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https://www.moneycontrol.com/news/business/companies/kkr-acquires-controlling-stake-in-kerala-based-baby-memorial-hospital-12759644.html

KKR acquires controlling stake in Kerala-based Baby Memorial Hospital

KKR makes its investment from its Asian Fund IV.Related stories.

Global investment firm, KKR & Co on July 1 said that it has acquired controlling stake in Kerala's Baby Memorial Hospital (BMH). KKR’s investment will support BMH’s efforts to address the growing need for quality, accessible healthcare services in India by advancing its efforts to build a leading pan-India network of hospitals, including through both organic and inorganic growth strategies, the company said in a statement. The investment amount and additional details were not disclosed by the company. However, Economic Times, citing sources, reported that KKR will acquire around 70 percent controlling stake in Kerala's Baby Memorial Hospital (BMH) with an investment worth $300 million (Rs2500 crore). Baby Memorial Hospital, founded in 1987 by Dr. K G Alexander, is multi-specialty hospital chains in Kerala, with a capacity of 1,000 beds across hospitals in Calicut and Kannur. BMH provides services with specialized treatment across 40 medical and surgical departments including cardiology, oncology, neurology, gastroenterology, pediatric and orthopedic care. Akshay Tanna, Partner and Head of India Private Equity, KKR, said, “Our investment in BMH reflects our continued thematic focus on healthcare in India. We are pleased to be strategic partners with Dr. K G Alexander and family through this investment, which will aid BMH in expanding its network of hospitals and continuing to invest in medical infrastructure so that its medical services can reach more patients in India. We look forward to drawing from KKR’s network and deep healthcare expertise to take BMH to its next phase of growth and deliver greater impact to its communities.” Dr. K G Alexander, Founder and Chairman of Baby Memorial Hospital, said, “KKR's investment in BMH is a testament to our unwavering commitment to delivering accessible and quality healthcare services for all." KKR makes its investment from its Asian Fund IV. The transaction in the healthcare sector in India and across Asia Pacific includes, Max Healthcare, Healthium, an Indian medical devices company; Infinx, a tech-enabled healthcare revenue solutions provider; JB Pharma, Gland Pharma, and more.

2024-07-01 14:38

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/ntpc-captive-coal-output-grows-15-in-q1-despatch-rises-17-12759572.html

NTPC captive coal output grows 15% in Q1; despatch rises 17%

NTPC captive coal output grows 15% in Q1; despatch rises 17%.

State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonnes (MMT) during the quarter ended June 2024. NTPC has also reported a growth of 17.15 per cent in coal despatch from its captive mines at 10.194 MMT during the first quarter of FY25, a company statement said. "To achieve sustained growth in coal production, NTPC has implemented a range of strategies and technologies. This remarkable growth in coal production and despatch is a testament to NTPC's dedication to operational excellence and its contribution to meeting India's energy demands," it said. NTPC, under the Ministry of Power, is India's largest power generation company.

2024-07-01 13:12

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/lt-bags-significant-offshore-pipeline-order-from-ongc-12759460.html

L&T bags 'significant' offshore pipeline order from ONGC

The stock price of L&T was trading 0.83 percent lower at Rs 3,519.05 on NSE at 12:04 pm..Related stories.

Engineering major Larsen & Toubro’s (L&T) hydrogen energy arm has secured an order worth between Rs 1,000-2,500 crore from ONGC for its eighth phase of the Pipeline Replacement Project off India’s west coast, the $27-billion multinational enterprise said in an exchange filing on July 1. The order, won by L&T’s subsidiary L&T Energy Hydrocarbon (LTEH), involves engineering, procurement, construction, installation & commissioning (EPCIC) of 129-km subsea pipelines and associated modification works across India’s west coast offshore fields of the ONGC, the stock filing said. “This order reflects ONGC’s continued confidence in L&T, and this emanates from our track record of successfully delivering complex offshore projects. This order further demonstrates L&T's unwavering commitment to India’s energy requirement,” said Subramanian Sarma, whole-time director & president, energy, L&T. The stock price of L&T was trading 0.83 percent lower at Rs 3,519.05 on NSE at 12:04 pm. Meanwhile, the multinational conglomerate last week had said it isexperiencing a 'severe' shortage of skilled laboracross various projects, attributed to factors such as extreme weather conditions and disruptions caused by elections, according to managing director SN Subrahmanyan. Additionally, he added that the firm is currently short of around 25,000-30,000 laborers. The Engineering, Procurement, and Construction (EPC) sector in India is indeed grappling with a shortage of skilled labor.

2024-07-01 12:16

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/atos-reaches-deal-with-creditors-on-debt-restructure-terms-12759225.html

Atos reaches deal with creditors on debt restructure terms

A view of the logo of French IT consulting firm Atos on a company's building in Nantes.

French technology company Atos  reached an agreement with a group of banks and bondholders on terms for its debt restructuring, the company said on Sunday. The restructuring plan involves a 233-million-euro ($250 million) contribution via a capital increase with preferential subscription rights, it said in a statement. About 2.8 billion euros of Atos' debt will be turned into equity, bringing the total amount of converted debt to 2.9 billion euros. That will reduce Atos' net indebtedness by around 3.1 billion euros, the statement said. The company said Sunday's agreement was a "significant milestone towards reaching a final restructuring agreement by July". Atos announced last Wednesday that a consortium led by investor David Layani's Onepoint had withdrawn from discussions on its restructuring.

2024-06-30 22:44

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/saudi-aramco-awards-25-billion-in-contracts-for-gas-expansion-12759216.html

Saudi Aramco awards $25 billion in contracts for gas expansion

Gas from the project will be used in the first instance to supply the country’s domestic industries, with any excess capacity potentially used to make blue hydrogen or exported as LNG, Aramco has said..

Saudi Aramco has awarded construction contracts worth $25 billion for the development of its Jafurah gas project, as it looks to boost production of the fuel considered a key part of plans to reduce plant-warming emissions. The contracts awarded include $12.4 billion for increasing gas output at Jafurah, plus $8.8 billion for expanding the so-called master gas system, which delivers natural gas to customers around the country, according to a statement. Aramco also awarded $2.4 billion in contracts for gas rigs. Saudi Arabia has some of the biggest gas reserves in the world. Development of the Jafurah field, estimated to hold 200 trillion cubic feet of gas, is expected to cost $100 billion and boost the firm’s gas production more than 60% by 2030. “These contract awards demonstrate our firm belief in the future of gas as an important energy source, as well as a vital feedstock for downstream industries,” Aramco Chief Executive Officer Amin Nasser said in Sunday’s statement. “The scale of our ongoing investment at Jafurah and the expansion of our Master Gas System underscores our intention to further integrate and grow our gas business to meet anticipated rising demand,” he added. Gas from the project will be used in the first instance to supply the country’s domestic industries, with any excess capacity potentially used to make blue hydrogen or exported as LNG, Aramco has said.

2024-06-30 21:47

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/air-india-express-union-alleges-unfair-labour-practices-seeks-intervention-of-labour-commissioner-12759107.html

Air India Express union alleges unfair labour practices; seeks intervention of labour commissioner

The Air India Express Employees Union (AIXEU), which is affiliated with the Bharatiya Mazdoor Sangh, has written a letter to the Chief Labour Commissioner (Central) in this regard.

Air India Express’ cabin crew union has alleged unfair labour practices by the airline, including in issuance of charge sheets to its members, and sought the intervention of the labour commissioner to resolve the issues. The Air India Express Employees Union (AIXEU), which is affiliated with the Bharatiya Mazdoor Sangh, has written a letter to the Chief Labour Commissioner (Central) in this regard.The communication also comes at a time when conciliation proceedings are going on before the CLC (C) on the disputes between the cabin crew members and the airline management.The union has alleged that the management is adopting various measures that are not conducive to creating good industrial relations.”… their actions are spoiling the industrial relations already affected by their unfair labour practices and violations of labour legislation,” it claimed in the letter dated June 28.There was no comment from Air India Express. Among other issues, the union has claimed that charge sheets have been issued to the cabin crew who had availed sick leave from May 6 to 8 and that enquiry is being initiated against selected union members.On May 7, around 200 cabin crew members of Tata Group-owned Air India Express went on strike to protest against the alleged mismanagement at the airline, resulting in the cancellation of hundreds of flights.Consequently, the airline management terminated the services of 25 cabin crew members and warned the others to join work or else face the same action. On May 9, the strike was called off after a conciliation meeting between the representatives of the union and the management convened by the CLC (C). The termination letters were also withdrawn later.In the letter on June 28, the union claimed that the issues had occurred ”due to the monopoly and adamancy behaviour of the management” and sought the intervention of the CLC (C).

2024-06-30 16:23

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/punjab-sind-bank-plans-to-raise-rs-2000-crore-via-qip-likely-in-h2-fy25-12759078.html

Punjab & Sind Bank plans to raise Rs 2,000 crore via QIP likely in H2 FY25

The fundraising can be concluded in the second quarter or third quarter, depending on market conditions.

State-owned Punjab & Sind Bank plans to raise Rs 2,000 crore in the second half of this fiscal via Qualified Institutional Placement (QIP) to fund business growth. ”The board has already given approval, and merchant bankers should be on-boarded by August,” Punjab & Sind Bank managing director and CEO Swarup Kumar Saha told PTI.The fundraising can be concluded in the second quarter or third quarter, depending on market conditions. The QIP would help improve the Capital Adequacy Ratio of the bank, he said.The bank’s capital adequacy ratio stood at 17.10 per cent at the end of March 2024.Besides, it would help bring down the government’s holding in the bank.The government of India holds a 98.25 per cent stake in Punjab & Sind Bank.Asked about the loan growth outlook for the current financial year, Saha said the bank expects asset book to grow by 12-14 per cent, and in this, retail, agriculture and MSME (RAM) should witness a growth of 15-18 per cent.On the deposit side, he said the bank anticipates liabilities to grow between 8 and 10 per cent during the ongoing financial year. Saha said the bank has taken several customer-centric initiatives to improve satisfaction levels.As part of this initiative, the bank is in the process of transforming 50 identified branches into model or smart branches.Saha said the lender has also introduced a PSB Pink debit card powered by RuPay for women with a host of benefits.The bank also started demat services through wealth-tech partner Fisdom, which allows its customers to make investments in the equity market and purchase mutual funds. The bank also launched a series of customer-centric digital offerings through its omnichannel PSB UNiC App designed to ensure secure and hassle-free banking services.Some of the offerings include opening savings accounts through video KYC, Bulk NEFT/RTGS, access to free CIC credit score and UNiC App registration through Aadhaar OTP.These new product initiatives, he said, are a testament to the bank’s dedication to making a positive societal impact and creating a more sustainable future for all.

2024-06-30 15:09

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/itc-reports-24-rise-in-rs-1-crore-salaries-amid-expansion-and-profit-surge-12759022.html

ITC reports 24% rise in Rs 1 Crore+ salaries amid expansion and profit surge

Over the past two to three years, ITC has opened eight new factories and two hotels across India, boosting its human resource deployment..Related stories.

ITC Ltd has reported a significant increase in the number of employees earning over Rs 1 crore annually, with a 24.11% rise in FY24 compared to the previous year. According to the company’s annual report, 68 additional high-ranking officials joined the top salary bracket, bringing the total to 350 in the financial year 2023-24, up from 282 in 2022-23. The substantial increase in high-earning employees highlights ITC's expanding operations and profitability. The company spent Rs 6,134.35 crore on employee benefits, including Rs 5,352.94 crore in salaries and wages, on a consolidated basis in FY24. This marks a 6.9% increase from the previous year when the company spent Rs 5,736.22 crore, including Rs 4,885.49 crore in salaries and wages. A report by The Telegraph attributes this trend to ITC’s expanding portfolio, which has necessitated increased hiring. Over the past two to three years, ITC has opened eight new factories and two hotels across India, boosting its human resource deployment. ITC's profitability has also seen substantial growth, with a 24.5% increase in profit to Rs 18,753.31 crore in FY23. This growth has led to an upward adjustment in employee remuneration. As of March 31, 2024, ITC employed 24,567 permanent employees. The median remuneration of employees increased by 5%, while the average remuneration rose by 10% in FY24. Excluding key managerial personnel (KMP), the average remuneration increased by 9%. The median salary for male employees, excluding KMPs and board members, was Rs 7,14,281, while female employees earned a median salary of Rs 7,03,725. ITC has diversified its presence across various sectors, including tobacco, packaged foods, paper and paperboards, hospitality, agri commodities, and health and personal care (FMCG). Notably, as per Business Standard’s report, ITC's top executives received substantial pay hikes. Sanjiv Puri, chairman and managing director, saw a 49.6% increase in gross remuneration, reaching Rs 28.62 crore in FY24 compared to Rs 19.12 crore the previous year. Executive Director B. Sumant received a 52.4% hike, bringing his pay to Rs 13.6 crore. Other executive directors, Supratim Dutta and Hemant Malik, received pay increases of 59% and 30%, respectively. ITC’s remuneration policy allows the chairman and executive directors to earn performance bonuses up to 300% and 200% of their basic/consolidated salary, respectively, based on the company's performance. In a related development, The Economic Times reported that ITC Ltd has surpassed Britannia Industries to become the second-largest listed packaged foods company by sales in India, behind Nestle. ITC's foods business posted consolidated sales of Rs 17,194.5 crore for the fiscal year ended March 31, 2024. In comparison, Britannia reported consolidated sales of Rs 16,769.2 crore, while Nestle India reported total sales of Rs 24,275.5 crore for fiscal 2024, a 15-month period due to a change in the company's financial year.

2024-06-30 11:47

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/sail-revokes-suspension-of-directors-and-officials-following-government-orders-12758711.html

SAIL revokes suspension of directors and officials following government orders

Steel Authority of India (SAIL) (Representative image).Related stories.

The Steel Authority of India Limited (SAIL) has announced through an exchange filing that the suspension of VS Chakravarthy, Director (Commercial), and AK Tulsiani, Director (Finance), has been revoked following orders from the Ministry of Steel dated June 28, 2024. Additionally,SAILhas lifted the suspension of several below board level officials, including SK Sharma, Executive Director (F&A), Vinod Gupta, Executive Director (Commercial), Atul Mathur, Executive Director (Sales & ITD), and RM Suresh, Executive Director (Marketing Services), effective immediately. This decision comes in compliance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015. In response to ongoing investigations directed by the Lokpal, the company had initiallysuspended these officials along with 26 other below board level employeesin January this year. The Steel Ministry had suspended three directors from the PSU Steel Authority of India (SAIL) vide its letters dated January 19, 2024. SAIL had then informed it also placed 26 numbers of below board level officials of the company on suspension with immediate effect. Responding to a MoneyControl query, the steel PSU had said, "The issue pertains to some investigations being carried out as per the directions of Lokpal."

2024-06-29 14:56

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/bharat-electronics-receives-order-worth-rs-3170-crore-12758264.html

Defence PSU Bharat Electronics receives Rs 3,170-cr order to upgrade BMP tanks; stock up 1.5%

Under the contract, the defence public sector undertaking will supply and install an advanced, indigenously designed and developed Sighting and Fire Control System (FCS) for the upgrade of BMP 2/2K tanks of the Indian Army.

Bharat Electronics Limited(BEL) on June 28 inked a contract worth Rs 3,172 crore with Armoured Vehicles Nigam Limited (AVNL) at the latter’s headquarters in Chennai, the state-run company said in an exchange filing. The share price of the company gained 1.59 percent to settle at Rs 309.35 on NSE. Under the contract, the defence public sector undertaking will supply and install an indigenously designed and developed Sighting and Fire Control System (FCS) for the upgrade of BMP 2/2K tanks of the Indian Army, along with a comprehensive engineering support package, the exchange filing said. In addition, the navratna company has secured other orders valued at Rs 481 crore following the last disclosure on May 22, 2024, which comprises of Doppler Weather Radar, Classroom jammers, spares and services etc. With these, BEL has received accumulated orders totalling Rs 4,803 crore in the current financial year, the company said.

2024-06-28 16:31

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/wockhardt-likely-to-get-dcgi-nod-for-respiratory-drug-by-end-of-the-year-stock-up-5-12758163.html

Wockhardt likely to get DCGI nod for respiratory drug by year-end; stock up 5%

The stock price of the company was trading 4.99 percent higher at Rs 686.6 on NSE at 14:01 pm. The stock price of the company was trading 4.99 percent higher at Rs 686.6 on NSE at 14:01 pm..Related stories.

Wockhardt  expects its new drug for pneumonia and other respiratory illnesses to get the regulatory nod by the end of this year, the pharma firm’s chairperson Habil F Khorakiwala has said. The go-ahead by the Drug Controller General of India for WCK 4873 (Nafithromycin) would cap a 25-year-old research programme for the drug, he told CNBC-TV18 on June 28. The R&D programme was aided by the leadership team that has not changed for the past 25 years, he said. At 2.01 pm, the stock was trading at Rs 686.6 on the National Stock Exchange, up 4.99 percent from the previous close. WCK 4873 or Nafithromycin is a drug used for community-acquired bacterial pneumonia (CABP) and other bacterial respiratory illnesses. The phase 3 trials of the drug took place in December. The study compared Moxifloxacin with Nafithromycin. The test showed that Nafithromycin’s usage resulted in a 96.7 percent clinical cure rate, which was better than 94.5 percent for Moxifloxacin. The pharma company’s investigational drug Zaynich (WCK 5222) has successfully treated a young immuno-compromised patient in the US, which makes it the first case in the country where it has been used to fight a complex infection caused by extreme-drug resistant pseudomonas, the firm said. Zaynich (Zidebactam/Cefepime) is an investigational antibiotic, categorised under the novel class of 'β-lactam enhancers'. Khorakiwala said they have also used WCK 5222 for compassionate use in 30 patients In India. “Seen 100 percent success in compassionate use on patients In India,” he said. The company said it has undertaken global clinical trials for the drug and updates have been good. It expects global approval in 8 months. According to experts, WCK 5222 is an antibiotic in development that combines a currently approved cephalosporin, cefepime, with a novel β-lactam enhancer (BLE) and zidebactam. The drug has been granted a susceptibility breakpoint of 64 mg/L for around 10 Gram negative pathogens showing high resistance rates, highest ever, according to the company. "A high breakpoint of 64 mg/L suggests Zaynich’s (Zidebactam/Cefepime- WCK 5222) strong potential to cover all the clinically important, extreme drug resistant Gram negative pathogens in seriously ill patients." Currently, Zaynich (Zidebactam/Cefepime- WCK 5222) is undergoing a multinational phase 3 study, which is expected to be completed by FY25, facilitating its global registration and marketing authorization, the company said.

2024-06-28 14:40

moneycontrol.com

https://www.moneycontrol.com/news/business/ashok-leyland-partners-with-bajaj-finance-for-vehicle-finance-12758055.html

Ashok Leyland partners with Bajaj Finance for vehicle finance

Commercial vehicle makerAshok LeylandLtd on Friday said it has partnered withBajaj Financefor financial of vehicles across India. The company has signed a Memorandum of Understanding (MoU) with Bajaj Finance, a part of Bajaj Finserv, for the purpose, Ashok Leyland said in a statement. The partnership will enable both Ashok Leyland and Bajaj Finance to offer customised and seamless financial solutions to their customers, it added. "This strategic partnership will strengthen Ashok Leyland's market position," Ashok Leyland CFO KM Balaji said. Bajaj Finance Deputy Managing Director, Anup Saha said, "We are confident that with Bajaj Finance's best-in-class India stack processes more vehicle owners will gain from this partnership and scale their operations." The sales and marketing teams of the two companies will work together to develop joint marketing and financing programs, mutually enhancing business volumes under the partnership, the statement said.

2024-06-28 13:26

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/healthcare-global-to-acquire-majority-stake-in-vizag-hospital-stock-rises-12758166.html

Healthcare Global to acquire majority stake in Vizag Hospital; stock rises

This acquisition would help the company to secure leadership in a highly attractive micro-market, Healthcare Global said in a statement..

Healthcare Global on June 28 said that it has enters into Share Purchase Agreement (SPA) with Vizag Hospital for an upfront acquisition of 51 percent stake in the company for Rs 207.8 crore. It will also acquire balance 49 percent of equity share capital in tranches. In a regulatory filing, Healthcare Global said within 18 months of first closing date, the company shall acquire a further 34 percent stake in Vizag Hospital. Cost of acquisition of an additional 34 percent stake shall be Rs 155 crore. This acquisition would help the company to secure leadership in a highly attractive micro-market, enhance operational and clinical synergies, unlock capacities, and strengthen our market positioning, Healthcare Global said in a statement. Post the acquisition announcement,shares of Healthcare Globalwere trading nearly 3 percent higher at Rs 382 apiece on BSE around 13:20 hours IST. Vizag Hospital, owns and operates a comprehensive cancer care hospital in the city of Vishakhapatnam, Andhra Pradesh having 196 operational beds facility, led by Dr. Murali Krishna Voonna, a renowned onco-surgeon.

2024-06-28 13:23

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/nazara-tech-shares-rise-3-on-rs-270-cr-acquisition-of-german-gaming-firm-freaks-4u-12758053.html

Nazara Tech shares rise 3% on Rs 270-cr acquisition of German gaming firm Freaks 4U

The acquisition will be carried out by Nodwin Gaming International, a wholly-owned subsidiary of Nodwin Gaming Private Limited, which is a material subsidiary of Nazara Technologies, the stock exchange filing said..Related stories.

