Reliance Capital, the financial services arm of the Anil Ambani Group, said the Securities and Exchange Board of India (SEBI) issued its final observation letter to the draft red herring prospectus filed by its general insurance unit. The group had recently seen the successful IPO of its life insurance company, Reliance Nippon Life Insurance, which […]
Automotive wheel maker Steel Strips Wheels said it won a contract to supply 6,000 truck wheels to a European customer for use on trailers. “Steel Strips Wheels has already marked its entry into the high potential truck and trailer market in EU and aims to strengthen it in the future,” it said. The wheels have […]
Panacea Biotec said it got the regulatory nod in the US for launching a generic version of big-selling cancer drug Abraxane. The drug will be sold with the help of Canadian pharmaceutical distributor Apotex. The annual sale of Abraxane worldwide is approximately US$973.4 million and approximately USS633.8 million in the US, the Indian company said. […]
Infosys said it launched Finacle Trade Connect, a network-based system of distributed record keeping for banks based on the block chain technology. A blockchain-based record is open to all participants and all participants have a copy of all the data. Moreover, all transactions are recorded on a real-time basis on every copy of data. In […]
Government of India-funded Indian Council of Medical Research (ICMR) and private sector player Zydus have announced the launch of new diagnostic kits that can help in detecting Japanese Encephalitis Virus in mosquitoes and the Crimean-Congo Haemorrhagic Fever in sheep, goat and cattle. The kits are the result of the research and development conducted by ICMR […]
Bangladesh Power Development Board has awarded the contract for setting up Bibiyana South 400 MW Combined Cycle Power Plant to a consortium of Larsen & Toubro (L8tT) and Samsung C&T Corporation of South Korea, the Indian company said. L&T shall be executing work valued at around USD 250 million, or about Rs 975 cr. The […]
Pharma major Dr Reddy’s Laboratories said it has been served with a class action lawsuit, originally announced in August, related to public disclosures made about regulatory action against the company. “Further to our intimation dated August 28, 2017 with regard to US Securities Class Action Lawsuit, we would like to inform you that the US […]
Jet Airtways said it has signed a new agreement with Europe-based Air France-KLM that will increase the coverage and capacity of its existing agreement with the airline. The airlines will be able to extend their coverage and capacity between Paris, Amsterdam and India because of the agreement, while also adding new destinations in the US. […]
India’s telecom regulator TRAI has issued its recommendations on Net Neutrality in India. The recommendations are largely along expected lines, and prevent telecom companies from slowing down the Internet to ease the traffic of their video apps, messengers and other ‘over-the-top’ services. The move comes even as an Indian-origin bureaucrat in the US is facing […]
Reliance Communications announced that Pantel Technologies, which sells the Penta brand of tablets in India, has purchased its Big TV DTH service. The agreement was signed with Pantel Technologies Pvt Limited and Veecon Media & Television Limited, the Anil Ambani group company said. The move will reduce RCom’s debt to unsecured creditors as the new […]
Larsen & Toubro, India’s largest construction company, said it won new orders worth Rs 3,572 crore. One of the biggest was a Rs 1,358 crore contract at the Kempegowda International Airport for the construction of a new South Parallel runway, apron and associated works on EPC basis from Bangalore International Airport Limited. The project Scope […]
ONGC and satellite operators in India have raised objections to the upcoming 5G spectrum auctions. An umbrella body of several satellite infrastructure organizations suggested that existing facilities that fall in the bands scheduled for the ‘5G auction’ should be allowed to operate. Telecom services have encroached on higher and higher frequencies of radio spectrum with […]
Mahindra & Mahindra said Uber, the taxi company, will deploy ‘hundreds of electric cars’ from the company in Delhi and Hyderabad. The partnership will gradually be expanded to other cities, it said. Mahindra’s electric vehicles on the Uber platform will include the ezoPlus hatch and the eVerito sedan. “As part of this collaboration, both the […]
Edelweiss Financial Services said it raised Rs 1,527.75 crore by selling its shares to institutional investors through the Qualified Institutions Placement (QIP) route, the first time it has raised funds by selling shares after the IPO ten years ago. The QIP opened on November 15, 2017 and closed on November 20, 20 17. It sold […]
Electrical goods maker Siemens Ltd reported an improvement in its profit margins, but underlying sales growth decelerated to 1.8% due to GST-related impact. The company usually posts 8%-15% growth in revenue. Net profit also showed a decline as last year, the company had exceptional income related to the sale of a unit. Revenue, on a […]
The United States Food and Drug Administration has given Zydus Cadila approval to launch a generic version of the billion-dollar erectile dysfunction drug Cialis when patents expire. The patents are expected to expire in September next year. Cialis and Viagra are the most popular erectile dysfuntion drugs in the world. Cialis, created by Eli Lilly, […]
Pharmaceutical company Biocon has launched KRABEVA, a biosimilar Bevacizumab for the treatment of patients a variety of cancers in India. The biosimilar — or a drug that mimics a natural protein — is useful in treating metastatic colorectal cancer and other types of lung, kidney, cervical, ovarian and brain cancers. It will be priced at […]
The Securities & Exchange Board of India, the regulator for traded securities such as stocks, has given an exemption to Bank of India to conduct a qualified institutional placement or QIP of Rs 3,000 cr. The bank is technically ineligible for conducting a QIP — which is not considered a ‘public offering’ — as it […]
Bharti Airtel and Tata Teleservices said they have started moving customers of Tata DoCoMo to the Bharti Airtel network using what is called an ‘intra-circle roaming’ or ICR agreement. This essentially means that Tata Teleservices will continue to operate a network in a technical and legal sense, but is free to decommission all its towers […]
Reliance Jio, India’s newest operator, added 5.94 mln subscribers in September, breaking a declining trend in net additions and taking the total subscriber number to 138.62 mln (13.86 cr). Even as the company increased its subscriber numbers, it was also able to reduce the proportion of inactive or switched-off users on the network. SEPTEMBER BLUES […]
