Local residents say until about two months ago, this board carried the name of Motorola, which once had a manufacturing unit in Sriperumbudur, 40-odd km from Chennai in Tamil Nadu. In May 2020, Luxshare Precision Industry Co, a China-headquartered AirPods and iPhone assembler, had entered into a deal with the Tamil Nadu government to take over the defunct Motorola unit.
Why is the RBI harsh on Paytm Payments Bank? Why did it give Rana Kapoor of Yes Bank Ltd such a long rope?Often, it's a long investigation process, but the RBI doesn't discuss this openly since that can threaten financial sector stability, explains Tamal Bandyopadhyay.
Given the high priority accorded to the manufacturing sector, several policy initiatives around the theme of Atmanirbhar Bharat have been set in motion to address its competitiveness and growth. Some notable examples include the PLI scheme and the employment-linked incentive scheme announced in the recent Union Budget. The Budget also announced the setting up of 12 industrial parks under the National Industrial Corridor Development Programme (NICDP).
Standard Chartered said it will stop providing financing to parts of the diamond and jewellery industries as part of a review of its exposure to risky sectors.
'We are expected to grow at above 28 per cent this year, higher than the industry.'
If Hindenburg or its partner do not join the investigation, then Sebi may pass an ex-parte order against it, which may be enforced as a foreign award in US courts.
'It was the early days of my 5th standard school vacation, and my mother asked me, 'Robotics classes or swimming classes for the weekends?' I chose robotics classes because technology fascinated me.'
HDFC Bank has reshuffled the portfolios of its senior management team. This is the first major rejig after the amalgamation of HDFC Ltd on July 1. "The runway for our growth is large. This change is being done to bring in a very sharp focus on leveraging what we have built and for enhanced execution," said Sashidhar Jagdishan, managing director and chief executive of HDFC Bank, explaining the reason for this overhaul.
'We created war rooms -- from an IT perspective and also a customer war room -- to address any challenges that come up.'
Diageo gets assurance, Heineken may seek one, too.
A major fire broke out in Britannia Industries' Pantnagar manufacturing plant on Sunday destroying thousands of tons of biscuits. However, no one was killed or injured in the fire which broke out around 1230 hours in the biscuit division of the factory, Senior Superintendent of Police (SSP) Udhamsingh Nagar (district) Manjunath T C told Business Standard after the firefighters put the fire out. "With the help of 15-20 fire tenders, we were able to control the fire which was very major," Manjunath said.
Adani group companies have reported a 13.7 per cent rise in cash reserve to Rs 45,895 crore in the first half of the current fiscal as earnings across the business rose while debt was almost unchanged. In the half-year credit performance report, Adani said while EBITDA rose to Rs 71,253 crore in April-September this fiscal from Rs 57,219 crore a year back, gross assets increased 6 per cent to about Rs 4.5 lakh crore. Gross debt was almost unchanged at Rs 2.26 lakh crore, but after considering cash reserves, the net debt at Rs 1.80 lakh crore was 3.6 per cent less than Rs 1.87 lakh crore in April-September 2022.
'Our approach has been to work with consumers and help them drink better, not more.'
'The Budget will be positive, continuing on the path of growth taken so far.'
The Centre will invest around Rs 200 crore over five years for the exploration and development of these mines.
Adani Power, part of the Adani group, plans to add close to 6 gigawatts (Gw) of new power assets in the next five years, according to an investor presentation by the company. That is clearly meant to ride on India's burgeoning power demand. But there is another side to it: All of this new capacity is expected to be thermal power, or power produced from coal.
Food delivery firm Zomato Ltd said on Wednesday most stores of its grocery unit Blinkit had resumed operations after being shut following protests by delivery partners. "Over the last few days we have made changes in the delivery partner payout structure with respect to the Blinkit business to address the needs of delivery partners, improve customer experience and reduce cancellation/ order rejection frauds by few delivery partners in the system. "Such changes are done from time to time, as needed," said the company in a letter to the BSE.
Jamshyd Naoroji Godrej and his sister Smita Crishna Godrej-controlled Godrej & Boyce will hold the exclusive construction rights over a vast land bank, including a prime 3,000 acre-property in Mumbai, they got as part of the family agreement that split the Godrej empire, as per sources and regulatory filing. According to the agreement reached late Tuesday, the 127-year-oldgets to keep what group will be split into two entities - one led by Adi Godrej and his brother Nadir and the other by their cousins Jamshyd and Smita.
The National Company Law Tribunal has directed to start insolvency proceedings against OYO Hotels and Homes Pvt Ltd on March 30, according to a public announcement by the interim resolution professional.
About 50,000 truckers, most of whom are single-truck owners, could be thrown off their businesses due to the recent fuel price hike. "Already the vehicle supply on the road is higher than the requirement. "With the fuel price hike, fleet owners will look to cut down fleet size wherever needed and due to this, small single-truck owners could be at the receiving end," Ashok Goyal, managing director at BLR Logistiks (I) Ltd said. The company has a fleet of 500 vehicles of all types-small, medium and large with pan-India presence.