Shares ofNazara Technologies Limitedsurged close to 3 percent on June 28 after the gaming firm’s subsidiary signed an agreement to acquire 86.49 percent stake of Freaks 4U Gaming for Rs 271.48 crore by share swap. At 11:23 am, the stock price of the company was trading 2.51 percent higher at Rs 833.7 on NSE. Nazara Tech already owns 13.51 percent stake of Freaks 4U and will hold 57 percent after the completion of the deal, the company said in a statement on June 28. It will have an exclusive right to acquire the balance 43 percent stake from the Germany-based firm’s founders at its discretion, the company statement added. The acquisition will be carried out by Nodwin Gaming International, a wholly-owned subsidiary of Nodwin Gaming Private Limited, which is a material subsidiary of Nazara Technologies, the stock exchange filing said. The deal will help Nodwin improve its penetration in the developed markets and serve as a revenue driver, the firm said. “This acquisition is set to bolster Nodwin’s access to developed markets, in addition to execution and planning capabilities in PC gaming and games publishing support services. The integration of Freaks 4U’s capabilities, along with its presence in key developed markets, will serve as substantial revenue drivers. This strategic alignment will complement Nodwin’s strong execution capabilities in emerging markets, enabling the establishment of a global delivery model – a pioneering achievement in the esports sector,” the statement said. The deal is likely to be completed by July 15, 2024, subject to regulatory requirements. Freaks 4U, started in 2011, is a Berlin-based company that focuses on gaming and esports. It had reported a turnover of Rs 240 crore for the December 2023 quarter.

2024-06-28 11:51

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/liquor-firm-som-distilleries-challenges-license-suspension-in-child-labour-case-12757725.html

Liquor firm Som Distilleries challenges license suspension in child labour case

A child who was found illegally working in a distillery shows their hands, which the National Commission for Protection of Child Rights (NCPCR) said were burnt due to contact with chemicals, in this picture obtained from social media..

Indian liquor company Som Group has asked a state court to quash a government decision to temporarily suspend manufacturing licenses of one of its distilleries where a federal agency found 59 children working illegally, a court filing showed. Police, who have been investigating the Som distillery in Raisen district in the central state of Madhya Pradesh, locked its premises after the National Commission for Protection of Child Rights this month found 39 boys and 20 girls working at the factory. The agency also released photos of children's hands it said showed burns due to contact with chemicals, and said some of the children were transported to the factory in school buses. In a 169-page court filing in the High Court of Madhya Pradesh, Som argued the licenses were wrongly suspended as the investigation into the allegations of child labour were still ongoing. "There is no conclusion to the effect as to whether in reality any child was employed or not," Som Distilleries Pvt Ltd said in a court filing, which is not public but was reviewed by Reuters. Som did not respond to a request for comment, and neither did the Madhya Pradesh state government. The case was heard on Thursday but no order was passed. In the previous statement, Som Distilleries and Breweries Ltd said the issue was related to a plant run by its associate company, which used labour supplied by contractors who may not have carried out proper age checks. The firm's stock has fallen 9.3% since the human rights agency visited the distillery on June 15.

2024-06-27 21:49

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/polycab-india-promoters-likely-to-sell-part-stake-worth-upto-257-million-via-block-deal-12757674.html

Polycab India promoters likely to sell part stake worth upto $257 million via block deal

The promoter group of Polycab India currently holds 65.24 percent in the company, according to exchange filings..

The promoter group and family members of electrical solutions provider Polycab India is planning to sell part stake of 2.04 percent for upto $257 million (at the upper end of price range) via a block deal, sources in the know told Moneycontrol on the condition of anonymity. The block deal has been launched and investment bank Jefferies is acting as the advisor, one of the persons above added. "It’s a liquidity event for the promoter group," a second person said without elaborating further. The promoter group ofPolycab Indiacurrently holds 65.24 percent in the company, according to exchange filings. The firm’s share price has risen by 28.73 percent in the last six months. The offer price range for the trade is 0 percent to 6.5 percent discount to the last closing price of Polycab India, Rs 6,989.25 per share and the lock-up period is 90 days, according to the deal term sheet reviewed by Moneycontrol. Polycab India and Jefferies couldn’t be reached for an immediate comment.

2024-06-27 20:37

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/hcltechs-0-46-stake-likely-to-be-sold-for-rs-1757-cr-via-block-deal-on-friday-cnbc-tv18-12757632.html

HCLTech's 0.46% stake likely to be sold for Rs 1,757 cr via block deal on Friday: CNBC-TV18

Citi Group will be the broker for the deal, the channel reported..

IT majorHCL Technologies'(HCLTech) 0.46 percent equity stake is likely to be sold through block deal for Rs 1,757 crore on June 28, sources told CNBC-TV18 on June 27. Floor price for the block deal is likely to be Rs 1,414.9 per share, which implies discount of 2.75 percent to current market price. On June 27, HCLTech's shares on NSE closed 0.8 percent higher at Rs 1,455 apiece. An undisclosed seller will sell 1.24 crore shares through the block deal, reported CNBC-Awaaz citing sources. Citi Group will be the broker for the deal, the channel reported.HCLTech reported net profit of Rs 3,986 crore in Q4FY24 as against Rs 3,983 crore in the year-ago period. The IT firm had declared Rs 18 dividend. Net profit for the quarter was up 0.1 percent YoY, and declined by 8.4 percent sequentially. The company posted a 7.1 percent increase in revenue at Rs 28,499 crore in Q4FY24 as compared to Rs 26,606 crore in the year-ago period.

2024-06-27 19:00

moneycontrol.com

https://www.moneycontrol.com/news/business/infosys-ceo-parekh-pays-rs-25-lakh-to-sebi-for-failing-to-have-adequate-controls-to-prevent-insider-trading-12757190.html

Infosys CEO Parekh pays Rs 25 lakh to SEBI for failing to have adequate controls to prevent insider trading

Infosys.Related stories.

India's No.2 Information Technology (IT) services exporterInfosys' Chief Executive Officer Salil Parekh has settled charges of violating provisions of insider trading, the country's markets regulator said on June 27. Parekh agreed to pay Rs 25 lakh for failing to have adequate controls to prevent insider trading. "The said application was filed in terms of the SEBI (Settlement Proceedings) Regulations, 2018... wherein the Applicant (S) proposed to SEBI to settle the instant proceedings, without admitting or denying the findings of fact and conclusions of law, through a settlement order," the Securities and Exchange Board of India said in a release. The case relates to a 2020 partnership between Infosys and Vanguard, wherein Vanguard was the largest asset manager in the Defined Contribution Space and Infosys would provide a cloud-based record-keeping platform to Vanguard. Parekh was the CEO and MD of Infosys at the time of the announcement of the partnership. The investigation by SEBI referred to Infosys’ analysis that the partnership would result in an expansion of business for Infosys. The SEBI order further says that the CEO and MD or such other analogous person of a listed company is responsible for putting in place an adequate and effective system of internal control to ensure compliance for preventing insider trading. "The investigation concluded that the Applicant (Salil Parekh) violated provisions of Regulations 9A(1) and 9A(2) of PIT Regulations 2015," the order by SEBI read. The above-mentioned rule broadly refers to unpublished price-sensitive information that should be identified and its confidentiality maintained. Further, a show cause notice was issued to Parekh on August 3, 2023, calling upon him to show cause as to why "suitable direction(s)" should not be issued against him for the alleged violation. To this, a payment of Rs 25 lakh was made to SEBI to settle the instant proceedings, without admitting or denying the findings of fact and conclusions of law, through a settlement order. "In view of the acceptance of the settlement terms and receipt of settlementamount by SEBI, the specified proceedings initiated against the Applicant (Parekh)... are disposed of... on the basis of aforesaid settlement terms," the order read.

2024-06-27 18:33

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/zomato-extends-its-restaurant-services-hub-offering-pan-india-12757627.html

Zomato extends its 'restaurant services hub' offering pan-India

Through its restaurant services hub, Zomato currently offers services related to staffing and licensing essentials to restaurants.

Online food ordering and delivery platform Zomato on Thursday said it is expanding its ’restaurant services hub’, a one-stop solution to help restaurants in scaling up, across the country. Through its restaurant services hub, Zomato currently offers services related to staffing and licensing essentials to restaurants. In the last six months, the restaurant services hub has already serviced over 3,200 restaurants and it will be extended to all restaurants across India, irrespective of their arrangement with Zomato, the company said in a statement. The company is seeking to provide help in overcoming the complexities of running a restaurant, right from figuring out the ideal location and finding the ideal suppliers to getting requisite licences and hiring the right staff. ”The restaurant services hub platform is only a step towards our vision of creating a full-stack solution for any restaurant owner looking to set up shop or scale their existing business. By strengthening partnerships and facilitating collaboration within the industry, we are focused on building a more resilient and inclusive ecosystem in the country,” Zomato CEO, Food Delivery, Rakesh Ranjan said. Zomato said it will soon launch multiple services such as POS (point of sale) device integrations and hygiene audits to help restaurant partners at every step of their journey right from planning, launching, operating, and scaling their businesses. Last week, the company’s rival Swiggy had launched a new feature on its partner app to connect restaurants with staffing experts to help in hiring qualified candidates across various roles.

2024-06-27 18:27

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/au-small-finance-banks-board-approves-fundraise-of-rs-11000-crore-12757609.html

AU Small Finance Bank's board approves fundraise of Rs 11,000 crore

It will also raise Rs 6,000 crore in one or more tranches by issue of bonds and non-convertible debentures, the lender said in the statement..Related stories.

The board ofAU Small Finance Bankon June 27 approved a fundraise of Rs 11,000 crore, the lender said in an exchange filing. The bank said Rs 5,000 crore will be raised through private placement or qualified institutions placement (QIP) or preferential allotment or through a combination thereof or any other alternative mode, as may be considered appropriate. It will also raise Rs 6,000 crore in one or more tranches by issue of bonds and non-convertible debentures, the lender said in the statement. On June 20, it was reported that private equity firmWestBridge Capital divested a 1.75 percent stake in the AU Small Finance Bankfor Rs 845 crore through an open market transaction. WestBridge Capital, through its affiliate Westbridge AIF I, sold shares of the Jaipur-based AU Small Finance Bank through a bulk deal on the National Stock Exchange (NSE). As per data available, Westbridge AIF I offloaded 1.30 crore shares in AU Small Finance Bank. Meanwhile, another lender YES Bank approved its fund-raising plans by issue of debt securities. The bank plans to raise funds in Indian and foreign currency through the issue of debt securities, it said. “The options could be non-convertible debentures (NCDs), bonds or medium-term note (MTN) among others,” the bank said.

2024-06-27 18:12

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/ambuja-cements-board-approves-merging-with-adani-cementation-12757370.html

Ambuja Cements board approves merger of Adani Cementation with itself

Ambuja Cements.Related stories.

Billionaire Gautam Adani-owned Ambuja Cements on June 27 said that its board has approved merging with Adani Cementation Limited, a subsidiary of Adani Enterprises. Through this proposed scheme, Adani Enterprises will get 8.7 million shares of Ambuja Cements. The scheme will consolidate cement capacity within the group to bring synergistic benefits for all stakeholders, the company said in a regulatory filing. It will enable Adani Enterprises to absorb the business of Ambuja Cements and enhance its manufacturing capacity to carry out the manufacturing operation more effectively and seamlessly, it added. Further, Adani Cementation's limestone resource to further enhance Ambuja’s consolidated limestone reserves. Meanwhile,shares of Ambuja Cementson June 27 closed 0.56 percent higher at Rs 660.55 apiece on BSE. Recently, Ambuja Cements on June 13 said it willacquire 100 percent stakein Penna Cement Industries Ltd (PCIL) for an enterprise value of Rs 10,422 crore. The move comes as Adani targets capacity of 140 million tonne per annum (MTPA) by 2028. The deal comes as Adani aims to capture 20 per cent market share by FY28 amid robust demand for the building material in the country. "By acquiring PCIL, Ambuja is poised to expand its market presence in south India and reinforce its position as a pan-India leader in the cement industry," the company had said in a statement. In April, the cement maker signed another agreement to acquire a grinding unit in Tamil Nadu for Rs 413.75 crore, aiming to expand its presence in the South Indian market.

2024-06-27 16:58

moneycontrol.com

https://www.moneycontrol.com/news/business/25-of-new-hires-are-married-women-nearly-70-of-workforce-are-women-foxconn-12757281.html

25% of new hires at Tamil Nadu plant are married women, clarifies iPhone maker Foxconn

25% of new hires are married women; nearly 70% of workforce are women: Foxconn.Related stories.

Apple'S iPhone maker Foxconn on June 27 informed the Central government that around 25 percent its new employees are married women and its safety protocol, which requires everyone to avoid wearing metal irrespective of gender or religion, is not discriminatory, sources familiar with the matter said. The Taiwanese company shared an informal note with the government after reports suggested it is not hiring married women. The company said that such stipulations are not part of its policy and these claims may have been made by those disgruntled individuals who were not hired, sources said. They added that such media reports malign the fast-growing Indian manufacturing sector. Meanwhile, the ministry of labour and employment on June 26 had sought a detailed report from the Tamil Nadu labour department on the issue of married women not being allowed to work at the Foxconn India Apple iPhone Plant, as reported by the media. "Foxconn had clarified that 25 percent of the latest hires are married women. This would mean nearly one-third of the total women are married. This ratio compares favourably to any factory in this sector currently operating in India," one of the sources said. The Foxconn factory currently has about 70 percent women and 30 percent men and the Tamil Nadu plant is the largest factory for women employment in the country with the total employment having touched 45,000 workers during peak periods, they said. The company has also informed that the discussion around Hindu married women being discriminated against for wearing metals (ornaments and jewelry) is "entirely slanted" and wearing metal in such factories is a safety issue, a fact well recognised by both the industry and the government. "Any person wearing metals - man or woman - regardless of their status (single or married) and their religion (Hindu, Muslim, Christian, Sikh etc.) are required to remove metals while working in the factory," the source said quoting the company's informal note. For safety reasons, no one wearing metal is allowed to work on the shop floor and this is a prevalent practice in several industries. According to sources, the company has stated that the media report is based on anecdotal comments by 5-10 people or potential job seekers. These comments likely came from candidates who did not get the job or no longer work at Foxconn. No immediate comments were received from Foxconn in response to an email query sent to the company on the matter. (With agency inputs)

2024-06-27 14:46

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/marico-expands-its-breakfast-menu-launches-saffola-muesli-12757386.html

Marico expands its breakfast menu, launches Saffola Muesli

Representative image.

FMCG major Marico has announced the launch of Saffola Muesli in an effort to strengthen its breakfast menu. The company also aims to leverage the brand’s equity in the adult breakfast segment. "Our foray into the muesli category marks a significant milestone in line with our brand proposition of offering consumers “better for you” products with a “taste first” approach,” said Vaibhav Bhanchawat, chief operating officer, India & foods business (Marico Ltd). In the last few years, the company has launched various new products to expand its portfolio. To boost its healthy food category, the firm launched crunchy muesli in three new flavours- Kesar Crunch, Berry Crunch and Choco Crunch, the firm’s exchange filing said. “The idea was to deliver consumer delight through our unique flavour pops format that gives a burst of flavour and an irresistibly crunchy experience. We believe these popular flavours launched under Saffola Muesli with Crunch Flavour Pops will help consumers “brighten up their mornings to take on the day,” Bhanchawat said. The stock price of the FMCG company was trading at Rs 610.55, lower by 0.42 percent on NSE at 13:14 pm.

2024-06-27 13:23

moneycontrol.com

https://www.moneycontrol.com/news/business/fairfax-india-holdings-unit-sells-9-7-stake-in-csb-bank-for-70-million-12757383.html

Fairfax India Holdings unit sells 9.7% stake in CSB Bank for $70 million

Fairfax India Holdings unit sells 9.7% stake in CSB Bank for $70 million.

Fairfax India Holdings Corp said on Thursday its wholly-owned subsidiary, FIH Mauritius Investments, sold a 9.7% stake in Indian private lender CSB Bank to comply with regulatory norms. The proceeds of the sale amounted to 5.9 billion rupees ($70.7 million) in gross terms, Fairfax India said in a release. After the sale, Fairfax India's stake in Kerala-based CSB Bank will reduce to 40% from 49.72% at the end of March. Toronto-based Fairfax India Holdings is backed by Canadian billionaire Prem Watsa and invests in public as well as private equity securities and debt instruments in India. In November, FIH Mauritius Investments received approval from the Reserve Bank of India to bring down its shareholding in CSB Bank to 26% within 15 years, instead of 15% as advised by the central bank earlier. CSB Bank's shares were up 4.1% in early trade on Thursday.

2024-06-27 13:12

moneycontrol.com

https://www.moneycontrol.com/news/business/indian-oil-to-boost-lng-portfolio-to-20-million-tonnes-by-2030-executive-says-12757378.html

Indian Oil to boost LNG portfolio to 20 million tonnes by 2030, executive says

Indian Oil to boost LNG portfolio to 20 million tonnes by 2030, executive says.

Indian Oil aims to increase its liquified natural gas portfolio to 20 million tonnes per year (MTPA) by 2030, from 7.8 MTPA currently, Sujoy Choudhury, head of planning and business development at the company, said at an industry event on Thursday. The power sector is expected to be one of the key drivers for Indian LNG demand, Choudhury added.

2024-06-27 13:02

moneycontrol.com

https://www.moneycontrol.com/news/business/air-india-to-deploy-a350-planes-on-delhi-london-route-from-september-1-12757334.html

Air India to deploy A350 planes on Delhi-London route from September 1

Air India to deploy A350 planes on Delhi-London route from September 1.Related stories.

Air India will start operating its wide-body A350-900 aircraft on the Delhi-London route with two daily flights from September 1. The flights will mark the introduction of the plane on the international long-haul route, as Air India revamps and expands its operations to strengthen presence in international and domestic segments. "The A350-900 will replace the currently deployed Boeing 777-300 ER and Boeing 787-8 Dreamliner on 14 of 17 weekly flights. As a result, an additional 336 seats will be available on the Delhi-London Heathrow route each week," the airline said in a release on Thursday. Besides, the airline will introduce premium economy class seats in the A350-900 planes operating on the Delhi-London Heathrow route. Air India will operate two daily flights between the national capital and London Heathrow with the A350-900 aircraft starting from September 1. The airline started operating the A350-900 plane on the international route from May 1 with services between Delhi and Dubai. The Tata Group-owned airline operates 31 weekly flights to London Heathrow -- 17 from Delhi and 14 from Mumbai. It also flies from Ahmedabad, Amritsar, Bengaluru, Goa and Kochi to London Gatwick. There are 17 weekly flights on this route. Besides, the carrier operates 6 weekly flights to Birmingham from Delhi and Amritsar. Air India started inducting the A350 planes this year and are being used for domestic flights as well. The airline has placed an order for 40 A350 planes and 6 of them are in its fleet. "The deployment of our flagship A350s and the B777s with upgraded cabin interiors to London Heathrow marks a significant milestone for Air India," Air India CEO and MD Campbell Wilson said. (With PTI inputs)

2024-06-27 12:29

moneycontrol.com

https://www.moneycontrol.com/news/business/bpcl-sees-nearly-flat-annual-crude-processing-executive-says-12757277.html

BPCL sees nearly flat annual crude processing, executive says

BPCL sees nearly flat annual crude processing, executive says.

India's state-runBharat Petroleum Corpdoes not see any major change in its annual crude processing this fiscal year, as it plans to shut a crude unit at its biggest refinery for a month for maintenance, an executive said on Thursday. BPCL, the country's third-largest oil refiner, plans to shut its 120,000 barrels per day (bpd) crude unit and some secondary units at the 310,000 bpd Kochi refinery in southern India from mid-September, said Sanjay Khanna, the company's head of refineries, at an industry event. In the last fiscal year ended March 31, BPCL processed nearly 800,000 bpd of crude at its three refineries that have a combined nameplate capacity of 708,000 bpd, he said. Khanna said his firm meets about half of its imported crude requirements through spot purchases. He added that BPCL aims to complete an expansion at its Bina refinery in central India to 220,000 bpd from the current 156,000 bpd by mid-2027. The company hopes to build a 1.2 million ton per year (tpy) petrochemical plant at the Bina refinery by mid-2028, he said, adding the plant would have provision to be expanded to 1.5 million tpy.

2024-06-27 11:46

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/whirlpool-india-stock-up-10-on-boschs-likely-takeover-bid-for-whirlpool-us-12757243.html

Whirlpool India stock up 10% on Bosch's likely takeover bid for Whirlpool US

The German company Bosch has been discussing the possibility of making an offer for Whirlpool US, which has a market capitalisation of around $4.8 billion.

Shares ofWhirlpool Indiasurged more than 9 percent on June 27 after it was reported that German engineering group Robert Bosch is considering a bid for the US appliances manufacturer. The stock price was trading 9.34 percent higher at Rs 2,008.6 on NSE at 11:02 am. The move will helpBoschstrengthen its position in the household appliances market at a time when the competition with Asian rivals is heating up, Reuters reported on June 26. According to the report, the German company has been discussing the possibility of making an offer for Whirlpool, which has a market capitalisation of around $4.8 billion. Whirlpool has been undergoing a major restructuring in recent years, which has seen it fold its European business into a new company controlled by Turkish rival Arcelik and divest its Middle Eastern and African businesses. Earlier this year, Whirlpool sold 24 percent stake in its Indian arm for $468 million. The sale was conducted through its subsidiary in Mauritius and brought its stake in the entity down from 75 percent to 51 percent, Reuters had reported in February. The stake was picked up by SBI Mutual Fund, Societe Generale, Nippon India Mutual Fund and three others at Rs 1,277 apiece, according to bulk deal data from the BSE.

2024-06-27 11:22

moneycontrol.com

https://www.moneycontrol.com/news/business/video-commerce-offerings-gain-traction-indians-spent-over-2-million-hours-video-shopping-flipkart-12757241.html

Video commerce offerings gain traction, Indians spent over 2 million hours video shopping: Flipkart

Video commerce offerings gain traction, Indians spent over 2 million hours video shopping: Flipkart.Related stories.

