India’s largest iron ore producer NMDC has reported a 39% increase in its revenue for the September quarter compared to the same period last year. Net profit increased 10%. The increase in revenue and profit was mainly due to increase in pricing and volume, the company said. Total iron ore production for the second quarter […]
Royal Orchid Hotels said it opened a new hotel in Kanpur, Uttar Pradesh, taking the number of properties under Royal Orchid group to 45. “Situated at the heart of the city, “Regenta Central The Crystal” is a perfect blend of modern amenities and traditional Indian hospitality,” the hotel group said. It said the hotel is […]
Eicher Motors reported excellent growth in profit for the July-September quarter thanks to record sales of its Royal Enfield brand of motorcycles, and said it wants to begin a new chapter in its Motorcycle business with its new 650 cc models. Most of the existing models are either 350 cc or 500 cc. During the […]
Adani Power said it will set up a new 1,600 MW coal power plant at Godda Jharkhand to supply power to Bangladesh for a period of 25 years. It said the company has signed a Power Purchase Agreement (PPA) with the Bangladesh Power Development Board for the same. The plant will be of the ‘ultra-supercritical’ […]
Fire has been reported from the eight floor of Arunachal Bhawan building in Sector 30, Vashi, New Mumbai. No casualties have been reported. However, there are four floors above the floor on which the fire has spread. Smoke can also be seen from the 9th floor, but it is not yet clear whether the floor […]
Royal Orchid Hotels said it had tied up with Bespoke Hotels of the UK to market each others’ properties to their customers. Bespoke manages over 200 hots with 9,500 hotel rooms, 8,000 employees and £815 million of assets. “Royal Orchid now has the ability to offer its guests hundreds of hotel options across multiple global […]
Pune has become the latest Indian city to join the Metro bandwagon, with the contract for the 32-km first phase awarded to Hindustan Construction Company and the Dubai-based AL FARAA construction group. Construction of the first phase will have to be completed in 110 weeks (a little over 2 years). It will have nine elevated […]
Reliance Capital reported a 2% year-on-year increase in total income for the September quarter for its subsidiary Reliance Commercial Finance Ltd. It earned pretax profit of Rs 92 crore, up 7% on year, while total income came in at 502 cr. As on September 30, 2017, outstanding loan book was Rs. 12,653 crore – a […]
Tata Global Beverages, the world’s second largest tea company, said it is evaluating the possibility of entering the cafe business and has launched its first pilot outlet at Indira Nagar in Bangalore. The outlet, called ‘Tata Cha’, will offer a wide variety of teas as well as snacks. “Tata Cha will specialise in serving freshly […]
AU Small Finance Bank reported net interest income of Rs. 220 crore in the second quarter ended September, up 12% on year. Total Income was Rs 508 crore, up 41% and PAT was Rs 68 crore for Q2FY18 as against Rs 62 crore in Q1FY18. “Q2 was the first full quarter of operations as a […]
AU Small Finance Bank and Small Industries Development Bank of India (SIDBI) entered into an agreement to jointly lend to small businesses. Both will earmark a corpus of Rs 100 crore for lending under the ‘AU SIDBI Joint Financing Programme’ for FY18. The program will target micro, small and medium sized enterprises in the manufacturing […]
Former union home minister P Chidambaram today said India should ‘seriously consider’ giving autonomy to the state of Jammu & Kashmir. Chidambaram, who was in charge of maintaining law and order in the hill state for several years as part of his role as India’s home minister, is the head of his party’s standing committee […]
A non-bailable arrest warrant has been issued against Patidar Anamat Andolan Samiti leader Hardik Patel and Lalji Patel in a two-year-old case related to violence at a rally. The warrant was issued in relation to violence seen in the aftermath of a rally in Vishnagar town of Mehsana district in Gujarat on July 24, 2015. […]
Mahindra Finance said global insurance major XL Group will take a 20% stake in its subsidiary Mahindra Insurance Brokers Ltd, including the 15% currently held by LeapFrog Financial Inclusion Fund. “XL Group will help support MIBL’s endeavours to increase insurance awareness and penetration in underpenetrated markets and across under-served customers in rural India,” the group […]
Karnataka Bank’s second quarter net profit fell to Rs 93.38 crores from 123.82 crores last year. However the operating profit showed a robust growth of 57.35% and improved to Rs 366.24 cr from Rs 232.75 cr. The Net Interest Income rose to 440 cr from 397 cr last year. Gross non-performing assets stood at 1,715.70 […]
Prakash Industries, one of India’s biggest PVC pipe manufacturers, said it has decided to double its production capacity over the next two years. The investment will be entirely funded from the company’s internal funds. “Over the (last 37) years, the company has enhanced its product portfolio and has grown to a capacity of 55,000 Tonnes […]
Fitch Ratings affirmed property developer Indiabulls Real Estate Limited’s Long-Term Foreign-Currency Issuer Default Rating at ‘B+’ with a ‘stable’ outlook, noting that conditions for the real estate developer are improving. “The Stable Outlook reflects the recovery in IBREL’s contracted sales following India’s currency demonetisation last year,” it said. However, it said it couldn’t upgrade the […]
PVR Cinemas, India’s largest theater chain, has launched a new loyalty program to retain, attract and reward high-value customers. The program, known as PVR Privilege, will entitle its members to get reward points for all their spends, and these points can in turn be used to buy tickets and food. The program offers reward points […]
PC Jeweller, the Delhi-based jewellery chain, said it signed up Bollywood stars Akshay Kumar and Twinkle Khanna as it gets ready for a pan-India expansion. The brand, which started 12 years ago with a single shop in Karol Bagh in New Delhi, today has close to 80 outlets. Most, however, are in North India, and […]
Crompton Greaves, one of India’s biggest electrical durables makers, said it has not executed any binding transaction documents with Videocon Industries on the acquisition of the Kenstar brand in India. Responding to a report in the Economic Times that said a binding offer at Rs 1,400 cr has been submitted, Crompton Greaves said: “The results […]