Westlife Foodworld, fast-food chain McDonald's operator in West and South India, on Tuesday said food safety regulator FSSAI has verified the cheese used by it and is now allowed to use the word cheese in the name of its products. Additionally, an independent NABL (National Accreditation Board for Testing and Calibration Laboratories) has also confirmed that Westlife Foodworld uses authentic cheese in its food preparation and not cheese analogues or substitutes, its managing director Saurabh Kalra said.
'With NPA under control, we should be able to post better profits.'
Tata Steel has built an iron ore chest of nearly 600 million tonnes (mt) and will look for more as it prepares for life beyond 2030 when its legacy captive mines come up for auction. The lease for four of its existing iron ore mines -- Joda East, Noamundi, Katamati, and Khondbond -- that feed the domestic operation with low-cost iron ore is going to expire in 2030, following changes in mining regulations. The year will also coincide with Tata Steel's ambitious target of doubling steelmaking capacity in India to 40 mt, increasing the need for iron ore. The company is pushing the pedal to ensure that it has enough resources to meet enhanced needs.
Reliance Industries Ltd on Friday reported a 9 per cent rise in its December quarter net profit as a planned maintenance-induced weakness in oil business earnings was offset by stability in retail and telecom verticals. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,265 crore, or Rs 25.52 per share, in October-December - the third quarter of the current 2023-24 fiscal - was 9.3 per cent higher than Rs 15,792 crore, or Rs 23.19 a share, earning a year back, according to a company statement. Quarter-on-quarter, the profit was lower when compared to Rs 17,394 crore earnings in the preceding three months ended September 30.
Education finance is a complex and dynamic sector. There are too many variables -- the course, the calibre of students, the universities, and the job prospects once the course is over, notes Tamal Bandyopadhyay.
One thing is for sure: It smacks of the regulator's lack of confidence in the bank's board, points out Tamal Bandyopadhyay.
An interview with Jignesh Shah.
Billionaire Mukesh Ambani's children -- Isha, Akash and Anant -- on Monday were appointed on the board of his energy-to-technology conglomerate Reliance Industries Ltd, in what is seen as a clear path of succession planning at India's most valuable company.
US-based boutique investment firm GQG Partners along with other investors on Wednesday bought an 8.1 per cent stake in Adani Power Ltd for over Rs 9,000 crore ($1.1 billion) as the marquee investor shrugged off damning report of a US short seller to invest in billionaire Gautam Adani's group.
Polaris Financial Technology Ltd , the Chennai-based information technology major which provides products, solutions and services for the financial services sector, has appointed five CEOs, one for for each distinct line of business.
On June 30, mining and metals giant Vedanta, announced that it had decided to initiate a strategic review of its steel and steel-making raw material businesses. The review would begin immediately and evaluate a broad range of options, including but not limited to a potential strategic sale of some or all of the steel businesses, the company said in its stock exchange filing. The signs have been there - approaches had been made to steel players over the past year. Last December, Anil Agarwal, chairman Vedanta group, told Business Standard that the steel plant capacity was about 3 million tonnes (mt).
Prithvi Raj Singh Oberoi, the 94-year-old veteran corporate hotelier who redefined India's hospitality industry, passed away on Tuesday. The Chairman Emeritus of The Oberoi Group, popularly known as 'Biki', built a sprawling chain comprising 32 hotels during his lifetime. EIH owns the eponymous Oberoi and Trident hotel chains.
Other London properties, aircraft & offshore accounts are yet to catch the attention of regulators.
Reliance Industries Ltd on Friday reported a 27 per cent jump in its September quarter net profit as earnings from the oil and gas business rebounded, and a pick-up in fashion and grocery helped boost retail revenues. The oil-to-retail-to-telecom conglomerate's consolidated net profit of Rs 17,394 crore, or Rs 25.71 per share, in July-September - the second quarter of the current 2023-24 fiscal - was 27.3 per cent higher than Rs 13,656 crore, or Rs 19.92 a share, earning a year back, the company said in a statement. The net profit was also higher quarter-on-quarter compared to Rs 16,011 crore earnings in the preceding three months ended June 30.
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
It is 10 years since Bandhan Financial Services became the first microfinance institution (MFI) to receive the universal bank licence. A year later, in 2015, it started operations. Bandhan's entry into banking was seen as a vote of confidence by the Reserve Bank of India (RBI) for the country's microfinance sector. Subsequently, the RBI awarded small finance bank licences to nine MFIs.
The governor made it clear that the RBI is aware of what's happening and acts accordingly, but doesn't make a noise about that, points out Tamal Bandyopadhyay.
Cites legal battle among latter's promoters as reason for staying away from cash-strapped venture.
Wipro said it has used its industry-leading cybersecurity practices and partner ecosystem for remedial steps and has shared this intelligence with its partners to develop the AntiVirus signatures.
Drug maker Cipla Ltd is rejigging its China business. The pharma company recently exited a significant part of its investment in its Chinese partner Desano Holdings, while ploughing back a part of the funds into the group's units manufacturing biosimilars and active pharmaceutical ingredients (APIs).