Homegrown e-commerce platform Flipkart on Thursday said video as a format is rapidly gaining adoption and Indian customers have spent over 2 million hours on its video commerce offerings in the past one year. India is one of the top consumers of internet data, and with Indian consumers becoming increasingly tech-savvy and digitally inclined, video commerce in the country promises great potential. According to Flipkart Indians have spent over 2 million hours on its video commerce offerings, from June 2023 to May 2024. Tier 2 and tier 3 regions comprised 65 per cent of overall video commerce engagement, mostly in categories like fashion, beauty, personal care, home decor and furnishing. The maximum viewership clocked on a single live commerce video was 1.4 million, it added. "Video as a format is rapidly gaining adoption, especially among women in tier 2 and tier 3 regions, millennials and the Gen Z audience pan India. The top 5 cities leading the way for Flipkart's Video Commerce engagement are NCR, Bangalore, Mumbai, Hyderabad and Kolkata," the e-commerce major said. Three main reasons why customers primarily from below the 30 year age group and tier 2 and tier 3 regions flock to this format are relatability, trust, ease of access and interactivity, Flipkart said, adding that direct-to-consumer (D2C) brands, sellers and farmers also see value in video commerce offerings. "Flipkart's approach to video commerce has left an indelible mark in 2024, with events such as The Farmer's Alphonso Mango Day Live Stream (establishing direct farmer-to-customer connect), Big Bharath D2C livestream, The End Of Season Sale and Zero Hours witnessing strong engagement," Walmart-backed Flipkart said. Citing a report by Redseer Consulting, Flipkart said the short-form video industry in India is expected to create a total opportunity of USD 8-12 billion by 2030, and the overall short-video user base will touch 600 million by 2025. "Flipkart's video commerce offering is designed to meet an array of evolving needs, with the intention of not only creating an enhanced shopping experience but also addressing possible barriers that exist when it comes to online shopping," said Neha Agrahari, Senior Director, Video Commerce, Flipkart.

2024-06-27 10:59

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/centre-seeks-report-from-tamil-nadu-govt-on-foxconns-discriminatory-practices-against-married-women-12756850.html

Centre seeks report from Tamil Nadu govt on Foxconn's 'discriminatory practices' against married women

The office of regional chief labour commissioner has also been asked to file a factual report to the ministry, the statement added..Related stories.

The Union labour ministry has requested a detailed report from Tamil Nadu state government’s Labour department after taking note of various media reports claiming that married women are not being allowed to work at Foxconn India’s Apple iPhone plant, the ministry said in a statement on June 26. “Section 5 of the Equal Remuneration Act, 1976 clearly stipulates that no discrimination to be made while recruiting men and women workers. As the State Government is the appropriate authority for the enforcement and administration of the provisions of this Act, hence the report has been sought from the State Government,” the ministry said. The office of regional chief labour commissioner has also been asked to file a factual report to the ministry, the statement added. Also read:ÂApple supplier Foxconn says no to married women seeking jobs at Tamil Nadu plant On June 25, an investigation by Reuters said that the smartphone manufacturer systematically excluded married women from job opportunities at its main iPhone assembly plant located at Sriperumbudur, near the city of Chennai in Tamil Nadu as the world's largest contract electronics maker felt they had “more issues post marriage”. The Taiwanese firm rejected their job applications because “they have more family responsibilities than their unmarried counterparts”, the report had found. This was corroborated by several former and current employees of more than a dozen Foxconn hiring agencies across India, many of whom spoke to the news agency on the condition of anonymity.

2024-06-26 19:05

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/expected-ipo-timelines-are-18-24-months-kogta-financials-arun-kogta-post-fresh-fund-raise-by-ontario-teachers-12756821.html

'Expected IPO timelines are 18-24 months': Kogta Financial's Arun Kogta post fresh fund raise by Ontario Teachers

Arun Kogta, MD & CEO of Kogta Financial.Related stories.

Kogta Financial, an NBFC (non-banking financial services company), hassealed a series E fund raising roundand mopped up Rs 1,230 crore from top Canadian pension fund Ontario Teachers' Pension Plan (OTPP), the lKogta Finanatest addition to its cap table. The deal has provided a partial exit to Creador and Morgan Stanley Private Equity Asia, even as the firm which is also backed by the likes of Canadian Pension Plan Investment Board (CPPIB) and Multiples Private Equity, looks to ramp up its presence in new geographies. The Jaipur-based NBFC was founded in 1996 and has assets under management of Rs 4,800 crore. Monyeycontrol's Ashwin Mohan caught up for a quick chat with Arun Kogta, MD & CEO of Kogta Financial on the deal rationale & valuations as well as the firm's listing plans in a busy market for equity capital market transactions. Edited excerpts: This is your fifth round of equity investment following the last one in March 2022. What made you pick OTPP, which will pick up a chunky minority stake. It also becomes the second Canadian pension fund to join the firm's cap table following peer CPPIB. We are delighted to have gained the trust of two pension funds investing in our company. This underscores our strong culture, governance standards, and growth prospects. Ontario Teachers' commitment is a significant addition to our investor base, bringing global experience, long-term capital, and a visionary outlook that aligns perfectly with our company's goals. Following the partial exits by existing investors Creador and Morgan Stanley PE and the entry of OTPP, how much stake do the founders own in Kogta Financial? The founders remain the single largest group of shareholders in the company, holding more than 30 percent on a fully diluted basis, and continue to retain operational control of the business. As an NBFC, you focus on the segments of vehicle finance and MSME loans. What are the new product offerings you will explore post the latest fund raise and any new cities or states you plan to cover? We will maintain our focus on vehicle finance and MSME loans, continuing to expand within our current geographies while initiating expansion into new states such as Uttar Pradesh and Chhattisgarh starting in the second half of the year. At what valuation has the current deal been struck? We understand from our sources that OTPP will pick up around 24 percent stake in Kogta Financial for around $150 million, which would imply a valuation of roughly around $600 million. Is that range accurate? Yes, it is a fair range. With such a diversified cap table of leading investors, would you explore a potential IPO in the next 12-15 months? If yes, is a sixth fund raise on the cards before the listing? The expected IPO timelines are 18-24 months, but we can accelerate (our plans) if the markets are favourable. Do you expect M&A and IPO action to continue in the NBFC space? What deal trends are you seeing? Yes, we believe there is robust demand for companies that exhibit strong governance, a solid tech focus, and effective customer engagement. NBFCs demonstrating sustainable growth, consistent profitability, and high-quality portfolios are expected to attract significant investor interest. The segment shows strong growth momentum, which we anticipate will continue over the next 3-5 years.

2024-06-26 18:01

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/vodafone-idea-in-talks-with-samsung-for-4g5g-deployment-12756565.html

Vodafone Idea in active talks with Samsung for 4G/5G deployment

The telco is also in talks with Ericsson, Nokia and Mavenir for its 4G network expansion and 5G rollout in the country..Related stories.

Vodafone Ideais actively discussing new technologies with Samsung, including virtualized Radio Access Network (vRAN) solutions for its 4G and 5G deployments, according to a company statement. Over the past 12-18 months, the two companies have conducted network trials in Chennai, India. Following positive trial results and performance on par with existing suppliers, Vodafone Idea has expanded Samsung deployments to the Karnataka and Bihar circles. These deployments have enabled the telco to meet its 5G Minimum Rollout Obligation (MRO) in Chennai, Karnataka, and Bihar using NSA vRAN architecture. The telco recently confirmed its active discussions with Swedish telecom gear vendor Ericsson, which is already a telecom gear provider for its 4G network. Jagbir Singh, Chief Technical Officer, Vodafone Idea Limited said, “This vRAN deployment, delivered through Samsung’s innovation and joint technological strategic initiatives, is in sync with our technology transformation roadmap and enriched vendor ecosystem. We see a major role ahead for hybrid architecture in delivering the network-enhanced capabilities that will push new dimensions in radio architecture.” Samsung’s vRAN solution will enable Vi to bring flexibility, scalability and resource efficiency to network management. Vodafone Idea is also in talks with Ericsson, Nokia and Mavenir for its 4G network expansion and 5G rollout in the country. The telco is expected to place fresh procurement orders in the coming days,Moneycontrol reported on May 7. Vodafone Idea expects to start rolling out 5G six months from now and is in talks with vendors for 5G deals, chief executive officer Akshaya Moondra recently said, adding the telco is in the advanced stages of trial for OpenRAN and vRAN technologies. “We will be able to effectively utilise the capex by launching 5G now. We have completed the minimum rollout obligation in four circles and have applied for the Bihar and Mumbai circles. We are In talks with tech partners for 5G. We are also in the advanced stages of trials of OrAN and VRAN,” Moondra said in the post-Q4 conference call. Moondra said that the telco will start adding 4G capacity in a couple of months for decongestion. While for 4G coverage, the rollout will start in 3-4 months. "We will be able to complete a large part of coverage expansion to be competitive in 12-15 months," he said. Vodafone Idea has about 180,000 4G sites compared with 300,000 4G sites with both Reliance Jio and Airtel, as per Analysys Mason estimates. Vodafone Idea intends to cover 40 percent of its revenue base with its 5G services in the next 24-30 months and expects to roll out 5G services in select pockets within six-nine months, having completed the 5G minimum rollout obligation in four circles.

2024-06-26 16:02

moneycontrol.com

https://www.moneycontrol.com/news/business/sbi-raises-rs-10000-crore-via-bonds-to-fund-infra-projects-12756610.html

SBI raises Rs 10,000 crore via bonds to fund infra projects

SBI raises Rs 10,000 crore via bonds to fund infra projects.Related stories.

State Bank of India(SBI) on Wednesday raised Rs 10,000 crore through its fifth infrastructure bond issuance. The country's largest lender raised the funds at a coupon rate of 7.36 percent. The issue attracted overwhelming response from investors with bids in excess of Rs 19,884 crore and was oversubscribed by around four times against the base issue size of Rs 5,000 crore, SBI said in a regulatory filing. The total number of bids received was 143, indicating wider participation with heterogeneity of bids, it said. The investors were across provident funds, pension funds, insurance companies, mutual funds, corporates etc, it said. The proceeds of bonds will be utilized in enhancing long-term resources for funding infrastructure and affordable housing segments, it said. "Based on the response, the bank has decided to accept Rs 10,000 crore at a coupon rate of 7.36 per cent payable annually. This represents a spread of 21 bps over the corresponding FBIL G-Sec par curve," it said. With the current issuance, the total outstanding long-term bonds issued by the Bank is at Rs 49,718 crore. This issuance is also very significant as the Bank has been successful in raising long-duration bonds successively. SBI Chairman Dinesh Khara said that this issuance will help in developing a long-term bond curve and encourage other banks to issue bonds of longer tenor.

2024-06-26 14:02

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/policyholders-satisfied-as-94-health-insurance-claims-get-approved-study-12756568.html

Policyholders 'satisfied' as 94% health insurance claims get approved: Study

The claims that were rejected were attributed to non-disclosure of pre-existing or uncovered diseases, the report said..Related stories.

At least 94 percent health insurance claims are now being approved, according┬Āto a study released by Policybazaar, ahead of the Insurance Awareness Day. The approval ratings went up to 97 percent for claims initiated through online channels, according to the report. However, the 6 percent claims that were rejected were attributed to non-disclosure of pre-existing or uncovered diseases, the report said. ŌĆ£This brings out the need for increased awareness and transparency in the industry along with product simplification so that thereŌĆÖs a better understanding between the consumer and the industry,ŌĆØ it said. The study also added that the involvement of both online and offline intermediaries can help turn over the tide and boost approval rates. The report has a sample size of 2,100 across 39 cities and provides a deeply researched narrative of the health insurance claims index in India. While 86 percent of the people studied said they were ŌĆśsatisfiedŌĆÖ with their claims experience, 40 percent said they were 'extremely satisfied'. The biggest reasons for such high positive feedback were cashless claims, online channels and minimal paperwork, the report found. The report also revealed that cashless claims offer a seamless experience with lower rejection rates. Reimbursement claims are sought only in cases where the preferred healthcare service provider is not in the network of the insurance company. ŌĆ£However, upfront payment for treatment remains a challenge for many, with approximately 70 percent of reimbursement claimants seeking financial aid through formal or informal loans or breaking their savings funds meant for other life goals,ŌĆØ it said.

2024-06-26 13:39

moneycontrol.com

https://www.moneycontrol.com/news/business/bajaj-auto-manufacturing-plant-at-manaus-in-brazil-becomes-operational-12756471.html

Bajaj Auto manufacturing plant at Manaus, in Brazil becomes operational

Related stories.

Bajaj Autoon Wednesday announced the inauguration of a new production facility in Brazil, which will initially focus on the sourcing, assembly, and testing of Dominar models, with plans to expand to additional product lines. Set up in the Northeastern city of Manaus in 9,600 sq meters of space and equipped with engine and vehicle assembly as well as testing facilities, the plant has a production capacity of 20,000 units per year on a single shift, Bajaj Auto Ltd said in a statement. Bajaj Auto commenced work on the new manufacturing plant in June last year and the facility became production-ready within a year, it said. With the opening of the Brazil plant, Bajaj Auto said, it now sells its vehicles in 100 countries. "With the establishment of our own plant in Brazil, we have achieved a quantum shift in our local capability to fulfil demand. Our Dominar brand has received an outstanding reception since its launch 18 months ago. "The new manufacturing capabilities will enable us to build a wider distribution network, introduce new products and meet growing expectations of our customers,' said Rakesh Sharma, Executive Director at Bajaj Auto Ltd. The Manaus plant has been designed with advanced, automated production lines and integrated quality control systems with multiple conveyor and transfer systems seamlessly connecting to various stages of manufacturing, Bajaj Auto said. "Bajaj do Brasil has provided for plans to expand the facility further in due course to accommodate additional production capacity to up to 50,000 units per year. It has also integrated local suppliers and begun sourcing key motorcycle parts and components from within Manaus," the company said.

2024-06-26 13:07

moneycontrol.com

https://www.moneycontrol.com/news/business/ashok-leyland-sets-up-new-lcv-dealership-in-madhya-pradesh-12756517.html

Ashok Leyland sets up new LCV dealership in Madhya Pradesh

Ashok Leyland sets up new LCV dealership in Madhya Pradesh.

Hinduja Group flagship companyAshok Leylandhas inaugurated a new dealership for its light commercial vehicles division in Madhya Pradesh under its expansion drive, the city-headquartered company said on Wednesday. The new light commercial vehicle dealership -- Sunil MotoCorp -- is the 8th 3S (sales, service and spares) facility in Chhindwara, Madhya Pradesh and offers a range of LCV products including BADA DOST, DOST, PARTNER AND MiTR. "One of the key reasons for the runaway success of our DOST range and now the BADA DOST has been the robustness of the product and our network. All our products have been receiving great response from our customers..We are extremely proud that our track record of service retention levels is exemplary with close to 70 per cent of our customers returning to our dealer workshops even after the warranty period" said company President - IO,LCV, Defence and PSB, Amandeep Singh in a company statement. "This new dealership is being opened to further strengthen our reach, in line with our commitment," he said The LCV dealership is equipped with advanced tools, five quick service bays, sophisticated infrastructure among others and adds to the distribution network with more than 750 touch points.

2024-06-26 12:30

moneycontrol.com

https://www.moneycontrol.com/news/business/gender-minorities-marginalised-groups-to-comprise-25-of-tata-steel-workforce-official-12756513.html

Gender minorities, marginalised groups to comprise 25% of Tata Steel workforce: Official

Gender minorities, marginalised groups to comprise 25% of Tata Steel workforce: Official.Related stories.

Tata Steelaims at having a minimum of 25 per cent of its workforce made up of diverse groups, including gender minorities, marginalised communities, persons with disabilities and LGBTQIA+ individuals, within the next few years, a company official said. It is one of the first companies in the country to roll out a special recruitment drive for transgender talent, having recruited over 100 members from the community for various roles across different locations, the official claimed. "Continuing this drive, we aim to have 25 per cent of our workforce from diverse groups in the next couple of years," the official said. A total of 113 transgender individuals have been onboarded and posted at various locations, including manufacturing, operations and maintenance, mining, and services. These employees are stationed in Noamundi, West Bokaro, Kolkata, Kharagpur, Kalinganagar, and Jamshedpur. Some of these employees work all three shifts and operate Heavy Earth Moving Machinery (HEMM) at the Noamundi iron ore mine in Jharkhand's West Singhbhum and West Bokaro coal mine in Ramgarh district. "Tata Steel appreciates the potential of diversity, equity and inclusion (DE&I) and has a tremendous organisational focus on it," the official said. "In line with this, we renewed our commitment and refocused our approach to DE&I in 2015 by setting up MOSAIC - a platform for pioneering initiatives, diversity targets, and employee-friendly policies conceptualised and executed from the apex level," he added. The official admitted that the initial planning stage was challenging due to inadequate knowledge about the transgender community. "However, we made a detailed plan and implemented it without any difficulty. To date, we have not received any complaint from either side of the employees since the first batch of transgender individuals was inducted following proper training in 2019," the official said. On the productivity of these employees compared to the general workforce, he said transgender individuals perform better in some areas. Jaya Singh Panda, Chief Diversity Officer at Tata Steel, said, "We believe in nurturing a workplace where every person, regardless of their sexual orientation or gender identity, feels valued, respected, and empowered. Diversity is one of our greatest strengths, and continuing this practice is key to long-term success and innovation." Speaking on condition of anonymity, a transgender employee at the company's Jamshedpur plant said, "We feel very safe inside the company as coworkers are friendly, supportive, and cooperative. The company has also developed infrastructure, including separate toilets for us." Another trans-female employee from Noamundi lamented that her parents never used to care about whether she ate or came home on time. "When my father learned about my job at Tata Steel, he did not believe me. He came and stayed with me until I joined. Since then, he calls me every day to check on me," the worker said. A trans-male employee in Jamshedpur said his job at the company enabled him to support his family and help with his sister's marriage, something he never imagined possible. Another trans-female employee in Jamshedpur expressed gratitude for the accommodation provided by the company. "I'm happy that my society has accepted me as an individual," another member of the group added.

2024-06-26 12:25

moneycontrol.com

https://www.moneycontrol.com/news/business/aditya-birla-group-to-invest-50-million-in-manufacturing-rd-center-in-texas-12756507.html

Aditya Birla Group to invest $50 million in manufacturing, R&D center in Texas

Aditya Birla Group to invest $50 million in manufacturing, R&D center in Texas.Related stories.

Aditya Birla Group has announced an investment of USD 50 million in a manufacturing and research and development (R&D) center in Texas. Aditya Birla Group's Vice President of Sales and Marketing Scott Bastion said the company will be making a USD 50-million investment outside of Houston in the city of Beaumont, Texas, where it will produce epoxy resins -- that are used in a variety of consumer and industrial products. "In that site, we will have an application development center and will house an R&D team. We look forward to commissioning that site in the next 15 to 20 months. "In addition to that, we look forward to bringing greener solutions, sustainable solutions, and more importantly, being able to serve as well as expand the global footprint of our epoxy business," Bastion said. Aditya Birla Group already has a foundation in India, Thailand, as well as Europe. "This will be the fourth expansion on behalf of the epoxy business into the USA. This is the first phase of our expansion of a 35-acre site, which we hope to have additional phases in coming years," he said. Arun Venkataraman, the assistant secretary of Commerce for Global Markets and director general of the US and Foreign Commercial Service said Aditya Birla Group's plans to establish a state-of-the-art manufacturing and R&D center in Texas is a "testament to America's commitment to attracting the most innovative businesses." "Aditya Birla Group's foresight in ensuring that their manufacturing facility brings greener, more sustainable and performance-oriented solutions underscore exactly what corporate environmental responsibility is. "Consumers continue to seek out ecofriendly options and we look forward to seeing Aditya Birla Group become a local leader in the greenification of the epoxy industry," Venkataraman said on the sidelines of the Select USA Summit which is being attended by more than 250 businesses from India.

2024-06-26 12:18

moneycontrol.com

https://www.moneycontrol.com/news/business/india-probe-finds-byjus-didnt-commit-fraud-but-had-compliance-lapses-12756426.html

India probe finds Byju’s didn’t commit fraud but had compliance lapses

India probe finds Byju’s didn’t commit fraud but had compliance lapses.Related stories.

An India government¬Ýinvestigation¬Ýfound lapses in the corporate governance of¬ÝByju‚Äôs, but cleared the struggling online-education startup of financial fraud. The yearlong probe by the Ministry of Corporate Affairs found no evidence of wrongdoing such as siphoning of funds or manipulation of financial accounts, people familiar with the matter said. Still, it discovered governance shortcomings that contributed to the startup‚Äôs mounting losses, the people said, asking not to be named as the investigators‚Äô report isn‚Äôt public yet. The findings offer some support for once-celebrated founder Byju Raveendran, who‚Äôs been accused of mismanagement by disgruntled investors. Three shareholders including Prosus Ventures and Peak XV Partners, formerly Sequoia Capital India, left the board of Byju‚Äôs last year over differences with Raveendran on issues such as business processes and internal controls. The report also ends, at least temporarily, the possibility of any new scrutiny on the company by Indian officials on issues already probed. Representatives of the corporate affairs ministry, Byju‚Äôs, Peak XV and Prosus didn‚Äôt respond to requests for comment. The report doesn‚Äôt directly address whether Raveendran personally is at fault for the governance lapses or whether he is qualified to run the company. The disgruntled investors have sought his removal, citing management and compliance failures. The report also does little to stave off the company‚Äôs broader problems. The unprofitable startup‚Äôs quick expansion led to a cash crunch and a plunge in its valuation, and it‚Äôs¬Ýnow fighting multiple lawsuits in India and the US. The probe found that weak corporate governance and compliance practices, along with a change in the funding environment, contributed to its ballooning losses, the people said. Investigators also concluded that that startup failed to bring in professionals to oversee finances and compliance, which led to the losses, the people said. The report establishes that Byju‚Äôs didn‚Äôt disclose full details of acquisitions with all directors and that meetings to approve such deals were called at short notice. But it acknowledges the founders‚Äô rationale that some directors were also investors at rival companies, according to the people. The ed-tech company was valued at $22 billion at its peak. Business surged during the two years of the Covid-19 pandemic but as infections subsided and classrooms resumed, its cash pile shrinked. It‚Äôs now battling several bankruptcy cases in India and overseas. Though Byju‚Äôs has managed to raise more than $100 million from existing investors through a fresh issuance of shares, an Indian court has barred it from using that money.

