HT Media, the company that publishes the Hindustan Times newspaper, said it obtained approval from its board of directors to invest another Rs 400 cr into its FM business. The company operates ‘Fever 104’ FM stations in over a dozen cities in India. However, it is dwarfed by competitors like Radio Mirchi from the Times […]
Spectra, formerly known as Spectranet, said it is now offering what is arguably India’s cheapest high-speed broadband service, even as rumors of an impending launch of Reliance Jio’s JioFiber start gaining momentum. Under the plan, Spectra said customers will get a download and upload speed of 1 Gbps (1,000 Mbps) with unlimited data usage for […]
Pharmaceuticals maker Zydus Cadila said the USFDA has completed an inspection of its injectables manufacturing plant at Ahmedabad with zero observations. No observations is good news for pharma manufacturers as it indicates that the inspectors found everything to order. The inspection of the plant, located at an SEZ in the city, was conducted between May […]
Bharti Airtel said users would soon be able to link their multiple Airtel accounts and get one single bill for all of them. Called ‘Airtel Home’, the scheme will also entitle the customer to a discount of “up to” 10% on the total amount. Airtel Home is currently available as a beta version for Airtel […]
Within weeks of starting the first ever long-term LNG supply from the US, India opened up yet another source of natural gas with the arrival of the first LNG shipment from Russia. Russia is currently, world’s largest crude oil & second largest gas producer in the world. While, lndia is world’s 3rd largest energy consumer […]
Fitch Ratings has downgraded the ‘viability rating’ of scam-hit Punjab National Bank by two notches to ‘b’ from ‘bb-‘, citing a sharp rise in loan defaults. However, the bank’s ‘default rating’ has been kept at BBB-, given the high probability that the government of India will lend support in case of such an eventuality. “The […]
Automobile wheel maker Steel Strips Wheels Ltd said it has got an order worth about Rs 2.9 cr to supply 9,500 truck wheels to the US. It said the order is from from a US-Truck & Trailer Aftermarket player. The products will supplied out of the company’s Chennai plant and will be shipped this month. […]
NLC India Ltd, formerly known as Neyveli Lignite Corporation Ltd, said it has been able to reduce the price of its power by another Rs 35 to 58 paise per unit from this year due to improved efficiency and lower taxes. This is in addition to the 45 to 75 paise already reduced due to the […]
Maruti Suzuki reported one of its strongest auto sales performances in recent months for May, with total passenger vehicle sales up 24% at 1.615 lakh. Total vehicle sales in May were up 26% at 1.725 lakh, compared to a rise of 14% reported for April. The growth continued to be driven by the ‘compact’ category, […]
ICICI Bank said it did not ask its managing director, Chanda Kochhar, to go on leave nor has it appointed any search committee to find her successor. “She is on her annual leave which was planned in advance,” it said in response to media queries. The bank’s stock has been trading up by about 2.5% […]
Bajaj Auto posted a strong increase in auto sales for May, following on from a similar performance in April. Total auto sales for May were up 30% at 4.07 lakh unit versus 3.14 lakh last year, while motorcycle sales were up 24% at 3.43 lakh versus 2.77 lakh. Domestic sales of motorcycles were up 23% […]
Idea Cellular said its had completed the sale of its 9,900 towers to American Tower Corp’s India unit at an ‘enterprise valuation’ of Rs 4,000 cr. The exact amount that ATC will pay to the telecom operator for the towers is not clear. Enterprise valuation includes the money payable to creditors as well as shareholders. […]
India’s largest technology retail chain Reliance Digital said it signed an agreement to sell all Motorola products at its outlets. At present, Motorola is largely an online-focused brand. Motorola, which used to be a big brand in the country in the 1990s and 2000s, lost out to Korean players like Samsung and LG about 10-12 […]
Manpasand Beverages denied charges that it had denied data to its auditor Deloitte Haskins & Sells, but disclosed the resignation letter of the auditor that contained charges to the effect. The beverage maker is under a cloud after news of the resignation broke, and its stock has fallen from around Rs 430 on Friday to […]
Fortis Healthcare Ltd said it has decided to call for fresh bids for investing into the company for a controlling stake. The move follows a messy proposals and counter-proposals by the three main bidders — a team of promoters of Hero MotoCorp and Dabur, TPG-Manipal group and IHH Healthcare of Malaysia. Interestingly, the company had […]
Pharma major Strides Shasun denied rumors that its auditors had resigned. The rumors, coming close on the heels of a similar development at Manpasand Beverages, had impacted the company’s share price today morning. Shares of Strides Shasun fell to a low of Rs 397 compared to the close of Rs 423 yesterday, before making up […]
Construction major Larsen & Toubro said one of its joint ventures won a Rs 3,191 cr contract to design and build electrical and mechanical systems for the upcoming line 6 of the Dhaka Metro rail system in Bangladesh. L&T has secured the order in JV with Marubeni Corporation (Japan) through a competitive bidding process. Line […]
In the first such case in Delhi, tax authorities arrested a city-based father and son duo for issuing input tax credit invoices without supplying anything to their ‘clients’. Under the GST regime, any company can get a reduction in the tax they have to pay if they produce receipts of raw material purchase, to the […]
YES BANK said it has been approved as a clearing bank for the National Stock Exchange, adding to similar status with other exchanges like the BSE, MCX and NCDEX. India’s fourth largest private sector bank said it will provide “comprehensive settlement & clearing services” under its mandate as a clearing bank for the NSE. The […]
SpiceJet has introduced ten new flights between South Indian cities of Mangalore, Kozhikode, Bangalore, Chennai, Hyderabad and Rajahmundry. Three new flights have been introduced from Chennai — to Kozhikode, Hyderabad and Mangalore, while Hyderabad will see two new flights — to Chennai and Rajahmundry. Kozhikode will see two new flights, to Bangalore and Chennai. It […]
