Reliance Industries, one of India’s largest petroleum producers, said its D26 oil field in the KG-D6 offshore block has ceased production, a decade after oil started flowing from the field. The D26 was one of the three prolific fields of the D6 block. A field, in oil and gas terminology, is a smaller area within […]
Nagarjuna Fertilizers and Chemicals said it is facing working capital issues that are preventing it from operating its plant. “..the company had taken plant maintenance activities on July 4, 2018,” it said in a statement today. “The shutdown had to be extended due to inadequate working capital on account of Direct Benefit Transfer (DBT) and accumulated […]
Dilip Buildcon said it has emerged as the favored bidder to build a 5.3 km stretch of the upcoming metro rail system in Indore, Madhya Pradesh. The development comes barely a month after DBL was declared the lowest bidder for the Bhopal Metro project in the state. The current bid is to build an elevated […]
An engineer from Kerala working with a petroleum company in Saudi Arabia has been sentenced to five years of imprisonment and a fine of around Rs 30 lakhs for his tweets. With this, Vishnudev, a native of Alleppey in Kerala, has become the first Indian to be punished under Saudi Arabia’s stricter anti-blasphemy laws that […]
Hotel Leelaventure, one of India’s biggest hotel groups, said it missed yet another interest payment on debt issued to Life Insurance Corporation of India. “The company has defaulted in payment of quarterly interest of Rs 212.67 lakhs, which was due on 19 September, 2018,” it said in a statement. Leela had raised debt of Rs […]
Low-cost carrier SpiceJet said it will start new, daily flights from Hyderabad to Bangkok and Guwahati from Oct 10, becoming the first Indian airline to have a direct flight from Hyderabad to Bangkok, a popular holiday destination for Indians. Before this, people using Indian flights had to use a connecting flight from Delhi while traveling […]
Oursourcing major Infosys has been directed to pay around Rs 12.17 cr to former CFO Rajiv Bansal by an arbitration panel. The panel was set up after Infosys landed in a controversy over the ‘huge payout’ extended to the former CFO when he left the company three years ago. The arbitration panel comprised retired Supreme […]
Aurobindo Pharma said it received approval from the South African authorities to launch a key anti-HIV drug in the country, following the launch of the medicine in Sub-Saharan Africa. Dolutegravir, Lamivudine and Tenofovir Disoproxil Fumarate (DLT) tablets are the first-line, preferred regimen for HIV patients as per latest WHO guidelines, the company said. “Aurobindo is […]
Outsourced services provider Infosys said it has made yet another investment of $1.5 mln in start-up software company TidalScale, taking the total to $3 mln. TidalScale creates software that helps ‘merge’ multiple servers (or powerful computers) into a giant and super-powerful unit. Traditionally, the need for more power has been met by ‘clustering’ servers together. […]
Infiosys announced it was buying Europe-based Salesforce consultant Fluido for an undisclosed sum. The acquired company has over 240 specialists and offices in Finland, Denmark, Sweden, Norway and Slovakia. Salesforce is a low-cost alternative to customer relationship management software from the likes of Oracle and SAP, and is preferred by smaller organizations and those that […]
Pharma major Lupin said the inspection of the US Food and Drug Administration at its Nagpur plant has “concluded without any observation.” Conclusion of an inspection without any observations indicates that the facility was found to be up to the standards expected by the FDA. This inspection was a product specific pre-approval inspection, it said. […]
Fitch Ratings has revised Jaguar Land Rover Automotive plc’s outlook to ‘negative’ from ‘stable’, indicating a higher risk of a downgrade in its credit rating in the future. The move comes in the wake of higher investments by the company into research and development and rising depreciation of past investments, resulting in more cash burn […]
Sun Pharmaceutical Industries said it has got US Food and Drug Administration approval for a new eye drug that will be used for lowering intraocular pressure or IOP in patients with open-angle glaucoma or ocular hypertension. The medicine, latanoprost ophthalmic emulsion, was developed by group company Sun Pharma Advanced Research Co (SPARC), and was licensed by Sun Pharma, […]
Voltas, the refrigeration company from the Tata Group, announced the launch of the first products from its 50:50 venture with Turkey’s Arçelik. A total of 100 models of home appliances, including refrigerators and washing machines, will be introduced to the Indian market under the Voltas Beko brand over the next three months, it added. The two […]
Bharti Airtel, India’s second largest telecom company by revenue, said it sees a “massive opportunity” for growth in India, its key market, due to the exit of all but four players. “A 3+1 player industry is a great outcome,” it said at the CLSA Investors Forum at Hong Kong. WIRELESS STRATEGY On 4G, the company said […]
HCL SSHS, a joint venture between HCL Technologies and US-based State Street Corporation, said it plans to recruit over 1,000 graduates and post-graduates in commerce, accountancy and finance for its new office in Ganavaram, Vijayawada. The new office has been set up at Medha Tech Park and will be dedicated to finance-related processes such as Capital Markets […]
Pharmaceuticals manufacturer Lupin said it has received US authorities’ approval to sell pneumonia medicine Atovaquone suspension. The drug had sales of approximately USD 117.4 million per year in the US. The 750 mg/5 mL oral solution is the generic version of GlaxoSmithKline’s Mepron Oral Suspension. It is indicated for prevention and acute oral treatment of […]
SpiceJet, the most aggressive of India’s low-cost carriers, announced four new flights from Kanpur and Varanasi in Uttar Pradesh. While the new flights connect Varanasi to Bangalore and Kolkata, Kanpur is being connected with Mumbai. With this, said SpiceJet, it will be the first and only airline to offer daily direct flights on the routes […]
Pune-basedKolte-Patil Developers said it has sold 500 units in its new project, ORO Avenue. The project, which was launched last month, has seen bookings worth Rs 186 cr. The figure works out to an average of Rs 37.2 lakh. “When compared to other projects recently launched in Pune, OROR Avenue has sold maximum inventory in […]
YES BANK, India’s fourth largest private sector Bank, said it has taken a syndicated loan of $400 million loan facility from a syndicate led by Bayerische Landesbank, Commerzbank, CTBC Bank, First Abu Dhabi Bank PJSC, Korea Development Bank, State Bank of India, United Overseas Bank Limited and Westpac Banking Corporation. The money was borrowed out of […]