2024-06-26 12:13

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/tata-sons-holds-back-fresh-investments-in-e-commerce-ventures-amid-strategic-overhaul-report-12756403.html

Tata Sons holds back fresh investments in e-commerce ventures amid strategic overhaul: Report

Tata Sons chairman N Chandrasekaran..Related stories.

Tata Sons, the holding company of the Tata group, put on hold halt fresh investments into its ecommerce and omni-channel electronics ventures, including Tata Neu, Croma and Tata Cliq, and others in FY24, The Economic Times has reported. This is the first time in eight years that the conglomerate refrained from injecting funds into these businesses, the report cited sources as saying. "Despite ongoing organisational changes, there is a deliberate decision to refrain from new equity investments until these strategic and operational enhancements are fully implemented," the report cites sources as saying. "However, plans for future funding injections will resume once these changes are successfully executed." Moneycontrol could not verify the report independently. Tata Sons has already invested an estimated Rs 19,000 crore in Tata Digital, the holding entity for its ecommerce ventures, top executives said. The pause is part of a strategic move aimed at refining operational strategies, enhancing accountability, and improving efficiencies to ensure sustainable profitability. Registrar of Companies filings accessed via Tofler indicate that Tata Sons did not make any investments in Tata Digital in FY24. Tata Digital oversees Tata Unistore, the operator of Tata Cliq, Innovative Retail Concepts, the owner of BigBasket, Tata 1MG Healthcare Solutions, Infiniti Retail, which operates Croma stores, and “super app” Tata Neu. Both Tata Sons and Tata Digital declined to comment to ET queries. "Tata Sons has allocated substantial capital to support growth-oriented businesses. However, there is now a firm directive to achieve profitability within a defined timeframe. Businesses must prioritise effective execution on the ground to scale operations. Until these milestones are met, fresh capital allocations will be limited to critical needs only," the report quoted a senior executive as saying.

2024-06-26 10:47

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/scorched-in-heatwaves-retailers-defer-end-of-season-sales-as-shoppers-stay-indoors-report-12756306.html

Scorched in heatwaves, retailers defer end-of-season sales as shoppers stay indoors: Report

According to the Retailers Association of India (RAI), retailers experienced a 3 percent growth primarily fueled by sales in food, groceries, and consumer durables..Related stories.

The end-of-season summer sales have been pushed by a week as brands grapple with excess inventories because of subdued demand in May, when heatwaves kept buyers away from the market, reportedBusiness Standard. The absence of auspicious dates for marriage and Lok Sabha elections further contributed to the sluggish sales last month. Retailers noted that while April showed modest performance, the like-for-like growth turned negative in May. Like-for-like sales are used as an adjusted growth metric that includes revenues generated from stores or products with similar characteristics while omitting any the distinct differences that could skew the numbers. The mid-year end-of-season sales traditionally commence in mid-June and extend through July-end. Some items receive substantial markdowns approaching the Independence Day weekend. Despite increased inventories, discounts have remained unchanged. Manish Kapoor, chief executive officer (CEO), Pepe Jeans India, toldBusiness Standardthat demand has been slow in May and LFL growth was negative. Discounts offered by the denim brand this sales season were up to 50 percent and it intended to end sales by the third week of July, he added. A retailer said the inventory pileup for the industry was 20 percent higher than last year, the report said. Celio India has initiated its end-of-season sales four to five days ahead of schedule this year and will conclude them by the first week of August, it said. Satyen Momaya, CEO of Celio India, said that the festive season is arriving earlier than last year and they want to bring in fresh inventories before the season starts. According to the Retailers Association of India (RAI), retailers experienced a 3 percent growth, reportedBS. “While consumer spending on non-essential items remains cautious, categories such as food, groceries, and consumer durables have shown a positive growth trajectory. Retailers are looking forward to the business post-election season. The Budget in July will hopefully provide much-needed incentives to bolster consumer confidence and support further growth in the retail sector,” CEO Kumar Rajagopalan was quoted as saying.

2024-06-26 09:39

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/tata-electronics-synopsys-partner-to-ramp-up-indias-first-fab-unit-accelerate-customer-product-design-12756073.html

Tata Electronics, Synopsys partner to ramp up India’s first fab unit, accelerate customer product design

In February this year, Tata Electronics had announced plans to build country’s first fab in Dholera with a total investment of Rs 91,000 crore ($11 bn)..Related stories.

Tata Electronics on June 25 announced a memorandum of understanding (MoU) with Synopsys, provider of silicon to systems design solutions, to collaborate on process technology and foundry design platform to accelerate customer products in India’s first fab unit, the company said in a regulatory filing. The facility is being built by the Tata group company in Dholera, Gujarat, according to the filing. The two firms will partner on various areas under the agreement, according to the statement. The leadership teams of both the firms held a meeting at the Tata group headquarters in Mumbai, according to the filing. Randhir Thakur, managing director & CEO, Tata Electronics said, “We have a bold vision of becoming the world leader in electronics manufacturing by offering integrated solutions across the electronics manufacturing value chain to global customers seeking a resilient supply chain. We view Synopsys as a key partner and accelerator in our journey by virtue of the expertise they bring in semiconductor design and services.” In February this year, Tata Electronics had announced plans to build country’s first fab in Dholera with a total investment of Rs 91,000 crore ($11 bn). Moreover, another Rs 27,000 crore will be invested in a greenfield facility in Jagiroad, Assam for assembly and testing of semiconductor chips, the company had announced. Together these facilities will produce semiconductor chips for applications across automotive, mobile devices, artificial intelligence (AI), and other key segments to serve customers globally. Sassine Ghazi, president & CEO of Synopsys, expressed his support and said, “For nearly 30 years, Synopsys has been researching and developing silicon to systems design solutions for customers and investing in workforce development in India. We applaud and support Tata Electronics’ vision to develop semiconductor manufacturing capacity in India, advancing supply chain resiliency for the global semiconductor industry.”

2024-06-25 18:58

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/tvs-electronics-adds-electronics-manufacturing-services-at-karnataka-plant-12755402.html

TVS Electronics adds electronics manufacturing services at Karnataka plant

TVS Electronics adds electronics manufacturing services at Karnataka plant.

TVS Electronics on Monday said it has added an Electronics Manufacturing Services capability at its facility in Tumakuru, Karnataka. The manufacturing plant in Tumakuru offers a variety of solutions, including PCB assembly, product testing, box building, and supply chain. ”The Electronics Manufacturing Services (EMS) facility, equipped with cutting-edge SMT technology, exemplifies TVS Electronics’ commitment to enhancing manufacturing capabilities while fostering employee innovation. ”It represents a significant step towards our overarching vision of becoming a comprehensive solution provider, while also marking a significant stride in strengthening the Make-in-India initiative,” Sathya Doraisamy, Chief Business Officer of TVS Electronics, said. Shares of TVS Electronics settled 2.11 per cent lower at Rs 330 apiece on the BSE.

2024-06-25 17:35

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/ntpc-board-to-consider-proposal-to-raise-rs-12000-cr-via-ncds-on-june-29-12755992.html

NTPC board to consider proposal to raise Rs 12,000 cr via NCDs on June 29

The stock price of the company ended 0.34 percent lower at Rs 361.5 on NSE..

NTPC’s board of directors will consider raising non-convertible debentures (NCDs) of up to Rs 12,000 crore on June 29, the power generation company said in a stock exchange filing on June 25. The board will meet on June 29, when the proposal will be considered, the company statement said. Last month, the state-run power generatorhad reported a consolidated net profit of Rs 6,490.05 crorefor the fourth quarter of 2023-24, up 33 percent from Rs 4,871.5 crore in the year-ago period. Sequentially, consolidated net profit of the company rose by 24.5 percent from Rs 5,208.87 in the December quarter. The firm’s revenue from operations in the March quarter was Rs 47,622.06 crore, rising 7.6 percent from Rs 44,253.17 crore reported last year. NTPCis country’s largest integrated power utility, contributing 25 percent of the country’s power requirement. The stock price of the company ended 0.34 percent lower at Rs 361.5 on the NSE.

2024-06-25 17:23

moneycontrol.com

https://www.moneycontrol.com/news/opinion/hyundais-ipo-can-internationalise-indias-capital-market-12755862.html

HyundaiтАЩs IPO can internationalise IndiaтАЩs capital market

Will a successful Hyundai IPO induce other multinational companies to list their Indian arms..Related stories.

HyundaiтАЩs proposed public issue, with the Korean parent offering for sale 17.5% stake in the Indian subsidiary, throws up some novel opportunities. The money raised would go out of India to the Korean parent, and so the effect would be no different from if the Korean parent were to raise fresh capital for itself in India, rather than in London or New York. Repatriation of the capital would take out a max of $3 billion from India, nothing to worry about, either in terms of the impact onIndiaтАЩs foreign exchange reservesor on the exchange rate. The potential benefits outweigh, by far, the potential harm. It Adds to Good Options of Domestic Investors The public issue would be a gain for the Indian investing public, who have been ratcheting up valuations in their investment universe of listed companies, comprising a limited number of investment-worthy companies, and of some dubious entities of the sort that simply insert AI in the companyтАЩs name and push WhatsApp messages to all and sundry expounding on the brave new world of artificial intelligence and the fortunes to be made by catching the wave early. Investors would get a chance to own a chunk of IndiaтАЩs second-largest car maker, with access to good research and development capabilities in its foreign parent. Elements of the Indian stock market ecosystem тАФ merchant banks, brokerages, corporate law firms, rating agencies, sundry analysts, investment pools тАФ all will get additional business. That is a transparent plus. Will There Be a Knock-On Effect? The interesting question is, will a successful Hyundai IPO induceother multinational companies to list their Indian arms, taking advantage of the Indian market's red-hot valuations? Will such capital raising add momentum to IndiaтАЩs capital account convertibility plans? Can India develop as a financial centre for companies from Asia and Africa, where the capital that is raised comes from foreign funds, as well as Indian investment pools, with India serving as a site for allocation of capital drawn from India and abroad? After all, this is what happens when a company offers shares and gets listed in London or New York. Getting a Leg Up on China India would, in the process, steal a march over China, whose own financial markets, including the market for equity capital, lag the countryтАЩs product markets in sophistication.The Chinese economy is right now struggling to recover from the collapse of its property sector. Real estate served as the principal form of savings for the Chinese, even after the homeownership rate rose to nearly 90% by 2014, many owning a second or even a third home. The illusion that residential property is a form of saving that would not lose value cannot sustain when excess supply finally meets with its reckoning, in the financial travails of property companies that cannot repay loans or complete projects that they have already sold. Right now, the Chinese are saving in tiny gold beads, after the collapse of the property market and of giant property firms like Evergrande.Chinese savings are still waiting to be financialised, which is why American financial majors do not join the chorus of decoupling from China. They see huge business potential in this area. READ |┬аEverything you need to know about Hyundai Motor's mammoth IPO IndiaтАЩs financial markets are relatively more evolved, except for the market for corporate debt. In the speed of settlement of trades, in guaranteeing settlement, in applying price floors and ceilings in times of extreme stock price volatility, in the number of stocks with individual futures and options, and in the digital underpinning of capital market transactions, India is right there at the global cutting edge. Unlike in the US, where the regulation of financial and commodity markets, as well as of spot and forward markets, is split up among different regulators, India has unified regulation, with government debt being an outlier. Equities, a Preferred Choice Indian investors have been weaned off bank fixed deposits and a policy from the Life Insurance Corporation of India as their preferred forms of financial savings. Investment in stocks, via mutual funds, equity linked saving schemes and direct purchase, have grown by leaps and bounds, to a stage where the market can shrug off coordinated exits by foreign portfolio investors. Capital can flow in and out of India reasonably smoothly, and the International Financial Services Centre in GIFT City, Gujarat, makes the process even more frictionless. All this offers an opportunity for India to serve as a global centre of financial intermediation. Earlier, multinational companies listed their Indian arms out of regulatory compulsion. Now, HyundaiтАЩs share price rise in Korea, after its IPO proposal in India came to light, makes it clear that India would be an attractive place for raising capital for global companies. Will this place an undue burden on IndiaтАЩs currency regime? That is unlikely, with foreign capital flowing in to take part in share offerings in India, along with participation by Indian investors. IndiaтАЩs capital account restrictions apply mostly to residents, not foreign investors. In the interest of extreme prudence, regulation can set limits on how much residents can invest in foreign share offerings. Right now, policy allows an individual resident to take out up to $250,000 for current or capital account purposes a year. The limit for an individual resident for participation in a foreign share offering in India could be fixed at, say, double that limit. While the resident would not be taking any capital out directly, her purchase of a foreign share offering would lead to an equivalent outflow by the issuing multinational. On the plus side, the additional demand for dollars in the forex market for repatriating IPO proceeds by MNCs would spare the RBI the need to purchase inflows to prevent overvaluation of the rupee. Once Hyundai tastes success, and other global companies with or without an Indian presence show an inclination to raise capital in India, the government should stand ready to welcome the move.

2024-06-25 15:09

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/icici-bank-introduces-smartlock-safety-measure-on-imobile-pay-12755821.html

ICICI Bank introduces ‘SmartLock’ safety measure on iMobile Pay

The “first-of-its-kind” measure in the country’s banking sector will be available of iMobile Pay..Related stories.

ICICI Bankon June 24 launched ‘SmartLock’, a new safety measure that will enable customers to lock/unlock multiple banking services without any help from a customer care executive through phone or e-mail, the private lender said. The “first-of-its-kind” measure in the country’s banking sector will be available of iMobile Pay. It will empower customers to lock/unlock access to internet banking, UPI (including payments from other UPI apps linked to the bank account), credit and debit cards, simply by clicking a button, the bank’s statement said. The new feature also permits account holders to lock or unlock the entire iMobile Pay, the statement added. The feature can be used to deactivate a particular banking service and in case of a possible fraudulent transaction. The ‘SmartLock’ feature allows scheduled standing instructions (SI) and E-mandates to go through, even when a banking service is locked by the customer, the lender said. Sidharatha Mishra, head – digital channels and partnerships, ICICI Bank said, “Safety of our customers’ accounts is of utmost importance to us. The launch of ‘SmartLock’ is yet another effort of the Bank to strengthen the safety and security of the customer’s accounts and safeguard their interest. This Do-It-Yourself (DIY) feature provides customers the convenience of enhanced security for banking services in their own hands, in one place. The introduction of ‘SmartLock’ is a part of various ‘safe banking’ initiatives of the Bank.” Steps to use ‘SmartLock’ feature -Login to iMobile Pay-Click on ‘SmartLock’ feature on the bottom right corner of the home screen-Click on key banking services that you wish to lock/unlock-Swipe to confirm

2024-06-25 14:40

moneycontrol.com

https://www.moneycontrol.com/news/business/jet-airways-founder-naresh-goyal-moves-hc-seeking-extension-of-interim-medical-bail-12755865.html

Jet Airways founder Naresh Goyal moves HC seeking extension of interim medical bail

Jet Airways founder Naresh Goyal moves HC seeking extension of interim medical bail.Related stories.

Jet Airwaysfounder Naresh Goyal has moved the Bombay High Court seeking extension of the two-month interim medical bail granted to him earlier. On May 6, the high court had granted interim bail for two months on medical grounds to Goyal, arrested in a money laundering case by the Enforcement Directorate (ED). Goyal, 75, has now filed an application seeking extension of the same. The plea said his medical condition continues to remain poor and that he has also lost his wife to cancer on May 16. The application came up for hearing on Tuesday before a single bench of Justice Manish Pitale. The court referred to a circular issued by the high court in February, stating that the applications where earlier pleas were considered and decided by a particular judge shall be placed before the same bench. Justice Pitale directed the high court's registry department to place Goyal's application before the single bench of Justice N J Jamadar, who had granted him interim bail in May for two months. Goyal's counsels Aabad Ponda and Ameet Naik said they would mention the plea before Justice Jamadar on Wednesday. Goyal was arrested by the Enforcement Directorate (ED) in September 2023 on the allegations that he had laundered money and siphoned off loans to the tune of Rs 538.62 crore given to Jet Airways by Canara Bank. His wife, Anita Goyal was arrested in November 2023 when the ED submitted its chargesheet in the case. She was granted bail by the special court the same day considering her age and medical condition. She died on May 16.

2024-06-25 14:38

moneycontrol.com

https://www.moneycontrol.com/news/business/jsw-steel-usa-to-invest-110-million-to-modernise-plate-mill-in-baytown-texas-12755828.html

JSW Steel USA to invest $110 million to modernise plate mill in Baytown, Texas

JSW Steel USA to invest $110 million to modernise plate mill in Baytown, Texas.

JSW Steelon Tuesday said its subsidiary JSW Steel USA plans to invest USD 110 million to modernise its steel plate mill in Baytown, Texas with new equipment and sustainable technology. These investments will enable the production of high-quality monopile steel plates to support the US administration's new actions to expand offshore wind energy by deploying 30 gigawatts (GW) of offshore wind by 2030, enough to power 10 million homes with clean energy, the company said. "JSW Steel USA, Inc plans to invest USD 110 million in steel plate mill modernization projects with sustainable technology and state of the art equipment within its manufacturing facilities in Baytown, Texas," JSW Steel said in a statement. Steel products made through this investment are aligned with "Buy America" requirements for niche grades and sophisticated applications such as hydrocarbon pipelines, offshore wind towers and platforms, high-density pressure vessels and monopile steel slabs, JSW Steel said. Parth Jindal, Director of JSW Steel USA, said, "The new upgrades at our Plate Mill support the long-term Environmental, social, and governance (ESG) initiative of JSW USA and support decarbonisation of the Energy Spectrum in the USA. These investments have the potential to significantly reduce US import reliance in the infrastructure and renewable energy sectors."

2024-06-25 13:58

moneycontrol.com

https://www.moneycontrol.com/news/business/tata-motors-partners-bajaj-finance-for-commercial-vehicle-finance-12755827.html

Tata Motors partners Bajaj Finance for commercial vehicle finance

Girish Wagh, Executive Director, Tata Motors, Mr. Rajesh Kaul, Vice President & Business Head – Trucks, Tata Motors and Mr. Harjeet Toor, President – Bharat Lending & Strategic Partnership, Bajaj Finance among other dignitaries from Tata Motors and Bajaj Finance at the MoU signing ceremony in Mumbai.Related stories.

Tata Motorson Tuesday said it has partnered withBajaj FinanceLtd for offering financing solutions across its entire commercial vehicle portfolio. The company has signed a memorandum of understanding (MoU) with Bajaj Finance Ltd, part of Bajaj Finserv Ltd, for the same and customers will benefit from the latter's wide reach, competitive interest rates, flexi loan and digitally-enabled loan processing, Tata Motors said in a statement. "We are confident that their (Bajaj Finance) inaugural venture into commercial vehicle financing will allow them to tap the immense potential that the transportation sector brings in, and this partnership will benefit entrepreneurs across the country," Tata Motors Commercial Vehicles Vice President & Business Head - Trucks, Rajesh Kaul said. With Bajaj Finance's wide network in rural and urban areas, customers will have easy access to financing solutions as per their requirements, he added. Bajaj Finance Deputy Managing Director Anup Saha said, "... We aim to make the process of purchasing a commercial vehicle accessible and hassle-free. We are confident that the partnership will empower more commercial vehicle owners with financing solutions." Tata Motors offers a range of sub 1-tonne to 55-tonne cargo vehicles and 10-seater to 51-seater mass mobility solutions, ranging in small commercial vehicles and pickups, trucks and buses segments. On the other hand, Bajaj Finance is a diversified Non-Banking Financial Company (NBFC) in India with presence across lending, deposits and payments, serving over 8.36 crore customers. As of March 31, 2024, its assets under management stood at Rs 3,30,615 crore, the statement said.

2024-06-25 13:55

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/adani-group-sees-fy25-capex-at-rs-1-3-lakh-crore-cfo-12755760.html

Adani Group sees FY25 capex at Rs 1.3 lakh crore: CFO

Adani Group.

Ports-to-power conglomerate Adani Group is planning capital expenditure of Rs 1.3 lakh crore ($15.6 billion) for fiscal 2025, group chief financial officer (CFO) Jugeshinder Singh told reporters in Ahmedabad on June 25.The group has a target to raise $2 billion to $2.5 billion in equity capital in the year ending March 2025, he said. CFO Jugeshinder Singh also said that Adani Enterprises will list its airport business in FY28, NDTV Profit reported. Singh said that its clean energy arm Adani Green will invest Rs 34,000 crore, the report said, adding 6-7 GW of capacity in the current financial year. Additionally, Singh said the margins currently stood at 30 percent following the deployment of all the capital. The CFO also highlighted that the group has the highest cash per share growth in the country at 43.2 percent, the news channel said. The group generates 70 percent of the cash required internally for every billion-dollar growth plan, Singh was quoted as saying in the report. Meanwhile, on June 25, Singh denied reports the group is planning to take a stake in payments firm Paytm, but said it will "evaluate any opportunities" in the fintech space, reported Reuters. The comments came a day after billionaire owner Gautam Adani told investors the group is "well positioned" to capitalise on opportunities in the country's booming infrastructure sector. The group, which has businesses across ports, power utilities, transmission and coal trading, is betting on infrastructure spending, which is expected to grow at a compounded annual growth rate of 20 percent-25 percent, Adani said on June 24. In January 2023, Hindenburg accused the Adani Group of improper use of tax havens and stock manipulation. The group, which refuted the allegations, sparked a $150-billion meltdown in market value as the short-seller's report roiled investor confidence and attracted regulatory scrutiny. Group companies, including Adani Power and Adani Ports , recouped all their losses and moved past pre-Hindenburg levels last year. Adani Enterprises, too, bounced back past those levels in May. "The headwinds that tested us became the very ones that made us even stronger," Adani said, pointing to investments from GQG Partners, TotalEnergies and Abu Dhabi conglomerate International Holding after the Hindenburg saga. With inputs from Reuters

2024-06-25 13:29

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/optiemus-infra-shares-rise-as-firm-organises-ground-breaking-ceremony-with-corning-at-cover-glass-finishing-facility-in-tn-12755722.html

Optiemus Infra shares rise as firm organises ground breaking ceremony with Corning at cover-glass finishing facility in TN

The BIG Tech facility will help strengthen local supply chains and create substantial employment opportunities, the company said.Related stories.

