamSuite shows that DreamSuite Finance will be launched soon to offer "seamless financial services". An email query sent to Drea

NCLAT rejects plea, clears Nuvoco Vistas ₹1,800 crore bid for Vadraj cement

Appellate tribunal NCLAT has dismissed the plea against the acquisition of Vadraj Cement by Nirma group cement business Nuvoco Vistas Corporation during an insolvency resolution process. The Delhi-based principal bench of NCLAT has upheld the previous order passed by the Mumbai bench of the National Company Law Tribunal (NCLT), which on April 1, 2025, approved Nuvoco Vistas's plan for Vadraj Cement that includes an upfront payment of Rs 1,800 crore. A two-member NCLAT bench comprising Chairperson Justice Ashok Bhushan and Member (Technical) Barun Mitra rejected an appeal filed by an employee and authorised representative of employees of Vadraj Cement against the approval of Nuvoco Vistas's bid over their payout regarding their gratuity dues. Gujarat-based Vadraj Cement, formerly owned by ABG Shipyard, which has a 3.5 MTPA (million tonnes per annum) clinker unit in Kutch and a 6 MMTPA grinding unit in Surat, along with a captive jetty in Kutch, has a total debt of over Rs 8,000 crore

Coca-Cola considers sale of Costa Coffee in strategic business review

The company has held initial talks with a small number of potential bidders for Costa, including private equity firms, Sky News first reported, citing unidentified sources

Snowflake ramps up India investments, targets growth across sectors: MD

AI data cloud firm Snowflake views India as a "land of opportunities" for data and AI, and is significantly increasing its investments in the country to tap into its massive potential, a top company official has said. The company is strategically expanding its presence and capabilities, aiming to grow its headcount to over 700 employees by the end of 2025. "Snowflake is doubling down on India as an investment destination. As a destination where we are heavily invested to make sure that we serve the Indian market, we serve global customers from India, and we also invest in the country in terms of AI and skill sets out there. "If you look at the world of data in India, we have a lot of headroom to expand, not only Snowflake, but most players in this space, there's a massive headroom to expand," Vijayant Rai, India MD of Snowflake, told PTI. The company has recently opened a new office in Mumbai and plans to expand its presence in Bengaluru by August 2025. These expansions will suppo

Liberty Steels pushed into liquidation move puts 1,500 jobs at risk

The UK government-run Insolvency Service confirmed it will be acting as the liquidator after a High Court ruling