Nilesh Shivji Vikamsey has been appointed as Part-Time Chairman of Federal Bank and the appointment has been approved by the Reserve Bank of India, the bank said. CA. Vikamsey, who will assume office on 20th June 2015, succeeds Prof. Abraham Koshy, who retired from the Board of Federal Bank on 17th May 2015 on successful […]
GVK Power & Infrastructure Ltd said it has sold its 217 MW (Phase 1) Power Plant situated at Jegurupadu Village, in Rajahmundry in Andhra Pradesh to AP Transco, the Andhra Pradesh power transportation utility, as per an agreement. “GVK Industries Ltd has received a notice from the AP Transco stating that they have exercised their […]
Syngene International, an India-based Contract Research Organisation and a subsidiary of Biocon Ltd, announced that it has received the Foreign Investment Promotion Board (“FIPB”) approval for raising the foreign investment to 44% from the earlier approved 10% by way of its Initial Public Offering (“IPO”). The IPO is an offer for sale (“OFS”) by Biocon […]
Mahindra & Mahindra will launch its new mini truck Jeeto in Mumbai on Wednesday, taking on the leader Tata Ace. M&M already has a player in the market – the Gio, but has not been able to make a big dent in this space yet. Tata Ace is currently the leader in the sub-1 ton […]
Reliance Jio, the telecom arm of Reliance Industries, said it has received a provisional license from the government of India to conduct cable TV operations across India. The license will enable the company to launch its brand of Jio boxes, which work over LTE as well as over regular cable. Jio boxes will enable users […]
An advertisement by the government of Delhi, seeking support for Arvind Kejriwal, “who is being attacked by the corrupt every day” is going viral on social media. However, as so often happens, many, if not most of the people sharing the “public interest” advertisement are sharing it for its entertainment value, rather than its intended […]
Throwing the latest viewership numbers in its face, Arnab Goswami, editor of Times Now proclaimed that his channel had returned to No. 1 and urged his rival (read India Today) not to waste its money on futile marketing campaigns. “Each time someone mocks or apes us, our viewership grows. There is a big lesson in […]
Terming the progress in monsoon rains as a positive trend, minister of state for Science and Technology and Earth Sciences, Mr Y.S. Chowdary today sought to allay concerns over forecast of deficient monsoon rains at an ASSOCHAM event held in New Delhi. “Monsoon is in a positive trend, there is no need to have any […]
Fitch Ratings said it does not expect the Indian government’s increase in customs duties on steel imports to alleviate much of the pressure on Indian steel producers, which have been challenged by cheap imports and weak domestic demand. The government increased the customs duty on long product to 7.5% from 5.5 %, and on flat […]
Average salaries across India Inc. increased by 10.8% in 2015 as per the latest Towers Watson 2015-16 Asia Pacific Salary Budget Planning report. “India is clearly among the front-runners with a 10.8% average salary increase, ahead of countries like Indonesia at 9.5%, China at 8.6% and Philippines at 6.7%,” the professional services company said. Mature markets […]
Fitch Ratings has revised its outlook on India-based property developer Lodha Developers Private Ltd to Negative from Stable saying the real estate major’s reduction of debt has been slower than expected. However, the ratings agency expects improvements in the company’s operating metrics this year. “The Outlook revision reflects weaker-than-expected operating performance for the financial year […]
Terra Motors, a Japanese maker of e-rickshaws and two-wheelers, will open dealerships across the country, the company said. The company is aiming at opening 80 outlets pan India by the end of next year. e-rickshaws are a growing category in India, spurred by the need to cut pollution in India’s big cities and the rising […]
Lakshmi Vilas Bank increased the savings interest rates to 5% on balances upto ₹5 Lakhs and 6% on balances above ₹5 Lakhs to garner low-cost deposits. At present, most banks offer 4% interest on savings bank accounts. Only exceptional banks, such as Kotak Mahindra, offer 6% – that too on balances above Rs 10,000. Meanwhile, […]
Bharti Airtel said its deal with Helios Towers Africa to sell telecom towers in Tanzania and Tchad has fallen through. “…the agreements for sale of tower assets in Tanzania and Tchad between the respective subsidiaries of Bharti Airtel Limited and have lapsed and therefore stands terminated,” said the company. In July last year, Bharti Airtel […]
The proposed merger between petroleum producer Cairn India and its parent Vedanta Plc is “likely to be unlikely”, Edelweiss Securities said. Raising the question of minority interest, Edelweiss said the deal does not seem to offer any overt benefits to Cairn India. “From Cairn’s perspective, we fail to understand the benefits of any synergies that […]
Air Seychelles has expanded its network reach into India by adding Bangalore, Chennai, Delhi, Hyderabad and Kolkata to its codeshare agreement with Jet Airways. With these additional codeshare routes, Air Seychelles now offers connections to nine Indian cities on Jet Airways’ domestic network, including Ahmedabad, Jaipur, Kochi and Thiruvananthapuram. Codeshare refers to an agreement by […]
Ambience Pvt. Ltd., a real estate developer company mainly having focus on premium developments, is in the process of leasing out a recently constructed corporate office tower in Gurgaon with one million sq ft of leasable area, the company said. The real estate firm expects to earn Rs 150 crore of annual rental income by […]
Adani group has signed an agreement with the government of Rajasthan to set up a 10,000 MW solar park, which will emerge as the largest such integrated facility in India, a statement on behalf of the group said. The JV will be known as Adani Renewable Energy Park Rajasthan Ltd, will have a 50-50 equity […]
The Tata Motors Group’s global wholesales of vehicles rose 2.2% year on year to 79,244 vehicles, the company said. The number is higher by 2% compared to the previous month as well. Unlike retail sales, wholesale refers to the sale of vehicles to agencies like defence forces, other companies and so on. Most of the […]
Reliance Industries Chairman Mukesh Ambani today made several key announcements about the launch of the company’s telecom, Internet and media services under its Reliance Jio brand. The details set forth in his speech give an idea of how Reliance Jio can totally disrupt the existing telecom and Internet scenario in the country. Here is a […]