Corning IncorporatedandOptiemus Infracom Limitedon June 25 broke ground for a new Bharat Innovative Glass Technologies (BIG Tech) facility, which will make front-cover glasses for mobile phones in Tamil Nadu, the former said in a statement. Following the announcement, the stock price of Optiemus Infracom rose 1.4 percent to Rs 329.9 on NSE at 12:39 pm. Bharat Innovative Glass Technologies Private Limited is a joint venture firm between Optiemus Infracom and US-based Corning International Corporation.An MoU was inked in January this yearwith the government of Tamil Nadu to set up the new facility with an investment of Rs 1,003 crore. The firm said that the proposed project has the potential to employ nearly 840 persons for the facility. The new plant, which is located at the SIPCOT Pillaipakkam industrial park in the Kanchipuram District, Tamil Nadu, will be the country’s first facility to produce high-quality, finished cover-glass parts for mobile consumer electronics. It is likely to provide a boost to growing manufacturer demand in India, the statement added. The BIG Tech facility will help strengthen local supply chains and create substantial employment opportunities, the company said. The manufacturing of finished cover-glass components in the country is a significant evolution for the industry. “For more than 60 years, Corning has played a vital role in India’s technological development. This joint venture with Optiemus Infracom demonstrates our shared commitment to bringing life-changing innovations to the Indian market – and the world,” said David Velasquez, vice president and general manager, Corning Gorilla Glass. “By actively supporting our customers as they advance their supply chains, we’re giving more consumers in the region an opportunity to experience the renowned durability of Gorilla Glass.” “Our collaboration with Corning exemplifies our shared commitment to driving technological advancements and delivering high-quality products to the market in alignment with government’s Make-in-India initiative,” said Ashok Gupta, executive chairman, Optiemus Infracom. “Establishing India’s first cover-glass finishing operation for mobile consumer electronics is a major milestone in our journey to meet the growing demand for high-quality, advanced cover glass.”

2024-06-25 12:53

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/force-motors-partners-with-ey-parthenon-india-for-digital-transformation-prog-12755405.html

Force Motors partners with EY Parthenon India for digital transformation prog

Having delivered a strong business turnaround in the last two years, Force Motors said its topline grew by 38 per cent year-on-year in FY24, with the after-tax profits growing at more than 1000 per cent..

Pune-based automaker Force Motors said on Monday it has partnered with strategy consultancy firm EY Parthenon India for its digital transformation programme to boost innovation and productivity across its value chain, among others. The crucial milestones in this partnership include redesigning Force Motors’ digital landscape, implementing advanced digital platforms, technologies and solutions for customers, and boosting its capabilities and security, the company said.Having delivered a strong business turnaround in the last two years, Force Motors said its topline grew by 38 per cent year-on-year in FY24, with the after-tax profits growing at more than 1000 per cent. To continue this growth momentum, sustain its leadership position and ensure that the company continues, among others, the company has embarked on this digital transformation journey, Force Motors said. ”Digital transformation is integral to our growth strategy, and Project DigiForce will bring in a transformational shift in the way we work and compete in the market. In addition to bringing in gains through productivity and operational efficiency, Project DigiForce will also spur innovation and creativity throughout the organization,” said Prasan Firodia, Managing Director at Force Motors Limited.The digital technologies and innovative solutions introduced in this 2-year programme will help build a future-ready organization, according to the company. The EY Parthenon’s expertise will be vital in ensuring that Force Motors navigates through the digital transformation process seamlessly, maintaining its competitive edge in the constantly evolving automotive industry, the company said.The programme also includes focused change management, training, and development programs to support employees and dealers during this transition, it said. Force Motors is also partnering with leading IT firms to seamlessly integrate systems and empower employees through focused training programs, it said.

2024-06-25 11:37

moneycontrol.com

https://www.moneycontrol.com/news/business/kalpataru-projects-international-bags-orders-worth-rs-2333-crore-12755675.html

Kalpataru Projects International bags orders worth Rs 2,333 crore

Kalpataru Projects International bags orders worth Rs 2,333 crore.

Kalpataru Projects Internationalon Tuesday said it has secured orders worth Rs 2,333 crore. The company said its new orders include Transmission & Distribution (T&D) business in India and overseas markets, an EPC (Engineering Procurement Construction) order for an industrial plant in the metal industry and a residential building order in India. Kalpataru Projects International Limited (KPIL) and its Joint Ventures (JVs) and international subsidiaries have secured new orders worth Rs 2,333 crore, according to a company statement. Manish Mohnot, MD & CEO, KPIL, said, "The orders in T&D business have enhanced our order book, thereby improving the growth visibility for the T&D business going forward." "These orders reaffirm our confidence that the T&D and B&F business will continue to contribute significantly to our growth going forward," he added.

2024-06-25 11:33

moneycontrol.com

https://www.moneycontrol.com/news/business/euronics-looking-to-double-turnover-to-rs-400-crore-by-2025-26-md-ceo-viknesh-jain-12755673.html

Euronics looking to double turnover to Rs 400 crore by 2025-26: MD & CEO Viknesh Jain

Euronics looking to double turnover to Rs 400 crore by 2025-26: MD & CEO Viknesh Jain.Related stories.

Public washroom automation firm Euronics is looking to double its turnover to Rs 400 crore by 2025-26 with its new manufacturing plant at Gurugram set to become operational to fulfil 50 per cent of its orders. The company has invested Rs 100 crore to set up the washroom automation accessories production unit at Gurugram with an annual production capacity of 2 lakh units and it will become operational this month. "In the last financial year we were around Rs 200 crore... This year we are looking at close to Rs 280 crore to Rs 290 crore and in FY25-26 we are chasing Rs 400 crore turnover," Euronics MD & CEO Viknesh Jain told PTI. He was responding to a query on the company's growth trajectory. Established in 2002, Euronics is a major player in India's public and commercial washroom sector, he said, with growth fuelled by the expansive growth of the country's public infrastructure, commercial real estate, and retail sectors. While initially it catered mainly to the private sector, including several Fortune 500 companies, Jain said in the past six to seven years it has started getting a lot of government projects. Euronics had recently undertaken washroom automation for Ram Mandir in Ayodhya; Yashobhoomi (India International Convention & Expo Center), New Parliament Building, airports across Ayodhya, Mumbai, Delhi, Goa, and Bangalore among other cities, and other smart city projects in India, Jain added. With the new plant coming in, the company said it will be able to fulfill 50 per cent of its average order volumes from the Gurugram unit alone. The unit will create around 200 blue-collar jobs. "When we started it was more like contract manufacturing but right now around 50-60 per cent of the products which are sold by us are produced by us. The idea is to increase it to 80 per cent by the next year-end," Jain said. Currently, Euronics has other plants in Jamnagar, Greater Noida, and Bhiwadi. Bullish on India's public infrastructure sector, he said Euronics is set to meet its washroom automation needs with 100 per cent domestically manufactured accessories within the next three years.

2024-06-25 11:31

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/bobby-jain-raises-5-3-billion-in-biggest-hedge-fund-debut-since-2018-12755398.html

Bobby Jain raises $5.3 billion in biggest hedge fund debut since 2018

Bobby Jain has been raising money in a challenging environment, as interest rates remain elevated and deals have slowed to a trickle.

Bobby Jain has gathered $5.3 billion in commitments for his new multistrategy hedge fund, marking the biggest fundraising haul since ExodusPoint Capital Management’s record debut. Jain Global will start trading July 1, according to people familiar with the matter. Investors include endowments, foundations, family offices, bank wealth platforms and sovereign wealth funds. The premiere caps a busy year for Jain — former co-chief investment officer at Millennium Management — who has traveled the world pitching his fund. He initially aimed to gather as much as $10 billion. But after struggling to hit that goal, he cut client fees to entice investors and reduced his target to between $5 billion and $6 billion. A representative for the firm declined to comment. Even with the revised goal, Jain Global is the biggest launch since 2018. Jain topped fellow Millennium alumnus Diego Megia, whose Taula Capital Management began trading this month with $5 billion. Megia spun out his macro pod from Millennium and received $3 billion from his former employer. Jain has been raising money in a challenging environment, as interest rates remain elevated and deals have slowed to a trickle. New hedge funds also face stiff competition from bigger multistrategy funds with established track records. Despite those obstacles, Jain Global is starting off big — having hired 215 people, including 42 portfolio managers. The firm has seven businesses that will go live on July 1, including an Asia-Pacific business that will essentially act as a multimanager platform and trade six strategies, with the profits feeding into the Jain fund. The firm raised money via a so-called drawdown fund, meaning it will tap the cash as needed over a year. Michael Gelband’s ExodusPoint still enjoys the distinction of biggest-ever hedge fund debut. Yet another Millennium alumnus, Gelband raised $8 billion for a multistrategy fund that began in 2018 and has fixed-income and equity businesses. Jain launched his own shop after leaving Millennium, where he shared the CIO title with founder Izzy Englander. Over his seven years there, he helped the multistrategy giant push into new strategies, recruit, upgrade technologies and develop its central risk book. Millennium’s assets doubled to about $60 billion during his tenure. Prior to Millennium, Jain spent more than two decades at Credit Suisse Group AG, where he held many senior titles including head of global proprietary trading and global head of asset management.

2024-06-24 21:53

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/nvidia-enters-correction-territory-as-slump-erases-400-billion-12755397.html

Nvidia enters correction territory as slump erases $400 billion

The stock suffered a drawdown of about 20% earlier this year, although it quickly returned to all-time highs.Related stories.

Nvidia Corp. shares fell on Monday, with the AI-focused chipmaker entering correction territory as it extends a sharp recent selloff. The stock fell 4.8% and is on track for its third straight negative session. It has dropped 12% over the three-day slide, putting it past the 10% threshold that represents a correction. The drop weighed on chipmakers with the Philadelphia Stock Exchange Semiconductor Index falling as much as 2.2% on Monday. Broadcom Inc., Taiwan Semiconductor Manufacturing Co. and Qualcomm Inc. were all lower by at least 2%. The three-day drop erased more than $400 billion from Nvidia’s market capitalization, putting it back below the $3 trillion threshold, as well as below both Microsoft Corp. and Apple Inc. in size. Nvidia briefly claimed the title as the world’s largest stock last week. “In the near-term, it is plausible that investors begin suffering from AI-fatigue or become more broadly concerned about index concentration,” said Neville Javeri, portfolio manager and head of the Empiric LT Equity team at Allspring Global Investments. Even with the slump, Nvidia remains up more than 140% this year, making it the second-best performer among S&P 500 Index components, behind Super Micro Computer Inc., another favorite AI play. The stock suffered a drawdown of about 20% earlier this year, although it quickly returned to all-time highs. While investors have flocked to Nvidia given the sky-high demand for its chips used in AI processing, the scale of Nvidia’s rally — it also soared about 240% over the course of 2023 — has underlined concerns about its valuation. The stock trades at nearly 23 times estimated sales over the next 12 months, making it the most expensive in the S&P 500 by this measure. Still, it remains well liked on Wall Street. Nearly 90% of the analysts tracked by Bloomberg recommend buying, and the average analyst price target points to upside of about 10% from current levels. “The momentum in Nvidia and AI stocks in general has been staggering,” said Charlie Ashley, portfolio manager at Catalyst Funds. “In terms of investing, I would not be a contrarian right now.”

2024-06-24 21:31

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/prestige-estates-taps-kotak-jpm-jm-fin-and-clsa-for-rs-5000-crore-qip-launch-likely-in-july-aug-12755381.html

Prestige Estates taps Kotak, JPM, JM Fin and CLSA for Rs 5,000-crore QIP; launch likely in July-Aug

The move comes at a time when the stock of the realtor has had a scorching run on the bourses, with an uptick of 81.49 percent in the last six months..Related stories.

Bengaluru-based real estate developer Prestige Estates Projects Ltd has picked four investment banks as advisors for its big-bang QIP (qualified institutional placement) via which it plans to raise upto Rs 5,000 crore, two persons in the know told Moneycontrol. "The firm has engaged investment banks Kotak Mahindra Capital, JP Morgan, JM Financial and CLSA for the deal, which is likely to get kicked off this week," said one of the persons above. A second person confirmed the above syndicate and added that based on current plans, the QIP was likely to be launched in July-August this year. ALSO READ:Prestige Estates Projects stock gains after board greenlights Rs 5,000 crore QIP Both the persons above spoke on the condition of anonymity. The move comes at a time when the stock of the realtor has had a scorching run on the bourses, with an uptick of 81.49 percent in the last six months. When contacted,Prestige Estates Projects Ltddeclined to comment. The four investment banks couldn't be reached for an immediate response. On June 21,the board of directors of Prestige Estate gave the nod for the capital raiseas well as monetization of assets of the hospitality segment by way of issue of shares (through primary or secondary or both. According to the twin detailed disclosures, the board approved: a) Raising of funds by way of issuance of equity shares or other eligible securities for an aggregate amount not exceeding Rs 5,000 crore by way of qualified institutional placement or other permissible mode in accordance with the applicable laws, subject to the receipt of the necessary approvals as may be required; b) monetization of assets of the hospitality segment through Prestige Hospitality Ventures Limited, wholly owned subsidiary of the company by way of issue of shares (through primary or secondary or both) subject to approval of shareholders, market conditions and receipt of applicable approvals. "In this regard, the board has formed sub-committee to oversee and structure the process. The committee is tasked with the responsibility of ensuring compliance with all regulatory requirements, coordinating with advisors and underwriters, and making all necessary arrangements," the disclosure added. In April, Prestige Group, which has listed peers like DLF, Macrotech Developers and Godrej Properties, announced that it had achieved a record-breaking sales milestone of Rs 21,040 crore for FY24, marking a growth of 63 percent year-on-year. The firm said it achieved record sales bookings in volume terms as well, totalling 20.25 million square feet in 2023-24, up 34 percent. In March, it struck a deal with global hotel company Marriot International to develop 6 hotels in India in Goa and Karnataka.

2024-06-24 20:47

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/ixigo-extends-ties-with-phonepe-to-offer-flight-bus-booking-services-12755355.html

ixigo extends ties with PhonePe to offer flight, bus booking services

Ixigo.Related stories.

Travel booking platform ixigo on Monday announced that it has expanded its exclusive partnership with PhonePe to offer flight and bus bookings on the fintech platform's app. The two companies had joined hands to offer booking services for trains. The expanded partnership will enable over 54 crore PhonePe users to experience more comprehensive travel booking and utility services for flights, trains and buses, ixigo said. As part of the collaboration, ixigo will exclusively power these travel booking options on PhonePe, integrating services from ixigo flights for flight bookings, AbhiBus for bus bookings as well as expanding its prior partnership with ConfirmTkt for train bookings, it said. "This collaboration will particularly benefit travellers from tier-II/III cities, leveraging the platform's products and offerings for the next billion users and PhonePe's growing penetration in smaller towns and its fintech expertise," ixigo Group CEO Aloke Bajpai said. Along with simpler payment processes, travellers can enjoy exciting discounts and offers on flight, train and bus bookings, ixigo said, adding that PhonePe users can also take advantage of advanced features and value-added services from the ixigo group. "With rising disposable incomes and growing aspirations of Indian travellers, we are seeing rapid adoption of our travel offerings. The ixigo, ConfirmTkt & AbhiBus apps offer customer experience ideal for catering to the fast-evolving travel needs of Indians," PhonePe Founder and CEO Sameer Nigam said.

2024-06-24 20:42

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/hyundai-motors-union-in-south-korea-votes-to-strike-12755130.html

Hyundai Motor's union in South Korea votes to strike

The union is seeking a minimum basic monthly pay increase of 159,000 won ($114.57) and performance pay equating to 30% of Hyundai's 2023 net profit.

Hyundai Motor's 005380.KS unionised workers in South Korea voted for possible strike action after talks with the company over wage increases and an extension of the retirement age stalled, the automaker's union said on Monday.The union, one of the biggest in the country with more than 43,000 members, said that almost 90% of its members had approved strike action unless the company accepts the union's demands.A strike would mark the first such action in six years related to wage negotiations at the South Korean carmaker and could disrupt production of some popular vehicles at home, which Hyundai has been exporting to offset its sluggish domestic sales.The union is seeking a minimum basic monthly pay increase of 159,000 won ($114.57) and performance pay equating to 30% of Hyundai's 2023 net profit. It is also demanding an increase to the retirement age to 64 from 60.A Hyundai Motor representiative was not immediately available for c

2024-06-24 15:32

moneycontrol.com

https://www.moneycontrol.com/news/business/waaree-energies-secures-contract-for-412-mwp-solar-project-in-rajasthan-12755015.html

Waaree Energies secures contract for 412 MWp solar project in Rajasthan

Waaree Energies secures contract for 412 MWp solar project in Rajasthan.

Waaree Energies on Monday said it has secured a solar module supply contract for a 412 MWp project in Rajasthan. It will supply bi-facial solar modules with capacities ranging from 540-545 Wp (watt peak) each for the project, expected to be commissioned by March 2025, Waaree Energies said. Bi-facial modules absorb sunlight from both sides. "Waaree Energies secures major module supply contract for Acciona Energy's subsidiary Juna Renewable's 412.5 MWp Project in Rajasthan," it said. The company did not provide any further details with respect to the order. Waaree Energies is among India's leading manufacturers of solar photovoltaic (PV) modules.

2024-06-24 13:50

moneycontrol.com

https://www.moneycontrol.com/news/business/passenger-vehicle-sales-to-see-3-5-growth-this-fiscal-report-12755014.html

Passenger vehicle sales to see 3-5% growth this fiscal: Report

Passenger vehicle sales to see 3-5% growth this fiscal: Report.Related stories.

Passenger vehicle sales is projected to grow at a moderate 3-5 per cent this financial year on account of a high-base effect of FY24, shrinking order book and subdued demand for entry-level variants, a report said on Monday. According to the report by credit ratings agency CareEdge, following robust growth of 90 per cent with volumes at 90,432 units in FY24, with an improving penetration rate, electric car sales in the passenger vehicle (PV) segment is likely to clock volume of around 1.30-1.50 lakh units in FY25. In FY22 and FY23, the PV industry experienced substantial year-on-year volume growth due to pent-up demand post-Covid recovery and new product introductions, it said. Utility vehicles played a significant role, with volumes increasing by 41 per cent in FY22 and 33.2 per cent in FY23. The industry benefitted from lower interest rates and an increased desire for personal mobility in the wake of the pandemic, CareEdge said. According to CareEdge, utility vehicles contributed 10-15 per cent of total passenger vehicle sales until FY12. It grew at a compound annual growth rate (CAGR) of 15.51 per cent between FY13 and FY24, as consumer preference shifted towards utility vehicles that offered better and innovative designs, new models, technological, functional and safety features. For the past decade, the utility vehicles segment has consistently outperformed the passenger vehicle industry growth rate. In FY24, for the first time utility vehicles sales volume stood higher than passenger cars and vans, it said. Currently, utility vehicles account for over 55 per cent of all new PV sales and its share in overall passenger vehicle (PV) sales is expected to further rise over the medium-term, CareEdge said. "The PV industry is expected to exhibit moderate volume growth of around 3-5 per cent in FY25 on account of a high-base effect of FY24, shrinking orderbook and expectation of persistently subdued demand for entry-level variants in FY25," said Arti Roy, Associate Director at CareEdge Ratings. Strong demand for new model launches and SUVs coupled with the expectation of interest rate cuts in the second half of FY25 is expected to keep the sales momentum rolling, she added. However, in line with CareEdge Ratings' expectation of volume growth of around 7-9 per cent in FY24, the PV industry volumes grew by 7.4 per cent in FY24, the ratings said. This moderation in year-on-year volume growth in FY24 was due to the levelling off of pent-up demand amid a hike in vehicle prices, high base effect of FY23 and the high-interest rate environment, it said. Strong order book in FY24, robust demand for new model launches and increasing demand in the sports utility vehicle (SUV) segment kept the sales momentum rolling, as per the report. "While the market for premium vehicles is predicted to thrive, driven by a surge in demand for luxury and high-end models, entry-level variants are likely to see continued diminished demand due to a downturn in both rural and urban markets," said Hardik Shah, Director at CareEdge Ratings. The rural sector is feeling the pinch as entry-level vehicles are becoming more expensive, whereas urban consumers are increasingly opting for SUVs, reflecting a shift in market preferences, Shah added.

2024-06-24 13:48

moneycontrol.com

https://www.moneycontrol.com/news/business/musashi-india-begins-mass-production-of-e-axles-for-ev-two-wheelers-12754997.html

Musashi India begins mass production of e-Axles for EV two-wheelers

Musashi India begins mass production of e-Axles for EV two-wheelers.

Musashi Auto Parts India, a wholly-owned subsidiary of Japanese firm Musashi Seimitsu Industries, on Monday said it has started the mass production of e-Axles for electric two-wheelers in the domestic market. The company said it plans to invest a total of Rs 160 crore in its EV business in phase I. This significant investment will be used to establish new assembly lines for EV transmission components and upgrade existing facilities. The company entered the EV segment in India in September last year through a joint venture (JV) with Delta Electronics, Inc. and Toyota Tsusho Corporation to establish Musashi Delta e-Axle India Private Limited. The company further said it has established a capacity to produce 10,000 e-Axles per month in phase 1, with plans to ramp up production with additional lines from the third year onwards. "With the rapid growth of EV two-wheelers in India, the need to build a local and robust ecosystem of EV components is imperative," said Naoya Nishimura (CEO India & Africa Region). Musashi said it plans to achieve a localisation level of two-thirds of the total cost by the end of this financial year, with a motor assembly line and a drive unit assembly line. It is also working with BNC Motors to develop products equipped with EV drive units. These units will be used in BNC's upcoming EV two-wheeler that will be equivalent to a 125cc ICE scooter.

