Private sector lender DCB Bank reported all-round improvement in the bank’s financial performance for the final quarter of FY2018, at a time when the sector is undergoing major stress over bad loans. The bank’s net profit rose to 64 cr for the final quarter from Rs 53 cr in the same quarter a year ago. […]
Mahindra & Mahindra, India’s largest SUV maker, said it will launch a high-end electric car brand in Europe, with the first model out in 2020. The company will leverage the design talent of Pininfarina, an Italian design car designer it purchased three years ago. The new brand will be called Automobili Pininfarina. “The company will […]
Reliance Infrastructure, the construction arm of the Anil Ambani group, said it, along with its consortium partner, won three different contracts to construct about 20 km out of the 32 km Mumbai Metro line between Thane and Wadala. The total package is worth about Rs 1,584 cr. The consortium of Reliance Infrastructure Limited and ASTALDI […]
Bharti Airtel said it will now give 30 GB of free 4G data to any of its existing customers who upgrade to a 4G phone from a 2G or 3G device. Prepaid customers will get 1 GB data every day for 30 days over and above any pack they charge with, it said. Postpaid customers […]
JSW Steel Limited said it, along with its consortium partner and private equity player AION Investments Private II Ltd, has accept the terms and conditions for the acquisition of the assets of bankrupt steelmaker Monnet Ispat and Energy Limited. The duo were declared the successful, and only, bidders two days ago. The bids were placed […]
Mahindra Defence Systems said it has entered into a long-term partnership with Government of India-controlled defence electronics manufacturer Bharat Electronics Ltd “to jointly address emerging opportunities in the domestic market”. The two will address opportunities created by policy initiatives of the Government of India, like ‘Make in India’ and the ‘Export Promotion Policy’ of the […]
Punj Lloyd, Rave Gears (USA) and Adani Group said they will set up a joint venture to manufacture helicopter parts. The collaboration will use the manufacturing base in India for exports to global OEMs, both in the military and civil aerospace domain, Adani Defence & Aerospace said. The JV will design, manufacture and assemble high […]
Pharma manufacturer Strides Shasun said it received approval from the United States Food and Drug Administration to sell a generic version of Merck’s Periactin tablets. The US market for Cyproheptadine Hydrochloride Tablets is approximately USD 20 Million, according to IQVIA, the company said. The drug is an antihistamine used to relieve allergy symptoms such as […]
Cyient, formerly known as Infotech Enterprises, said it will form a joint venture with Israel-based BlueBird Aero Systems to manufacture drones for security use in India. The joint venture will be called Cyient Solutions & Systems Private Limited and will have 51% shareholding by Cyient. BlueBird Aero Systems, said the Indian company, is a specialist […]
Credit rating agency ICRA Ltd downgraded Fortis Healthcare’s outstanding debt obligations of Rs 1,170 cr after the company missed the repayment of a loan. The company’s long term rating for Rs 250 crore non-convertible debenture programme, Rs 105 crore fund-based limits, and Rs 195 crore term loans has been revised from BBB- to C. It […]
Mahindra Defence, part of the Mahindra Group, has been selected as the local partner for Japanese aircraft maker ShinMaywa’s manufacturing and related operations for its US-2 seaplane in India. The amphibious aircraft can be used for both civilian and military purposes and the Indian Navy is expected to be among the customers for the same […]
AU Small Finance Bank, which was formed a little over two years ago, said it has started offering interest of 6.5% for its savings account holders with balance above Rs 1 lakh. This makes the bank the only one to offer such a high interest rate on its savings account. The bank was earlier giving […]
Japan’s Suzuki Motor Corp said it has started exporting vehicles from its recently established 100% Indian unit Suzuki Motor Gujarat Pvt Ltd. The first model to be shipped was the new Swift, destined for the South African market, the company said. “This is the first time an SMG model is being exported,” the company said. […]
Vedanta, one of the world’s largest metal producers, said its application for renewal of consent for operating its smelter plant in Thoothukudi in Tamil Nadu has been rejected. The company had shut down the copper smelting plant on March 27 “as part of a regular maintenance program,” it said. “..the Company had applied for renewal […]
The ongoing allegations around the sanction of a loan by ICICI Bank to the Videocon Group and the bank’s reluctance to support an independent probe into the matter has created doubts about the bank’s internal governance standards, global ratings agency Fitch said. “..the presence of the bank’s CEO on this credit committee – and the […]
With the launch of Reliance Jio’s home broadband services drawing nearer, competitor Bharti Airtel has introduced new fiber-based broadband plans with speeds of up to 300 Mbps. The FTIH (Fiber-To-the-Home) based plan comes at a monthly rental of Rs. 2199 and offers 1200GB of ultra-high speed data along with unlimited STD and local calling benefits. […]
Anil Ambani Group’s construction and infrastructure arm Reliance Infrastructure said it received an order of Rs 1,081 crore for the construction of a “Common Services System, Structure & Components (SSC) package” and allied civil works for the upcoming Unit 3 and 4 of Kudankulam Nuclear Power Project at Tirunelveli District in Tamil Nadu. SSC’s are […]
UK’s largest automaker and a unit of Tata Motors, Jaguar Land Rover, reported a 7.8% dip in its March retail sales due to weakness in its home market. Much of the damage came from Jaguar sales, which were down 12.7% at 24,300, while Land Rover sales declined by 5.7% to 59,432. “UK industry sales were […]
Bank of Baroda, India’s second biggest bank by assets, raised its lending interest rate by 10 basis points across all tenures up to one year. With this, the one-year marginal cost of funds based lending rates or MCLR has been raised to 8.4% from 8.3% with effect from tomorrow, Apr 7. The six-month rate has […]
India has a total registered demand of 175 satellite transponders for DTH services, but only 111 transponders are currently available, Rajyavardhan Rathore, junior minister for information and broadcasting said, adding that efforst are on to rectify the situation. Satellite transponders refer to the terminals on satellites that emit TV signals that are captured by dish […]
