The coal ministry said that there has been a 14% decline in the import of thermal coal by power plants in India in April-June, contrary to reports that the country’s import of thermal coal — used to drive steam turbines — increased during the three months. Media reports quoting American Fuels & Natural Resources, a […]
SpiceJet, one of India’s largest airlines, said it has started 18 new temporary flights to help deal with the cancellations of flights to and from Kerala due to the ongoing flights. Some of these flights were operational only today, while some will be there for three days, while others will be there daily for the […]
Credit rating agency India Ratings and Research has awarded its top AAA rating to Motherson Sumi Systems, the auto components manufacturer said. Ind-Ra, a unit of global rating agency Fitch, took into consideration the company’s strong trackrecord and diversified client-based to issue the rating. “MSSL’s diversified customer base and product profile, strong track record of […]
GAIL India Ltd said it awarded the first contract for purchase of the 108 km, 24-inch diameter pipes under the Barauni—Guwahati segment of the Jagdishpur—Haldia & Bokaro-Dhamra Natural Gas Pipeline (JHBDPL) project to M/s Ratnamani for Rs 125 crore. “Line pipe procurement activities for the rest of the 600 km trunkline upto Guwahati is at […]
Infibeam Avenues, one of India’s largest home-grown e-commerce companies, reported a standalone loss of Rs 14 cr for the first quarter due to a sharp increase in payment gateway charges. While operating revenue for the Apr-Jun quarter increased sequentially by Rs 5.3 cr to Rs 91.34 cr, payment gateway charges jumped by a whopping Rs […]
India’s biggest drug maker Sun Pharmaceutical Industries reported strong numbers for the first quarter of Apr-Jun this year, with rising sales lifting margins and profits. Overall sales rose 16% on year to Rs. 7,139 crores, led by growth in key geographies such as the US, India and emerging markets. This was partly on account of […]
Hero MotoCorp Ltd., the world’s largest two-wheeler manufacturer, said it will start shipping its first premium motorcycle, the Xtreme 200R, from its factories next week. This marks the end to a long period of waiting for the fans of the machine that is priced at Rs 90,000 in Delhi, which is about 10% cheaper than […]
Indian banks will need between $40 bln to $55 bln (Rs 2.8 lakh cr to Rs 3.8 lakh cr) of additional capital to meet the Basel III capital adequacy norms set to come into effect next year, Fitch Ratings said, adding that most of the money will have to be put in by the tax […]
PVR, India’s largest multiplex operator by far, said it will acquire 72% of SPI Cinemas, which operates 17 multiplex theaters in South India including Chennai’s Sathyam, for around Rs 633 cr in cash, and the remaining 28% by issuing its own shares. SPI Cinemas is a leading cinema player in South India with 17 multiplexes, […]
Jaguar Land Rover today reported total retail sales of 36,144 vehicles in July 2018, down 21.6% year on year, primarily, it said, reflecting “transitional issues” in certain markets. Retails for July were down in China (46.9%), reflecting continued market volatility in the first month of the duty change as well as trade tensions. Sales were […]
Future Retail, the country’s largest brick-and-mortal retailer with over 1,100 stores, reported an overall improvement in its profits margins in the Apr-June quarter. The improvement was largely the result of a slight dip in operating expenses, even as sales fell as the company shut unprofitable outlets. Excluding such stores, sales improved 7.1% on year. Net […]
Ramco Systems, one of India’s top cloud software vendors, said it won yet another client from Philippines for its logistics management offering. It said AP Cargo Logistic Network Corp will implement Ramco Svstems’ Logistics Software to manage its freight operations nationwide. The deal includes Finance and human resource management modules as well, besides transport management, hub management; warehouse management, […]
PVR Cinemas said it has opened its 137th multiplex at Phoenix United Mall in Bareilly, Uttar Pradesh. With this, said India’s largest cinema exhibitor, it now has 13 multiplexes in Uttar Pradesh. The company has also increased the total multiplexes in North India to 49. The latest property will have four screens, taking the total screens […]
Government of India has raised objections to the use of AYUSH as a trademark, said Shripad Yesso Naik, minister of Ayurveda, Yoga, Naturopathy, Unani, Siddha and Homoeopathy. The objection is based on the contention that the abbreviation for the ministry’s name is also AYUSH, and is used by the government in official communications and publications. […]
The Finance Ministry today said there would be no cut in the GST levied on bigger hybrid vehicles sold in India. At present, medium and large sized hybrid cars are taxed at a rate of 43%, including a ‘compensation cess’ of 15% — only marginally lower than the 45% tax charged for regular cars. However, […]
Ravi Shankar Prasad, India’s minister for law and information technology, said the government has got ‘good response’ from WhatsApp for its proposal to install a monitoring mechanism on the platform. The government has been pushing WhatsApp to put up a monitoring mechanism that would send out alerts when messages on any one subject starts going […]
Assocham, one of India’s prominent associations of industries, has expressed concern at the government’s proposal to put in place a mechanism to block apps like Facebook, WhatsApp and Telegram. The government has, in a confidential letter sent to internet service providers, asked them to suggest ways in which such apps can be blocked at India’s […]
Bharti Airtel said it has signed an agreement to purchase capacity on four submarine cable systems between India and Europe from Telecom Egypt. “Airtel will get IRUs (Indefeasible Right of Use) on Middle East North Africa Submarine Cable (MENA Cable) and TE North Cable Systems. In addition, Airtel will also take large capacities on a […]
Alembic Pharmaceuticals said it received tentative approval from the US Food & Drug Administration for launching a therapeutic equivalent of Latisse ophthalmic solution. Allergan Bimatoprost solution is used to treat loss of hair, or hypotrichosis, of the eyelashes. The solution, with an estimated US market size of $63 million, increases the length, thickness and darkness […]
A total of 1,104 people have died during clinical trials of various drugs and procedures in India in the last three years, according to the ministry of health and family welfare. However, not everyone who died during clinical trials are found to have died from the procedure through subsequent examinations. Only the patients who are […]