2024-06-24 13:21

moneycontrol.com

https://www.moneycontrol.com/news/business/vedanta-mulls-first-dollar-bond-sale-of-500-million-12754903.html

Vedanta mulls first dollar bond sale of $500 million

Vedanta mulls first dollar bond sale of $500 million.Related stories.

The Indian mining company controlled by billionaire Anil Agarwal is considering tapping bond markets for at least $500 million in a debut overseas issuance, according to two people familiar with the proposal. Vedanta Ltd. is discussing the plan with lenders and seeking legal opinions about the potential sale, according to the people, who asked not to be identified discussing non-public issues. The bond sale could climb to $1 billion depending on the response from investors, according to one of the people. The company is also exploring other avenues of fundraising, including equity sales and local currency loans from domestic banks, the people said. Officials at Vedanta didn’t immediately respond to a request for comment. The move comes at a time when four high-yield dollar bonds sold by Vedanta’s parent company, Vedanta Resources Ltd., are the top performers from India so far this year, according to data compiled by Bloomberg. The holding company earlier this year successfully restructured its offshore bonds. Vedanta Ltd. has historically sold local currency bonds and borrowed in rupees from local lenders. Last week, the company’s board approved the sale of 10 billion rupees ($120 million) in local, non-convertible debentures. Vedanta has interests in semiconductors and commodities including aluminum, oil and gas, iron and copper. While largely concentrated in India, it has operations in South Africa, Namibia and Liberia as well. The 2024-25 fiscal year is lining up to be a critical one for Vedanta, Executive Director Arun Misra said during an analysts’ call on April 25, when he discussed plans for $1.9 billion in capex spending. The dollar bond sale would provide revenue for that expansion. In an overhaul announced last year, Agarwal is working to divide the company into six different business units: Vedanta Ltd. would control the semiconductor, zinc and stainless steel business. The company said the split would be completed in the fiscal year ending in March 2025.

2024-06-24 12:05

moneycontrol.com

https://www.moneycontrol.com/news/business/sony-pictures-networks-india-appoints-gaurav-banerjee-as-new-md-ceo-12754889.html

Sony Pictures Networks India appoints Gaurav Banerjee as new MD & CEO

Sony Pictures Networks India appoints Gaurav Banerjee as new MD & CEO.Related stories.

Sony Pictures Networks India on Monday announced the appointment of former Disney executive Gaurav Banerjee as its Managing Director and CEO, effective on or before August 26, pending regulatory approvals. Banerjee will succeed NP Singh, who will move into the role of Non-Executive Chairman after a 25-year tenure, Sony Pictures Networks India (SPNI) said in a statement. Singh will move into the new role only after Banerjee takes charge, to support the transition through the end of the fiscal year. "NP Singh's leadership has been instrumental in shaping SPNI into the powerhouse it is today. I am confident that Gaurav Banerjee, with his proven track record and visionary approach, will continue to drive SPNI's success," said Ravi Ahuja, Chairman of Global Television Studios and President & COO of Sony Pictures Entertainment. Banerjee previously held the positions of Head of Content for Hindi Entertainment & Disney+ Hotstar and Business Head for Star Bharat, Hindi & English Movies, Kids & Infotainment, and Regional (East), the statement said. He started career in media as an assistant producer and anchor at Aaj Tak and later moved to Star News, where he started producing and anchoring prime time news shows. Banerjee has a master's degree in filmmaking and TV production from Jamia Millia Islamia University and an undergraduate in history from St. Stephens, Delhi, the company said. Banerjee's appointment follows Singh's decision to move on, which was announced last month. Singh had said that after nearly 44 years in his career, he is "ready to focus on social change and shift from operational roles to advisory ones". The Japanese parent of SPNI, had pushed for Singh to lead the merged entity proposed to be formed after amalgamation with India's Zee Entertainment Enterprises Ltd (ZEEL) before calling off the USD 10 billion deal in January this year. The deal announced more than two years back, collapsed following a stalemate over who will lead the merged entity and also due failure to meet closing conditions by ZEEL despite a month's extension of deadline.

2024-06-24 11:58

moneycontrol.com

https://www.moneycontrol.com/news/business/biocon-biologics-gets-ema-nod-to-produce-biosimilar-bevacizumab-at-bengaluru-plant-12754887.html

Biocon Biologics gets EMA nod to produce biosimilar Bevacizumab at Bengaluru plant

Biocon Biologics gets EMA nod to produce biosimilar Bevacizumab at Bengaluru plant.Related stories.

Bioconon Monday said its unit Biocon Biologics has received approval from the European Medicines Agency (EMA) to manufacture biosimilar Bevacizumab at its new facility at Bengaluru. This approval will provide significant additional capacity to address patients' needs across markets in Europe, the company said in a statement. Bevacizumab is used to treat health conditions like colorectal cancer, lung cancer, and ovarian cancer. The Bengaluru facility has previously been approved to manufacture biosimilar Trastuzumab in September 2022. Biocon said that EMA has also renewed its Good Manufacturing Practice (GMP) certificate of compliance for its biosimilar manufacturing facility in Bengaluru and its insulin facility in Malaysia following routine GMP inspections. These certificates were issued by the Health Products Regulatory Authority (HPRA), Ireland, on behalf of EMA, it said. "These GMP certifications across our manufacturing sites in India and Malaysia reflect Biocon Biologics' continued compliance with the highest standards of quality and our unwavering commitment to addressing patient needs globally," a company spokesperson said. Last week Biocon had informed the bourses that the US health regulator has issued four observations after inspecting its Andhra Pradesh-based manufacturing plant. The US Food and Drug Administration (USFDA) concluded a GMP inspection of the company's API facility (Site 5), located at Visakhapatnam, Andhra Pradesh, on June 21, 2024. Shares of Biocon were trading 0.54 percent down at Rs 343.75 apiece on the BSE.

2024-06-24 11:53

moneycontrol.com

https://www.moneycontrol.com/news/business/kotak-mahindra-bank-to-add-up-to-200-branches-in-fy25-official-says-12754883.html

Kotak Mahindra Bank to add up to 200 branches in FY25, official says

Kotak Mahindra Bank to add up to 200 branches in FY25, official says.Related stories.

Kotak Mahindra Bankwill increase its pace of opening new branches and add about 175 to 200 branches in the financial year 2024-25, a senior official at the bank said, months after the central bank barred the private lender from sourcing new customers digitally. In April, the Reserve Bank of India (RBI) stopped Kotak from adding new customers via its online and mobile banking channels, and from issuing new credit cards, due to information technology-related deficiencies. "We have been adding roughly 150 odd branches for several years now. This year too, the momentum is going to continue," Virat Diwanji, group president and head - consumer bank, told Reuters in an email interview on Monday. India's fourth-largest private lender will target the pockets where there is easy availability of deposits, the official said, adding that customer acquisition through branches is seeing good traction. Before the RBI's order, Kotak was heavily reliant on digital channels to source new clients. About 95% of its new personal loans by volume were disbursed digitally in the October-December quarter, while it issued 99% of new credit cards through digital channels. A similar breakup for the January-March quarter is not yet available. Kotak's branch addition plans may not immediately help source new customers, but the strategy may play out in the medium-to-longer term as it will increase its presence and reach, said Kranthi Baithini, director of equity strategy at WealthMills Securities. However, that will come with high overhead costs, he said. Meanwhile, the bank is working "steadfastly" to fulfill the RBI's requirements and return to business as usual, Diwanji said. The private lender has stepped up investments to fortify its IT systems, including steps to strengthen its digital payment security controls and meet regulatory data cybersecurity standards, he added. Kotak has hired over 530 employees in the last 12-15 months, a majority of them from tech backgrounds, he said. The bank's focus on personal loans and business loans will continue, Diwanji said.

2024-06-24 11:45

moneycontrol.com

https://www.moneycontrol.com/news/business/hero-motocorp-to-hike-prices-of-select-models-by-up-to-rs-1500-from-july-12754857.html

Hero MotoCorp to hike prices of select models by up to Rs 1,500 from July

Hero MotoCorp to hike prices of select models by up to Rs 1,500 from July.

Hero MotoCorpon Monday said it will hike prices of select motorcycle and scooter models by up to Rs 1,500 with effect from July 1, 2024 in order to partially offset the impact of higher input costs. The price revision will be up to Rs 1,500 and the exact quantum of increase will vary by specific model and market, the country's largest two-wheeler maker said in a statement. "The revision has been necessitated to partially offset the impact of higher input costs," it added. Hero MotoCorp sells a range of bikes including high selling Splendor range, HF Deluxe and Glamour. Scooter range includes Xoom and Destini 125 XTEC. Shares of Hero MotoCorp were trading 0.46 percent up at Rs 5,477.20 apiece on the BSE.

2024-06-24 11:15

moneycontrol.com

https://www.moneycontrol.com/news/business/jpmorgan-india-bank-ceo-prabdev-singh-quits-before-end-of-term-12754698.html

JPMorgan India bank CEO Prabdev Singh quits before end of term

JPMorgan India bank CEO Prabdev Singh quits before end of term.

Prabdev Singh, chief executive officer of JPMorgan Chase & Co.’s bank in India, has stepped down before the end of his term. “Pranav Chawda, head of commercial banking for India, will expand his current responsibilities to become the head of India Corporate Banking and can confirm that PD Singh is ​leaving the firm,” a JPMorgan representative said by email in response to queries from Bloomberg News. Singh, popularly known as PD, had received regulatory approval in January 2023 for a three-year term as CEO of JPMorgan Chase Bank India. He had replaced Madhav Kalyan who — in October 2022 — was named head of payments for Asia Pacific. The Wall Street firm, which traces its presence in India back to 1922, started commercial banking operations in the country about 17 years ago. JPMorgan has four commercial bank branches in the country, data on its website shows. It has four branches including Delhi and Mumbai. Singh, a trained engineer, had worked for a decade at HSBC Holdings Plc before joining JPMorgan in 2010, according to his Linkedin profile.

2024-06-24 08:39

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https://www.moneycontrol.com/news/business/companies/tata-steel-workers-in-uk-to-begin-indefinite-strike-next-month-12753930.html

Tata Steel workers in UK to begin indefinite strike next month

Tata Steel employs more than 8,000 people in the UK.Related stories.

Around 1,500 Tata Steel workers in Britain will begin an indefinite strike from July 8 over the company's plans to close two blast furnaces and cut up to 2,800 jobs, the trade union Unite said on June 21. The strike action, described by Unite as the first strikes by British steel workers in 40 years, will take place at Tata's Port Talbot and Llanwern sites in Wales. The closures were announced in January as part of the Indian company's plan to turn around its loss-making UK business by switching to lower carbon electric arc furnaces, a proposal backed by 500 million pounds ($632 million) of government money. "Tata’s workers are not just fighting for their jobs - they are fighting for the future of their communities and the future of steel in Wales," Unite General Secretary Sharon Graham said. Tata Steelemploys more than 8,000 people in the UK.The company said in January about about 2,500 jobs of the total being cutwere likely to go over the next 18 months. Reacting to the strike decision by the union, a Tata Steel spokesperson said: "We are extremely disappointed by Unite’s unilateral decision to call strike action. Our existing steelmaking assets are near the end of their life, are operationally unstable and causing unsustainable losses of £1 million a day. This is why preparations to close the blast furnaces and associated plants in Port Talbot are unchanged." “However, if the safety and stability of our operations are put at risk by this action, we will be forced to accelerate those closure plans. After extensive negotiations with our unions we substantially improved our support offering for affected employees – the most generous package in our history. Rather than taking strike action, we would have expected Unite to put our improved offer to its members, as previously accepted by all unions, including Unite," the spokesperson added. (With Reuters inputs)

2024-06-21 22:10

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https://www.moneycontrol.com/news/business/companies/prestige-estates-board-approves-raising-up-to-rs-5000-crore-via-qip-12753933.html

Prestige Estates' board approves raising up to Rs 5,000 crore via QIP

The company has entered into Mumbai and Delhi-NCR markets..Related stories.

Prestige Estates board on 21 June approved the proposal to raise Rs 5,000 crore through QIP (qualified institutional placement), the company said in a regulatory filing. Prestige Estates is one of the leading real estate developers in the country. It has a significant presence in South India. In the exchange filing it said,"Raising of funds by way of issuance of equity shares or other eligible securities for an aggregate amount not exceeding Rs. 5,000 Crores (Rupees Five Thousand Crores only) by way of qualified institutional placement (“QIP”) or other permissible mode in accordance with the applicable laws, subject to the receipt of the necessary approvals as may be required. Additionally, the Prestige Estates board also approved the proposal to  monetise assets of the hospitality segment through Prestige Hospitality Ventures Limited, wholly owned subsidiary of the Company by way of issue of shares (through primary or secondary or both) subject to approval of shareholders, market conditions and receipt of applicable approvals. In this regard, the board has formed sub-committee to oversee and structure the process. The committee is tasked with the responsibility of ensuring compliance with all regulatory requirements, coordinating with advisors and underwriters, and making all necessary arrangements. Prestige Estates tapped JM Financial, JP Morgan and CLSA as bankers for the listing of its hospitality business, CNBC TV18 had reported earlier this month. The company posted 70% decline in consolidated net profit at Rs 140 crore for the quarter ended March 2024 on lower income. Its net profit stood at Rs 468.4 crore in the year-ago period. During 2023-24 fiscal year, net profit rose to Rs 1,374.1 crore from Rs 941.8 crore in the preceding year. Total income increased to Rs 9,425.3 crore from Rs 8,772 crore in 2022-23. On Fiday the shares of Presitge Estates closed at Rs1,995.00 down by 0.93%. The company's share price has jumped 20 percent in the last 1 month and 69 percent in the last 6 months, far outpacing Nifty, which has gained 5 percent and 10 percent, respectively. *With Agency Inputs

2024-06-21 22:10

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/power-grid-corporation-gives-in-principle-nod-to-joint-venture-with-rvpnl-12753588.html

Power Grip Corp board approves investment proposals of Rs 810 cr, JV with RVPNL

GE Power India | CMP: Rs X | Shares surged over 6 percent after the company secured a Letter of Intent (LoI) for a contract valued at Rs 243.46 crore from NTPC GE Power Services Pvt Ltd (NGSL)..

Power Grid Corporation of India’s (PGCIL's) board on June 21 approved several investment proposals worth Rs 810 crore, the company said in a regulatory filing. The company will invest Rs 117.51 crore in upgrading an existing facility in Madhya Pradesh. The project will be commissioned in 18 months, according to the statement. In another facility in Kurnool, the company will augment transformation capacity at a cost of Rs 163.61 crore, scheduled to be commissionedwithin 21 months from the date of intimation by CTUIL letter. PGCIL will also invest Rs 104.22 crore for upgradation works at a plant in Telangana's Veltoor, while it will carry out an upgradation project worth Rs 424.21 crore for the implementation of unified load dispatch and communication phase-3 in the eastern region, it said. Meanwhile, the government-run company's board also gave an in-principle approval for the formation of a joint venture with Rajasthan Rajya Vidyut Prasaran Nigam Limited (RVPNL) for the development of intra-state transmission system in Rajasthan, the stock filing said. The development is subject to approvals from the power ministry, department of investment and public asset management (DIPAM), Niti Aayog and other statutory authorities, the state-run company added. The shares of the company were trading at Rs 326.2, marginally higher by 0.51 percent on NSEAT 13:15 pm on June 21.

2024-06-21 14:05

moneycontrol.com

https://www.moneycontrol.com/news/business/steelmaker-arcelor-nippon-says-indias-plan-for-raw-material-curbs-ignores-red-sea-crisis-12753566.html

Steelmaker Arcelor-Nippon says India's plan for raw material curbs ignores Red Sea crisis

Steelmaker Arcelor-Nippon says India's plan for raw material curbs ignores Red Sea crisis.Related stories.

ArcelorMittal's India joint venture has privately warned trade officials in New Delhi that a plan to curb imports of a key raw material for steelmaking overlooks the implications of the Red Sea crisis, a letter showed. The curbs planned by the world's second-biggest producer of crude steel could hit output, as they cap imports of a steelmaking fuel, low ash metallurgical coke, also known as met coke, at 2.85 million metric tons for a year. The April proposal, which came after growing shipments caused "serious injury" to domestic producers, also recommended setting quotas on met coke for exporting nations. "India should not close its eyes to the geopolitical situation and implement a measure that may adversely affect its steel industry," the company told the directorate general of trade remedies (DGTR) in the June 3 letter, seen by Reuters. Quotas envisioned for European countries under the plan "will very seriously affect" imports from the region, it added. The company, India's commerce ministry and the trade remedies body did not respond to requests for comment. No date has yet been set for the proposal, now being reviewed by the commerce ministry, to take effect. India's plan to allot about 40% import quota to European nations will affect ArcelorMittal Nippon Steel India (AM/NS India) as the Red Sea crisis has already forced rerouting of vessels, and boosted ocean shipping rates, the company said. The company does not use domestic met coke. India's imports oMost Usedf the fuel have more than doubled over the past four years, and its top suppliers include Poland and Switzerland, as well as China and Indonesia. Attacks on ships in the Red Sea by Yemen's Iran-aligned Houthi militants are disrupting trade, with freight firms switching to routes around the Cape of Good Hope to avoid the Suez Canal. India must reconsider the proposal as it could hit the steel industry, the company, which has not commented on the matter publicly, urged in its letter. This month, Reuters reported that India's steel ministry also did not favour limits on imports of met coke, citing risks to domestic output. In its letter, AM/NS India said authorities proposing the curbs did not factor in the prospect of increased demand for met coke as steelmakers plan to add capacity. "The quantiative restraint on imports will reduce the ability for the steel industry to raise its capacity and growth levels," it added. One of India's leading steelmakers, with annual capacity of about 9 million metric tons, AM/NS India competes with JSW Steel Ltd and Tata Steel Ltd.

2024-06-21 12:40

moneycontrol.com

https://www.moneycontrol.com/news/business/more-than-50-indian-households-downing-soft-drinks-to-increase-with-intensifying-heat-report-12753503.html

More than 50% Indian households downing soft drinks; to increase with intensifying heat: Report

More than 50% Indian households downing soft drinks; to increase with intensifying heat: Report.Related stories.

The average Indian household's consumption of bottled soft drinks has increased in the last two years, breaching annual penetration of 50 per cent in FY24, a report said. According to the latest Kantar FMCG pulse report, this trend is expected to rise further with intensifying summer. It said the average household has expanded its consumption of bottled soft drinks by 250 ml in the last two years. Moreover, fabric softeners, still considered to be a premium laundry item, have now reached one in every four households in the country, the report said. Besides, washing liquids, another premium laundry product introduced by leading FMCG majors, breached the 100,000-tonne mark in FY24. All these trends are "record breakers", the report noted. The bottled soft drink category had a "massive 41 per cent household growth in MAT (moving annual total) March 2023" and continued to add more households and expanded 19 per cent in MAT March 2024. "With the intensifying summer, the category is likely to continue its growth this year too," it said. On the consumption, the report said now consumers shop FMCG products 156 times a year, or every 56 hours from online or offline channels. However, it also added that the average basket value has gone down as shoppers are no longer buying more packs as they were purchasing earlier. "The frequency and the pack trends indicate that shoppers are no longer reducing their pack sizes, but holding on to the ones they are buying. In other words, we are very likely at the juncture where we see shoppers buying slightly bigger packs from now on," it said. Now discretionary premium-end categories like washing liquids and indulgent products such as bottled soft drinks have performed exceedingly well. Still, groceries are the biggest household expense, accounting for over 24 per cent of all quarterly expenses in a household, it added. The report also highlighted that though inflation might have slowed to acceptable levels, its effects are not lost on the consumer. "The worst of inflation is behind us, however, there are pockets of the market that are still under some stress...the shopper is looking at the future with great optimism, even those who are under stress, and this optimism has been the flag bearer of the Indian consumption story for long now," it said.

2024-06-21 12:01

moneycontrol.com

https://www.moneycontrol.com/news/business/sun-pharma-inks-pact-with-takeda-to-introduce-gastrointestinal-drug-in-india-12753396.html

Sun Pharma inks pact with Takeda to introduce gastrointestinal drug in India

Sun Pharma inks pact with Takeda to introduce gastrointestinal drug in India.Related stories.

Sun Pharmaceutical Industries on Friday said it has inked a licensing pact with Takeda Pharmaceutical Company to commercialise a novel gastrointestinal drug in India. The company has entered into a non-exclusive patent licensing agreement with Takeda to commercialise Vonoprazan tablets in strengths of 10 and 20 mg in India, the Mumbai-based drug major said in a statement. Vonoprazan is a novel, orally active potassium competitive acid blocker (PCAB), used to treat reflux esophagitis and other acid peptic disorders. "Sun Pharma is a leader in gastroenterology and we are excited to introduce Vonoprazan in India under non-exclusive patent license from Takeda," Sun Pharma CEO - India Business Kirti Ganorkar said. The partnership demonstrates the company's commitment to gastrointestinal health by providing patients and healthcare practitioners with a novel treatment option to manage reflux esophagitis and other acid peptic disorders, he added. Gastroesophageal Reflux Disease (GERD) is common in India. In November 2023, Vonoprazan was approved by the US FDA for healing and maintenance of all grades of Erosive esophagitis and providing relief from heartburn associated with Erosive esophagitis, and in combination with amoxicillin and clarithromycin or amoxicillin alone for the treatment of Helicobacter pylori (H. pylori) infection in adults. Vonoprazan was discovered and developed by Takeda. The drug is approved in India for treatment of adults with reflux esophagitis and other acid peptic disorders. Shares of Sun Pharma were trading 0.69 percent up at Rs 1,480.55 apiece on the BSE.

2024-06-21 10:19

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/itc-hotel-group-signs-two-more-storii-resorts-in-rajasthan-12753035.html

ITC Hotel group signs two more Storii resorts in Rajasthan

Representative image.

ITC Hotel Group on Thursday announced the signing of two resorts in Rajasthan under Brand Storii, in Jaipur and Jawai, expected to open in early 2025. Including the recently announced signing of Storii Jaisalmer, Brand Storii will now have a total of three properties in Rajasthan. "With these signings, the chain's portfolio of managed properties continues its high growth trajectory through the asset right strategy," ITC stated. Asset-right model refers to owning properties and managing for others. It also envisages the strategy of incremental room additions. "The location of the two resorts is perfect for travellers looking to experience the destination while also exploring culture reminiscent of a glorious heritage," Anil Chadha, Chief Executive Officer of ITC Hotels, said. Located less than a 2-hour drive from Udaipur, Storii Jawai will feature 15 rooms and suites with private open areas, and other amenities.

2024-06-20 18:46

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/aster-dm-healthcare-block-deal-pe-firm-olympus-planning-100-mn-stake-sale-with-upsize-option-12752971.html

Aster DM Healthcare block deal: PE firm Olympus planning $100-mn stake sale with upsize option

The floor price for the proposed trade was Rs 331/share, a 7.1 percent discount to the last closing price..Related stories.

Private equity firm Olympus is in stake sale mode again inAster DM Healthcare, and is looking to offload 5 percent via a block deal of around $100 million, sources in the know told Moneycontrol on the condition of anonymity. "The block deal has been launched with an upsize option of an additional 5 percent stake. Based on demand, this could potentially be a $200-million clean up trade with Olympus selling its entire balance 10.1 percent stake," said one of the persons above. A second person told Moneycontrol that the floor price for the proposed trade was Rs 331/share, a 7.1 percent discount to the last closing price. He added Kotak Securities is acting as the advisor on the deal. Olympus and Kotak Securities couldn't be reached for an immediate comment. According to exchange filings, Olympus Capital Asia Investments Ltd holds 10.10 percent stake in Aster DM Healthcare. Back in March,Olympus had sold around 9.8 percent stake in Aster DMin a block deal of around $235 million. On September 20, 2022,Moneycontrol was the first to report that Aster DM Healthcare had launched a big-bang internal rejig exerciseto unlock value and had tapped Gulf funds and sovereign funds to sell stake in its carved-out Middle East business. Then in November, Aster DM Healthcare approved the sale of its Middle East or GCC (Gulf Co-Operation Council) business to Alpha GCC Holdings Ltd for an equity value of a billion dollars. The promoter family currently holds 41.88 per cent stake in Aster DM Healthcare. Post the announcement of the GCC deal, when asked if the firm would be open to sell a majority stake in the India business as well, Dr Azad Moopen, Chairman, Aster DM Healthcare said, " If it's a very good partner who comes in and we have the strategic benefit of having a team and we have the knowledge, then we are okay to go with not a majority stake, but we can go with a joint control and things like that. We can definitely discuss about that."

2024-06-20 17:52

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/bharat-electronics-appoints-manoj-jain-as-new-md-and-chairman-12752810.html

Bharat Electronics appoints Manoj Jain as new MD and chairman

BEL's new MD and Chairman Manoj Jain.

Bharat Electronics Limited on June 20 appointed Manoj Jain as the new managing director and chairman of the company effective from today, the company said in a regulatory filing. Before this, Jain was the director of the research and development department since September 2022 and was also assigned the additional charge of Bangalore complex director from August 1, 2023, the statement said. He was general manager of the Electronic Warfare & Avionics SBU at BEL's Bangalore Complex prior to his elevation as Director (R&D), the company said. Between November 2022 to May 2023, Jain also held the position of human resources director. Jain had joined the defence public sector company in August 1991 as probationary engineer after completing his engineering degree from REC Jaipur (MNIT). His career spans over three decades and has made significant contributions to the field of R&D, the company said. On June 20, the stock price of the company was trading at Rs 311.8, up 0.81 percent at 14:26 pm on NSE.

2024-06-20 14:39

moneycontrol.com

https://www.moneycontrol.com/news/business/uber-green-electric-cabs-launched-in-kolkata-12752808.html

Uber Green electric cabs launched in Kolkata

Uber Green electric cabs launched in Kolkata.

Uber on Thursday announced the launch of its flagship electric vehicle service, Uber Green, in Kolkata, marking a step towards eco-friendly urban transportation. Uber becomes the second ride-hailing service provider to offer electric vehicles in the city, following Snap E, another brand operating with an all-EV fleet. "Enhancing the air quality in Kolkata is a shared duty we all must embrace. I commend Uber for introducing 'Uber Green' in Kolkata, a significant step towards reducing carbon emissions in our city," West Bengal Transport Minister Snehasis Chakraborty said. "This service allows residents to book zero-emission rides with ease through the Uber app, promoting sustainable travel across the city, including routes to and from Kolkata international airport," Uber said in a statement. The company did not disclose details on the number of vehicles under Uber Green or its expansion plans for the city. The company has committed to becoming a zero-emissions mobility platform by 2030 in Europe and North America, and globally by 2040. EV drivers on Uber are going electric five times faster than the general public, the company stated.

2024-06-20 14:21

moneycontrol.com

https://www.moneycontrol.com/news/business/jsw-mg-motor-india-partners-with-ecofy-for-ev-financing-12752732.html

JSW MG Motor India partners with Ecofy for EV financing

JSW MG Motor India partners with Ecofy for EV financing.

JSW MG Motor India on Thursday said it has partnered with Eversource Capital-backed NBFC Ecofy to provide financing and leasing solutions for its electric vehicles. The two companies have signed a Memorandum of Understanding (MoU) under which Ecofy will provide financing and leasing solutions for up to 10,000 JSW MG EVs over the next three years, it said in a statement. This will include loan options and leasing arrangements across retail customers and B2B operators for the existing and forthcoming electric vehicles of JSW MG Motor India, the company added. "This partnership reflects JSW MG India's commitment to offer innovative EV ownership solutions to augment the adoption of electric vehicles (EVs) in India," JSW MG Motor India, Chief Growth Officer, Gaurav Gupta said. By offering innovative financing solutions in collaboration with industry specialists, the company is making EV ownership more accessible and affordable to a broader audience, he added. "By combining our expertise in finance and JSW MG's cutting-edge electric vehicle technology, we aim to make EVs accessible to a wider audience, empowering individuals and businesses to embrace a greener future without compromising on convenience or affordability," Ecofy Co-founder, MD & CEO Rajashree Nambiar said.

2024-06-20 12:57

moneycontrol.com

https://www.moneycontrol.com/news/business/waaree-energies-bags-order-to-supply-280-mw-solar-modules-to-mahindra-susten-12752723.html

Waaree Energies bags order to supply 280 MW solar modules to Mahindra Susten

Waaree Energies bags order to supply 280 MW solar modules to Mahindra Susten.

Waaree Energies on Thursday said that it has secured an order to supply 280 MW solar modules to Mahindra Susten. The modules will be delivered from December 2024 onwards and are designed to support Mahindra Susten's ambitious renewable energy projects, a company statement said. The Waaree Energies announced an agreement with Mahindra Susten, a renewable independent power producer (IPP), to supply 280 MW (DC) of advanced solar modules in Bikaner, Rajasthan, according to the statement. The contract involves the provision of Waaree Energies Limited's ELITE Series, N-Type TopCon 580Wp modules, renowned for their efficiency and performance. Sunil Rathi, Director Sales, Waaree Energies, said in the statement, "Partnering with Mahindra Susten is a source of great pride for our company." Deepak Thakur, Managing Director & CEO of Mahindra Susten said in the statement, "We are pleased to announce our second order this financial year with Waaree Energies."

2024-06-20 12:48

moneycontrol.com

https://www.moneycontrol.com/news/business/religare-asked-to-seek-regulatory-nod-for-top-investor-raising-stake-12752495.html

Religare asked to seek regulatory nod for top investor raising stake

Religare asked to seek regulatory nod for top investor raising stake.

India's markets regulator has asked Religare Enterprises to apply for approvals to let the billionaire Burman family buy more shares in the financial services company, dealing a blow to the company's attempt to block the move. The Burmans, who founded and control consumer goods conglomerate Dabur India, raised its stake in Religare to nearly 25% in September last year, triggering the so-called open offer requirement that allows them to buy more shares from public shareholders. However, Religare had sought to block the deal saying the open offer was "riddled with irregularities and statutory violations and cast serious doubts on the fit and proper status of the acquirers." The Burmans -- who want to buy around 26% more of Religare to bolster its presence in the rapidly growing financial services sector -- approached the Securities and Exchange Board of India (SEBI) due to the company's lack of cooperation. The SEBI, in an interim order dated June 19, asked Religare to furnish an undertaking that it will apply by July 12 to regulatory authorities, including the central bank, for approvals for the open offer. It also asked Religare to form a committee of independent directors, if not already done, but did not give a reason for the directive. Religare and the Burman family did not immediately respond to Reuters' emails seeking comment.

2024-06-20 10:11

moneycontrol.com

https://www.moneycontrol.com/news/business/westbridge-capital-sells-1-7-stake-in-au-small-finance-bank-for-rs-845-crore-12752372.html

WestBridge Capital sells 1.7% stake in AU Small Finance Bank for Rs 845 crore

WestBridge Capital sells 1.7% stake in AU Small Finance Bank for Rs 845 crore.

Private equity firm WestBridge Capital divested on Wednesday a 1.7 per cent stake in the AU Small Finance Bank for Rs 845 crore through an open market transaction. WestBridge Capital, through its affiliate Westbridge AIF I, sold shares of the Jaipur-based AU Small Finance Bank through a bulk deal on the National Stock Exchange (NSE). As per data available, Westbridge AIF I offloaded 1.30 crore shares, amounting to a 1.75 per cent stake in AU Small Finance Bank. The shares were disposed of at an average price of Rs 650.08 apiece, taking the transaction value to Rs 845.10 crore. After the stake sale, the shareholding of WestBridge Capital in the AU Small Finance Bank has declined to 2.07 per cent from 3.82 per cent. Meanwhile, Goldman Sachs Investments Mauritius I picked up 43.34 lakh shares of the AU Small Finance Bank at an average price of Rs 650 per piece. This took the deal value to Rs 281.71 crore. Details of other buyers of the AU Small Finance Bank shares could not be ascertained.

2024-06-20 06:23

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/brigade-group-to-invest-rs-150-crore-in-third-tower-for-kochis-world-trade-center-12752177.html

Brigade Group to invest Rs 150 crore in third World Trade Center Tower at Infopark, Kochi

Representative image.

Real estate developer Brigade Enterprises on June 19 said it will develop the third tower of the World Trade Centre at Inforpark in Kochi, the company said in a stock exchange filing. The project, which will cost Rs 150 crore, will see the development of a new 16-storey tower with a car-park of six decks. The project will come up on the non-SEZ plot with a built-up space of 2.6 lakh square feet, the stock filing said. The new tower is expected to generate around 2,700 direct jobs and the project is expected to be ready in three years, the company's statement said. Chief minister Pinarayi Vijayan, who was present during the signing of the lease agreement, said 583 new companies have set up offices in Infopark since 2016, generating 70,000 jobs. "The coming up of the third tower of WTC will augment the development of not just Infopark, but the entire IT sector in the state," the CM noted. M R Jaishankar, executive chairman, Brigade Enterprises Limited, said, “We are happy to increase our footprint in Kerala with a new tower of WTC for the growing IT and IT-enabled service companies in the State. Brigade is keen to expand in Kerala and we will continue to look for viable land parcels.” The stock price of the company closed at Rs 1,318 on June 19 on NSE, down 3.75 percent.

2024-06-19 19:06

moneycontrol.com

https://www.moneycontrol.com/news/business/india-set-for-decade-high-2-billion-bond-inflows-around-jpmorgan-index-inclusion-day-12751967.html

India set for decade-high $2 billion bond inflows around JPMorgan index inclusion day

India set for decade-high $2 billion bond inflows around JPMorgan index inclusion day.Related stories.

Foreign inflows into Indian bonds will hit a decade-high of $2 billion around June 28, when they will be included in a widely-tracked JPMorgan index, although the central bank will lap up most of the dollars to avoid a knee-jerk rise in the rupee, bankers said. The $2 billion, single-day inflow estimate by four bankers trails only the record-high $2.7 billion poured into Indian bonds on Aug. 20, 2014, as prospects of a credit rating upgrade gained traction. More than $200 billion in assets track the JPMorgan Emerging Market Index in which India will eventually have a weight of 10% by March 2025, suggesting total passive inflows of at least $20 billion over the 10-month period. The Reserve Bank of India, which has been keeping a hawk eye on the rupee to prevent it from plumbing lifetime lows, will be vigilant of the inflows and speculative positioning on the currency, but has not adopted additional surveillance measures, a source aware of the RBI's plans said. "It's just a case of inflows, this time in debt instead of equities," the source said. "It might be positive for the rupee and might be positive for FX reserves as well." The source and the bankers requested anonymity as they are not authorised to speak to the media. The RBI did not immediately respond to an email seeking comment. Since the rupee's real effective exchange rate -- a gauge of its relative value against a basket of currencies -- is signaling it is moderately over-valued, the RBI is wary of any significant appreciation, the source said. So, while front-running in anticipation of the inflows may boost the rupee, a large rally is unlikely given the central bank's grip on the currency, the bankers said. The RBI has said it will continue to boost its forex reserves opportunistically, which, in turn, helps avoid a sudden surge in the rupee. Since there is no precedent for these debt index-related inflows, bankers' estimates of the timing of flows are based on similar index adjustments in the equity markets. "Obviously, all this is a first and you can't be sure how things will be," the head of trading at a large foreign bank cautioned. "However, based on how portfolio flows related to (equity) rebalancing happen, the money will come in on (June) 27 or 28." In anticipation, large foreign banks could look at building short dollar/rupee positions to help manage inflows when they happen, an FX trader at a foreign bank said. Still, despite the best-laid plans, concerns persist. As a senior banker at a large foreign bank said: "all the pipes that have been put in place might not work."

2024-06-19 14:51

moneycontrol.com

https://www.moneycontrol.com/news/business/german-auto-component-supplier-zf-group-sells-7-5-stake-in-its-indian-subsidiary-12751961.html

German auto component supplier ZF Group sells 7.5% stake in its Indian subsidiary

German auto component supplier ZF Group sells 7.5% stake in its Indian subsidiary.Related stories.

German auto component supplier ZF Group on Wednesday said it has sold a 7.5 per cent stake in its Indian subsidiary ZF Commercial Vehicles Control System (CVCS) India to increase liquidity and financial flexibility for growth. The sale of shares has no effect on ZF's control over ZF CVCS India, the company said in a statement. "ZF Group has sold 1,425,000 shares, equalling 7.5 per cent stake, in its listed Indian subsidiary ZF CVCS India to increase liquidity and financial flexibility for its growth plans. The transaction will strengthen the financial flexibility of ZF, allowing it to invest in its further growth, and in the dynamically developing Indian market," it said. The Friedrichshafen (Germany)-headquartered firm had commenced the commercial vehicle control system business in January 2022 following the acquisition of WABCO in 2020. ZF CVCS India is the market leader in the Indian CV supplier industry and remains an important pillar in ZF's global growth strategy, the company said, adding that the Indian business has shown a strong operating and financial performance on the back of a supportive market environment. "The sale of shares has no effect on ZF's control of ZF CVCS India, as it is the long-term strategy of ZF to maintain a solid majority shareholding in the entity," it stated. The transaction will strengthen the financial flexibility of ZF, allowing it to invest in its further growth, and in the dynamically developing Indian market, ZF Group said.

2024-06-19 14:43

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/coal-india-awards-23-dormant-mines-to-private-players-12751872.html

Coal India awards 23 dormant mines to private players

The cumulative peak rated capacity is 34.14 million tonnes/year (MT/Y), while the total extractable reserves are estimated at 635 MT, the company said..

In an effort to revive dormant coal mines and boost revenue, Coal India Limited has awarded 23 discontinued underground mines to successful private sector bidders, the state-run company said in a statement on June 19. The award has been given based on a revenue sharing model, according to the statement. The cumulative peak rated capacity is 34.14 million tonnes/year (MT/Y), while the total extractable reserves are estimated at 635 MT, the company said. The coal mining firm had identified 34 mines, which were not operational but had good quality coal reserves. However, these mines were financially not viable for Coal India, which decided to offer them to private players. Of the 34 identified mines, the West Bengal-based Eastern Coalfields Limited and Jharkhand-based Bharat Coking Coal Limited account for 10 each. Western Coalfields Limited has 5, South Eastern Coalfields Limited 4, Mahanadi Coalfields Limited 3 and Central Coalfields Limited’s two make up the rest, the company statement said. The statement further said that the contract is for a maximum period of 25 years with a minimum revenue of 4 percent to be shared.

2024-06-19 14:08

moneycontrol.com

https://www.moneycontrol.com/news/business/indian-automobile-industry-grows-19-to-rs-10-22-lakh-crore-in-fy24-report-12751878.html

Indian automobile industry grows 19% to Rs 10.22 lakh crore in FY24: Report

Indian automobile industry grows 19% to Rs 10.22 lakh crore in FY24: Report.Related stories.

The Indian automobile industry grew 19 per cent to Rs 10.22 lakh crore in FY24 driven by a robust growth in the utility and sports utility vehicle (SUV) segment, a report said on Wednesday. The volume grew by 10 per cent during the year, the report by management consulting firm Primus Partners said. A notable shift in the UV and SUV segment was that the volume increased by 23 per cent and price by 16 per cent leading to overall value increase by 39 per cent last fiscal year. The average price increase in this segment was due to general rise in prices, shift to higher segment, shift to hybrid and automatic, popularity of sunroof and shift to electric vehicles (EVs), it said. Indians are preferring higher, more expensive models across segments, and the average price of vehicles is increasing, as per the report. "India is at the forefront in leading the global automobile race, bypassing lower-priced products and creating more value in feature-rich, higher-priced vehicles. Consumer preferences and robust economic fundamentals are drivers of this transformation in the Indian automobile industry. Significantly, the UV and SUV segments are becoming a preferred choice for most Indian consumers," said Anurag Singh, Managing Director of Primus Partners. On the other hand, the passenger vehicle (PV) segment saw a decline of 9 per cent in volume due to a slight price increase, resulting in 4 per cent value drop. In the two-wheeler segment, India witnessed 10 per cent increase in volume and 13 per cent in value. The three-wheeler segment grew by 16 per cent in volume and 24 per cent in value and the commercial vehicle segment rose by 3 per cent in volume and 7 per cent in value. The report noted that while India is at number three in terms of vehicles registered behind China and the US, in value terms it is behind countries like Japan and Germany. Besides, the average price of a vehicle in India is lower than that of many advanced countries. The value of the Indian Automobile industry is growing at a faster rate than volume. Also, according to the report, India is the number one producer of two-wheelers with more than 20 million units produced last year. The two-wheeler segment dominates in volume with 76 per cent share, while value share is 18 per cent. As per the report, 2023-24 proved to be a strong year for the global automobile industry. The lingering pent-up demand from the pandemic period remained active while many of the supply chain constraints had eased up.

2024-06-19 14:01

moneycontrol.com

https://www.moneycontrol.com/news/business/jakson-green-wins-ntpc-order-for-setting-up-project-to-produce-4g-ethanol-from-flue-gas-12751864.html

Jakson Green wins NTPC order for setting up project to produce 4G ethanol from flue gas

Jakson Green wins NTPC order for setting up project to produce 4G ethanol from flue gas.Related stories.

New energy transition platform Jakson Green on Wednesday said it has bagged an order from state-owned NTPC for setting up a plant to produce 4G ethanol from flue gas. The proposed plant at Lara in Chhattisgarh will produce 10 tonnes per day (TPD) of 4G ethanol from flue gases emitted from power plants, a company statement said. Using the latest carbon capture technology by Veolia Carbon Clean, the plant will capture 25 TPD CO2 from flue gases, significantly reducing greenhouse gas emissions, it said. Also, 3 tonnes per day of green hydrogen will be generated through 7.5 MW electrolyser, the statement said. Captured carbon dioxide (CO2) and generated hydrogen (H2) are combined via advanced microbial fermentation technology from LanzaTech Inc., converting these inputs into 4G ethanol, it explained According to the statement, Jakson Green has been awarded a critical role in India's groundbreaking project towards a greener future, establishing the world's first flue gas CO2-to-4G ethanol project for a power plant. As the licensing, engineering, procurement, and construction (LEPC) partner, Jakson Green will spearhead this project which is expected to begin operations within two years. The plant has been conceptualized and designed by NETRA (NTPC Energy Technology Research Alliance), the research and development arm of NTPC Ltd. Kannan Krishnan, Joint Managing Director of Jakson Green Private Limited, said in the statement, "This partnership builds upon the success of our numerous joint projects... Increasing the production of ethanol is crucial to achieving India's blending goals, strengthening energy security, and fostering a cleaner future." Having the production capacity of over 8,500 tonnes per annum of green hydrogen and its derivatives under development across six projects, Jakson Green is uniquely positioned to spearhead India's clean energy transition and contribute to a sustainable future, it said.

2024-06-19 13:43

moneycontrol.com

https://www.moneycontrol.com/news/business/salesforce-launches-public-sector-division-in-india-unveils-made-for-india-digital-lending-solution-12751862.html

Salesforce launches public sector division in India; unveils Made-for-India digital lending solution

Salesforce launches public sector division in India; unveils Made-for-India digital lending solution.Related stories.

Salesforce on Wednesday announced the launch of its public sector division in India to tap into the booming market and unveiled its digital lending offering tailored to Indian needs, as the enterprise software giant underlined its firm commitment to the market here. The company also highlighted insights from an (International Data Corporation) IDC study, which indicated that the Salesforce economy is expanding, with AI accelerating its growth trajectory. The IDC study forecasts that Salesforce and its ecosystem of customers and partners in India are expected to create a net gain of 1.8 million new jobs and generate USD 88.6 billion in new revenues from 2022 to 2028. Arundhati Bhattacharya, CEO and Chairperson of Salesforce India said growth potential here is huge, with rapid digital transformation unfolding all across. "India has talent and capability and now we are seeing far quicker adoption," she said at a media briefing. India is an "outlier" in digital adoption, and while digital transformation has been on the agenda of companies there is now a sense of "urgency" due to the advent of generative AI. The movement now is to get the right technology tools to scale business faster, she said. Salesforce has announced the launch of its Public Sector division in India which aims to enable government agencies and public sector organisations to transform citizen experiences with Salesforce technology. Salesforce also announced the upcoming availability of a digital lending solution for India that will provide banks and lenders with a platform to digitally approach consumer lending, while potentially reducing the cost and burden of maintaining disconnected, outdated platforms. "Digital Lending for India will exclusively serve customers within the country," the company said elaborating on Salesforce's Made-for-India product. The platform may be integrated with banking and financial data with customer data from Salesforce. "Built on Salesforce's Financial Services Cloud platform, this integration provides a single view of the customer information for loan application processing and helps lead to faster processing and approvals," the release said.

2024-06-19 13:41

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/jio-financial-services-appoints-s-anantharaman-as-group-chief-risk-officer-12751832.html

Jio Financial Services appoints S Anantharaman as Group Chief Risk Officer

Jio Financial Services.

Jio Financial Services on June 19 said that it has appointed S Anantharaman as the company's Group Chief Risk Officer for a period of five years from today. Anantharaman is a banker with over 30 years of experience in managing credit, market, and operational risks, the Reliance Industries financial services arm said in a regulatory filing. He is an associate member of Institute of Chartered Accountants of India and Chartered Financial Analyst and his "extensive expertise is grounded in both theoretical and practical knowledge of best risk management practices," the company added. Most recently, Anantharaman was working at Bank of Baroda, as Chief Risk Officer and HDFC Bank and as Group CRO at L&T Financial Services. His international experience includes senior roles at Al Ahli Bank of Kuwait, Commercial Bank of Kuwait, and Gulf Bank, where he implemented key risk policies and tools, Jio Fin Services added. Shares of Jio Financial Services were trading almost 1 percent down at Rs 359.85 apiece on BSE around 13:00 hours. Jio Financial Services on April 19 reported a net profit of Rs 310 crore for the January-March quarter of the financial year 2023-24. The company’s net interest income (NII) stood at Rs 280 crore for the quarter. Its total income came in at Rs 418 crore and revenue at Rs 418 crore.

2024-06-19 13:06

moneycontrol.com

https://www.moneycontrol.com/news/business/adani-group-to-invest-100-billion-in-energy-transition-gautam-adani-12751806.html

Adani Group to invest $100 billion in energy transition: Gautam Adani

Adani Group to invest $100 billion in energy transition: Gautam Adani.Related stories.

Adani group will invest more than USD 100 billion (around Rs 835 crore) in energy transition projects and manufacturing capability to produce every major component required for green energy generation, its chairman said on Wednesday. Besides building solar parks to produce electricity from sunlight and wind farms that do the same from wind, the conglomerate is building major facilities to manufacture electrolyzers for making green hydrogen, wind power turbines and solar panels. Green hydrogen, which is made by splitting hydrogen from water with the help of electrolyzers powered by clean energy, is seen as a potential panacea for decarbonizing the industry as well as transportation. Speaking at 'Infrastructure - the Catalyst for India's Future' event of Crisil, Adani Group chairman Gautam Adani said energy transition and digital infrastructure are trillion-dollar opportunities which will transform India both at a local and at a global scale. "The next decade will see us invest more than USD 100 billion in the energy transition space and further expand our integrated renewable energy value chain that today already spans the manufacturing of every major component required for green energy generation," he said. The coal-to-ports group wants to produce the "world's least expensive green electron" that will become the feedstock for several sectors that must meet the sustainability mandate. "And to make this happen, we are already building the world's largest single-site renewable energy park in Khavda, in the district of Kutch (in Gujarat). Just this single location will generate 30 GW of power, thereby taking our total renewable energy capacity to 50 GW by 2030," he said. Adani said the energy transition space will fundamentally change the global energy landscape forever. "The global transition market was valued at approximately USD 3 trillion in 2023 and is expected to grow to nearly USD 6 trillion by 2030, and thereafter double every 10 years till 2050." "As many of you know, in the case of India, our country aims to install 500 gigawatts of renewable energy capacity by 2030. This ambitious target will require annual investments of over USD 150 billion dollars. The transition to green energy in India is expected to generate millions of new jobs in sectors such as solar and wind, energy storage, hydrogen and its derivatives, EV charging stations, as well as grid infrastructure development," he said. On digital infrastructure, he said data is indeed the new oil and at the heart of all the action is the Data Centre - the critical infrastructure needed to power all forms of computational needs, especially AI workloads for machine learning algorithms, natural language processing, computer vision, and deep learning. All of this is dependent on the ability to process data at an unprecedented speed and scale which are the precise capabilities that data centres provide. However, this will need massive amounts of energy, making the data centre business the largest energy consuming industry in the world, he said. "This makes the energy transition even more complex and is raising electricity prices, thereby adding to the already high prices because of the combined impact of climate change and demand growth," Adani said. The billionaire said the infrastructure required for energy transition and the infrastructure required for digital transformation are now inseparable as the technology sector becomes the largest consumer of the precious green electrons. Adani group's digital footprint will span industrial clouds across each of its businesses that it will productize and then take to market, operational technology cybersecurity offerings, super apps to leverage its B2C businesses across wide variety of consumer facing businesses, Artificial Intelligence labs to capitalize on India's fast emerging expertise to provide AI services to the world, and Data Centres that will form the backbone of the energy intensive digital revolution. "In fact, it is anticipated that by the year 2030, the world will need 100 to 150 GW of additional green energy just for the AI data centres. We already have India's largest order book for data centres and are now in discussions for additional gigawatt-scale green AI data centres which we are uniquely positioned to deliver," he said.

2024-06-19 12:51

moneycontrol.com

https://www.moneycontrol.com/news/business/markets/govt-not-keen-to-go-ahead-with-concor-disinvestment-says-cnbc-awaaz-stock-down-2-12751738.html

Govt not keen to go ahead with Concor disinvestment, says CNBC-Awaaz; stock down 2%

The strategic sale of government’s 30.8 percent stake out of 54.8 percent in the Rs 68,230-crore company was approved in 2019, which also included the transfer management control. Since then, the plan has hit several roadblocks..

Shares ofContainer Corporation of India(Concor) slipped almost 2 percent on June 19 after reports indicated that the state-run company’s disinvestment has been put on the backburner. The firm’s stock price was trading at Rs 1,117.8, lower by 1.97 percent on NSE at 12:14 pm on June 19. CNBC-TV18 on June 19 reported, citing sources, that the disinvestment of Concor may not happen this year as the Railways ministry is not very keen for the time being. The channel also reported that the disinvestment plans have been postponed as of now and it is unlikely that the sale will materialise this year. The strategic sale of government’s 30.8 percent stake out of 54.8 percent in the Rs 68,230-crore company was approved in 2019, which also included the transfer management control. Since then, the plan has hit several roadblocks. JSW, Maersk and Adani were interested in acquiring Centre’s stake, however, the railway ministry has some concerns about getting in a strategic investor, according to reports. Last year,Moneycontrol had also reportedthat the disinvestment of Concor was not moving ahead because of concerns raised by its parent organisation. “Regarding the strategic sale of CONCOR, the railways has raised some direct concerns. NITI Aayog is on board for the divestment of CONCOR but the railways is not keen to sell the asset. There are many things to be done before it can happen. Currently, it is at status quo,” a senior official had told Moneycontrol. As of last year, the company runs 61 inland container depots, of which 26 are on land leased from Indian Railways. These 26 terminals account for more than half of the annual revenue of the company. For the current year (FY25), the finance ministry has set a target of Rs 50,000 crore for disinvestments. Last financial year, Centre made Rs 30,000 crore by selling stake in firms owned by it.

2024-06-19 12:36

moneycontrol.com

https://www.moneycontrol.com/news/business/air-india-to-launch-premium-economy-class-on-select-domestic-routes-from-july-12751780.html

Air India to launch premium economy class on select domestic routes from July

Air India to launch premium economy class on select domestic routes from July.

Air India on Wednesday said it will launch premium economy class on select domestic routes from next month. As of now, Vistara is the only Indian carrier which offers premium economy-class travel category on its domestic routes. The Tata Group-owned airline said it has refitted two new A320neo aircraft in a three-class configuration, featuring eight seats in business, 24 seats with extra legroom in premium economy, and 132 in the economy category, offering a wider choice to its guests. This is the first time the airline has introduced premium economy cabins on its narrow-body aircraft. "The introduction of a three-class cabin to Air India's narrow-body fleet and commencement of interior refits are important steps in the journey of enhancing the flying experience," said Campbell Wilson, Chief Executive Officer and Managing Director at Air India. The latest upgrade of the narrow-body fleet, which operates on domestic and short-haul international networks, complements the upgraded wide-body experience available on A350 fleet and new B777s, and on all other wide-body planes as they are refitted over the next two years, he said. Air India has plans to introduce the three-class configuration to its entire full-service narrow-body fleet over the next year. Existing aircraft are now being progressively inducted for refit, while new aircraft joining the fleet will be delivered with the new Air India experience, it said.

2024-06-19 12:26

moneycontrol.com

https://www.moneycontrol.com/news/business/hcltech-partners-with-tecnotree-to-develop-5g-led-genai-solutions-for-telcos-12751747.html

HCLTech partners with Tecnotree to develop 5G-led GenAI solutions for telcos

HCLTech partners with Tecnotree to develop 5G-led GenAI solutions for telcos.

IT services companyHCLTechon Wednesday said it has collaborated with Tecnotree, a Finnish software company catering to telcos, to co-develop advanced 5G-led generative AI (GenAI) solutions for the global telecom industry. The two entities will help telcos and CSPs (communication service providers) unlock new opportunities, accelerate innovation and drive sustainable growth with personalised next-generation solutions, a company statement said. "The partnership will bring together HCLTech's deep expertise in driving AI-led digital transformation for telcos and CSPs and Tecnotree's proven 5G and AI-led BSS platform capabilities," it said. Tecnotree Corp. CTO and CPO, Hitesh Morar said the partnership seeks to improve revenue monetisation capabilities for clients. "Together, we aim to solve real-world challenges for telcos by using GenAI and create meaningful business impacts," said Pawan Vadapalli, Corporate Vice President and Global Head, Digital Business Services, HCLTech.

2024-06-19 12:00

moneycontrol.com

https://www.moneycontrol.com/news/business/embraer-sees-india-saudi-arabia-eu-us-as-strategic-defense-markets-12751513.html

Embraer sees India, Saudi Arabia, EU, US as strategic defense markets

Embraer sees India, Saudi Arabia, EU, US as strategic defense markets.Related stories.

Brazilian planemaker Embraer sees India, Saudi Arabia, the European Union and the United States as strategic markets for its defense unit as it looks to expand sales of the C-390 Millennium, the head of Embraer Defense said on Tuesday. India has an open tender to buy military planes while Saudi Arabia, looking to replace an aging fleet of Lockheed Martin's C-130 Hercules, is currently in "early engagement" with Embraer, Bosco da Costa Junior told reporters at an event. "They don't have an open tender, but they need to replace their old C-130s. We did a lot of studies and concluded that the (Embraer) C-390 could deliver additional capability in this replacement process," Costa Junior said. A potential Saudi purchase could reach 25 units, and Embraer expects the country to make a decision in two to four years, the executive added. In addition to Embraer's home country Brazil, nations such as Portugal, Hungary, the Netherlands, Austria, the Czech Republic and South Korea have selected the planemaker's military transportation aircraft. Expanding its presence abroad with more C-390 sales has been a key goal of Embraer's defense division, which also sees Sweden as a potential customer. It has partnerships with Mahindra in India and Saab in Sweden to introduce the plane. Embraer has also been "aggressive on several fronts" in the United States, Costa Junior said, including exploring opportunities for mergers or acquisitions as well as pitching the C-390 to the U.S. Marines, Air Force and special forces. "We do believe that the C-390 could add additional value to those entities in the U.S.," the executive said. "One thing is clear to us: We would like to become a partner of the U.S. government." Asked if any potential relationship with China could compromise connections with the U.S., Costa Junior stressed that Embraer's defense business had no relationship or any kind of discussions with the Asian superpower. "We are 100% U.S.- and NATO-oriented," he said.

2024-06-19 07:11

moneycontrol.com

https://www.moneycontrol.com/news/business/companies/zee-names-mukund-galgali-as-acting-cfo-after-rohit-gupta-steps-down-12751337.html

ZEE names Mukund Galgali as acting CFO after Rohit Gupta steps down

Recently, the media company has announced a slew of measures to cut costs and reduce losses in its business, including cutting 15 percent of its workforce..Related stories.

Zee Entertainment Enterprises Limited (ZEEL) on June 17 said that it has appointed Mukund Galgali as the acting chief financial officer (CFO) of the company after its current CFO Rohit Kumar Gupta decided to step down from his position due to personal reasons. Galgali has been with the ZEE group for more than 17 years and is currently leading the Commercial & Strategic Initiatives of the company. He will take charge as the interim CFO from June 19, 2024. Galgali, who is a Chartered Accountant, and a Company Secretary, has over 27 years of Global Financial and Corporate leadership experience. Zee mentioned that as a member of the leadership team, he has been providing strategic consulting advice on business planning and performance, regulatory and tax implications on business, process innovations and management controls etc. to improve business efficiency and value creation for shareholders. Meanwhile,shares of ZEEon June 17 closed nearly 2 percent lower at Rs 160.85 apiece on BSE. Recently, the media company has announced a slew of measures to cut costs and reduce losses in its business, including cutting 15 percent of its workforce. It has announced a remodel of the company's leadership structure. In the recent fourth quarter, Zee reported a profit of Rs 13.35 crore against a loss a year ago, helped by strong demand for advertising and a fall in expenses. Domestic advertising revenue for the quarter rose nearly 11% year-on-year (YoY), driven by the continued recovery in the macro advertising environment and spending pickup by FMCG (fast-moving consumer goods) clients.

2024-06-18 18:28

moneycontrol.com

https://www.moneycontrol.com/news/business/india-largest-market-for-nestles-maggi-worldwide-2nd-biggest-for-kitkat-12751107.html

India largest market for Nestle's Maggi worldwide, 2nd biggest for KitKat

India largest market for Nestle's Maggi worldwide, 2nd biggest for KitKat.Related stories.

India has become the largest market for Nestle globally for its instant noodles and soup brand Maggi and the second largest for chocolate wafer brand KitKat, according to the latest annual report of its local subsidiary. Besides, the India market with a high double-digit growth has become one of the fastest growing markets for Nestle, it added. "Penetration, premiumisation and innovation, combined with disciplined resource allocation, have been key in driving business, making your company one of the fastest growing markets for Nestle globally," said Nestle India's annual report for 2023-24. Nestle, which sells its popular instant noodles under brand Maggi and prepared dishes and cooking aids here, sold over six billion servings of Maggi during FY24, "making India the largest Nestlé market for Maggi worldwide," it said. Nestle is expanding its play under brand Maggi and has launched Oats Noodle, Korean Noodles and various masala variants at an affordable Rs 10. "The Prepared Dishes and Cooking Aids business recorded a strong growth momentum. This was aided by a balance of product mix, pricing and volume growth in Maggi noodles and Maggi Masala-ae-Magic, supported by strong consumer engagement and market presence with media campaigns and attractive consumer activations," it said. In confectionary, Nestle India said it sold 4,200 million fingers of KitKat. The growth was fuelled by the launch of new products, expansion of the distribution network and innovative brand activations. "KitKat has emerged as the star performer, by not only delivering strong growth but making Nestlé India the second largest market for the brand globally," it said. In India, brand Maggi recovered after a five-month ban on its instant noodles over allegation of containing lead beyond permissible limits. However, the instant noodles returned to market after a relaunch in November 2015 and later Nestle India extended the brand in the food segment and adjacencies. Before the crisis, the brand had over 70 per cent market share in the instant noodles segment, which it still has not reached as the competition has intensified in the segment with arrival of new players. Nestle, which is setting up its tenth Indian factory in Odisha, reaffirmed the significance of India as a market. "Strengthening this further, your company is poised to invest approximately Rs 7,500 crore between 2020 and 2025 to develop new capabilities and expand existing ones with a sharp focus on sustained growth and innovation," its Chairman & Managing Director Suresh Narayanan said while addressing shareholders in the report. The company is focussing on innovations and in the past eight years, it has launched over 140 products. A significant portion of sales in 2023 was attributed to innovative products. According to Narayanan, plant-based products present a significant opportunity for Nestle India, which has been operating here for 112 years. It is also expanding its presence and through RUrban journey its direct coverage has gone beyond two lakh villages. Nestle India recently announced to continue to pay royalty to its parent company at the existing rate of 4.5 per cent of net sales after a proposal to hike it was rejected by shareholders. The company's board approved the continuation of payment of general licence fees (royalty) at the rate of 4.5 per cent to Societe des Produits Nestle SA (licensor) and recommended to the members of the company for their approval. In April, Nestle India's board had approved increasing royalty to its parent company by 0.15 per cent per year for the next five years, thereby enhancing it to 5.25 per cent of net sales. In its annual report, Nestle India said "the general licence fees (royalty) rate paid by the company to the licensor is comparatively lower" in comparison to other multinational corporations (MNCs) in India. Nestle India had reported sales of Rs 24,275.5 crore in the fifteen months to March 31, 2024.

2024-06-18 14:35

moneycontrol.com

https://www.moneycontrol.com/news/business/jsw-mg-motor-india-partners-with-tata-capital-to-offer-financing-solutions-to-dealers-12751030.html

JSW MG Motor India partners with Tata Capital to offer financing solutions to dealers

Narendra Kamath, COO, SME Finance from Tata Capital and Satinder Singh Bajwa, Chief Commercial Officer at JSW MG Motor India.

JSW MG Motor India on Tuesday said it has partnered with Tata Capital to provide financing solutions to its dealers. The collaboration aims to support JSW MG Motor India dealers with working capital, term loans, demo car loans, leasing solutions and off-balance sheet structured solutions, catering to their growing business needs, the company said in a statement. The partnership with Tata Capital expands the company's channel financing options, JSW MG Motor India Chief Commercial Officer, Satinder Singh Bajwa said. "This strategic partnership underscores our commitment to supporting our dealer partners with financial solutions, encouraging them to grow their businesses sustainably," he added. Commenting on the partnership, Tata Capital COO, SME Finance, Narendra Kamath said, "Our tailor-made products will cater and enable the distribution network of JSW MG Motor India with the apt resources to leverage emerging prospects seamlessly."

2024-06-18 14:15

moneycontrol.com

https://www.moneycontrol.com/news/business/swati-maliwal-writes-to-india-bloc-leaders-seeks-time-to-discuss-assault-case-12751008.html

Swati Maliwal writes to INDIA Bloc leaders, seeks time to discuss assault case

Swati Maliwal writes to INDIA Bloc leaders, seeks time to discuss assault case.

Rajya Sabha MP Swati Maliwal on Tuesday sought time from INDIA bloc leaders to discuss the alleged assault against her by Chief Minister Arvind Kejriwal's aid Bibhav Kumar. In a letter to INDIA bloc leaders like Rahul Gandhi and Sharad Pawar, the Aam Aadmi Party member complained she was subjected to "victim shaming and character assassination" for speaking up against the abuse. "Instead of finding support, I was confronted with incessant attacks on my character and victim shaming orchestrated by the leaders and volunteers of my own party," she wrote. "Over the past one month, I have encountered first-hand pain and isolation a survivor faces when she fights for justice. . . I would like to seek your time to discuss this pertinent issue," she added. Maliwal posted the letters addressed to Congress leader Rahul Gandhi and national president Sharad Pawar on X. "I have worked on the ground for the last 18 years and have heard 1.7 lakh cases in the Women's Commission in 9 years. Without fearing anyone and bowing down to anyone, I have made the Women's Commission stand in a very high position. But it is very sad that first I was beaten badly at the Chief Minister's house, then my character was defamed. "Today, I have written a letter to all the big leaders of the INDIA alliance regarding this matter. I have asked for an appointment with everyone," she wrote alongside the post.

2024-06-18 13:34

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HSBC sees $250 million of India swap deals before JPM inclusion

HSBC sees $250 million of India swap deals before JPM inclusion.Related stories.

HSBC Holdings Plc has executed nearly half the volume of bond-derivative trades in India’s international finance hub over the last month, ahead of the sovereign bonds’ inclusion in a key global index. The British bank, via its unit in the International Financial Services Centres Authority, carried out the so-called total return swap deals worth more than $250 million with foreign investors who want onshore bond exposure, its head of India markets said. That compares with a total volume of about $510 million. The total-return swaps have emerged as one of the key products for foreigners to get India exposure without necessarily having to get a license to buy the bonds onshore and deal with local regulations. Foreign investors have been piling into Indian sovereign bonds ahead of their inclusion into JPMorgan Chase & Co.’s emerging-market index from June 28. HSBC has actively engaged with offshore investors to offer both direct access as well as total-return swaps for Indian government bonds, said Anita Mishra, head of markets and securities services at HSBC India. Standard Chartered Plc offers a similar derivative product. About three to four foreign banks have written the offshore derivatives so far, K. Rajaraman, chairman of the International Financial Services Centres Authority, said. “This year we are seeing a lot of traction, especially after the inclusion of India in the bond indices,” he said. About $10 billion of inflows have come into India’s index-eligible bonds since JPMorgan announced in September that it will include the nation’s bonds in its flagship index. Some funds are using other alternatives like investing in rupee-denominated supranational bonds or in an India bond exchange-traded fund like those offered by BlackRock Inc. or Legal & General Investment Management to get India exposure.

2024-06-18 13:15